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Mikhail Bakunin Bakunin played a prominent role in the Geneva Conference of the LPF (September 1867), and joined the Central Committee. The founding conference was attended by 6,000 people. As Bakunin rose to speak: But at the Berne Congress of the LPF in 1868, Bakunin and other socialists (Élisée Reclus, Aristide Rey,... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin In 1870, Bakunin led a failed uprising in Lyon on the principles later exemplified by the Paris Commune, calling for a general uprising in response to the collapse of the French government during the Franco-Prussian War, seeking to transform an imperialist conflict into social revolution. In his "Letter... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin Bakunin's disagreements with Marx, which led to the attempt by the Marx party to expel him at the Hague Congress (see below), illustrated the growing divergence between the "anti-authoritarian" sections of the International, which advocated the direct revolutionary action and organization of the workers... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin In 1874, Bakunin retired with his young wife Antonia Kwiatkowska and three children to Minusio (near Locarno in Switzerland), in a villa called "La Baronata" that the leader of the Italian anarchists Carlo Cafiero had bought for him by selling his own estates in his native town Barletta (Apulia). His da... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin He formulated the phrase "God exists, therefore man is a slave. Man is free, therefore there is no God. Escape this dilemma who can!" which appeared in his unpublished "Catechism of a freemason" Indeed it was during this period that he established the International Revolutionary Association, he did so w... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin He also developed a critique of Marxism, predicting that if the Marxists were successful in seizing power, they would create a party dictatorship "all the more dangerous because it appears as a sham expression of the people's will", adding: Bakunin thought that "[d]oes it follow that I reject all author... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin This same reason forbids me, then, to recognise a fixed, constant and universal authority, because there is no universal man, no man capable of grasping in all that wealth of detail, without which the application of science to life is impossible, all the sciences, all the branches of social life". Accor... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin Religious people are in many cases obedient to the priests, because they believe that the statements of priests are based on direct divine revelation or scripture. Obedience to divine revelation or scripture is considered the ethical criterion by many religious people, because God is considered as the o... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin " Bakunin was an early proponent of the term "political theology" in his 1871 text "The Political Theology of Mazzini and the International" to which Schmitt's book responded. Political theology is a branch of both political philosophy and theology that investigates the ways in which theological concept... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin " However, Bakunin did not reduce the revolution to syndicalist unions, stressing the need to organize working-class neighborhoods, as well as the unemployed. Meanwhile, the peasants were to "take the land and throw out those landlords who live by the labor of others". Bakunin did not dismiss the skille... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin For the collectivization of the means of production, it was originally envisaged that workers would revolt and forcibly collectivize the means of production. Once collectivization takes place, money would be abolished to be replaced with labour notes and workers' salaries would be determined in democrat... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin Anarchists believe that the classless, stateless society should be established by the direct action of the masses, culminating in social revolution, and refuse any intermediate stage such as the dictatorship of the proletariat, on the basis that such a dictatorship will become a self-perpetuating fundam... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin And finally, when all the other classes have exhausted themselves, the State then becomes the patrimony of the bureaucratic class and then falls—or, if you will, rises—to the position of a machine." By federalism, Bakunin meant the organization of society "from the base to the summit—from the circumfere... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin " Bakunin denied religious concepts of a supernatural sphere, and advocated a 'materialist' explanation of natural phenomena: "the manifestations of organic life, chemical properties and reactions, electricity, light, warmth and the natural attraction of physical bodies, constitute in our view so many d... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin For Bakunin, the revolutionary archetype is found in a peasant milieu (which is presented as having longstanding insurrectionary traditions, as well as a communist archetype in its current social form—the peasant commune) and amongst educated unemployed youth, assorted marginals from all classes, brigan... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin '" In short, Bakunin has had a major influence on labour, peasant and leftwing movements, although this was overshadowed from the 1920s by the rise of Marxist regimes. With the collapse of those regimes—and growing awareness of how closely those regimes corresponded to the dictatorships Bakunin predicte... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin Their influence would be ideological and freely accepted, saying: Bakunin was also criticized by Marx and the delegates of the International specifically because his methods of organization were similar to those of Sergey Nechayev, with whom Bakunin was closely associated. While Bakunin rebuked Nechayev... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin In some of his pieces, Bakunin espouses antisemitic views. Bakunin used anti-Jewish sentiments that described a Jewish system of global exploitation, saying: In his pre-anarchist years, Bakunin's politics were essentially a left-wing form of nationalism – specifically, a focus on East Europe and Russian... | https://en.wikipedia.org/wiki?curid=58198 |
