Chapter 19 – Business Environment

Chapter 19


1. Ferdynand Zweig, The Planning of Free Societies, London: Secker & Warburg, 1942, page 14.

2. W. Arthur Lewis, “The Principles of Economic Planning”, Preface to Third Impression.

3. Some more definitions of economic planning (i) “Planning is the direction of productive activity by a central authority”— F. Hayek: Collective Economic Planning. (ii) “Planning is the collective control or supersession of private activities of production and exchange”,—Lionel Robbins: Economic Planning and International Order, (iii) “Planning is the making of major economic decisions, what and how much is to be produced, how, when and where it is to be produced, and to whom it is to be allocated, by the conscious decision of a determined authority, on the basis of a comprehensive survey of the economic system as a whole”,— H. D. Dickinson: Economics of Socialism. (iv) “Planning is a system of economic organization in which all individual and separate plants, enterprises and industries are treated as coordinated units of a single whole for the purpose of utilizing all available resources to achieve the maximum satisfaction of the needs of the people within a given interval of time”,—L. Loruin, in the Report of the Amsterdam Conference on World Social Planning. (v) “Planning implies every scheme of (a) central (b) control of the economy as (c) a whole, carried out for whatever purpose and by whatever means.” F. Zweig in The Planning of the Free Societies.

4. Planning Commission, The Indian “Five Year Plan” (1951), Delhi: Planning Commission, Government of India, page 7.

5. H. C. Gupta, Problems and Processes of Economic Planning in Underdeveloped Economies, Allahabad: Kitab Mahal, 1958, page 12.

6. For instance, Robert Southey, Charles Dickens, Thomas Caryle, and John Ruskin, were some of the contemporary opponents of ‘laissez-faire'.

7. S. E. Harris, Economic Planning. New York, N.Y.: Alfred A. Knopf,. New York. 1949.

8. D. Suresh Kumar, “IITians' contribution to economy is Rs 20 lakh crore: Study” The Economic Times, 25 November, 2008.

9. Nandan Nilekani, Imagining India, Ideas for the New Century, Delhi: Allen Lane, Penguin India, 2008.

10. H. L. Ahuja, Economic Environment of Business, New Delhi: Sultan Chand & Company Ltd., (2005), New Delhi.

11. Aleaxander Baykov, The Developmenting of the Soviet Economic System, quoted by M. L. Jhingan in, The Economics of Development and Planning, 38th Edition (1997), Delhi: Vrinda Publications (P) Ltd., 1997, page 492.

12. W. A. Lewis, Principles of Economic Planning,. London: Allen & Unwin, London, 1949.