Archive | Economics

The price system would work more smoothly and efficiently for success when certain conditions are present. The first requirement for the success of price mechanism is com­petition…

The creation of a single market is likely to convey the message that all the 15 countries are a homogeneous group. But the reality is all these 15 countries are very heterogeneous in terms of geography, area, GDP and…

Contemporary capitalism is monopolistic in character. A question arises about the bargaining power of labour in such a system. In the labour market unorganized labour cannot hope to bargain successfully…

The features of Yugoslavian market socialism are discussed in detail as follows….

Abraham Lincoln defined democracy as ‘Govern­ment of the people, by the people and for the people. In the words of Johnson “Democracy is the Home Rule by the people’…

American economy is regarded as the most powerful economy of the world. However, for an understanding of the func­tioning of the American capitalistic system, we shall again harp on some of the fundamental elements…

The recent sweeping economic aspects of reforms in China include the follow­ing elements….

The term privatization has come into vogue since the middle of the 1970s. There is no single universally accepted definition. The term may be interpreted in a narrow sense or a wide sense…

Capitalism was the most predominant economic system till 1917, when a socialist economy came into existence for the first time. Since it has become fashionable to criticize capitalism, it continues to be the cyno­sure of academic discussion…

The New International Economic Order (NIEO) is the name given to the existing relationship between different countries economies of the world. U.N.O. is also giving suitable help to these developing coun­tries…

Main features of the Socialist economy which began to be built in Russia after the revolution in 1917 are as follows :

The meaning of an economic system would be more explicit from an examination of some important definitions of economic system advanced from time to time…

In England the process of decline and eventual decay of feudalism started from the middle of the 14th century. Several factors contributed to its decline and the ultimate emergence of capitalism…

The Parliament has the right to remove the Council of Ministers by passing the ‘Motion of No-confidence. The motion of No-confidence means that Parliament has no confidence in the Council of Ministers…

The Lok Sabha is constituted of 552 elected members. Out of these 530 members are repre­sentative of people of different States and not more than 20 members come from Union Territories…

The following are the important measures to curb the growth and practice of monopoly like anti-monopoly laws, price control, maintenance of fair competition, state regulation of patents, purchasers association…