Mikhail Bakunin Bakunin stopped over briefly in Japan as part of a hurried flight from 12 years of imprisonment, a marked man racing across the world to his European home; he had neither Japanese contacts nor any facility in the Japanese language; the small number of expatriate newspapers by Europeans published in Chin... | https://en.wikipedia.org/wiki?curid=58198 |
Group of Eight The was an inter-governmental political forum from 1997 until 2014. It had formed from incorporating the country of Russia into the Group of Seven, and resumed operating under that name after Russia was disinvited in 2014. The forum originated with a 1975 summit hosted by France that brought together rep... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight G7 ministers also meet throughout the year, such as the G7 finance ministers (who meet four times a year), G7 foreign ministers, or G7 environment ministers. Each calendar year, the responsibility of hosting the G8 was rotated through the member states in the following order: France, United States, Unite... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight It was seen as a way to encourage Yeltsin with his capitalist reforms. Russia formally joined the group in 1998, resulting in the Group of Eight, or G8. A major focus of the G8 since 2009 has been the global supply of food. At the 2009 L'Aquila summit, the G8's members promised to contribute $22 billion ... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight In April 2015, the German foreign minister Frank-Walter Steinmeier said that Russia would be welcomed to return to G8 provided the Minsk Protocol was implemented. In 2016, he added that "none of the major international conflicts can be solved without Russia", and the G7 countries will consider Russia's r... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight The US President Donald Trump also stated that Russia should be reinstated to the group; his appeal was supported by the Italian Prime Minister Giuseppe Conte. After several G7 members quickly rejected US President Trump suggestion to accept again Russian Federation in the G8, Russian Foreign Minister La... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight The ministerial meetings bring together ministers responsible for various portfolios to discuss issues of mutual or global concern. The range of topics include health, law enforcement, labor, economic and social development, energy, environment, foreign affairs, justice and interior, terrorism, and trade... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight G8 Finance Ministers, whilst in preparation for the 34th Summit of the G8 Heads of State and Government in Toyako, Hokkaido, met on the 13 and 14 June 2008, in Osaka, Japan. They agreed to the "G8 Action Plan for Climate Change to Enhance the Engagement of Private and Public Financial Institutions." In c... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight It represented the major industrialized countries but critics argued that the G8 no longer represented the world's most powerful economies, as China has surpassed every economy but the United States. Vladimir Putin did not attend the 2012 G8 summit at Camp David, causing "Foreign Policy" magazine to rema... | https://en.wikipedia.org/wiki?curid=59755 |
Group of Eight The Y8 Summit brings together young leaders from G8 nations and the European Union to facilitate discussions of international affairs, promote cross-cultural understanding, and build global friendships. The conference closely follows the formal negotiation procedures of the G8 Summit. The Y8 Summit repre... | https://en.wikipedia.org/wiki?curid=59755 |
Externality In economics, an externality is the cost or benefit that affects a third party who did not choose to incur that cost or benefit. Externalities often occur when the production or consumption of a product or service's private price equilibrium cannot reflect the true costs or benefits of that product or servi... | https://en.wikipedia.org/wiki?curid=61193 |
Externality If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of extern... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Conversely, a positive externality is any difference between the private benefit of an action or decision to an economic agent and the social benefit. A positive externality is anything that causes an indirect benefit to individuals. For example, planting trees makes individuals' property look nicer and it ... | https://en.wikipedia.org/wiki?curid=61193 |
Externality However, a transaction can cause effects on third parties without their knowledge or consent. From the perspective of those affected, these effects may be negative (pollution from a nearby factory), or positive (honey bees kept for honey that also pollinate neighboring crops). Neoclassical welfare economics... | https://en.wikipedia.org/wiki?curid=61193 |
