Economic revision notes

Read more Policy objectives Economic policy is the deliberate attempt to generate increases in economic welfare. Since the late s, when many advanced economies were on the brink of complete collapse, economists have recognised that there is a role for government and monetary authorities in steering a macro-economy towards increased economic welfare. During the late s and early s, Keynes outlined most of the policy ground rules for his, and later, generations of policy makers. The general view before Keynes, including those of the Classical and Neo-Classical economists, was that an economy would move naturally towards maximum economic welfare and full employment when its markets were allowed to operate freely.

Economic revision notes

The Council is also composed of one national minister who represents their national government. Each state also has a right to one European Commissioner each, although in the European Commission they are not supposed to represent their national interest but that of the Community.

In the European Parliamentmembers are allocated a set number seats related to their population, however these since have been directly elected and they sit according to political allegiance, not national origin. Most other institutions, including the European Court of Justicehave some form of national division of its members.

Institutions of the European Union There were three political institutions which held the executive and legislative power of the EEC, plus one judicial institution and a fifth body created in These institutions except for the auditors were created in by the EEC but from onwards they applied to all three Communities.

The Council represents governments, the Parliament represents citizens and the Commission represents the European interest. The Commission then drafts this and presents it to the Council for approval and the Parliament for an opinion in some cases it had a veto, depending upon the legislative procedure in use.

Economic revision notes

The Commission's duty is to ensure it is implemented by dealing with the day-to-day running of the Union and taking others to Court if they fail to comply.

Despite this, Parliament in particular has gained more power over legislation and security of the Commission. The Court was the highest authority in the law, settling legal disputes in the Community, while the Auditors had no power but to investigate.

There was greater difference between these than name: From here on, the term European Communities were used for the institutions for example, from Commission of the European Economic Community to the Commission of the European Communities.

The Council of the European Communities was a body holding legislative and executive powers and was thus the main decision making body of the Community. Its Presidency rotated between the member states every six months and it is related to the European Councilwhich was an informal gathering of national leaders started in on the same basis as the Council.

However the Council met in various forms depending upon the topic. For example, if agriculture was being discussed, the Council would be composed of each national minister for agriculture.

Economic revision notes

They represented their governments and were accountable to their national political systems. Votes were taken either by majority with votes allocated according to population or unanimity. In these various forms they share some legislative and budgetary power of the Parliament.

Commission[ edit ] The Commission of the European Communities was the executive arm of the community, drafting Community lawdealing with the day to running of the Community and upholding the treaties.

It was designed to be independent, representing the Community interest, but was composed of national representatives two from each of the larger states, one from the smaller states. One of its members was the Presidentappointed by the Council, who chaired the body and represented it.

Parliament[ edit ] The European Parliament held its first elections inslowly gaining more influence over Community decision making.

There were a number of Community legislative proceduresat first there was only the consultation procedurewhich meant Parliament had to be consulted, although it was often ignored.

World Economic Outlook (WEO) Update, July A Firming Recovery

The Single European Act gave Parliament more power, with the assent procedure giving it a right to veto proposals and the cooperation procedure giving it equal power with the Council if the Council was not unanimous.

In andthe Budgetary treaties gave Parliament power over the Community budget. The Parliament's members, up-until were national MPs serving part-time in the Parliament. The Treaties of Rome had required elections to be held once the Council had decided on a voting system, but this did not happen and elections were delayed until see European Parliament election, After that, Parliament was elected every five years.

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In the following 20 years, it gradually won co-decision powers with the Council over the adoption of legislation, the right to approve or reject the appointment of the Commission President and the Commission as a whole, and the right to approve or reject international agreements entered into by the Community.

Court[ edit ] The Court of Justice of the European Communities was the highest court of on matters of Community law and was composed of one judge per state with a president elected from among them.

Its role was to ensure that Community law was applied in the same way across all states and to settle legal disputes between institutions or states.The Navigation Acts, or more broadly The Acts of Trade and Navigation were a long series of English laws that developed, promoted, and regulated English ships, shipping, trade, and commerce between other countries and with its own colonies.

The laws also regulated England's fisheries and restricted foreigners' participation in its colonial trade.

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Open Door policy, statement of principles initiated by the United States in and for the protection of equal privileges among countries trading with China and in support of Chinese territorial and administrative urbanagricultureinitiative.com statement was issued in the form of circular notes dispatched by U.S.

Secretary of State John Hay to Great Britain, Germany, France, Italy, Japan, and Russia. Economics revision notes which follow the official IB syllabus: Competitive Markets - Demand. The law of demand, movements along and shifts of demand. Textbooks are extremely long, some are over pages While they might be excellent when you study concepts for the first time, they are hardly useful when you need quick and concise economics revision notes.

GCSE Economics Revision Notes from OxNotes, Free IGCSE & GCSE Revision resource with a simple & helpful layout. JEL Classification Codes Guide. The guide provides JEL Code application guidelines, keywords, and examples of items within each classification.

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