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Capitalism vs socialism
Capitalism Capitalism is an economic system where private individuals or businesses own and run companies to make a profit. It’s characterised by private property, market-driven prices, competition, and limited government interference. Socialism Socialism is an economic system where the community orRead more
Capitalism
Capitalism is an economic system where private individuals or businesses own and run companies to make a profit. It’s characterised by private property, market-driven prices, competition, and limited government interference.
Socialism
Socialism is an economic system where the community or government controls the production and distribution of goods. It focuses on public ownership, planned economies, and social welfare programs to reduce inequality and provide for everyone’s basic needs.
Countries Following Socialism
– China: Combines state control with market-driven aspects under the Communist Party.
– Cuba:Maintains a state-controlled economy with most industries owned by the government.
– Vietnam: Mixes state involvement with a growing private sector.
– North Korea: Operates a highly centralised , government-controlled economy.
Why Countries Follow Socialism
See lessCountries adopt socialism to tackle historical injustices, promote economic fairness, and ensure everyone has access to essential services like healthcare and education. The specifics of socialism vary depending on each country’s unique history and circumstances.