Keynesian: A branch of economics, based, often loosely, on the ideas of KEYNES, characterised by a belief in active government and suspicion of market outcomes.
Kleptocracy: Corrupt, thieving government, in which the politicians and bureaucrats in charge use the powers of the state to feather their own nests.
Laissez-faire: The belief that an economy functions best when there is no interference by government.
Lender of last resort: One of the main functions of a Central Bank. When financially troubled banks need cash and nobody else will lend to them, a central bank may do so, perhaps with strings attached, or even by taking control of the troubled bank, closing it or finding it a new owner. This role of the central bank makes credit creation easier by increasing confidence in the banking system and minimising the risk of a bank run by reassuring depositors that their money is safe.
Liberalisation: A policy of promoting Liberal Economics by limiting the role of government to the things it can do to help the market economy work efficiently.
Libor: Short form of London interbank offered rate, the rate of interest that top- banks charge each other for loans.
Liquidity: How easily an asset can be spent, if so desired. Cash is wholly liquid. The liquidity of other assets is usually less; how much less may be measured by the ease with which they can be exchanged for cash.
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