Private Property:
In this economy private property is allowed. All means of production like machines, implements, mines and factories etc. come under private property.
(ii) Price Mechanism:
Capitalist economy is gained by price mechanism. Here prices are determined by the interaction of demand and supply without the interference of any kind by the government or any other external forces.
(iii) Freedom of Enterprise:
In this system every individual is independent to his means of production in any occupation that one likes.
(iv) Sovereignty of that consumer:
Under this system, consumer plays the most vital role. The entire production pattern is based on the desires, wishes and the demand of the consumer.
(v) Profit Motive:
The maximisation of profit is the main motive of the producer. Profit guides the production in this type of economy.
(vi) No Government Interference:
Under capitalistic system, government does not interfere in day-to-day economic activities. This means producers and consumers are free to take decisions.
(vii) Democratic:
The capitalistic system is more democratic in comparison to other economic systems as there are more changes to chancel according to new environments of the economy.
(viii) Self-Interest:
The inspiring force in this system is self-interest. It leads to hard work and to earn maximum income by satisfying their consumers.
<span>The Native Americans began attacking and killing the colonists in what was known as the Jamestown Massacre at the time. As a result of the 1600 attacks, the surviving colonists had felt fear and distrust toward the local American Indians.</span>
Answer:
The Gospel of Wealth supported rich industrialists by saying that their wealth eventually benefited the poor. Social Darwinism defends capitalism by saying that their wealth is earned through the natural order of nature. Both supported capitalism, but had different ways of expressing and defending their views.
The result was that most farmers prospered.
The Song dynasty was established in 960 and was in existence until 1279. The creation of the song dynasty brought numerous developments to china. The period marked a significant improvement in all areas of china’s economy, most especially farming.
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Further Explanation
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There were numerous technological and agricultural improvements during the period. Farmers were allowed to use money instead of crops to pay for their taxes. The progress made in farming techniques also helped farmers to increase crop production.
Under the song dynasty, early-ripening rice was developed and this helped farmers to grow different crops in the same field. The development of the 'early-ripening' rice allows farmers to grow different types of rice. Agricultural Manuals were also abundantly available to farmers.
Some of the achievements of the Song dynasty include:
- The first government in the world to introduce paper money or banknotes
- The government introduced civil service examination to choose candidates that will work for the government.
- Movable Printing machine was invested and also contributed immensely to the development of education
- There were numerous achievements in painting and calligraphy.
- The first Chinese government to create a permanent standing navy
Thus, under the song dynasty, most farmers prospered because they were allowed to use money instead of crops to pay for their taxes.
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KEYWORDS:
- taxes
- farmers
- song dynasty
- crops
- technology
The Soviet Union intended to block all routes in and out of West Berlin for two reasons. They wanted to stop all people from escaping, and they also wanted to stop other countries, such as the US, from giving the West Berliners supplies.
