What is a significant difference between Socialism and Capitalism?
2 answers:
<span>Government or a central authority owns the means of production under Socialism.</span>
<span>capitalism: private property
socialism: government property
capitalism: market determines what gets produced and consumed
socialism: government regulation does
capitalism: long-term economic growth (despite short-term recessions)
socialism: steady stagnation
capitalism: constant technological progress
socialism: copying capitalist technology </span>
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