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  1. In economics, a situation in which an
  2. increase in government expenditure, by
  3. generating price rises and thus a
  4. reduction in the real money supply, results
  5. in a fall in private consumption and/or
  6. investment. Crowding out has been used in
  7. recent years as a justification of
  8. privatization of state-owned services and
  9. industries.
  10.