What is capitalism in simple terms?
Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
What are Adam Smith’s ideas?
Smith is most famous for his 1776 book, “The Wealth of Nations.” Smith’s ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics.
What is Adam Smith’s definition of economics?
Adam Smith’s Definition of Economics Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”
Who is called as father of economics?
Paul Samuelson, Faculty. Called the father of modern economics, Samuelson became the first American to win the Nobel Prize in Economics (1970) for his work to transform the fundamental nature of the discipline.
What was the richest country in 1700?
India
When was India the richest country?
India’s trade was in a healthy state and it became the largest economy by 1700, amounting to almost 27% of world GDP, until the mid-18th century, prior to British rule. This is not the first time Tharoor praises for Muslim rulers.
Who was ruling India in 1992?
Rao ministry
| P. V. Narasimha Rao ministry | |
|---|---|
| Head of state | R. Venkataraman (until 25 July 1987 – 25 July 1992) Shankar Dayal Sharma (from 25 July 1992) |
| Head of government | P. V. Narasimha Rao |
| Member party | Indian National Congress (Congress alliance) |
| Status in legislature | Minority |
Which party was in power in 1992?
P V Narasimha Rao of Indian National Congress became the Prime Minister of India from 21 June 1991 till 16 May 1996, after INC won 244 seats, 47 more than previous 9th Lok Sabha.
Who was finance minister in 1992?
Yashwant Sinha
Who was ruling India in 1990?
National Front (NF) was a coalition of political parties, led by the Janata Dal, which formed India’s government between 1989 and 1990 under the leadership of N. T. Rama Rao, popularly known as NTR, as President of national front and V. P. Singh as Convener.
Who was India’s PM in Jan 1990?
Allahabad University (B.A., LL.B.) University of Pune (B.Sc.) Vishwanath Pratap Singh (Hindi pronunciation: [vishvanaath prataap sinh]) (25 June 1931 – 27 November 2008), also known as V. P. Singh, was an Indian politician who was the 7th Prime Minister of India from 1989 to 1990 and the 41st Raja Bahadur of Manda.
Why Rajiv Gandhi lost election?
The Supreme Court judgement, by Justice K. T. Thomas, confirmed that Gandhi was killed because of personal animosity by the LTTE chief Prabhakaran arising from his sending the Indian Peace Keeping Force (IPKF) to Sri Lanka and the alleged IPKF atrocities against Sri Lankan Tamils.
Who was the home minister in VP Singh government?
Cabinet ministers
| Portfolio | Minister | Party |
|---|---|---|
| Prime Minister | Vishwanath Pratap Singh | JD |
| Deputy Prime Minister | Chaudhary Devi Lal | JD |
| Minister of Home Affairs | Mufti Mohammad Sayeed | JD |
| Minister of External Affairs | I. K. Gujral | JD |
Is VP Singh alive?
Deceased (1931–2008)
Which party did VP Singh belong to?
Jan Morcha
Where was VP Singh born?
Prayagraj, India
Who kills Rajiv Gandhi?
| Assassination of Rajiv Gandhi | |
|---|---|
| Deaths | 15 |
| Injured | 43 |
| Victims | Rajiv Gandhi and at least 57 others |
| Perpetrator | Thenmozhi Rajaratnam (also known as Kalaivani Rajaratnam, also known as Dhanu) |
Who is the first coalition government Prime Minister?
The first successful coalition government in India which completed the whole 5-year term was the Bharatiya Janata Party (BJP) led National Democratic Alliance with Atal Bihari Vajpayee as PM from 1999 to 2004.
Who is the first prime minister from BJP?
The Janata Party won a majority in 1977 and formed a government with Morarji Desai as Prime Minister.
Who was the prime minister after Rajiv Gandhi?
List
| No. | Name | Assumed office of Prime Minister |
|---|---|---|
| 6 | Rajiv Gandhi | 31 October 1984 |
| 7 | Vishwanath Pratap Singh | 2 December 1989 |
| 8 | Chandra Shekhar | 10 November 1990 |
| 9 | P. V. Narasimha Rao | 21 June 1991 |
Why Rajiv Gandhi got Bharat Ratna?
Jawaharlal Nehru has been targeted of awarding Bharat Ratna to himself while serving as Prime Minister of India in 1955. However, Rajiv Gandhi was awarded Bharat Ratna posthumously after he was assassinated by LTTE in 1991.
Why was Indira Gandhi killed?
On 31 October 1984, two of Gandhi’s Sikh bodyguards, Satwant Singh and Beant Singh, shot her with their service weapons in the garden of the prime minister’s residence at 1 Safdarjung Road, New Delhi, allegedly in revenge for Operation Blue Star.
Why did Indira declare emergency?
The final decision to impose an emergency was proposed by Indira Gandhi, agreed upon by the president of India, and thereafter ratified by the cabinet and the parliament (from July to August 1975), based on the rationale that there were imminent internal and external threats to the Indian state.
Who killed Sikh in 1984?
Here are the top 10 facts of 1984 anti-Sikh riots: The riots broke out after the assassination of Indira Gandhi by her Sikh bodyguards – Satwant Singh and Beant Singh – on October 31, 1984.
What caused Operation Blue Star?
On 1 June 1984, after negotiations with the militants failed, Indira Gandhi rejected the Anandpur Resolution and ordered the army to launch Operation Blue Star, simultaneously attacking scores of Sikh temples across Punjab.
How many died in Operation Blue Star?
The most reliable estimates of the total number of deaths during Operation Bluestar range from 5,000 to 7,000. It was a tragedy that could have been avoided if – and it is a big if – Indira Gandhi had had the vision to reach a political settlement with the moderate Akali leadership.
Who was the leader of Khalistan movement?
Jarnail Singh Bhindranwale