Externality If those externalities were internalized, the producer would be incentivized to produce more. Goods with positive externalities include education (believed to increase societal productivity and well-being, though some benefits are internalized in the form of higher wages), public health initiatives (which m... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Similarly, Ludwig von Mises argues that externalities arise from lack of "clear personal property definition." Externalities may arise between producers, between consumers or between consumers and producers. Externalities can be negative when the action of one party imposes costs on another, or positive whe... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Examples for negative production externalities include: Examples of negative consumption externalities include: A positive externality (also called "external benefit" or "external economy" or "beneficial externality") is the positive effect an activity imposes on an unrelated third party. Similar to a negat... | https://en.wikipedia.org/wiki?curid=61193 |
Externality , the hypothesized increase in spending of middle-income families beyond their means "because of indirect effects associated with increased spending by top earners"—exist; one such method is the personal income tax. Inframarginal externalities are externalities in which there is no benefit or loss to the ma... | https://en.wikipedia.org/wiki?curid=61193 |
Externality The social demand curve would reflect the benefit to society as a whole, while the normal demand curve reflects the benefit to consumers as individuals and is reflected as effective demand in the market. What curve is added depends on the type of externality that is described, but not whether it is positive... | https://en.wikipedia.org/wiki?curid=61193 |
Externality These latter reflect the idea that the marginal social benefit should equal the marginal social cost, that is that production should be increased "only" as long as the marginal social benefit exceeds the marginal social cost. The result is that a free market is "inefficient" since at the quantity Q, the soc... | https://en.wikipedia.org/wiki?curid=61193 |
Externality The marginal private benefit of getting the vaccination is less than the marginal social or public benefit by the amount of the external benefit (for example, society as a whole is increasingly protected from smallpox by each vaccination, including those who refuse to participate). This marginal external be... | https://en.wikipedia.org/wiki?curid=61193 |
Externality As with external costs, there is a problem here of societal communication and coordination to balance benefits and costs. This also implies that vaccination is not something solved by competitive markets. The government may have to step in with a collective solution, such as subsidizing or legally requiring... | https://en.wikipedia.org/wiki?curid=61193 |
Externality A side effect is that revenue is raised for the government, reducing the amount of distortionary taxes that the government must impose elsewhere. Governments justify the use of Pigovian taxes saying that these taxes help the market reach an efficient outcome because this tax bridges the gap between marginal... | https://en.wikipedia.org/wiki?curid=61193 |
Externality The second type of resolution is a purely private agreement between the parties involved. Government intervention might not always be needed. Traditional ways of life may have evolved as ways to deal with external costs and benefits. Alternatively, democratically run communities can agree to deal with these... | https://en.wikipedia.org/wiki?curid=61193 |
Externality This theorem would not apply to the steel industry case discussed above. For example, with a steel factory that trespasses on the lungs of a large number of individuals with pollution, it is difficult if not impossible for any one person to negotiate with the producer, and there are large transaction costs.... | https://en.wikipedia.org/wiki?curid=61193 |
Externality The most problematic situation, from Coase's perspective, occurs when the forest literally does not belong to anyone, or in any example in which there are not well-defined and enforceable property rights; the question of "who" owns the forest is not important, as any specific owner will have an interest in ... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Specifically, when investments are relationship-specific and non-contractible, then insufficient investments will be made when it is anticipated that parts of the investments’ returns will go to the trading partner in future negotiations (see Hart and Moore, 1988). Hence, Pigouvian taxation can be welfare-i... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Permits will be traded from firms that have low abatement costs to firms with higher abatement costs and therefore the system is both cost-effective and cost-efficient. The cap and trade system has some practical advantages over an emissions fee such as the fact that: 1. it reduces uncertainty about the ult... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Performance standards set emissions goals for each polluting firm. The free choice of the firm to determine how to reach the desired emissions level makes this option slightly more efficient than the technology standard, however, it is not as cost-effective as the cap-and-trade system since the burden of em... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Concerning these externalities, some, like the eco-businessman Paul Hawken, argue an orthodox economic line that the only reason why goods produced unsustainably are usually cheaper than goods produced sustainably is due to a hidden subsidy, paid by the non-monetized human environment, community or future g... | https://en.wikipedia.org/wiki?curid=61193 |
Externality Internalizing the odd externality does nothing to address the structural systemic problem and fails to recognize the all pervasive nature of these supposed 'externalities'. This is precisely why heterodox economists argue for a heterodox theory of social costs to effectively prevent the problem through the ... | https://en.wikipedia.org/wiki?curid=61193 |
