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History of world economies

1. Briefly define two (2) of the following terms and indicate their historic importance with respect to country, regional or

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The BRIc countries is consortium of Brazil, China, India and Russia formed towards stronger coooperation, economic support, regional integration and connectivity and raising social development through pool of funds. Its importance to de escalate tensions and global uncertainty and bring peace and mutual benefit. It inaugural was in 2010 and has raised so far international laws and regional integration and strongly supported in credit.

Permit raj was started wayback in 1990 coined by C. Rajagopalachari for awarding licensing and cutting red tapism and liberalisation of all sectors in India after gulf war and economic slowdown. Its primary importance was to ease of doing business and reducing cost of doing business and bring large Foreign direct investment and foreign institutional investment.

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