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National Debt

Essay by   •  March 26, 2011  •  567 Words (3 Pages)  •  1,311 Views

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National debt- refers to direct liabilities of the United States Government. There are several different concepts of debt that are at various times used to refer to the national debt:

Foreign policy- is a set of political goals that seeks to outline how a particular country will interact with the other countries of the world. Foreign policies generally are designed to help protect a country's national interests, national security, ideological goals, and economic prosperity.

Group of 77 is a loose coalition of developing nations, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. There were 77 founding members of the organization, but the organization has since expanded to 133 member countries

Liberalism Modern political philosophy and movement emphasizing maximum personal freedoms and minimum government controls over society.

Friedrich Hayek was an Austrian economist and political philosopher, noted for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century(father of Libertaism) wrote Road to serfdom

Budget deficit occurs when an entity (often a government) spends more money than it takes in.

Trade deficit- negative balance of trade; consists of importing more than one exports

John Locke- He is equally important as social contract theorist and he developed an alternative to the Hobbesian state of nature and argued a government could only be legitimate if it received the consent of the governed and protected the natural rights of life, liberty, and estate.

Ayn Rand - believed that people must choose their values and actions by reason; that the individual has a right to exist for his or her own sake, neither sacrificing self to others nor others to self; and that no one has the right to take what belongs to others by physical force or fraud, or impose their moral code on others by physical force(wrote "we are living")

Milton Friedman- he minimized the role of government in a free market in order to create political and social freedom, and for his advocacy of laissez-faire capitalism

Security council- is the organ of the United Nations charged with maintaining peace and security among nations. 15 members 9 votes to pass

General Assembly- consists of 191 nations 2/3 are developing countries; the Assembly serves as a forum for members to discuss issues of international law and make decisions on the functioning of the organization.

Treaty agreement- improve by

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