Question

The study of history helps us in many ways. A few of its benefits are given below. Which ones are specifically applicable to the growth of industries and commerce?

• A. History teaches us about the evolution of economic institutions and different models of development.
• B. History teaches us about the evolution of different models of polity, and their changing acceptability over time.
• C. It helps us learn from the successes and failures of older production processes.
• D. The study of the past can be a way to foster a sense of global community.

Answer 1

Answer: (A), (C)

It helps us learn from the successes and failures of older production processes.

In accordance with the changing nature of the market and commerce, the nature of human relationships and social organisation has also evolved. To understand these developments, it is necessary to study the history of social organisation and economic institutions.