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Emerging market According to his definition, an emerging economy displays the following characteristics: At the beginning of the 2010s, more than 50 countries, representing 60% of the world's population and 45% of its GDP, matched these criteria. Among them, the BRICs. The term "rapidly developing economies" is being u... | https://en.wikipedia.org/wiki?curid=1321361 |
Emerging market Binder says that in the future investors will not necessarily think of the traditional classifications of "G10" (or G7) versus "emerging markets". Instead, people should look at the world as countries that are fiscally responsible and countries that are not. Whether that country is in Europe or in South... | https://en.wikipedia.org/wiki?curid=1321361 |
Emerging market The exchange traded funds can be focused on a particular country (e.g., China, India) or region (e.g., Asia-Pacific, Latin America). Various sources list countries as "emerging economies" as indicated by the table below. A few countries appear in every list (BRICS, Mexico, Turkey). Indonesia and Turkey ... | https://en.wikipedia.org/wiki?curid=1321361 |
Emerging market The EMBI Global includes only USD-denominated emerging markets sovereign bonds and uses a traditional, market capitalization weighted method for country allocation. As of March end 2016, the EMBI Global's market capitalization was $692.3bn. For country inclusion, a country’s GNI per capita must be below... | https://en.wikipedia.org/wiki?curid=1321361 |
Emerging market The following countries had cities featured on the list (as of 2008): Countries with cities included in the Emerging Markets Index 2008 by Continent "Global Growth Generators", or 3G (countries), is an alternative classification determined by Citigroup analysts as being countries with the most promising... | https://en.wikipedia.org/wiki?curid=1321361 |
Sustainable yield The sustainable yield of natural capital is the ecological yield that can be extracted without reducing the base of capital itself, i.e. the surplus required to maintain ecosystem services at the same or increasing level over time. The term only refers to resources that are renewable in nature as extr... | https://en.wikipedia.org/wiki?curid=1323610 |
Sustainable yield Hence, sustainable yield would be within the range in which the natural capital together with its production are able to provide satisfactory yield. It may be very difficult to quantify sustainable yield, because every dynamic ecological conditions and other factors not related to harvesting induce ch... | https://en.wikipedia.org/wiki?curid=1323610 |
Buyout In finance, a buyout is an investment transaction by which the ownership equity of a company, or a majority share of the stock of the company is acquired. The acquiror thereby "buys out" the present equity holders of the target company. A buyout will often include the purchasing of the target company's outstandi... | https://en.wikipedia.org/wiki?curid=1324612 |
Dollar voting is an analogy that has been used to refer to the impact of consumer choice on producers' actions through the flow of consumer payments to producers for their goods and services. In some Principles of Economics textbooks of the mid-20th Century, the term was used to describe the process by which consumers'... | https://en.wikipedia.org/wiki?curid=1324669 |
Dollar voting Also known as political consumerism, dollar voting's history in the United States can be followed back to the American Revolution, when colonists boycotted several British products in protest of taxation without representation. has been increasingly thought to be a useful tool in changing producers' behav... | https://en.wikipedia.org/wiki?curid=1324669 |
Dollar voting As more consumer activists find ways to use the power of their dollar, efforts at encouraging corporations and firms to act in environmentally friendly ways have become popular. However, it is unclear whether or not a firm that creates negative environmental externalities will legitimately change its meth... | https://en.wikipedia.org/wiki?curid=1324669 |
Technocracy movement The technocracy movement is a social and ideological movement which arose in the early 20th century. Technocracy was popular in the United States and Canada for a brief period in the early 1930s, before it was overshadowed by other proposals for dealing with the crisis of the Great Depression. The ... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement Smaller groups included the Technical Alliance, The New Machine and the Utopian Society of America, though Bellamy had the most success due to his nationalistic stances, and Veblen's rhetoric, removing the current pricing system and his blueprint for a national directorate to reorganize all produce... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement Akin postulates that many technocrats remained vocal and dissatisfied and often sympathetic to anti-New Deal third party efforts. The technocratic movement has its origins with the progressive engineers of the early twentieth century and the writings of Edward Bellamy, along with some of the later ... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement In 1932, Scott and others interested in the problems of technological growth and economic change began meeting in New York City. Their ideas gained national attention and the "Committee on Technocracy" was formed at Columbia University, by Howard Scott and Walter Rautenstrauch. However, the group w... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement Public interest in technocracy peaked in the early 1930s: Technocracy's heyday lasted only from June 16, 1932, when the "New York Times" became the first influential press organ to report its activities, until January 13, 1933, when Scott, attempting to silence his critics, delivered what some crit... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement There were some speaking tours of the US and Canada in 1946 and 1947, and a motorcade from Los Angeles to Vancouver: Hundreds of cars, trucks, and trailers, all regulation grey, from all over the Pacific Northwest, participated. An old school bus, repainted and retrofitted with sleeping and office ... | https://en.wikipedia.org/wiki?curid=1324774 |
