Difference Between

Socialism and Capitalism are two distinct economic systems that have shaped the global landscape since the 18th and 19th centuries. Each system is founded on a unique set of principles and has distinct characteristics that determine the way resources are allocated, wealth is distributed, and businesses are operated. Here is a detailed comparison between the two: Purposes Socialism - The primary goal of socialism is to achieve social equality and justice by eliminating class distinctions. - It aims to ensure that the means of production are owned collectively, rather than by private individuals or corporations. - Socialism seeks to distribute wealth and resources based on the principle of "from each according to their ability, to each according to their needs." - It emphasizes the importance of social welfare, including healthcare, education, and housing as fundamental rights. Capitalism - The main objective of capitalism is to maximize individual freedom and economic growth