Comparative advantage The law of comparative advantage describes how, under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Widely regarded as one of the most powerful yet counter-intuitive insights in economics, Ricardo's theory implies that comparative advantage rather than absolute advantage is responsible for much of international trade. Adam Smith first alluded to the concept of "absolute advantage" as the basis f... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage In the absence of trade, England requires 220 hours of work to both produce and consume one unit each of cloth and wine while Portugal requires 170 hours of work to produce and consume the same quantities. England is more efficient at producing cloth than wine, and Portugal is more efficient at pr... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage The following is a typical modern interpretation of the classical Ricardian model. In the interest of simplicity, it uses notation and definitions, such as opportunity cost, unavailable to Ricardo. The world economy consists of two countries, Home and Foreign, which produce wine and cloth. Labor, ... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage In general equilibrium, the world relative price formula_12 will be determined uniquely by the intersection of world relative demand formula_13 and world relative supply formula_14 curves. We assume that the relative demand curve reflects substitution effects and is decreasing with respect to rela... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage If both countries specialize in the good for which they have a comparative advantage then trade, the terms of trade for a good (that benefit both entities) will fall between each entities opportunity costs. In the example above one unit of cloth would trade for between formula_24 units of wine and... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Subsequent developments in the new trade theory, motivated in part by the empirical shortcomings of the H–O model and its inability to explain intra-industry trade, have provided an explanation for aspects of trade that are not accounted for by comparative advantage. Nonetheless, economists like A... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Skeptics of comparative advantage have underlined that its theoretical implications hardly hold when applied to individual commodities or pairs of commodities in a world of multiple commodities. Deardorff argues that the insights of comparative advantage remain valid if the theory is restated in t... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage As John Chipman points it, McKenzie found that "introduction of trade in intermediate product necessitates a fundamental alteration in classical analysis." Durable capital goods such as machines and installations are inputs to the productions in the same title as part and ingredients. In view of t... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage A country that is relatively efficient in producing shoes tends to export shoes. Assessing the validity of comparative advantage on a global scale with the examples of contemporary economies is analytically challenging because of the multiple factors driving globalization: indeed, investment, migr... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage The general law of comparative advantage theorizes that an economy should, on average, export goods with low self-sufficiency prices and import goods with high self-sufficiency prices. Bernhofen and Brown found that by 1869, the price of Japan's main export, silk and derivatives, saw a 100% increa... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage productivity) is higher. That is, we expect a positive relationship between output per worker and number of exports. MacDougall tested this relationship with data from the US and UK, and did indeed find a positive relationship. The statistical test of this positive relationship was replicated with... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Zimring & Etkes (2014) finds that the Blockade of the Gaza Strip, which substantially restricted the availability of imports to Gaza, saw labor productivity fall by 20% in three years. Markusen et al. (1994) reports the effects of moving away from autarky to free trade during the Meiji Restoration... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Today trade policy tends to focus more on "competitive advantage" as opposed to "comparative advantage". One of the most in-depth research undertakings on "competitive advantage" was conducted in the 1980s as part of the Reagan administration's Project Socrates to establish the foundation for a te... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage Galbraith has stated that "free trade has attained the status of a god" and that "... none of the world's most successful trading regions, including Japan, Korea, Taiwan, and now mainland China, reached their current status by adopting neoliberal trading rules." He argues that "... comparative adv... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage " According to historian Cecil Woodham-Smith, Ireland in the 1800s is an example of the dangers of over-specialization. When the union with Great Britain was formed in 1800, Irish textile industries protected by tariffs were exposed to world markets where England had a comparative advantage in tec... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage It indicates that international free trade would be beneficial for all participating countries as well as for the world as a whole because they could increase their overall production and consume more by specializing according to their comparative advantages. Goods would become cheaper and availab... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage They developed the theory of price compensation by factor that makes these movements superfluous. In practice, however, workers move in large numbers from one country to another. Today, labour migration is truly a global phenomenon. And, with the reduction in transport and communication costs, cap... