Vocabulary and (possibly) unfamiliar terms. "..." for a page number means
that the term occurs in many places throughout the book.
| Pg |
Term |
Description |
| xx |
scrum |
Rugby term; a disorganized mass of people fighting and
pushing to get at the ball (rugby) or clerk (in a store) |
| xxiii |
tosh |
Nonsense, b.s. |
| xxiv |
queues |
Lines, as at the ticket line |
| ... |
Fiscal Vs Monetary policy |
Besides for direct programs, there are two ways that the
government can affect the economy. Fiscal policy is the general balance
of government revenues and spending. If spending is higher than revenues, the government
borrows, competing with private borrowers (corporate and individual), driving up interest
rates and reducing private spending and investment. If revenues are higher, the government
is forcing the economy, but citizens do not appreciate paying more taxes. Monetary
policy, which is what the Federal Exchange controls, refers to government
influence on the amount of money available for borrowing. This control arises from
government control over "behind the scenes" borrowing between banks and other
major lenders. By increasing these "behind the scenes" interest rates, the
government can enourage or discourage borrowing, both for consumption and for investment.
Lower-cost borrowing encourages economic growth. |
| 9 |
the dismal science |
A common nickname for economics, because it often seems to
bring bad news |
| 10 |
laissez-faire |
The theory that government should not interfere at all in the
market, from the French phrase for "let act." |
| 11 |
autarky |
Self-sufficiency, especially in an economic senese. By
extension, a government run on such pricniples. |
| 11 |
immiseration |
From the context, making miserable |
| 12 |
Hobbes, Locke |
For Hobbes, see reference to pg 297 below. "Two
Treatises of Civil Government [published in 1690] by English philosopher John Locke,
57, present a theory of limited monarchy, a social contract that will greatly influence
the future course of monarchical government: “The liberty of man in society is to be
under no other legislative power but that established by consent in the commonwealth, nor
under the domination of any will, or restraint of any law, but what that legislative shall
enact according to the trust put in it.”
The People's Chronology is licensed from Henry Holt and Company, Inc. Copyright © 1992 by
James Trager. All rights reserved. |
| 18 |
dirigiste |
Believing that government should exercise control over its
citizens. |
| 20 |
Trabant |
The famed and ubiquitous communist auto produced in East
Germany. Cheap, unreliable and out-of-date, it nevertheless was the only car most people
could afford. Known by the cloud of oil smoke attached to it. |
| 22 |
entrepôt |
A center for import and export |
| 31 |
Pimms |
An English beverage, perhaps a vermouth. Meant to imply
elegance and sophistication. |
| 32 |
sans-culottes |
A historical reference to the French revolution, when the
king's forces generally wore short trowser legs (culottes) and the revolutionaries wore
long pants (sans-culottes). Hence, a wild-eyed revolutionary. |
| 34 |
anodyne |
A pain-killer, such as aspirin |
| 41 |
technodeterminists |
Those believing that technology dominates other areas of
societ. |
| 46 |
chaebol |
Korean; a conglomerate, or organization of businesses |
| 57 |
short |
Describes borrowing money to buy a security (stock, bond,
etc.) that one anticipates selling at a profit, and using the profit to pay off the loan.
Obviously, if the stock price falls, the one that borrowed to buy it has serious financial
problems. |
| 60 |
École de la Bourse |
Bourse (pronounced boorse) is a stock exchange, especially in
Europe. Thus, a school about investing. |
| 70 |
polymath |
Someone expert in many fields |
| 171 |
curia |
The papal court or government; by extension any bimpenetrable
beaurocracy |
| 178 |
transparent |
The quality of reality matching appearances; investors, and
especially small investors without large research departments behind them, do not like
thinking that something is going on in secret that might in any way influence the value of
their investments. |
| 254 |
unofficial ownership |
In slums in particular, there is unofficial ownership of
houses and land based on occupancy and usage. Such ownership, just as western law-based
ownership can be transmitted through marriage, inheritance and sales, and can serve as the
basis for investments and loans. |
| 289 |
OECD countries |
Members of the UN organization, the Organization for Economic
Cooperation and Development. The members are Australia, Canada, France, Germany, Japan,
the United Kingdom, and the U.S. Members pledge to work to promote economic growth, aid
developing nations, and expand world trade. The headquarters are in Paris.
The Concise Columbia Encyclopedia is licensed from Columbia University Press. Copyright ©
1991 by Columbia University Press. All rights reserved. |
| 297 |
Hobbes / Leviathan |
In 1651, the Englishman Thomas Hobbes wrote Leviathan,
which outlined a view that human beings are, at their core, selfish beings; that a people
in order to survive "must surrender their individual rights and submit to an absolute
sovereign whose duty is to protect them from outside enemies much as a feudal lord
protected his vassals."
The People's Chronology is licensed from Henry Holt and Company, Inc. Copyright © 1992 by
James Trager. All rights reserved. |
| 315 - 317 |
GEC, DAX, FTSE 100, CAC 40 |
I believe that these are foreign stock exchanges and stock
exchange indices, |
| 316 |
elide |
omit |
| 332 |
schadenfreude |
(Geman) - the malicious enjoyment of another's misfortunes. |
| 338 |
guanxi |
"The basis of guanxi is built on the Confucian culture.
Confucics stress on li (social propriety), the outward expression of the superior man and
ren (humaneness), the inner ideal. Li sets the accepted values and norms of behaviour in
primary social institutions and basic human relationships. Ren, sometimes translated love
or kindness, is not any one virtue, but the source of all virtues. The Chinese character
literally represents the relationship between "two persons," or co-humanity.
With an upbringing that instill li and ren, overseas Chinese (Chinese as a whole) can be
seen as a relational being rather than an individualist."
Source: http://www.fba.nus.edu.sg/student/bk3400/t1-9899-consolidated/overseas-chinese/guanxi.htmA
system of business built upon human relationships. |
| 342 |
corn laws |
"Parliament reenacts the Corn Law of 1436 and enacts
other statutes to encourage farming in England. The Corn Law regulates export and import
of grain according to prices, other laws forbid the enlargement of farms and place
restrictions on storing, buying, and selling grain, but none of the measures relieves
England’s food shortages or lowers food prices."
The People's Chronology is licensed from Henry Holt and Company, Inc. Copyright © 1992 by
James Trager. All rights reserved. |
Times'
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