Capitalism and socialism correspond to two distinct types of political-economic systems. Before the decline of the Soviet Union there was a bipolar world, in which there were two world powers, one representing the ideology of the socialism (Soviet Union) and the other, capitalism (United States), both supported by other countries that identified with the respective systems.
Socialism is based on the socialization of the means of production, the common good of all, and the extinction of class-divided society. Capitalism, on the other hand, has as its main objective the accumulation of capital through profit. Given the generic definitions of the systems presented, see below the main distinctions between capitalism and socialism.
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By Eduardo de Freitas
Graduated in Geography
Would you like to reference this text in a school or academic work? Look:
FREITAS, Eduardo de. "Main Differences Between Capitalism and Socialism"; Brazil School. Available in: https://brasilescola.uol.com.br/geografia/principais-diferencas-entre-capitalismo-socialismo.htm. Accessed on June 27, 2021.