The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market the Federal Republic of Yugoslavia, and a Greek economic embargo hindered economic growth until 1996.
World War I reparations were war reparations imposed during the Paris Peace Conference upon the Central Powers following their defeat in the First World War by the Allied and Associate Powers. Each of the defeated powers were required to make payments in either cash or kind. Because of the financial situation Austria, Hungary, and Turkey found themselves in after the war, few to no reparations were paid and the requirements for reparations were cancelled. Bulgaria, having paid only a fraction of what was required, saw its reparation figure reduced and then cancelled. Historians have recognized the German requirement to pay reparations as the "chief battleground of the post-war era" and "the focus of the power struggle between France and Germany over whether the Versailles Treaty was to be enforced or revised".
The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. The US Congress displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe. That, in turn, bought more US goods. However, five years after the passage of the tariff, American trading partners had raised their own tariffs by a significant degree. France raised its tariffs on automobiles from 45% to 100%, Spain raised its tariffs on American goods by 40%, and Germany and Italy raised their tariffs on wheat. According to the American Farm Bureau, farmers lost more than $300 million annually as a result of the tariff.
The Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund are trust funds that provide for payment of Social Security benefits administered by the United States Social Security Administration.
The national debt of the United States is the total debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. A deficit year increases the debt, while a surplus year decreases the debt as more money is received than spent.
The Dawes Plan was a plan in 1924 that successfully resolved the issue of World War I reparations that Germany had to pay. It ended a crisis in European diplomacy following World War I and the Treaty of Versailles.
The Young Plan was a program for settling Germany's World War I reparations written in August 1929 and formally adopted in 1930. It was presented by the committee headed (1929–30) by American industrialist Owen D. Young, creator and ex-first chairman of the Radio Corporation of America (RCA), who, at the time, concurrently served on the board of trustees of the Rockefeller Foundation, and also had been one of the representatives involved in a previous war-reparations restructuring arrangement—the Dawes Plan of 1924. The Inter-Allied Reparations Commission established the German reparation sum at a theoretical total of 132 billion, but a practical total of 50 billion gold marks. After the Dawes Plan was put into operation in 1924, it became apparent that Germany would not willingly meet the annual payments over an indefinite period of time. The Young Plan reduced further payments by about 20 percent. Although the theoretical total was 112 billion Gold Marks, equivalent to US ca. $27 billion in 1929 over a period of 58 years, which would end in 1988, few expected the plan to last for much more than a decade. In addition, the Young Plan divided the annual payment, set at two billion Gold Marks, US$473 million, into two components: one unconditional part, equal to one third of the sum, and a postponable part, equal to the remaining two-thirds, which would incur interest and be financed by a consortium of American investment banks coordinated by J.P. Morgan & Co.
Government debt, also known as public interest, public debt, national debt and sovereign debt, contrasts to the annual government budget deficit, which is a flow variable that equals the difference between government receipts and spending in a single year. The debt is a stock variable, measured at a specific point in time, and it is the accumulation of all prior deficits.
The 67th United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from March 4, 1921, to March 4, 1923, during the first two years of Warren Harding's presidency. The apportionment of seats in the House of Representatives was based on the Thirteenth Census of the United States in 1910. Both chambers had a Republican majority.
PAYGO is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed.
The Latin American debt crisis was a financial crisis that originated in the early 1980s, often known as La Década Perdida, when Latin American countries reached a point where their foreign debt exceeded their earning power, and they were not able to repay it.
The United States federal budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049.
The economic history of the Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy:
- 1923–1929, when development policy emphasised private accumulation;
- 1929–1945 when development policy emphasised state accumulation in a period of global crises;
- 1950–1980, a period of state guided industrialisation based on import substituting protectionism;
- 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions.
The Tax Increase Prevention and Reconciliation Act of 2005 is an American law, which was enacted on May 17, 2006.
Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923, primarily in 1923. It caused considerable internal political instability in the country, the occupation of the Ruhr by France and Belgium as well as misery for the general populace.
The Canadian government debt, commonly called the "public debt" or the "national debt", is the amount of money owed by the Government of Canada to holders of Canadian Treasury security. According to data from Statistics Canada, net debt as of March 2019 was approximately CAD$768 billion. With a total GDP of approximately CAD$2.2 trillion, Canada's overall net-debt/GDP ratio is about 34%. "Gross debt" is the national debt plus intragovernmental debt obligations or debt held by trust funds and without deduction of assets, the gross debt of the federal government amounted to CAD$1,182 billion in March 2019.
The De la Huerta–Lamont Treaty was a treaty signed in 1922 between Mexico and the International Committee of Bankers on Mexico (ICBM) on Mexico's substantial debts after the Mexican Revolution.
The United States debt-ceiling crisis of 2011 was a stage in the ongoing political debate in the United States Congress about the appropriate level of government spending and its effect on the national debt and deficit. The debate centered around the raising of the debt ceiling, which is normally raised without debate. The crisis led to the passage of the Budget Control Act of 2011.
The history of United States debt ceiling deals with movements in the United States debt ceiling since it was created in 1917. Management of the United States public debt is an important part of the macroeconomics of the United States economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system. The debt ceiling is also a limitation on the federal government's ability to finance government operations, and the failure of Congress to authorise an increase in the debt ceiling has resulted in crises, especially in recent years. The debt ceiling has been suspended since October 30, 2015.
The Temporary Debt Limit Extension Act is a bill that would suspend the United States debt ceiling until March 15, 2015. There would be no statutory limit on the amount of money the government is allowed to borrow between now and then. The current cap on borrowing is $17.2 trillion.
P.L. 67-139; 42 Stat.363, February 9, 1922 – Established the Commission; five members P.L. 67-445, 42 Stat. 1325, February 28, 1923 – Increased membership to eight P.L. 67-327; 43 Stat. 763, January 21, 1925 – Extended life of Commission for two more years
