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105 relations: Augusto Pinochet, Authoritarianism, Balcerowicz Plan, Bizone, Black market, Bolivia, Boris Yeltsin, Bureau of Consular Affairs, Business oligarch, Capitalism, Cato Institute, Central bank, China, Codelco, Communism, Crime in Poland, Czech Republic, Deficit spending, Deng Xiaoping, Deutsche Mark, Economic growth, Economic liberalism, Economic liberalization, Economy of Russia, Economy of the Soviet Union, European theatre of World War II, Fiat money, Free market, Free trade, Gini coefficient, Globalization and Its Discontents, Gonzalo Sánchez de Lozada, Great Depression, Gross domestic product, Hernando de Soto Polar, Hernán Siles Zuazo, History of Russia (1991–present), Hyperinflation, Inflation, Information asymmetry, Interest rate, International Monetary Fund, Invisible hand, Jeffrey Sachs, Johan Norberg, Joint Chiefs of Staff, Joseph Stiglitz, Leszek Balcerowicz, Long run and short run, Ludwig Erhard, ..., Luis García Meza, Market economy, Market failure, Michael Keane (economist), Mikhail Gorbachev, Military dictatorship of Chile (1973–90), Milton Friedman, Minister of Finance (New Zealand), Miracle of Chile, Moisés Naím, Money supply, Morgenthau Plan, Naomi Klein, Neoclassical economics, Neoliberalism, New Zealand Labour Party, PBS, Perfect competition, Perfect information, Poland, Polish Round Table Agreement, Polish złoty, Political economy, Popiwek, Positive feedback, Post-Soviet states, Prime Minister of Poland, Privatization, Reaganomics, Reichsmark, Right to property, Robert Muldoon, Roger Douglas, Rogernomics, Russia, Russian oligarch, Salvador Allende, Sejm, Shock (economics), Shortage economy, Stanisław Gomułka, Supreme Decree 21060, The Shock Doctrine, Time (magazine), Trade barrier, United States Department of State, University of Chicago, Víctor Paz Estenssoro, Velocity of money, Victory in Europe Day, Washington Consensus, West Germany, Wirtschaftswunder, Yegor Gaidar, 1997 Asian financial crisis. Expand index (55 more) »
Augusto Pinochet
Augusto José Ramón Pinochet Ugarte (25 November 1915 – 10 December 2006) was a Chilean general, politician and the dictator of Chile between 1973 and 1990 who remained the Commander-in-Chief of the Chilean Army until 1998 and was also President of the Government Junta of Chile between 1973 and 1981.
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Authoritarianism
Authoritarianism is a form of government characterized by strong central power and limited political freedoms.
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Balcerowicz Plan
The Balcerowicz Plan (plan Balcerowicza), also termed "Shock Therapy", was a method for rapidly transitioning from a communist economy, based on state ownership and central planning, to a capitalist market economy.
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Bizone
The Bizone or Bizonia was the combination of the American and the British occupation zones on 1 January 1947 during the occupation of Germany after World War II.
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Black market
A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.
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Bolivia
Bolivia (Mborivia; Buliwya; Wuliwya), officially known as the Plurinational State of Bolivia (Estado Plurinacional de Bolivia), is a landlocked country located in western-central South America.
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Boris Yeltsin
Boris Nikolayevich Yeltsin (p; 1 February 1931 – 23 April 2007) was a Soviet and Russian politician and the first President of the Russian Federation, serving from 1991 to 1999.
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Bureau of Consular Affairs
The Bureau of Consular Affairs (CA) is a bureau of the U.S. Department of State reporting to the Under Secretary of State for Management.
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Business oligarch
The term business oligarch is almost a synonym of the term business magnate, borrowed by the English-speaking and western media from post-Soviet parlance to label those businessmen who quickly acquired huge wealth in post-Soviet states (mostly Russia and Ukraine) during the privatization in Russia and in other post-Soviet states in the 1990s.
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Capitalism
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.
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Cato Institute
The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded as the Charles Koch Foundation in 1974 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries.
