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Which economic system led to increase in inequality, class conflicts and economic depressions?
  • a)
    Capitalism
  • b)
    Communism
  • c)
    Mixed economy
  • d)
    Both a and b
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Which economic system led to increase in inequality, class conflicts a...
Capitalism is the economic system that led to an increase in inequality, class conflicts, and economic depressions.

Explanation:

Capitalism is an economic system in which private individuals or businesses own and control the means of production and distribution of goods and services. The main goal of capitalism is to maximize profits and accumulate wealth. This system has been criticized for its negative effects on society, including the following:

1. Inequality: Capitalism often leads to a widening gap between the rich and the poor. The wealthy individuals or businesses have more resources and opportunities to accumulate wealth, while the poor struggle to make ends meet. This results in unequal access to resources, education, healthcare, and other basic needs.

2. Class conflicts: The unequal distribution of wealth and resources often leads to class conflicts between the rich and the poor. The rich use their power and influence to maintain their position and protect their interests, while the poor struggle to gain equal rights and opportunities.

3. Economic depressions: Capitalism is prone to economic cycles of growth and recession. During economic booms, businesses and individuals accumulate wealth and invest in new projects. However, during economic downturns, businesses may fail, jobs may be lost, and the economy may contract. This results in economic depressions that can have severe impacts on society.

In conclusion, capitalism is an economic system that has led to an increase in inequality, class conflicts, and economic depressions. While it has some benefits, such as promoting innovation and entrepreneurship, it also has negative effects on society that need to be addressed.
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Which economic system led to increase in inequality, class conflicts a...
A is correct answer. Bcoz whole capita goes into their pouch
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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?

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.With reference to ideological bias, the passage implies that

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

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Which economic system led to increase in inequality, class conflicts and economic depressions?a)Capitalismb)Communismc)Mixed economyd)Both aand bCorrect answer is option 'A'. Can you explain this answer?
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