Part II – Economic Systems and Policies Relating to Business – Business Environment

PART II: Economic Systems and Policies Relating to Business

Chapter 9: Economic System and Capitalism

Chapter 10: Socialism

Chapter 11: Mixed Economy

Chapter 12: The Role of Public Policies in Governing Business

Chapter 13: Economic, Monetary and Fiscal Policies

Chapter 14: Foreign Trade Policy

Part II deals with various economic systems that are in vogue today, their comparative merits and demerits. It presents the background against which our country’s leaders chose to adopt an economic system that combines the best of capitalism and socialism which, christened as the Socialist Pattern of Society by them, came to be known as a mixed economy in common parlance. A country, irrespective of the economic system it adopts, has to address and attempt to solve certain basic economic problems. The public policies adopted by the state help to achieve this aim. A clear understanding of these economic policies and their significance in the contexts in which they are implemented, is extremely useful to a student, both as a scholar and later, as a manager.