Business cycleBusiness cycles are intervals of expansion followed by recession in economic activity. A recession is sometimes technically defined as 2 quarters of negative GDP growth, but definitions vary; for example, in the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
New ImperialismIn historical contexts, New Imperialism characterizes a period of colonial expansion by European powers, the United States, and Japan during the late 19th and early 20th centuries. The period featured an unprecedented pursuit of overseas territorial acquisitions. At the time, states focused on building their empires with new technological advances and developments, expanding their territory through conquest, and exploiting the resources of the subjugated countries.
DeflationIn economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but sudden deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive.
MonetarismMonetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.
RecessionIn economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic).
Otto von BismarckOtto, Prince of Bismarck, Count of Bismarck-Schönhausen, Duke of Lauenburg (Otto, Fürst von Bismarck, Graf von Bismarck-Schönhausen, Herzog zu Lauenburg, ˈɔtoː fɔn ˈbɪsmaʁk; 1 April 1815 – 30 July 1898), born Otto Eduard Leopold von Bismarck, was a Prussian and later German statesman and diplomat. From his origins in the upper class of Junker landowners, Bismarck rose rapidly in Prussian politics, and from 1862 to 1890 he was the minister president and foreign minister of Prussia.
