Choose a foreign country.

Research and discuss the triumvirate of political, economic, and legal

systems in the country that you chose. Discuss how these factors can affect economic progress.

I’m choosing India as my country for discussion.

India officially known as Republic of India is a country in South Asia. It is the seventh-
largest country by area, the second-most populous country, and the most populous democracy in
the world.. The Indian subcontinent was home to the Indus Valley Civilization of the bronze age.
In India's iron age, the oldest scriptures of Hinduism were composed, social stratification based
on caste emerged, and Buddhism, Jainism arose. Political consolidations took place under
the Maurya and Gupta Empires; the peninsular Middle Kingdoms influenced the cultures of
Southeast Asia. In India's medieval era, Judaism, Zoroastrianism, Christianity, and Islam arrived,
and Sikhism emerged, adding to a diverse culture. North India fell to the Delhi Sultanate; south
India was united under the Vijayanagara Empire. In the early modern era, the expansive Mughal
Empire was followed by East India Company rule. India's modern age was marked by
British Crown rule and a nationalist movement which, under Mahatma Gandhi, was noted
for nonviolence and led to India's independence in 1947.
Economic liberalization, begun in 1991, has caused India to become a fast growing major
economy and a newly industrialized country. Its gross domestic product ranks sixth in the world
in market exchange rates and third in purchasing power parity. Its per capita income ranks 133rd
and 116th in the two measures. A nuclear weapons state and regional power, it has the second
largest active military in the world and ranks high in military expenditure. India is a secular, federal
republic, governed in a democratic parliamentary system, and administered in 29 states and
seven union territories. A pluralistic, multilingual and multi-ethnic society, India is home to 1.3
billion people. It is also home to a high diversity of wildlife in a variety of protected habitats.
The process of liberalization of India’s economy since 1991 has brought with it considerable
development both of its financial markets and the legal institutions which support these. An
influential body of recent economic work asserts that a country’s ‘legal origin’—as a civilian or
common law jurisdiction—plays an important part in determining the development of its investor
protection regulations, and consequently its financial development. A growing literature
emphasizes the importance of legal institutions for economic development.
The Indian economy liberalized dramatically in 1991. Since then, there have been rapid and far-
reaching law reforms intended to ensure that legal institutions keep pace with the needs of the
growing economy. As regards the modalities of law reform, the most effective institutions for
producing improved legal rules have been regulatory agencies to which rulemaking power for
specific sectors have been delegated: for example, the Securities and Exchange Board of India
(SEBI) and the Reserve Bank of India (RBI).
India is gaining importance globally as a rapidly developing economy. Investors from all over the
world have shown faith in the flexible Indian economy. One of the major factors for rapid economic
growth in India after 1991 can be attributed to the huge inflow of foreign capital. There are various
determinants which led to such huge capital inflow in India. A political and legal system is one of
the key factors.