What is Capitalism?? and Socialism?? Can u 'explain' me briefly the differences of that?

Answer 1

Capitalism is a system in which the means of production (that is, industry) are owned and operated by private citizens.

Socialism is a system in which the means of production are owned and operated by a central figure - the public, in a democracy.

Note that there is no "pure" form of either currently being practiced in any country. For example, in America roads and other "public works" are maintained by the government. In China, one can run his own business if he pays the government enough.

Answer 2

Capitalism is the system that allows individuals to invest their capital (savings), add work, and reap the rewards. This can lead to wealth being multiplied. This is fair, until wealth gets inherited. Socialism is a system that has the government owning all capital (resources) and shares production among all, regardless of the work contributed. This is fair until lazy people consume more than they produce. There is no incentive to work.

Answer 3

Capitalism is person responsibility, Person Ownership and Personal accountability.

Socialism is Communal responsibility, Communal ownership and Communal accountability.

Communism is Governmental responsibility, ownership and accountability.

While Socialism seems a good idea there is no incentive to work harder than your peers. (Other than the betterment of community not oneself) The Economy literally can only progress at the speed of the slowest worker.

Why would you work twice as hard and show up early and leave late when you get paid the same amount as the guy who barely comes to work?

Answer 4

Capitalism is the system where the rich becomes richer while the poor becomes poorer because wealth is not distributed.

Socialism makes a single class where all people are equal and there no rich nor poor people. The wealth of the country is enjoyed by all.