Capitilism and Socialism Briefly Explained

Capitalism and Socialism are both forms of an economic system involving ownership of natural resources and property, this however is where the similarities end.
Capitalism involves the private ownership of property, pursuit of personal profit and the free competition and consumer sovereignty. Socialism is on the other side of the spectrum with its collective ownership of property, pursuit of collective goals and the government control of the economy.
Private ownership of property allows for individuals to own virtually anything where as the socialist collective ownership of property limit…