The basic differences between socialism and capitalism lie in their approaches to ownership and resource distribution. Capitalism emphasizes private ownership of production and market-driven economies, allowing individuals to pursue profit and innovation. This system focuses on minimal government interference, promoting competition and consumer choice. In contrast, socialism advocates for collective or government ownership of resources and aims for equitable distribution of wealth. It emphasizes social welfare and public control over essential services. The tension between these ideologies highlights ongoing debates about economic philosophy and the role of government in society.