Question

meaning of red tapism in economics

Answer 1

Red tape is an idiom that refers to excessive regulation or rigid conformity to formal rules that is considered redundant or bureaucratic and hinders or prevents action or decision-making.

Answer 2

Red tapism:

In economics, red-tapism basically refers to the excessive paperwork and tedious processes being practiced before completing or implementing any sort of official work.

However, in general, red-tapism is an idiom which denotes the rigid conformity to formal rules having bureaucratic significance. For example, filling up various forms related to driving license, Voter ID card, Passport, Aadhar card, and so on where a lot of paperwork is needed and sometimes feel annoying but necessary.