Moratorium Meaning: Definition, Examples, and Translations
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moratorium
[məˈrɔːtəˌrɪəm ]
Definition
law, finance
A moratorium is a legally sanctioned period during which a particular activity is temporarily suspended. It is often used to halt financial obligations or to provide a break from certain processes, allowing individuals or entities time to recover or to take measures to address specific issues.
Synonyms
cessation, delay, postponement, suspension.
Examples of usage
- The city enacted a moratorium on new construction permits.
- A moratorium on eviction was established during the pandemic.
- The government declared a moratorium on debt repayments.
- They are calling for a moratorium on fossil fuel exploration.
Translations
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Interesting Facts
Legal Context
- Commonly used in law to describe a temporary suspension of an activity, like a moratorium on evictions during emergencies.
- Governments sometimes impose moratoriums on new developments or projects to reassess regulations and impacts.
- An example is the U.S. moratorium on nuclear testing established in the 1990s to promote arms control.
Environmental Issues
- Moratoriums are often declared on hunting or fishing in certain areas to help recover endangered species.
- In the wake of climate change discussions, some countries have imposed moratoriums to halt drilling or resource extraction to protect ecosystems.
- Such pauses allow for thorough research to find sustainable practices.
Cultural References
- The term has been adopted in various social movements advocating for pauses on specific practices like capital punishment.
- In science fiction and literature, 'moratoriums' can symbolize societal shifts or re-evaluations of moral choices.
- Movies and books sometimes depict the dramatic effects of lifting moratoriums, leading to unintended consequences.
Economics
- In financial contexts, a moratorium can give borrowers temporary relief from payments, especially during crises.
- Historically, moratoriums on debts have been enacted to stabilize economies during downturns or wars.
- Countries have implemented moratoriums during pandemics to prioritize health and well-being over economic pressures.
Origin of 'moratorium'
Main points about word origin
- Derived from the Latin word 'morari,' which means 'to delay' or 'to waste time.'
- First recorded use in English dates back to the late 19th century, primarily in legal contexts.
- In its early usage, it referred to official permission to delay a payment or obligation.
The term 'moratorium' comes from the Latin word 'moratorius', meaning 'delaying' or 'postponing'. The concept has been used in various legal and financial contexts, particularly since the 19th century. Initially, it referred to specific legal measures that allowed for the extension of time for fulfilling obligations. Over time, the application of moratoria expanded to include not only financial considerations but also social and political circumstances. The use of moratoriums has often been associated with humanitarian crises, economic downturns, and legislative actions aimed at providing relief or a temporary pause in contentious or overwhelming situations.