Economics & Economic Systems, KNI-LUC
Economic system, any of the ways in which humankind has arranged for its material provisioning. One would think that there would be a great variety of such systems, corresponding to the many cultural arrangements that have characterized human society.
Economics & Economic Systems Encyclopedia Articles By Title
Knight, Frank Hyneman
Frank Hyneman Knight was an American economist who is considered the main founder of the “Chicago school” of economics.......
Knights of Labor
Knights of Labor (KOL), the first important national labour organization in the United States, founded in 1869.......
Komsomol
Komsomol, in the history of the Soviet Union, organization for young people aged 14 to 28 that was primarily a......
Kondratyev, Nikolay D.
Nikolay D. Kondratyev was a Russian economist and statistician noted among Western economists for his analysis......
Koopmans, Tjalling C.
Tjalling C. Koopmans was a Dutch-born American economist who shared—with Leonid Kantorovich of the Soviet Union—the......
Korean Workers’ Party
Korean Workers’ Party (KWP), North Korean political party that from its foundation (1946) in the early years of......
Košice government
Košice government, pro-Soviet Czechoslovak provisional government that inaugurated far-reaching socialist programs......
Kravchuk, Leonid
Leonid Kravchuk was the president of Ukraine from 1991 to 1994. For 30 years a Communist Party functionary, he......
Kremer, Michael
Michael Kremer is an American economist who, with Abhijit Banerjee and Esther Duflo, was awarded the 2019 Nobel......
Kreps, Juanita Morris
Juanita Morris Kreps was an American economist and public official, best remembered as the first woman to serve......
Kristalina Georgieva
Kristalina Georgieva (born August 13, 1953, Sofia, Bulgaria) is a Bulgarian economist and the leader of the International......
Kronshtadt Rebellion
Kronshtadt Rebellion, (March 1921), one of several major internal uprisings against Soviet rule in Russia after......
Krugman, Paul
Paul Krugman is an American economist and journalist who received the 2008 Nobel Prize for Economics for his work......
Krupskaya, Nadezhda Konstantinovna
Nadezhda Konstantinovna Krupskaya was a revolutionary who became the wife of Vladimir I. Lenin, played a central......
Kun, Béla
Béla Kun was a communist leader and head of the Hungarian Soviet Republic of 1919. The son of a Jewish village......
Kuugongelwa, Saara
Saara Kuugongelwa is a Namibian economist and politician who has been serving as the speaker of the National Assembly......
Kuznets, Simon
Simon Kuznets was a Russian-born American economist and statistician who won the 1971 Nobel Prize for Economics,......
Kydland, Finn E.
Finn E. Kydland is a Norwegian economist, who, with Edward C. Prescott, won the Nobel Prize in Economic Sciences......
Köhler effect
Köhler effect, phenomenon that occurs when a person works harder as a member of a group than when working alone.......
Köhler, Horst
Horst Köhler was a German economist and politician who served as managing director of the International Monetary......
kōlakretai
kōlakretai, Athenian financial administrators of the 6th and 5th centuries bce. Their title (“collectors of legs”)......
Kōtoku Shūsui
Kōtoku Shūsui was a Socialist leader, one of the first proponents of radical political action in Japan. His execution......
K’ung, H.H.
H.H. K’ung was a banker and businessman who was a major figure in the Chinese Nationalist government between 1928......
labor unions in media
Media workers in the United States, Canada, and the United Kingdom have long organized labor unions to improve......
labour
labour, in economics, the general body of wage earners. It is in this sense, for example, that one speaks of “organized......
Labour and Socialist International
Labour and Socialist International (LSI), organization in existence from 1923 until the advent of World War II......
labour economics
labour economics, study of the labour force as an element in the process of production. The labour force comprises......
Labour Party
Labour Party, British political party whose historic links with trade unions have led it to promote an active role......
labour, division of
division of labour, the separation of a work process into a number of tasks, with each task performed by a separate......
labour, hours of
hours of labour, the proportion of a person’s time spent at work. Hours of labour have declined significantly since......
Labour, Liberation of
Liberation of Labour, first Russian Marxist organization, founded in September 1883 in Geneva, by Georgy Valentinovich......
