Capitalism history - Two economic systems emerged during...

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Two economic systems emerged during the industrial revolution; one is known as capitalism, which is based on the fact that private individuals invest money in order to make or create profits and wealth. This is done with little to no government intervention. The second economic system is known as socialism. However, what started as a noble idea in the early 1800 evolved changing many countries and almost 200 years later its effects are still being felt not just in Europe but also in the whole world. In order to better understand socialism, three question most be answered, what is socialism based on? How many socialism systems are there? Ffinally, does socialism works? Socialism is an economic and political system in which all-economic assets such as land, machines and buildings are or should be owned by the people collectively or by the government. In addition, in this system, “production” is owned and controlled by the government. Finally, socialism wants to eradicate social classes and redistribute wealth equally among the people. In a socialistic system, the burgesses have sufficient power and economic status to
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Capitalism history - Two economic systems emerged during...

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