Partie 4 : Réalités économiques

Chapitre 30 : Economic policies

The economic systems, page 66

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a free-market economy
free trade
a planned economy, a command economy
a state-owned company, a state-controlled company
an underground economy
the informal economy, the grey economy
undeclared work, illicit work
an economic policy
an economic prospect, an economic outlook
to raise economic growth
public spending

Trade, industry and the means of production are controlled by private owners, whose aim is to make profits.

In post-industrial economies the service sector outweighs the industrial sector and the agricultural one.

Globalization, page 66

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the deregulation of trade
a trade agreement
foreign trade
the removal of trade barriers
the balance of trade
the trade surplus
the per capita income
the gross domestic product (GDP)
a downturn, a slump

The consumption of goods and services is affected by globalization. Global flows are creating very high degrees of connectedness among economies.

A few countries avoided the worst of the global economic downturn and bounced back more quickly than some of their neighbours.

Food for thought, page 67

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Full capitalism?
Even the most capitalist nations regulate one way or another. In the U.S., where we can safely say that the vast majority of people are ardent supporters of capitalism, there’s a federal minimum wage, that is, a minimum wage applicable to the whole country. However, some states also set a minimum wage that is higher than the federal one.
The U.S. federal government also imposes safety standards, designed to ensure the safety of employees.
Furthermore, it prohibits sex-based wage differentials between men and women employed in the same establishment who perform jobs requiring equal effort, skill, and responsibility. It could be argued that, contrary to common belief, the role played by governments in the economy tends to increase rather than decrease.