Technocracy movement the main organization made the following statement in defining their proposal. The Technocratic movement planned to reform the work schedule, to achieve the goal of uninterrupted production, maximizing the efficiency and profitability of resources, transport and entertainment facilities, avoiding t... | https://en.wikipedia.org/wiki?curid=1324774 |
Robert Gilman Robert C. Gilman is a thinker on sustainability who, along with his late wife Diane Gilman, has researched and written about ecovillages. The Gilmans’ work was important in giving definition to the ecovillage movement and shaping the direction of the Global Ecovillage Network. In 1991, the Gilmans co-auth... | https://en.wikipedia.org/wiki?curid=1328795 |
Robert Gilman In 1979 they founded the Context Institute, one of the earliest NGOs to focus on sustainability. In 1983 the Context Institute began publishing "In Context", A Quarterly of Humane Sustainable Culture, with Gilman as editor. "In Context" won Utne Reader's Alternative Press Award for "Best Coverage of Emerg... | https://en.wikipedia.org/wiki?curid=1328795 |
India Inc. is a common term used by the Indian media to refer to the formal (comprising government and corporate) sector of the nation. It employed 7 percent of the workforce in 2000 and contributed 60 per cent of the nominal GDP of the nation. The informal sector consists of 44 million non-farm enterprises as per rece... | https://en.wikipedia.org/wiki?curid=1329287 |
Liberal paradox The liberal paradox, also Sen paradox or Sen's paradox, is a logical paradox proposed by Amartya Sen which purports to show that no social system can simultaneously This paradox is contentious because it appears to contradict the classical liberal claim that markets are both Pareto efficient and respect... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox To be more precise, we must evaluate all possible preferences that the child might have and consider a situation as Pareto efficient if there is no other social state that at least one person favors (or prefers) and no one disfavors. Pareto efficiency is often used in economics as a minimal sense of eco... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox However, if someone must read it Prude would prefer that he, himself read it rather than Lewd since Prude thinks it would be even worse for someone to read and enjoy the book rather than read it in disgust. Given these preferences of the two individuals in the society, a social planner must decide what ... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox Another example was provided by philosopher Allan Gibbard. Suppose there are two individuals Alice and Bob who live next door to each other. Alice loves the color blue and hates red. Bob loves the color green and hates yellow. If each were free to choose the color of their house independently of the oth... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox As stated Alice's preferences are: And Bob's are: If we allow free and independent choices of both parties we end up with the outcome (Blue, Green) which is dispreferred by both parties to the outcome (Red, Yellow) and is therefore not Pareto efficient. Suppose there is a society "N" consisting of two o... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox By representing the social choice process as a "function" on "Rel(X)", we are tacitly assuming that the social choice function is defined for any possible configuration of preference relations; this is sometimes called the Universal Domain assumption.) The liberal paradox states that every social choice... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox Most arguments which demonstrate market efficiency assume that individuals care about only their own consumption and not others' consumption and therefore do not consider the situations that give rise to Sen's paradox. In fact, this shows a strong relationship between Sen's paradox and the well known re... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox Note that if we consider the case of cardinal preferences—for instance, if Alice and Bob both had to state, within certain bounds, how much happiness they would get for each color of each house separately, and the situation which produced the most happiness were chosen—a minimally-liberal solution does ... | https://en.wikipedia.org/wiki?curid=1332480 |
Liberal paradox For example, in the example of Lewd and Prude, although each has a right to refuse to read the book, Prude would voluntarily sign a contract with Lewd promising to read the book on condition that Lewd refrain from doing so. In such a circumstance there was no violation of Prude's or Lewd's rights becaus... | https://en.wikipedia.org/wiki?curid=1332480 |
