The political philosophy that is no philosophy at all. Assumes truth is unknowable, so right and wrong are unknowable; ergo, do whatever appears necessary, no exceptions, no limits. Symbolized by the fasces, fascism is derived from the law of the Roman Empire.

Austrian

Economic bubbles occur when prices in a segment of the economy are bid up artificially high. That is, the prices do not reflect the actual value of the items being traded. The Austrian viewpoint says that bubbles are formed when the new money created by the Federal Reserve pours into a market. This new money bids up the prices, creating the bubble.

An economic and political system in which the guiding principle is liberty, or the individual's rights to his or her life, freedom and property. In most capitalist models, the government's role is limited to national defense and enforcing the two fundamental laws. (See the legal Terms)

A hot spot. An area into which money is flowing in large quantities, and firms are placing plants, equipment, and workers to tap into these flows.

According to Marxists, the final, utopian stage of economic development in which there is no government, and everyone works according to their abilities and is paid according to their needs. True communism has never existed except among small groups such as hippie communes and religious monasteries. The "communism" of the Soviet U [..]

A reduction in the value of a currency due to an increase in the quantity of the currency.

The correction period following an inflation of the money supply. Usually includes a lot of business failures and unemployment as the malinvestment is shaken out.

Nickname for the Federal Reserve System.

The central bank of the U.S. called "the Fed" for short. The Fed's primary purpose is to control interest rates and the supply of money, by controlling tightness and looseness. “Tightening” means restricting the money supply, which drives up interest rates. “Loosening” means expanding the money supply, which causes rates to f [..]