<span>India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output, with less than one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth began slowing in 2011 because of a slowdown in government spending and a decline in investment, caused by investor pessimism about the government's commitment to further economic reforms and about the global situation. High international crude prices have exacerbated the government's fuel subsidy expenditures, contributing to a higher fiscal deficit and a worsening current account deficit.</span>
<span>The Industrial Revolution was beginning to turn an agricultural economy into one with machines and manufacturing. The Industrial Revolution was growing rapidly in the United States during the early 19th century.</span><span>Hoped I Helped!</span>
Most modern nations have neoliberal capitalist economies. The main characteristic of such economies is the fact that the market will get regulated by itself in terms of the price being dictated by the amount of people who are interested in a certain product.
Answer: The Pareto Principle
Explanation: This principle, named after Vilfredo Pareto, states that in most events, due to 20% of causes, about 80% of effects occur. This is, in fact, a claim of unequal numbers of inputs and outputs, because Pareto is first and foremost an economist. According to his observation, which he initially conducted in Italy and later around the world, he saw that 20% of people own 80% of the land, thus establishing a ratio, that is, reflecting the imbalance between wealth and population. This principle is reflected in life in general and says that the items are generally not evenly distributed. This principle is also called Pareto Rule or 80/20 Rule.
