Explain capitalistic approach to economic development. What are the characteristic features of capitalism? Explain the historical stages of growth of capitalism.
Capitalism is a system in which, an average, much of the greater portion of economic life and particularly of net new investment is carried on by private (i.e. non-government) units under conditions of active and substantially free competition and avowedly at the least, under the incentive of hope for profit.
Characteristics of Capitalism:
The following are the outstanding characteristics of capitalism;
(1) Private Property Right:
The most important characteristics of capitalism is the existence of private property right. Every individual has a right to hold property and right to acquire private property. Individual has a right to transfer his property to his successors after death.
(2) Price Mechanism:
It plays important role in the production of goods and services. In a capitalist economic system, the price is determined by the demand and supply conditions and
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