Sign up now
to enroll in courses, follow best educators, interact with the community and track your progress.
188 plays

The lesson deals with capitalism as a political philosophy and economic system, it's pros and cons and a general comparison with Socialism.

Danish Khatana
Masters in Biotechnology IIT JAM 2011 (AIR - 479) CSIR NET Life Sciences 2012, DBT JRF 2015, UGC NET Socio - 2018

Unacademy user
hi deepanshu, i hv been following each n evry update on d site, bt recently i failed to operate d Unacademy discuss forum after several attempts . it sounds lil weird as all other students r participating thr. i feel realy bad that i m not being able to comment or write an ans to any of d questions till date. plzzzz help

  2. UPSC SYLLABUSsays History of the World will include events from 18th century such as Industrial Revolution World Wars Redrawing of national boundaries Colonization and Decolonization Political Philosophies like COMMUNISM, CAPITALISM, SOCIALISM etc. their forms & effect on the society.

  3. CAPITALISM Political Philosophies - Its forms & effect on the society.

  4. CAPITALISM CAPITALISM An economic system in which private individuals own all the means of production Private is the ultimate objective of all economic activities.

  5. CAPITALISM Key Proponents - Capitalism Adam Smith Fredrich A. Hayek David Ricardo Ayn Rand Ludwig von Mises Milton Friedman

  6. CAPITALISM Characteristic feature.s o Right to private Profit motive property Right of inheritance Free play of demand Freedom of enterprise Freedom of choice # Lesser role for the for consumers Competition and supply forces -i.e Price Mechanism Government

  7. CAPITALISM Competition &Profit Competition for ownership of capital drives economic activity& creates a price system that determines resource allocation; Profits are reinvested in the economy. "Production for profit": useful goods and services are a byproduct of pursuing profit.

  8. CAPITALISM CAPITALISM PROS CONS Efficient utilization of Concentration of resources economic power Rapid economic growth Monopoly Capital formation Democratic nature Innovation o Rising Social and economic inequalities Loss of human values

  9. CAPITALISM A Comparison between SOCIALISM VS CAPITALISM o Principle of Individual Principle of Equality Rights Advocates Innovation and society individual goals Privately owned Prices determined by the Prices determined by the market forces Competition Very High Equality and fairness in Means of Production Socially owned Government No competition exists

  10. Kindly RATE, REVIEW & RECOMMEND Hank loau