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creative destruction
(en)
the incessant product and process innovation mechanism by which new production units replace outdated ones; coined by Joseph Schumpeter in 1942 as "the essential fact about capitalism"
debt deflation
(en)
a theory that recessions and depressions are due to the overall level of debt rising in real value because of deflation, causing people to default on loans, which in turns causes bank insolvencies and thus a credit crunch, leading to further recession; developed by Irving Fisher following the Wall Street Crash of 1929
emetic
(en)
(adj, noun) causing vomiting
fiat
(en)
(noun) an authoritative command or order to do something; an effectual decree
financial repression
(en)
(from the FT so, grain of salt) measures by governments to boost their coffers and/or reduce debt, including holding down interest rates to below inflation (representing a tax on savers and a transfer of benefits from lenders to borrowers), imposing capital controls, etc. China gets accused of this a lot
Hartz reforms
(en)
a set of recommendations submitted by a committee on reforms to the German labour market in 2002; named after Peter Hartz (head of the committee); goal: to reduce unemployment
inter alia
(la)
among other things
Maastricht Treaty
(en)
treay for creating the EU; signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands
ordoliberal
(en)
the German variant of social liberalism that emphasizes the need for the state to ensure that the free market produces results close to its theoretical potential
pace
(en)
(preposition) with due respect to (someone or their opinion), used to express polite disagreement or contradiction (e.g., "narrative history, pace some theorists, is by no means dead")
Say's Law
(en)
an economic law stating that supply creates its own demand (named after eighteenth-century French economist Jean-Baptiste Say)
sobriquet
(en)
(noun) a descriptive name or epithet; nickname
stagflation
(en)
(stagnation + inflation) when inflation is high, the economic growth rate slows, and unemployment remains steadily high
a term for the loans provided by the IMF and the World Bank to countries that experienced economic crises, which come with strings attached: privatisation and deregulation, mainly (the conditions are also known as the Washington Consensus)
Wagner Act
(en)
aka the National Labor Relations Act of 1935; a foundational statute of US labor law which guarantees basic rights of private sector employees to organize into trade unions, engage in collective bargaining for better terms and conditions at work, and take collective action including strike if necessary
Washington Consensus
(en)
a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions like the IMF and the World Bank (in a nutshell, neoliberalism); term first used in 1989 by English economist John Williamson
Washington Consensus
(en)
a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions like the IMF and the World Bank (in a nutshell, neoliberalism); term first used in 1989 by English economist John Williamson