In terms of production, what best describes the difference between capitalism and socialism

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27-10-2014
Social Studies

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In terms of production, what best describes the difference between capitalism and socialism

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Gibbs Gibbs · Answer 1 · 2014-10-27T14:26:21-04:00

Gibbs Gibbs

27-10-2014

In regards to production the difference between capitalism and socialism is in regards to ownership of the production. In capitalism production is privately owned and run. The means of production are operated for profit. In contrast in socialism the means of production would generally be owned by the state in the hopes of creating collective benefit rather than simply to produce profits.

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