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  2. 2. CAPITALISM<br /><ul><li>Capitalism is an economic system in which the means of production are privately owned and operated for profit.
  3. 3. Economical system in which private individual and business firms carry on the production and exchange of goods and services through a complex network of price and market. </li></li></ul><li>Types of capitalism<br /><ul><li>Free-market capitalism
  4. 4. Social market economy
  5. 5. Mixed economy</li></li></ul><li>Free-market capitalism<br /><ul><li>Free market capitalism consists of a free-price system.
  6. 6. supply and demand are allowed to reach their point of equilibrium.
  7. 7. No government intervention.
  8. 8. Productive enterprises are privately owned.</li></li></ul><li>Social market economy<br /><ul><li>A social market economy is a nominally free-market system where government intervention in price formation is kept to a minimum.
  9. 9. Unemployment benefits and recognition of labor rights through national collective bargaining schemes.
  10. 10. The state provides for moderate to extensive provision of social security.
  11. 11. The social market is based on private ownership of business.</li></li></ul><li>Mixed economy<br /><ul><li>A largely market-based economy consisting of both public ownership and private ownership of the means of production.
  12. 12. A mixed economy will be heavily slanted toward one extreme.
  13. 13. Most capitalist economies are defined as "mixed economies" to some degree and are characterized by the dominance of private ownership.</li></li></ul><li>Etymology and early usage<br /><ul><li>Capital evolved from Capitale, a late Latin word based on proto-Indo-European caput, meaning "head"
  14. 14. It was frequently interchanged with a number of other words—wealth, money, funds, goods, assets, property and so on.
  15. 15. In 1283 it was used in the sense of the capital assets of a trading firm
  16. 16. Capitale emerged in the 12th to 13th centuries in the sense of funds, stock of merchandise, sum of money, or money carrying interest.</li></li></ul><li>To be contd''<br />By Arbab kashif<br />
  17. 17. Economic elements<br /><ul><li>A product is any good produced for exchange on a market. "Commodities" refers to standard products, especially raw materials such as grains and metals, that are not associated with particular producers or brands and trade on organized exchanges.</li></li></ul><li>Role of government<br /><ul><li>In a capitalist system, the government does not prohibit private property or prevent individuals from working where they please.
  18. 18. The government does not prevent firms from determining what wages they will pay and what prices they will charge for their products.
  19. 19. Many countries, however, have minimum wage laws and minimum safety standards.</li></li></ul><li>ECONOMISTS THEORIES<br /><ul><li>Economists, political economists and historians have taken different perspectives on the analysis of capitalism.
  20. 20. Economists usually emphasize the degree that government does not have control over markets.</li></li></ul><li>Criticism<br /><ul><li>Many religions have criticized or opposed specific elements of capitalism.
  21. 21. Traditional Judaism, Christianity, and Islam forbid lending money at interest, although alternative methods of banking have been developed.</li></li></ul><li> Criticism elements<br /><ul><li>Unfair distribution of wealth and power.
  22. 22. A tendency toward market monopoly or oligopoly.
  23. 23. Imperialism, counter-revolutionary wars and various forms of Economic and cultural exploitation
  24. 24. Repression of workers and trade unionists
  25. 25. Social alienation economic inequality
  26. 26. Unemploymentation and economic instability.</li></li></ul><li>By Irfan khan <br />To be cont'' <br />