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What is the difference between capitalism and socialism?
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The main difference between capitalism and socialism is the extent of government intervention. Capitalism is a system of economic liberty in which individual citizens own and control private property, while the government primarily provides the defense of rights and security. In contrast, socialism is an economic system in which the government owns and controls the means of production and distribution of goods, services, and resources, with the goal of achieving social and economic equality for all. In socialism, the government makes decisions on how resources are allocated and how goods and services are produced.