Read the Country Focus on India in this chapter and answer the following questions:
a. What kind of economic system did India operate under during 1947 to 1990? What kind of system is it moving toward today? What are the impediments to completing this transformation?
b. How might widespread public ownership of businesses and extensive government regulations have impacted (i) the efficiency of state and private businesses, and (ii) the rate of new business formation in India during the 1947–90 time frame? How do you think these factors affected the rate of economic growth in India during this time frame?