Which one of the following is not the characteristic of capitalism ?
State ownership or control over a country's major means of production is a defining feature of socialism or a command economy, rather than capitalism. Capitalism is…
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Which one of the following is not the characteristic of capitalism ?
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State ownership or control over a country's major means of production is a defining feature of socialism or a command economy, rather than capitalism. Capitalism is characterized by private ownership of property, profit maximization, market competition, and resource allocation guided by the price mechanism.
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UGC NET Commerce