Collectivist-inclined totalitarian states tend to enact laws that severely restrict capitalism, whereas the laws enacted by governments in democratic states where individualism is the dominant political philosophy tend to be capitalism and pro-consumer. please discuss with reference to the given paragraph
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Q-2. Collectivist-inclined totalitarian states tend to enact laws that severely restrict capitalism, whereas the laws enacted by governments in democratic states where individualism is the dominant political philosophy tend to be capitalism and pro-consumer. please discuss with reference to the given paragraph?
“Quote”
The private sector plays a pivotal role in Pakistan’s growth, particularly since
the beginning of the new millennium. For example, in the first decade of the
new millennium, the pace of privatization increased, as did deregulation and the
opening of the economy to the outside world. Significant adjustments were
made in the tariff regime providing incentives for the development of large-scale
industries such as automotive, banking, telecom, and consumer electronics. The
government also gave considerable room to the financial sector to participate in
the process of industrialization by making choices based on market considerations.
This policy, however, was unsuccessful in instilling the necessary confidence
in entrepreneurs to stand on their own feet and deal with the changes
occurring in the global economic system without government intervention.
“Un-Quote”
Explanation:
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