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Congress ministries & Socialism (in Hindi)
sir what is socialism and capitalism? did not get the concept clearly.
Himalaya Choure
2 years ago
in socialism all economy handled by govt and in capitalism by private sector
Amit Verma
a year ago
As mentioned by Abhishek, these are two opposite poles of how economy can be run. Capitalism: Means of production such as land, industries etc. are privately owned and run on the principle of demand & supply. In this there would be minimal interference from the Govt. For eg. subsidy kerosene/fertilizer/petrol/food would be absent. Prices would be decided by market dynamics. Socialism: All means of production is controlled by State. Govt. would decide how much to produce and at what price it should be sold. Concept is that everything belongs to public and none should be favored in an any respect as compared to other.