Capitalism : Private ownership :: Socialism : ?

Capitalism is an economic system where individuals own and control property and businesses, leading to competition and profit-making. In contrast, socialism is an economic system where the government or the community owns and controls resources and means of production, aiming to distribute wealth more equally among people. For example, in a capitalist economy, a person can start their own business and keep the profits, while in a socialist system, a factory might be owned by the government, and its profits would be shared among all workers or used for public services. This difference in ownership reflects the core values of each system: capitalism focuses on individual freedom and profit, while socialism emphasizes equality and community welfare. Understanding these differences helps us see how each system influences people's lives and the economy.