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Socialist economics The abject misery, poverty and disease to which laboring classes seemed destined was the inspiration for a series of schools of thought which argued that life under a class of masters or "capitalists", as they were then becoming to be called, would consist of working classes being driven down to sub...
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Socialist economics This, and the possibility of a "general glut", an over accumulation of capital to produce goods for sale rather than for use, became the foundation of a rising critique of the concept that free markets with competition would be sufficient to prevent disastrous downturns in the economy, and whether t...
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Socialist economics Saint-Simon advocated a society in which each person was ranked according to his or her capacities and rewarded according to his or her work. This was accompanied by a desire to implement a rationally organized economy based on planning and geared towards large-scale scientific and material progress...
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Socialist economics In one direction went those who rejected the capitalist system as fundamentally anti-social, arguing that it could never be harnessed to effectively realize the fullest development of human potentialities wherein "the free development of each is the condition for the free development of all". Marx's...
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Socialist economics Mutualism is based on a labor theory of value that holds that when labor or its product is sold, in exchange, it ought to receive goods or services embodying "the amount of labor necessary to produce an article of exactly similar and equal utility". Receiving anything less would be considered exploi...
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Socialist economics Unlike mutualism, collectivist anarchism and Marxism, anarcho-communism as defended by Peter Kropotkin and Errico Malatesta rejected the labor theory of value altogether, instead advocating a gift economy and to base distribution on need. As a coherent, modern economic-political philosophy, anarcho-...
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Socialist economics Non-revolutionary socialists were inspired by the writings of John Stuart Mill, and later John Maynard Keynes and the Keynesians, who provided theoretical justification for state involvement in existing market economies. According to the Keynesians, if business cycles could be smoothed out by nation...
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Socialist economics It is a world-economy and it is by definition capitalist in form. Socialism involves the creation of a new kind of world-system, neither a redistributive world-empire nor a capitalist world-economy but a socialist world-government. I don't see this projection as being in the least utopian but I also...
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Socialist economics With the natural and technical resources of the world held in common and controlled democratically, the sole object of production would be to meet human needs." Goods and services would be produced for their usefulness, or for their use-value, eliminating the need for market-induced needs to ensure ...
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Socialist economics A socialist form of organization would eliminate controlling hierarchies so that only a hierarchy based on technical knowledge in the workplace remains. Every member would have decision-making power in the firm and would be able to participate in establishing its overall policy objectives. The polic...
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Socialist economics In the case of the Soviet Union and its satellites, it was the State which controlled and managed almost all of the economy as a big huge enterprise. Furthermore, the products that were manufactured in Soviet-type economies were produced directly for use, given the fact that all of them were sold to...
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Socialist economics Various advocates of economic planning have been staunch critics of command economies and centralized planning. For example, Leon Trotsky believed that central planners, regardless of their intellectual capacity, operated without the input and participation of the millions of people who participate ...
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Socialist economics Socialists generally aim to achieve greater equality in decision-making and economic affairs, grant workers greater control of the means of production and their workplace, and to eliminate exploitation by directing the surplus value to employees. Free access to the means of subsistence is a requisit...
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Socialist economics Other socialist theories, such as mutualism and market socialism, attempt to apply the labor theory of value to socialism, so that the price of a good or service is adjusted to equal the amount of labor time expended in its production. The labor-time expended by each worker would correspond to labor...
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Socialist economics In Schweickart's model, enterprises and natural resources are owned by society in the form of public banking, and management is elected by the workers within each firm. Profits would be distributed among the workers of the respective enterprise. The Lange–Lerner model involves public ownership of th...
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Socialist economics This model was developed most extensively by the Yugoslav economists Branko Horvat, Jaroslav Vanek and the American economist Benjamin Ward. Worker self-directed enterprise is a recent proposal advocated by the American Marxian economist Richard D. Wolff. This model shares many similarities with the...
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Socialist economics Yunker posits that social ownership can be achieved by having a public body, designated the Bureau of Public Ownership (BPO), owning the shares of publicly listed firms without affecting market-based allocation of capital inputs. Yunker termed this model pragmatic market socialism because it does no...
