Understanding Social Science

  Capitalism                    Typical definition: - It is an economic system based on the private ownership of means of production and their operation for profit. In simple words capitalism means “from each according to his ability to each according to his capital”. The word capitalism is basically drawn from the word ‘capital’ which means wealth. So if we go by the simple definition, it would mean that every person would work according to his ability but the reward would be based on what wealth he/she owns. Some of the basic features of capitalism are:- §   Privatization §   Least interference by government §   Free market §   Competition in the market §   Money begets money Primitive form vs. Modern form of capitalism:- Capitalism in earlier times and capitalism today or the modern capitalism are distinguished forms but the basic idea is similar that says- all the profit would go i...