The currency exchange and convertibility is necessitated and facilitated by the urge of global trade. So, the purpose of currency convertibility is to accelerate the pace of international trade among trading partners for healthy economic growth and development. Meaning and Need of open economy It is the system of economy in which government grants freedom …
How are opportunity cost and comparative advantage interlinked? What is mean by opportunity cost? How does opportunity cost influence decisions? Why are they important for free trade? If you think that these questions are worthwhile, then, let’s do it. “Scarcity = >choices => opportunity cost => comparative advantage => specializations => economies of scale => …
With the fall of the “Berlin wall” in 1989, World consequently transformed as uni-polar with supremacy by prevailing circumstancial elements. Thereafter, over three decades, US remained at the helm as sole power center. But, is ongoing rise of China a challenge for the Unipolar world and US supremacy? Is Unipolar World changing really? What is …
Power without responsibility is the death recipe for the democracy. Isn’t it? Simply, men in power should be in the men in checks and balances; otherwise, everyone would be in the anarchy and chaos. This is the reason why we value power with responsibility in the modern day politics for just rule. However, there is no dearth …