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Socialist economics The "networked information age" has enabled the development and emergence of new forms of organizing the production of value in non-market arrangements that have been termed commons-based peer production along with the negation of ownership and the concept of property in the development of software ...
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Socialist economics In a centrally planned economy, decisions regarding the quantity of goods and services to be produced are planned in advance by a planning agency. In the early years of Soviet central planning, the planning process was based upon a selected number of physical flows with inputs mobilized to meet expl...
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Socialist economics However, workers were still effectively paid a wage for their labour. Some believe that according to Marxist theory this should have been a step towards a genuine workers' state. However, some Marxists consider this a misunderstanding of Marx's views of historical materialism and his views of the pr...
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Socialist economics According to the communist party, the stated purpose of planning was to enable the people through the party and state institutions to undertake activities that would have been frustrated by a market economy, including the rapid expansion of universal education and health care, urban development with...
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Socialist economics Various scholars and political economists have criticized the claim that the centrally planned economy and specifically the Soviet model of economic development constitutes a form of socialism. They argue that the Soviet economy was structured upon the accumulation of capital and the extraction of s...
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Socialist economics Prices were built up from the average cost of inputs, including wages, taxes, interest on stocks and working capital as well as allowances to cover the recoupment of investment and for depreciation, so there was no profit margin in the price charged to customers. Wages did not reflect the purchase p...
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Socialist economics Enterprise managers and workers received only the wages and bonuses related to the production targets that had been set by the planning authorities. Outside of the cooperative sector which enjoyed greater economic freedoms and whose profits were shared among all members of the cooperative, there was...
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Socialist economics For example, the preamble to the Socialist Republic of Vietnam's constitution states that Vietnam only entered a transition stage between capitalism and socialism after the country was re-unified under the Communist party in 1976, and the 1992 Constitution of the Republic of Cuba states that the rol...
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Socialist economics The next stage of developed socialism would not be reached until "the economic integration of the socialist states becomes a major factor of their economic progress" and social relations had been reconstructed on "collectivist principles". Communist writers accepted that during these earlier stages ...
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Socialist economics At its height in the mid-1980s, the world socialist system could be said to comprise the following countries with a "socialist orientation", though not all were allies of the Soviet Union: Afghanistan, Albania, Angola, Bulgaria, Cambodia, China, Cuba, Czechoslovakia, Eastern Germany, Ethiopia, Hunga...
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Socialist economics In 1961 Nikita Khrushchev, the Soviet leader, put forward proposals for establishing an integrated, centrally planned socialist commonwealth in which each geographic region would specialize production in line with its set of natural and human resources. The resulting document, the "Basic Principles ...
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Socialist economics Manufactures tended to be soft goods and their prices were negotiable and often adjusted to make bilateral payment flows balance. Other countries with privileged affiliation with the CMEA were Algeria, Benin, Burma, Congo, Finland, Madagascar, Mali, Mexico, Nigeria, Seychelles, Syria, Tanzania and Z...
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Socialist economics For tertiary education, the CEE/CIS had 2,600 university students per 100,000 population, while in the OECD the comparable figure was 3,550 students. Overall enrolment at primary, secondary and tertiary levels was 75 percent in the CEE/CIS region and 82 percent in the OECD countries. On housing the ...
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Socialist economics Compulsory unemployment insurance schemes operated in Bulgaria, Eastern Germany and Hungary but the numbers claiming support as a result of losing their job through no fault of their own numbered a few hundred a year. By 1988, GDP per person, measured at purchasing power parity in US dollars, was $7...
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Socialist economics Embargoes on high technology exports organized through the US-supported CoCom arrangement hampered technology transfer. Enterprise managers also ignored inducements to introduce labour-saving measures as they wished to retain a reserve of personnel to be available to meet their production target by ...
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Socialist economics As the supply of consumer goods failed to match rising incomes (because workers still received their pay even if they were not fully productive), household savings accumulated, indicating, in the official terminology, "postponed demand". Western economists called this "monetary overhang" or "repress...
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Socialist economics As each member state was reluctant to give up national self-sufficiency the CMEA’s efforts to encourage specialization was thwarted. There were very few joint ventures and therefore little intra-enterprise technology transfer and trade, which in the capitalist world was often undertaken by trans-nat...
