What is the difference between capitalism and socialism? Explain each economic system. Choose which system is in your opinion best for a country.

Capitalism is a market-driven economy. The state does not intervene in the economy, leaving it up to market forces to shape society and life. Socialism is characterized by state ownership of businesses and services. ... Most countries are mixed economies, falling in between the extremes of capitalism and socialism

Explanation:

first industrial revolution - the first wave of the industrial revolution lasted from the late 1700s to the mid-1800s. it industrialized the manufacture of textiles and began the move of production from homes to factories. steam power and the cotton gin played an important role in this period.