Role of Federal government in Economic Development and Disturbance of Government

Chapter 9

The question of government's proper role in stimulating development is one of the oldest in economics. It was a primary matter of Adam Smith in the prosperity of countries. The proposed answers have ranged from a eye-sight of minimal federal disturbance (laissez-faire) to complete authorities ownership of the means of production.

The Case for Government Treatment in the Economy

The starting place for most analyses of administration intervention in the economy is market failing, the idea that in some circumstances unfettered market segments won't produce an efficient final result. Although market failure can take many forms, we concentrate on four types: public goods, externalities, and monopoly and coordination failing.

The simplest form of market failure occurs whenever there are particular goods, called general population goods, which the private market cannot supply-most commonly because there is no sensible way to impose those who benefit from the use of such goods. The typical exemplory case of a general population good is countrywide defense. Other general public goods that are relevant for determining economic growth are the rule of legislation, infrastructure such as airports and highways, the standardization of weights and methods, and a stable currency.

A second reason for government intervention throughout the market is externalities: the incidental results of some economical activity that affect people who do not control the activity and are not intentionally served because of it. For instance, a government coverage motivated by externalities: the creation of a fresh technology often will involve large externality benefits to people other than the inventor. Because the inventor does not take these positive externalities into account - instead he only compares his private reap the benefits of making an technology to her cost in creating it - the quantity of invention is in a natural way less than the socially optimal amount. Such positive externalities are the reason that government authorities play a role in assisting R & D through both immediate spending and patent protections that raise the portion of invention's cultural benefits received by the inventor. A second example of a policy that is encouraged by externalities is education. When a person chooses how much education to go after, he weighs in at the private costs of any education against the huge benefits to contemporary society beyond the ones that the average person receives: An informed person helps enhance the quality of life of these around him. Because people ignore these external benefits, the number of education that individuals will decide on for themselves will be less than the socially best amount, so the government has a role to play in stimulating education. Similarly, regarding negative externalities, such as air pollution, a private firm will tend to produce more than the socially ideal quantities. Government legislation is required to limit this externality.

A third form of market failing that can inspire the government financial policy is the life of monopolies, solo firms that are the single suppliers of a specific commodity. An industry such as electricity transmission is often seen as a natural monopoly since it would be impractical for many companies to string electric line to every house. When this happens, there is a role for federal regulation to prevent the monopolist from charging an inefficiently high price.

The private market can also probably fail in in situations requiring the coordination of activities by many organizations or many people. Some potential coordination failures - and the necessity for a administration to correct them - are obvious. It is useful for everybody to drive on a single side of the road, and even the most diehard free internet marketer could have little objection to allowing the federal government announce which side it should be. But coordination failure may also be more subtle. Consider a case where firms are reluctant to purchase another industry - say, a bicycle stock - because they dread there will be no recycleables for them to purchase, while businesses fear you will see no market for their output. It is often argued that in such instances, federal government planning can break the logjam and further the procedure of economical development.

Despite its prominence in this discourse, market failing is not the sole reason that government authorities become involved throughout the market. Another determination for government to have a hand in monetary concerns concerns not the full total quantity of result but rather the way that outcome is distributed one of the citizens of your country. Governments may view income circulation - the transfer of income from rich to poor, from working - time adults to older people, or from the general population to participants of some preferred group - as one of their proper roles.

The Case against Government Intervention in the Economy

Few economists would dispute that there must be no government intervention throughout the market. Rather, this can be a question of degree, for most economists, the reason why for government treatment are sufficient to justify the amount of intervention that we observe. Because of this, they argue, federal involvement, at the margin, reduces financial welfare.

The case against government intervention starts off with the observation that, although proper federal policy can theoretically fix any market failure, used it often does not achieve its goals. When government authorities tries to take the place of private organizations, the resulting corporations ten to use inefficiently because they lack the incentives (specifically income) that motivate private businesses. Similarly, in cases where industries are controlled as natural monopolies, often such rules effectively preserves the absence of competition. Generally, the success of any authorities intervention will depend on crucially on the power and the honesty of the representatives entrusted to transport it out. When these qualities are lacking, the resulting authorities failing can be worse than any market failing that government insurance plan was made to correct. Recognizing the issue that governments have when they try to intervene throughout the market suggests that, whenever you can, the role of federal should be thought as narrowly as is feasible.

