Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production.

SOCIALISM.

This an economic and political system propounded Karl Marx.
In this system ,the means of production and distribution is controlled by the government.

Karl Marx is the view that labour is essentially for the production of goods and services .
For this reason ,he stated that the means of production should be controlled by the state for the good of the citizens of the state.

This in a socialist state individual do not own companies and industries that produce essential items or render essential services .

      Features of Socialism

1. The mass media is under government control.
2. All forms of labour exploitation is banned.
3. The party leader is usually powerful.
4. The enconomy is centrally planned for the good of the center citizens.

COMMUNISM.

Communism according to Karl Marx,is the last stage of Socialism .
It is a perfect stage in which man, having ordered his society is expected to be happy.

CAPITALISM
Capitalism is an economic system whereby the means of production land labour and capital are owned by private individuals.
There is usually free market characterized by services competition. In addition ,workers ,sell their labour Wich is usually exploited by the factory owners.

      Fracture of capitalism.

1.many political parties exist .
2.provide ownership of wealth is allowed .

1. Market mechanism,price fluctuation,inflation boom and eleprrssion are common.
2. Competition and profit maximization is encourages.