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If the individual citizen or corporate citizen is a creditor of the state (e.g. government bonds), then a default by the state can mean a devaluation of their monetary wealth. In addition, the following scenarios can occur in a debtor state from a sovereign default: a banking crisis, as banks have to make write downs on credits given to the state.
Government debt is typically measured as the gross debt of the general government sector that is in the form of liabilities that are debt instruments. [2]: 207 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
There were eventually four editions of the text; initially published anonymously as a 127 page pamphlet, Sieyès revealed himself as the author after its third edition in May 1789. [3] The pamphlet was Sieyès' reply to finance minister Jacques Necker's invitation for writers to state how they thought the Estates-General should be organised.
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
Austerity is grounded in liberal economics' view of the state and sovereign debt as deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's
Suzerainty (/ ˈ s uː z ər ə n t i,-r ɛ n t i /) includes the rights and obligations of a person, state, or other polity which controls the foreign policy and relations of a tributary state but allows the tributary state internal autonomy.
The term Fourth Estate or fourth power refers to the press and news media in their explicit capacity, beyond the reporting of news, of wielding influence in politics. [1] The derivation of the term arises from the traditional European concept of the three estates of the realm: the clergy, the nobility, and the commoners.