Components, Ideologies, and Differences of Capitalism and Socialism

Name
Instructors Name
Date
Capitalism and Socialism
Capitalism is a mode of an economic system identified by private ownership of capital, property, market, wages, and labor with the motivation to produce profit and accumulate private wealth without government interference. On the other hand, socialism is an economic system where the government owns property, goods, and production to share labor and wealth equally among its citizens.
The capitalist model is based on a free market for the creation of wealth. This implies that the production of goods and services is determined by the demand and suppl...