Labriola, Antonio
Antonio Labriola was a philosopher who systematized the study of Marxist socialism in Italy. The first in his nation......
Laffer, Arthur
Arthur Laffer is an American economist who propounded the idea that lowering tax rates could result in higher revenues.......
Lagarde, Christine
Christine Lagarde is a French lawyer and politician who was the first woman to serve as France’s finance minister......
laissez-faire
laissez-faire, policy of minimum governmental interference in the economic affairs of individuals and society.......
land
land, in economics, the natural resource used in production. In classical economics, the three factors of production......
land reform
land reform, a purposive change in the way in which agricultural land is held or owned, the methods of cultivation......
Landrum-Griffin Act
Landrum-Griffin Act, a legislative response to widespread publicity about corruption and autocratic methods in......
Lange, Friedrich Albert
Friedrich Albert Lange was a German philosopher and Socialist, important for his refutation of materialism and......
Lange, Oskar Ryszard
Oskar Ryszard Lange was a Polish-born economist who taught in the United States and Poland and was active in Polish......
Lansbury, George
George Lansbury was a leader of the British Labour Party (1931–35), a Socialist and poor-law reformer who was forced......
Lansky, Meyer
Meyer Lansky was one of the most powerful and richest of U.S. crime syndicate chiefs and bankers. He had major......
Laspeyres index
Laspeyres index, index proposed by German economist Étienne Laspeyres (1834–1913) for measuring current prices......
Lassalle, Ferdinand
Ferdinand Lassalle was a leading spokesman for German socialism, a disciple of Karl Marx (from 1848), and one of......
Latin American Central of Workers
Latin American Central of Workers, (CLAT), regional Christian Democrat trade union federation linked to the World......
Lauderdale, James Maitland, 8th earl of, Baron Lauderdale of Thirlestane
James Maitland, 8th earl of Lauderdale was a Scottish politician and economic writer. Lauderdale was educated at......
Lavrov, Pyotr
Pyotr Lavrov was a Russian Socialist philosopher whose sociological thought provided a theoretical foundation for......
Law, John
John Law was a Scottish monetary reformer and originator of the “Mississippi scheme” for the development of French......
Le Duan
Le Duan was a Vietnamese communist politician. Le Duan was a founding member of the Indochina Communist Party in......
Le Duc Tho
Le Duc Tho was a Vietnamese politician who, acting as an adviser to North Vietnam, negotiated a cease-fire agreement......
Left Communist
Left Communist, in Soviet history, one of a group within the Communist Party which in the first half of 1918 opposed......
Left Party
Left Party, German political party that ruled East Germany as the Socialist Unity Party of Germany (SED) and now......
Lehnert v. Ferris Faculty Association
Lehnert v. Ferris Faculty Association, legal case in which the U.S. Supreme Court, on May 30, 1991, partly upheld......
lend-lease
lend-lease, system by which the United States aided its World War II allies with war materials, such as ammunition,......
Lenin, Vladimir
Vladimir Lenin was the founder of the Russian Communist Party (Bolsheviks), inspirer and leader of the Bolshevik......
Leon Trotsky on Lenin
Leon Trotsky’s essay on Vladimir Lenin is historically significant not because it is trustworthy in its judgments......
Leontief, Wassily
Wassily Leontief was a Russian-born American economist who has been called the father of input-output analysis......
Lerner index
Lerner index, in economics, a measure of the market power of a firm. Formalized by the Russian-British economist......
Lerner, Abba P.
Abba P. Lerner was a Russian-born economist whose contributions included theoretical works on inflation, unemployment,......
Leroux, Pierre
Pierre Leroux was a French pantheistic philosopher, economist, pacifist, government official, and champion of socialism......
Letelier, Orlando
Orlando Letelier was a Chilean lawyer, economist, and diplomat who was closely identified with Chilean president......
leveraged buyout
leveraged buyout (LBO), acquisition strategy whereby a company is purchased by another company using borrowed money......
Levitt, Steven D.
Steven D. Levitt is an American economist whose work has been influential in many social science disciplines, including......
Lewis, John L.
John L. Lewis was an American labour leader who was president of the United Mine Workers of America (1920–60) and......
