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Description
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Term
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The trend in UK government consumption expenditure (though steady since the mid-1990s and still higher than countries like Japan, the USA, and Germany), set against a backdrop of privatisation
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Downward
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Those schemes that are criticised for having limited coverage, being excessively bureaucratic, and for artificially supporting sunset industries, slowing down a move to markets with better long-term prospects
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Fair Trade Schemes
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The banker to the government, performing a range of functions which may include issue of coins and banknotes, acting as banker to the commercial banks, and acting as regulator of the financial system
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Central Bank
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Those products the prices of which are volatile - making income forecasts for those economies reliant on them unreliable - because of the development of substitutes (aluminium replacing tin), weather, inelastic demand and supply making price vulnerable to changes in such, depletion and discovery rates of resources, and demand being heavily reliant on the performance of developed and some emerging economies
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Primary Products
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That the affects of which on development is most determined by the way it is achieved, how the benefits are shares, and the extent to which it is accompanies by costs
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Economic Growth
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That which globalisation may increase by increasing demand from emerging economies, placing upward pressure on prices
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Inflationary Pressure
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The long-run equilibrium level of output to which monetarists believe the macroeconomy will always trend, resulting in a vertical long-run aggregate supply curve
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Natural Rate of Output
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The term often used in financial journalism for shares in a public limited company
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Equities
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That which constrains the use of fiscal policy as it may place downward pressure on tax rates by necessitating competition in tax rates between countries, limiting the way in which said policy can be used
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Globalisation
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A composite indicator of a country's development, varying between 0 (very low) to 1 (very high), based on resources available (GNI per capita (PPP$)), life expectancy at birth, and knowledge (mean and expected years of schooling (depending on age)
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Human Development Index
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Description
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Term
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A multilateral institution that provides short term financing for countries experiencing balance of payments problems in exchange for the implementation of policies to address the problem long-term
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International Monetary Fund (IMF)
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That policy the primary objectives of which are to correct for market failure (public goods, externalities, etc.) and reduce x-inefficiency (together with the previous achieving a public-private sector balance) and to influence income distribution
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Fiscal Policy
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That which in a less developed country may not allow for investment as stated under the Harrod-Domar Model as there is often not many skilled entrepreneurs with the knowledge to identify and exploit investment opportunities, while most people particularly rural persons don't use financial institutions (i.e. keeping money under the bed) which is not then available for firms or entrepreneurs to borrow
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Saving
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That a rise in which would reduce demand-pull inflation but increase cost-push inflation by raising the cost of firms' past borrowing
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Interest Rates
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A market oriented strategy for development where barriers to international trade are removed or relaxed in order to achieve potential gains in efficiency, etc.
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Trade Liberalisation
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Institutions that accept deposits from a range of small depositors and make long-term loans for house purchase, with the property acting as collateral on the debt, many having now rebranded as retail banks
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Building Societies
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One of the two traditional banking sectors, providing high-street services to depositors (households, small firms, etc.) mainly on a relatively small scale, and providing a distributed branch banking service
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Retail Banks
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That political consideration that often affects government decisions on tax rates and public sector investment
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Re-election
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Those countries that face problems from multinational companies and globalisation in that they become less able to negotiate effectively and thus face downward pressure on taxes and regulations
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Less Developed Countries
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That the three types of which are economic such as the financial crisis, natural such as the 2011 Japanese tsunami, and political such as the 2019 election defeat of Argentina President Macri
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External Shock
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