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Socialism vs Capitalism

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Socialism vs Capitalism
ZAMBIAN OPEN UNIVERSITY
SCHOOL OF HUMANITIES AND SOCIAL SCIENCES
DEPARTMENT OF DEVELOPMENT STUDIES

NAME : ALEXINA MUNDIA
COMP NO. : 21330672
COURSE CODE : DS 5
COURSE TITLE : POLITICAL ECONOMY OF DEVELOPMENT
PROGRAMME : B.A. DEVELOPMENT STUDIES
LECTURER : T. M. C. MAMBWE
SEMESTER : ONE (1)
ASSIGNMENT : ONE (1)
ASSIGNMENT QUESTION : IDENTIFY AND CRITICALLY ANALYZE THE MAJOR
DISTINGUISHING FEATURES OF THESE SYSTEMS.
ADDRESS : ALEXINA MUNDIA, P.O. BOX 260024, LUFWANYAMA.
CELL : 0966 706632/0973866694
EMAIL : alexinamundia@gmail.com

This essay to discuss the main distinguishing features between capitalism and socialism as social and economic systems. It will start by defining both the concept of capitalism and socialism. Thereafter, it will move to differentiate the two social and economic systems. The last part of this essay will indicate which of the two economic and social systems is more appropriate for sustainable growth and development.
Capitalism is an economic system where resources be it monetary or non monetary are privately owned, whereas socialism is a system where goods are owned by the state or the public. Capitalism is founded on the belief that competition brings out the best in people. Socialism, on the other hand, believes that cooperation is the best way for people to coexist. The main difference between these two economic systems is the distribution and earning of wealth. In capitalism, everyone works for his own wealth, while in socialism everyone works for wealth which is distributed equally to everyone. The main thrust of capitalism is that resources are owned by an individual or a group of individuals. For instance, a company can be run by one person or a group of people. The resources of the individual is used and traded solely by his decision. It is the government’s job to ensure that each individual has a level playing field by introducing laws. The government is not allowed to interfere with the
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