Eco / Pol Vocabulary

In 2009, with global stagnation, is good to know the following vocabs:


Eurodollar – dollar dominated bank accounts and loans managed by banks outside of the United States.

Stagflation – a combination of economic inflation and industrial recession

Deflation – a persistent price decline of goods and services--the inverse to inflation

Rule of Law – it a principle stating that no one is above the law. All citizens are equal before the law, also government is subject to the law.

constitutionalism – is a doctrine that states should be faithful to their constitutions because the rules so provided are all that can protect citizens from arbitrary decisions by powerful people. Countries with strong constitutionalism include; Canada, Australia and the United States. France is an example of a country with weak constitutionalism.

Tariffs – taxes imposed by the government on foreign goods coming into the country.