1-globalization: is the trend toward greater economic,

cultural, political, and technological interdependence

among national institution. Ejective of globalization: point
out what, demonstration and explore the forces of
globalization.
: Is it better to do business in democratic country?
Yes, of course, transparent governments built on respect for human rights and the
rule of law tend to foster environments that are conducive to the establishment well
operation of private enterprises. Especially, the correlation suggests that established
democracies could serve their own economic interests by encouraging democratic
institutions abroad and thereby improving the business environment over the long term.
Here are some points of views;
Image and Reality: Strong growth in certain repressive systems, especially China,
has given the misleading impression that authoritarianism is good for business. At the
positive end of the spectrum, the major democracies of South America, Europe (including
newer democracies in the east), East Asia, and South Africa all promote regulatory
systems that are as open as their political systems. (World Banks report.)
Exceptions and Outliers: Democracy is clearly not the only factor behind good
economic performance, but more often than not, it provides the long-term political
stability and corrective mechanisms that form a foundation for safe investment and steady
growth.
Policy Implications: A more democratic world would be a more stable, inviting
place for established democracies to trade and invest. The political crackdowns and
security crises associated with authoritarian rule often drive out business and place
employees, supply chains, and investments at risk, in addition to raising reputational and
legal concerns for foreign companies that stay involved.
Therefore, democratic governments seeking to bolster the global economy and
develop new markets should press their counterparts not just for lower barriers to trade
and less red tape, but also for strong and accountable democratic institutions.

nd Question

: Why has Indian experienced slow economic development than Hong

Kong, Singapore, South Korea, and Taiwan?

Here we detail about the eight causes of slow growth of national income in India
1. High Growth Rate of Population: Rate of growth of population being an important
determinant of economic growth, is also responsible for slow growth of national income
in India. Whatever increase in national income has been taking place, all these are eaten
away by the growing population. Thus high rate of growth of population in India is
retarding the growth process and is responsible for this slow growth of national income in
India.
2. Excessive Dependence on Agriculture: Indian economy is characterized by too much
dependence on agriculture and thus it is primary producing. Such excessive dependence
on agriculture prevents quick rise in the level of national income as well as per capita
income as the agriculture is not organized on commercial basis rather it is accepted as
way of life.
3. Occupational Structure: The peculiar occupational structure is also responsible for
slow growth of national income in the country. Moreover, prevalence of high degree of
under-employment among the agricultural laborers and also among the work force
engaged in other sectors is also responsible for this slow growth of national income.
4. Low Level of Technology and its Poor Adoption: In India low level of technology is
also mostly responsible for its slow growth of national income. Moreover, whatever
technology has been developed in the country is not properly utilized in its production
processes leading to slow growth of national income in the country.
5. Poor Industrial Development: Another important reason behind the slow growth of
national income in India is the poor rate of development of its industrial sector. In
addition, the development of basic industry is also lacking in the country. All these have
resulted a poor growth in the national income of the country.

6. Poor Development of infrastructural Facilities: In India, the infrastructural facilities,

transport, communication, power, irrigation etc. have not yet been developed satisfactory
as per its requirement throughout the country. This has been resulting major hurdles in the
path of development of agriculture and industrial sector of the country leading to poor
growth of national income.
7. Poor Rate of Saving and Investment: The rate of savings and investment in India is
also quite poor as compared to Hong Kong, Singapore, South Korea, and Taiwan. As the
result is low rate of saving and investment has resulted a poor growth of national income
in the country.
8. Socio-Political Conditions: Socio-political conditions prevailing in the country are
also not very much conducive towards rapid development. Unstable political is a scenario
all responsible for slow growth of national income in the country. Even, In the meantime,
the Government has taken various steps to attain a higher rate of growth in its national
income by introducing various measures of economic reforms and structural measures.
9. Corruption a major issue: Corruption has now become a great issue in our country.
India is ranking a great position in the corruption. This can prove how bad the condition
of India. There are many people who are performing corruption. In some cases it can be
said that we can get our work done only when we give bribe.
10. Illiteracy a serious problem: India is very poor in the education aspect. When
compared to education on the various states in India. This is the reason why the other
people easily cheat the people. The value of the education is to be known by the people
because they are going to stay as an example for the future generations.
11. Divide and rule policy: The divide and rule policy was created by the British people.
To tell about the people of India, they are already divided because of the languages. When
the unity of a country is broken the chaos occurs easily inside the country itself. People
also fight among themselves. This was the great plan made by the British people and this
is the reason the divide and rule policy was implemented and this acted as the basement
for restricting the development of country to a greater extent.

Comparable GDP per capita

1. India

2. Hong Kong

3. Singapore

4. South Korea

5. Taiwan

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