The major difference between capitalism and socialism is that in capitalism the factors of productions are owned individually, while in socialism they are owned collectively.

Question

Quizplus · Accepted Answer

This is a commonly accepted definition of the difference between capitalism and socialism. In capitalist systems, individuals and private businesses own the means of production (land, labor, capital), while in socialist systems, they are owned by the government or by the community as a whole.

The Major Difference Between Capitalism and Socialism Is That in Capitalism