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Fiscal union is the integration of the fiscal policy of nations or states. In a fiscal union, decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. A fiscal union does not imply the centralisation of spending and tax decisions at the supranational level.
By 1970, the Soviet economy had reached its zenith and was estimated at 60 percent of the size of the United States [74] in terms of the estimated commodities (like steel and coal). In 1989, the official GDP of the Soviet Union was $2,500 billion [ 75 ] while the GDP of the United States was $4,862 billion [ 76 ] with per capita income figures ...
The result in the Soviet Union was a dual approach of concessions to the United States and economic restructuring (perestroika) and democratization domestically, which eventually made it impossible for Gorbachev to reassert central control. Reaganite hawks have since argued that pressures stemming from increased U.S. defense spending was an ...
Fiscal policy is any changes the government makes to the national budget to influence a nation's economy. [1] "An essential purpose of this Financial Report is to help American citizens understand the current fiscal policy and the importance and magnitude of policy reforms essential to make it sustainable.
In order to financially assist Communist Parties, anti-imperialism, and pro national liberation movements worldwide, these banks acted as subsidiaries or "daughters" to the "mother" bank or Gosbank, which was the central bank of Russian Soviet Federative Socialist Republic (Russia) from 1921 to 1922 and the Soviet Union from 1923 to 1991.
Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank. Both fiscal and monetary policies influence a ...
The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [8]
The history of the Soviet Union from 1982 through 1991 spans the period from the Soviet leader Leonid Brezhnev's death until the dissolution of the Soviet Union. Due to the years of Soviet military buildup at the expense of domestic development, and complex systemic problems in the command economy, Soviet output stagnated.