Capitalism and Socialism and the Theoretical Perspective

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The Difference Between Capitalism and Socialism
Capitalism and socialism are political and socio-economic systems based on divergent ideologies regarding private and public ownership or control of resources. Hoppe (2007 pp. 2) says socialism is conceptualized as institutionalized meddling or aggression against private ownership of property and private claims of property. On the other hand, capitalism is a social system that explicitly recognizes private property ownership and promotes non-aggressive legally binding agreements between private owners of property.
The concepts of capitalism and socialism are best explained by Karl Marx's Conflict Theory which holds that society is perpetually in a state of conflict caused by a scramble for limited resources (Koop, 2021). The fact that people have to work to own property and wealth creates a class rift in society. That rift (or gap) gives rise to conflict between the wealthy minority owners of capital and the means of production (the bourgeoisie) and the poor working-class majority (proletariat). The State plays a significant role in the maintenance and protection of property relations. In a well-established capitalist society, the State's role is that of the bourgeoisie (Rumell, 1977). To meet every person's needs, minimize class conflicts, and bring equ...