20Oct 2018 by Reese Bannister

Short Notes on Balance of Payments

Finance
Balance of payments is a record of the flow of all financial transactions between the residents of one country and the other countries in statistical form and over a given period of time. Image Source: welchllp.com The BOP Must Balance: Yes, if it does not, it means something has not been properly counted or wrongly counted. ADVERTISEMENTS: Subaccounts of the BOP, such as the merchandise trade balance, may be imbalanced, but the entire BOP of an individual country is always balanced. BOP is based on Double Entry System of Book Keeping: Every transaction has a debit and credit. If asset increases or liability decreases then the two transactions are to be debited and vice versa. Suppose India imports some electronics goods from Japan to the tune of $100 million, the…
Read More
20Oct 2018 by Reese Bannister

Was Hobbes Individualist or Absolutist?

Government
An overview of Hobbes’s theory of sovereignty put forward in his work, ‘Leviathan’ might suggest being a case for absolutism, but this is not the case.Hobbes starts up with the individual and ends up with the individual. Individual’s security is the pivot round which call his other political ideas revolve. ADVERTISEMENTS: Sharing the similar concern Prof. Sabine says, “The absolute power of the sovereign—a theory with which Hobbes’s name is more generally associated—was really the necessary component of his individualism. In the same tone, Prof. Way per says “the Leviathan is not merely a forceful enunciation of the doctrine of sovereignty… it is also a powerful statement of individualism”.Hobbes accords a prominent position to the individual. He allows his individual the right to resist the sovereign if the latter attacks…
Read More
20Oct 2018 by Reese Bannister

Military Reforms of Alauddin Khilji – Essay

Branding
The reign of Alauddin Khalji is considered significant due to his military reforms. Barani has written in this context, “Kingship is maintained by two pillars—first is administration and second is conquest. Both pillars are supported by the army. Kingship is the army and the army Kingship.”Prior to Alauddin there was no permanent army at the centre and the Sultans had to depend on the armies of the governors and Jagirdars. Alauddin removed this severe defect. He maintained a powerful army at the centre so that the revolts could be crushed at the outset and the Mongo’ invasion could, be repulsed effectively.As the provincial governors and officers deceived the centre regarding recruitment and training of the soldiers. Alauddin organ­ized his army under the following categories. Image Source: 4.bp.blogspot.com ADVERTISEMENTS: 1. Bodyguards…
Read More
19Oct 2018 by Reese Bannister

Mongol Invasions of India During the Rule of Jalaluddin Firoz Shah Khilji

Artists
The Mongols made an invasion on the north­west frontier of India during the reign of Jalaluddin Firoz Shah Khalji. Abdullah, the grandson of Halaku, was the leader of the Mongol army and he penetrated as far as Sunam. image source: img59.imageshack.usThe Sultan who had been the warden of marches for a long time marched against the Mongols with his thirty thousand soldiers and a fierce battle was fought near the Indus. The Mongols were defeated and arrested in a large number. ADVERTISEMENTS: Abdullah, after concluding a treaty with the Sultan of Delhi, returned to Afghanistan but a great number of Mongol prisoners embraced Islam.They were permitted to settle down in India. The Sultan geve his daughter in marriage to the leader of the Mongols, Ulugh Khan. These Mongol converts came…
Read More
19Oct 2018 by Reese Bannister

7 Important Causes of the Downfall of the Slave Dynasty in India

Military
The Sultans of the so-called slave dynasty ruled over Delhi from 1206 to 1290 A.D.Thus within a century, this dynasty came to an end and a new dynasty called Khajis flourished. Image Source: i.ytimg.comThe following circumstances contributed to the downfall of the slave dynasty. ADVERTISEMENTS: Sultans Being Foreigners: The people of India did not cooperate with the Sultans of slave dynasty as they considered them as foreigners. The feeling of har­mony between the Hindus and Muslims had not yet emerged and the Hindus revolted against the Muslim rulers off and on. image source: laphamsquarterly.orgIt created chaos and confusion in the Sultanate. As the Muslim rule was based on the Quran and its principles were brought from Ghazni, Ghor and Baghdad, they could not be applicable in India and gave rise…
Read More
19Oct 2018 by Reese Bannister

