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economic growth, the process by which a nation’s wealth increases over time. Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an extended period.
A manufacturer assembling a product for a distant market, a country submitting to international law, and a language adopting a foreign loanword are all examples of globalization.
government economic policy, measures by which a government attempts to influence the economy. The national budget generally reflects the economic policy of a government, and it is partly through the budget that the government exercises its three principal methods of establishing control: the allocative function, the stabilization function, and ...
Starting in the 1970s, Keynesian economics was eclipsed in its influence by monetarism, a macroeconomic school that advocated controlled increases in the money supply as a means of mitigating recessions.
business cycle, periodic fluctuations in the general rate of economic activity, as measured by the levels of employment, prices, and production. Figure 1, for example, shows changes in wholesale prices in four Western industrialized countries over the period from 1790 to 1940. As can be seen, the movements are not, strictly speaking, cyclic ...
Dependency theory, an approach to understanding economic underdevelopment that emphasizes the putative constraints imposed by the global political and economic order. First proposed in the late 1950s by Raul Prebisch, dependency theory gained prominence in the 1960s and ’70s.
Capitalism, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately held and production, prices, and incomes are determined by markets. Learn more about the history and development of capitalism in this article.
Index of growth. A nation or an industry advances by using less to make more. Labour productivity is an especially sensitive indicator of this economizing process and is one of the major measures used to chart a nation’s or an industry’s economic advance.
For people in the United States, the 1930s was indelibly the age of the Great Depression. Bank panics destroyed faith in the economic system, and joblessness limited faith in the future. The worst drought in modern American history struck the Great Plains in 1934.
North Korea - Economy, Resources, Trade: North Korea has a command (centralized) economy. The state controls all means of production, and the government sets priorities and emphases in economic development. Since 1954, economic policy has been promulgated through a series of national economic plans.