Comparison between Socialism and Capitalism

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S/n	Capitalism	Socialism
1.	There is the existence of private enterprise.	There is the existence of public enterprise.
2.	There is a free or open market economy. It is not centrally plannedA centrally planned economy or command economy, is an economic system where the government has complete control over the production and distribution of goods and services. The government decides what to... More & organized.	The economy is centrally planned and organized or classed.
3.	Profit maximization is the motive.	Service orientation is the motive.
4.	SocietyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More is classed; the rich, middle, and lower classes of people.	Society is not classed. There is no gap between the rich and the poor.
5.	More than one political party exists.	There is the existence of one legally recognized political party.
6.	Democratic principles such as respect for individual liberty and rule of law is respected.	Democratic principles such as rule of law, respect for liberty, and choices/alternatives may not be guaranteed.

SS1: GOVERNMENT - 1ST TERM