Socialism and Capitalism are two different types of government. Socialism is the society were the government takes care of all individuals. There is no personal responsibility and the government owns everything but most personal freedoms are gone. Capitalism is an economical system in which wealth and the productions of wealth are privately owned and controlled rather than being state owned and controlled. Socialism critiqued capitalism for being an unfair economic structure. Before Socialism, the government was not engaged with the people, products and businesses, and taxes and classes were all functioning differently wen Capitalism was in play.
What Capitalism really involves of is laissez faire, which means to let it be. In capitalism, the means of production is owned, ran, and traded for the purpose of making profits for private owners. Capitalisms’ importance is on individual profit instead of workers or society as a whole. However, on the Socialism side, all people should be given an equal opportunity to succeed and workers should have more rights and treated better. Socialism emphasis more on profits being distributed among the society to receiving a better wage.
Capitalism was a time where government did not do much and let individuals to own their factories, houses, goods, etc. and put their own prices on them. Production are privately owned and used for a private profit. This gives motivations for producers to engage in economic activity. Once Socialism came to be, government began to act and the productions became socially owned with the surplus value produced increasing to either all of society or to all the workers of the business.
The economy back in Capitalism was not very stable. Employment with low wages was affecting everyone except the rich. In socialism, there are the rich, middle and lower classes, but in capitalism there is no class that does not have its basic needs encountered. In this type...