Question

How is capitalism different from socialism and communism ?

Answer 1

Socialism/communism refers to the structure of society where everyone shares everything and gets treated the same. For example, a highly skilled cardiologist will get paid the same as a cleaner and the choices of an individual should be beneficial to his or her country and not to benefit themselves. Capitalism provides opportunities for individuals and gives them potential to rise and become successful and does not limit one's ambitions or motives. Basically, socialism is where everyone is at the same financial situation but restricted to grow economically whereas capitalism is a society where the poor and rich exist but allows an individual to make their own choices that can be beneficial to themselves and not prioritise their country.