What is the difference between laissez-faire capitalism and socialism?
a) Laissez-faire capitalism emphasizes minimal government intervention in the economy, while socialism advocates for collective ownership and control of the means of production.
b) Laissez-faire capitalism promotes private ownership and free market competition, whereas socialism aims for communal ownership and equitable distribution of resources.
c) Laissez-faire capitalism supports individual economic freedom, while socialism prioritizes social equality and welfare.
d) Laissez-faire capitalism relies on market forces for economic decisions, whereas socialism focuses on centralized planning and distribution.