Socialism is a system in which, in contrast to capitalism, there is common ownership of the means of production instead of private; planned production for use instead of...
In a Capitalist economy, the means of production are not public property. The land, raw materials, factories, machines, are owned by individuals, who are called the capitalists. Thus,...
Utilitarianism holds that proper course of action is the one that maximizes utility such as maximizing happiness and reducing suffering. This theory was first put forward by Jeremy...
Laissez faire refers to the economic policy of letting owners of industry and business set working conditions without interference. This policy favours a free market unregulated by the...
The Mercantilism theory states that there is a finite amount of wealth in the world and that it is in a nation’s best interest to accumulate this finite...
Industrial Revolution began in England and soon spread to Continental Europe and North America. It roughly corresponds to a period between 1750 to 1860. The first major industry...
Germany was a ragbag of 314 states & 1474 estates i.e. total 1789 independent sovereign powers in the medieval times. These were held together by the absolute rule...
Deciding the fate of the Italian regions, the Congress of Vienna (1815), the restored the pre-Napoleonic patchwork of independent governments, either directly ruled or strongly influenced by the...
From 1815 till 1848, several revolutions erupted in Europe. The Congress of Vienna had tried to restore the monarchies and territories that existed before the French Revolution. But...
For centuries, the people of Europe were accustomed to monarchical rule while those of new world felt that there was little they could do, and they had nothing...
