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CAPITALISM (Benefits to the society (Economic growth, opportunistic…
CAPITALISM
Benefits to the society
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Exports increased, Foreign exchanges raised
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setbacks
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trickling down effects, lassere faire economy
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Meaning:Capitalism is an economic system based on private ownership of the means of production and their operation for profit.
Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.
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turbo :refers to an unregulated form of capitalism with financial deregulation, privatisation and lower tax on high earners
Responsible:
essentially a free market economy, but with a degree of government regulation to avoid the excesses and inequalities of capitalism
A term used to refer to the situation where business success is related to strategic influences with civil servants, politicians and those in authority. It could be used to refer to situations in early twentieth century US where business leaders had to buy off politicians in return for favours (e.g. in popular media: Citizen Kane). Arguably a degree of ‘crony capitalism occurs in countries like China, South Korea and Latin America. The power of the Mafia in Italy is also an example of ‘crony capitalism’
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A social-market economy is a supposedly free-market system where government involvement in price formation is kept to a minimum but the state provides substantial services in the area of social security, unemployment benefits and recognition of labour rights through national collective bargaining arrangements.
Mercantilism is a nationalist system of initial capitalism that was practiced in the later phase of 16th century.Mercantilism was determined by the conviction that the prosperity of a nation is increased through a positive balance of trade with other nations. It relates to the phase of capitalist development and sometimes called the Primitive accumulation of capital.
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