What is the difference between socialism and capitalism?
SOCIALISM: Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods. This in a society characterized by equality for all individuals, with a fair or egalitarian method of compensation. Modern socialism originated in the late 19th-century intellectual and working class political movement that criticized the effects of industrialization. [You might as well check what industrialization means] CAPITALISM: Capitalism is an economic system in which wealth, and the means of producing it, are privately owned and controlled rather than commonly, publicly, or state-owned. Through capitalism, the land, labor, and capital are owned, operated, and traded by private corporations, and investments, distribution, income, production, pricing and supply of goods, commodities and services are determined by voluntary private decision in a market economy.
