What is the name of economic system in which transactions between private parties are free from government intervention coined byJacques Claude
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Jacques Claude Marie Vincent de Gournay Jacques Claude Marie Vincent de Gournay (] ; 28 May 1712, Saint-Malo – 27 June 1759, Cádiz) was a French economist and intendant of commerce. He is said by some historians of economics to have coined the phrase "laissez faire, laissez passer". Together with François Quesnay, whose disciple he was, he was a leader of the Physiocratic School.
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Laissez-faire Laissez-faire ( ; ] ; from French: "laissez faire" , 'let do' ) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies. The phrase "laissez-faire" is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".
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International monetary systems International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable buyers and sellers of different nationality, including deferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woods in 1944.
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Coercive monopoly In economics and business ethics, a coercive monopoly is a business concern that is operating in an environment where competitors are being prevented from entering the field, such that the firm is able to raise prices, and make production decisions, without risk of competition arising to draw away their customers. A coercive monopoly is not merely a sole supplier of a particular kind of good or service (a monopoly), but it is a monopoly where there is no opportunity to compete through means such as price competition, technological or product innovation, or marketing; entry into the field is closed. As a coercive monopoly is securely shielded from possibility of competition, it is able to make pricing and production decisions with the assurance that no competition will arise. It is a case of a non-contestable market. A coercive monopoly has very few incentives to keep prices low and may deliberately price gouge consumers by curtailing production. Also, according to economist Murray Rothbard, "a coercive monopolist will tend to perform his service badly and inefficiently."
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Open–closed political spectrum The open–closed political spectrum is an alternative to the standard left–right system, especially used to describe the cleavage in political systems in Europe and North America in the 21st century. In this system, parties and voters are arranged on an axis from open (socially liberal and globalist) to closed (culturally conservative and protectionist). Each side draws from both traditionally left- and right-wing ideas and values: "closed" parties usually hold conventionally right-wing views on social issues but may support the left-wing policies of market intervention and redistribution of wealth, while open parties can hold left-wing or progressive opinions on many issues but be staunchly in favour of the traditionally more rightist policies of free trade. Depending on context, open–closed can be a replacement to left–right or a second axis on a political compass.
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Mechanism design Mechanism design is a field in economics and game theory that takes an engineering approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally. Because it starts at the end of the game, then goes backwards, it is also called reverse game theory. It has broad applications, from economics and politics (markets, auctions, voting procedures) to networked-systems (internet interdomain routing, sponsored search auctions).
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Prior-free mechanism A prior-free mechanism (PFM) is a mechanism in which the designer does not have any information on the agents' valuations, not even that they are random variables from some unknown probability distribution.
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Fiscal imbalance in Canada Fiscal imbalance (French, "déséquilibre fiscal") is the term used in Canada to describe a monetary imbalance between the Canadian federal government and the provincial governments.
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Common good In philosophy, economics, and political science, the common good (also commonwealth, common weal or general welfare) is a term of art, referring to either what is shared and beneficial for all or most members of a given community, or alternatively, what is achieved by citizenship, collective action, and active participation in the realm of politics and public service. The concept of the common good differs significantly among philosophical doctrines. Early conceptions of the common good were set out by Ancient Greek philosophers, including Aristotle and Plato. One understanding of the common good rooted in Aristotle's philosophy remains in common usage today, referring to what one contemporary scholar calls the "good proper to, and attainable only by, the community, yet individually shared by its members." The concept of common good developed through the work of political theorists, moral philosophers, and public economists, including Thomas Aquinas, Niccolò Machiavelli, John Locke, Jean-Jacques Rousseau, James Madison, Adam Smith, Karl Marx, John Stuart Mill, John Rawls, and many other thinkers. In contemporary economic theory, "a" common good is any good which is rivalrous yet non-excludable, while "the" common good, by contrast, arises in the subfield of welfare economics and refers to the outcome of a social welfare function. Such a social welfare function, in turn, would be rooted in a moral theory of the good (such as utilitarianism). Social choice theory aims to understand processes by which the common good may or may not be realized in societies through the study of collective decision rules. And public choice theory applies microeconomic methodology to the study of political science in order to explain how private interests affect political activities and outcomes.
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Physiocracy Physiocracy (from the Greek for "government of nature") is an economic theory developed by a group of 18th century Enlightenment French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy is perhaps the first well-developed theory of economics.
