Traditional Economic: Definition, Features, Pros & Cons
Posted inEconomics

Traditional Economic: Definition, Features, Pros & Cons

Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.
Difference Between Capitalism and Socialism
Posted inGovernment & Politics

Difference Between Capitalism and Socialism

Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.