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IMF - IMF and World Bank, Economy Traditional, UPSC Video Lecture | Indian Economy for UPSC CSE
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FAQs on IMF - IMF and World Bank, Economy Traditional, UPSC Video Lecture - Indian Economy for UPSC CSE
| 1. What is the role of the IMF and World Bank in the global economy? |  |
Ans. The IMF (International Monetary Fund) and World Bank play crucial roles in the global economy. The IMF provides financial assistance, policy advice, and technical assistance to member countries facing economic difficulties. It aims to promote global monetary cooperation, exchange stability, and sustainable economic growth. The World Bank, on the other hand, provides financial and technical assistance to developing countries for development projects, such as infrastructure, education, and healthcare, with the goal of reducing poverty and promoting economic development.
| 2. How does the IMF support countries during economic crises? | |
Ans. The IMF supports countries during economic crises by providing them with financial assistance and policy advice. When a country faces balance of payments problems, it can borrow from the IMF to stabilize its economy. However, this borrowing comes with conditions, known as conditionalities, which require the country to implement certain economic and structural reforms. The IMF also provides technical assistance and capacity development to help countries strengthen their economic institutions and policies.
| 3. What is a traditional economy and how does it function? | |
Ans. A traditional economy is an economic system where customs, traditions, and cultural beliefs dictate the production and distribution of goods and services. In a traditional economy, economic decisions are often based on the way things have always been done, and roles and responsibilities are passed down through generations. This system relies heavily on agriculture, hunting, and gathering, and is characterized by limited use of technology and minimal trade with the outside world.
| 4. What are the advantages and disadvantages of a traditional economy? | |
Ans. The advantages of a traditional economy include a strong sense of community, preservation of cultural traditions, and little income inequality since resources are typically shared within the community. However, a traditional economy also has several disadvantages, such as limited economic growth due to the lack of innovation and technological advancements. Additionally, individuals may have little control over their economic destiny, as their roles and occupations are often predetermined by tradition.
| 5. How does the UPSC exam relate to the topics of IMF, World Bank, and traditional economy? | |
Ans. The UPSC (Union Public Service Commission) exam is a prestigious examination in India that recruits candidates for various government positions. It covers a wide range of subjects, including economics. The topics of IMF, World Bank, and traditional economy are important for the economics section of the UPSC exam. Candidates are expected to have a thorough understanding of these topics, including their roles, functions, advantages, and disadvantages, in order to perform well in the exam.
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