20Nov 2018 by admin

1506 Words Essay on India's foreign policy

Investment
Ever since India achieved Independence from British rule on 15th August, 947, it has been following a policy of peaceful co-existence with its neighbor’s the rest of the world. Pt. Jawahar Lai Nehru, the first Prime Minister of India the architect of this policy.In fact, Mr. Nehru had spelt out the basic parameters of India’s foreign lice in 1946. He declared, “We propose, as far as possible, to keep away from e power politics of groups, aligned against one another, which have led in e past to world wars and which may again lead to disasters on an even vaster scale.As regards India’s policy of supporting freedom movements, Pt. Nehru id, “We believe that peace and freedom are indivisible…. We are particularly retested in the emancipation of colonial and dependent…
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20Nov 2018 by admin

8 Most Essential Functions of Central Banking

Currency
After the First World War, the emergence of central bank with more power and prestige was the most important development in the monetary world. The main business of a central bank is to control the commercial banks in such a way as to promote the general economic policy of the state.A central bank does not, as a commercial bank does, exist to make the maximum profits for the shareholders. Its main function is to act as a guardian of the monetary system. Functions The central bank is the agency through which the state enforces its economic policy. To carry out this objective, central bank is entrusted with a number of functions. They are as follows: Image Source: fixingtheeconomists.files.wordpress.com 1. Monopoly of Note Issue: The central bank enjoys the monopoly of…
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20Nov 2018 by admin

What are the TOP 5 Characteristics of Socialism?

Investment
Five Characteristics of Socialism are as follows: 1. Government ownership of productive resources: The role of private property is to be lessened as key industries are nationalised.2. Planning: ADVERTISEMENTS: Socialist economy is a planned economy. Instead of permitting the free play of profit motives in a laissez-faire market economy, co-ordinate planning is introduced.Sometimes the programme of “production for use rather than profit” is advocated, advertising expenditure on gadgets is reduced, workers and professional people are to develop instincts of craftsmanship and social service so that they will be guided by other motives than those of “acquisitive society”. Image Source: stlouis-mo.gov 3. Redistribution of income: Inherited wealth and swollen incomes are to be reduced by militant use of government taxing powers. Social security benefits, free medical care, and cradle to the…
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20Nov 2018 by admin

7 Criticism Against Quantity Theory of Money

Currency
This theory assumes that the fundamental determinant of the price level is the quantity of money. In actual practice other things keep on changing in the short period as well as in the long period.1. Unrealistic Assumption: ADVERTISEMENTS: (a) In actual practice, the volume of Transactions (T) is subject to large changes over long periods of time. The rapid expansion of output in some special situations like emergency or recovery demonstrates that a considerable change in transactions may occur even during a relatively short period.The volume of transactions effected with money depends not only on the current production but also upon the volume of money supply available for these transactions. T may be assumed as constant at full employment level, but this is also an unrealistic assumption. Image Source: blog.celtrino.ie(b)…
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20Nov 2018 by admin

7 Responsibilities of a Businessman Towards Society

Trade
Responsibilities of a Businessman 1. The Iron Law of Responsibility: The institution of business exists only because it performs invaluable services for society. Society gives business its charter to exist and the charter can be amended or revoked at any time if it fails to live upto society’s expectations.Therefore, if business intends to retain its existing social role and social power, it must respond to society’s needs constructively.This is called the Iron Law of Responsibility which is that in the long run, those who do not use power in a manner which society considers responsible will tend to lose it. Image Source: romanpichler.com ADVERTISEMENTS: Though the long-run may require decades or even centuries in some instances, history seems to confirm that society ultimately acts to reduce the power of those…
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19Nov 2018 by admin

Useful Notes on Short-Run and Long-Run Fiscal Policy for Shaping Taxation and Public Expenditure

Budget
Modern fiscal policy involves the process of shaping taxation and public expenditure in order to (1) reduce the fluctuations of trade cycle and (2) to contribute towards the maintenance of a growing, high-employment economy free from excessive inflation or deflation.When private investment and consumption spending create an inflationary (or deflationary) gap, it is the task of fiscal and monetary policy to offset the gap in the attempt to preserve price stability and full employment. The objective of fiscal policy is to achieve growth and full employment without inflation.Fiscal weapons refer to taxation and expenditure policies. In this connection, modern economy is blessed with important “built-in stabilizers.” Image Source: i.ytimg.com ADVERTISEMENTS: Without any discretionary action, tax receipts change automatically when income changes, thereby reducing the size of the multiplier and serving…
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19Nov 2018 by admin

Essay on the Trade Relationship between Russia and India

Currency
The Russian Federation which represents the major portion of the former USSR continues to be India’s most important economic partner in the region.The bilateral framework Agreement on Trade and Economic Cooperation with Russian Federation, signed on 22nd May, 1992, provides that all transactions between the two countries would be undertaken in hard currency, unless otherwise specified by Intergovernmental Agreements.The only exception with Russia is that trade is also carried on through debt repayment route and escrow accounts. The bulk of our export to Russian Federation is moving through these routes. Image Source: trbimg.com ADVERTISEMENTS: During the year 1998-99, the following meetings have been held to discuss various matters regarding bilateral cooperation:-(a) The Fifth session of the Indo-Russian Joint Commission for which, the Ministry of External Affairs is the nodal agency,…
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19Nov 2018 by admin

Comprehensive Essay on Welfare State – Background, Meaning and Justification

Economic Problems
Background of the Welfare State: The welfare state like the socialist State is a reaction against capitalism. The evils of industrialisation like long hours of work, unhealthy surroundings, accidents, low wages, exploitation of women and children workers, slums, inadequate supply of pure water, absence of drainage, accumulation of garbage on the streets and environmental pollution forced the State to take legislative measures to remove such evils. ADVERTISEMENTS: These efforts of the State gave birth to the idea of the welfare State. In England, trade Unions played an important part in developing the ideal. The First and Second World Wars gave rise to gigantic social and economic problems whose solutions required the guidance of the State. Rapid industrialization, urbanization and many other social and political problems compelled the State to interfere…
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19Nov 2018 by admin

Eight Important Functions of a Legislature

Finance
The functions of the legislature are not identical in every They fully depend upon the form of government. If the is unlimited monarchy, as it was in the Czarist Russia, the legislature is merely a consultative body subordinate to the executive for all practical purpose. Under a bureaucratic type, as it existed in the Provinces of India before 1937, and persisted at the Centre till India became independent in August, 1947, the legislature is completely subservient to the executive. ADVERTISEMENTS: A dictator, like Halter and Mussolini, pays little attention to the existence of a legislature. Both Halter and suppressed the powers of the legislatures. But in a democracy, the legislature occupies an important place. Although as the name implies, the primary function of the legislature is law-making, most of the…
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19Nov 2018 by admin

Short Essay on the Changing Status of Women in Our Society

Budget
The new industrial system has taken a share of women’s work out of the home and put it in the factory.At the same time, it has made necessary for women to go to the office, the school or the factory for a wage in order to augment the family budget.Thus the decline of the family an economic unit in production has tended to free women from economic dependence on the husband. Image Source: kundansrivastava.com ADVERTISEMENTS: Employment of women brings about equality and will no doubt advance further under capitalistic or socialist regimes. The openings of careers and ambitions to women have also dislodged marriage from its pivotal place in their interest and life span.Though women are still far from possessing an equal economic status to that of men, the degree…
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