Glossary

 

adjustment policies: Macroeconomic policies aimed at enabling a country to adapt its structure of production to prevailing world conditions by ending imbalances in its economy and changing its structure. They usually involve cutting governmental expenditures to reduce imbalances in the external accounts (balance of payments) and the domestic budget; expanding the supply of tradeables to improve the balance of trade; and privatizing companies owned by the public sector.

authoritarian: A political system in which the administration of government is centralized. The ruler's personality may play an important role in maintaining the system and advancing the notion and practice of extreme authority as a political virtue. It is characterized ...

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