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Socialism and Capitalism — What Are They?

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Socialism is “an economic system based upon governmental or communal ownership of the means of production and distribution of goods and services.”

 

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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 are available here.

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