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It is also known as a command system because individuals cannot succeed others, the government controls all. Capitalism is an economic system where private individuals own and operate the means of production and distribution. People have the freedom to own, choose, compete and earn a living but with little or no government help. They have the freedom to own, choose, compete and earn a living. Socialism is a mixed market economic system. The basic means of production is managed and owned by the government, with the public owning and operating many businesses. Cooperation is stressed over competition, goals are high standard of living and economic security and high taxes provide free health care and education...
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