Definition of Capitalism Capitalism may be defined as an economic system in which private persons are permitted (subject to regulations by the state) to establish factories, open mills, create banks and other business firms.” It may be defined as, “It is a system in which all …
Advantages and Disadvantages of Communism Advantages of Communism Following are the merits and advantages of communist economic system Elimination of Wastage of Resources. Under comprehensive State planning, goods and services are produced strictly according to need. Anohter befit of communist economy is the elimination of large-scale …
Characteristics of Communist System Following are the Characteristics of Communism Abolition of Private Property The first feature of the communist economic system is the abolition of the private ownership of means of production. In this system, an individual can own nothing except necessaries of life. No …
Definition of Mixed Economy Mixed Economy is an economic system which combines in itself the features of capitalism and that of the Socialism. Meaning of Mixed Economy Unlike a pure capitalistic economy, Mixed Economy has an important public sector, i.e. a number of industries which are …
What is Communism Communism is an economic system where means of production are controlled and managed by a Central State Authority, and there is also a restriction on the ownership of personal property. In communism personal belongings, as clothing, watches, and shoes are allowed to be …