Political and Economic Systems

 This model of historical perception concluded that the Indians lacked chronology and historical sense.

All three systems are examples of social stratification, the hierarchical arrangement of individuals into social classes. They embody structured inequality rather than Marxism (which critiques stratification) or egalitarianism (opposed to it).

Laissez-faire refers to a free market economy, where every individual has the right to take their own decisions with regards to economic activities. Under capitalism every individual approaches the central economic problems for maximizing their own personal gains.

An economic and social system in which all (or nearly all) property and resources are collectively owned by a classless society and not by individual citizens is called communism. It is a political thought which is the establishment of government by a specific community. In this, each person contributes and receives according to their ability and needs.

A capitalist economy is characterized by private property, profit motive, and consumer sovereignty. Social justice is typically a goal of socialist or mixed economies, not a defining feature of pure capitalism.

"The mode of production of material life conditions:, the social, political, and intellectual life process in general. It is not the consciousness of men that determines their being, but on the contrary, their social being that determines their consciousness." The above quote promotes was instigated most strongly by Industrial Revolution.

Hitler believed in extreme nationalism. According to him, the State is above all. It should have held all political, economic and social programmes. He wanted to root out liberalism and communism.

In the economic sphere, liberalism advocated for the freedom of markets and the abolition of state-imposed restrictions on the movement of goods and capital.

For the middle class, liberalism meant the end of aristocratic privileges and the establishment of equality before the law and individual rights.

Division of labour means work being done by people depending upon their area of expertise, specialisation, skills and abilities. Division of labour creates economic strata and class system. People from different area of specialisation who work together to generate their source of livelihood and earn income.

Plato, in his work 'The Republic', argued that human society is formed on the basis of natural inequalities and that individuals are suited for different roles, which leads to the division of labor.

Division of labour is demarcation or separation of tasks or works among different people wo possess specific quality for the task. It reduces unnecessary labour and time and keep society structured. Division of labour increases productivity per worker and focus on generating economic growth with the works separated and people specialised in their task ot becomes more easy and effective to perform the task. In the contemporary world, with the era of Globalisation, division of labour is internationalised, countries are inclined to engage in work in the area they specialise to keep generate their economy and be in the league with rest of the Countries. They develop connection with other countries which specialises on other task or work thus facilitate global interaction.

The United States was the leader of the capitalist bloc, while the Soviet Union (USSR) was the leader of the socialist/communist bloc.

An economic system which is based on private ownership of the means of production and their operation for profit is known as capitalism. The maximization of profit is the main motive of the producer. Profit guides the production in this type of economy. There is no interference of government in the economic activities of the economy. This means producers and consumers are free to take decisions. 

Capitalism involves mass production of goods. Capitalism is an economic system in which capital goods are owned by private individuals or businesses. Capitalism was born out of the mass production of goods which led the owners of the big industries to amass wealth.