History, asked by aadithya9258, 6 hours ago

What can be inferred about Deng's beliefs about capitalism, based on this passage? He agrees with all of the principles of capitalism

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Answered by syed2020ashaels
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According to Deng, there are advantages to all forms of capitalism in a socialist regime.

  • A common conception of capitalism is as an economic system where individual actors own and control property according to their interests and where supply and demand freely determine market prices in a way that can best serve society.
  • Profit-making is the primary driving force behind capitalism. We do not expect our dinner from the kindness of the butcher, the brewer, or the baker, but rather from their care for their own interest, as Adam Smith, the philosopher and founder of modern economics, observed. Both parties to a voluntary exchange transaction have a stake in the outcome, yet neither can get what they want without taking into account the other party's desires. Economic prosperity may result from this logical self-interest.
  • According to Deng, there are advantages to all forms of capitalism in a socialist regime.

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