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Question
With reference to Capitalism and Socialism, state the following:
What according to you is better of the two economic systems? Give reasons to support your answer.
Solution
Capitalism: Capitalism refers to the economic system in which the means of production like labour, raw material, tools, and machines are owned by private individuals or groups of them for profit.
Capitalism believes in the free market and is opposed to government intervention in economics because it believes that government intervention introduces inefficiencies.
The evil effects of Capitalism and the spirit of improving the condition of workers gave birth to socialism. The ultimate goal of socialism is to eliminate class struggle between the capitalists and the workers and form a classless society. In order to achieve these objectives, government control over the production and distribution of important things is considered necessary. As such socialism is based on three principles. First, it is opposed to private capitalism. Secondly, socialism is the voice of all workers and the working class. Thirdly, socialism demands a just distribution of wealth. Socialists maintain that all factors of production should belong to the entire human race or society.
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