GLST 201: Week 8 Economics

Capitalism

Economic system based on private ownership of production means and the right to earn profit.

Property

System of rights and privileges that enables the ownership and use of resources.

Mercantilism

Economic policy focused on protecting and expanding domestic markets and wealth through exports.

Tariff

Tax on imports to make foreign goods less competitive.

Economic Liberalism

Philosophy advocating free markets and limited government intervention.

Laissez-faire

Economic philosophy promoting minimal government involvement in markets.

Comparative advantage

Theory that countries should produce goods they can make most efficiently.

Keynesian Economics

Economic theory emphasizing government intervention to manage economic cycles.

Macroeconomic

Branch of economics focusing on the behavior of an economy as a whole.

Government intervention

Actions taken by government to influence economic activity.

Bretton Woods System

Post-WWII economic order for monetary management and free trade.

Neoliberalism

Economic policies promoting free markets and reduced government intervention.

Communism

Political and economic ideology advocating for common ownership of production means.

Command Economy

Economic system where production and distribution are controlled by the government.

Five Year Plan

State production plan that outlines economic priorities for five years.

Community Heights

State control of strategic economic sectors to ensure equitable access.

Isolationism

Policy of avoiding political or economic entanglements with other countries.

Protectionism

Economic policy of restraining trade between nations through tariffs.

Nationalism

Political ideology focusing on promoting interests of a particular nation.

Fascism

Authoritarian political ideology emphasizing strong leadership and national identity.

Mobilization for Total War

Efforts to organize all resources for warfare.

Regulation

Government rules governing specific economic activities.

Fiscal policies

Government policies regarding taxation and spending.

Monetary policies

Central bank actions to control the money supply.

Stimulus

Government measures to encourage economic growth.

World Trade Organization

Global institution regulating international trade.

The World Bank

International financial institution providing loans to developing countries.

International Monetary Fund

International organization stabilizing currencies and providing financial assistance.

Privatization

Process of transferring ownership of businesses from public to private.

Austerity

Policy measures aimed at reducing government deficits.

Classless society

Societal structure where there are no distinct social classes.

Egalitarianism

Belief in the equality of all individuals.

Collectivization

Conversion of private property into collective ownership.

Persecution of landlords

Targeting of landowners for their economic status.

Great Leap Forward

Campaign in China aimed at rapid industrialization and collectivization.

Cultural Revolution

Political movement in China targeting intellectuals and perceived enemies.

Gulags

Labor camps for political prisoners in the Soviet Union.

Rapid Industrialization

Fast development of industrial production.

The Great Famine

Widespread famine caused by government policies.

Public Utilities

Services provided by the government for public use.

Natural Resources

Raw materials provided by nature.

Foreign Trade Assets

Economic resources involved in international trade.

Subsistence Essentials

Basic resources necessary for survival.

Aggressive pursuit of exploits

Active strategies to gain wealth and resources.

Financial Center

Major hub for global finance and economics.

Market economy

Economic system where supply and demand drive production.

Domestic markets

Markets within a country.

Economic output

Total production of goods and services in an economy.

Fluctuations

Variations in economic activity.

Tariff barriers

Taxes imposed to protect domestic industries from foreign competition.

Global trade powers

Countries with strong influence in international trade.

Floating currency

Currency value determined by the market.

Cold War

Period of political tension between the USA and Soviet Union.

Dispute Resolution

Mechanisms for settling trade conflicts.

Conditional loans

Loans provided with specific requirements attached.

Economic integration

Economic interdependence among countries.

Market transactions

Exchanges of goods and services in the market.