Maastricht:
City in the Southeastern Netherlands, capital of Limburg Province, on the Maas River, near the border with Belgium. The city gained international prominence in December 1991 as the site of a historic summit meeting where leaders of the 12 European Community nations agreed on a treaty to speed their economic and political integration (see European Union). This treaty, officially called the Treaty on European Union, became known as the Maastricht Treaty.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Macroeconomics:
The study of an economy's aggregate factors, such as growth, unemployment, inflation, and government spending. The other side of the economy, the "small picture" of individuals and firms, is called microeconomics..
R.C. Epping, A Beginner's Guide to the World Economy, 3rd ed., New York, 2001..
Market Failure:
A situation in which the market fails to allocate resources efficiently or fairly.
Marshall Plan:
A program of loans and other economic assistance provided by the U.S. government between 1947 and 1952 to help Western European nations rebuild after World War II. Formally known as the European Recovery Program but more commonly referred to as the Marshall Plan, this program provided for more than $13 billion in aid to European countries. Many historians regard the Marshall Plan as a masterstroke of U.S. resistance to communist expansion.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Mixed Economy:
A mixed economy is one where the government does some planning and owns or controls more industries than in a free-market economy. Governments may own key industries such as steel, aviation, and banking, while the individual still plays an important role. Sweden and France are examples of mixed economies.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Monetarism:
A school of thought that focuses on the money supply as a key determinant of the level of economic activity in a nation. Monetarists tend to view state economic actions as likely to disrupt domestic and international affairs. Monetarists tend, therefore, to be closely associated with economic liberals in their dislike of state influences.
D.N. Balaam and M. Veseth, Introduction to International Political Economy, 2nd ed., New Jersey, 2001.
Money Supply:
The total amount of money available in a given economy. The money supply may be measured in various ways, for example, as the total amount of currency in circulation combined with the money available in bank deposits.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Monopoly:
A situation in which one company controls an industry or is the only provider of a product or service.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Mont-Pelerin:
The Swiss spa where, in 1947, Friedrich von Hayek first convened a meeting of some of the world's top economists and other intellectuals. The meeting provided an opportunity for those who attended to discuss socialism, collectivism, and economic philosophy and policy. The ever-growing Mont Pelerin Society, as the group came to be known, continued to meet in different locations for many years to come.
Multinational Corporation:
A large company that operates or has investments in several different countries.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.