The role of insurance in the economy of Kenya is to prevent
catastrophic loses due to death, natural disasters, or unforeseen
circumstances. Insurance also generates large amounts of income due
to its business model.
What is the economy of Kenya like?
Kenya is more than twice the size of the U.K but has 30 million less population. fact
What type of economy does Kenya have?
.Free enterprise system.
.good transportation and communication.
.tourism is growing.
.many safaris are a good thing there
What is The role of business in the economy?
Businesses create jobs. Business owners who hire employees pay thema wage, which they then spend. This process supports a strongeconomy.
The roles of insurance in the development of Nigeria economy?
The role of insurance companies in Nigeria can never be over emphasized, it is the pole of every successful business. The insurance companies have given Nigerians the faith to invest in business without fear of losing out. Most financial institution may not want to loan to individuals without them endorsing an insurance policy. The advent of insurance companies in Nigeria has greatly improved the development of the country in the area of finance, individual business and public welfare.
What is the role of insurance in an economy?
The role of insurance in an economy is to compensate people fromlosses. People who have insurance covers would not be coerced tostart from scrape as they are compensated in the event of acalamity.
Role of rivers in economy?
Rivers have been of fundamental importance in human history. Water from the rivers is a basic natural resource, essential for various human activities. Therefore, the sea banks have attracted settlers from ancient times. These settlements have now become big cities. Using rivers for irrigation, navigation, hydro-power generation is of special significance-particularly to a country likeIndia.
Role of banks in the economy of a country?
Role of BanksBanks serve as depository of idle funds. Individuals having excess funds deposit them in banks for the interest and services that they may obtain. The prospective depositors consider the total assets and the liquidity of the bank that they will choose. Banks serve as a major source of loandable funds. Deposits received by the bank are instantaneously lent out by the bank. This way the banks make money out of the other people’s money. Banks also give counsel in financial matters. Banks employ people who are experts on various fields, who can advise companies and businessmen on their financial problems. Advice may be in the form of financial or managerial know-how.
What is the role of rivers in Indian economy?
The role of rivers in the Indian economy is very enormous. The riversform the main backbone for agriculture which is a main source ofincome for most families.
Role of rivers in indian economy?
The main role of rivers in the Indian economy was being a basicnatural resource. The are also essential in diluting andtransporting waste from settlements.
What is the role of government in a mixed economy?
To protect the public and to preserve private enterprise. ResponseTo be a little more specific, a Mixed Market Economy is one founded on Free Market principles, but which uses government regulation and monitoring to control certain “excesses” that True Free Market (TFM) system tends to express. That is, in a MME, the government is there to inject a sense of “societal good” concerning all market transactions. The idea is that while a TFM provides optimaleconomicefficiency, it makes no accommodations as to what effect that optimal economic efficiency has on the society as a entire, not just the entities engaged in the marketplace. That is, what iseconomicallymost efficient may not besociallymost efficient. Government regulation (i.e confinement on allowable economic activity) is the MME’s solution to this problem, where laws restrict certain behavior which has been deemed “bad” or “detrimental” to the society in questions. So, in a MME, the government’s primary functions are fourfold: .
Provide a stable currency for the TFM principles to be negotiated in .
Provide a dependable, independent, consistent legal/judicial system for the decent resolution of disputes arising from economic activity (in TFM terms, something to enforce contracts and resolve contract disputes) .
Produce a legal framework where a society can define what economic activity it considers acceptable behavior. .
Provide a legal enforcement mechanism to both detect violations of #Trio, and to deter/penalize/reform entities from such violations (generally, using #Two). Various other powers may be ascribed to the government in a MME (such as social welfare programs, protection of the populace, etc.), but, rigorously speaking, they are outside theeconomicscope being discussed here, and are more decently considered part of apoliticalsystem. Naturally, this boundary is fuzzy, for even if such programs are more decently part of a political system, they certainly have significant economic influence. E.g. if a political system chooses to have a public Universal Healthcare program, this directly impacts how medical services can be suggested (and how they are funded) in the country’s economy. Response .
eradicate poverty .
generate employment .
build good infrastructure .
enable education to all .
provide medical facilityResponseThere are three roles of a government in a mixed economy. .
Public BenefitsResponseTo control market coerces and to make sure that public goods are being produced. To help control and regulate the means of production.
What are the role of business and insurance in Nigerian economy?
THE ROLE INSURANCE IN NIGERIAN ECONOMY .
This sector represents the backbone of Nigeria’s risk management system, ensures financial security, serves as an significant component in the financial intermediation chain, and offers a ready source of long term capital for the infrastructure projects. The role of insurance in the growth and development of our economy cannot be over-emphasized.it mitigates the influence of risk and positively correlates to growth as entrepreneurs cover their exposures, otherwise risk-taking abilities are hampered. Thus, a strong and competitive insurance industry is a compelling imperative for Nigeria’s economic development and growth..
The Nigerian macro-economy overview is a compelling story of progression and advancement, attributably to a stable political environment and successful implementation of socio-economic and financial reforms. Tho’ Nigeria has previously been utterly dependent on Oil and Gas revenue, latest statistics demonstrate a switch in this trend. Militants unrest affecting oil producing region have resulted in significant reductions in oil contributions to GDP. On this roll side, enhancing concentrate on developing the non- oil sector, combined with growth in key sectors such as Telecoms and Building Construction have boosted non-oil sector earnings and growth..
As at Aug. 2005, prior to the announcement of the recapitalization directives, there were 22 insurance companies with a market capitalization ofN 28.94 billion listed on the Nigeria Stock Exchange. Now there are 26 active companies with a market capitalization ofN 683.1 billion, a Two,260% growth over two and half years,with fairly a few still expected to be listed this year..
The Nigerian Insurance Industry has evolved over the years following the announcement of fresh capitalization requirements for companies operating the sector. With the conclusion of the consolidation exercise, the number of players dropped from 103 to 49. Activities in the sector , however, noticeably enhanced; with enhanced public awareness of the sector and their operations, rapid expansions and strategic business acquisition, improved visibility and stringent supervisory regulations..
Therefore, in anticipation of the enormity of responsibility of the insurance sector, given the expected role in the transformation of the nation’s economy, the reform in the sector became unavoidable. One of the major outcomes of the consolidation and recapitalization exercise in the sector was the recertification of 49 companies, as against over 100 companies that were in existence in 2005. However, in spite of the reforms, the insurance sector is still faced with daunting challenges, which must be addressed to galvanize the economy..
