Challenges of retrofitting socialism into capitalism

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Challenges of retrofitting socialism into capitalism

Challenges of retrofitting socialism into capitalism

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Capitalism is a form of governance that separates the economy from the state. It is also called Laissez faire. Socialism is a form of economic organization whereby there is equal access to resources and the work force is paid according to the amount of work done. These two systems of governance have had their advantages and disadvantages, successes and failures in different times in history. In general, the critics of capitalism are usually socialists while those criticizing socialism are capitalist.