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1.14: Industrial Revolution and Capitalism and Socialism — History & Civics STD 9 — Question

ICSE BoardEnglish MediumSTD 9History & Civics1.14: Industrial Revolution and Capitalism and Socialism3 Marks
Question
Describe the differences or dissimilarities between Capitalism and Socialism under the following heading:
Private Ownership versus State Ownership
✓

Answer

The first and the most important distinction between Capitalism and Socialism is that “the means of production in a Capitalist economy remain in private hands.” (the capitalists or the industrialists). The Socialist thinkers hold that the material resources of the country (land, coal, iron, railways, road- transport, and banks, etc.) should be nationalised, i.e., brought under State-control.

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