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Central bank
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
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China
China, officially the People's Republic of China (PRC), is a unitary one-party sovereign state in East Asia and the world's most populous country, with a population of around /1e9 round 3 billion.
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Codelco
CODELCO (Corporación Nacional del Cobre de Chile or, in English, the National Copper Corporation of Chile) is a Chilean state owned copper mining company.
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Communism
In political and social sciences, communism (from Latin communis, "common, universal") is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money and the state.
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Crime in Poland
Crime in Poland is combated by the Polish police and other agencies.
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Czech Republic
The Czech Republic (Česká republika), also known by its short-form name Czechia (Česko), is a landlocked country in Central Europe bordered by Germany to the west, Austria to the south, Slovakia to the east and Poland to the northeast.
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Deficit spending
Deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus.
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Deng Xiaoping
Deng Xiaoping (22 August 1904 – 19 February 1997), courtesy name Xixian (希贤), was a Chinese politician.
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Deutsche Mark
The Deutsche Mark ("German mark"), abbreviated "DM" or, was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until 2002.
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Economic growth
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
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Economic liberalism
Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.
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Economic liberalization
Economic liberalization (or economic liberalisation) is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism.
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Economy of Russia
Russia has an upper-middle income, World Bank mixed economy with state ownership in strategic areas of the economy.
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Economy of the Soviet Union
The economy of the Soviet Union (экономика Советского Союза) was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning.
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European theatre of World War II
The European theatre of World War II, also known as the Second European War, was a huge area of heavy fighting across Europe, from Germany's and the Soviet Union's joint invasion of Poland in September 1939 until the end of the war with the Soviet Union conquering most of Eastern Europe along with the German unconditional surrender on 8 May 1945 (Victory in Europe Day).
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Fiat money
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation.
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Free market
In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
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Free trade
Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.
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Gini coefficient
In economics, the Gini coefficient (sometimes expressed as a Gini ratio or a normalized Gini index) is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation's residents, and is the most commonly used measurement of inequality.
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Globalization and Its Discontents
Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz.
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Gonzalo Sánchez de Lozada
Gonzalo Sánchez de Lozada y Sánchez de Bustamante (born July 1, 1930), familiarly known as "Goni", is a Bolivian politician and businessman, who served as President of Bolivia for two non-consecutive terms.
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Great Depression
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
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Gross domestic product
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.
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Hernando de Soto Polar
Hernando de Soto Polar (or Hernando de Soto; born 1941) is a Peruvian economist known for his work on the informal economy and on the importance of business and property rights.
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Hernán Siles Zuazo
Hernán Siles Zuazo (21 March 1914 – 6 August 1996) was a Bolivian politician who served as constitutionally elected president twice, from 1956 to 1960 and again from 1982 to 1985.
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History of Russia (1991–present)
The history of Russia from 1991 to the present began with the dissolution of the Soviet Union on 26 December 1991, and the establishment of the Russian Federation.
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Hyperinflation
In economics, hyperinflation is very high and typically accelerating inflation.
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Inflation
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
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Information asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.
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Interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum).
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International Monetary Fund
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries 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 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 payment system.
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Invisible hand
The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.
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Jeffrey Sachs
Jeffrey David Sachs (born November 5, 1954) is an American economist and director of the Earth Institute at Columbia University, where he holds the title of University Professor, the highest rank Columbia bestows on its faculty.
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Johan Norberg
Johan Norberg (born 27 August 1973) is a Swedish author and historian, devoted to promoting economic globalization and what he regards as classical liberal positions.
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Joint Chiefs of Staff
The Joint Chiefs of Staff (JCS) is a body of senior uniformed leaders in the United States Department of Defense who advise the President of the United States, the Secretary of Defense, the Homeland Security Council and the National Security Council on military matters.
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Joseph Stiglitz
Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University.
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Leszek Balcerowicz
Leszek Balcerowicz (pronounced; born January 19, 1947) is a Polish economist who is currently a professor of economics at the Warsaw School of Economics.
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Long run and short run
In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry.
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Ludwig Erhard
Ludwig Wilhelm Erhard (4 February 1897 – 5 May 1977) was a German politician affiliated with the CDU and the second Chancellor of the Federal Republic of Germany (West Germany) from 1963 until 1966.