Lewis, Sir Arthur
Sir Arthur Lewis was a Saint Lucian economist who shared (with Theodore W. Schultz, an American) the 1979 Nobel......
Li Dazhao
Li Dazhao was a cofounder of the Chinese Communist Party and mentor of Mao Zedong. After studying at Tianjin and......
Li Lisan
Li Lisan was a Chinese revolutionary who was one of the early leaders of the Chinese Communist Party (CCP). Li......
liability insurance
liability insurance, insurance against claims of loss or damage for which a policyholder might have to compensate......
Liberal Front Party
Liberal Front Party (PFL), centre-right Brazilian political party that supports free-market policies. Founded in......
Liebknecht, Karl
Karl Liebknecht was a German Social Democrat, who, with Rosa Luxemburg and other radicals, founded the Spartakusbund......
Liebknecht, Wilhelm
Wilhelm Liebknecht was a German socialist, close associate of Karl Marx, and later cofounder of the German Social......
liege
liege, (probably from German ledig, “empty” or “free”), in European feudal society, an unconditional bond between......
life insurance
life insurance, method by which large groups of individuals equalize the burden of financial loss from death by......
likin
likin, special tax paid by merchants and traders in mid-19th-century China. Likin (“a tax of one-thousandth”) was......
limited liability
limited liability, condition under which the losses that owners (shareholders) of a business firm may incur are......
limited liability company (LLC)
A limited liability company (LLC) is a business structure that combines the legal protections of a corporation......
Lin Biao
Lin Biao was a Chinese military leader who, as a field commander of the Red Army, contributed to the communists’......
Lindahl, Erik Robert
Erik Robert Lindahl was a Swedish economist who was one of the members of the Stockholm school of economics that......
Lindet, Jean-Baptiste-Robert
Jean-Baptiste-Robert Lindet was a member of the Committee of Public Safety that ruled Revolutionary France during......
line-staff organization
line-staff organization, in management, approach in which authorities (e.g., managers) establish goals and directives......
liquidation
liquidation, discharge of a debt or the determination by agreement or litigation of the amount of a previously......
liquidity
Liquidity is the ease with which you can convert a non-cash asset (such as a stock, bond, home, collectible, or......
liquidity preference
liquidity preference, in economics, the premium that wealth holders demand for exchanging ready money or bank deposits......
lira
lira, the former monetary unit of Italy and Malta and the currency of modern Turkey. The lira was introduced in......
list of banks
This is a list of banks ordered alphabetically by continent or region and country. (See also accounting; finance;...
list of economists
This is a list of economists, ordered alphabetically by country of birth or residence. (See also...
List of U.S. import tariffs by country
Editor’s note: This article describes the U.S. tariff schedule introduced in July 2025. Those tariffs are no longer......
List, Friedrich
Friedrich List was a German-U.S. economist who believed tariffs on imported goods would stimulate domestic development.......
List, John A.
John A. List is an American economist who made novel contributions to the fields of experimental and behavioral......
Liu Shaoqi
Liu Shaoqi was the chairman of the People’s Republic of China (1959–68) and chief theoretician for the Chinese......
livery company
livery company, any of various craft or trade associations of the City of London, Eng., most of which are descended......
location theory
location theory, in economics and geography, theory concerned with the geographic location of economic activity;......
lockout
lockout, the tactic of withholding employment, typically used by employers to hinder union organization or to gain......
logistics
logistics, in business, the organized movement of materials and, sometimes, people. The term was first associated......
Lohia, Ram Manohar
Ram Manohar Lohia was an Indian politician and activist who was a prominent figure in socialist politics and in......
London Dock Strike
London Dock Strike, (1889), influential strike by workers in the Port of London that won them the famous “dockers’......
Longfield, Mountifort
Mountifort Longfield was an Irish judge, economist, and the first professor of political economy at Trinity College,......
Longo, Luigi
Luigi Longo was an Italian communist leader, who served as general secretary (1964–72) of the Italian Communist......
louis
louis, gold coin circulated in France before the Revolution. The franc (q.v.) and livre were silver coins that......
Lucas, Robert E., Jr.
Robert E. Lucas, Jr. was an American economist who won the 1995 Nobel Prize for Economics for developing and applying......