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The economic operation of this form of economics occurs in a free market which means that there is no government involvement in the market and there are no rules imposed by the state and hence it is run privately…
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Download file to see previous pages The productions occur under the private owners and they themselves make the investment. They are the ones who are also the eventual receivers of all the profits that are generated. The laborers work on fixed salaries and do not hold a share in the profits generated. The purpose of the manufacture of goods that is production is mainly directed not towards the greater good but only purpose of providing profits for the owners. The owners in capitalism enjoy the rights of having hold over their property along with the decisions as to whether what they wish to do with the property. Also all the profits that are produced on their property go in their hands. Capitalism is considered to be a booming factor for economic growth but it is believed that it is due to capitalism that there is unequal distribution of the wealth. This is because all the profits mainly go in the hands of the private owners and hence they are the ones who mainly benefit from capitalism. Marxism on the other hand is another form of economic and social governance which was presented by Karl Marx and Friedrich Engels. ...Download file to see next pagesRead More
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