The growth of this sector was on how effectively the insurers are able to come up with designs suitableto our context and howeffectively they are able to switch the perceptions of Nigerians and make them aware of the insurable risks. Thegrowthalso depended on how service -oriented insurers are going to be, and the effective ness of the regulation. In latest times, NICOM has taken the bold steps the release of trapped funding to the sector, in the verification and recertification of insurance firms, in ensuring that claims are better scrutinized and in guidance note as well as corporate governance..
The following functions were injected into the economy by the sector in order to better the lot of Nigerian Economy;.
a. Provision of indemnity/ compensation: as professional risk bearer that have entered into a contract of insurance with the insured that regularly pays his premium, it believes on the insurance company to indemnify if the insured peril occurs. When indemnified, it cushions the effect of loss suffered by the insured..
b. Reduction of losses: through the payment of indemnity, losses suffered are diminished, making it possible for the sufferer to commence again his business..
c. Distribution or sharing of financial loss: insurance operations enable loss or losses to be distributed among different contributors that mean insurers who normally pay their premium regularly. These insurer contributions or premium normally grow to form what is known as a “pool” of financial resources. If any insured peril occurs, compensation or indemnification is effected from this common pool. Payment made from this common pool indicates or infers that the loss has been distributed among the various premium payers. Infect, the loss cargo has been borne collectively..
d. Confidence in investment: insurance has directly stimulated investment in various fields of human endeavors. Any investor who remembers that he is going to be indemnified if the insured peril occurs will be willing and certain to put more funds in his business or even expand his business..
e. Provision of employment: normally, insurers and insured provide job opportunities to the citizenry. The insurance companies do employ extra mitts as their business increases, while investors who take insurance protections are certain to invest and or expand their business. By so doing they identically employ people to work for them..
f. Increase in investment: taking insurance polices to serve as boost to investors and entrepreneurs, various fields of business that are looked upon as very risky are being ventured into, meaning that with introduction of insurance many people are investing without fear of losing their capital..
g. Mobilization of financial resources: different participants in insurance business/ classes of insurance normally pay their consideration/ premium. These insurers mobilize these funds which they utilizes to indemnify losses. Some of these funds are usually invested in other variable businesses or companies. For example, the mobilized fund may be used to buy shares of a blue chip company, attracting dividend to the insurance company yearly..
h. Industrial growth and economic development: insurance business do stimulate entrepreneur to invest, expand, and diversify their various business. By so doing, they are contributing to the over all industrial, commercial and economic development of the nation.
Roles of commercial banks in kenya?
The role of commercial banks in Kenya is to provide an avenue tosave or take loans and pay back with interest. They provideliquidity and are a good channel through which the Central Bankmanages inflation in the country.
What is the role of a citizen in Kenya?
The voting role of a person in kenya is that they can vote in free elections held by th goverment, sorry i dont know much more than this…
What is the Role of the government in the economy?
1. Foreign Relations – Diplomacy and DefenseTwo. Incubate special research, business and development, such as petite businesses, space research, job training, unemployment insurance and more. Three. Protect and regulate the sustainable use of natural resources. Four. Enforce and regulate fair and responsible business practices. Included in this is monitoring monetary policy, providing consumer protection and regulating banking practices. Five. Determine and enforce civil laws of property and conduct. This includes the freedoms of the press, religion and rights of property. 6. Provide public goods and services for the well-being of the community as a entire, such as infrastructure, vaccination programs, disaster ease, fireworks shows, public parks, basic healthcare, subsidized housing, public education and public utilities. (These are things that the government provides better than private business for the community at large through pooling money and resources. There are more positive externalities for society when government provides public goods and services.)
Role of mnc’s in Indian economy?
MNC’s plays an significant role in boosting up Indian Economy. In support of this we can say, MNC’s bring foreign investors to India and hence helps in globalization of Indian Market. – – kammam – –
What role do entrepreneurs play in the economy?
Enterpreneurs are the risk takers, who take their own money (or borrowed money under which theyre liable) to invest in a business or idea. Without them, individual firms would not exist, in which case they would be run by the state (which is the ideology of a socialist system).
What was the role for the pharaoh in economy?
All things belonged to the Pharaoh and he taxed everyone. Since there wasn’t money in Egypt back then he taxed them with their time, items, and crops.
What is the Role of financial system in economy?
Financial system play a vital role in the development of an economy.Financial system act as an intermediery in the growth process taking place in an economy.It help in allocating the funds from non-function areas to functional areas such as collecting the resources from different persons in terms of saving and deposites and the same resoureces is being allocated to functinal areas such industrialist or agricultralist for better usage of resources which brings productivity as well as employment which help the economy to obtain growth in swifter rates.
What role does business play in our economy?
The role of business is fat with the economy in the United States.A big role is generating jobs and income for citizens who in turnput earnings back into the system.
Is Kenya a market economy?
this view gargles! i ask a plain question and i get 50,000 answers and none of them are right. my question was “what is kenya’s type of economy” i got no response and spelling suggestions.I would rather sit and witness grass die instead of getting anything done than have to use wiki answers and spend more time than i would watching grass die anyway.repeat i hate this view itslams you into a wall of stupid replys unbased on your reaction
Challenges facing insurance companies in Kenya?
