CAPITALISM VS SOCIALISM

Capitalism is an economic theory where production is privately owned and controlled by the
laws of supply and demand.

In capitalism there are only private players, their distribution of wage, rent, profit are
determined based on their personal wealth. Thus it directly leads to diversity of classes,
income, and societal status.

The workers are treated like slaves and there exists unemployment mainly at the time of the
economic downturns there will be massive unemployment.

The competition between the industries or firms may be useful as :

 Quality of products but the price will be exorbitant.

 More productivity but wastage prevails.
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