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Vuskovic Plan
The Vuskovic Plan was the basis for the economic policy of the '' Popular Unity'' (UP) government of Chilean President Salvador Allende. It was drafted by and named after his first Economics Minister Pedro Vuskovic, who had worked before with the CEPAL. Although good results were obtained in 1970, hyperinflation made a comeback in 1972. By 1973, Chile was in shambles – inflation was hundreds of percents, the country had no foreign reserves, and GDP was falling. Background The overall stated objective of Allende's Popular Unity government was to achieve a transition to socialism by democratic means. This would involve a combined political and economic program aimed at wresting control of the economy out of the hands of business owners and placing it in the hands of the state. It would then be easier to dismantle the various institutions connected with Western capitalism. The key figure in the economic policy of Salvador Allende’s UP government was the first Minister of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Policy
The 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. Such policies are often influenced by international institutions like the International Monetary Fund or World Bank as well as political beliefs and the consequent policies of parties. Types of economic policy Almost every aspect of government has an important economic component. A few examples of the kinds of economic policies that exist include: *Macroeconomic stabilization policy, which attempts to keep the money supply growing at a rate that does not result in excessive inflatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aggregate Demand
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It is often called effective demand, though at other times this term is distinguished. This is the demand for the gross domestic product of a country. It specifies the amount of goods and services that will be purchased at all possible price levels. Consumer spending, investment, corporate and government expenditure, and net exports make up the aggregate demand. The aggregate demand curve is plotted with real output on the horizontal axis and the price level on the vertical axis. While it is theorized to be downward sloping, the Sonnenschein–Mantel–Debreu results show that the slope of the curve cannot be mathematically derived from assumptions about individual rational behavior. Instead, the downward sloping aggregate demand curve is derived with the help of three macroeconomic assumptions about the functioning of markets: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfonso Inostroza
Alphons (Latinized ''Alphonsus'', ''Adelphonsus'', or ''Adefonsus'') is a male given name recorded from the 8th century (Alfonso I of Asturias, r. 739–757) in the Christian successor states of the Visigothic kingdom in the Iberian peninsula. In the later medieval period it became a standard name in the Hispanic and Portuguese royal families. It is derived from a Gothic name, or a conflation of several Gothic names; from ''*Aþalfuns'', composed of the elements ''aþal'' "noble" and ''funs'' "eager, brave, ready", and perhaps influenced by names such as ''*Alafuns'', ''*Adefuns'' and ''* Hildefuns''. It is recorded as ''Adefonsus'' in the 9th and 10th century, and as ''Adelfonsus'', ''Adelphonsus'' in the 10th to 11th. The reduced form ''Alfonso'' is recorded in the late 9th century, and the Portuguese form ''Afonso'' from the early 11th. and ''Anfós'' in Catalan from the 12th Century until the 15th. Variants of the name include: ''Alonso'' (Spanish), ''Alfonso'' (Spanish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clodomiro Almeyda
Clodomiro Almeyda Medina (February 11, 1923 – August 25, 1997) was a Chilean politician. A leading member of the Socialist Party, served as Minister of Foreign Affairs of Chile from 1970 to 1973 during the Presidency of Salvador Allende. Biography He did his first studies at the German and Application High Schools of Santiago, and then studied at the Faculty of Law, University of Chile. He graduated in 1948 with a thesis entitled "Towards a Marxist theory of the State". He later became a professor of political science in the domain of his studies, especially in the School of Sociology. He joined the Socialist Party of Chile in 1941, participating in the Popular Socialist Party during the internal bankruptcy in the first part of the 1950s. During the second government of Carlos Ibáñez del Campo he was head of the Ministries of Labor and Mining, standing out in his first ministry for being a promoter for the Single Central of Workers (CUT). With the reunification of the part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Foreign Affairs (Chile)
