Author Topic: Capitalistic Economy  (Read 309 times)

Offline Md. Alamgir Hossan

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Capitalistic Economy
« on: April 15, 2017, 05:00:05 PM »
It is one of the oldest economic systems and its origin is at the time of mid-eighteenth century in England in the wake of Industrial Revolution. It is that system, where means of production are owned by private individuals, profit is the main motive and there is no interference by the government in the economic activities of the economy. Hence, it is known as free market economy.
According to Karl Marx, in his ‘Das Kapital’, the capitalist on an average takes twelve hours work from the worker and pays him wages equal to six hours work. According to Ferguson, “Capitalism is a free-market form or capitalistic economy may be characterised as an automatic self-regulating system motivated by self-interest of individuals and regulated by competitions