Political Science - Political Science
Socialism and capitalism are two opposing economic and political systems. These two systems majorly differ in the scope of government intervention within the economy. In capitalism, the means of production is owned and controlled by individuals or private groups. Production and consumer prices under capitalism are based on free market conditions, which rely on supply and demand. Under socialism, the means of production are publicly owned, either through cooperatives or the government. A socialist economy is called a planned economy. Production and prices are controlled by the government to meet the needs of the people. Most countries that exist today are mixed economies that fall somewhere between pure capitalism and pure socialism. This book covers in detail some existent theories and innovative concepts revolving around these two economic systems. Its aim is to present alternative theories on socialism and capitalism. This book is a vital tool for all researching or studying the economic theories as it gives incredible insights into emerging trends and concepts.