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mixed economies
economic systems and decision making
privatization: conversion of state-owned factories and other property to private ownership.
undertaking: entering into an activity
vouchers: certificates that could be used to purchase government-owned property during privatization.
5-year plan: comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry.
Gosplan:central planning authourity for the former Soviet Union that devised and directed 5-year plans.
collectivization: forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
great depression: worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939.
allocation: distribution.
communism:economic and political system in which factors of production are collectively owned and directed by the state; based on theoretically classless society in which everyone works for the common good.
GDP per capita: gross domestic product on a per person basis; can be expressed in current or constant dollars.
undertaking: entering into an activity,
perestroika: fundamental restructuring of the Soviet Economy; policy introduced by Gorbachev.
Great Leap Forward: China's 2nd five-year-plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization.
isolationism: national policy of avoiding international alliances and economic interactions.
nationalization: shift of an economy, or part of an economy, from private ownership to government ownership.
solidarity: independent Polish labor union founded in 1980 by Lech Walesa.
European Union(E.U): successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty
black market: market in which goods and services are sold illegally
keiretsu: independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition.
p
population density: number of people per square mile of land area.