Here is another layman’s look at this basic explanation of both socialism and capitalism and how they apply to our communities today, both locally and globally.
- Socialism – a political and economic theory or system in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state.
- Capitalism – an economic system based on the private ownership of industry.
- Socialism – a political and economic theory which holds that a country’s land, transport, natural resources and chief industries should be owned or controlled by the community as a whole.
- Capitalism – an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
- Ideology – a system of ideas and principles forming the basis of an economic or political theory.
The definitions numbered 1. and 2. are taken from the Collins English dictionary. The definitions numbered 3. and 4. are taken from the Oxford English dictionary. The reasons that Rebel Voice have provided these two definitions are, firstly, because those happen…
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