Question

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.

Answer 1

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