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Socialist economics The transformation from socialism to capitalism involved a political shift: from a people’s democracy (see People's Republic and Communist state) with a constitutionally entrenched "leading role" for the communist and workers’ parties in society to a liberal representative democracy with a separatio...
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Socialist economics Results were less than expected, (e.g., there were food shortages and mass starvation) and the program was abandoned after three years. In the common program set up by the Chinese People's Political Consultative Conference in 1949, in effect the country’s interim constitution, state capitalism meant...
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Socialist economics The free-market is the arbitrator for most economic activity, which is left to the management of both state and private firms. A significant amount of privately owned firms exist, especially in the consumer service sector. The state sector is concentrated in the commanding heights of the economy wit...
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Socialist economics Proponents of this model distinguish themselves from market socialists who believe that economic planning is unattainable, undesirable or ineffective at distributing goods, viewing the market as the solution rather than a temporary phase in development of a socialist planned economy. The Republic of...
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Socialist economics They are regarded as social democratic and reformist socialist experiments because they universally retained a wage-based economy and private ownership and control of the decisive means of production. Nevertheless, these western European countries tried to restructure their economies away from a pur...
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Socialist economics Like other countries with a democratic transition to a mixed economy, it did not abolish private property in capital. India proceeded by nationalizing various large privately run firms, creating state-owned enterprises and redistributing income through progressive taxation in a manner similar to soc...
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Socialist economics Singapore's economy is dominated by state-owned enterprises and government-linked companies through Temasek Holdings, which generate 60% of Singapore's GDP. Temasek Holdings operates like any other company in a market economy. Managers of the holding are rewarded according to profits with the explic...
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Socialist economics Private property in the means of production was abolished so that individuals and co-operative associations of producers owned productive property and introduced democratic measures where elected officials received no more in compensation than the average worker and could be recalled at any time. An...
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Socialist economics Michel Bauwens identifies the emergence of the open software movement and peer-to-peer production as an emergent alternative mode of production to the capitalist economy that is based on collaborative self-management, common ownership of resources, and the (direct) production of use-values through t...
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Socialist economics The Mondragon Corporation, a federation of cooperatives in the Basque region of Spain, organizes itself as an employee-owned, employee-managed enterprise. Similar styles of decentralized management, which embrace cooperation and collaboration in place of traditional hierarchical management structure...
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Socialist economics The events known as the Spanish Revolution was a workers' social revolution that began during the outbreak of the Spanish Civil War in 1936 and resulted in the widespread implementation of anarchist and more broadly libertarian socialist organizational principles throughout various portions of the c...
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Socialist economics Market economists generally criticize socialism for eliminating the free market and its price signals which they consider necessary for rational economic calculation. They also consider that it causes a lack of incentive and believe that these problems lead to a slower rate of technological advance ...
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European Finance Association The is a professional association of financial economists. The association was founded in 1974 and hosts an annual meeting in August. The 40th annual meeting of the EFA will be held in Cambridge, UK. The flagship journal of the is the "Review of Finance". The current editor of the Review of...
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Genoeconomics is a field of protoscience that combines molecular genetics and economics. is based on the idea that a person's financial behavior could be traced to their DNA and that genes are related to economic behavior. As of 2015, the results have been inconclusive. Some minor correlations have been identified. "Na...
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Galor–Zeira model The Galor-Zeira model is the first macroeconomic model to explore the role of heterogeneity in the determination of macroeconomic behavior. In contrast to the representative agent approach that dominated the field of macroeconomics till the early 1990s and argued that heterogeneity has no impact on ma...
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Galor–Zeira model In contrast to the classical paradigm, which underlined the positive implications of inequality for capital formation and economic growth, Galor and Zeira’s hypothesis suggests that inequality has an adverse effect on human capital formation and economic development, in all but the very poor economies...
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Galor–Zeira model In line with the predictions of the model, they find that at the 25th percentile of initial income in the world sample, a 1 percentage point increase in the Gini coefficient increases income per capita by 2.3%, whereas at the 75th percentile of initial income a 1 percentage point increase in the Gini ...