The Ministry of Foreign Affairs of Chile ( es, Ministerio de Relaciones Exteriores) is the cabinet-level administrative office in charge of planning, directing, coordinating, executing, controlling and informing the foreign policy formulated by the President of Chile. It is located in the Edificio José Miguel Carrera at Plaza de la Constitución (''Constitution Square''), in downtown Santiago. The present Minister of Foreign Affairs (who is also known colloquially as ''Chancellor'') is Antonia Urrejola. History The office was first organized in 1812, during the War of Independence, under the name of Foreign Affairs Secretariat. It was abolished in 1814, after the Battle of Rancagua, when the Spanish government was re-established. In 1818, after independence, the secretariat was re-established, but this time as a dependency of the Ministry of the Interior, which at that time was named "Ministry of Government and Foreign Affairs" (1818 - 1824) or "Ministry of the Interior and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production.''A Comprehensive Dictionary of Economics'' p.88, ed. Nelson Brian 2009. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich ListMehmet, Ozay (1999). ''Westernizing the Third World: The Eurocentricity of Economic Development.'' London: Routledge. and Alexander Hamilton.Chang, Ha-Joon (2002). ''Kicking Away the Ladder: Development Strategy in Historical Perspective.'' London: Anthem Press. ISI policies have been enacted by developing countries with the intention of producing development and self-sufficiency by the creation of an internal market. The state leads economic development by nationalizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latifundios
A ''latifundium'' (Latin: ''latus'', "spacious" and ''fundus'', "farm, estate") is a very extensive parcel of privately owned land. The latifundia of Roman history were great landed estates specializing in agriculture destined for export: grain, olive oil, or wine. They were characteristic of Magna Graecia and Sicily, Egypt, Northwest Africa and Hispania Baetica. The ''latifundia'' were the closest approximation to industrialized agriculture in Antiquity, and their economics depended upon slavery. During the modern colonial period, the European monarchies often rewarded services with extensive land grants in their empires. The forced recruitment of local labourers allowed by colonial law made these land grants particularly lucrative for their owners. These grants, ''fazendas'' (in Portuguese) or '' haciendas'' (in Spanish), were also borrowed as loanwords, Portuguese ''latifúndios'' and Spanish ''latifundios'' or simply ''fundos''. Agrarian reforms aimed at ending the dominanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agrarian Reform
Agrarian reform can refer either, narrowly, to government-initiated or government-backed redistribution of agricultural land (see land reform) or, broadly, to an overall redirection of the agrarian system of the country, which often includes land reform measures. Agrarian reform can include credit measures, training, extension, land consolidations, etc. The World Bank evaluates agrarian reform using five dimensions: (1) stocks and market liberalization, (2) land reform (including the development of land markets), (3) agro-processing and input supply channels, (4) urban finance, (5) market institutions. The United Nations thesaurus sees agrarian reform as a component of agricultural economics and policy, with a specific impact on rural sociology, and broader than land reform, describing agrarian reform as:Reforms covering all aspects of agrarian institutions, including land reform, production and supporting services structure, public administration in rural areas, rural social welfare ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalization
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or to assets owned by lower levels of government (such as municipalities) being transferred to the state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries often subject to nationalization include the commanding heights of the economy – telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water – though, in many jurisdictions, many such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Creation
Money creation, or money issuance, is the process by which the money supply of a country, or of an economic or monetary region,Such as the Eurozone or ECCAS is increased. In most modern economies, money creation is controlled by the central banks. Money issued by central banks is termed base money. Central banks can increase the quantity of base money directly, by engaging in open market operations. However, the majority of the money supply is created by the commercial banking system in the form of bank deposits. Bank loans issued by commercial banks that practice fractional reserve banking expands the quantity of broad money to more than the original amount of base money issued by the central bank. Central banks monitor the amount of money in the economy by measuring monetary aggregates (termed broad money), consisting of cash and bank deposits. Money creation occurs when the quantity of monetary aggregates increase.For example, in the United States, money supply measured as M2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopolistic Pricing
A monopoly (from Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a specific person or enterprise is the only supplier of a particular thing. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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