Question

2. what is capitalism and did it exist in asia before western imperalist powers intruded into asia

Answer 1

Capitalist Economy: It stands for an economic order in which the factors of production are privately owned and managed and in which production takes place on the initiative of private profit.

Important Characteristics:

• Under it all means of production are privately owned. Persons who own these may use them in the way they find it most beneficial for their personal gain. The restrictions, if any, are limited only to ensure safety of wealth and general well being of the people.
• Production is organized by people without any central planning and decisions are taken and central problems are solved through price mechanism.
• Large scale production, specialization, and division of labour are found.
• Individuals and production units are free to produce and consume what they want.
• Generally, huge inequalities of income are found and needs of richer section are given priority.
• Profit motive guides the production.

  Capitalist Economy: It stands for an economic order in which the factors of production are privately owned and managed and in which production takes place on the initiative of private profit.

  Important Characteristics:

• Under it all means of production are privately owned. Persons who own these may use them in the way they find it most beneficial for their personal gain. The restrictions, if any, are limited only to ensure safety of wealth and general well being of the people.
• Production is organized by people without any central planning and decisions are taken and central problems are solved through price mechanism.
• Large scale production, specialization, and division of labour are found.
• Individuals and production units are free to produce and consume what they want.
• Generally, huge inequalities of income are found and needs of richer section are given priority.
• Profit motive guides the production

Asia was mainly dominated by Marxian theory and focused on socialist form of economy. In Asian countries it was through imperialism that Capitalism started to spread its wings.