Critics also argue that lots of fewer market failures can be found than the proponents of activist federal government policy believe. In the case of public goods, the issue centers around the question whether some of the products that governments source could have been provided privately if administration had not taken over their provision. In much of the world, functions previously performed by the federal government are being privatized, that is, handed over to the private sector. In a variety of countries, privatized activities have included the building of roads and telephone systems and the procedure of jails. A parallel style has been deregulation of business (getting rid of them from federal government supervision). In america, for example, the deregulation of telephones, airlines and trucking resulted in steep declines in the prices paid by consumers.

The problem of income redistribution presents a few of the most difficult questions about the proper role of federal government. For other issues, the costs and great things about intervention can be measured in the same conditions - for example, the inefficiency of monopoly versus the inefficiency of federal regulation. Regarding income redistribution, however, the benefits of such an insurance plan (a larger amount of equality) are of an different dynamics than the price tag on the coverage (a lesser amount of efficiency). This is called equity-efficiency trade off. However, critics of big authorities explain that much of the income that government authorities redistribute will not flow from abundant to poor. Somewhat, it is redistributed among people in the same income teams, who are at different stages of the life cycles, as when taxes are considered form working-age parents and transfers are paid to older people. Critics argue that these redistributions have a huge influence on the efficiency with which the economy manages but do little or little or nothing to boost quality.

Swings of the Pendulum

While there's never been a consensus about government's proper role throughout the market, either among economists or among those who govern, the 20th century found two broad swings of the pendulum in the intellectual evaluation and the practice of authorities intervention. Starting around World War I, the idea that the government could play a decisive, productive role in further ing economical development gained surface throughout the world. Probably the most extreme example is the Soviet Union, where a series of Five Year Strategies, including government possession of factories and obligated collectivization of agriculture, sparked impressive agriculture monetary growth through the 1920s and 1930s. the economic collapse of the Great Depression, which seemed to be proof coordination inability on an enormous scale, inspired forceful government involvement in the workings of the current economic climate. The fascist expresses of Germany and Italy imposed strong control buttons over the market, with the evident result these countries were able to shake off the consequences of depression quicker than their neighbors. Even in the United States, where politicians got long been hostile to government intervention throughout the market, President Franklin Roosevelt's New Package Program to market economic recovery symbolized an unprecedented degree of government meddling in the economy, including price settings, acquisitions of surplus agricultural result and immediate job creation through public works. The Great Depression also inspired the ideas of John Maynard Keynes, which provided an intellectual groundwork for activist economic and fiscal plans made to maintain full occupation.

Following World Warfare II, governments in Western Europe developed elaborate welfare state governments providing nationalized healthcare, public housing and good unemployment insurance and old age pensions. Inside the producing world, the newly independent government authorities that surfaced with the end of colonialism pursued a model of sate-led industrialization and economical planning.

The last two decades of the 20th century observed a shift from federal control of the overall economy. This move has been most pronounced on the list of communist and ex - communist countries, that have migrated decisively toward market system. In the industrialized world, there's been a influx of deregulation and privatization of some functions of administration, along with reduction in the generosity of welfare-state benefits. Inside the developing world there has been a turning away from state-led industrialization. Whether this change in direction of economic coverage will produce the promised increase in growth remains to be seen.

Scope

Classification of Work

It is now universally recognized that in order to overcome the rigidities natural in an growing economy, the state of hawaii must play a good role. It cannot act as a unaggressive spectator. The issues of underdeveloped countries are of such a magnitude that they can not be remaining to the free working of other financial forces. Private organization is unable to solve them since it does not exist in the present day sense of the term. State actions are, therefore, vital for the economical development of such countries.

There is then your need for quick socio-economic reforms to move these countries off the dead centre of stagnation. In the first stage of development, purchases will have to be manufactured in those guidelines which promote exterior economies and communal overheads like ability, transport, education, health, etc. private enterprise is not forthcoming to attempt these activities as the potential risks are large and earnings are low. There is certainly the need for managing the expansion of different areas of the market so the supply is modified to the demand. Express legislation and control is, therefore, essential in order to achieve such an equilibrium. It necessitates control over creation, distribution and consumption of commodities. For this function, the government must devise physical controls, and financial and fiscal measures. Further, such procedures are inevitable for reducing financial and communal inequalities that pervade the producing countries. "Breaking communal chasms and developing a psychological, ideological, public and politics situation propitious to economic development becomes the paramount duty of the state in such countries. " The sphere of status actions is, therefore, very great and all pervading, it offers, according to Teacher Lewis, "maintaining public services, influencing behaviour, distribution of income, handling the amount of money, controlling fluctuations, ensuring full employment and influencing the level of investment. "