CHALLENGES FACING INSURANCE INDUSTRY IN KENYAInsurance industry in Kenya is faced by several challenges that make their operation in the Kenyan market not so effortless. These challenges are dependent on the people, the status of the market, laws governing insurance in Kenya and the lack of decent information about insurance. The Kenyan people don’t have enough trust in the insurance business majorly due to the number of non-paid claims that lie about within the market. Many claims have not been paid due to prolonged investigations to the point that rather than other insureds recommend insurance to their friends they always end up discouraging them and most of those who seek insurance always do so in order to build up the benefit of tax reduction that comes with the package. Kenyan market is also a youthful market that is still not well versed with the diversity of the insurance industry as most people are not used to paying premiums in order to alleviate the risks. Most Kenyans therefore consider these rates exorbitant thus they don’t seek insurance. This has been bad for business in the industry as most insurance companies are found tightening to meet their budget and pay claims. Some have resorted to unethical means of luring customers into this industry. These are mainly through diminished rates that thus lead to unpaid claims. Mismanagement of insurance companies is also a legendary factor that hamper insurance industries in Kenya. Some insurance industry lack decent management due to lack of transparency, this has led to customers losing their money in the process and thus making the public lose trust in the industry. Incompetent management could lead to unrealistically low premiums that make insurance affordable yet not payable. Incompetency is also found in the relay of wrong message to the public by various insurance agents whose qualifications are most times in question. Legal laws set by parliament to govern the insurance industry has also sometimes failed to meet the unique needs of the third world market prominent in Kenya. When insurance companies are compelled to pay up a big amount of money for licence and the cargo completes up passed to the public has led to high insurance rates that have proved difficult to pay. The motor industry has been coerced into insurance by the law such that normally motorists just insure in order to use the roads not as a means of protection. Dishonesty by the public has also hampered business in Kenya as the public has failed to meet the principle of distribution in cases of dual insurance thus leading to benefiting from a misfortune. Sometimes the claims are overstated thus proving to be costly to the public. In situations of insurance application, most people have ended up packing in half-truths and lies so as to be charged cheaper premiums. Lack of a big pool of customers has led to some risks being uninsurable as the insurance lies on the principle of creating a common pool so that the good of many benefit the misfortune of some. This has indeed hampered insurance companies in Kenya. Lack of decent research has led to a poor background for decision making especially in finding out the insurable risks and setting up the premiums to forgo in order to build up the insurance cover.
Role of rbi in Indian economy?
Role of RBI in Indian economy .
Issuer of currency – Except for issuing one rupee notes and coins, RBI is the foot authority for the issue of currency in India. The Indian government issues one rupee notes and coins. Major currency is in the form of RBI notes, such as notes in the denominations of two, five, ten, twenty, fifty, one hundred, five hundred, and one thousand. Earlier, notes of higher denominations were also issued. But, these notes were demonetized to discourage users from indulging in black-market operations. RBI has two departments – the Issue department and Banking department. The issue department is dedicated to issuing currency. All the currency issued is the monetary liability of RBI that is backed by assets of equal value held by this department. Assets consist of gold, coin, bullion, foreign securities, rupee coins, and the governmentï¿½s rupee securities. The department acquires these assets whenever required by issuing currency. The conditions governing the composition of these assets determine the nature of the currency standard that prevails in India. The Banking department of RBI looks after the banking operations. It takes care of the currency in circulation and its withdrawal from circulation. Issuing fresh currency is known as expansion of currency and withdrawal of currency is known as spasm of currency. .
Banker to the Government – RBI acts as banker, both to the central government and state governments. It manages all the banking transactions of the government involving the receipt and payment of money. In addition, RBI remits exchange and performs other banking operations. RBI provides short-term credit to the central government. Such credit helps the government to meet any shortfalls in its receipts over its disbursements. RBI also provides brief term credit to state governments as advances. RBI also manages all fresh issues of government loans, servicing the government debt outstanding, and nurturing the market for governmentï¿½s securities. RBI advises the government on banking and financial subjects, international finance, financing of five-year plans, mobilizing resources, and banking legislation. .
Managing Government Securities – Various financial institutions such as commercial banks are required by law to invest specified minimum proportions of their total assets/liabilities in government securities. RBI administers these investments of institutions. The other responsibilities of RBI regarding these securities are to ensure – .
Slick functioning of the market .
Readily available to potential buyers .
Lightly available in large numbers .
Undisturbed maturity-structure of interest rates because of excess or deficit supply .
Not subject to quick and phat fluctuations .
Reasonable liquidity of investments .
Good reception of the fresh issues of government loans .
Banker to Other Banks – The role of RBI as a banker to other banks is as goes after: .
Holds some of the cash reserves of banks .
Lends funds for brief period .
Provides centralized clearing and quick remittance facilitiesRBI has the authority to statutorily ensure that the scheduled commercial banks deposit a stipulated ratio of their total net liabilities. This ratio is known as cash reserve ratio [CRR]. However, banks can use these deposits to meet their makeshift requirements for interbank clearing as the maintenance of CRR is calculated based on the average balance over a period. .
Controller of Money Supply and Credit – In a planned economy, the central bank plays an significant role in controlling the paper currency system and inflationary tendency. RBI has to regulate the claims of challenging banks on money supply and credit. RBI also needs to meet the credit requirements of the rest of the banking system. RBI needs to ensure promotion of maximum output, and maintain price stability and a high rate of economic growth. To perform these functions effectively, RBI uses several control instruments such as – .
Open Market Operations .
Switches in statutory reserve requirements for banks .
Lending policies towards banks .
Control over interest rate structure .
Statutory liquidity ration of banks .
Exchange Manager and Controller – RBI manages exchange control, and represents India as a member of the international Monetary Fund [IMF]. Exchange control was very first imposed on India in September 1939 when World War II commenced and resumes till date. Exchange control was imposed on both receipts and payments of foreign exchange. According to foreign exchange regulations, all foreign exchange receipts, whether on account of export earnings, investment earnings, or capital receipts, whether of private or government accounts, must be sold to RBI either directly or through authorized dealers. Most commercial banks are authorized dealers of RBI. .
Publisher of Monetary Data and Other Data – RBI maintains and provides all essential banking and other economic data, formulating and critically evaluating the economic policies in India. In order to perform this function, RBI collects, collates and publishes data regularly. Users can avail this data in the weekly statements, the RBI monthly bulletin, annual report on currency and finance, and other periodic publications. .
Promotional Role of RBI – Promotion of commercial bankingPromotion of cooperative bankingPromotion of industrial financePromotion of export financePromotion of credit to weaker sectionsPromotion of credit assuresPromotion of differential rate of interest schemePromotion of credit to priority sections including rural & agricultural sector…..
What is Role of entreprenuers in developing economies?
to come up with fresh ideas for buisness’ an help drop growth and employment in doing so in the broader economy. Entrepreneurs are risk takers by nature, and its this ideology that is needed when time are rough, and to help kick embark the economy again.
What is the Role of marketing in Indian economy?
