Question
In: Economics
How does variation in forms of capitalism develop?
How does variation in forms of capitalism develop?
Solutions
Expert Solution
Capitalist markets are the markets in which factors of production are allocated and distributed by private owners for profit.
Let us take an example of China: In this country, owners are free to decide allocation but distribution may be largely controlled by the state. State may change the strategy of allocation and distribution also by giving direction. Hence capitalism with state control developed.
In case of India, Allocation and distribution was decided by state and state had become biggest capitalist from 1947-1991. Hence state capitalism developed.Post liberalization and privatization free capitalism started to develop but still govt. companies compete with private ones in same business.
In USA a free capitalism developed but recession shocks still changed it to state intervention making it a limited capitalism.
Hence no pure form of capitalism develops. All states make changes according to changing times and economic needs.
Rahul Sunny answered 1 year agoRelated Solutions
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