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Questions and Answers
What is the role of Parliament in a democracy?
Which branch of the government is led by the Prime Minister and responsible for implementing policies?
What is the main responsibility of the President in a democracy?
Which political institution consists of two houses, Lok Sabha and Rajya Sabha?
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What are the key responsibilities of the Council of Ministers in a democracy?
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Which institution plays a crucial role in decision-making and representation in a democracy?
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Which branch is responsible for interpreting laws and settling disputes?
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What is the primary role of regulatory institutions like central banks?
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Which institution plays a significant role in shaping individual beliefs, values, and social interactions?
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What do property rights define the rules governing?
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Who appoints judges in the judiciary branch?
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Which institution provides financial assistance, technical support, and policy advice to countries facing economic challenges?
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What is the primary responsibility of educational institutions such as schools and universities?
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Which institution organizes economic activities, distributes resources, and promotes economic growth?
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Who is responsible for providing financial assistance and policy advice to countries facing economic challenges?
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What is the primary role of markets as social institutions?
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Study Notes
Working of Institutions
Institutions are essential components of a democratic society, as they provide the framework for decision-making, resource allocation, and conflict resolution. They play a crucial role in shaping the structure and function of government, economy, and society. This article will discuss the working of institutions in various contexts, focusing on their roles in politics, economy, and social interactions.
Political Institutions
In a democracy, political institutions are responsible for governing the country and ensuring that the rulers follow rules and procedures. Key political institutions include:
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Parliament: Parliament is a representative body that passes laws, approves budgets, and oversees the government's actions. It consists of two houses, the Lok Sabha and the Rajya Sabha, and plays a crucial role in decision-making and representation.
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Executive: The executive branch, led by the Prime Minister and the Council of Ministers, is responsible for implementing policies and managing the government's day-to-day affairs. The Prime Minister plays a significant role in decision-making, while the President serves as the head of state and guardian of the constitution.
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Judiciary: The judiciary branch, consisting of courts and judges, is responsible for interpreting laws, settling disputes, and ensuring that individuals and institutions comply with the law. Judges are appointed by the President, and they must uphold the constitution and respect the rule of law.
In addition to these formal institutions, informal institutions such as political parties, interest groups, and civil society organizations also play a role in shaping political outcomes and policy-making in a democratic society.
Economic Institutions
Economic institutions are responsible for organizing economic activities, distributing resources, and promoting economic growth. Key economic institutions include:
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Property rights: Property rights define the rules governing the ownership, transfer, and use of resources. They encourage investment, innovation, and efficient resource allocation by providing incentives for individuals and organizations to maximize their economic returns.
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Regulatory institutions: Regulatory institutions, such as central banks and regulatory bodies, monitor and control markets to ensure fairness, efficiency, and stability. They set rules and guidelines that guide economic activities and protect consumers and investors.
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Macroeconomic institutions: Institutions like the International Monetary Fund (IMF) and the World Bank play a crucial role in managing global economic stability and promoting economic growth. They provide financial assistance, technical support, and policy advice to countries facing economic challenges.
Economic institutions are endogenous and reflect the strategic allocation of powers. The prevailing institutional design depends on the allocation of resources and the distribution of power among various stakeholders.
Social Institutions
Social institutions are responsible for shaping social interactions, norms, and values. They play a crucial role in maintaining social order and cohesion. Key social institutions include:
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Family: The family is a fundamental social institution that provides support, care, and nurturing. It is the primary unit of socialization and plays a crucial role in shaping individual values and beliefs.
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Education: Education institutions, such as schools and universities, are responsible for transmitting knowledge, skills, and values. They play a crucial role in shaping individual attitudes, preferences, and behavior.
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Religion: Religious institutions, such as churches, mosques, and temples, play a significant role in shaping individual beliefs, values, and social interactions. They provide a sense of community, support, and guidance to their followers.
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Markets: Markets are social institutions that facilitate trade and exchange of goods and services. They provide a platform for individuals and organizations to negotiate and transact, promoting economic efficiency and social welfare.
In conclusion, institutions are essential for the functioning of a democratic society. They shape the structure and function of government, economy, and society, providing the framework for decision-making, resource allocation, and conflict resolution. By understanding the working of institutions in various contexts, we can better appreciate the role they play in shaping our political, economic, and social interactions.
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Description
Explore the roles and functions of institutions in politics, economy, and social interactions. Learn about political institutions like parliament, executive, and judiciary, economic institutions including property rights, regulatory bodies, and macroeconomic institutions, and social institutions such as family, education, religion, and markets.
