State the defining characteristics of two economic models: capitalism and socialism. How do these models compare in terms of (a) overall productivity; (b) level of economic inequality; and (c) extent of political freedom? How is welfare capitalism an effort to combine benefits of both systems?

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The Answer of State the defining characteristics of two economic models: capitalism and socialism. How do these models compare in terms of (a) overall productivity; (b) level of economic inequality; and (c) extent of political freedom? How is welfare capitalism an effort to combine benefits of both systems?

State the Defining Characteristics of Two Economic Models: Capitalism and Socialism