Which one of the following central features is not associated with Capitalist Economy ?
There is generalised commodity production — it has market value.
Productive wealth is held predominantly in private hands.
Economic life is organised according to market principles.
Economic organisation is based on planning, a supposedly rational process of resource allocation.
Answer is Right!
Answer is Wrong!
This question was previously asked in
UPSC CDS-2 – 2022
Key features of Capitalism include private property, free markets, competition, wage labour, and profit motive. Central planning is a characteristic of socialist or command economies.