Answer:
For our purposes, we will define capitalism as an economic system characterized by private ownership of property or capital
Explanation:
capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production,as opposed to private ownership.[It includes the political theories and movements associated with such systems.[11] Social ownership can be public, collective, or cooperative.] While no single definition encapsulates the many types of socialism, social ownership is the one common element.Socialisms vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change
