ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -limited role of government, to protect the rights of private citizens and maintain an orderly environment that facilitates proper functioning of markets.

Detailed explanation-2: -The capitalist government definition is a government which upholds the private property rights necessary for capitalism and the legal framework for functioning markets. Strong laws governing contracts, inheritance, fiduciary duties and trading are central to capitalist governments.

Detailed explanation-3: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.

Detailed explanation-4: -The capitalist mode of production is characterized by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour and-at least as far as commodities are concerned-being market-based.