Marketing’s Role In Indian Economy “Marketing’s role is to ensure the continuance in growth of economies and the individual’s standard of living” ( M.J.Baker, 1985). According to the statement given by M.J.Baker, Marketing plays a vital role in the economic growth of the country periodically and sustain individuals standard of living. Marketing Definition “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, suggesting, and exchanging products of value with others” (Philip Kotler). Basically human need is state of deprivation or neediness where the people require food, shelter, clothing, belonging, esteem to live up their life. These needs are not created by the society or either the marketers, it is the existing nature of human biology and human condition. Even tho’ the human needs of the people are few, their wants are many, this is because they are continuously shaped or reshaped by the social compels and their environment which include institutions, families, and business corporations. “Wants of the specific product” is the request of the people and their preparedness to buy them. Companies should not only measure how many people want to buy their product but also the people who are willing and able to buy it. This readiness should be created by the company. Here comes the Marketing principle how well the company sell their product and please the needs of the customer (Narayana Rao K.V.S.S) Market- “Consists of potential customers sharing a particular need or want who might be willing and able to engage in exchange to sate that need or want”(Philip Kotler). Marketer- “A Marketer is some one seeking one or more customers who might engage in an exchange of values”. Marketers are the one who influence requests on the product by making the product attractive, suitable, affordable, and lightly available to target consumers. People living in different societies or…
What is role of marketing in Indian economy?
Role of market in India :India’s growth story has significant implications for the capital market, which has grownsharply with respect to several parameters – amounts raised number of stock exchangesand other intermediaries, listed stocks, market capitalization, trading volumes andturnover, market instruments, investor population, issuer and intermediary profiles.The capital market consists primarily of the debt and equity markets. Historically, itcontributed significantly to mobilizing funds to meet public and private companies’financing requirements. The introduction of exchange-traded derivative instruments suchas options and futures has enabled investors to better hedge their positions and reducerisks.India’s debt and equity markets rose from 75 per cent in 1995 to 130 per cent of GDP in2005. But the growth relative to the US, Malaysia and South Korea remains low andlargely skewed, indicating immense latent potential. India’s debt markets comprisegovernment bonds and the corporate bond market (comprising PSUs, corporates,financial institutions and banks).India compares well with other emerging economies in terms of sophisticated marketdesign of equity spot and derivatives market, widespread retail participation and resilientliquidity.SEBI’s measures such as obedience of quarterly compliance reports, and companyvaluation on the lines of the Sarbanes-Oxley Act have enhanced corporate governance.But enforcement proceeds to be a problem because of limited trained staff andcompanies not being subjected to substantial fines or legal sanctions.Given the flourishing economy, large skilled labour force, reliable business community,continued reforms and greater global integration vindicated by the investment-graderatings of Moody’s and Fitch, the net cumulative portfolio flows from 2003-06 (bondsand equities) amounted to $35 billion.The number of foreign institutional investors registered with SEBI rose from none in1992-93 to 528 in 2000-01, to about 1,000 in 2006-07.India’s stock market rose five-fold since mid-2003 and outperformed world indices withreturns far outstripping other emerging markets, such as Mexico (52 per cent), Brazil (43 per cent) or GCC economies such as Kuwait (26 per cent) in FY-06In 2006, Indian companies raised more than $6 billion on the BSE, NSE and other regional stock exchanges. Buoyed by internal economic factors and foreign capital flows,Indian markets are globally competitive, even in terms of pricing, efficiency andliquidity. US sub prime crisis :The financial crisis facing the Wall Street is the worst since the Good Depression andwill have a major influence on the US and global economy. The ongoing global financialcrisis will have a ‘domino’ effect and spill over all aspects of the economy. Due to theWestern world’s messianic faith in the market compels and deregulation, the marketfriendly governments have no choice but to step in.The top five investment banks in the US have ceased to exist in their previous forms.Bears Stearns was taken over some time ago. Fannie Mae and Freddie Mac arenationalised to prevent their collapse. Fannie and Freddie together underwrite half of thehome loans in the United States, and the sum involved is of $ Trio trillion-about dual theentire annual output of the British economy. This is the thickest rescue operation since thecredit crunch began. Lehman Brothers, an investment bank with a 158 year-old history,was proclaimed bankrupt; Merrill Lynch, another Wall Street icon, chose to pre-empt asimilar fate by determining to sell to the Bank of America; and Goldman Sachs and MorganStanley have determined to convert themselves into ordinary deposit banks. AIG, theworld’s largest insurance company, has survived through the injection of funds worth $85 billion from the US Government. The question arises: why has this happened? Besides the cyclical crisis of capitalism, there are some latest factors which havecontributed towards this crisis. Under the so-called “innovative” treatment, financialinstitutions systematically underestimated risks during the boom in property prices,which makes such boom more prolonged. This relates to the shortsightedness of speculators and their unrestrained greed, and they, during the asset price boom, believedthat it would stay forever. This resulted in keeping the risk aspects at a minimum and thusresorting to more and more risk taking financial activities. Loans were made on the basis of collateral whose value was inflated by a bubble. And the collateral is now worth lessthan the loan. Credit was available up to utter value of the property which was assessed atinflated market prices. Credits were given in anticipation that rising property prices willcontinue. Under looming recession and uncertainty, to pay back their mortgage many of those who engaged in such an exercise are coerced to sell their houses, at a time when the banks are reluctant to lend and buyers would like to wait in the hope that property priceswill further come down. All these factors would lead to a further decline in property prices. Effect of the subprime crisis on India: Globalisation has ensured that the Indian economy and financial markets cannot stayinsulated from the present financial crisis in the developed economies.In the light of the fact that the Indian economy is linked to global markets through a fullfloat in current account ( trade and services) and partial float in capital account (debt andequity), we need to analyze the influence based on three critical factors: Availability of global liquidity; request for India investment and cost thereof and decreased consumer request affecting Indian exports.The concerted intervention by central banks of developed countries in injecting liquidityis expected to reduce the unwinding of India investments held by foreign entities, butfresh investment flows into India are in doubt.The influence of this will be three-fold: The element of GDP growth driven by off-shoreflows (along with abilities and technology) will be diluted; correction in the asset priceswhich were hitherto shoved by foreign investors and request for domestic liquidity putting pressure on interest rates .While the global financial system takes time to “nurse its wounds” leading to lowdemand for investments in emerging markets, the influence will be on the cost and relatedrisk premium. The influence will be felt both in the trade and capital account. Indian companies which had access to cheapforeign currency funds for financing their import and export will be the worst hit. Also, foreign