Tag: history

World Bank is an financial institution which was founded in 1945 at Bretton Woods. The headquarter of World Bank is in Washington DC. The main function of World Bank is to provide long term investment loans to its 189 member countries at reasonable terms. It comprises of two institutions: the International Bank for Reconstruction and Development and the International Development Association.

IBRD stands for International Bank For Reconstruction and Development. It is set up in

1. It is one of the organisations under the World Bank Group and is headquartered in Washington DC. It offers loans to middle-income developing countries for development and structural changes.
   

New Economic Policy was adopted by Indian Government in 1991. Three main agenda of the new economic policy are- liberalization, privatization and globalization. Disinvestment and de-regulation are other sub agendas of NEP.

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Because there are few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm influence, and are influenced by, the decisions of other firms. Business that are part of an oligopoly, share some common characteristics: they are less concentrated than in a monopoly, but more concentrated than in a competitive system. This creates a high amount of interdependence which encourages competition in non-price-related areas, like advertising and packaging. The tobacco companies, soft drink companies, and airlines are examples of an imperfect oligopoly.

Removal of entry barriers , public sector monopoly for power development and liberation of foreign investment policy were the main elements of industrial policy of India since 1991.

Galileo invented the telescope. When he supported the theory of Copernicus, he was declared as a heretic. His books were burnt and he was imprisoned. 

The Renaissance was a period in European history, from the 14th to the 17th century, regarded as the cultural bridge between the Middle Ages and modern history. It started as a cultural movement in Italy in the Late Medieval period and later spread to the rest of Europe, marking the beginning of the Early Modern Age.

Christopher Columbus of Genoa city crossed the Atlantic ocean with the help of the king of Spain. He reached the Bahamas in West Indies (Caribbean Islands).