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Galor–Zeira model The society is segmented into two dynasties (due to the fixed cost of education): Inequality affects development: Government policy can improve the long-run equilibrium (in non-poor economy) by: The Review of Economic Studies named the Galor-Zeira paper ("Income Distribution and Macroeconomics") among...
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Indirect inference is a simulation-based method for estimating the parameters of economic models. It is a computational method for determining acceptable macroeconomic model parameters in circumstances where the available data is too voluminous or unsuitable for formal modeling.
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Barcelona power station (also Power station of Barcelona) is a combined cycle thermoelectric plant located at Pier Energy of Port of Barcelona, in Barcelona, Spain. It has 2 thermal units of 425 MW, which use natural gas as fuel, and with a total electric power of 850 MW. It is owned by the multinational company Gas Na...
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Besós power station is a combined cycle thermoelectric plant located in Sant Adrià de Besòs, suburb of Barcelona, Spain. It consists of two 400 MW thermal units fueled with natural gas, was connected to the grid in 2002 and is owned 50% of Gas Natural and Endesa.
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Besós V power station ("Central Térmica de Ciclo Combinado del Besòs") is a combined cycle thermoelectric plant located in Sant Adrià de Besòs, suburb of Barcelona, Spain. It consists of two 430 MW thermal units fueled with natural gas, was connected to the grid in 2011 and is owned by Endesa.
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Cubelles power station ("Central térmica de Cubellas" / "Central térmica de Foix") - thermoelectric plant located in Cubelles, in Province of Barcelona, Spain. In June 2015 the stop of operations was announced. In 2019 was completely demolished.
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Village cooperatives are cooperatives in rural areas that are engaged in the provision of community needs with agricultural activities. may also be defined as an umbrella organization of social and economic character and as a forum for the development of rural economic activities organized by the community and for the ...
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Cheyette model In mathematical finance, the Cheyette Model is a quasi-Gaussian, quadratic volatility model of interest rates intended to overcome certain limitations of the Heath-Jarrow-Morton framework. By imposing a special time dependent structure on the forward rate volatility function, the Cheyette approach allows...
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Near poverty in economics refers to the state of living on an income marginally above the poverty line, defined by the U.S. Census Bureau at an income "between 100 percent and 125 percent of the poverty line". The classification was first studied by the U.S. Census in a 2014 report that showed the number of people livi...
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Near poverty " "“What is perhaps more striking than the steady reduction in the number of the very poor is the failure to reduce the number just above the minimum poverty line: There are today, just as there were in 1959, about 15-3/4 mil- lion persons in households with income that is above the poverty level but still...
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Near poverty Number 1 goal of UN Sustainable development goals (SDGs) agenda is to end poverty worldwide till 2030. Fighting poverty means fighting inequality preventing from unemployment, social exclusion, and high vulnerability of certain populations to disasters, diseases. This all is detrimental to economic growth ...
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Near poverty Near-poverty that is associated with lack of financial support and childcare may have a lasting consequence to the health of both women and infants. Economic hardships may play a nutritional deprivation during pregnancy and childhood that are crucial markers to both physiologic and psychosocial determinant...
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Near poverty The New York State Cancer Registry provided data that (1980-1990) has shown that there is a correlation between black people in near poverty line living in impoverished areas, which are directly associated with cancer incidence. The Israeli poverty lines are the highest among western countries. In Israel m...
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Near poverty The study came with a result, that Israeli household’s expenditures of four services (supplementary health insurance, commercial health insurance, formal education and informal education) living in near poverty lines have similar expenditures to the households living in poverty than households in the lower...
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Timo Teräsvirta (born January 21, 1941) is a Finnish economist. He made notable contributions in time series analysis, working with Clive Granger among others. Teräsvirta earned his Ph.D. from the University of Helsinki in 1970, under the supervision of Leo Törnqvist.
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Bill of IT is an exhaustive list of information technology assets and services owned by a company. The bill displays a breakdown of all the IT assets and services in relation to various items. The bill is often used by companies as a chargeback and showback tool because it shows the relation between specific service/as...
