The Upside of Market Volatility
The volatility present in the market is always mentioned in a negative manner. However, if one looks carefully at the function performed by market volatility, this negative connotation seems unnecessary. This is because, in the absence of volatility, making profits would also be impossible. It is this volatility, which enables the fluctuation of prices that […]
Technological Advances in the Insurance Industry
The Fintech revolution has startled many industries. Insurance is one of the industries that have been affected. A large percentage of insurance executives believe that they use outdated technology as a part of their day to day operations. Hence, they are also of the opinion that the insurance industry is prone to attacks and disruptive […]
Credit Linked Note
Structured finance products have proliferated the financial markets. There are several derivative products that have been created with the sole intention of helping a company transfer its credit risk onto another company or group of investors who are willing to assume this risk. The most well-known and common structured finance product which enables companies to […]
What is P2P Insurance?
P2P insurance, short for peer to peer insurance, is a relatively new form of insurance which has made its way to the marketplace in the developed countries. There are a number of characteristics which make P2P insurance different from traditional insurance. Some of these characteristics have been listed below. Transparency: In case of traditional insurance, […]
Risk Management and Stock Market
In stock market there is strong relationship between risk and return. Greater the risk, greater the return generally! In financial terminology risk management is the process of identifying and assessing the risk and then developing strategies to manage and minimize the same while maximizing the returns. Every investment demands a certain amount of risk and […]
The role and functions of the Government and the bureaucracy is that which keeps constantly evolving in the wake of developments and changes in and around the world. During our discourse we have seen how the academic discipline of public administration has evolved. It has undergone reforms and has been influenced by developments in other sciences like social and behavioral.
Democracy is a representative form of Government chosen by the people. The entire idea of public administration in a democracy is contradictory. Public administration as described by Frederick Camp Mosher is three steps removed from the people. According to Berkeley and Rouse public service and democracy are both opposing in nature yet complement each other.
In a democratic state, the spirit of democracy needs to be maintained in the manner in which the public services are administered. The public administration of a democratic state needs to be transparent, efficient and most importantly should be open for public scrutiny and criticism. It should ensure scope for incorporation of public opinions and ideas for improvement and delivering better services. It needs to be representing the general interest of a large section of people rather than personal interests of specific few.
In a diverse country like India where the social denominators like caste, religion, language etc pose barriers at so many levels, the public administration should be such that it rises above and transverses all differences.
According to Richard C Box in his book Democracy and Public Administration, there are several important roles that public administration plays in a Democracy, like:
We have read Karl Marx slamming bureaucracy as a government tool created and controlled by the dominant class to cater to their interests. Antonio Gramsci Italian socialist theorists states that bureaucracy is a narrow minded and conservative force and it becomes dangerous when it detaches itself from the mass of members that constitute it and starts functioning as an independent entity.
So if the resources and the power of their distribution lie with the state, the role that bureaucracy has to play can be:
A reader may find these goals to be quite similar to that of a democratic set up and indeed it is. The only difference in a socialist set up is that the government tends to have more and centralized power. Critics have argues that democracy involves planning which means that the freedom and liberties of some will have to be given up for the greater good. However, in the long run, even to achieve socialism, certain level of democracy becomes essential.
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