Typically they are considered to be opposites, even though there are many similarities. These are some common distinctions between the two:
1) Socialism is based on Social ownership of the means of production; Capitalism is based on Private ownership of the means of production.
2) Management in socialism is based on collective-decision making and self-management; Management in capitalist firms is based on hierarchical decision-making.
3) Socialism is based on "Production for use"; capitalism is based on "Production for profit". This means that the surplus product generated is used to benefit everyone in socialism, whereas in capitalism it becomes the profit for a few private owners.
4) Socialism is generally based on economic planning; while capitalism is based on a market economy. This is not always true; there are many forms of market socialism, and most of the existing capitalist economies are actually "mixed economies".
Socialism and communism are similar in the way they are supposed to work - all power being shared equally - and capitalism is similar to socialism in that everybody should ideally get out what they put in proportionally, but communism and capitalism are the exact opposites.
no, socialism isn't better than capitalism because capitalism has a free market and people get rich easily.
Which countries that are under communism , socialism and capitalism
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Capitalism
What political ideology of a gradual transition from a capitalism to socialism
Capitalism allows for more freedom for businesses than socialism does
There can be no such compromise, as Socialism and capitalism are completely distinct systems. Socialism means a classless stateless society based on production for use, while capitalism has a class division and production for profit.
Now Romania has an anarchic capitalism.
No. Communist don't have much power.
There are many types of capitalism and socialism. Types of capitalism which engage in central planning include state-capitalism, or corporate capitalism. Types of socialism which engage in central planning include communism, and state socialism. Types of capitalism which do not engage in central planning include laissez faire capitalism, american libertarianism, or anarcho-capitalism. Types of socialism which do not engage in central planning include mutualism, and libertarian socialism. Of course, all institutions involve some degree of central planning, ie a corporation, a collectively run factory, or a family.
Under capitalism, most people have little freedom of choice, as they have to work for an employer. Socialism will provide much more freedom, without the coercion of the wages system.