Globalbusiness
THE CHANGING POLITICAL ECONOMY OF INDIA
What kind of economic system did India operate under during 1947 to 1990? What kind of system is it moving towards today? What are the impediments to completing this transformation?
The economic system that developed in india after 1947 was a mixed economy characterized by a large number of state-owned enterprises, centralized planning and subsidies. In mixed economies, government also tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests
Today, however, the economy of India is a lot more geared towards the capitalist strategy. This basically means that it is fashioned more around money and making profit than caring for the people in the system. Because of this, more and more things are imported and no longer made locally, because more of a profit can be made by buying in. It means that India's role in the world has changed. It is now used by textile firms and other firms to produce cheap clothing for other markets.
This is one of the impediments, that its people are sold out and forced to work cheap labor jobs because the system has changed; now it is solely interested in making money. This is a transformation that has happened worldwide and started in the west, mainly by America and closely followed by Britain and the rest of the world. And the second impediments The main impediments of the complete transformation lie in the restrictions demanded by political opposition.
How might widespread public ownership of businesses and extensive government regulations have impacted (i) the efficiency of state and private businesses, and (ii) the rate of new business formation in India during the 1947-90 time frame? How do you think these factors affected the rate of economic growth in India during this time frame
Widespread public ownership of businesses and extensive government regulation was the result of the economic system that was prevailing in India that
What kind of economic system did India operate under during 1947 to 1990? What kind of system is it moving towards today? What are the impediments to completing this transformation?
The economic system that developed in india after 1947 was a mixed economy characterized by a large number of state-owned enterprises, centralized planning and subsidies. In mixed economies, government also tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests
Today, however, the economy of India is a lot more geared towards the capitalist strategy. This basically means that it is fashioned more around money and making profit than caring for the people in the system. Because of this, more and more things are imported and no longer made locally, because more of a profit can be made by buying in. It means that India's role in the world has changed. It is now used by textile firms and other firms to produce cheap clothing for other markets.
This is one of the impediments, that its people are sold out and forced to work cheap labor jobs because the system has changed; now it is solely interested in making money. This is a transformation that has happened worldwide and started in the west, mainly by America and closely followed by Britain and the rest of the world. And the second impediments The main impediments of the complete transformation lie in the restrictions demanded by political opposition.
How might widespread public ownership of businesses and extensive government regulations have impacted (i) the efficiency of state and private businesses, and (ii) the rate of new business formation in India during the 1947-90 time frame? How do you think these factors affected the rate of economic growth in India during this time frame
Widespread public ownership of businesses and extensive government regulation was the result of the economic system that was prevailing in India that