Countries of the World/COUNTRYS.BIN/dp/0037/00371.txt

Text File | 1991-06-24 | 7KB | 145 lines

$Unique_ID{COW00371}
$Pretitle{370}
$Title{Belgium
Glossary}
$Subtitle{}
$Author{Peter J. Kassander}
$Affiliation{HQ, Department of the Army}
$Subject{countries
international
economic
ibrd
social
belgian
developing
economy
loans
national}
$Date{1984}
$Log{}
Country:     Belgium
Book:        Belgium, A Country Study
Author:      Peter J. Kassander
Affiliation: HQ, Department of the Army
Date:        1984

Glossary

     arrondissement-An administrative division subordinate to a province.

     Belgian franc (BF)-The national currency, consisting of 100 centimes.
Since 1980 the Belgian franc has generally fluctuated downward and was
devalued 8.5 percent in 1982. The number of Belgian francs per US$1 averaged
29.24 in 1980, 37.13 in 1981, 45.69 in 1982, and 51.13 in 1983.

     black work-Remunerated work not reported to the authorities to avoid
income taxes and social security contributions.

     concentration-Institutionalized consultation among public authorities,
employer associations, workers' representatives, and professional
organizations to harmonize conflicting views on national economic planning
and socioeconomic policy, including the terms and conditions of employment.
The Belgian industrial relations system has a dual structure with
institutions at both the national and the industry levels responsible solely
for either economic affairs or social issues.

     corporatist society-A society organized into a limited number of
hierarchical industrial and professional associations (corporations) that are
recognized or licensed (if not created) by the state to serve as the organs
of political representation and to control persons and activities within their
jurisdiction. Corporatism was a particularly strong current in Roman Catholic
social thought in the late nineteenth and early twentieth centuries.

     Estates-Provincial assemblies, dating from the Middle Ages to the
nineteenth century, composed of representatives from the clergy, nobility, and
important economic groups (guild masters in urban areas, landowners in rural
areas). Sometimes used to refer to the component groups within the assemblies.

     feudalism-The hierarchical system of political organization prevailing
in Europe from the ninth to about the fifteenth century that was based on
reciprocal relations between lord, providing protection and land, and vassal,
providing services. The economy associated with feudalism was a premarket and
nonmonetary subsistence agriculture based on the manorial system of large
landholdings owned by the lord and worked by serfs or tenant farmers.

     fiscal year (FY)-Belgium's fiscal year is the same as the calendar year.

     flat-rate indexation system-Temporarily, instituted in Belgium in 1982
and 1983 to replace proportional indexation system (q.v.). The purpose of
this arrangement was to limit indexation to the national minimum wage by only
increasing wages by a fixed amount each time inflation crossed a specified
threshold.

     GDP-Gross domestic product. The total value of all final (consumption and
investment) goods and services produced by an economy in given a period,
usually a year.

     GNP-Gross national product. The GDP (q.v.) plus income from overseas
investments minus earnings of foreign investors in the home economy.

     International Monetary Fund (IMF)-Established along with the World Bank
(q.v.) in 1945, the IMF is a specialized agency affiliated with the United
Nations and is responsible for stabilizing international exchange rates and
payments. The main business of the IMF is the provision of loans to its
members (including industrialized and developing countries) when they
experience balance of payments difficulties. These loans frequently carry
conditions that require substantial internal economic adjustments by the
recipients, most of which are developing countries.

     mixed economy-An economy that contains both private and public
enterprises.

     OECD (Organisation for Economic Co-operation and Development)-Established
in 1961 to replace the Organisation for European Economic Co-operation, the
OECD is an international organization composed of the industrialized market
economy countries (24 full members as of 1984). It seeks to promote economic
and social welfare in member countries as well as in developing countries
by providing a forum in which to formulate and coordinate policies designed
to achieve this end.

     offset agreement-A trade arrangement, mainly used for defense-related
sales, in which the supplier assists in or arranges for the marketing of
goods or services from the buying country. Sometimes a portion of the
supplier's exported product is manufactured by companies in the buying
country.

     oil equivalent tons-A measure that signifies the number of tons of oil
required to produce an equivalent amount of energy.

     parastatal-Partially or fully government-owned private corporation.
Although managed autonomously, parastatal corporations in Belgium generally
conform to government policy, and corporate presidents are appointed by
government ministers.

     pillar (zuil)-A term borrowed from the Netherlands by some Belgian
sociologists and political scientists to refer to the Catholic, Liberal, and
Socialist "spiritual families," "ideological groups," or "worlds" that may
form the basis for social life and organization in Belgium. The pillarized
society is a liberal modification of the corporatist society (q.v.).

     proportional indexation system-Adjustment of wages commensurate with
inflation to preserve purchasing power.

     spiritual family (famille spirituelle-A complex of organizations whose
members share social networks and worldview; also called "pillar" (q.v.).

     value added-Additional value created at a given stage of production
calculated as the difference between the product value at that stage and the
cost of all materials and services purchased as inputs.

     World Bank-Informal name used to designate a group of three affiliated
international institutions: the International Bank for Reconstruction and
Development (IBRD), the International Development Association (IDA), and the
International Finance Corporation (IFC). The IBRD, established in 1945, has
the primary purpose of providing loans to developing countries for
productive projects. The IDA, a legally separate loan fund but administered
by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest
developing countries on much easier terms than those of conventional IBRD
loans. The IFC, founded in 1956, supplements the activities of the IBRD
through loans and assistance designed specifically to encourage the growth
of productive private enterprises in the less developed countries. The
president and certain senior officers of the IBRD hold the same positions in
the IFC. The three institutions are owned by the governments of the countries
that subscribe their capital. To participate in the World Bank group, member
states must first belong to the International Monetary Fund (IMF-q.v.).