funds (through debt and equity) will be available at thick premium and would be limited to blue-chip companies.The influence of which, again, will be three-fold: Diminished capacity expansion leading tosupply side pressure; enhanced interest expenses to affect corporate profitability andincreased request for domestic liquidity putting pressure on the interest rates.Consumer request in developed economies is certain to be hurt by the present crisis,leading to lower request for Indian goods and services, thus affecting the Indian exports.The influence of which, once again, will be three-fold: Export-oriented units will be theworst hit impacting employment; diminished exports will further widen the trade gap to put pressure on rupee exchange rate and intervention leading to sucking out liquidity and pressure on interest rates. The influence on the financial markets will be the following : Equity market willcontinue to remain in bearish mood with diminished off-shore flows, limited domesticappetite due to liquidity pressure and pressure on corporate earnings; while the inflationwould stay under control, enlargened request for domestic liquidity will shove interest rateshigher and we are likely to witness gradual rupee depreciation and depleted currencyreserves. Overall, while RBI would inject liquidity through CRR/SLR cuts, maintaininggrowth beyond 7% will be a fight.The banking sector will have the least influence as high interest rates, enlargened request for rupeeloansand diminished statutory reserves will lead to improved NIM while, on the other mitt, other income from cross-border business flows and distribution of investment products will take a hit.Banks with capabilities to generate low cost CASA and zero cost float funds will build up themost as revenues from financial intermediation will drive the banks’ profitability. Given the dependence on foreign funds and off-shore consumer request for the Indiagrowth story, India cannot wish away from the negative influence of the present globalfinancial crisis but should quickly concentrate on alternative remedial measures to limit damageand look in-wards to sustain growth! Role of capital market during the present crisis: In addition to resource allocation, capital markets also provided a medium forrisk management by permitting the diversification of risk in the economy. Thewell-functioning capital market improved information quality as it played amajor role in encouraging the adoption of stronger corporate governanceprinciples, thus supporting a trading environment, which is founded onintegrity.liquid markets make it possible to obtain financing for capital-intensiveprojects with long gestation periods..For a long time, the Indian market was considered too petite to warrant muchattention. However, this view has switched rapidly as vast amounts of international investment have poured into our markets over the last decade.The Indian market is no longer viewed as a static universe but as aconstantly evolving market providing attractive opportunities to the globalinvesting community.Now during the present financial crisis, we spotted how capital market stood stillas the symbol of better risk management practices adopted by the Indians.However we observed a hefty fall in the sensex and other stock marketindicators but that was all due to low confidence among the investors.Because balance sheet of most of the Indian companies listed in the sensexwere reflecting profit even then people kept on withdrawing money.While there was a fright in the capital market due to withdrawal by the FIIs,we spotted Indian institutional investors like insurance and mutual funds coming for the rescue under SEBI guidelines so that the confidence of the investorsdoesn’t go low.SEBI also came up with various norms including more liberal policiesregarding participatory notes, restricting the exit from close ended mutualfunds etc. to boost the investment.While talking about currency crisis, the rupee kept on depreciating againstthe dollar mainly due to the withdrawals by FIIs. So , the capital market triedto attract FIIs once again. SEBI came up with many revolutionary reforms toattract the foreign investors so that the depreciation of rupee could be put tohault
What is the role of finance in an economy?
finance represents the funds in exchange of anything with value. It greatly affect the economy because finance is one of the factors to be considered in determining the level of an economy. Economy is said to be futile without finances.
What is the governments role in the US economy?
To regulate interstate commerce, and to transact international relations. .
Presently, the US Federal Government plays these roles in the US domestic economy: .
It regulates how trade is conducted Inbetween individual US States .
It regulates all trade inbetween the US and other sovereign nations .
Congress determines WHICH economic activities it wishes to restrict or forbid. .
The Independent Regulatory Agencies (EPA, FCC, et al.) are agencies which have been set up by Congressional law to monitor and enforce economic laws in their particular area of responsibility (e.g. Pollution, Radio Spectrum, etc.) .
The Federal Judiciary arbitrates disputes inbetween individuals, government entities, and/or fictional entities (corporations, unions, etc.) with regards to contract law, and as to compliance with regulatory rules. .
The Federal Reserve and Treasury department manage US Currency and the money supply (i.e. monetary policy) .
The IRS oversees the collection of Federal taxes .
Congress passes laws which spend taxes for a multitude of purposes, including many social welfare programs, economic incentive programs, and infrastructure projects. .
Congress provides for certain non-regulatory policing functions (border security, the FBI, US Marshalls, etc.) .
Congress appropriates money for the defense of the nation. The individual State governments perform similar duties (generally #Three through #9) inwards each state using state departments and agencies, which are generally paid for with taxes levied by the state government itself (however, also with some funding passed down from the Federal government).
What is the role of government in market economy?
ReactionA market economy is one that is traditionallyFREEfrom government interference, however it does require government assistance to function. This could be through facilitating privatized organizations through funds and R&D (Research & Development), deregulating the market and the rules of foreign trade or improving foreign relations in order to open up more opportunities for a prosperous economy. The government is permitted to be a PART of the market economy, and its institutions and organizations fall under the public sector of the market economy. ReactionThe phase “Market Economy” is inexact, as it covers a broad diversity of different forms of economic theory, which vary considerably on the role that government is to play. Generally speaking, there are two major forms of Market Economy which people are worried with: a True Free Market (sometimes just shortened to “Free Market”), and a Mixed Market. The TFM is a theoretical construct, as it has not proved possible to implement in the real world; rather, it exists as an ideal to be striven for, according to proponents. All existing Market economies are what economists call a Mixed Market Economy. Please see the various Related Questions for better discussion on the roles of governement in specific forms of Market economies.
Role of MNCs in Indian economy?
The role of Multi National Companies, otherwise known as MNC’s, inIndia include the empowerment of its labor force. These MNC’s alsocontribute to the government’s finances by means of taxes that areused to build more bridges, roads, public schools, and hospitals.
What is the role of business in economy?
Business keeps the money flowing. When somebody spends something at a business, the people working there have extra money to spend on something else, which gives the people at another business extra money to spend…etc. When theft occurs, people commence saving money, or don’t have extra money to spend, the economy slows down.
Role played by government in business in Kenya?
The government in Kenya plays a crucial role in business. One ofthe main roles is to monitor and regulate the business communitywith the aim of protecting consumers.
What are the challenges facing the insurance industry in Kenya?
