What is the difference between Socialism and Capitalism?

Capitalism is the ancient political system whose origins date back to 1400AD in Europe. Socialism progressed from 1800AD, and it’s known the place of origin is France. The economic design in which the government has ownership and control over the financial activities of the country is known as socialism. A capitalist economy is contained with the free market and less government intervention in the marketplace, where the upmost of importance is given to the capital.

Socialist economy is characterized by the demolishing of class relations, and it gives more importance to people. Capitalism refers to the economic approach prevalent in the country, where there is exclusive or corporate ownership on the trade and industry. The basis of socialism is the ultimate notion of equality. Market forces determine capitalism, and the government defines socialism.