Socialism focuses on the greater good of the community as a whole, whereas capitalism relies on the idea of self-interest to drive the economy.
<h3>What is capitalism?</h3>
The term capitalism refers to a system in which the means of production is owned by individuals while in socialism, the means of production is collectively owned by the members of the society.
The major difference between socialism and capitalism is that; "socialism focuses on the greater good of the community as a whole, whereas capitalism relies on the idea of self-interest to drive the economy."
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