"<span>There are no constitutional requirements for becoming a federal judge" so the President can technically nominate anyone he or she choses, although this person has to be confirmed by the Senate. </span>
In terms of production, the major difference between capitalism and socialism is that capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
<h3>What Is Capitalism?</h3>
Capitalism is an economic theory which describes the situation where the factors of production are firmly under the control of the private sector.
Basically, the capitalist market is driven by the law of demand and supply.
Socialism on the other hand is an economic principle where the factors of production are under the care of the community and each citizen is given only what he or she need at a time.
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