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Category: Economics

  • American vs Classical Liberalism: Definition, Examples, Thinkers

    Liberalism is considered to be an ideology whereby liberty, equality before law and consent of government and equality before the law. This article mainly focuses on Classical Liberalism and Modern Liberalism and how they are different from one another. Classical Liberalism   Classical Liberalism is considered to be a political Ideology that propagates the concepts…

  • “Discipline and Punish: The Birth of the Prison” by Michel Foucault

    Book Review on “Discipline and Punish: The Birth of the Prison” by Michel Foucault Who is Michel Foucault? Foucault was a 20th-century French philosopher, literary critic, political activist, and writer. His theories are essentially concerned with the relationship between power and knowledge and the ways in which they perform a function of social control by…

  • Analysing 5 Advertisements from a Psychological Perspective

    In this article, we will look at a few video advertisements that were created in the past year by different brands and analyse the psychological principles they apply as well as look at the effectiveness of the messaging in these advertisements. An advertisement is a piece of media that is used to promote a product,…

  • Privatization: Objectives, Methods, Advantages and Disadvantages

    Privatization: In the year 1991, India faced the most terrific calamity, a financial crisis. The Public Sector Undertakings were under losses and that became the reason behind the birth of LPG (Liberalization, Privatization, and Globalization). What do you mean by privatization? Privatization is simply the contracting of the business agencies, enterprises, or industries from government…

  • Difference Between Malthusian and Neo-Malthusian

    Malthusian and Neo-Malthusian Malthusianism is a political thought put forward by Thomas Robert Malthus who stated that the idea of growth is exponential while that of the food supply is linear. He started two important checks which limit the population growth— preventive checks which include abstinence and delay of marriage until the individuals become financially…

  • Liberalism and Neoliberalism: Difference Between Them

    Liberalism refers to neo-classical liberalization which appeared in the works of Locke, Smith and Ricardo. It promoted Laissez-Faire (the French word for “Let one do what they want to”) and emphasized on free markets. Although neoliberalism originates from liberalisation and apparently withholds all its objectives, or has been subjected to several scholarly debates. Both of…

  • Political Economy: Definition, History, Characteristics, Importance

    Political economy is the branch of social science that analyses the correlation between the state, markets and society. It borrows ideas and theories from political science, economics and sociology. The term ‘Political economy’ itself is derived from Greek words polis meaning “city” or the state and oikonomos which means “housekeeper” or the one who manages…