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Star Chamber (H1)<br />Popular name for the UK governmental committee chaired by the Deputy Prime Minister. It considers the public expenditure proposals of the spending ministers with a view to reducing their aggregate to the planning total. The name derives from an English court of justice, abolished in 1640, noted for its arbitrary procedure.
consumer sovereignty (D1, M3)<br />The decisive power of consumers to determine the amount and pattern of production by freely choosing goods and services in accordance with their preferences. Adam SMITH in his rejection of MERCANTIusM turned the goal of economic activity to satisfying the consumer rather than producers. NEOCLASSICAL ECONOMICS built many of its theories on the notion of coNsuMER EQUILIBRIUM. Given the growth of large corporations with huge advertising budgets, GALBRAITH and others have challenged this view of the influence of consumers. Also, the increase in the role of government and the importance of MERIT GOODS have reduced the power of individual consumers in modern economies.<br /><em>See also:</em> countervailing power
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