Can any economy survive without capitalism ?be it UK,USA Germany and Africa etc. To me capitalism is the best form of Economy . Does the developed nations started with capitalism or socialism
True! As far as I know, no major country has managed to sustain itself economically in the long term without some degree of capitalism. Its what encourages innovation, which functions as if it were the fundamental "engine" of the economy. Its where a fertile environment is created for entrepreneurs, industries, and investors to prosper and know that their efforts will be well rewarded and not distributed equally and often unfairly to those who dont deserve it. Its necessary to financially reward those who do something for their country. Its necessary to safeguard that.
But, on the other hand, I dont think "pure capitalism" exists in practice either. Even the USA has social programs and strong government intervention in times of crisis (an example was what happened during the 2008 pandemic)... Its necessary to maintain social programs in some form, especially to eradicate hunger and maintain basic principles of health and education.... But capitalism needs to guide every country's economy.