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Economic Crisis
Definition:
The economy of a country suddenly experience a downturn brought on by a financial crisis. Unstable situation of extreme danger or difficulty
Example:
Mexican economic crisis in 1994
Welfare State
A social system whereby the state assumes primary responsibility for the welfare of its citizens, as in matters of health care, education, employment, and social security.
In UK, poorer people have to pay a smaller part of their income as income tax than the rich. United Kingdom, Canada, and France are welfare states
Neoliberalism
A political theory of the late 1900s holding that personal liberty is maximized by limiting government interference in the operation of free markets.
Social market economy in Germany under Ludwig Erhard
Globalization
Worldwide movement toward economic, financial, trade, and communications integration.
Coca cola is a worldwide known brand
Regionalism
Political division of an area into partially autonomous regions. Advocacy of such a political system.
Canada is divided into regions
Trade Embargo
Any regulation or policy that restricts international trade.
United States and Cuba had a trade embargo
Economic Recovery
Phase of the business cycle following a recession, during which an economy regains and exceeds peak employment and output levels achieved prior to downturn.
United States had an economic recovery in 2014
Economic Miracle
Period of dramatic economic development that is entirely unexpected or unexpectedly strong.
Sweden, from 1946-47 to 1974, in which the GDP per capita increased from around USD 1500 in 1947 to USD 24000 in 1974.
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