<P> Ownership of the means of production and control over the surplus product generated by their operation is the fundamental factor in delineating different modes of production . Capitalism is defined as private ownership and control over the means of production , where the surplus product becomes a source of unearned income for its owners . By contrast , socialism is defined as social ownership of the means of production so that the surplus product accrues to society at large . </P>
<P> Ownership of the means of production and control over the surplus product generated by their operation is the fundamental factor in delineating different modes of production . Capitalism is defined as private ownership and control over the means of production , where the surplus product becomes a source of unearned income for its owners . By contrast , socialism is defined as social ownership of the means of production so that the surplus product accrues to society at large . </P>
who owns the means of production in capitalism
who owns the means of production in capitalism
private
private