History & Civics
Answer
| Sl. No. | Capitalism | Socialism |
|---|---|---|
| 1 | Capitalism refers to the economic system in which the means of production like labour, raw material, tools and machines are owned by private individuals or groups of them for profit. | Socialism refers to the economic system in which the government owns and controls the means of production (as factories) and distribution of goods. |
| 2 | In Capitalism production is for profit; useful goods and services are a by-product of pursuing profit. | In Socialism production is for use; useful goods and services are produced specifically for their usefulness. |
Related Questions
Mention any two advantages of Industrialisation?
Mention two negative effects of the Industrial Revolution on labourers.
With reference to the picture of a factory given below answer the questions that follow:
(a) Name the revolution that brought about the existence of this. Where did it begin? Why is it an important event in history?
(b) Explain the two factors responsible for its beginning in that particular country.
(c) Explain how did it lead to the growth of an economic system quite different from the domestic system of production.
The industrial revolution marked a change from handwork to machine work and from domestic system of production to factory system of production. In this context, discuss the role of the following factors in ushering in the Industrial Revolution:
(a) Invention of machines.
(b) Availability of coal and iron.
(c) Improved Transportation.