In this article we will discuss about:- 1. Capitalism 2. Socialism 3. Mixed Economy 4. Characteristics 5. Merits 6. Demerits! (With Characteristics, Merits and Demerits) Capitalism: Definitions of Capitalism: The concept of capitalism is explained as presented below: According to Gary M. Pickersgill and Joyce E. Pickersgill, “The capitalist system is one characterised by the […]
Economic Systems: Capitalism, Socialism & Mixed Economy
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Business Cycles: Meaning, Characteristics and Control
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In this article we will discuss about:- 1. Meaning of Business Cycles 2. Characteristics or Business Cycles 3. Phases 4. Causes 5. Effects 6. Control Measures. Meaning of Business Cycles: Business cycle or trade cycle is a part of the capitalist system. It refers to the phenomenon of cyclical booms and depressions. In a business […]
Top 6 Theories of Trade Cycle
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The following points highlight the top eight theories of business cycle. The theories are: 1. Hawtrey’s Monetary Theory 2. Hayek’s Monetary Over-Investment Theory 3. Schumpeter’s Innovations Theory 4. Keynes’s Theory 5. Friedman’s Theory 6. Hicks’s Theory. 1. Hawtrey’s Monetary Theory: According to Prof. R.G. Hawtrey, “The trade cycle is a purely monetary phenomenon.” It is […]