6 Important Features of Platonic Education

Philosophers
Important Features of Platonic Education are listed below: 1. State controlled system of compulsory education: He does not favour the idea of leaving education in the hands of parents. He considered education as positive means by which the ruler could mould the character of the people and promote spirit of unselfish devotion towards their duties.By making it compulsory, he thought that all citizens would develop their mental faculties and become valuable unit of state. Image Source: cx.aos.ask.com 2. Favour education, both for men and women: ADVERTISEMENTS: He was in favour women holding public offices like men. It is for this step of his, that he is regarded as a revolutionary. 3. Meant for artisans as well as peasants: Though Plato does not make a clear mention in this regard, it…
Read More
19Oct 2018 by Reese Bannister

8 Important Features of an “Ideal State” (According to Aristotle)

Agriculture
Aristotle widely regarded as a realist, outlined his ideal state in book II, III, VIII of his “Politics”. A comparison between idealism of Plato and Aristotle is best illustrated by Sabine, “What Aristotle calls the ideal state is always Plato’s second best”.While Plato hails his ideal state to be good for all times to come, Aristotle accepts limitations of his ideal state. Moreover, Aristotle like his master prefers monarchy. But, he insists on the primacy of law not a philosopher king. Image Source: ichef.bbci.co.uk Features of the Ideal State: ADVERTISEMENTS: Following features can be outlined about Aristotle’s ideal state.1. There is supremacy of law in his ideal state. He favours impersonal rule of law which represents the wisdom of community since the ages.2. It is an ethical institution to develop…
Read More
19Oct 2018 by Reese Bannister

Essay on “Social Contract” Theory of Thomas Hobbes

Government
Hobbes in his political philosophy mainly proceeds on the essential wickedness of human nature. Even though the law of nature shows the way out of state of nature, it does not ensure harmony.To ward off such apprehension, he supports an all powerful sovereign authority to enforce the laws of nature. For ‘”covenants’ without sword are butt words” and of no strength to secure a man at all. 1. Why Contract? To end the state of nature, every individual enter into, what Hobbes calls ‘contract’ with each individual. Through contract: ADVERTISEMENTS: Individuals undertake not “to will their own will”Individuals “accept to undertake limitation on their will”They “submit the wills of all to the will of one”. ADVERTISEMENTS: Social contract is the basis of Hobbes’s state whereby individuals .of their own impulse,…
Read More
19Oct 2018 by Reese Bannister

3 Most Important Functions of “Money” as Classified by Kinley

Inflation
Kinley has classified the important functions of money as follows:1. Primary functions,2. Secondary functions and ADVERTISEMENTS: 3. Contingent functions.Primary functions are known as original functions. They are medium exchange and measure of value. Secondary functions include standard of deferred payments, store of value and transfer of value. Contingent functions cover distribution of income, measurement and maximisation of utility. Image Source: centuryproductsllc.com 1. Primary Functions: (A) Medium of Exchange: ADVERTISEMENTS: We have seen the difficulties of barter system of exchange. In the modern society with multiplicity of human wants double coincidence of wants is difficult to achieve. Under barter system, exchange takes place when wants of two persons coincide. It means, exchange of goods must be settled simultaneously.We can take an example to explain the working of double coincidence of wants.…
Read More
19Oct 2018 by Reese Bannister

10 Major Differences between Micro and Macro Economics – Explained!

Industry
The Major Differences between Micro and Macroeconomics are mentioned below:1. The word ‘Micro’ means small. It is a study of individuals or groups. According to Shapiro “Microeconomics deals with small parts of the economy.” It is a piece meal study. On the other hand, ‘Macro’ means large. It is a study of economy as a whole. ADVERTISEMENTS: 2. Microeconomics is a study of particular households, particular firms, particular industries, particular commodities, particular prices etc. On the other hand, Macroeconomics deals with aggregate of these quantities, not with individual incomes but with the national income, not with individual prices but with the price level, not with individual output but with the national output.3. The objective of microeconomics is to maximise utility or maximisation of profit or minimisation of cost. But the…
Read More