Which one of the following central features is not associated with Cap

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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.
This question was previously asked in
UPSC CDS-2 – 2022
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Capitalist economies are characterized by private ownership of the means of production, generalized commodity production for market exchange, and economic life being primarily guided by market forces (supply, demand, price mechanism). Resource allocation is determined by market competition and individual choices, not by a central planning authority. Statement D describes a centrally planned economy, not a capitalist one.
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.
While modern capitalist economies often have some degree of government intervention and regulation (mixed economies), the fundamental organization of economic life is based on market principles rather than comprehensive central planning.

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