Differentiate between Socialism and Capitalism.

All decisions regarding production and distribution are made collectively under the direction of a central planner or other government agency in a pure socialist system. However, worker cooperatives are also an example of socialized production. People rely on the state for everything from food to healthcare in socialist systems, which typically have robust welfare systems and social safety nets. These goods and services’ output and pricing levels are set by the government. Differentiate between Socialism and Capitalism.