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Business Environment by A. C. Fernando

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18

ROLE OF THE STATE IN ECONOMIC DEVELOPMENT

This chapter deals with the evolution of the concept of state participation in economic development, the justification and examples of government intervention, scope of governmental action, different roles of government in the economy, reasons for governments' participation in development in poor countries, etc, and concludes with the areas where governmental action is considered important. After reading this chapter, you will be able to relate to the role of the Indian state in the economic development of the country.

DEFECTS OF THE FREE-ENTERPRISE SYSTEM

A century ago, there was a general bias against interference by the state in the running of industry. It was a tacitly accepted formula that ...

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