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Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.

While it is true that the theoretical and ideological origin of the socialist and communist tendencies is common, there is a significant difference between socialism and communism from the economic, political and sociological point of view. Communism is commonly understood to be the last phase of socialist theory. Over the years and the appearance of new socio-political and economic models, both ideological tendencies have diverged. Mostly thanks to new mixed perspectives and coexistence with the capitalist and free market model.

Socialism is a philosophical current of economic, social and political thought, as well as a diverse set of political theories, movements and socio-economic systems that have been inspired by such thought. All of them have in common the defense of the public, collective or cooperative property of the means of production of the society, instead of their property in private hands. In addition, it proposes the planning and organization of social and economic life from the forces that make up the State.

The main aim of socialism is to ensure equal distribution of nation's wealth. The state, acting on behalf of the people is seen as impartial and can adequately control all productive and distributive activities and the state. This theory originated as a protest against the evils of capitalism. Karl Marx, a German propounded this theory.

Socialism is an economic cum political system in which the means of production and distribution is collectively owned and controlled by the state. This is done on-behalf of the people while the government sees to the equitable distribution of the resources evenly.

Socialism is an intermediate or transition stage between capitalism and communism. It is both an economic and political concept. As an economic concept, socialism means an economic system in which the means of production (i.e land, labour, capital) are controlled mainly by the state. Most economic activities in a socialist state are performed by the government and its agencies.

Socialism as a way of understanding socio-economic and political reality had its origin mainly thanks to the work of notable figures such as Engels and Karl Marx. The resulting types of socialism have over time collected its main ideas and developed them.

Definition of Utopian Socialism What is Utopian Socialism? Utopian socialism was an ideal of thought established by Robert Owen, Saint-Simon and Charles Fourier. The  utopian socialism aimed...

Basic Problems of Economics | Scarcity and choice are the cardinal problems faced by economists and the society at large. The study of economics is necessitated by scarcity and the problem created by scarcity has led to choice.

The Nigerian foreign policy is profoundly affected or influenced by the perceptions, attitudes and value preferences of the various participants in the decision-making process. In other words, a nation’s international behaviour is, to a great extent, determined by the interests of those making and implementing foreign policies.

The Action Group (AG) crisis of 1962 was an intra-party disagreement which ordinarily should have been of little interest to students of Nigerian government and politics conflicts within political parties are normal and sometimes necessary.

Capitalism is an economic system in which the means of production and distribution are mainly owned and controlled by private individuals and firms. The primary aim of any economic activity in a capitalist state is to make profit.

Capitalism is an economic system that is based on private ownership of the means of production, as well as on the principle of free market, whose objective is the accumulation of capital. The word is formed from the union between the noun capital, which in this context means 'set of economic goods', and the Greek suffix ism, which means system.

Differences between Authoritarianism and Totalitarianism Authoritarianism is described as a form of government characterized by an emphasis on the authority of the state in a...

An autocracy is a government under the control of one person who usually achieved his position by force. It is a government of an absolute ruler. The autocratic state is a form of despotic or tyrannical rule. The autocratic state is also sometimes called the authoritarian state. it represents an attempt by the ruling classes to perpetuate their domination.

Both the monarchy and the republic are systems of government. However, the republic is opposed to the monarchy in the way of governing. In the monarchy, the head of state remains in power for life, or even abdicates. In the republic, the head of state is democratically elected for a certain period of time. In a monarchy, with the exception of elective monarchies, which are not so common today, heredity is an important factor. In the regime, the sons of monarchs are their successors. In the republic, new heads of state are elected by the people after a term that usually lasts about four or five years.

Communism is a political and socio-economic ideology based on the abolition of private property and social classes. Capitalism, on the other hand, refers to a socio-economic system based on the right to private ownership of the means of production and free trade in goods and products.

In general, many textbooks tend to link the rise of communism due to the theoretical reflection pointed out by Karl Marx and Friedrich Engels. However, this idea that communism would be the result of a mere reflection of two nineteenth-century theorists can be seen in a different light.

Socialist State: Socialism is a political and economic system whose main foundation is equality. The system's objective is the transformation of society through the distribution of income and property to reduce social inequality.

The primitive mode of production or primitive communism is one of the ways in which the way of organizing the production of goods and services in an economy can be presented. This theory was developed by Karl Marx, who classified history in different modes of production in chronological order.