Question

Choose a developing country (India) and write a case study of this country according to the structure outlined below:-

a. Introduction : Briefly introduce this country, touching on a few key points about its geography and history. (200 Words+)

b. Institutions : Describe the key institutions in this country which have either helped or hindered economic development. (300 Words+)

Answer 1

Korea

History, and, Geography

South Korea was established on 17th August, 1948. Located on the Korean Peninsula in North-East Asia. A pro-US Government was established in 1948. Three weeks later a Soviet Government was established in North Korea. It is one of the most industrialized nations in the World, and, recognized for political democratization. It has evolved from a backward country in the shadows of the Japanese rule. The country has a sense of national identity. The country occupies a strategic place on the world map.

Institutions

• Korea Development Institute - Established to attract social scientists, and, leading economists to provide macroeconomic directions, and, recommendations on long-range development issues. Most of its staff are Koreans board. It contributed to the country's rapid industrialization. It brings in talent, technology, and, scientific knowledge.
• Economic Planning Board, Republic of Korea - It was headed by the Deputy Prime Minister. It has developed into a powerful bureaucratic organization. It is responsible for policy-making, and, development planning. It coordinates the functions of Ministries of Science & Technology, Commerce & Trade, Finance, Agriculture, Transportation, Health & Social Affairs.
• Korean Research Foundation -

National Research Foundation of Korea was established in 2009, as a merger of three research institutions. It is supported by the Government, for advancement of Arts, Science, and, Korean culture.

• Korean Institute of Industrial Economics, and, Trade

Established to develop policies, and, carry out research. Its primary role is to establish industrial policy. It concentrates on issues facing the industry.

India

History, Geography

Earliest settlements in the hearts of Indian Valley. The economy was based on agricultural trade, and, commerce. India's history was dominated by British influences. Countries such as Bangladesh, Pakistan, and, Sri Lanka are controlled by Britain. India is the Federal Republic. The service sector is a large part of the economy. Largest industries are steel, textile, and, petroleum. The geography can be divided into three main regions - Himalayan region, Indo-Gangetic Plain, and, the plateau region.

Institutions

Public institutions have an underlying weakness.

• Reserve Bank of India - The Bank regulates interest rate. The bank can follow an expansionary, or, contractionary policy. The change in interest rate impacts inflation.
• Securities of Exchange Board of India   It protects the interests of investors in securities. It regulates, and, promotes the development of securities market. It regulates investment; does not let individuals engage in insider trading. The institution has rules for organizations acquiring control of securities.

• Telecom Regulatory Authority of India (TRAI)

It is the regulator of the telecom industry in India. It creates, and, nurtures conditions for growth of telecommunications in India. It issues directions on mobile number portability, tariffs, interconnections, DTH, and, quality of service.

• Insurance Regulatory Development Authority (IRDA)

Autonomous, statutory agency tasked with promoting, and, regulating the insurance.

• CERC - Central Electricity Regulatory Commission

Facilitates open access in inter-state transmission, and, inter-state trading. It promotes the development of power trading.