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The federal state's gross domestic product (GDP) was 29 billion € in 2018, accounting for 7.5% of the Austria's economic output. GDP per capita adjusted for purchasing power was 46,500 € or 154% of the EU27 average in the same year. Salzburg is the federal state with the highest GDP per capita in Austria before Vienna. [10]
The common and inelastic character of the radio wave spectrum (which also falls under land as an economic category) is understood to justify the taxation of its exclusive use, as well. [ 10 ] [ 11 ] American economist and political philosopher Fred Foldvary coined the term geo-libertarianism in a so-titled article appearing in Land&Liberty .
Economic liberalization also often involves reductions of taxes, social security, and unemployment benefits. Economic liberalization is often associated with privatization, which is the process of transferring ownership or outsourcing of a business, enterprise, agency, public service or public property from the public sector to the private sector.
Economic liberalism is a much broader concept than fiscal liberalism, which is called fiscal conservatism or economic libertarianism in the United States. [12] The ideology that highlighted the financial aspect of economic liberalism is called fiscal liberalism, which is defined as support for free trade .
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism .
As a term, libertarian or economic libertarian has the most everyday acceptance to describe a member of the movement, with the latter term being based on both the ideology's importance of economics and its distinction from libertarians of the New Left. [88] A diagram of the typology of beliefs in libertarianism (both left and right, respectively)
Economic freedom, or economic liberty, refers to the agency of people to make economic decisions. This is a term used in economic and policy debates as well as in the philosophy of economics . [ 1 ] [ 2 ] One approach to economic freedom comes from the liberal tradition emphasizing free markets , free trade , and private property .
Flag of the Fatherland Front.. The Federal State of Austria (Austrian German: Bundesstaat Österreich; colloquially known as the "Ständestaat") was a continuation of the First Austrian Republic between 1934 and 1938 when it was a one-party state led by the conservative, nationalist, corporatist and clerical fascist Fatherland Front.