How can I compare and contrast Capitalism, Socialism and Democratic socialism?

Question

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Answer 1

Capitalism, Socialism and Democratic Socialism are three different economic systems. let me give brief explanation of them.

Capitalism:  This is the economic system which is introduced by classical and in this there is not Govt involvement in any of economic matter i.e What to produce, how to produce, how much to produce and for whom to produce. All decisions are taken by the capitalists.

Socialism:  This is the completely oppossite of capitalism and in this all the economic decisons are taken by Govt. There is no Price or Wage system in this economy. Russia was the first country to adopt this economic system.

Democratic Socialism:  This is the combination of Capitalism and Socialism. This is also called mixed economy system. Where capitalist and Govt both operate the economic system. This economic system is operating in most of the countries now a days.