Changes in Institutional Framework: Among the important options of monetary development is to bring about changes in the socio-cultural behaviour of the people in the producing countries. Such societies possess religious and social traditions that are not conducive to monetary development. The institutional platform does not encourage logical individualistic action and the heart of competition and enterprise. If economical development is to continue social attitudes, values and organizations entrenched in the joint family, the caste or kinship and in religious values mush undergo a big change. These require sociable revolution. "Social trend, " however, will not imply the immediate overthrow of the existing institutions. The process of change needs to be evolutionary. Often, violent sociable changes will lead to discontentment, frustration, unrest and assault. These factors will in turn, inhibit economic development, professor Francis Hsu highlights that "it took Europe ten hundreds of years or more to produce an individualistic orientation of life which bore economical fruit two hundred years back, and there will not seem to be in any manner in which similar orientation could be produced in a matter of years or even years. " Any modern culture wanting to institute it quickly will effect "either in apathy or revolt. " Thus, "much will depend upon how the procedure of development and change is defined in motion, the rate of the process and the amount to which it permeates all areas of the current economic climate. Generally, a slow but regular development is likely ot create fewer political, social and economical tension; which is likely that an attempt to power the rate too strenuously may also be financially wasteful because the social and personal changes may not take place which are essential to enable the individual or the modern culture to create the development essential to permit individuals or the world to earnings and support it. "

Economic change is not as a result of institutional changes exclusively. Economic change might take place credited to increased capital creation or because of this of technological change which may, in turn, cause institutional changes. Contrariwise, institutional changes may be triggered by factors other than economic. Non-economic factors like changes in institutions. Thus, there may be causal relationship between economic and establishment changes or these changes may be self-employed of every other. Companies promote economic development to the degree that they connect effort with praise, permit increased division of labor, development of trade and freedom to seize monetary opportunities. Once the process of change begins it becomes cumulative. If the change starts in social companies, people will seize new opportunities that will, subsequently, further change the establishments. But it is difficult to determine the fundamental reason behind change in situation. For example, it is difficult to say whether it was growing financial opportunities which brought about the Reformation and the Counter-Reformation in European Europe or whether it was changing religious ideas that allowed visitors to seize much larger opportunities for progress.

The new opportunities can come in many ways. "New inventions may create new commodities or reduce the costs of producing old goods. New streets, new transport routes or other advancements in marketing communications may open up new opportunities for trade. Warfare or inflation may create new needs. Foreigners may arrive in the country, having new trades making an investment new capital or offering likelihood of job. " Such new opportunities create changes in establishments. These changes are gradual and perceptible. These are initiated by innovators, the new men, who try to break with days gone by, and mildew the old institutional construction into a new setting.

These innovators are townsmen. They face and resist political and communal forces. By giving bigger and newer opportunities in the monetary field, they are really eventually successful in changing old beliefs and institutions. Likewise, contact with foreigners may be instrumental in weakening the proven pattern of world. In India, the building of railroads, the spread of american education and the establishment of commercial centers in the 19th century helped in loosening cultural and family ties. It was the new attitude of cultural rationality which provided rise to popular movements for the political freedom of the country. Above all, it's the government which takes on an essential role in influencing the institutional framework. The government can do a lot by adding reforms in sociable customs and spiritual observances, in the system of land use, and in neuro-scientific education. It can also initiate economic development by maintaining legislations and order, by providing improved public utility services, by fostering new sectors, etc.

Organisational Changes

Organizational changes also play an important role in monetary development. They are the expansion of the size of the marketplace and the organization of the labour market. These changes can only be performed by the federal government in expanding countries. It is the sate which can form the means of transport and communications for expanding how big is the market because private business is incapable of undertaking such schemes. Besides, the organization and development of finance institutions to help the development of agriculture and business can be undertaken by their state. Such finance institutions can be cooperative banking institutions, land mortgage banking companies, industrial lenders, financial and investment firms, etc.