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Stock-Flow consistent model Stock-Flow Consistent (SFC) models are a family of macroeconomic models based on a rigorous accounting framework, which guarantees a correct and comprehensive integration of all the flows and the stocks of an economy. These models were first developed in the mid-20th century but have recentl...
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Stock-Flow consistent model The current SFC models mainly emerged from the separate economic tradition of the Post Keynesians, Wynne Godley being the most famous contributor in this regard. Godley argued in favour of wider adoption of stock flow consistent methods, expressing the view that they would improve the transp...
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Stock-Flow consistent model Although they treat stock and flow variables consistently, they usually model only individual stock variables such as physical capital, while monetary variables such as credit relations and debt are neglected. Therefore, attempts are made to analyse financial crises using stock flow consiste...
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Stock-Flow consistent model consumption, interests payments); iii) the stock revaluation matrix, showing the changes in the stocks resulting from the transactions (the transaction flow and the stock revaluation matrix are often merged in the full integration matrix). The matrices are built respecting intuitive principl...
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Stock-Flow consistent model Furthermore, as balance sheets are updated in any period, SFC models can be used to identify unsustainable processes, for example a prolonged deficit of a sector will result in an unsustainable stock of debt. These models were used by Wynne Godley in forecasting, showing promising results. M...
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Stock-Flow consistent model Once the accounting framework is fulfilled then the structure of the model, based on stylized facts, is defined. The set of equations in the model defines relationship between different variables, not determined by the accounting framework. The model structure basically helps in understandin...
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Orthodox Marxism is the body of Marxist thought that emerged after the death of Karl Marx (1818–1883) and which became the official philosophy of the socialist movement as represented in the Second International until the First World War in 1914. aims to simplify, codify and systematize Marxist method and theory by cla...
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Orthodox Marxism Daniel De Leon, an early American socialist leader, contributed much to the thought during the final years of the 19th century and the early 20th century. was further developed during the Second International by thinkers such as Georgi Plekhanov and Karl Kautsky. Kautsky and to a lesser extent Plekhano...
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Orthodox Marxism Some writers also contrast it with Marxism–Leninism as it developed in the Soviet Union, while others describe the latter as firmly within orthodoxy: rested on and grew out of the European working class movement that emerged in the final quarter of the 19th century and continued in that form until the ...
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Orthodox Marxism A number of theoretical perspectives and political movements emerged that were firmly rooted in orthodox Marxist analysis, as contrasted with later interpretations and alternative developments in Marxist theory and practice such as Marxism–Leninism, revisionism and reformism. Impossibilism stresses the...
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Orthodox Marxism Luxemburgism is an informal designation for a current of Marxist thought and practice that originates from the ideas and work of Rosa Luxemburg. In particular, it stresses the importance for spontaneous revolution which can only emerge in response to mounting contradictions between the productive force...
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Orthodox Marxism Karl Kautsky is recognized as the most authoritative promulgator of orthodox Marxism following the death of Friedrich Engels in 1895. As an advisor to August Bebel, leader of the Social Democratic Party of Germany (SPD) until Bebel's death in 1913 and as editor of "Die Neue Zeit" from 1883 till 1917, h...
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Orthodox Marxism This view was contested by orthodox Marxists such as Kautsky as well as by the young Georg Lukacs, who in 1919 clarified the definition of orthodox Marxism as thus: [O]rthodoxy refers exclusively to method. It is the scientific conviction that dialectical materialism is the road to truth and that its m...
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Orthodox Marxism They understood their task as an advancement of the sciences that would prove useful in solving the problems of a Europe-wide transition into socialism, which they saw, if not as inevitable, at least as highly likely. But as fascism reared its head in Germany and throughout Europe, the younger members ...
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Research in Labor Economics (RLE) is a biannual series that publishes peer-reviewed research applying economic theory and econometrics to analyze policy issues. Typical themes of each volume include labor supply, work effort, schooling, on-the-job training, earnings distribution, discrimination, migration, and the effe...
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Polak Model is a monetary approach to the balance of payment published by J. J. Polak in 1957. It seeks to model a small, open economy operating under fixed nominal exchange rate. Polak suggest explicit links between the monetary and external sectors. Polak results continue to form the theoretical bases on which the IM...
