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Lecture

The Economy of Switzerland: The Rise of a Small Economic Power

In courses (2)

HUM-422: Understanding modern Switzerland I

This course provides a general introduction to Swiss history, its culture, its economy and its political system since 1848 until today. ...

HUM-465: Understanding modern Switzerland II

Based on the knowledge acquired during the fall semester course (Understanding modern Switzerland I), students are asked to work by group of 3-4 students and prepare a paper on a topic previously discussed with the teachers. ...

Description

This lecture explores the economic success story of Switzerland, from a low/middle income country to one of the wealthiest nations globally. It covers the diversified economic structure, export orientation, labor market dynamics, and the important role of migrants in the Swiss economy.

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Related concepts (27)

Economic growth

Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.

Export-oriented industrialization

Export-oriented industrialization (EOI), sometimes called export substitution industrialization (ESI), export-led industrialization (ELI), or export-led growth, is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries.

Market economy

A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.

Economic freedom

Economic freedom, or economic liberty, is the ability of people of a society to take economic actions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property under free enterprise. Another approach to economic freedom extends the welfare economics study of individual choice, with greater economic freedom coming from a larger set of possible choices.

Labour economics

Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics must also account for social, cultural and political variables. Labour markets or job markets function through the interaction of workers and employers.

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