Fiscal: meaning, definitions and examples

Etymology

• The word comes from the Latin 'fiscalis', meaning 'of the treasury'.
• In ancient Rome, 'fiscus' referred to the state treasury where public funds were kept.
• The term began to be widely used in English during the 19th century as governments became more involved in finance.

Economics

• Fiscal policy involves government spending and tax policies used to influence the economy.
• Contrasted with monetary policy, which is managed by a country's central bank.
• Countries can adopt expansionary fiscal policies to boost economic growth or contractionary policies to reduce inflation.

Cultural Impact

• Fiscal issues often play a significant role in political campaigns, influencing voter opinions and decisions.
• Many cultures celebrate tax day as a significant deadline, exhibiting the societal importance of fiscal responsibility.
• Art and literature reflect fiscal themes, depicting the struggles of finance through various narratives.

History

• The Great Depression of the 1930s led to a reevaluation of fiscal policies, creating new government roles in economic management.
• Post-World War II, many governments implemented fiscal policies to rebuild their economies, marking a shift in approach to national budgets.
• The concept of fiscal federalism emerged in the mid-20th century, promoting the idea of shared financial responsibilities between different levels of government.

Current Events

• Modern debates around fiscal responsibility often focus on issues like national debt and budget deficits.
• Recent global events, like the COVID-19 pandemic, prompted revisited fiscal strategies to stabilize economies.
• Sustainable fiscal practices are increasingly discussed to ensure long-term financial health amidst environmental concerns.

Positioned at #1,359, this word is part of core intermediate vocabulary. It appears regularly in various contexts and is essential for natural-sounding English.

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