Types of economy on the basis of ownership
1. Capitalistic Economy
- This form of economy stresses on “Laissez Faire” which means non-interference by the Government (or least interference by the Government)
- The term is given by Adam Smith in his work (Book) “wealth of nations”
- Capitalistic economy is also known as Market economy. (Larger Market Interference)
- There will be No/least role of the state.
- The decision of price determination & production is taken by the market.
- Promotes Individual ownership.
- http://www.bankersadda.com/2017/01/economics-notes-for-rrb-ntpc-and-ssc.html
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