Market socialism is a form of an economic system that involves the social ownership of production means and the framework of the economy. Capitalism is an economic system that private individuals and it is based on the ownership of the means of production. Certain differences are found between market socialism and capitalism. Capitalism does protect private property whereas market socialism does not. Capitalism is a market-driven economy in that the state does not interfere in the economy hence leaves it for the market forces to make the society and life to be streamlined. The Socialism aspect is characterized by the service and the business ownership of the state.
There are some of the differences that are between market socialism and capitalism in the country of Norway. Some of the differences include, in terms of the income the market socialism, its income is equally distributed per the need, whereas for capitalism the income is determined by the free forces of markets. Another of the difference in the market socialism and capitalism in Norway is that the prices of capitalism are determined by the demand and the supply and as for the market socialism its prices are set by the Norway government. Based on the efficiency and the aspect of innovation the capitalist free competition market encourages efficiency and innovation, and as compared to the market socialism in which the owned businesses by the government have lesser incentives for innovations and efficiency.
Another difference is on the issue of health care, in capitalism the private sectors provide health services. For the market socialism in Norway, health care is provided d for free or it can be subsidized by the Norway government. Also in terms of taxation in Norway, the market socialism the higher taxes are necessary for the payments of the services offered by the public, and for capitalism, taxes are limited based on the income of the individual.