Theory of the firm The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. In simplified terms, the theory of the firm aims to answer these questions: Firms e... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Markets are guided by prices and quality as illustrated by vegetable markets where a buyer is free to switch sellers in an exchange. The need for a revised theory of the firm was emphasized by empirical studies by Adolf Berle and Gardiner Means, who made it clear that ownership of a typical American ... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm He notes that a firm's interactions with the market may not be under its control (for instance because of sales taxes), but its internal allocation of resources are: “Within a firm, … market transactions are eliminated and in place of the complicated market structure with exchange transactions is sub... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm The costs of haggling about division of surplus, particularly if there is asymmetric information and asset specificity, may be considerable. If a firm operated internally under the market system, many contracts would be required (for instance, even for procuring a pen or delivering a presentation). I... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm " We can therefore think of a firm as getting larger or smaller based on whether the entrepreneur organises more or fewer transactions. The question then arises of what determines the size of the firm; why does the entrepreneur organise the transactions he does, why no more or less? Since the reason ... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm George Barclay Richardson for example, notes that a rigid distinction fails because of the existence of intermediate forms between firm and market such as inter-firm co-operation. Klein (1983) asserts that “Economists now recognise that such a sharp distinction does not exist and that it is useful to... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm ) More recently this has developed into ‘principal–agent’ analysis (e.g., Spence and Zeckhauser and Ross (1973) on problems of contracting with asymmetric information) which models a widely applicable case where a principal (a shareholder or firm for example) cannot costlessly infer how an agent (a m... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Thus individuals and groups tend to "satisfice"—that is, to attempt to attain realistic goals, rather than maximize a utility or profit function. Cyert and March argued that the firm cannot be regarded as a monolith, because different individuals and groups within it have their own aspirations and co... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm For Alchian and Demsetz, the firm therefore is an entity which brings together a team which is more productive working together than at arm's length through the market, because of informational problems associated with monitoring of effort. In effect, therefore, this is a "principal-agent" theory, si... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Williamson, the existence of firms derives from ‘asset specificity’ in production, where assets are specific to each other such that their value is much less in a second-best use. This causes problems if the assets are owned by different firms (such as purchaser and supplier), because it will lead to... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm In this kind of a situation, the most efficient way to overcome the continual conflict of interest between the two agents (or coalitions of agents) may be the removal of one of them from the equation by takeover or merger. Asset specificity can also apply to some extent to both physical and human cap... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Milgrom and Roberts (1990) explain the increased cost of management as due to the incentives of employees to provide false information beneficial to themselves, resulting in costs to managers of filtering information, and often the making of decisions without full information. This grows worse with f... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Leibenstein (1966) sees a firm's norms or conventions, dependent on its history of management initiatives, labour relations and other factors, as determining the firm's "culture" of effort, thus affecting the firm's productivity and hence size. George Akerlof (1982) develops a gift exchange model of ... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm The property rights approach to the theory of the firm is also known as the “Grossman–Hart–Moore theory”. In their seminal work, Grossman and Hart (1986), Hart and Moore (1990) and Hart (1995) developed the incomplete contracting paradigm. They argue that if contracts cannot specify what is to be don... | https://en.wikipedia.org/wiki?curid=1337683 |
Theory of the firm Chiu (1998) and DeMeza and Lockwood (1998) have extended the model by considering different bargaining games that the parties may play ex post (which can explain ownership by the less important investor). Oliver Williamson (2002) has criticized the Grossman–Hart–Moore model because it is focused on e... | https://en.wikipedia.org/wiki?curid=1337683 |
Reservation wage In labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. A job offer involving the same type of work and the same working conditions, but at a lower wage rate, would be rejected by the worker. An individual's reservation wag... | https://en.wikipedia.org/wiki?curid=1347925 |