The business of the labour market also falls under the function of the federal government. An sorted out labour market increases the output of labour. The federal government helps in managing labour by realizing labour unions. It fixes working hours, payment of wages, establishes machinery for the arrangement of labour disputes, provides for social security steps, etc. such legislations are meant to establish cordial relations between the employers and employees. Because of this, efficiency of labour raises which increases production and reduces costs.

Labour is mostly immobile in expanding countries. The majorities of people are in rural areas and are involved in agricultural businesses for a restricted period. So they can be underemployed or disguised unemployed. Due to insufficient information, they are not aware of employment opportunities in towns and professional centers. The federal government can help them in getting careers by opening information centers in rural areas and occupation exchanges in cities. In this way, the government can assist in the ability to move of labour.

When with development labour steps from rural to urban areas, the issues of urbanization arise which can be also necessary to be resolved by the federal government. such problems relate with housing, normal water supply, electricity, slums, move, etc. the provision for such services as making housing colonies, classes, colleges, private hospitals, parks, city transfer, normal water, electric resource, etc. , comes within the purview of state functions.

Social and Economic Overheads

The provision of communal and economic over head in developing counties falls typically under the state of hawaii activities. The necessity for basic services like railways, street travel, telecommunications, gas, electricity, irrigation works, etc. , is important for future development. Their development includes large investments which are beyond the capacity of private venture in such countries. In addition, investments in public areas utilities are high-risk and their benefits accrue only within the long period. It therefore, devolves on the state to provide these public utilities.

The authorities should formulate an idea for the introduction of the essential services on important basis. When the immediate need is to provide irrigational facilities that should be met by focusing on small irrigational facilities instead of damming a big river. In addition, the provision of open public utility services does not necessarily imply they must be owned and run by the state. The state may approve the program for a specific project, provide funding and other necessary constructional facilities to a private concern which would develop and bought it. Its working might, however, be controlled by the state of hawaii. In fact, the possession and operation of your undertaking by the state or the private venture rely upon its nature and importance. In India, the introduction of the method of transport and communications are government owned and run, keeping because their importance in a vast country like India. As the ownership of the road transportation is in the hands of both open public sector and the private sector, though the entire operations are controlled by their state. Owing and plying a bus will not involve much costs and the comes back are also quick when compared with the railways.

Education: Economic development is not possible without education. As Myrdal says, "To start on a national development program while leaving the population largely illiterate seems to me to be futile. " For financial development, it's the quality of labour that is more important. Unskilled workers, even working for extended hours, will have a low per capita income. Illiterate and unstrained persons cannot be likely to operate and keep maintaining complex machinery. It really is by buying them that their productivity can be increased. It really is through general population education that their state can increase the effective labour source and therefore the beneficial capacity of the country. An educational programme should be wide and numerous. There is the need for main education so that each child of institution going age group may get compulsory education. To be able to provide material for the universities and impart larger universities, more secondary colleges must be opened. At exactly the same time, training institutes are need for imparting instructions to mechanics, electricians, artisans, nurses, professors, agricultural assistants, etc. in the bigger educational echelon is the college or university education and research institutes for turning out ever increasing variety of doctors, administrators, technical engineers, and all types of trained workers. "Programmes of education rest at the bottom of the effort to forge the bonds of common citizenship, to harness the energies of individuals and develop the country and human resources of every part of the country. " Investment in such a vast and diverse field as education is merely possible through the aegis of the state of hawaii in underdeveloped countries.

Investment in human being capital is highly productive. An underdeveloped country needs agricultural professional technicians, doctors, engineers, educators, administrators, etc. , who would lead to a larger increase of the stream of goods and services, in so doing accelerating the tempo of development. But the situation of providing educational facilities to a large number of individuals is not within the capability of any underdeveloped country because of the paucity of funds. Whatever funds can be found they need to be apportioned on the basis of priorities. And economists vary on the question of priorities. Education is both a consumer and an investment service. For the extent education can be an investment, it immediately increases production.

