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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 in the economy. Capitalism is an economic system based on private ownership of capital and the use of markets to determine prices and production. Socialism, on the other hand, is an economic system in which the government owns the means of production and provides the services, such as healthcare, education, and housing, that people are entitled to. In capitalism, the focus is on private profit, while in socialism the focus is on providing social services that benefit the whole society.