Capitalism vs. Socialism

Capitalism is an economic system where private individuals or businesses own property and resources, and goods and services are produced based on market demand, with minimal government interference. It encourages competition, innovation, and individual enterprise. Socialism, on the other hand, emphasizes collective or government ownership of resources and means of production, aiming to distribute wealth more equally. It often involves government planning to ensure basic needs like healthcare, education, and housing are accessible to all. While capitalism values individual choice and profit, socialism prioritizes social equity and community welfare. Both systems aim to organize economic activity, but they differ in ownership, control, and distribution.