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Economic policies affect your GDP, growth, and capital. Some bring bad side effects by design or sheer luck.

Economic Policy Prerequisite Cost Description Effect Image
Humanitarian Aid GDP below $300k $75k Sometimes we all need a little help. Increases growth, no chance of failure, only available if GDP is below $300 million. Increases growth by $1M until +$10M
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Great Leap Forward Central Planning or Mixed Economy $100k + ⌊max(1, 1/($3M growth)⌋ RM The workers must produce more pig iron! Possibly increase economic growth. Possibly backfire and associate your name with mass death for centuries. Not possible in free market economies. 70 65% chance increases growth by $1M and decreases economic system by 1%, 20 30% chance no new growth and decreasing economic system by 1%, 10 5% chance decreases growth by $1M.
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Encourage Foreign Investment Free Market or Mixed Economy. Cannot be East Aligned*bugged $75k + ⌊max(1, 1/($6M growth)⌋ RM Invite rich yankees to exploit your cheap labor and resources. Slight chance of increasing economic growth... but the rest could always be nationalized later. Not available to communist countries. 33 25 60 33% chance increases growth by $1M, investment by $20k the most of $5k and Growth/1000, and economic system by 1%; 34 40 20 34% chance increases investment by $20k the most of $5k and Growth/1000 and economic system by 1%; and 33 35 20 33% chance no new growth.
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Industrialize 1,000 750km2 free (25+50/factory) Mbbl oil + (50+100/factory) Ht RM + $(1/factory+2)M growth + 2 MG/factory Create a worker's paradise one sweatshop at a time. Builds a factory, which permanently increases growth by $1 million a month as long as it is supplied with 1 Mbbl of oil and 1 HTons of raw material. Decreases growth by the most of $2M and $2M with $1M a factory. Increases industry by one factory.
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Green Revolution None $(1000+1500/revolution)k Buy the latest set of GMO seeds from Monsanto. Increases food production per 500km2 by 1 million tons.
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Forced Collectivization Central Planning Reduction in stabilityquality of life, approval Liberate the peasants by burning down their homes, seizing their crops and forcing them into giant barracks! Signficantly decreases approval and stability, has a small chance of increasing agricultural output by 1 million tons per 500km2. Only available to command economies. 15% chance Green Revolution raises by one level, Approval lowers by two levels, Stability lowers by none levels, Quality of Life lowers by two levels on success; 75% chance Approval lowers by two levels, Stability lowers by none levels, and Quality of Life lowers by fourtwo levels on failure; 10% chance Green Revolution lowers by one level, Approval lowers by two levels, Stability lowers by none levels, and Quality of Life lowers by two levels on setback.
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Labor Discipline Dictatorship (2 Mbbl oil + 2 Ht RM)2{times}/factory The random executions will continue until morale improves. Produces one ton of manufactured goods for each factory in your nation, but cost rises in oil and raw materials for each time done in a single turn along with a decline in approval. Cost is less in Asia. Adds 1 t MG/factory and drops approval by one.
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Nationalize Private Investment Foreign investment None Take from the rich yankees what is rightfully yours. Seizure of all foreign investment is added directly to your budget, but alienates the US and moves your nation closer towards the left. Significantly reduces stability. Increase budget by amount of investment, reduces stability significantly, and moves economic system to the left.
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Privatize None None Sell off state assets to the highest bidder. Will add 300k to your budget, move you closer to the free market, and reduce your GDP by $15 million. Significantly reduces stability. Decreases GDP by $15M, adds $300k to budget, decreases stability 15%, and moves economic system to the right.
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IMF Loan None $2M growth A Faustian Bargain. 100k in cold hard cash for a decrease in growth of $2 million. Adds 100k to budget and reduces quality of life slightly. The 100k or remaining of it disappears the next turn.
