QUESTION IMAGE
Question
- compare capitalism and socialism
| capitalism | socialism/communism | |
|---|---|---|
| political system (goes along with this economic system) | ||
| motivation (goal) | ||
| distribution of wealth |
Brief Explanations
In capitalism, private individuals or corporations own the means of production. It often goes with a democratic - market - oriented political system, with the goal of maximizing profit for the owners. Wealth distribution is based on market forces and individual success. In socialism/communism, the means of production are owned by the state or the community. It can be associated with a range of political systems, with the goal of social equality and meeting the needs of all. Wealth is distributed more equally according to need or labor contribution.
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| Capitalism | Socialism/Communism | |
|---|---|---|
| Political system (goes along with this economic system) | Often democratic - market - oriented | Varies, can be state - led or community - based |
| Motivation (Goal) | Maximize profit for owners | Social equality and meeting all needs |
| Distribution of Wealth | Based on market forces and individual success | More equally according to need or labor contribution |