Money spent on education and training of doctors, teachers, engineers, administrators is really as much a capital investment as money spent on building a dam. But when money is allocated to literacy drives to educate peasantry, it is not regarded directly effective by lewis. He retains that "such part of education as is not a profitable investment is on par with other consumer goods, like clothes, properties or gramophones" for this helps the peasants, barbers or home servants "to take pleasure from something more (literature, newspapers) or even to understand something better. " Professor Galbraith, however, respect investment in educating the masses equally profitable. He argues that, "to rescue farmers and personnel from illiteracy may be described as a goal in itself. Nonetheless it is also a first essential step to any form of agricultural progress. Nowhere, on the globe is there an illiterate peasantry that is intensifying. Nowhere, is there a literate peasantry that is not. Education so looked at, becomes a highly beneficial form of investment. " Galbraith concludes: "That something is both a consumer service and a way to obtain productive capital for the contemporary society will not detract all form its importance as an investment. Alternatively it boosts that importance. " It therefore, devolves on the state to start a long-term program of educational development and reform on a wide front extending from a literary drive to the college or university level, so that in all branches o national life education becomes the center point of country's development.

Public Health insurance and Family Planning: Another sphere where the state can carry out positive methods is general public health. To boost the efficiency and efficiency of labour, the fitness of the individuals must be progressively improved. General population health measures are the improvement of environmental sanitation both in rural and urban areas, removal of stagnant and polluted drinking water, slum clearance, better casing, clean water supply, better sewage facilities, control of communicable diseases, provision for medical and health services especially in maternal and child welfare and health education and family planning and most importantly training of health insurance and medical personnel. All this necessitates planned efforts on the part of the public government bodies.

Public health procedures assume great importance in underdeveloped countries mainly for two reasons:

They assist in the development process by augmenting labour productivity and efficiency

By reducing the mortality rate they tend to boost the rate of society growth, thus so that it is imperative for the state of hawaii to adopt family planning and fast development programmes.

But all development efforts will be futile if the development in quantities is not examined. Since the loss of life rate has already been on the decrease in the underdeveloped countries the treatment is to lower the labor and birth rates. Without doubt there is greater need for accelerating development, but to increase per capita income and improve the quality lifestyle, the speed of human population increase must be checked out and family planning programmes but given priority.

Family planning is the deliberate reduced amount of labor and birth rate. India is among the first underdeveloped countries to look at family planning programme on a governmental level. The first five year plan point out: "It is apparent that human population control can be achieved only by the reduction of the delivery rate on the amount essential to stabilize population at a level consistent with the requirements of national overall economy. This can be secured only by the realization of the need for family planning on a wide level by the people and next, on providing the required advice and service based on acceptable, efficient, safe and financial methods. Family limitation or spacing of the children is essential and desirable to be able to secure better health of the mother and better and upbringing of children. Measures aimed towards this end should, therefore, form part of general population health program.

Family planning program should contain:

Education of the individuals in family planning, which should includes sex education, marriage guidance and child assistance. The media because of this may be cultural organizations, films, the radio, and literature.

Family planning services should be produced on much larger size. Family planning services can be integrated with the standard health insurance and medical services. Family planning clinics should be opened up in rural areas, in professional and other establishments. There must be mobile units to educate the masses in the skill of family planning. The help of voluntary organizations can even be used. The family planning centers should tender free advice, distribute contraceptives, and embark on vasectomy cost-free. They may be subsidized by the government.

Establishment and maintenance of a large network of centers for working out of workers.

An expanded research program in natural, medical and inhabitants problems. In India, such programme includes:

Development of studies of human genetics

Studies in the physiology of reproduction

Development of more effective local contraceptives

Development of a suitable oral contraceptive

Follow-up of sterilization conditions, both male and female, to investigate after effects in such cases

Contraceptives should be created indigenously so that their products shouldn't lag behind to execute a common family planning program. Moreover, they must be simple and safe.

To sum up, in what of Lewis, "one needs to put all the materials into this pie; to convert social leaders into seeing the potential issues of a high beginning rate, so that taboos and spiritual sanctions switch against it, instead of its favour; to improve standard s of living and education swiftly, so that ladies find it convenient to have fewer children; and also to make popular propaganda about birth control techniques. Action is need on all fronts simultaneously. "

agricultural development

Agriculture is the predominant job in underdeveloped countries and contributes more than half the show of the countrywide income. Not surprisingly, agriculture remains in a state of stagnation. The talk about of the countrywide income is disproportionately small in relation to the number of persons employed in it. The fundamental cause is the low agricultural efficiency per acre. the reason why for the low yield are uneconomic size of the holdings, the fragmentation of land holdings, the defective land tenure system seen as a high rents, and insecurity of tenure, the lack of enough credit facilities, indebtedness, the lack of irrigational facilities and dependence on rainfall, the use of obsolete methods of development and the excessive pressure of people on land.

