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In economics, a government monopoly or public monopoly is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law. It is a monopoly created, owned, and operated by the government.
Lenin insists in The State and Revolution (1917) that state monopoly capitalism is not a development beyond capitalism but a manifestation of it, countering liberal and social-democratic politicians who characterised this economic development as state socialism, [4] for example with regard to the so-named State Socialism initiatives in the ...
The primary function of any legislature is to create laws. State legislatures also approve budget for state government. They may establish government agencies, set their policies, and approve their budgets. For instance, a state legislature could establish an agency to manage environmental conservation efforts within that state.
A state-owned enterprise is a commercial enterprise owned by a government entity in a capitalist market or mixed economy.Reasons for state ownership of commercial enterprises are that the enterprise in question is a natural monopoly or because the government is promoting economic development and industrialization.
Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. [50] Political economy and law is a recent attempt within legal scholarship to engage explicitly with political economy literature.
In 2011, the Spanish Parliament proposed a law amending the Spanish Constitution to require a balanced budget at both the national and regional level by 2020. The law states that public debt cannot exceed 60% of GDP, though exceptions would be made in case of a natural catastrophe, economic recession, or other emergencies.
Seeking a more positive definition, the Conservative Political Action Conference, or CPAC, defines conservatism as "the political philosophy that sovereignty resides in the person.
International economic law is an aspect of international law that concerns the economic relations between states and how transactions that occur cross-border are governed. [27] The primary actors in the regulation of International economic laws are “States, international organisations, and private actors”. [28]