Insurance industry in Kenya is faced by several challenges thatmake their operation in the Kenyan market difficult. Thesechallenges are dependent on the people, the status of the market,laws governing insurance in Kenya and the lack of properinformation about insurance. The Kenyan people don’t have enough trust in the insurance businessmainly due to the number of unpaid claims that remain in themarket. Many claims have not been paid due to prolongedinvestigations to the point that, rather than other insured’srecommending insurance to their friends, they end up discouragingthem. Most of those who seek insurance always do so in order togain the benefit of tax reduction that comes with the package. The Kenyan market is also a youthful market that is still not wellversed with the diversity of the insurance industry because manypeople are not used to paying premiums in order to alleviate therisks. Most Kenyans therefore consider these rates high andtherefore they don’t seek insurance. This has been bad for businessin the industry as most insurance companies strain to meet theirbudget and pay claims. Some have resorted to unethical means ofluring customers into this industry through inadequate ratesleading to inadequate claims paying capability. Mismanagement of insurance companies is also a famous factorthat hampers insurance industries in Kenya. Some insurancecompanies lack decent management due to lack of transparency, whichhas led to customers losing their money in the process and thusmaking the public lose trust in the industry. Incompetentmanagement could lead to unrealistically low premiums that makeinsurance affordable yet not payable. Incompetency is also found inthe relay of wrong messages to the public by insurance agents whoare often unqualified. Laws set by parliament to govern the insurance industry have alsosometimes failed to meet the unique needs of the third worldmarket. When insurance companies are coerced to pay large amounts ofmoney for licenses and that cargo is passed to the public, ratesare affected. Dishonesty by the public has also hampered business in Kenya, suchas by duplication of coverage so as to attempt to realize doublerecoveries. Lack of a big pool of customers has led to problems in realizingthe “law of large numbers” on which insurance is predicated. Lack of decent research has led to decision making, especially asto insurability of risks and setting rates and premiumsaccordingly.
What is the role of SEBI in Indian economy?
SEBI is the primary governing/regulatory assets for the securities market in India. Alltransactionsin the securities market in india are governed & regulated by SEBI. The SEBI Governs the following1. Fresh Issues (Initial Public Suggesting or IPO) Two. Listing agreement of companies with Stock ExchangesThree. Trading MechanismsFour. Investor ProtectionFive. Corporate disclosure by listed companies etc.
What is the governments role in the economy of a country?
to ensure a good and equitable of income and wealth, to invest in case of a recession in order to boost up the econom
What is the role of insurance advisor in insurance?
An insurance advisor, broker or agent are the same thing. Reaction: The role of an insurance advisor is to help you choose the right policy per your needs. He or she serves as the link inbetween a consumer looking for insurance and an insurance company. Their role also includes helping you assess your insurance needs and finish the formalities required to purchase an insurance policy. GEPL, which is essentially a stock broking company, also offers comprehensive insurance advisory service. The best part about their service is that it is totally bias-free and also include claims and settlement assistance.
Role of advertising in Indian economy?
If company advertises their product then, it affects economically to company as it is expensive. It incurs so many expenses. Thought advertisement is expensive, but it gives long term benefit to the company.
What is the role of agriculture in national economy?
Not as much as farmers and ranchers might like. Agriculture represents less than 4% of the US national gross domestic product. As such, agricultural products are frequently “suspended out to dry” in international trade negotiations. Farmers and ranchers represent less than 1% of the total US population, making them politically “expendable”.
What is the role of entrepreneurship in Kenya?
The role played by entrepreneurship in economic developmentDate Posted: Four/17/2012 7:47:Ten AMTotal Responses: 0.
Posted By: sashoo.
Entrepreneurship plays a significant role in the country’s development. According to Harbison, entrepreneurs are prime movers of innovation. Sayigh describes entrepreneurship as a dynamic force. Indeed, an entrepreneur is the person who perceives a business chance and converts it into a viable business plan culminating into a business venture ultimately. THE ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT. 1. EFFECTIVE UTILIZATION OF RESOURCES: Entrepreneurship is all about putting to better use the resources which are considered to be of low value with an aim of earning income. An entrepreneur comes up with ideas of how to use what others may consider waste. This improves the economy of a country through taxes and creation of jobs which improves the standard of living of the beneficiaries. The Kenyan sisal plant is, for example, being used by petite scale entrepreneurs to weave quality bags such as “ciondo”, table mats, lamp shades etc. These items sell internationally. Two. INCREASE IN PER CAPITA INCOME: Economic growth is measured in terms of a sustained increase in real income. It is the entrepreneurial communities who complement and supplement the economic growth increase per capita income by identifying and establishing profitable business ventures. Three. IMPROVEMENT IN PHYSICAL QUALITY OF LIFE: Entrepreneurs supplement the economic growth by enhancing the physical quality of life. Establishment of enterprises leads to increase in employment avenues both directly and indirectly. Consequently, poverty is alleviated as per capita income grows. This results in improving the physical quality of life which is an indicator of economic growth. Four. GROWTH OF INFRASTRUCTURAL FACILITIES: Entrepreneurs help in the growth of infrastructural facilities such as roads, bridges, buildings, factories, etc. which are the cornerstones of economic growth. Establishment of factories and industries in a particular locality presupposes the growth of infrastructural facilities. Five. EXPORT OF HANDICRAFT ITEMS: Entrepreneurs play a significant role in producing and exporting handicraft items. They generally use the local traditional skill, traditional technology, local skill and practice for producing traditional art and craft and handicraft items. Nowadays, such items are on request in foreign markets – jewelleries, carpets, stone carvings, handbags such as the world famous “ciondo”, table mats, etc. They are both exported to foreign markets and sold locally at markets such as the Maasai Market in Kenya, which has become immensely popular with foreigners, as well as the local people. 