The
 Economic 
system 
and
 Externalities

[Writer s Name][Supervisor s Name][Subject][Date] capitalism beyond the CrisisThe word Capitalism refers to an economic system in which business firms and private individuals carry on the production and the change over of goods and services through a multifaceted network of prices and markets for fashioning profitsIn the article the author `Amartya Sen wanted to point out the event that capitalism was a historic term and these days we atomic number 18 emphasizing towards free market preservation (aka market scrimping . The basic difference between the two is that Capitalism focuses tho on profitability while free market economy also focuses on public policy and social factors . By asking a question about the term capitalism usability , Mr . Sen means that capitalism is an obsolete concept and t here(predicate) is no need of economic reform which leads to a `New Capitalism (Sen ,.

1The author also emphasizes that capitalism is not a utilizable term to use because it has a very narrow near . He also highlighted that Adam Smith never apply the term `Capitalism instead Adam Smith constantly see markets and capital working for the betterment of economy and thereof society . Sen pointed out that Adam Smith had more guardianship about wealth distribution and equality rather than comely profit making (Sen ,. 2In conclusion , it has to be stated here despite several advantages `capitalism has a lot of disadvantages which backside not be neglected while setting up economic policy for a nation . This is the reason wherefore many socialists including Karl...If you want to get a full essay, severalise it on our website: Orderessay

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