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Socio-Economic Development : A Politico - Financial Overview

Author

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  • Viswanatha Sankara Rama Subramaniam

Abstract

Do Financial accounting practices as per the political setup and their administrative strategies, pose problems to the pace of Socio-economic development of any nation ? This paper addresses this question with a preview to the dawn of human civilizations on earth, and mathematically cumulating the thoughts of Socio-economic development in four facets, from Individual to National level. Different Financial Management Techniques are used under the two divergent political setups, namely the Capitalism and the Communism. A capitalist setup provides the freedom of corporate control under each individual entrepreneur or a corporate unit (I), under private or government control (G), to function as an autonomous body. using the "Return on Investment" as their motivating guideline. A communist setup represents a centralised approach through individual work contributions at micro level. Under this setup, the national demand is pre-assessed and fixed by the State. The financial management is taken care by the State Bank. Conclusion leads towards irrespective of the political setup, the Socio-economic development is a Three Dimensional Closed Cycle Economic process, namely Manpower as the Prime component, Materials and Techno-commercial infrastructure, in a preset Seven Sequential order. The inference is that the Cost and Quality of Domestic goods and services, decide the status of Socio- economic development. This directly depends upon the proper utilisation pattern of the three ingredients and the Productivity orientation of the Prime component (Manpower). The world experiences support the Closed Cycle Economic process. The inferences are supported with examples from Britain, Germany, India, Russia and USA. (The matter is supported with 4 Creative and Comprehensive Schematic Diagrams summarising the Financial Approaches of Capitalist/Communist setup, Closed Cycle Economics and the Productivity relationship of the Prime component Manpower, respectively. This Research Paper is based on a study survey by the Author to various countries functioning under different Political and Financial accounting Appraisal Techniques).

Suggested Citation

  • Viswanatha Sankara Rama Subramaniam, 2004. "Socio-Economic Development : A Politico - Financial Overview," Public Economics 0404005, EconWPA.
  • Handle: RePEc:wpa:wuwppe:0404005
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    Keywords

    Accounting System; Communist; Capitalist; Financial Methods; Infrastructure; Manpower; Materials; Information Systems; Political; Techno-commercial;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • J58 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Public Policy
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • P43 - Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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