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The Battle of Bretton Woods The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order is a 2013 non-fiction book by Dr. Benn Steil. It covers the 1944 conference that established the architecture of the postwar international monetary system, leading to the establishment o...
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Quebec carbon tax The Canadian province of Quebec became the first in Canada to introduce a carbon tax. The tax was to be imposed on energy producers starting October 1, 2007, with revenue collected used for energy-efficiency programs including public transit. The tax rate for gasoline in Canadian currency was 0.8 cent...
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Accountant in Bankruptcy The (AiB) is the Scottish government agency responsible for administering the process of personal bankruptcy and corporate insolvency, administering the Debt Arrangement Scheme (DAS), and implementing, monitoring and reviewing government policy in these and related areas, for example protected ...
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Renewable Energy (journal) Renewable Energy is a monthly peer-reviewed scientific journal covering research on renewable energy, sustainable energy and the energy transition. It is published by Elsevier and the editor-in-chief is Soteris Kalogirou (Cyprus University of Tec miligramosogy). According to the "Journal Cita...
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Energy Policy (journal) Energy Policy is a monthly peer-reviewed academic journal covering research on energy policy and energy supply. It is published by Elsevier.
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National Energy Policy of Nigeria The National Energy Policy establishes guidelines for the protection of the environment in the exploitation of Nigeria's fossil fuels. It also emphasizes the exploration of renewable and alternative energy sources, primarily solar, wind, and biomass.
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Secular inflation In economics, secular inflation is a prolonged period of gentle or mild price increases. Secular, or chronic, inflation is basically creeping inflation that continues to persist over a long period of time. Creeping inflation is the gradual, rather than drastic, increase in prices. Although most common...
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Taxation in Poland Taxes in Poland are levied by both the central and provincial governments. Tax revenue in Poland is 33.9% of the country's GDP in 2017. The most important revenue sources include the income tax, Social Security, corporate tax and the value added tax, which are all applied on the national level. Incom...
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Taxation in Poland Income tax in 2020 is calculated as follows: The second table is used to determine the tax-reducing amount from the tax in 2020. Furthermore, a range of social security contributions apply to all in the workforce, and are shared by the employee and the employer. These insurance contributions are paid...
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Space launch market competition is the manifestation of market forces in the launch service provider business. In particular it is the trend of competitive dynamics among payload transport capabilities at diverse prices having a greater influence on launch purchasing than the traditional political considerations of cou...
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Space launch market competition In the early decades of the Space Age—1950s–2000s—the government space agencies of the Soviet Union and the United States pioneered space technology. This was augmented by collaboration with affiliated design bureaus in the USSR and contracts with commercial companies in the US. All rock...
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Space launch market competition Many space launch providers are expending capital to develop new lower-cost reusable spaceflight technologies. SpaceX alone had expended about by 2017 in order to develop the capability to reuse orbital class boosters on a subsequent flight. Non-military commercial satellites began to be...
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Space launch market competition Worden and the USAF's Jess Sponable analyzed the situation in 2006 and offered that, "One bright point is the emerging private sector, which [was then] pursuing suborbital or small lift capabilities." They concluded, "Although such vehicles support very limited US Department of Defense o...
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Space launch market competition The low launch prices offered by the company, especially for communication satellites flying to geostationary (GTO) orbit, resulted in market pressure on its competitors to lower their prices. By late 2013, with a published price of per launch to low Earth orbit, "Falcon 9 rockets [were]...
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Space launch market competition In the short term, a more favorable pricing policy for the small satellites currently being targeted by SpaceX seems indispensable to keeping the Ariane launch manifest strong and well-populated." In competitive bids during 2013 and early 2014, SpaceX was winning many launch customers th...
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Space launch market competition In August 2014, Eutelsat, the third-largest fixed satellite services operator worldwide by revenue, indicated that it planned to spend approximately less each year in the next three years, due to lower prices for launch services and by transitioning their commsats to electric propulsion....
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Space launch market competition Eutelsat CEO Michel de Rosen said, in reference to ESA's program to develop the Ariane 6, "Each year that passes will see SpaceX advance, gain market share and further reduce its costs through economies of scale." European government research ministers approved the development of the new...
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