Question

What is planned socialism? What are the main differences from market capitalism?

Answer 1

Particulars	Planned Socialism	Market Capitalism
Meaning	Socialism is an economic and political system based on government or collective ownership of the means of production. Socialism emphasizes equality rather than achievement, and values workers by the amount of time they put in rather than by the amount of value they produce. It also makes individuals dependent on the state for everything from food to health care.	Capitalism is a system of economics based on the private ownership of capital and production inputs, and on the production of goods and services for profit. The production of goods and services is based on supply and demand in the general market (market economy), rather than through central planning (command economy). Capitalism is often closely associated with economic growth, as production and price are determined by the market rather than by governments. Private property rights provide individuals with the freedom to produce goods and services they can sell in the market.
Goal	Economic and social equality through redistribution of wealth.	Create wealth through private ownership of property and businesses.
Countries embracing each system	Venezuela, North Korea, Cuba, Vietnam, (and previously, the USSR)	United States, Hong Kong, Germany, Japan, Singapore, New Zealand, Switzerland
People associated with each system	Karl Marx, Friedrich Engels, John Maynard Keynes, Noam Chomsky, George Soros	Adam Smith, Ludwig von Mises, Fredrich Hayek, Milton Friedman Ronald Reagan Margaret Thatcher