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Under Socialism, the employees control the factories and there is no class system, in theory. Under capitalism, the owners control the factories and acquire wealth much more freely. Well most countries around the world are in favor of capitalism over socialism. In capiatalism store owners benefit. Its mainly those who work hard get their money. For example if you work for so many hours you get paid a certain wage because you earned it. In socialism wealth is spread to everyone. Everyone would be middle class.
Wiki User
∙ 8y ago
paulbenn
Capitalism has a wages system, production for sale, minority ownership of the world’s resources and an oppressive government. Socialism has no money or wages, with goods and services being produced to meet human need; the resources of the planet belong to everyone and there are no rulers.
Wiki User
∙ 15y agoOne is corrupt because of the idea (socialism). The other is corrupt because the government tries to stick their fingers into everything
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IN WHAT do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
What countries have all communism capitalism and socialism?
Which countries that are under communism , socialism and capitalism
What types of economic systems exist throughout the world today?
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What does Bosnia practice communism socialism or capitalism?
Capitalism
Is Portugal communism socialism or capitalism?
No. Communist don't have much power.
IN WHAT do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
How did deng xiaoping's economic program differ from Mao's Zedong?
Deng created an economy that blended socialism and capitalism.
Is socialism working better than capitalism?
no, socialism isn't better than capitalism because capitalism has a free market and people get rich easily.
What countries have all communism capitalism and socialism?
Which countries that are under communism , socialism and capitalism
What types of economic systems exist throughout the world today?
capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy
What does Bosnia practice communism socialism or capitalism?
Capitalism
A political ideology of a gradual transition from capitalism to socialism?
What political ideology of a gradual transition from a capitalism to socialism
What would be considered a compromise between capitalism and socialism?
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.
Do Romania use capitalism socialism communism?
Now Romania has an anarchic capitalism.
Is Portugal communism socialism or capitalism?
No. Communist don't have much power.
In what way do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
Does capitalism engage in centralized planning whereas socialism does not?
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.
