Moratorium: meaning, definitions and examples
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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.
Interesting Facts
Etymology
- 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.
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.
Translations
Translations of the word "moratorium" in other languages:
🇵🇹 moratório
🇮🇳 निषेधाज्ञा
🇩🇪 Moratorium
🇮🇩 moratorium
🇺🇦 мораторій
🇵🇱 moratorium
🇯🇵 モラトリウム
🇫🇷 moratoire
🇪🇸 moratorio
🇹🇷 moratoryum
🇰🇷 유예
🇸🇦 تجميد
🇨🇿 moratorium
🇸🇰 moratórium
🇨🇳 暂缓
🇸🇮 moratorij
🇮🇸 moratorium
🇰🇿 мораторий
🇬🇪 მორატორიუმი
🇦🇿 moratorium
🇲🇽 moratorio