6. PROMOTION OF TECHNOLOGY: A few years ago, the Jua Kali sector in Kenya came up with fresh technology for making gas burners (jikos) that use bio fuel from cow dung. These jikos are made from locally available materials that are truly affordable to the low income earners even at the village level, and the gas is produced through a real effortless process. This has improved many homes since the cost of fuel has become affordable for them. A particularly latest innovation in the same line is the solar-powered LED lantern by a youthful 2010 CNN Kenyan nominee, Evans Wadongo who was rated among the 2010 top Ten CNN Heroes. The thinking behind this lantern is to help light Kenyan rural homes and save on fuel costs, keep eye problems caused by smoke from tin or bottle lanterns at bay and conserve the environment. 7.EXPORT PROMOTION: Entrepreneurs produce high quality products that attract an unusually broad market. Some of their goods are sold in the international markets thus bringing foreign exchange to Kenya. Entrepreneurs from other countries, through exchange programmes, bring their goods here in Kenya to sell in organized exhibitions. This gives an chance to the local entrepreneurs to learn and exchange fresh ideas with their counterparts from different countries. There are also Kenyan entrepreneurs who have identified attractive markets in foreign countries to sell Kenyan products and culture. One such Kenyan is Ibrah, who is operating a successful “ugali-nyama-choma” resort in USA, a dearest dish for most whites there. 8. CAPITAL FORMATION: Capital formation is the most crucial element for economic growth. It is always necessary to step up the rate of capital formation so that the economy accumulates a large stock of machines, contraptions and equipment which can be geared into production by the entrepreneur. Besides, capital formation in the economy may be brought about by the formation and up-gradation of abilities of human capital. This is in terms of skill and abilities which can be utilized to raise the level of productivity whereby economic growth can be accelerated. 9. CREATION OF EMPLOYMENT: The role of entrepreneurs in establishing micro, puny and medium enterprises is perceived as a powerful medium to address several socio-economic issues – the key issue being the generation of employment opportunities. In a developing economy like Kenya, where labor supply is higher than request, the role of entrepreneurs is well much significant. Entrepreneurial development gives rise to economic independence through self-employment. Creation of micro, puny and medium enterprises by the entrepreneurs can lead to the creation of both self-employment and wage-employment opportunities, thereby solving the problem of unemployment in the economy. In rural Kenya, for example, some non-governmental organizations have chipped in by suggesting support especially to widowed mothers who have come together to commence puny businesses from their self-help savings while other women in urban areas have also come together to commence up petite enterprises to boost their income. Ten. EMPOWERMENT OF WOMEN THROUGH ENTERPRISE: Women entrepreneurs such as Mary Okello of Makini Group of Schools, Esther Passaris of Adopt A Light are the prime movers of women empowerment. In this context, empowerment through enterprise involves access to resources and markets, actual ownership and active control. These things lead to equity and equality among fellows and women and act as a lever for social stability. 11. CONSERVATION AGENT: Entrepreneurship permits for maximum utilization of natural resources. Mr. Peter Ruigu Kirugi of Crimson Hill farm, Limuru, in conjunction with the GTZ project, has turned cow waste into a profitable venture. He put up a 32 cubic meter biogas plant in March 2010 to utilize the dung produced by his dairy herd. The biogas promotion, pioneered by Promotion of Private Sector Development in Agriculture (PSDA), enables dairy farmers to get better value from the dung produced by their cows, as it is very first used to produce energy before it is used as manure. Biogas can substitute all kinds of energy sources like LPG, firewood, charcoal and electro-therapy. Entrepreneurship promotes environmental friendly technologies like biogas digesters, energy saving stoves which use less firewood and also save time and money for the user, solar-powered LED lanterns, like that being developed by the 2010 CNN Heroes nominee, Evans Wadongo, etc. .
Role of monetary policy in economy?
Monetary policies are implemented by the RBI.These are policies regardingtheinterest rates prevailing in the economy,it also deals with the reppo and reversereppo rates which determines the interest rates inbetween the RBI and the other state banks.The monetary policies are significant in a country as it brings the inflation and deflation rates in to eqilibrium,which is an significant factor for the development of any economy. For detailed Information please go through book on the topic “Monitory Economics”
What is farming’s role in Mexico’s economy?
Mexicans have found jobs in other indrusties, but farming is still significant to Mexico’s economy
What are the roles of government in a market economy?
According to mainstream, modern economic theory, the role of the government is to permit markets to operate unless a failure occurs, at which point an intervention is warranted to improve social welfare.
What are the limitations to governments role in the economy?
Technically, there are no direct limitations. The government can dual the money supply, quadruple taxes, or even block international trade. The internal checks and balances comes from the bicameral system and the nature of multi-party politics. If one party suggests something absurd, like mentioned above, they can be balanced by the other party. Also there are outward institutions such as the Federal Reserve (there are 12 banks across the country in NY, SF, etc.) and the Treasury that also play roles in economic policy. Most policy is reactive rather than proactive, which means that it can take up to Two years to solve a problem, which is also a limitation.
What are the roles of money supply in the economy?
Money supply determines the value of money i.e. if there are a lot of money in an economy, the value decreases and the other way around. Therefore, money supply essential determines the price of a good (if the money is worth less, the prices go up …etc…) Hence, according to monetarists, money supply is the key ingredient of inflation (and deflation)
What is the role of English as an official language in Kenya?
Very first and foremost it is used in our legislative premises to tablebills and motions, it can also be viewed as link inbetween kenya andthe international community during international forums such as UNand AU since swahili is only a regional language and lastly oureducational curriculum and syllabus that is apart from swahili allthe other subjects are introduced in English
What is the role of insurance industry in Bangladesh economy?
