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Globalized Economy
An economy characterized by international trade, investment, and capital flows.
Laissez Faire
An economic philosophy of free-market capitalism that opposes government intervention.
Keynesian Economics
An economic theory that advocates for government intervention to manage economic cycles.
Bretton Woods Agreement
A 1944 agreement establishing a system for fixed exchange rates linked to the U.S. dollar.
Economic Nationalism
Prioritizing domestic economy over foreign competition, often through currency manipulation.
Protectionism
Policy aimed at shielding a country's industries from foreign competition, e.g., tariffs and quotas.
IMF
an organization that provides financial support and stability to countries.
Sustainable Development
Development that meets current needs without compromising the ability of future generations to meet theirs.
Social Sustainability
The ability of a society to maintain well-being and harmony over time given social and cultural pressures.
Environmental Sustainability
The ability of the environment to support a defined level of environmental quality and resource extraction.
Economic Sustainability
The capacity of an economy to support a stable level of economic production indefinitely.
Comparative Advantage
The capability of an economy to produce goods at a lower opportunity cost than others.
Absolute Advantage
The ability of a party to produce a greater quantity of a good than competitors using the same amount of resources.
Schengen Zone
A group of European countries that have abolished passport and other types of border control at their mutual borders.
Whistleblower
An employee who reports unethical or illegal activities within an organization.
Fiduciary Responsibility
A legal obligation of one party to act in the best interest of another.
Corporate Social Responsibility
The practice of businesses considering their impact on society, environment, and economy in their decision-making.
Trente Glorieuses
A term referring to the 30 years of economic growth in France following World War II.
Stagflation
An economic condition characterized by stagnant growth, high unemployment, and high inflation.
Animal Spirits
A term used by Keynes to describe the instincts and emotions that influence human behavior in economic decision-making.
