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Microeconomic Reform
Microeconomic reform (or often just economic reform) comprises policies directed to achieve improvements in economic efficiency, either by eliminating or reducing distortions in individual sectors of the economy or by reforming economy-wide policies such as tax policy and competition policy with an emphasis on economic efficiency, rather than other goals such as equity or employment growth. "Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency. Microeconomic reform in Australia Microeconomic reform dominated Australian economic poli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Efficiency
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: * Allocative or Pareto efficiency: any changes made to assist one person would harm another. * Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also other definitions and measures. All characterizations of economic efficiency are encompassed by the more general engineering concept that a system is efficient or optimal when it maximizes desired outputs (such as utility) given available inputs. Standards of thought There are two main standards of thought on economic efficiency, which respectively emphasize the distortions created by ''government ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against. Protectionism is advocated mainly by parties that hold economic nationalist or left-wing positions, while economically right-wing political parties generally support free trade. There is a consensus among economists that protectionism has a negative effect on economic growth and econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Value
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to the owner of that product to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself being coined by William Thompson in 1824; however, it was not consistently distinguished from the related concepts of surplus labor and surplus product. The concept was subsequently developed and popularized by Karl Marx. Marx's formulation is the standard sense and the primary basis for further developments, though how much of Marx's concept is original and distinct from the Ricardian concept is disputed (see ). Marx's term is the German word "''Mehrwert''", which simply means value added (sales revenue minus the cost of materials used up), and is cognate to English "more worth". It is a major concept in Ka ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deng Xiaoping
Deng Xiaoping (22 August 1904 – 19 February 1997) was a Chinese revolutionary leader, military commander and statesman who served as the paramount leader of the People's Republic of China (PRC) from December 1978 to November 1989. After CCP chairman Mao Zedong's death in 1976, Deng gradually rose to supreme power and led China through a series of far-reaching market-economy reforms earning him the reputation as the "Architect of Modern China". He contributed to China becoming the world's second largest economy by GDP nominal in 2010. Born in the province of Sichuan in the Qing dynasty, Deng studied and worked in France in the 1920s, where he became a follower of Marxism–Leninism and joined the Chinese Communist Party (CCP) in 1924. In early 1926, Deng travelled to Moscow to study Communist doctrines and became a political commissar for the Red Army upon returning to China. In late 1929, Deng led local Red Army uprisings in Guangxi. In 1931, he was demoted within the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communist Party Of China
The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC). Under the leadership of Mao Zedong, the CCP emerged victorious in the Chinese Civil War against the Kuomintang, and, in 1949, Mao proclaimed the establishment of the People's Republic of China. Since then, the CCP has governed China with eight smaller parties within its United Front and has sole control over the People's Liberation Army (PLA). Each successive leader of the CCP has added their own theories to the party's constitution, which outlines the ideological beliefs of the party, collectively referred to as socialism with Chinese characteristics. As of 2022, the CCP has more than 96 million members, making it the second largest political party by party membership in the world after India's Bharatiya Janata Party. The Chinese public generally refers to the CCP as simply "the Party". In 1921, Chen Duxiu and Li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Realpolitik
''Realpolitik'' (; ) refers to enacting or engaging in diplomatic or political policies based primarily on considerations of given circumstances and factors, rather than strictly binding itself to explicit ideological notions or moral and ethical premises. In this respect, it shares aspects of its philosophical approach with those of realism and pragmatism. It is often simply referred to as pragmatism in politics, e.g. "pursuing pragmatic policies" or "realistic policies". While often used as a positive and neutral term, the term ''Realpolitik'' is sometimes also used pejoratively to imply political policies that are perceived as being coercive, amoral, or Machiavellian. Prominent proponents of ''Realpolitik'' during the 20th century include Henry Kissinger, George F. Kennan, Zbigniew Brzezinski, and Hans-Dietrich Genscher, as well as politicians such as Charles De Gaulle and Lee Kuan Yew. Etymology The term ''Realpolitik'' was coined by Ludwig von Rochau, a German writ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Republic Of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. Covering an area of approximately , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions (Hong Kong and Macau). The national capital is Beijing, and the most populous city and financial center is Shanghai. Modern Chinese trace their origins to a cradle of civilization in the fertile basin of the Yellow River in the North China Plain. The semi-legendary Xia dynasty in the 21st century BCE and the well-attested Shang and Zhou dynasties developed a bureaucratic political system to serve hereditary monarchies, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialism With Chinese Characteristics
Socialism with Chinese characteristics ( zh, s=中国特色社会主义, hp=Zhōngguó tèsè shèhuìzhǔyì) is a set of political theories and policies of the Chinese Communist Party (CCP) that are seen by their proponents as representing Marxism–Leninism adapted to Chinese circumstances and specific time periods, consisting of Deng Xiaoping Theory, Three Represents (Jiang Zemin), Scientific Outlook on Development ( Hu Jintao), and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. In this view, Xi Jinping Thought is considered to represent Marxist–Leninist policies suited for China's present condition while Deng Xiaoping Theory was considered relevant for the period when it was formulated. The term entered common usage during the era of Deng Xiaoping and was largely associated with Deng's overall program of adopting elements of market economics as a means to foster growth using foreign direct investment and to increase productivity (especia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Reform
Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits. Tax reform can include reducing the level of taxation of all people by the government, making the tax system more progressive or less progressive, or simplifying the tax system and making the system more understandable or more accountable. Numerous organizations have been set up to reform tax systems worldwide, often with the intent to reform income taxes or value added taxes into something considered more economically liberal. Other reforms propose tax systems that attempt to deal with externalities. Such reforms are sometimes proposed to be revenue-neutral, for example in revenue neutrality of the FairTax, meaning they ought not result in more tax or less being collected. Georgism claims that various forms of land tax can both deal with externalities and improve productivity. Aus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulation
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in government, typically regulation means stipulations of the delegated legislation which is drafted by subject-matter experts to enforce primary legislation; * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Social Regulation in the social, political, psychological, and economic domains can take many forms: legal restr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Airline Deregulation In Australia
An airline is a company that provides air transport services for traveling passengers and freight. Airlines use aircraft to supply these services and may form partnerships or alliances with other airlines for codeshare agreements, in which they both offer and operate the same flight. Generally, airline companies are recognized with an air operating certificate or license issued by a governmental aviation body. Airlines may be scheduled or charter operators. The first airline was the German airship company DELAG, founded on November 16, 1909. The four oldest non-airship airlines that still exist are the Netherlands' KLM (1919), Colombia's Avianca (1919), Australia's Qantas (1920) and the Czech Republic's Czech Airlines (1923). Airline ownership has seen a shift from mostly personal ownership until the 1930s to government-ownership of major airlines from the 1940s to 1980s and back to large-scale privatization following the mid-1980s. Since the 1980s, there has also bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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