econ study guide chap 8

econ study guide chap 8 - Chapter 8 After the Permit Raj...

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Chapter 8 After the Permit Raj Indian Independence - Won from British Raj (rule) in 1947 -Leaders of independence movement were Gandhi (non-violent resistance, religious social leader) & Nehru (1947-1963 first prime minister -politician-congress party) -How did Fabian Socialism and Communist Central Planning influence ideas in newly independent India? They thought competition was bad and wanted all business to be a part of the private sector -Why Fabian Socialism? They believed in central planning, a strong state control and gov’t control of allocating investments -Which communist country inspired India? Soviet Union The Permit Raj (a complex system of controls that held control over every step in production, investment and foreign trade) had strong bias towards state ownership -What does this phrase refer to? Gov’t control through bureaucratic permits -What impact on entrepreneurs? Decreased significantly because if you had the license and the stamps, there was a consolation-protection against competition from those who did not have the necessary approvals. -What was the Indian government’s attitude towards private business?
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econ study guide chap 8 - Chapter 8 After the Permit Raj...

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