Economic History Review - Key Vocabulary

Flashcards for key vocabulary terms from lecture notes on economic history.

History of Economic Facts

The historical study of the economic aspects of human existence

Economic Reality

A realistic manifestation of an event that affects the economy of the region

Mercantilism

Dominated Europe from the 16th to the 18th century, focused on enriching the state through precious metals.

Physiocrats (Naturalists)

A small group of economists who opposed state intervention in economic activity.

Classical School

Emphasized free markets, competition, and limited government intervention in the economy.

Adam Smith

Founder of the doctrine of economic freedom, greatly contributed to establishing economics as a science.

David Ricardo

Entered economics seeking solutions to contemporary problems, particularly inflation and gold prices.

John Stuart Mill

Distinguished between the laws of production, which are subject to social character.

The Industrial Revolution

Major developments in Europe, particularly in Britain, starting in the mid-18th century, involving the transition from manual labor to automated industry.

Bretton Woods Agreement

An agreement that established the U.S. dollar as the new key currency for the international monetary system, ending the dominance of the British pound.

International Monetary Fund (IMF)

An international financial institution established in 1944 to provide loans to member countries to address balance of payments deficits and promote exchange rate stability.

World Bank

An international financial institution that aims to encourage capital investment for reconstruction and development in member countries.

General Agreement on Tariffs and Trade (GATT)

An international multilateral agreement for the exchange of preferential advantages among member countries resulting from trade liberalization.

World Trade Organization (WTO)

An international economic organization with an independent legal personality, responsible for managing and strengthening the international trade system.

Socialist System

A set of political, economic, and social theories based on collective ownership of the means of production and equal opportunities for all.