What are the characteristics of capitalism and socialism?

What are the characteristics of capitalism and socialism? Key Takeaways Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. What are three characteristics of capitalism? Capitalism is an economic system based on the private ownership of the […]

What is productive capital?

What is productive capital? a functional form constituting the second stage of the circulation of industrial capital (seeCIRCULATION OF CAPITAL). Unlike monetary capital and commodity capital, which are involved in the sphere of circulation, productive capital is involved in the sphere of production. Why are they called factors of production? Why are resources also called […]

What is the role of followers in leadership?

What is the role of followers in leadership? Just as leaders can serve others so can followers. A follower can provide strength to the leader by supporting the leader and by contributing to the organization in areas that complement the leader’s position. How do effective followers build authentic relationships with their leaders? How do effective […]

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