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Economic Secession Economic Secession takes government out of the equation when making economic decisions. John T. Kennedy, one of first people to use the term, explains economic secession as tax avoidance or refusal to follow regulations as a method to reduce government control. Economic secession can involve both legal and illegal tax avoidance such as underground business, black markets and offshore connections. Trading happens through payment in-kind, cash and barter.
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Complete market In economics, a complete market (aka Arrow-Debreu market or complete system of markets) is a market with two conditions:
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Freeganism Freeganism is a practice and ideology of limited participation in the conventional economy and minimal consumption of resources, particularly through recovering wasted goods like food. The word "freegan" is a portmanteau of "free" and "vegan". While vegans might avoid buying animal products as an act of protest against animal exploitation, freegans—at least in theory—avoid buying "anything" as an act of protest against the food system in general.
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Free World Free World is a term for the non-communist countries of the world that originated in the Cold War era. The concept included countries such as the United States, the United Kingdom, Italy, France, Canada, West Germany, Australia, New Zealand and countries belonging to organizations such as the European Union and NATO. More broadly, it was taken to mean all non-communist countries.
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Collective capitalism The theory of Collective Capitalism was advanced by the American economist G. Means in the 1960’s. It was intended to overcome the failings of traditional capitalism, which failed so spectacularly in the 1930s. It rejects the principles put forward by Adam Smith, the notion of the "invisible hand" of market forces being self-correcting is not accepted. Therefore, the theory reflects the process of the capitalist socialization of production, but only in a distorted way. Japan's Collective Capitalism relies on cooperation, but ignores the determining fact that the ownership of the means of production is still private. It cannot be considered Socialist because the means of production does not belong to the individual, but rather, it belongs to the corporation, which ultimately aligns more strongly with traditional Capitalism.
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Société d'économie politique The Société d’Economie Politique (English: Political Economy Society ) is a French learned society concerned with political economy. It was founded in 1842 to provide a forum for discussion of free trade, a subject of violent debate at the time, and has continued to organize discussions on economic and social issues to the present day.
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Nationalization Nationalization, or nationalisation, is the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or assets owned by lower levels of government, such
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Freiwirtschaft Freiwirtschaft (German for "free economy") is an economic idea founded by Silvio Gesell in 1916. He called it "Natürliche Wirtschaftsordnung " (natural economic order). In 1932, a group of Swiss businessmen used his ideas to found the WIR Bank (WIR).
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Ecological model of competition The ecological model of competition is a reassessment of the nature of competition in the economy. Traditional economics models the economy on the principles of physics (force, equilibrium, inertia, momentum, and linear relationships). This can be seen in the economics lexicon: terms like labour force, market equilibrium, capital flows, and price elasticity. This is probably due to historical coincidence. Classical Newtonian physics was the state of the art in science when Adam Smith was formulating the first principles of economics in the 18th century.
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Private finance initiative The private finance initiative (PFI) is a way of creating "public–private partnerships" (PPPs) by funding public infrastructure projects with private capital. Developed initially by the governments of Australia and the United Kingdom, and used extensively there and in Spain, PFI and its variants have now been adopted in many countries as part of the wider programme of privatisation and financialisation, and presented as a means for increasing accountability and efficiency for public spending. PFI has also been used simply to place a great amount of debt "off-balance-sheet".
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Rentier capitalism Rentier capitalism is a Marxist term currently used to describe the belief in economic practices of monopolization of access to any (physical, financial, intellectual, etc.) kind of property, and gaining significant amounts of profit without contribution to society. The origins of the term are unclear; it is often said to be used in Marxism, yet the very combination of words rentier and capitalism was never used by Karl Marx himself.
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Mutual liberty Mutual liberty is an idea first coined by Alexis de Tocqueville in his 1835 work "Democracy in America". In effect, Tocqueville was referring to the general nature of American society during the 19th century. It appeared to him, at least on the surface, that every citizen in the United States had the opportunity to participate in the civic activities of the country. Another way to look at mutual liberty is by accounting for the collective free wills of every rational being in a community. Even though the notion of mutual liberty was introduced by Tocqueville, it was John Stuart Mill who greatly expanded it. Mill believed that the most proper occasion for mutual liberty was in a community governed by the consent of the governed, i.e., a republic. And according to Mill, it is only in a republic where members of all political factions can participate. It has been said that a republic is the form of government that divides people least. This statement pertains greatly to mutual liberty. Unlike positive and negative liberty, mutual liberty encompasses all citizens. It makes no distinction between political preference and social status. Mutual liberty pervades all sectors of society, from the homeless man on the street to the premier of the state. It is the process through which a general sense of morality gets exerted on the widest range of people in any given communal setting.