All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
UPSC Exam  >  UPSC Questions  >  Which of the following is not a feature of ca... Start Learning for Free
SaveJoin the Discussion on the App
Which of the following is not a feature of capitalism?
1. Limited role of the government in economic activities.
2. Freedom of competition
3. Efficiency, innovation and creativity
4. Classless society
  • a)
    2 and 3
  • b)
    1 and 4
  • c)
    0nly 3
  • d)
    Only 4 
Correct answer is option 'D'. Can you explain this answer?
FREE This question is part of
Download PDF Attempt Test
Download PDF Attempt this Test
Verified Answer
Which of the following is not a feature of capitalism?1. Limited role ...
Achieving a classless society is a feature of command economy. 
View all questions of this test
Most Upvoted Answer
Which of the following is not a feature of capitalism?1. Limited role ...
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. It is characterized by features such as limited role of the government in economic activities, freedom of competition, efficiency, innovation, and creativity. However, a classless society is not a feature of capitalism as it is characterized by a hierarchical social structure based on income and wealth.

Features of Capitalism:

1. Limited role of the government in economic activities: In a capitalist economy, the government's role is limited to providing a legal framework, protecting property rights, and enforcing contracts. The government does not intervene in economic activities such as production, distribution, and pricing.

2. Freedom of competition: Capitalism is characterized by the freedom of competition, which means that businesses are free to operate in a competitive market, and consumers have the freedom to choose the products and services they want to buy.

3. Efficiency, innovation, and creativity: Capitalism encourages efficiency, innovation, and creativity as businesses compete to produce goods and services that are better and cheaper than their competitors. This competition drives innovation and efficiency, leading to economic growth and development.

4. Private ownership of the means of production: In a capitalist economy, the means of production are owned and controlled by private individuals or businesses. This includes land, factories, and other resources used to produce goods and services.

Conclusion:

In conclusion, a classless society is not a feature of capitalism, as it is characterized by income and wealth inequality. Capitalism is an economic system based on the private ownership of the means of production, limited role of the government in economic activities, freedom of competition, and efficiency, innovation, and creativity.
Free Test
FREE
Start Free Test
 Start Free Test
Community Answer
Which of the following is not a feature of capitalism?1. Limited role ...
Yes
< Previous Question Next Question >
Explore Courses for UPSC exam

Similar UPSC Doubts

Passage 1"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefellers Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoonsmilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldnt underpaid junior officials be?Q. Which of the following is caused by rent heavy Capitalism?1. Competition is repressed2. Inflation occurs3. Bribery flourishes4. Long term growth suffer

Passage -1Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, Integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an Ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth. creation should also highlight the resultant gross inequity.Q.The exercise of private greed will be in the larger public interest from the passage1. refers to the false ideology of capitalism.2. underlies the righteous claims of the free market.3. shows the benevolent face of capitalism.4. ignores resultant gross inequity.Which of the statements given above is/are correct?

Directions for the following 7 (seven) items: Read the following two passages and answer the items that follow each passage. Your answers to these items should be based on the passages only.Passage -1Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, Integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an Ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth. creation should also highlight the resultant gross inequity.Q.The apologists of the Free Market System, according to the passage, believe in

Top Courses for UPSCView all

Top Courses for UPSC

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly
History for UPSC CSE
Lucent for GK
Indian Polity for UPSC CSE
CSAT Preparation
Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer?
Question Description
Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer?.
Solutions for Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly
History for UPSC CSE
Lucent for GK
Indian Polity for UPSC CSE
CSAT Preparation
Explore Courses

Suggested Free Tests

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Get App
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup