Chapter 3
Historical Context of Modern Governments :
Capitalism : Meaning and Development, Globalisation
Questions for Revision
FILL IN THE BLANKS QUESTIONS
1. The capitalistic practices emerged with the emergence of the institutions of .......... and .......... .
2. We find some traces of .......... in ancient Greek city-states .
3. Capitalism is an .......... which is characterized by .......... of means of production .
4. Capitalist economy is a .......... in which .......... is always present .
5. Modern capitalism had is roots in the era of .......... .
6. .......... had its birth in the from of earning profits from trade relations .
7. For the people of the colonies of European colonial powers .......... gave strength to their .......... .
8. .......... was capitalism in its purest from .
9. The two hallmark principles of Capitalism are .......... and freedom to .......... .
10. Laisses faire capitalism defined the state as a .......... or a .......... .
11. .......... is the biggest .......... for the capitalists for investing their wealth in business and industry .
12. Under capitalism the prices of goods and services depend up the factors of .......... and .......... .
13. Under capitalism price mechanism is .......... or in .......... .
14. In contemporary time .......... enjoys a universal acceptance .
15. Capitalism can lead to .......... which have to be kept under control .
16. The word Globalisation stands derived from the word .......... .
17. The emergence of a Globalisation in the world can be traced form .......... .
18. It was only in the last decade of .......... that globalisation got a new .......... in the world .
19. .......... was the author of the Article - Globalisation of Markets .
20. Globalisation represents the desire to move from .......... to .......... I sphere of social cultural, economic, business and political activity .
21. Globalisation seeks to transform the world into a .......... .
22. .......... write that "Globalisation is the process whereby social relations acquire relatively distance-less and border-less qualities ."
23. In 2000, Trade and Transaction, capital and investment movements, migration and movement of people and dissemination I of knowledge were listed by .......... as the four .......... of Globalization .
24. Economic Globalisation means increasing .......... and .......... among national economies .
25. Environmental Globalisation is also referred to as .......... .
26. Globalisation means free flow of people, technology, knowledge, trade .......... .
QUESTION-ANSWERS ONE WORD OR FEW WORDS ANSWER
Q.1. Capitalism in the ancient period originated in which from ?
Q.2. Capitalism had its birth in which era of evolution of society ?
Q.3. Feudalism led to the emergence of which type of capitalism ?
Q.4. What is regarded as the for purest from of capitalism .
Q.5. In its modern from the nature of capitalism is of what type ?
Q .6. What are the two hallmarks of capitalism ?
Q.7. What is the meaning of Laisses Capitalist Economy ?
Q.8. The capitalists make all investments of their private wealth for what purpose ?
Q.9. What is profit ?
Q.10. Capitalism is always based on which right ?
Q.11. Capitalism often leads to what ?
Q.12. Capitalism is popularly known as what ?
Q.13. Which type of political system is suited best for Free Market Economy ?
Q.14. Why Liberal Democratic System is held to be most suitable for Capitalism ?
Q.15. Under capitalism how the prices of goods and services are determined ?
Q.16. How capitalism defines the role of consumer in the Market Economy .
Q.17. Mercantile Capitalism was based on which major principle .
Q.18. What factor led to the transformation of Mercantile Capitalism into Industrial Capitalism ?
Q.19. Mercantile Capitalism led to the strengthening of which evil system in the world ?
Q.20. Which major development led to the birth of the modern from of Capitalism ?
Q.21. What was held to be the role of state in the era of Laisses faire Capitalism ?
Q.22. What emerged as the model of capitalism when the state became as a welfare state ?
Q.23. In the era of welfare capitalism, several new state adopted which type of economic model ?
Q.24. In the first nine decades of 20th century which ideological issue remained as the most major issue ?
Q.25. Socialist economy is defined as what ?
Q.26. What is the status of the model of capitalism economy in contemporary times ?
Q.27. What are the two most valued principle of modern capitalism ?
Q.28. What is the role of State in Free Market Economy ?
Q.29. Which is the biggest danger of Capitalism which needs to prevented ?
Q.30. How capitalists are expected to serve the society from which they earn their wealth .
SHORT QUESTION-ANSWERS (EACH QUESTION TO BE ANSWER IN 1 OR 2 LINES)
Q.1. What is meant by capitalism ?
Q.2. Give one definition of Capitalism .
Q.3. What is the basic feature of Capitalism in respect of the relation between the individual and society ?
Q.4. What is described as the most cardinal feature of capitalism .
Q.5. Which motive basically governs the minds and actions of capitalists in the market ?
Q.6. Why capitalism supports Market Economy and Open Competition ?
Q.7. What is the price mechanism in capitalist-economy market ?
Q.8. What according to you are the basic features of capitalist economy ?
Q.9. What were the major forms of Capitalism since its birth in the 16th century to the first half of the 20th century ?
Q.10. Which is held to be the purest form of Capitalism and list its two basic features ?
Q.11. When did capitalism reached its peak ?
Q.12. What was the basic defects of Laisses faire Capitalism ?
Q.13. What is Mixed economy model of a developing welfare state ?
Q.14. What are the two broad categories of capitalism in contemporary times ?
Q.15. What is mixed economy model of Capitalism .
MULLTIPLE CHOICE QUESTIONS (MCQS)
1. Modern Capitalism is an
2. Which is not a feature of capitalism
3. Earning profit through trading is
4. All forms capitalism do not accept .
5. Capitalism Stands for
6. Prices in Capitalism are
7. The purest form of Capitalism is held to be .
8. Capitalism in India can be described as .
9. China describes its variety of Socialism as .
10. Capitalism is compatible with the political ideology of
11. How Capitalism in present in
12. A blend of capitalism with socialism can be called
13. The initial critics of capitalism were called
14. How did Marx describe capitalism
15. Which is regarded as the best form of capitalism in contemporary times .
SHORT QUESTIONS (EACH QUESTION TO BE ANSWERD IN 4-5 LINES)
Q.1. What is meant by Capitalism ?
Q.2. What is the nature of Capitalism .
Q.3. Give two definition of capitalism .
Q4. What is role of capitalism in the process of development of individual and his society ?
Q.5. What is meant by Tangible Property and Intangible Property ?
Q.6. What is Profit for the Capitalists ?
Q.7. What is Mercantile Capitalism ?
Q.8. What is Laisses faire capitalism ?
Q.9. What were the basic Features of Laisses Faire capitalism of 19th century ?
Q.10. How was the role of state described by the Laisses faire economists ?
Q.11. How did capitalism react to the emergence of welfare state ?
Q.12. Identify some contemporary forms of Capitalism .
Q.13. Define Contemporary Liberal Democratic Caitalism
Q.14. How Barry Buzan and George Lawson defined Liberal Democratic Capitalism .
Q.15. What is meant by Social-Democratic Capitalism ?
Q.16. Define Authoritarian Capitalism .
Q.17. What do you mean by Globalisation ?
Q.18. What is the concept of Globalisation ?
Q.19. What is the literal meaning of Globalisation ?
Q.20. What is the central theme of the concept of Globaliosation ?
Q.21. Write two popular definitions of Globalisation ?
Q.22. What are the four basic features of Economic Globalisation ?
Q.23. Define the term Internationalism ?
Q.24. How Globalisation is a broad concept than Internationalism ?
Q.25. Briefly state the main difference between Internationalism and Globalisation .
Q.26. Briefly define the limitations on state Sovereignty in the era of Globalisation ?
Q.27. Explain briefly the main argument in favour of Globalisation .
Q.28. What are the main arguments against Globalisation ?
Q.29. Identify some negative trends in Globalisation .
Q.30. What has been the impact of Globalisatiuon on the functions of the State ?
Q.31. What do you mean by Economic Liberalization ?
Q.32. What do you mean by Privatization ?
Q.33. What is Liberatlisation of import-export system ?
Q.34. What do you mean by Internationalism ?
Q.35. What is "Globalization" ?
Q.36. What is Functionalism in International Relations ?
Q.37. What do you mean by Disinvestment ?
Q.38. What does NAFTA stands for ?
Q.39. When was the first meeting on sustainable development held and where ?
Q.40. When did New Gatt System come into being ?
Q.41. International Income is to be how much increased under the New Gatt ?
Q.42. By what percentage international level taxes were to be brought down under the New Gatt ?
Q.43. How many countries initiated the process of creating a new GATT at Bretton Woods ?
DESCRIPTIVE QUESTIONS (LONG ANSWER QUESTIONS)
1. Define Capitalism . Discuss its basic Features .
2. Examine the key Features of Capitalism .
3. Briefly Trace the History of Capitalism since the 16th Century .
4. What was Lasses Faire Capitalism . How did it define the Role of State .
5. Discuss the forms of Capitalism in which it operated during 18th & 19th Centuries .
6. Discuss the basic features of contemporary forms of Capitalism .
7. What is meant by Liberal Democratic Capitalism and Social Democratic Capitalism ?
8. Explain the two broad Categories of Capitalism in contemporary times .
9. Write Short Notes on any two of the Following :
(1) Mercantile Capitalism .
(2) Liberal Democratic Capitalism .
(3) Authoritarian Competitive Capitalism .
(4) Authoritarian Bureaucratic Capitalism .
(5) Crony Capitalism .
10. What is Globalization ? Discuss its salient features. What is the difference between Globalisation and Internationalism ?
11. Discuss the arguments for and against Globaliation .
12. Explain the impact of Globalisation on State Sovereignty and Functions of States .
13. Is Gloablisation really governable ? How the Third World countries have been trying to protect their interests in the WTO .
14. Write short notes on any two of the following ;
(a) Economic Globalisation .
(b) Ecological Globalisation .
(c) Impact of Globalisation on State Sovereignty .
(d) Functions of State in the era of Globalisation .
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