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Concepts of capitalism and socialism

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Reference no: EM132771472

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. In this assignment, you will define the roles capitalism and socialism play along with the pros and cons of each.

Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.

Reference no: EM132771472

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