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What is a significant difference between Socialism and Capitalism?

Socialism encourages the private ownership of capital.

The means of production are privately owned under Socialism.

Government or a central authority owns the means of production under Socialism.

Verified Answer :

The significant difference between socialism and capitalism is : the Government or a central authority owns the means of production under socialism. Which mean that the government control what to produce, how to produce and how much they produce the goods

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