| A | B |
|---|
| GDP per capita | Gross Domestic product on a per person basis (shows standard of living) |
| privatization | The conversion of state owned factories and other property to private ownership. |
| vouchers | Certificates that could be used to purchase government owned property during privatization. |
| Five Year Plan | A comprehensive, centralized economic plan designed to achieve rapid industrialization- was introduced by Joseph Stalin in 1927. |
| The Gosplan | was the central authority that devised the pland and directed overall economic activity. It tried to manage the economy by assigning production quotas to all Soviet industries. |
| collectivization | the forced common ownership of all agricultural and industrial enterprises. |
| perestroika | The restrucuring of the Soviet economy by giving plant managers nore freedom to pursue profits and encouraging small business. |
| The Great Leap Forward | Instituted by Chinese leaders in 1958, this was an attempt o revolutionize industrial and agricultural production almost overnight. This force farmers off their land to live and work on state- owned communal farms. (Collectivization) |
| isolationism | national policy of avoiding international alliances and economic interactions. |
| nationalization | The conversion of private property to government ownership |
| solidarity | the independent Polish Labor Union founded in 1980 by Lech Walesa. |
| European Union | Successor of the European Coal and Steel Community established in 1993 by the Maastricht treaty developing a single market with full economic and political cooperation |
| Black Market | market in which goods and services are sold illegally. |
| capital-intensive | production process requiring large amounts of capital in relation to labor. |
| population density | number of people per square mile of land area. |
| keiretsu | An independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition. A similar agreement in the U.S would be illegal among competing firms under our antitrust laws. |
