What is the difference between the terms socialism and capitalism?

Socialism

• A political and economic system in which the means of production are owned in common or by the state.
• The government controls the means of production and distribution, and uses this control to promote social welfare and equality.
• Socialists believe that this system would create a more just and equitable society, where everyone has access to basic needs such as food, housing, and healthcare.

Capitalism

• A political and economic system in which private individuals or corporations own and control the means of production.
• The government does not intervene in the economy, and allows prices to fluctuate freely.
• Capitalists believe that this system would promote economic growth and innovation, and that it would allow people to achieve their own economic goals.