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What is a significant difference between Socialism and Capitalism?


Socialism encourages the private ownership of capital.

The means of production are privately owned under Socialism.

Government or a central authority owns the means of production under Socialism.

Verified Answer :

capitalism: private property

socialism: government property


capitalism: market determines what gets produced and consumed

socialism: government regulation does


capitalism: long-term economic growth (despite short-term recessions)

socialism: steady stagnation


capitalism: constant technological progress

socialism: copying capitalist technology

Government or a central authority owns the means of production under Socialism.

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