Question

What are the main differences between socialism and capitalism

Answer 1

Socialism is based on government planning and limitations on private control of resources.
Capitalism is based on individual initiative and favors market mechanisms over government intervention.

Answer 2

Answer:

The main differences between these two things are

Capitalism and socialism are so different that they're often seen as diametrically opposed. Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

Explanation:

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