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Forced Labor Dictatorship $50k + 1 Ht RM When you want something done right, force people at gunpoint. Increases growth, only available to dictatorships. Small chance of strengthening rebels, will also decrease reputation, approval, stability and quality of life somewhat. 90% chance of increasing growth, 10% to increase rebels; decreases reputation, approval, stability, and quality of life somewhat.
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Special Economic Zone Asian nation with Mixed or Command/Planned Economies $100k + 63 Ht RM Designate a region of your country where labor laws, minimum wage, and regulations simply do not apply. Increases your growth according the current global market change. Moves you toward the Free Market. Only available in Asia to Mixed or Command economies. 50% chance increases growth $5M/% and moves your government to the right; 50% chance that you fail and get a decrease in approval one level. Also moves your economic system slightly to the right.
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Smuggle Drugs into the USA Latin American nation None Mota, llello... you got it, the Gringos need it. Will give you a full turn's budget with a minimum of 500k, but a high chance of getting caught. If caught it greatly decreases your reputation and relations with the US. Must be a Latin American nation. Small chance of adding $500k or a full turn's budget, whichever is greater. >50% chance of failure, which decreases reputation and relations with the US significantly (but has no effect on Soviet relations)
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Blood Diamonds African nation None Sell tiny stones with a dark past for a lot of money to De Beers. Reputation and quality of life will drop somewhat but will receive a fourth of a turn's budget with a minimum of 100k. Must be an African nation. Decreases reputation and quality of life somewhat and adds 1/4 of a turn's budget with a minimum of 100k.
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Oil Exploration None $250k, $750k $(1+1/exploration)2 1000k (Ex: If you haven't explored for oil, then $(1+0)2 1000k = $1000k.) Punch a bunch of holes in the ground looking for crude. Will likely discover more oil in the Middle East. Increases discovered oil reserve by 50–500 Mbbls (1000–5000 Mbbl for Middle East).
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Drill New Well Discovered oil reserve, 500 375km2 free $(500+100/well)k, $.67(500+100/well)k Middle East (Ex: If you have 3 oil wells, then $(500+100 3)k = $800k or $(500+100 .67 3)k = $500k. Drill a new well to increase oil production. Increases oil production rate by 1 Mbbl per turn.
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Subsidize Private Well 375km2 free Well cost/4 Foreign Investment Offer a foreign corporation some free money to begin drilling for oil. Increases oil production rate by 1 Mbbl per turn.
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Dig Mine 500 375km2 free $(250350+50/mine)k; Latin America and Africa get a discount on mines (to be calculated and added) Ever play Minecraft? It's kinda like that. Will increase raw material production by one hundred tons a month, but is limited by territory with one mine possible per 500km2. Increases raw material production rate by 1 Ht RM per turn.
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Subsidize Private Mine 375km2 free Mine cost/4 Foreign Investment Offer a foreign corporation some free money to begin mining. Increases raw material production rate by 1 Ht RM per turn.
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Develop Nuclear Reactor 1 t uranium, nonAxis of Evil, $7501000M GDP $5000k, 2050 Research Turn that yellow cake into magical electricity. Gives and extra $1 million growth a turn while operational and allows for the peaceful development of nuclear weapons. High chance of increasing growth by one and adding progress towards a full reactor. 20 successful tries will result in a working reactor, which can convert uranium into nuclear weapons.
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Close Mine Mine Reduces approval Closes down a mine. Reduces approval as unemployment increases.
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Shutdown Well Oil Well Reduces approval Closes down a well. Reduces approval as unemployment increases.
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Shutter Factory Factory None Well that worker's paradise didn't exactly work out. Removes a factory, costs nothing but decreases approval as unemployment increases.
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Italics mark unconfirmed effect.

Are they all worth it?

Depends on how they affect your country. But otherwise, selling or buying oil affects nothing but the strategic oil reserve, which affects your country's growth, so keeping a well-supplied oil reserve is very necessary, especially when the oil price is rather high.

Policies

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