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NEW CLASSICAL ECONOMICS: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.
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CENTRAL PLANNING A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for celebrities who speak directly to you through your television.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"If football taught me anything about business, it is that you win the game one play at a time." -- Fran Tarkenton, Football Player
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ADR
American Depositary Receipt, Asset Depreciation Range
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