Socialism is “an economic system based upon governmental or communal ownership of the means of production and distribution of goods and services.”
Capitalism or free enterprise is “an economic system in which capital assets are privately owned, and the prices, production, and distribution of goods and services are determined by competition within a free market.”
Additional definitions of key terms relating to economic systems and the social justice movement, including
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- Marxism,
- Communism,
- Social Justice, and
- Interventionism
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are available here (PDF file here). You are encouraged to become familiar with all these terms.
Copyright © 2023 by B. Nathaniel Sullivan. All rights reserved.