DEVELOPMENTALISMDevelopmentalism for all the countries, but there is a

DEVELOPMENTALISMDevelopmentalism is an economic theory.It states the best way for less developed economies to develop.It is done through by encouraging the development of a strong and varied internal market.The other main element of developmentalism is charging or imposing of high tarrifs on imported goods.Here,tariffs refers to a tax or duty to be paid on a particular class of imports(tax, duty, excise, fee etc). Developmentalism includes more than one branch of knowledge.In other words it is multi-disciplinary. It gaves an ideology of development. The school of thought here refers to the branch of knowledge , in fact, a reaction to the united states struggle to contain communism and deal with national liberalization movements throughout Asia and Africa. Developmentalism in the context of international economic can be understood by following key points:-Ø It consists of sets of ideas.Ø It provides coverage to place economic development.Ø Coverage is done at the center of political institutions.Ø Political institution try hard to achieve a goal of developmentalism.The theory of developmentalism is based on the assumption that not only similar stages will developed for all the countries, but there is a linear movement as well from one stage to another stage that goes from traditional developmentalism to modern developmentalism. Difference between old developmentalism and new developmentalism:-OLD DEVELOPMENTALISMNEW DEVELOPMENTALISM1.State oriented industralisation, based on import substitution.1. Export oriented industralisation, combined with mass consumption on the domestic market.2.Key role of states are to do forced savings and making investments.2.The duty of states is to create investment opportunities and reduce economic inequalities.3.Key issue is industrial policy.3.Here, industrial policy is subsidiary but stratergic.4.Ambiguity about public and current account deficits. 4.Rejection of both public and current account deficits.LIBERAL CAPITALISMLiberal capitalism is the other name of economic liberalization.”Economic liberalization is the ideological belief in organizing the economy on individual lines. In other words, economic liberalization is the greatest possible number of economic decisions made by individuals or households and not by collective institutions or organizations”.  Liberal capitalism is the concept of decentralizing the money. So that neither government nor public sector take care of economical transaction. Liberal capitalism is the economy which is individual oriented where individuals take major decisions not the government and these decisions helps in forming the policies for their well being. That is why liberal capitalism plays a vital role in new developmentalism as liberal capitalism gives equal opportunities for every individuals to grow and sustain in society.   Liberal capitalism is popular now a days because it affects an individual positively. This positive affect is just because of  lack of trust on government.as some of the middle eastern countries has no trust on government. And the lack of trust is just because of continous wars and riots. So they decided for minimum government intervention with fixed rate of taxes.ASSUMPTIONS UNDER LIBERAL CAPITALISM:- Ø Liberal capitalism increases freedom.Ø People work harder and smarter under liberal capitalism.Ø Liberal capitalism increases individuality and creativity.Ø Liberal capitalism increases average standard of living.Ø Liberal capitalism generates the desire to promote the welfare of others.Ø More outstanding individuals flourishes under liberal capitalism.Ø Liberal capitalism increases individuals happinessØ Racism decreases under capitalism.Ø Liberal capitalism leads to international peace. LIBERAL ORGANISATIONS IN INDIA:-Ø National liberal federation of  India (1919-1945)Ø Swatantra party (1959-1973)Ø Swatantra bharat party (1994)Ø Liberal party of India (2005)Ø Lok satta party (2006)Ø Swarna bharat party (2013)COMMUNISM”Communism is a theory or system of social organization in which all property is owned by the community and each person contributes and receives according to their ability and needs”.COMMUNIST     “Communist is a person who supports or believes in the principles of communism”Communism is the philosophical, social, political and economic ideology. The goal of communism is the establishment of the communist society. As developmentalism includes school of thoughts in the same way communism also includes variety of school of thoughts and which includes political ideologies. Capitalism is the system which includes two major social classes :-             CAPITALIST CLASS     WORKING CLASSWORKING CLASS          Types of class       a) Working class :- It is the one who must work to survive and who make up the majority within society.b) Capitalist class:-It is a minority who derives profit from employing the working class, through private ownership of the means of production. There is always a conflict between these two classes and this conflict is the root cause of all problems in the society and these problems will ultimately be resolved through a revolution.the revolution will put the working class in the power and in turn establish social ownershipof the means of production. According to this analysis this conversion will help in the transformation of society towards communism. GLOBALIZATION                                                               ” Globalization is the process by which businesses or other organizations develop international influence or start operating on an international case”.          Globalization refers to the icreasing interaction of people, states, or countries through the growth of the international flow of money, ideas and culture.globalization is a economic process of integration. It has both impact social as well as cultural aspects. It involves goods and services and economic resources of capital, technology and data. Improvements done under the golden era have major factors in globalization and have generated further interdependence of economic and cultural activities.     Types of globalization   a) Economic globalizationb) Cultural globalization Ø Economic globalization:- It refers to the increasing economic interdependence of national economies across the world through  a fast increase in cross border movement of goods and services, technology and capital. Ø Cultural globalization:- it refers to the transmission of ideas , meanings around the world in such a way as to extend social relations. Globalization has strongly influenced sports. Due to globalization, many local brands and businesses in poorer developing countries go bankrupt and can’t survive the economic might of these rich countries.Advantages of globalization Ø Increased free trade and communication between nations.Ø Access to technology, media, education, healthcare etc.Ø Reduces international povertyØ Addition to the profitability of companiesDisadvantages of globalization:-Ø It can ruin the environment by moving things from one area to another area.Ø Globalization ruins local economies more.Ø It can lead to hyper specialization which can be good but also negative.Conclusion:-As it is stated above that revisiting developmentalism is a combination of liberal capitalism, communism and globalization. Three of these concepts have different affects . As liberal capitalism is based on individuality, communism is based on contribution done by every person and globalization is based on the relation with other countries as well. Therefore the main aim of the concept is development of the nation….   SUBMITTED TO                                             SUBMITTED BYMiss Heena arora                                             Kirti madaanProf in commerce                                              b.com(gen)3rd             1512041