How to build a company where the best ideas win | Ray Dalio

Important Vocabulary Words From The Video

stagflation

Stagflation is a type of economic disorder that was common in the 1970s and 1980s. It was caused by high inflation combined with low economic growth.

  • The economy is beginning to recover from stagflation, which is good news for the people who are struggling with the effects of the disorder.
  • The economy is still struggling with stagflation, which is causing a lot of problems for the people who are still living through it.
heartbroken

When someone is heartbroken, they are very sad and upset. They might feel like they can't breathe, or they might cry all the time.

  • When she heard the news, she was heartbroken and cried for hours.
  • After he lost the game, he was heartbroken and couldn't eat or sleep.
meritocracy

A meritocracy is a system in which people are rewarded based on their skills and abilities. This system is usually opposed to a system in which people are rewarded based on their social status or their wealth.

  • The meritocracy is the system that we use in the United States.
  • The meritocracy is the system that the company is using to choose their new CEO.
autocracy

An autocracy is a government where the ruler is a single person. This person usually has a lot of power and can make decisions without any input from the people.

  • The autocracy is a very bad system, because the ruler is completely unaccountable.
  • The autocracy is the best system, because the ruler is able to make decisions quickly and efficiently.
believability

When something is believable, people believe it. It's believable when the story is plausible and when the characters are believable.

  • The story was not believable because the characters were not believable.
  • The story was not believable because the plot was not plausible.
arrogantly

Arrogantly means with a sense of superiority. Someone who is arrogantly self-righteous is not humble enough to accept other people's opinions.

  • He acted arrogantly, thinking that he was better than everyone else.
  • She acted arrogantly, thinking that she was better than everyone else even though she didn't have any facts to back up her claims.
elevates

When something elevates or raises something else, it makes it higher or more prominent. Elevating your voice or standing up to speak in a meeting elevates your importance.

  • The speech by the president elevated the issue of gun control to the forefront of the political conversation.
  • The article elevates the discussion of race in the US to a new level.
prewired

When someone is prewired, they are born with certain skills or abilities that make them very good at certain things. This can be a good thing or a bad thing, depending on how you use the prewired skills.

  • He is prewired to be a great basketball player, which is why he is so good at it.
  • She is prewired to be a great detective, which is why she is so good at solving crimes.
meritocratic

Meritocratic means based on merit. This means that the people who are chosen to do something based on their skills and abilities, rather than their social status or their connections.

  • The meritocratic principle is the basis of the government.
  • The meritocratic system is based on the idea that everyone has the potential to be successful.