How does socialism differ from capitalism?

Socialism differs from capitalism in several ways.

Firstly, in socialism, the means of production and distribution are owned and controlled by the state or the community as a whole, whereas in capitalism, they are privately owned and controlled by individuals or corporations.

Secondly, socialism aims to prioritize social welfare and equality by redistributing wealth and resources more evenly among the population. Capitalism, on the other hand, emphasizes individual profit and competition, which can lead to income inequality.

Thirdly, socialism often involves central planning and government intervention in the economy to ensure fair distribution and provide essential services, while capitalism relies on market forces and competition to determine prices and allocate resources.

Lastly, socialism typically advocates for collective decision-making and democratic control over economic and political systems, whereas capitalism emphasizes individual freedom and private property rights.

Overall, socialism and capitalism represent two distinct economic and political ideologies with differing approaches to ownership, distribution, and control of resources and wealth.