The Roles Played by The Insurance for Our EconomyINTRODUCTIONInsurance is a written contract, taken with the insuring company that transfers the risk of loss to the insurer according to the terms of the contract. However, not all risks are insurable. If an insurance company would have difficulty calculating the likelihood that a loss would occur because of some risk, it is reluctant to insure against that risk. Risks of this type are generally called un insurable risks. TYPES OF INSURANCEâ¢ Home insuranceâ¢ Healthâ¢ Disabilityâ¢ Casualtyâ¢ Lifeâ¢ Propertyâ¢ Liabilityâ¢ Creditâ¢ Insurance financing vehiclesINSURANCE FEATURES IN BANGLADESHThe insurance is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on the behalf of), if certain defined events occur. Subject to the “fortuity principle”, the event must be uncertain. The uncertainty can be either as to when the event will happen (i.e. in a life insurance policy, the time of the insured’s death is uncertain) or as to if it will happen at all (i.e. a fire insurance policy). â¢ Insurance policies are sold without the policyholder even eyeing a copy of the contract. â¢ The amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. â¢ The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions. â¢ Insurance are also governed by the principle of utmost good faith which requires both parties of the insurance contact to deal in good faith and in particular it imparts on the insured a duty to disclose all material facts which relate to the risk to be covered. THE INSURANCE CORPORATIONS ACT 1973The Insurance Corporations Act 1973 was amended in 1984 to permit insurance companies in the private sector to operate side by side with Sadharan Bima Corporation and Jiban Bima Corporation. The Insurance Corporations Amendment Act 1984 permitted floating of insurance companies, both life and general, in the private sector subject to certain confinements regarding business operations and reinsurance. The Act of 1984 made it a requirement for the private sector insurance companies to obtain 100% reinsurance protection from the Sadharan Bima Corporation. The limitation regarding business placement affected the interests of the private insurance companies in many ways. The limitations were considered not congenial to the development of private sector business in insurance. According to the fresh rules the capital and deposit requirements for formation of an insurance company are as goes after: Capital requirements: For life insurance Company – Tk 75 million, of which 40% shall be subscribed by the sponsors. For mutual life insurance company – Tk Ten million. For general insurance company – Tk 150 million, of which 40% shall be subscribed by the sponsors. For cooperative insurance society – Tk Ten million for life and Tk 20 million for general. Deposit requirements (in cash or in approved securities): For life insurance – Tk Four millionFor fire insurance – Tk Trio millionFor marine insurance – Tk Trio millionFor miscellaneous insurance – Tk Three millionFor mutual insurance Company – Tk 1.Four millionFor cooperative insurance – Tk 1.Four millionFor general insurance – Tk 1 million for each classNumerous institutions, associations and professional groups work to promote the development of insurance business in Bangladesh. Prominent among them are the Bangladesh Insurance Association and Bangladesh insurance academy. Considerable attention has been loyal to evaluating the relationship inbetween economic growth and financial market deepening. Most of what we have learned relates to banking systems and securities markets – with insurance receiving only a passing mention. Yet, while insurance, banking, and securities markets are closely related, insurance fulfills somewhat different economic functions than do other financial services, and in turn requires particular conditions to flourish and to make a total economic contribution. Fortunately, in the past few years, several interesting lines of research have begun to map the specific contributions of insurance to the economic growth process as well as to the well-being of the poor. The evidence suggests that insurance contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities than would be undertaken in the absence of risk management instruments. This contribution is magnified by the complementary development of banking and other financial systems. Empirical studies suggest that non life insurance contributes to growth in countries at many different levels of development. Life insurance makes a substantial contribution to growth mostly in wealthier countries, since life insurance is typically a smaller part of the total insurance market in low income countries. The relationship inbetween per capita income levels and insurance invasion is also strong in the switch roles direction – with rising income a strong driver of life insurance coverage. However, it is difficult to disentangle whether lower insurance consumption at lower income levels reflects diminished request for life insurance products or constraints on the supply side associated with powerless regulatory and supervisory environments and high costs of insurance provision. Of course, even if the data did not support a strong causal role for insurance as an engine of overall aggregate growth, there might be a strong case for insuring the poor on social welfare grounds that those at or below the poverty line are particularly vulnerable to catastrophic shocks to income and consumption. And indeed, it shows up that the gap inbetween the potential social value of insurance and the transactions costs of provision might be unusually broad for the poorest segment of society, which explains the growing interest in micro insurance on the part of non governmental organizations and philanthropic foundations, some of whom are partnering with commercial providers. Contributions of Insurance to Growth and Development Insurance serves a number of valuable economic functions that are largely distinct from other types of financial intermediaries. In order to highlight specifically the unique attributes of insurance, it is worth focusing on those services that are not provided by other financial services providers, excluding for example the contractual savings features of entire or universal life products. The indemnification and risk pooling properties of insurance facilitate commercial transactions and the provision of credit by mitigating losses as well as the measurement and management of non verifiable risk more generally. Typically insurance contracts involve puny periodic payments in come back for protection against uncertain, but potentially severe losses. Among other things, this income smoothing effect helps to avoid excessive and costly bankruptcies and facilitates lending to businesses. Most fundamentally, the availability of insurance enables risk adverse individuals and entrepreneurs to undertake higher risk, higher comeback activities than they would do in the absence of insurance, promoting higher productivity and growth. The management of risk is a fundamental aspect of entrepreneurial activity. Entrepreneurs manage the risk of accidental loss by weighing the costs and benefits of each alternative. In a structured risk management process, this involves: 1. Evaluating alternative technics for treating each loss exposure; Two. Treating each loss exposure; Trio. Choosing the best alternative; andFour. Monitoring the results to refine the choices. In most cases, insurers need to form partnerships with governments, communities and non-governmental organizations (NGOs). NGOs may be able to identify opportunities and support initial research and community organizations may be able to provide a low cost means of distribution. But it also requires a shift in thinking. NGOs will need to understand that the primary motivation for commercial engagement is profit, and insurers will need to understand that, for NGOs it is about development. CONCLUSION: Developed countries have stronger rule of law, so insurance companies have to pay on claims. In developing countries with their weaker law enforcement, an insurance company can turn down to pay and bribe the judge if the customer goes to court. Or the owners of the company can close it and run off with the money. We can say that Insurance must be developing our country and our economy.
What role do women play in Kenya?
They are the key motivators for reforms. They pile pressure on the ‘boys’ to work tighter by attempting to out challenge the boys.
What is the role of SEBI on Indian economy?
SEBI is the primary governing/regulatory assets for the securities market in India. All transactions in the securities market in india are governed & regulated by SEBI.
What are the roles of governor and senator in Kenya?
A senator, in my opinion, is to a county what a Member of Parliament is to a constituency. A county is a larger administrative unit to a constituency and as a matter of fact covers more than one constituency in geographical area. The governors will be assuming powerful roles in as far as previous political positions are worried. They will hereafter be the goes of the 47 counties established under the constitution and will have a more managerial role as opposed to legislative, as exercised by members of parliament. In as much as the governor will be the administrative head of the county, the Senator will be the political head.
What are the roles of sale of goods act in kenya?
the major role of the sale of goods act in Kenya is to regulate thesale of goods.Section 6(1) ofCap 31, a contract for the sale of goods of the value of twohundred shillings and above is.
notenforceable by act – i.e., court act – unless the buyeraccepts the goods sold, and.
actuallyreceives them, or gives something in earnest to truss the contractor in part payment, or.
unlesssome note or memorandum is made and signed by the party to becharged or his agent in that behalf.
What was the pharaoh’s role in war and economy?
He created thezintaha system of government much like todays Cabinet, in which secretaries helped him run the government. He did a lot in the economy. He stole money and used it to buy many many camels. He also proclaimed war on many countries like North Korea. He had a big role and was the most significant person ever. He once announced war on economy and blamed the bad economy on war.