CAPITALISM AND SOCIALISM

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CAPITALISM AND SOCIALISM:

CAPITALISM AND SOCIALISM JAZIB UR REHMAN

INTRODUCTION:

INTRODUCTION Capitalism and socialism are different political, economic, and social systems in use by countries around the world.

CAPITALISM:

CAPITALISM Capitalism is an economic system where the means of production are owned by private individuals. Means of production refers to resources including money and other forms of capital.

SOCIALISM:

SOCIALISM Socialism is an economic system where 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.

PROS OF CAPITALISM:

PROS OF CAPITALISM Increases opportunities Hard work is rewarded Consumer work towards riches and financial freedom Healthy competition

PROS OF SOCIALISM:

PROS OF SOCIALISM Promote equality Benefits individuals get Slow, but peaceful progress

Cons of capitalism:

Cons of capitalism Money driven, with out regard of people Fierce competition Unfair labour practices Environmental damage

CONS OF SOCIALISM:

CONS OF SOCIALISM Does not reward enterpreneurs Lower the living standard

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