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Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.
In macroeconomics, the twin deficits hypothesis or the twin deficits phenomenon, [1] is the observation that, theoretically, there is a strong causal link between a nation's government budget balance and its current account balance.
An Economic Interpretation of the Constitution of the United States is a 1913 book by American historian Charles A. Beard. [1] It interpreted the early history of the United States from the lens of class conflict , arguing that the Constitution of the United States was structured to financially benefit the Founding Fathers .
The cycle starts with economic stagnation, which can enhance and expose the inefficiencies of a weak government and rule of law that cannot effectively respond to the problem. Because a government is unaccountable or weak, small interest groups can use the government for their specific interests, resulting in rent-seeking and corruption.
Philosopher William Pepperell Montague coined the term Kratocracy, from the Greek: κρατερός (krateros), meaning "strong", for government by those who are strong enough to seize power through force or cunning. [4] In a letter to Albert Einstein from 1932, Sigmund Freud also explores the history and validity of "might versus right". [15]
Common indicators include a state whose central government is so weak or ineffective that it has little practical control over much of its territory; non-provision of public services; widespread corruption and criminality; refugees and involuntary movement of populations; and sharp economic decline. [1]
Dirigisme is seen in India after the end of British rule from 1947 with domestic policy tending towards protectionism, a strong emphasis on import substitution industrialisation, economic interventionism, a large government-run public sector, business regulation, and central planning, [9] while trade and foreign investment policies were ...
A government facing the same information constraints as the private individuals in the economy can nevertheless find Pareto-improving policy interventions. [ 34 ] Greenwald and Stiglitz noted several relevant situations, including how moral hazard may render a situation inefficient (e.g. an alcohol tax may be pareto improving as it reduces ...