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage If prices are wrong due to positive or negative externalities, free trade will produce sub-optimal results. For example, goods from a country with lax pollution standards will be too cheap. As a result, its trading partners will import too much. And the exporting country will export too much, conc... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage For example, when workers cannot move from one industry to another—usually because they do not have the right skills or do not live in the right place—changes in the economy's comparative advantage will not shift them to a more appropriate industry, but rather to unemployment or precarious and unp... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage In these models, comparative advantages develop and change over time, but this change is not the result of trade itself, but of a change in exogenous factors. However, the world, and in particular the industrialized countries, are characterized by dynamic gains endogenous to trade, such as technol... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage In the case of fixed exchange rates, neoclassical theory suggests that trade is balanced by changes in wage rates. So if trade were not balanced in itself and if there were no adjustment mechanism, there would be no reason to achieve a comparative advantage. However, trade imbalances are the norm ... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage The quantity of money theory, which Ricardo uses, assumes that money is neutral and neglects the velocity of a currency. Money has only one function in international trade, namely as a means of exchange to facilitate trade. In practice, however, the velocity of circulation is not constant and the ... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage That there is no limit to the use of capital is a consequence of Jean-Baptiste Say's law, which presumes that production is limited only by resources and is also adopted by neoclassical economists. From a theoretical point of view, comparative advantage theory must assume that labour or capital is... | https://en.wikipedia.org/wiki?curid=62018 |
Comparative advantage In practice, however, the world is characterised by unemployment. Unemployment and underemployment of capital and labour are not a short-term phenomenon, but it is common and widespread. Unemployment and untapped resources are more the rule than the exception. | https://en.wikipedia.org/wiki?curid=62018 |
Market trend A market trend is a perceived tendency of financial markets to move in a particular direction over time. These trends are classified as "secular" for long time frames, "primary" for medium time frames, and "secondary" for short time frames. Traders attempt to identify market trends using technical analysis... | https://en.wikipedia.org/wiki?curid=63082 |
Market trend Another example is the 2000s commodities boom. In a secular bear market, the prevailing trend is "bearish" or downward-moving. An example of a secular bear market occurred in gold between January 1980 to June 1999, culminating with the Brown Bottom. During this period the market gold price fell from a high... | https://en.wikipedia.org/wiki?curid=63082 |
Market trend A smaller decline of 10 to 20% is considered a correction. Bear markets end when stocks recover, attaining new highs. The bear market, then, is measured retrospectively from the recent highs to the lowest closing price, and its recovery period is the lowest closing price to new highs. Another commonly acce... | https://en.wikipedia.org/wiki?curid=63082 |
Market trend A market bottom is a trend reversal, the end of a market downturn, and the beginning of an upward moving trend (bull market). It is very difficult to identify a bottom (referred to as "bottom picking") before it passes. The upturn following a decline may be short-lived and prices might resume their decline... | https://en.wikipedia.org/wiki?curid=63082 |
Market trend By definition, the market balances buyers and sellers, so it is impossible to have "more buyers than sellers" or vice versa, although that is a common expression. In a surge in demand, the buyers will increase the price they are willing to pay, while the sellers will increase the price they wish to receive... | https://en.wikipedia.org/wiki?curid=63082 |
Market trend This works well for most assets but it often works in reverse for stocks due to the mistake many investors make of buying high in a state of euphoria and selling low in a state of fear or panic as a result of the herding instinct. In case an increase in price causes an increase in demand, or a decrease in ... | https://en.wikipedia.org/wiki?curid=63082 |
Mass production Mass production, also known as flow production or continuous production, is the production of large amounts of standardized products, including and especially on assembly lines. Together with job production and batch production, it is one of the three main production methods. The term "mass production" ... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production involves making many copies of products, very quickly, using assembly line techniques to send partially complete products to workers who each work on an individual step, rather than having a worker work on a whole product from start to finish. of fluid matter typically involves pipes with centrifugal pu... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production One of the descriptions of mass production is that "the skill is built into the tool" , which means that the worker using the tool may not need the skill. For example, in the 19th or early 20th century, this could be expressed as "the craftsmanship is in the workbench itself" (not the training of the wo... