| Sl. No. |
Column 2: Concept |
Column 3: Name/Phrase/statement |
Alternative |
| 6. |
Critique of the economic theory based on private property and competition |
Mixed economy |
|
| 7. |
Economic value can be measured in terms of labor |
It obstructed rate of growth, discouraged entrepreneurship and led to widespread poverty. |
|
| 8. |
License and permit raj |
Socialism |
|
| 9. |
Combination of private and nationalized property |
No alternative to capitalism |
|
| 10. |
Before Marx, socialism carried several meanings in the English and French worlds. |
Religious concern for the condition of the laboring classes |
|
