by
Sohail Lone , Assistant Manager Audit , Deloitte - United Arab Emirates
In capitalist economic system corporations,banks ,system of wages, demand &supply is privately owned entities .And are profits oriented.Rich gets more rich.Poor gets more poor.Socialism is an opposite theory which is made for equal distribution of wealth & resources in an economy.Everything is Public owned and is aimed at people welfare . Marxism is somehow related to socialism but with more stark economic theory.In Marxist economy less reforms are there.They are more political then progressive.Marxist believe everything belongs to poor .Whereas in socialism there are more reforms and economic revolutions.
