52.6k views
3 votes
What best describes the difference between capitalism and socialism

User Diallo
by
8.2k points

1 Answer

0 votes

The main difference between capitalism and socialism is the extent of government intervention in the economy. A capitalist economic system is characterised by private ownership of assets and business. A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods.

User Viktor Sinelnikov
by
8.5k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.