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feudalism (N4)<br />The hierarchical medieval system of power and production in European countries with the monarch at the top and serfs tied to the land at the bottom. More recently the term has been loosely used to describe private agricultural estates in Latin America and Japanese industrial companies, with varying degrees of justification.<br /> <br /><em>Reference</em><br />Strayer, JR. (1965) Feudalism, New York: Van Nostrand Reinhold.
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debt-led growth (04)<br />Economic development financed by borrowing, usually from foreign countries. This turned out to be a disastrous policy in the 1970s leading to the THIRD WORLD DEBT PROBLEM.
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intermediation (02)<br />The bringing together of lenders and borrowers (savers and investors) by a bank or other financial institution. This activity attempts to reduce market imperfections which have arisen from uneven amounts of information in the market and ECONOMIES oF scALE, provides insurance against risk and responds to the different preferences of lenders and savers for holding a financial asset.<br /><em>See also:</em> disintermediation
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