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Luis García Meza
Luis García Meza Tejada (8 August 1929 – 29 April 2018) was a Bolivian dictator.
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Market economy
A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
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Market failure
In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
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Michael Keane (economist)
Michael Patrick Keane (born 1961) is an American/Australian economist who is currently professor of economics and Australian Research Council laureate fellow at the University of New South Wales.
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Mikhail Gorbachev
Mikhail Sergeyevich Gorbachev, GCL (born 2 March 1931) is a Russian and former Soviet politician.
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Military dictatorship of Chile (1973–90)
The military dictatorship of Chile (dictadura militar de Chile) was an authoritarian military government that ruled Chile between 1973 and 1990.
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Milton Friedman
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.
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Minister of Finance (New Zealand)
The Minister of Finance, originally known as Colonial Treasurer, is a senior figure within the Government of New Zealand and head of the New Zealand Treasury.
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Miracle of Chile
The "Miracle of Chile" was a term used by economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the effects of the economic policies applied by a large group of Chilean economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught.
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Moisés Naím
Moisés Naím (born July 5, 1952) is a Venezuelan columnist whose writings are published by leading papers worldwide, and the author of more than 10 books.
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Money supply
In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.
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Morgenthau Plan
The Morgenthau Plan (Morgenthau-Plan) by the Allied occupation of Germany following World War II was a proposal to eliminate Germany's ability to wage war by eliminating its arms industry, and the removal or destruction of other key industries basic to military strength.
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Naomi Klein
Naomi Klein (born May 8, 1970) is a Canadian author, social activist, and filmmaker known for her political analyses and criticism of corporate globalization and of capitalism.
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Neoclassical economics
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.
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Neoliberalism
Neoliberalism or neo-liberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.
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New Zealand Labour Party
The New Zealand Labour Party (Rōpū Reipa o Aotearoa), or simply Labour (Reipa), is a centre-left political party in New Zealand.
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PBS
The Public Broadcasting Service (PBS) is an American public broadcaster and television program distributor.
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Perfect competition
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
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Perfect information
In economics, perfect information is a feature of perfect competition.
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Poland
Poland (Polska), officially the Republic of Poland (Rzeczpospolita Polska), is a country located in Central Europe.
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Polish Round Table Agreement
The Polish Round Table Talks took place in Warsaw, Poland from 6 February to 5 April 1989.
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Polish złoty
The złoty (pronounced; sign: zł; code: PLN), which is the masculine form of the Polish adjective 'golden', is the currency of Poland.
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Political economy
Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.
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Popiwek
Popiwek (an acronym of PPWW, short for Podatek od ponadnormatywnych wypłat wynagrodzeń, Super-normative wages tax) was an tax introduced in Poland in 1984.
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Positive feedback
Positive feedback is a process that occurs in a feedback loop in which the effects of a small disturbance on a system include an increase in the magnitude of the perturbation.
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Post-Soviet states
The post-Soviet states, also collectively known as the former Soviet Union (FSU) or former Soviet Republics, are the states that emerged and re-emerged from the Union of Soviet Socialist Republics in its breakup in 1991, with Russia internationally recognised as the successor state to the Soviet Union after the Cold War.
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Prime Minister of Poland
The President of the Council of Ministers (Polish: Prezes Rady Ministrów), colloquially referred to as the Prime Minister of Poland (Polish: Premier Polski), is the leader of the cabinet and the head of government of Poland.
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Privatization
Privatization (also spelled privatisation) is the purchase of all outstanding shares of a publicly traded company by private investors, or the sale of a state-owned enterprise to private investors.
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Reaganomics
Reaganomics (a portmanteau of Reagan and economics attributed to Paul Harvey) refers to the economic policies promoted by U.S. President Ronald Reagan during the 1980s.
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Reichsmark
The Reichsmark (sign: ℛℳ) was the currency in Germany from 1924 until 20 June 1948 in West Germany, where it was replaced with the Deutsche Mark, and until 23 June in East Germany when it was replaced by the East German mark.
