nostrum

 
Pronunciation: /ˈnɒstrəm/

noun

  • a medicine prepared by an unqualified person, especially one that is not considered effective: a charlatan who sells nostrums
  • a scheme or remedy for bringing about some social or political reform or improvement: right-wing nostrums such as a wage freeze and cutting public spending

Origin:

early 17th century: from Latin, used in the sense '(something) of our own making', neuter of noster 'our'