ECONOMIC  Systems

DICTIONARY

Autocracy – a type of government in which all state power is concentrated in the hands of a single individual;

Public good – represents a commodity that, when provided to one individual, remains available to other people as well, without additional costs; the most important characteristics of this type of good are non-rivalry (the consumption by one individual does not diminish the availability of the good for other potential consumers) and non-excludability (the impossibility of preventing individuals from using it);

Creative destruction– a process specific to capitalism, which, in the view of economist Joseph Schumpeter, signifies the industrial mutations capable of constantly revolutionizing the economic structure from within, "constantly destroying the old while creating a new one";

Deregulation– the process of removing or restricting state regulations;

Globalization – the accelerated increase in interdependencies between countries and regions against the backdrop of intensifying trade, the circulation of capital, ideas, people, and the dissemination of information, knowledge, and technologies;

Social market economy – a type of economic organization supported by a double regulation: the market provides weight, shape, and measures of things, while state economic-financial interventionism ensures support for economic programming;

Hedonism– a conception that considers pleasure to be the supreme good, and the desire to attain it becomes a goal that cannot be separated from human conduct;

Individualism – a defining principle of the market economy, able to demonstrate the supremacy of individual interests over those of groups or collectives; collective interests arise from the harmonization of individual interests;

Innovation– the solution to a technical or organizational problem aimed at improving productivity; novelty, change, transformation;

Monetarism – a set of theories that considers that changes in the money supply in circulation exert a decisive influence on price setting;

Information society – a society in which the foundation is not given by the production of material goods, but by the production of knowledge;

Protectionism– an economic policy designed to restrict trade between countries or regions, through various methods, from establishing a customs regime with high tariffs to applying currency restrictions; theorists who support it argue that it represents a model designed to strengthen the competitive capacity of domestic industries (goods) in relation to foreign ones.

Economic regime – an analytical tool used by theorists of the German historical school, which associates the state as an economic agent and guarantor of social progress, with the explanation of the "real," considering forecasts from the ante-chamber of economic developments and highlighting long-term evolutions in human society

Welfare state – a concept referring to those systems of government in which the state promotes and protects the economic well-being of its population.

Theocracy – a form of government in which the state is led by officials considered to be akin to the messengers of divinity.