National Debt: Definition, Sources, Pros & Cons
Posted inGovernment & Politics

National Debt: Definition, Sources, Pros & Cons

National debt or public debt is the total debt a country owes to its citizens, governments of other countries or international financial organizations like the World Bank and International Monetary Fund (IMF). The debt which a country owes its citizens is known as internal or domestic debt, while the debt owed to foreign governments or international financial organizations is known as external or foreign debt.
Public Finance: Definition, Features & Objectives
Posted inFinance

Public Finance: Definition, Features & Objectives

Public Finance is an aspect of economics that state how a government gets and spends the revenue it collects. In a more technical sense, it can be defined as that branch of economics that studies the relationship between the revenue and expenditure patterns of the government.
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.