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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 off 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, h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austerity
In economic policy, austerity is a set of Political economy, political-economic policies that aim to reduce government budget deficits through Government spending, 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 Government debt, 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 unem ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Least Developed Countries
The least developed countries (LDCs) are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed by the UN in its resolution 2768 (XXVI) on 18 November 1971. A country is classified among the Least Developed Countries if it meets three criteria:UN-OHRLLS . * Poverty – adjustable criterion based on Gross national income (GNI) per capita averaged over three years. , a country must have GNI per capita less than US$1,025 to be included on the list, and over $1,230 to graduate from it. * Human resource weakness (based on indicators of nutrition, health, education and adult literacy). * Economic vulnerability (based on instability of agricultural production, instability of exports of goods and services, economic importance of non-traditional activities, merchandise export concentration, handicap of economic smallness, and the percenta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Book Encyclopedia
The ''World Book Encyclopedia'' is an American encyclopedia. ''World Book'' was first published in 1917. Since 1925, a new edition of the encyclopedia has been published annually. Although published online in digital form for a number of years, ''World Book'' is currently the only American encyclopedia which also still provides a print edition. 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, Inc. is based in Chicago, Illinois. According to the company, the latest edition, ''World Book Encyclopedia 2024'', 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 Wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, world trade. It is a forum (legal), 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 generally regarded as developed country, developed countries, with High-income economy, high-income economies, and a very high Human Development Index. their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. , OECD Member countries collectively comprised 62.2% of list of countries by GDP (nominal), global nom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The World Factbook
''The World Factbook'', also known as the ''CIA World Factbook'', is a Reference work, reference resource produced by the United States' 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 website and downloadable formats. It provides a two- to three-page summary of the demography, demographics, geography, communications, government, economy, and military of 266 international entities, including List of countries by date of recognition of the United States, U.S.-recognized countries, dependencies, and other areas in the world. ''The World Factbook'' is prepared by the CIA for the use of Federal government of the United States, U.S. government officials, and its style, format, coverage, and content are primarily designed to meet their requirements. It is also frequently used as a resource for academic research papers and n ... [...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, Czechoslovak Socialist Republic, Polish People's Republic, and Democratic Republic of Yemen had been members for some time), it was the third member of the Comecon to join. In order to become a member, Romania agreed to grant a scrutiny of its economic situation ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Rescheduling
Debt rescheduling is the lengthening of the time of debt repayment by restructuring the terms of an existing loan. Types of resecheduling In retail banking, the debt rescheduling can be applied for personal loans given to individuals as education loan, consumer credit, mortgage loan and loans given for making investment in financial assets such as equity shares, debenture, and bond (finance). In North America and Europe, there are the portals which offers loan rescheduling/restructuring/consolidation via peer-to-peer lending marketplace such as Prosper Marketplace and LendingClub. Approaches; * Reduce payment amounts by extending the payment period and increasing the number of payments. * Pause payments by adding debt moratorium period in a loan term during which the borrower is not required to make any repayment but it increases the amount of the monthly instalments. See also *Loan modification Mortgage modification is a process where the terms of a mortgage are modifie ... [...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 funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...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 financial institution makes available an amount of credit to a business or consumer during a specified period of time. A line of credit takes several forms, such as an overdraft limit, demand loan, special purpose, export An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is a ... 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 b ... [...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 (in 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 stagnan ... [...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 The terms of trade (TOT) is the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An ... 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 had, independently, worked out conditions for this result in 1955.Johnson, Harry G. 1955. "Economic Expansion and International Trade," Manchester School 23, p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