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production The Qin Emperor unified China at least in part by equipping large armies with these weapons, which were equipped with a sophisticated trigger mechanism made of interchangeable parts. Ships of war were produced on a large scale at a moderate cost by the Carthaginians in their excellent harbors, allowing ... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Brunel, a pioneering engineer, and Maudslay, a pioneer of machine tool technology who had developed the first industrially practical screw-cutting lathe in 1800 which standardized screw thread sizes for the first time which in turn allowed the application of interchangeable parts, collaborated on plans ... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production techniques were also used to rather limited extent to make clocks and watches, and to make small arms, though parts were usually non-interchangeable. Though produced on a very small scale, Crimean War gunboat engines designed and assembled by John Penn of Greenwich are recorded as the first instance of ... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production However, Ford management performed time studies and experiments to mechanize their factory processes, focusing on minimizing worker movements. The difference is that while Taylor focused mostly on efficiency of the worker, Ford also substituted for labor by using machines, thoughtfully arranged, whereve... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Some of the methods employed were a system of gauges for checking dimensions of the various parts and jigs and fixtures for guiding the machine tools and properly holding and aligning the work pieces. This system came to be known as "armory practice" or the "American system of manufacturing", which spre... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production An influential article that helped to frame and popularize the 20th century's definition of mass production appeared in a 1926 "Encyclopædia Britannica" supplement. The article was written based on correspondence with Ford Motor Company and is sometimes credited as the first use of the term. Electrifica... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production The biggest impact of early mass production was in manufacturing everyday items, such as at the Ball Brothers Glass Manufacturing Company, which electrified its mason jar plant in Muncie, Indiana, U.S. around 1900. The new automated process used glass blowing machines to replace 210 craftsman glass blow... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Also high speed tools were impossible under the old conditions – neither the pulleys nor the belts could stand modern speeds. Without high speed tools and the finer steels which they brought about, there could be nothing of what we call modern industry. was popularized in the late 1910s and 1920s by Hen... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Vertical integration is a business practice that involves gaining complete control over a product's production, from raw materials to final assembly. In the age of mass production, this caused shipping and trade problems in that shipping systems were unable to transport huge volumes of finished automobi... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Lumber and paper companies at one time owned most of their timber lands and sold some finished products such as corrugated boxes. The tendency has been to divest of timber lands to raise cash and to avoid property taxes. The economies of mass production come from several sources. The primary cause is a ... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production Also, all products produced on one production line will be identical or very similar, and introducing variety to satisfy individual tastes is not easy. However, some variety can be achieved by applying different finishes and decorations at the end of the production line if necessary. The starter cost fo... | https://en.wikipedia.org/wiki?curid=63137 |
Mass production [Production is geared toward] articles suited to the wants of the whole people". improved , which was a contributing factor to economic growth and the decline in work week hours, alongside other factors such as transportation infrastructures (canals, railroads and highways) and agricultural mechanizatio... | https://en.wikipedia.org/wiki?curid=63137 |
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on "both sides" of a trade". Its concern is thus the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those c... | https://en.wikipedia.org/wiki?curid=63262 |
Financial economics is usually taught at the postgraduate level; see Master of Financial Economics. Recently, specialist undergraduate degrees are offered in the discipline. This article provides an overview and survey of the field: for derivations and more technical discussion, see the specific articles linked. As abo... | https://en.wikipedia.org/wiki?curid=63262 |
Financial economics ) An immediate extension is to combine probabilities with present value, leading to the expected value criterion which sets asset value as a function of the sizes of the expected payouts and the probabilities of their occurrence, formula_1 and formula_2 respectively. (These ideas originate with Blai... | https://en.wikipedia.org/wiki?curid=63262 |
Financial economics ) The concepts of arbitrage-free, "rational", pricing and equilibrium are then coupled with the above to derive "classical" (or "neo-classical") financial economics. Rational pricing is the assumption that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the ass... | https://en.wikipedia.org/wiki?curid=63262 |
Financial economics The immediate, and formal, extension of this idea, the fundamental theorem of asset pricing, shows that where markets are as described —and are additionally (implicitly and correspondingly) complete—one may then make financial decisions by constructing a risk neutral probability measure correspondin... | https://en.wikipedia.org/wiki?curid=63262 |
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