Role of WTO in the promotion of trade in services in India

Economies, the world over designed their economic policies under the guiding torch of two ideologies i.e. capitalism and socialism. The configuration of world economy on these two philosophies per se paved way to polarization of outlook and orientation in respect of economic growth and development. The emergence of bi-polar world got nourishment on account of these very variances prevalent in these two driving philosophies. As grounds of these ideologies got more cemented, the world recognized how forthrightly Marshall in Principles of Economics (1890) substituted the term economics by political economy. With the passage of time, some very remarkable events got place in economic history. The financial revolution of 1970s was major development that led to removal of capital control in many economies, thereby paving way for global financial system. The emergence of Multinational Corporations (MNCs) and Foreign Direct Investment (FDI) in the world economy brought the term "Economic Globalism" to its pinnacle. The international debt problems of 80's that spread its tentacles in Latin America, African and East European countries induced them to comply to policies of Bretton-Wood Institutions which was better labelled as Washington Consensus. Imbibing the prescriptions of Washington Consensus spawned to deregulation, privatization and contracted role of state.