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EEC (European Economic Community)
Trade bloc that limited market access for non-European producers.
European Integration
The process by which European nations increasingly unified their economies, legal systems, and political institutions, progressing from the ECSC (1951) and EEC (1957) to the European Union (1993).
Glasnost
Policy of openness that encouraged free discussion and criticism of government actions.
Infrastructure
The fundamental physical and organizational structures, such as transportation, communication, and energy systems, needed for a society’s economy to function effectively.
Marshall Plan
The Marshall Plan (1947) was a US programme that provided economic aid to help rebuild war-torn European countries after World War II.
It aimed to strengthen capitalism, promote political stability, and reduce the appeal of communism in Western Europe.
Neoliberalism
An economic and political philosophy favouring free markets, deregulation, privatisation, and reduced government spending, championed by leaders such as Margaret Thatcher and Ronald Reagan from the late 1970s.
Nordic Model
A socio-economic system found in Scandinavian countries (Sweden, Norway, Denmark, Finland) combining free-market capitalism with comprehensive welfare provisions, strong trade unions, and high levels of social equality.
Ostpolitik
Literally 'Eastern Policy,' this was West German Chancellor Willy Brandt's diplomatic strategy of normalising relations with East Germany, Poland, and the Soviet Union during the early 1970s.
Stagflation
An economic condition combining stagnant growth, high unemployment, and high inflation, which afflicted Western economies during the 1970s, particularly after the oil crises of 1973 and 1979.
Welfare state
a system where the government supports citizens in need
Wirtschaftswunder
The 'economic miracle' of West Germany in the 1950s and 1960s, characterised by rapid industrial growth, rising living standards, and near-full employment under the leadership of Economics Minister Ludwig Erhard.