Capitalism and socialism are divergent economic thoughts. The two differing philosophies have had an extensive analysis and are applied in different parts of the world. Some countries have however sought to mix these two varying ideas. These two theories majorly differ in their ideas with reference to ownership and control of resources in an economy.
Compare and contrast capitalism and socialism and discuss their shortcomings as criticized
Capitalism is an economic structure where individuals posses economic resources and production. In this system, every individual has a duty of protecting their personal interests in the available market system. Additionally, the latent success of every person is recognized and highly valued. Individuals in