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Market economies and socialist economies differ by their logical underpinnings, stated or implied objectives, and structures of ownership and production. Several philosophical questions lie at the heart of the debate between socialism and capitalism: What is the role of government? What constitutes a human right? What roles should equality and justice play in a society?

Functionally, socialism and free-market capitalism can be divided on property rights and control of production. In a capitalist economy, private individuals own the means of production and the right to profit from them; private property rights are taken very seriously and apply to nearly everything. In a socialist economy, the government owns and controls the means of production; personal property is sometimes allowed, but only in the form of consumer goods.

Socialists and free-market economists tend to agree on fundamental economics the supply and demand framework, for instance while disagreeing about its proper adaptation. Both sides claim that the opposite system of coordination leads to undesirable economic outcomes.

Market economies rely on the separate actions of self-determining individuals to determine production, distribution and consumption. Proponents say that freely floating market prices direct resources towards their most efficient ends. Profits are encouraged and drive future production.

Socialist economies rely on either the government or worker cooperatives to drive production and distribution. Consumption is regulated, but it is still partially left up to individuals. The state determines how main resources are used and taxes wealth for redistributive efforts.

There are many points of contention between these two systems. Socialists consider capitalism and the free market to be unfair and possibly unsustainable. Capitalist economists counter by suggesting that socialism is impractical and inefficient.

For example, most socialists contend that market capitalism is incapable of providing enough subsistence to the lower classes. They contend that greedy owners suppress wages and seek to retain profits for themselves.

Proponents of market capitalism argue that it is impossible for socialist economies to allocate scarce resources efficiently without real market prices. They claim shortages, surpluses and political corruption will lead to more poverty, not less.

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What are the main differences between a market economy and a socialist economy?

Socialism vs Islam - Shocking | Unexpected Ending - Part 1 | #39;LIVE #39; Debate
Amazing Debate comparing Socialism and Islam. Please support our work by clicking the Like Icon - #39;Thumbs Up #39; and encourage others to watch our videos. Please watch #39;The New Dawah Training #39;:...

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Socialism vs Islam - Shocking | Unexpected Ending - Part 1 | 'LIVE' Debate - Video

A former speechwriter for Prime Minister Stephen Harper says the Harper governments income-splitting plan is like socialism for the wealthy, and is warning the Tories that the policy is bad politics.

When you really think about income splitting, its the equivalent of state-run socialism for the wealthy, Michael Taube wrote in a column in the Toronto Sun.

A few of us will shift income to get a tax credit directly from the government, paid for by taxpayers. Doesnt have much to do with free enterprise and the private sector, Im afraid.

Taube, who has penned columns in numerous newspapers including the Ottawa Citizen, Toronto Star and the Washington Times, argued the Tories were treading on dangerous ground by enacting policies that turn attention to income inequality.

Conservatives should, as a rule, avoid issues involving potential income disparity. Situations that create winners and losers never work to our advantage. It always looks like were favouring the wealthy, paying lip service to the middle class, and thumbing our noses at the poor, he wrote.

Taubes column came out following a report from the Parliamentary Budget Office that projected the income-splitting plan would benefit only 15 per cent of Canadian households, mostly at the higher end of the income ladder.

The report estimated the plan would cost the federal $2.2 billion annually in lost revenue. It also said the plan would reduce employment in Canada by 7,000, mostly the result of women leaving the workforce as a result of the new tax benefit.

The Tories income-splitting plan will allow couples to shift up to $50,000 of income from one spouse to another to reduce the top tax rate paid on the money. The maximum benefits are capped at $2,000.

Critics point out the tax break does nothing for single-income and single-parent households, and nothing for two-income households where both incomes are similar.

Contrary to popular belief, many Canadian couples dont have huge disparities in their annual salaries. Hence, theyll collect very little of the $2,000 tax credit -- and the ones that do, dont desperately need the money, either, Taube wrote.

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Income-Splitting Like Socialism For The Wealthy,' Former Harper Speechwriter Michael Taube Writes

The best of the web on money, markets and all things financial, as chosen daily by Globe and Mail personal finance columnist Rob Carrick

Income splitting is socialism for the wealthyA former speechwriter for Prime Minister Stephen Harper says here that family income splitting looks like we're favouring the wealthy, paying lip service to the middle class, and thumbing our noses at the poor.

Seniors arent doing what you think with their housesA study of retirees found some surprising things. For example, most who moved last year did not head to a warmer climate. Also, only half of those who moved downsized their home.

Should we offer loans to help parents afford daycare?This blog post looks at the idea of helping middle-class parents afford daycare costs by offering them loans. Benefits: Easing the short-term financial squeeze on parents of young kids, and building the tax base by keeping parents in the workforce.

What to do if you have insurance policy buyers remorseAll about the 10-day free look period for buyers of insurance. It allows you cancel your policy for 10 days after delivery of your policy.

More money Join the people who are part of my Facebook personal finance community for talk about investing, retirement, real estate, banking and other financial matters. Im also on Twitter.

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Carrick best reads: Income splitting is socialism for the wealthy

Wynter Kabimba speaking at the launch of the Rainbow Party

Rainbow Party President Wynter Kabimba says he is confident that his party will win the 2016 Tripartite elections with a land slide margin.

Mr Kabimba said his party was growing rapidly a sign that the people of Zambia have been convinced that it is only the opposition party which is able to answer to many problems they are engulfed with at the moment.

The Rainbow Party Leader was speaking today during the partys first consultative meeting of provincial officials held at Tick Boarding and Primary School in Lusaka.

Mr Kabimba said the Rainbow Party was guided by the principles of socialism adding that it is important for its leadership to understand that to be a leader in the Rainbow party, one needs to be the servant of the people.

He urged his party members to go flat out and campaign for the party in readiness for the 2016 elections.

Mr Kabimba stated that there is need for the party to intensify political mobilization across the country so that it is able to double the pace of its membership drive and recruitment.

I have a premonition that the Rainbow Party will scoop the 2016 general elections without any doubt. Watch it so carefully because the party has been accepted by the Zambian people,Mr Kabimba said.

Mr Kabimba said party members need to exhibit courage, hard work and a human spirit to surmount the obstacles along the way leading to next years elections which he said was around the corner.

And Mr Kabimba urged his party members to desist from violence because the Rainbow Party is a peaceful one which believes in modern politics.

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Kabimba confident of scooping 2016 elections with a landslide margin