Department of Economics                    Professor V. Treml 
Econ. 266                                  January 1997
                                                            
                         GLOSSARY  

     Each discipline or a specialized body of knowledge tends to
develop its own set of unique terms and concepts which are not
defined or explained in general purpose dictionaries.  In the case
of Soviet/Post-Soviet studies the difficulty is compounded by the
fact that some terms were taken from Russian and are now used in
English ("Ruble," "Troika," "Solidarity," "Perestroyka") and some
are used in specialized transition literature ("shock therapy"). 
     This glossary covers most of such terms and concepts. Some
general economic terms and concepts are also included because they
are relevant for the Soviet and Post-Soviet systems but their exact
meaning and role are somewhat different from the standard usage.
     The glossary was prepared for several courses so do not be
intimidated by its length!  It was prepared to be used in reviewing
the material covered in class.  Before tests and the final
examination we will review terms and concepts which are relevant
for the given course or part(s) of the course.


    Bankruptcy under central planning (socialism)
    Bilateral and multilateral (foreign) trade
    Budgetary deficit
    Capital flight
    Capital markets/Stock and commodity exchanges
    "Cash overhang," excess liquidity
    Command, command-administrative economy  
    Commonwealth of Independent States (CIS)
    Conversion (of military to civilian industrial capacity)
    Convertibility
    Convertible currency
    Coupons as money (republican)
    Direct foreign investment
    Domestic vs "foreign trade" rubles or prices 
    Export dependency ratio
    Foreign assistance
    Foreign exchange auctions
    Import dependency ratio  
    Income distribution (Lorez curve, Gini coefficients)
    Indexing (wages, savings, transfer payments)
    Inter-enterprise debt
    International Monetary Fund (IMF)
    Interest, nominal, real, negative 
    Inter-ethnic conflicts
    Joint ventures
    Land, private ownership
    Mafia (Soviet/Russian/East European varieties)
    Monetary intervention
    Monetarism
    Monopolies in state industries
    National debt (internal)
    Nomenclature/Nomenklatura
    "Nomenclature privatization"
    "Partnership for Peace" (limited NATO membership)
    Prices: market (clearing), equilibrium, marginal)
    Printing of money, money emission
    Private agriculture, private farms
    Privatization
    Privatization, workers' rights under
    Privatization, managers' rights under
    Property rights
    Reintegration into the world economy
    Repatriation of profits
    Restructuring (industrial)
    "Shock therapy" vs gradual changes
    "Second (Shadow, Underground, Parallel) Economy
    Social Safety Net
    Socialism, communism 
    Socialism, market, centrally-planned, real
    Soft and hard budgetary (monetary) constrains
    Special earnings of foreign trade
    Subsidies (state)
    Stabilization (macro) 
    Suppressed inflation
    Taxation by inflation
    Transition
    "Treuhandanstalt" (German privatization administration) 
    Unemployment, recorded, disguised, real
    Value added tax (VAT)
    Vouchers (privatization)
    World Bank