Economic History Overview

Vocabulary flashcards based on the economic history lecture notes to aid in exam preparation.

GDP (Gross Domestic Product)

The total value of goods produced and services provided in a country during one year, often expressed per capita.

Life Expectancy

The average period that a person may expect to live, varying significantly over time and across regions.

Economic Reforms of the 1980s and 1990s

Changes aimed at improving efficiency and performance in economies, often associated with deregulation, privatization, and changes in government policy.

Keynesian Economics

An economic theory proposing that government intervention is necessary to ensure economic stability, particularly through fiscal policies.

The Great Depression

A severe worldwide economic depression that took place during the 1930s, characterized by high unemployment and economic decline.

Bretton Woods System

A monetary management system established in 1944, where currencies were pegged to the US dollar, which was linked to gold.

Marxism

A socio-economic theory developed by Karl Marx, advocating class struggle and the overthrow of capitalist societies.

Welfare State

A system in which the government plays a key role in protecting and promoting the economic and social well-being of its citizens.

Inflation

The rate at which the general level of prices for goods and services rises, eroding purchasing power.

Gold Standard

A monetary system in which a country's currency or paper money has a value directly linked to gold.