Local and National Policies

Definition

Local and national policies refer to the rules, regulations, laws, and strategies implemented by governments at different levels (local or national) to shape economic activities within a country. These policies can include fiscal measures (taxes), monetary measures (interest rates), trade policies, investment incentives, etc.

Related terms

Economic Planning: The process by which governments set specific goals for economic development and create strategies or plans to achieve those goals.

Market-oriented Policies: Policies that emphasize free-market principles such as competition, deregulation, privatization, and minimal government intervention in the economy.

Protectionism: The use of trade barriers (tariffs, quotas) to protect domestic industries from foreign competition and promote local economic development.