UPSC and MPSC notes for general studies

How market or open economy different from closed economy

Economics, UPSC and MPSC notes for general studies /

Understanding the complexities of economic systems, it is essential to know that how market or open economy different from closed economy? On the basis of political ideologies people of the nation pursue, economic system has been adopted to fulfill the pledged demands. If the economic activities are driven by the forces of market demand and […]

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Difference between Socialism and capitalism

Political Science, UPSC and MPSC notes for general studies /

Both socialism and capitalism are two different political ideologies, adopted by various nations, as a means of social and economic development. In order to get better insight, here I’m going to explain difference between socialism and capitalism. Socialism emphasizes more on egalitarian approach by focusing need of the society as a whole, while other rewards

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