Glossary

Question 1

Economic armistice

Answer 1

Typically in a conflict situation, an armistice is a temp agreement to suspend action; a truce.

Question 2

Cartel

Answer 2

groups of companies in the same industries, which combined together to fix prices and protect profits; cartels reduced competition but allowed more of the profits to be reinvested.

Question 3

Tariff

Answer 3

Tax paid on goods. Purpose was to make foreign goods more expensive than those produced in the country, thereby protecting firms from foreign competition.

Question 4

Compulsory arbitration

Answer 4

Industrial disputes are often settled by arbitration, in which both sides agree to allow an independent, known as the arbitrator, decide on a solution; in WG, arbitration was made compulsory by law.

Question 5

Lockout

Answer 5

an action by an employer to stop workers doing their jobs until they agree to the employer’s term and conditions.

Question 6

Foreclosure

Answer 6

Taking possession of mortgaged property when someone fails to keep up their repayments.

Question 7

Referendum

Answer 7

A popular vote on a single issue in which people are asked to say yes or no to a proposal.