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.
Globalization: Definition, Features, Merits & Demerits
Posted inEconomics Government & Politics

Globalization: Definition, Features, Merits & Demerits

Globalization is a phenomenon based on the continuous increase in the interconnection between the different nations of the world on the economic, political, social and technological levels. The use of this term has been used since the 80s. That is, since technological advances have facilitated and accelerated international commercial and financial transactions. And for this reason, the phenomenon has as many defenders - such as the International Monetary Fund (IMF) or the World Bank - as detractors.