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Lessons From The Hoover Policy Boot Camp Discussion

Socialism vs. Capitalism with Peter Berkowitz
What are the differences between socialism and capitalism?


Socialism represents the mindset that all means of production, pricing, and distribution of goods and products are sold at a predetermined price in the marketplace. The government will determine how many, the quality of the product, and in some cases, the requirement that the citizens MUST purchase these products. The government owns everything including housing, medical care, education,

Capitalism represents the mindset of a group of citizens by which the Government is given as little control as possible over the marketplace, allowing the individual citizens not only decide what the products to be made are, but also the quality and quantity to be produced and the price to be charged. The individual selling the product makes a profit then has the freedom to decided what he wants to spend that profit on.