CAPITALISM AND SOCIALISM

 

CAPITALISM

Capitalism: This is a social and economic system in which individuals, companies and organizations own the means of production and maximize profit.

The basic features of Capitalism:

i.There is much economic competition in the country

ii. There are social classes

iii. There is a free market

Advantages of capitalism

   1. There is a high level of employment  

   2. Economic growth is very fast


Disadvantages of capitalism

   1. There is a wide between the rich and the poor

   2. There is usually a high level of corruption

   3. A lot of waste occurs because of unhealthy competition

Countries that practice capitalism are:

Nigeria, Kenya, USA, Britain, France and Cote d’Ivoire




SOCIALISM: This is an economic system in which the major factors of economic production, distribution and exchange are in the hands of the government.

In socialist country, the government controls the following: 

mining, shipping, banking, mass media, agriculture etc.


THE BASIC FEATURES OF SOCIALISM:

    1. Free education and housing

    2. Free water supply and electricity/health

    3. Political powers are centralized

COUNTRIES THAT HAVE PRACTICED SOCIALISM ARE:

v Denmark, The Netherlands, Sweden and New Zealand






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