Capitalism and Socialism are exact opposites. Both Socialism and Capitalism have been re-defined over the years. Capitalism by definition means, the ownership and control of the means of production by a higher, richer class. Socialism means, the ownership and control of the means of production by the workers of the business. The connotation of Capitalism is that the private ownership of the means of production, and that the state is not in control of prices of goods. While the connotation of the word Socialism is; the ownership and control of the means of production by the people as a whole, generally by means of the state, or that the state owns and regulates all trade. Under a socailst state, all prices and wages are regulated to insure the market is not "unfair".
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"One must be careful to make one's intended meaning known when using the terms "socialism" and "capitalism" (as well as related terms) because they have undergone polemic re-definition over the decades that can cause a great deal of confusion."
Quote:
"One must be careful to make one's intended meaning known when using the terms "socialism" and "capitalism" (as well as related terms) because they have undergone polemic re-definition over the decades that can cause a great deal of confusion."
Clore, Dan. "Socialism and Capitalism." N.p., 15/7/2008. Web. 8 Nov 2010.
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