Text Practice Mode


created May 13th, 04:00 by rajni shrivatri



359 words
25 completed
The capitalist economic system is one in which the right or right to use the material means of production is with a few individuals. And these means are operated by these persons in such a way that the goods or services which are produced with their help should earn profit from them. A capitalist economy is one in which the major part of the means of production is employed in capitalist industries. In the capitalist system, there is a right to private property. Which is used by those persons for their own benefit. The persons who have the right over the means of production are completely free from government control. In other words, there is no control and interference of the government over their production activities.  The sole purpose of production is to earn profit. And keeping this objective in mind, producers allocate resources in the production of various goods. According to Benham- Capitalist economy is resistant to economic dictatorship. There is no central organization in the field of production. Everyone is free to act according to his wish except for the restrictions imposed by the state. Every person makes economic decisions and economic activities according to his wish. Because He is the master of every means of creation. Which he can earn income by putting it in any use he wants.
According to Capitalism is that system of production for profit, under which there is individual ownership of the equipment and materials of production. And the production is mainly done by wage labourers. And this production is the right of the capitalist owners. According to Sydney Webb and B. Webb The term capitalism or capitalist system or capitalist civilization refers to the stage of development of industries and legal institutions in which a class of workers is themselves entitled to the ownership of the means of production. and joins the wage earner class.
The subsistence, security and personal liberty of this class depend only on the will of the limited number of capitalists who control land, capital, machines and factories, etc. And all these works are done for the purpose of their own personal and personal gain.

saving score / loading statistics ...