What is Capitalism History Meaning Pros and Cons of Capitalism

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Functionally, capitalism is one system of economic production and resource distribution. • Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized, competitive, and voluntary decisions. • Capitalism is essentially an economic system whereby the means of production (i.e., factories, tools, machines, raw materials, etc.) are organized by one or more business owners (capitalists). • Capitalists then hire workers to operate the means of production in return for wages. • Workers, however, do not have any claim on the means of production nor on the profits generated from their labor - these belong to the capitalists. • #capitalism #capitalismmeaning #history #historyofCapitalism #upsc • #economics #economicpolicy #socialism #communism #adamsmith #worldhistory • Download the Success Plus Academy App : • https://clpamy.page.link/SUKL • Use the web Portal : • https://study.successplusacademy.com/... • By connecting with app and web portal you can access free and premium content prepared by Success Plus Academy team. • Follow us on Telegram and ask your Queries :- • Telegram - https://t.me/successplusacademy • Connect with us on Instagram : • https://instagram.com/successplusacad... • Follow us on Facebook :- • https://m.facebook.com/Success-Plus-A...

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