Capitalism vs Socialism[1] What is the difference between capitalism vs socialism? The two economic systems can be defined as follows: Capitalism is an informal economic system in which property is largely privately owned, and in which profit provides incentive for capital investment and the employment of labor. Socialism is a formal economic system in which society exerts considerable control over the nation's wealth and property in the pursuit of social justice. [2] Capitalism and socialism are distinguished by the following characteristics:
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