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1980s Austerity Policy In Romania
In the 1980s, severe austerity measures were imposed in the Socialist Republic of Romania by President Nicolae Ceaușescu in order to pay out the external debt incurred by the state in the 1970s. Beginning in 1981, the austerity led to economic stagnation that continued all throughout the 1980s, a "''sui generis'' shock therapy" which lowered the competitiveness of the Romanian economy and decreased the amount of exports. Although the measure helped pay off the debt, the harsh austerity measures negatively affected the living standards of the Romanians, increased shortages and eventually led to the execution of Nicolae Ceaușescu and collapse of the Romanian Communist Party through the Romanian Revolution in December 1989. Background Between 1950 and 1975, Romania's economy grew at one of the fastest rates in the worldBacon, p. 374 and in the 1960s and early 1970s, Ceaușescu was considered one of the "enlightened" Eastern European leaders. Through his domestic policies, he tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austerity
Austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Proponents of these measures state that this reduces the amount of borrowing required and may also demonstrate a government's fiscal discipline to creditors and credit rating agencies and make borrowing easier and cheaper as a result. In most macroeconomic models, austerity policies which reduce government spending lead to increased unemployment in the short term. These reductions in employment usually occur di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petrochemicals
Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as maize, palm fruit or sugar cane. The two most common petrochemical classes are olefins (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Oil refineries produce olefins and aromatics by fluid catalytic cracking of petroleum fractions. Chemical plants produce olefins by steam cracking of natural gas liquids like ethane and propane. Aromatics are produced by catalytic reforming of naphtha. Olefins and aromatics are the building-blocks for a wide range of materials such as solvents, detergents, and adhesives. Olefins are the basis for polymers and oligomers used in plastics, resins, fibers, elastomers, lubricants, and gels. Global ethylene production was 190 million tonnes and p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Facto
''De facto'' ( ; , "in fact") describes practices that exist in reality, whether or not they are officially recognized by laws or other formal norms. It is commonly used to refer to what happens in practice, in contrast with ''de jure'' ("by law"), which refers to things that happen according to official law, regardless of whether the practice exists in reality. History In jurisprudence, it mainly means "practiced, but not necessarily defined by law" or "practiced or is valid, but not officially established". Basically, this expression is opposed to the concept of "de jure" (which means "as defined by law") when it comes to law, management or technology (such as standards) in the case of creation, development or application of "without" or "against" instructions, but in accordance with "with practice". When legal situations are discussed, "de jure" means "expressed by law", while "de facto" means action or what is practiced. Similar expressions: "essentially", "unofficial", "in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Book Encyclopedia
The ''World Book Encyclopedia'' is an American encyclopedia. The encyclopedia is designed to cover major areas of knowledge uniformly, but it shows particular strength in scientific, technical, historical and medical subjects. ''World Book'' was first published in 1917. Since 1925, a new edition of the encyclopedia has been published annually. World Book, Inc. is based in Chicago, Illinois. According to the company, the latest edition, ''World Book Encyclopedia 2022'', contains more than 14,000 pages distributed along 22 volumes and also contains over 25,000 photographs. World Book also publishes children's non-fiction and picture books under the Bright Connections Media imprint, and educational development and supplemental instructional resources through Incentive Publications by ''World Book''. History World Book was founded in Chicago by publishers J. H. Hansen and John Bellow, who realized that existing encyclopedias were off-putting to readers. In 1915, they enlisted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are high-income economies with a very high Human Development Index (HDI), and are regarded as developed countries. Their collective population is 1.38 billion. , the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP ( Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer. In April 1948, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The World Factbook
''The World Factbook'', also known as the ''CIA World Factbook'', is a reference resource produced by the Central Intelligence Agency (CIA) with almanac-style information about the countries of the world. The official print version is available from the Government Publishing Office. The ''Factbook'' is available in the form of a website that is partially updated every week. It is also available for download for use off-line. It provides a two- to three-page summary of the demographics, geography, communications, government, economy, and military of each of 267 international entities including U.S.-recognized countries, dependencies, and other areas in the world. ''The World Factbook'' is prepared by the CIA for the use of U.S. government officials, and its style, format, coverage, and content are primarily designed to meet their requirements. However, it is frequently used as a resource for academic research papers and news articles. As a work of the U.S. government, it is i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Romania And The International Monetary Fund
The Romania–IMF relations span for more than 40 years, during which Romania had two economic systems: Soviet-type economic planning of the 1970s and 1980s and capitalism since the 1990s. The IMF had a strong role in shaping the Romanian economy of the 1990s towards neoliberalism. Socialist Republic of Romania Joining the IMF Informal and exploratory discussions between Romania and the IMF began in 1968, but it was only on 21 September 1972 that the IMF announced that Romania applied for membership. Romania was formally accepted on 5 December 1972, following a vote on the IMF's board of directors, becoming a member on 15 December 1972. While Romania was not the first socialist country to become a member (Yugoslavia had been a member for some time), it was the first member of the Comecon to join. In order to become a member, Romania agreed to grant a scrutiny of its economic situation (including holdings of gold and international monetary reserves, international trade, balance o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Line Of Credit
A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A line of credit takes several forms, such as an overdraft limit, demand loan, special purpose, export packing credit, term loan, discounting, purchase of commercial bills, traditional revolving credit card account, etc. It is effectively a source of funds that can readily be tapped at the borrower's discretion. Interest is paid only on money actually withdrawn. Lines of credit can be secured by collateral, or may be unsecured. Lines of credit are often extended by banks, financial institutions and other licensed consumer lenders to creditworthy customers (though certain special-purpose lines of credit may not have creditworthiness requirements) to address fluctuating cash flow needs of the customer. The maximum amount of funds a customer is allowed to draw from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970s Energy Crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (particular, fossil fuel-saving) technologies. The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world. The crisis led to stagnant e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Immiserizing Growth
Immiserizing growth is a theoretical situation first proposed by Jagdish Bhagwati, in 1958, where economic growth could result in a country being worse off than before the growth. If growth is heavily export based it might lead to a fall in the terms of trade of the exporting country. In rare circumstances this fall in the terms of trade may be so large as to outweigh the gains from growth. If so, this situation would cause a country to be worse off after growth than before. This result is only valid if the growing country is able to influence world prices. Harry G. Johnson Harry Gordon Johnson, (26 May 1923 – 9 May 1977) was a Canadians, Canadian economist who studied topics such as international trade and international finance. Nobel laureate James Tobin said about him: "For the economics profession throughou ... had, independently, worked out conditions for this result in 1955.Johnson, Harry G. 1955. "Economic Expansion and International Trade," Manchester School 23, pp. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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