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Right to property
The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions.
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Robert Muldoon
Sir Robert David Muldoon (25 September 19215 August 1992), also known as Rob Muldoon, was a New Zealand politician who served as the 31st Prime Minister of New Zealand from 1975 to 1984, as Leader of the National Party.
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Roger Douglas
Sir Roger Owen Douglas (born 5 December 1937) is a retired New Zealand politician who served as a minister in two Labour governments.
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Rogernomics
The term Rogernomics, a portmanteau of "Roger" and "economics", was coined by journalists at the New Zealand Listener by analogy with Reaganomics to describe the neoliberal economic policies followed by Roger Douglas after his appointment in 1984 as Minister of Finance in the Fourth Labour Government of New Zealand.
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Russia
Russia (rɐˈsʲijə), officially the Russian Federation (p), is a country in Eurasia. At, Russia is the largest country in the world by area, covering more than one-eighth of the Earth's inhabited land area, and the ninth most populous, with over 144 million people as of December 2017, excluding Crimea. About 77% of the population live in the western, European part of the country. Russia's capital Moscow is one of the largest cities in the world; other major cities include Saint Petersburg, Novosibirsk, Yekaterinburg and Nizhny Novgorod. Extending across the entirety of Northern Asia and much of Eastern Europe, Russia spans eleven time zones and incorporates a wide range of environments and landforms. From northwest to southeast, Russia shares land borders with Norway, Finland, Estonia, Latvia, Lithuania and Poland (both with Kaliningrad Oblast), Belarus, Ukraine, Georgia, Azerbaijan, Kazakhstan, China, Mongolia and North Korea. It shares maritime borders with Japan by the Sea of Okhotsk and the U.S. state of Alaska across the Bering Strait. The East Slavs emerged as a recognizable group in Europe between the 3rd and 8th centuries AD. Founded and ruled by a Varangian warrior elite and their descendants, the medieval state of Rus arose in the 9th century. In 988 it adopted Orthodox Christianity from the Byzantine Empire, beginning the synthesis of Byzantine and Slavic cultures that defined Russian culture for the next millennium. Rus' ultimately disintegrated into a number of smaller states; most of the Rus' lands were overrun by the Mongol invasion and became tributaries of the nomadic Golden Horde in the 13th century. The Grand Duchy of Moscow gradually reunified the surrounding Russian principalities, achieved independence from the Golden Horde. By the 18th century, the nation had greatly expanded through conquest, annexation, and exploration to become the Russian Empire, which was the third largest empire in history, stretching from Poland on the west to Alaska on the east. Following the Russian Revolution, the Russian Soviet Federative Socialist Republic became the largest and leading constituent of the Union of Soviet Socialist Republics, the world's first constitutionally socialist state. The Soviet Union played a decisive role in the Allied victory in World War II, and emerged as a recognized superpower and rival to the United States during the Cold War. The Soviet era saw some of the most significant technological achievements of the 20th century, including the world's first human-made satellite and the launching of the first humans in space. By the end of 1990, the Soviet Union had the world's second largest economy, largest standing military in the world and the largest stockpile of weapons of mass destruction. Following the dissolution of the Soviet Union in 1991, twelve independent republics emerged from the USSR: Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Armenia, Azerbaijan, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan and the Baltic states regained independence: Estonia, Latvia, Lithuania; the Russian SFSR reconstituted itself as the Russian Federation and is recognized as the continuing legal personality and a successor of the Soviet Union. It is governed as a federal semi-presidential republic. The Russian economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russia's extensive mineral and energy resources are the largest such reserves in the world, making it one of the leading producers of oil and natural gas globally. The country is one of the five recognized nuclear weapons states and possesses the largest stockpile of weapons of mass destruction. Russia is a great power as well as a regional power and has been characterised as a potential superpower. It is a permanent member of the United Nations Security Council and an active global partner of ASEAN, as well as a member of the G20, the Shanghai Cooperation Organisation (SCO), the Council of Europe, the Asia-Pacific Economic Cooperation (APEC), the Organization for Security and Co-operation in Europe (OSCE), and the World Trade Organization (WTO), as well as being the leading member of the Commonwealth of Independent States (CIS), the Collective Security Treaty Organization (CSTO) and one of the five members of the Eurasian Economic Union (EEU), along with Armenia, Belarus, Kazakhstan and Kyrgyzstan.
