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The philosophy A specific kind of capitalism is socialism.
What do capitalism and socialism mean?
In a socialist economic and political system, the means of production are held in the public interest. The government controls consumer price and production to best meet the needs of the general public. A capitalism-based economic system is one in which the means of production are owned privately.
What do socialism and communism believe in?
In socialism, all citizens equally share in the economic resources distributed by a democratically elected government, whereas in communism, the state (rather than private citizens) owns and controls the majority of property and economic resources. This is the main distinction between socialism and communism.
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