ECC - Economics: General Information

In economic history, monetary system in which two commodities, usually gold and silver, were used as a standard and coined without limit at a ratio fixed by legislation that also designated both of them as legally acceptable for all payments.

Economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor.

Fundamentally, a system of social organization in which property (especially real property and the means of production) is held in common.

Although the consumption of luxury goods, such as textiles and jewelry, occurred among elites in societies from the earliest times, the spread of consumerism since the eighteenth century is considered a significant development in world history.

Process by which different parts of the globe become interconnected by economic, social, cultural, and political means.

Economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.

General term for the political and economic theory that advocates a system of collective or government ownership and management of the means of production and distribution of goods.

A school of economic thought that emphasizes the importance to a strong economy of policies that remove impediments to supply.

Central bank and note-issuing institution of Great Britain.

(EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market.

(EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland.

Arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another.

An economic and political grouping that was formed (1993) to extend the European Community by adding common foreign and security policies to the single market.

Central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since...

(IMF), specialized agency of the United Nations, established in 1945.

The North American Free Trade Agreement (NAFTA) was ratified in 1994, linking Canada, Mexico, and the United States under a regime of liberalized trilateral commerce that harmonized procedures for defining rules of origin, expedited customs clearance for cross-border trade, and provided for a wide variety of institutional reforms to safeguard environmental interests and the rights of workers.

(OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid.

Organized market for the trading of stocks and bonds (see bond; stock).

Specialized, rules-based, member-driven agency of the United Nations, world trade monitoring body established in January 1995.