Modified Capitalism

It is an upgraded version of capitalism (more precisely, laissez-faire) and can be seen as an exceptional case to the theory predicted by socialists, especially Karl Marx, that "capitalism will inevitably collapse!" The modified capitalist position is fundamentally based on capitalism, but it introduces socialist elements to alleviate the internal contradictions of the system. However, from the socialists' viewpoint, this is seen as administering a painkiller, not a cure, to the "disease" of capitalism's contradictions.

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Topics: Economic System,Economics,Ideology,Keynes
Category: Wiki/Economy