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ECONOMIC SYSTEMS

SHRI PRAKASH

BROAD CATEGORIES
CAPITALISM
i. ii. iii. iv. FEUDAL COMMERCIAL INDUSTIRAL POST INDUSTRIAL

SOCIALISM

FEUDAL STRUCTURE
LAND MINERAL AND OTHER REAL ESTATE OWNERSSHIP IN FEW HANDS; PEASANTRY AND LABOUR NO OWNERSHIP OF NATURAL RESOURCES, INCLUDING LAND DEPEND ON PROVIDING SERVICE EKE OUT LIVING FROM USE OF LABOUR INEQUALITIES OF HIGHLY MARKED WEALTH AND INCOME

FEW GOOD FOR FEW PERSONS AND LITTLE LEFT FOR THE REST AGRICULTURE AND OTHER PRIMARY GOODS CONSTITUTE LARGE PROPORTION OF GDP SIMPLE MANUFACTURES PRIMITIVE TECHNOLOGY- MANUALLY OPERATED YIELD LIMITED MANUFACTURES, MOSTLY HANDICRAFTS SIMPLE TOOLS ETC. LIMITED SIZE OF MARKET THOUGH IT PLACE DECISIVE ROLE. OWNERSHIP OF PRIVATE PROPERTY BUT PROPERTY RIGHTS CONFERRED BY STATES UPON FEW LANDED ARISTOCRACY

COMMERCIAL CAPITALISM
COMMERCIAL CAPITALISM A MORE ADVANCE THAN FEUDAL CAPITALISM. CAPITAL CREATION AND CAPITAL ACCUMULATION DEPENDS ON INTERNAL TRADE AND INTERNATIONAL COMMERCE AGRICULTURE PRODUCE, MINERALS AND PRECIOUS STONES CONSTITUTE MAJOR ITEM OF INTERNATIONAL TRADE MARKET SIZE MUCH LARGER THAN BEFORE FEUDAL LOADS ARE PUSHED INTO THE BACKGROUNDS BY MERCHANTS AND TRADERS, ESPECIALLY THOSE AGAINST IN INTERNATIONAL BUSINESS

PRIVATE OWNERSHIP OF PROPERTY, BUT CREATION OF INCOME AND WEALTH DEPENDS LESS ON STATES LARGESSES AND MORE ON INDIVIDUAL ENTERPRISES. ROLE OF MARKET MORE THAN BEFORE. COMPETITION INCREASES LIVING STANDARD RISE THOUGH MARCHLANDS FEUDAL LORDS AND RURAL SPLURGE IN LUXURIES WHILE MASSES REMAIN POOR. CLASS DIVISIONS BECOME SHARPER.

INDUSTRIAL CAPITALISM
REVOLUTIONARY CHANGES IN TECHNOLOGY

MANUAL REPLACE BY MECHANICAL PROCESS


LANDLORDS TURNS ENTREPRENEURS AND INDUSTRIALIST PRODUCTION ON CENTRALIZE LARGE SCALE NECESSITATING CREATION OF LARGER MARKET THROUGH EXPLORATION AND EXPLOITATION ON BOTH INTERNAL AND EXTERNAL ECONOMIES MUCH SHARPER INCREASE IN DISTRIBUTION OF INCOME AND WEALTH THE

STANDARD OF LIVING RISE


SOCIETY DIVIDED IN TO HAVES AND HAVES NOT MORE SHARPLY, OWNERS OF CAPITAL AND OWNERS OF LABOUR.

CLASS CONFLICT INEVITABLE EDUCATION TRAINING AND HEALTH ACQUIRE IMPORTANCE


RADICAL CHANGES IN INSTITUTIONS, SOCIAL AND ECONOMIC STRUCTURE GREATER URBANIZATION MARGINALIZATION OF RURAL AREAS, URBAN GHETTOS AND WORKING CLASSES

COLONIALISM INTENSIFIED.
MARKET BECOME DECISIVE

TERTIARIAL/ POST INDUSTRIAL


KNOWLEDGE ECONOMY

INFORMATION PROCESSING RATHER THAN MATERIAL PROCESSING


PROFESSIONALS AND TECHNICAL PERSONAL AND EXPERTS DOMINATE RND-KEY ELEMENT HIGH TECHNOLOGY TURNOVER

MATURE STAGE OF CAPITALISM


MORE PRODUCTION OF MORE GOODS FOR MORE PEOPLE

CONSUMERISM DOMINATES BRANDING, INTELLECTUAL CAPITAL-KEY TO GROWTH

LIBERALISATION PRIVATIZATION, GLOBALIZATION


INTERNATIONAL INTEGRATION

DISPERSION OF PRODUCTION FACILITIES


INCOME INEQUALITIES LESS MARK THAN BEFORE KNOWLEDGE CREATION, DISSEMINATION, ABSORPTION AND USE OF KNOWLEDGE KEY TO DEVELOPMENT

SOCIALISM/ STATE CAPITALISM


NO PRIVATE OWNERSHIP

NO OR LOW RULE OF MARKET


MEANS OF PRODUCTION OWNED BY STATE NO RENTIER CLASS

ALL EKE OUT LIVING BY WORKING AS LABOUR AND EMPLOYEES


NO ENTERPRISE LOW GROWTH WEALTH AND INCOME INEQUALITIES MARGINALIZED

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