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Russian oligarch
The Russian oligarchs (see the related term "New Russians") are business oligarchs of the former Soviet republics who rapidly accumulated wealth during the era of Russian privatization in the aftermath of the dissolution of the Soviet Union in the 1990s.
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Salvador Allende
Salvador Guillermo Allende Gossens (26 June 1908 – 11 September 1973) was a Chilean physician and politician, known as the first Marxist to become president of a Latin American country through open elections.
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Sejm
The Sejm of the Republic of Poland (Sejm Rzeczypospolitej Polskiej) is the lower house of the Polish parliament.
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Shock (economics)
In economics, a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively.
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Shortage economy
Shortage economy (gospodarka niedoboru, hiánygazdaság) is a term coined by the Hungarian economist, János Kornai.
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Stanisław Gomułka
Stanisław Gomułka (born 10 September 1940, Krężoły, Świętokrzyskie Voivodeship) is a Polish born economist, from 1970 up to 2005 a reader in Economics at the London School of Economics, a visiting professor or research fellow at several US universities (Pennsylvania, Stanford, Columbia and Harvard), also at Aarhus university, Netherlands Institute for Advanced Studies and the Central European university, in the years 1989-2002 advisor to the Ministry of Finance and National Bank of Poland, from 2013 a member of the Polish Academy of Sciences.
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Supreme Decree 21060
Supreme Decree 21060 (Decreto Supremo 21060, DS 21060, or DS Nº 21060), promulgated by Bolivian President Víctor Paz Estenssoro on 29 August 1985, was a legal instrument that imposed neoliberal economic policies in order to end Bolivia's twin crises of international debt and hyperinflation.
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The Shock Doctrine
The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by the Canadian author and social activist Naomi Klein.
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Time (magazine)
Time is an American weekly news magazine and news website published in New York City.
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Trade barrier
Trade barriers are government-induced restrictions on international trade.
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United States Department of State
The United States Department of State (DOS), often referred to as the State Department, is the United States federal executive department that advises the President and represents the country in international affairs and foreign policy issues.
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University of Chicago
The University of Chicago (UChicago, U of C, or Chicago) is a private, non-profit research university in Chicago, Illinois.
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Víctor Paz Estenssoro
Ángel Víctor Paz Estenssoro (October 2, 1907 – June 7, 2001) was a Bolivian politician who served as President of Bolivia from 1952 to 1956, 1960 to 1964 and 1985 to 1989.
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Velocity of money
Similar chart showing the velocity of a broader measure of money that covers M2 plus large institutional deposits, M3. The US no longer publishes official M3 measures, so the chart only runs through 2005. The term "velocity of money" (also "The velocity of circulation of money") refers to how fast money passes from one holder to the next.
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Victory in Europe Day
Victory in Europe Day, generally known as V-E Day, VE Day or simply V Day, celebrated on May 8, 1945 to mark the formal acceptance by the Allies of World War II of Nazi Germany's unconditional surrender of its armed forces.
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Washington Consensus
The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury.
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West Germany
West Germany is the common English name for the Federal Republic of Germany (FRG; Bundesrepublik Deutschland, BRD) in the period between its creation on 23 May 1949 and German reunification on 3 October 1990.
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Wirtschaftswunder
The term Wirtschaftswunder ("economic miracle"), also known as The Miracle on the Rhine, describes the rapid reconstruction and development of the economies of West Germany and Austria after World War II (adopting an Ordoliberalism-based social market economy).
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Yegor Gaidar
Yegor Timurovich Gaidar (Его́р Тиму́рович Гайда́р;; 19 March 1956 – 16 December 2009) was a Soviet and Russian economist, politician, and author, and was the Acting Prime Minister of Russia from 15 June 1992 to 14 December 1992.
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1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
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References
[1] https://en.wikipedia.org/wiki/Shock_therapy_(economics)
