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Socialism is the doctrine that man has no right to exist for his own sake, that his life and his work do not belong to him, but belong to society, that the only justification of his existence is his service to society, and that society may dispose of him in any way it pleases for the sake of whatever it deems to be its own tribal, collective good.
Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned." This is a definition in terms of fundamentals and not of consequences. "Capitalism," by contrast, may not be defined as "the system of competition." Competition (for power and even for wealth) exists in most societies, including totalitarian ones. Capitalism does involve a unique form of competition, along with many other desirable social features. But all of them flow from a single root cause...
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