III] Mixed economy Introduction A mixed economy is of a recent origin. Capitalism and socialism both have their own advantages and disadvantages e.g. capitalism leads to unemployment, equality etc. Great depression of 1930 exposed the short comings of capitalism since…
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MODERN ECONOMIC SYSTEMS – CAPITALISM
Modern economic systems II] Capitalism:- Introduction 1. This system makes greater use of capital in the process of production and therefore it is known as capitalism. 2. It is also known as the “Laisser Faire Economy” i.e. a completely free…
Tagged with: capitalism, Economic system, free economy, Modern Economic System, USA
Posted in General Economics
Posted in General Economics
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – IV (2)
IV. Centrally directed economic systems 2. Arthashastra Some examples of central direction is also found in Kdautilya’s “Arthashastra” which consists of 150 chapters or 6000 shlokas composed in the interested of the Maurya King Kautilya also known as Vishnugupta or…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – IV (1)
IV. Centrally directed economic systems 1 Introduction: Central direction as a mechanism to solve the economic problem was resorted to by the olden kings even in India. The political organisation was headed by the king i.e.a hereditary institution under the…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – III (2c ii)
III (2 c ii) Earlier economic systems were based on customs, conventions and traditions. ii. Jajmani system A similar system existed in North India known as the Jajmani system. The word Jajman comes from the sanskrit word “Yajman” which means…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – III (2c i)
III (2 c i) Earlier economic systems were based on customs, conventions and traditions. C i).Balutedari System: In olden days there existed the Barter system of exchange i.e. exchange of goods for goods. Money was not used. Individuals earned their…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – III (2b)
III (2 b)Earlier economic systems were based on customs, conventions and traditions. b).Feudalism: The feudal mode of production consumption & distribution prevailed in most European countries during the middle ages. The fundamental feature of feudalism was that the society was…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – III (2a)
III Earlier economic systems were based on customs, conventions and traditions. 2.Owner-Worker Tenant Systems:- a) Slavery:- With a few powerful people becoming owners of land & other property, they became rulers having superior powers & rights over those who were…