Capitalism and Socialism: Part 2 — Meaning, Rise and Comparison: visual lesson, ICSE Class 9 History & Civics (H.C.G. Paper 1)

Lesson

Capitalism and socialism

Part 2 — two economic systems, how each arose, and how they differ.

In this lesson you will

Explain the meaning of capitalism and the causes of its rise
Explain the meaning of socialism and how the conditions of workers led to its rise
Distinguish capitalism from socialism on six points, without ranking them

Part 2 at a glance

Diagram

Table on capitalism: privately owned means of production, production for profit, prices set by demand and supply, competition between producers, and workers paid wages
Point	Fact
Ownership	Land, factories and machines (the means of production) are privately owned
Motive	Production is run for profit
Prices	Set by market demand and supply
Competition	Producers compete for customers
Workers	Are paid wages

An economic system with private ownership of the means of production.

Concept

Why capital mattered.