Economic policyThe economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates.
Absolute advantageIn economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
Industrial policyA country's industrial policy (IP) or industrial strategy is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of the wider economy and so often has a key role in IP.
MetropoleA metropole () is the homeland, central territory or the state exercising power over a colonial empire. From the 19th century, the English term metropole was mainly used in the scope of the British, Spanish, French, Portuguese, and Ottoman empires to designate those empires' European territories, as opposed to their colonial or overseas territories. The metropole of the Roman Empire was Italy. As the original homeland of the Romans, it maintained a special status which made it "not a province, but the Domina (ruler) of the provinces".
Pax BritannicaPax Britannica (Latin for "British Peace", modelled after Pax Romana) was the period of relative peace between the great powers during which the British Empire became the global hegemonic power and adopted the role of a "global policeman". Between 1815 and 1914, a period referred to as Britain's "imperial century", around of territory and roughly 400 million people were added to the British Empire. Victory over Napoleonic France left the British without any serious international rival, other than perhaps Russia in Central Asia.
Regulatory economicsRegulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management. Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Conflict can occur between public services and commercial procedures (e.g.
Government-granted monopolyIn economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement. As a form of coercive monopoly, government-granted monopoly is contrasted with an unregulated monopoly, wherein there is no competition but it is not forcibly excluded.
Eighty Years' WarThe Eighty Years' War or Dutch Revolt (Nederlandse Opstand) (c. 1566/1568–1648) was an armed conflict in the Habsburg Netherlands between disparate groups of rebels and the Spanish government. The causes of the war included the Reformation, centralisation, taxation, and the rights and privileges of the nobility and cities. After the initial stages, Philip II of Spain, the sovereign of the Netherlands, deployed his armies and regained control over most of the rebel-held territories.
Currency warCurrency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more competitive in other countries, and imports into the country become more and more expensive. Both effects benefit the domestic industry, and thus employment, which receives a boost in demand from both domestic and foreign markets.
DevelopmentalismDevelopmentalism is an economic theory which states that the best way for less developed economies to develop is through fostering a strong and varied internal market and imposing high tariffs on imported goods. Developmentalism is a cross-disciplinary school of thought that gave way to an ideology of development as the key strategy towards economic prosperity. The school of thought was, in part, a reaction to the United States’ efforts to oppose national independence movements throughout Asia and Africa, which it framed as communist.
