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Capitalism
:an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
Capitalism - Definition and More from the Free Merriam-Webster Dictionary
Socialism
: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods : a system of society or group living in which there is no private property
: a system or condition of society in which the means of production are owned and controlled by the state
Socialism - Definition and More from the Free Merriam-Webster Dictionary
Even more people have trouble understanding that extremities of capitalism or socialism are just as insidious to society and a threat to freedom.Originally Posted by DeadHead
For people who have trouble understanding the difference between the two.Capitalism
:an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
Capitalism - Definition and More from the Free Merriam-Webster Dictionary
Socialism
: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods : a system of society or group living in which there is no private property
: a system or condition of society in which the means of production are owned and controlled by the state
Socialism - Definition and More from the Free Merriam-Webster Dictionary