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1.14: Industrial Revolution and Capitalism and Socialism — History & Civics STD 9 — Question

ICSE BoardEnglish MediumSTD 9History & Civics1.14: Industrial Revolution and Capitalism and Socialism3 Marks
Question
Describe the differences or dissimilarities between Capitalism and Socialism under the following heading:
Market Economy versus Planned Economy
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Answer

The spirit of capitalism is the Market Economy. The economic life is organised according to the forces of demand and supply. The capitalists produce even those goods which are of no utility for the society. It leads to the wastage of valuable resources. The Socialists, on the other hand, placed too much emphasis on a planned economy.

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