Capitalism stresses the philosophy of individualism believing in priva...
The correct answer is option 'A) legal planning'.
Explanation:
1. Introduction to capitalism:
- Capitalism is an economic system that emphasizes the principles of individualism and private ownership of resources and means of production.
- It is characterized by free markets, competition, profit motive, and limited government intervention.
2. Philosophy of individualism in capitalism:
- Individualism is a key aspect of capitalism and is based on the belief that individuals are free to pursue their own self-interests and economic goals.
- It promotes personal freedom, self-reliance, and voluntary cooperation.
- Individuals are seen as autonomous decision-makers with the right to own and control property.
3. Private ownership in capitalism:
- Private ownership is a fundamental principle of capitalism.
- It means that individuals have the right to own and control property, including land, capital goods, and businesses.
- Private ownership incentivizes individuals to maximize their own interests and encourages efficiency and innovation.
4. Role of legal planning:
- Legal planning refers to the establishment of laws and regulations that govern the functioning of an economic system.
- In capitalism, legal planning is necessary to ensure the protection of private property rights and the enforcement of contracts.
- It provides a framework within which individuals can engage in economic activities and exchange goods and services.
5. Government planning, Soviet planning, and agricultural planning:
- Government planning, also known as central planning, is a characteristic of socialist or communist systems where the government controls the allocation of resources and production decisions.
- Soviet planning specifically refers to the economic planning system used in the former Soviet Union, which was based on central control and state ownership of resources and means of production.
- Agricultural planning refers to the planning and organization of agricultural activities, which may or may not be related to capitalism.
6. Conclusion:
- In capitalism, individualism and private ownership are stressed, and legal planning is necessary to protect and enforce these principles.
- It provides the legal framework for individuals to own and control property, engage in economic activities, and pursue their self-interests.
Capitalism stresses the philosophy of individualism believing in priva...
Legal planning