THE PURSUIT OF PROFIT MAXIMISATION

The review paper highlights the impact on socio-economic development parameters under diffferent economic models (Capitalism, Socialism and hybrid models like China). Capitalism leads to greater focus on innovation and a self-perpetrating cycle of growth in income levels, wealth and quality of life, eventually culminating into overall improved country happiness scores as visible in studies. Socialism, on the other hand, leads to inefficient resource allocation and wealth inequality which is against its basic priniciple. However, the side-effects of capitalism cannot be ignored and thus hybrid development models could provide the desired output. The paper highlights various alternate growth models which are gaining prominence.