The role of government in the economy essay

Source The photograph that has become known as "Migrant Mother" is one of a series of photographs that Dorothea Lange made in February or March of in Nipomo, California.

The role of government in the economy essay

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One of the major considerations that led to the nationalization of the fourteen major commercial banks of India in was the fact that banks, in general, had been negligent of the vital priority sectors of the economy, viz. A handful of people were able to exploit the bank finance to serve their own individual interests and convenience.

Very often, they used bank funds for the hoarding of essential articles and for specialization, thus nurturing anti-social elements. Nationalization brought about a major policy shift in the working of these banks.

Still we cannot under-estimate the importance of banking and the monetary mechanism. One of the most important problems of a developing economy is that of capital formation.

There is a good deal of difference between hoarding and saving and the people in the countryside have to be made to realize the difference. This can be easily done by banks. They can undertake to educate the rural populace and thus mobilize their savings.

the role of government in the economy essay

Only we need exploiting this idle capital. Who else can exploit it, if not banks? Both in rural and urban areas, huge amounts of money are wasted on celebrations like marriages and births.

Promoting attractive deposit schemes needs some very active work on the part of the banks, but it can certainly mobilize a large amount of saving for capital formation. The Government of India has now undertaken a large number of projects for the economic reconstruction of the country.

Banks can generate an adequate volume of credit and conduct it along useful productive channels. If the banks undertake to help these groups, they will also be making a significant contribution to our economy. It will also help in removing the economic imbalance of the various sections of our society.

They have started looking after the needs of the small farmer and the new entrepreneur. It is earnestly hoped that the Government will take some more positive steps to ensure that the real benefits of an organized banking system percolate down to the poor illiterate masses of India.The trading floor of the New York Stock Exchange just after the crash of On Black Tuesday, October twenty-ninth, the market collapsed.

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A negotiated political transition remains the preferred option, but military intervention by a coalition of regional forces may be the only way to end a man-made famine threatening millions of lives.

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Gold and Economic Freedom. by Alan Greenspan [written in ] This article originally appeared in a newsletter: The Objectivist published in and was reprinted . Brill, the author of Tailspin, is the founder of Court TV and the American Lawyer ONE Lately, most Americans, regardless of their political leanings, have been asking themselves some version of.

the role of government in the economy essay

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