Capitalism: An economic system where the means of production are owned by the private individual. Companies live by the profit motive. They exist to make money. All companies have owners and managers. It is the governments job by enforcing laws and regulations to make sure there is a level playing field for privately run companies. Socialism: The means of production such as money and other forms of capital are owned by the state or public. Under a socialist system, everyone works for wealth that is in turn distributed to everyone. The government decides how wealth is distributed among the people. They provide for the people.
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