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blocked development (01)<br />Economic DEVELOPMENT deliberately impeded by other more developed countries. It has been asserted that dominant countries of the world have blocked the development of Third World countries, permitting them only 'PERIPHERAL CAPITALISM'.<br /><em>Reference</em><br />Amin, S. (1976) Unequal Development: An Essay on the Social Formations of Peripheral Capitalism, Hassocks: Harvester Press; New York: Monthly Review Press.
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secondary labour market (J4)<br />That part of a national labour market consisting of small firms employing workers at low wages and offering them little training_<br /><em>See also:</em> external labour market; primary labour market
countervailing power (J5, Ll, M3, PO) The power of an opposing group, e.g. of a trade union facing a large firm, or of a consumer facing a monopolist or oligopolist. The best examples of it occur under BILATERAL MONOPOLY. GALBRAITH regarded such power as a means of stabilizing and making fairer the capitalist system.<br /><em>See also:</em> consumer sovereignty <br /><em>Reference</em><br />Galbraith, J.K. (1952) American Capitalism: The Concept of Countervailing Power, London: Hamish Hamilton; Boston: Houghton Mifflin.
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aggregate supply (E2)<br />1 The total output which all the producers of an economy are willing to supply at each price level.<br /> 2 Total output as a function of the amount of labour.
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