What are the features of the formational and civilizational approaches?

The formation approach interprets the level of development of productive forces as a general and highest criterion of the economic process. From the standpoint of this approach, 5 types of economic systems are distinguished: 1) primitive communal; 2) slave-owning; 3) feudal; 4) capitalist; 5) communist.

The civilizational approach means the need to study the evolution of the capitalistic economy, transform its structure, analyze the successes and shortcomings. This approach allows us to substantiate a new concept of the evolution of capitalism, and, consequently, its modern appearance, different from the one that until recently dominated in our political economy. The civilizational approach focuses on universal human values: freedom, democracy, culture and the direction of development of economic processes.

Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.