The two models of development are Capitalist and Socialist. Let's explore these models in detail:

1. Capitalist Model of Development:
- Capitalism is an economic system where the means of production and distribution are privately owned and operated for profit.
- In a capitalist model of development, the main focus is on free-market principles, competition, and individual ownership of resources.
- It promotes private enterprise, entrepreneurship, and the accumulation of wealth.
- The role of the government in a capitalist model is limited to protecting property rights, enforcing contracts, and maintaining law and order.
- The market forces of supply and demand determine the allocation of resources and the distribution of goods and services.
- Capitalism emphasizes economic growth, innovation, and efficiency as the driving forces behind development.

2. Socialist Model of Development:
- Socialism is an economic system where the means of production and distribution are owned and controlled by the state or the community as a whole.
- In a socialist model of development, the main focus is on equality, social justice, and collective ownership of resources.
- It aims to eliminate economic disparities and exploitation by ensuring that wealth and resources are distributed more evenly among the population.
- The government plays a more active role in planning and regulating the economy, with the intention of meeting the basic needs of all citizens.
- Socialism emphasizes social welfare, public services, and the well-being of the entire society over individual profit.
- In some cases, socialist models also incorporate democratic decision-making processes to involve the participation of the people in shaping economic policies.

In summary, the capitalist model of development emphasizes private ownership, free markets, and individual profit, while the socialist model of development focuses on collective ownership, social welfare, and economic equality. Both models have their strengths and weaknesses and have been implemented in various countries with varying degrees of success. The choice between these models often depends on ideological beliefs, historical context, and societal preferences.