In underdeveloped countries the peasants are poor, illiterate and ignorant. They lack firm. They don't possess sufficient inspiration for making advancements in land. Just how of living is governed by traditions and traditions. It therefore, comes within the purview of the state of hawaii activities to bring in land reforms and make ideas for agricultural development. The success of an idea will ultimately be based upon the magnitude to which agricultural efficiency is increased. Raises in agricultural production are essential so as to meet raw material requirements of industry, to achieve self-sufficiency in food-grains, to hold the proce brand, to raise much larger resources for purpose of development and utilize in an efficient manner the unutilized and the under used manpower sources of the economy.

Industrial Development

Another important function of their state is to develop the market industrially. In underdeveloped countries, natural resources are underdeveloped or less developed. These countries which remained under the colonial guideline their natural resources were mercilessly exploited for the foreigners who ruled over them. Therefore, it isn't in the nationwide interest to leave the development of natural resources in the hands of foreign dominated private businesses in such countries after their independence. It devolves on their state to nationalize its mines, plantations, etc. It will get its natural resources surveyed, adopt a proper plan because of their exploitation and development and also create industries for their most profitable usage.

In such countries, the private sector is mostly engaged in the manufacture of a few consumer goods for home consumption. But to speed up the rate of economical development, the establishment of basic and key companies like iron and material, heavy electric powered, heavy chemicals, fertilizers, machine tools, etc. , is essential. Such establishments require huge ventures palm have long gestation durations. Private venture is therefore hesitant to enter these regions of development. Thus, it becomes the work of their state to start establishments in such domains.

Again, some consumer goods establishments like sugar, cloth, etc. , need rationalization as they generally operate with old and worn out machines and techniques. On the other side, there is need to determine export promotion and import substitution market sectors for rapid economical development. Moreover, industries are concentrated in few big cities while the rest of the countryside is backward and devoid of any companies.

In order to overcome all these problems, it is the duty of the state to formulate and put into action a judicious professional plan so that necessary encouragement should be given to the introduction of cottage, small and large scale industries. An insurance plan of decentralization of industries should be followed so that companies should be distributed over all areas relative to their factor endowments. Even the adoption of a policy of establishing focal points of industries in and around small cities can go a long way in developing local resources and providing larger employment opportunities.

The condition can also help in the progress of private market sectors by importing recycleables, capital equipment, equipment and technological know-how. Their state can also help private organization in establishing market sectors by giving such facilities as cheap financing, tax rebate, power, water, transport, marketing communications, cheap land for building factories, etc. previous but not minimal, it the sate which can help the introduction of backward areas by starting general public enterprises itself and by motivating private enterprise to set up industries, thereby giving various facilities and concessions mentioned above.

Monetary and Fiscal Insurance policies: The government also helps in financial development by adopting various monetary and fiscal procedures. By adopting appropriate financial and fiscal regulations, the state is able to remove sociable, institutional and financial bottlenecks in underdeveloped counties. Monetary insurance policy performs an important role in accelerating development by influencing the price and option of credit, by handling inflation, and by keeping balance of payments equilibrium. The state does all this through the central loan provider of the country. The central lender controls credit, expands bank facilities by creating financial institution, floats government lending options and manages the public arrears, and adopts interest rates to be able to encourage saving and investment.

It is through fiscal policy that the federal government tries to correct inequalities of income and prosperity that increase with development in underdeveloped countries. It expands interior markets, reduces unessential imports, counteracts inflationary stresses, provides incentives for desirable types of development projects, and escalates the total volume of cutting down and investment. For each one of these, the government adopts appropriate taxation, budgetary, expenses and general public borrowing policies.

Increase in Foreign Trade: Underdeveloped countries are foreign trade oriented however the size of international trade in terms of value and amount is really small. They mostly export some most important products like mineral deposits, raw minerals and agricultural products, and in exchange import manufactured consumer goods and capital goods. Since, the latter goods are costlier than the ex - goods; the worthiness of their imports is a lot greater than that of exports. This leads to problems of balance of payments and of forex which can only just be solved by the government.

The federal can solve these problems by implementing export campaign and import substitution policies. It helps exporters by well-timed import of raw materials and capital equipments needed for the development of exportable goods, getting rid of export restrictions, providing credit, insurance and carry facilities to exporters, and restraining progress of domestic

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