Legal origins theory The legal origins theory claims that the two main legal traditions or origins, civil law and common law, crucially shape lawmaking and dispute adjudication and have not been reformed after the initial exogenous transplantation by Europeans. Therefore, they affect economic outcomes to date. Accordin... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory While English common law originated in thirteenth century England and has then been transplanted through colonization and occupation to England’s ex-colonies (United States, Canada, Australia, and several countries in Central America, Africa and Asia), the Scandinavian common law was developed in D... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory While common law entrusts a key role to the precedents selected by appellate judges and allows more procedural discretion to lower adjudicating courts, civil law relies on legal codes designed by political representatives and bright-line adjudication rules. In a series of influential papers publish... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory Two are the justifications given by the "legal origins" scholars for the alleged superiority of common law. First, historical events in England and in France built into the common law a stronger emphasis on the independence of the judiciary, private ordering, and human capital. Second, judge-made l... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory This divergence would imply that common law will always shore up markets and the civil law will always restrict markets or replace them with state command. This analysis of the medieval European history has been however criticized by Daniel Klerman and Paul Mahoney, who conclude that a system of ad... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory "Legal origins" scholars identify three main advantages of judge-made compared with statute law: (1) since overruling is costly, precedents tend to include both the deciding appellate judge’s opinion and those of the preceding appellate judges in such a way that the long-run law optimally incorpora... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory In particular, in countries that inherited statute law, reforms towards case law have been more likely the largest preference, and in particular both ethnic and genetic, diversity is and reforms towards a pure common law tradition, which is the mix of case law and some discretion in adjudication, a... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory To illustrate, if preference heterogeneity is limited, civil law is more technologically efficient being unbiased as common law but also certain. If preferences are sufficiently diverse instead, the distance between the biased civil law and the technologically efficient legal rule, which is the soc... | https://en.wikipedia.org/wiki?curid=1348555 |
Legal origins theory Finally, the two legal traditions fare equally well when compared with self-reported managers’ beliefs on how much the legal system is able to hit its efficiency targets and their satisfaction with the law. This last patterns squares with the idea that legal traditions have a tendency towards optim... | https://en.wikipedia.org/wiki?curid=1348555 |
False billing is a fraudulent act of invoicing or otherwise requesting funds from an individual or firm without showing obligation to pay. Such notices are for example often sent to owners of domain names, purporting to be legitimate renewal notices, although not originating from the owner's own registrar. | https://en.wikipedia.org/wiki?curid=1349782 |
Economic nationalism Economic nationalism, also called economic patriotism and economic populism, is an ideology that favors state interventionism over other market mechanisms, with policies such as domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other ... | https://en.wikipedia.org/wiki?curid=1352048 |
Economic nationalism In an early instance of its use, William Safire in 1985, in defending President Reagan's proposal of the Strategic Defense Initiative missile defense system, wrote, "Our common denominator is nationalism – both a military and economic patriotism – which inclines us to the side of pervasive national... | https://en.wikipedia.org/wiki?curid=1352048 |
Economic nationalism For instance in France after the bid for Suez by Enel was counteracted by the French public energy and gas company Gaz De France the shareholders of Suez complained and the unions of Gaz De France were in an uproar because of the privatization of their jobs. More recently, the economic policies adv... | https://en.wikipedia.org/wiki?curid=1352048 |
Price index A price index ("plural": "price indices" or "price indexes") is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is a statistic designed to help to compare how these price relatives, taken as ... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index Vaughan reasoned that the market for basic labor did not fluctuate much with time and that a basic laborer's salary would probably buy the same amount of goods in different time periods, so that a laborer's salary acted as a basket of goods. Vaughan's analysis indicated that price levels in England had rise... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index Given a set formula_1 of goods and services, the total market value of transactions in formula_1 in some period formula_3 would be where If, across two periods formula_11 and formula_12, the same quantities of each good or service were sold, but under different prices, then and would be a reasonable measure... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index The Paasche index is computed as while the Laspeyres index is computed as where formula_18 is the relative index of the price levels in two periods, formula_11 is the base period (usually the first year), and formula_12 the period for which the index is computed. Note that the only difference in the formula... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index The Laspeyres index tends to overstate inflation (in a cost of living framework), while the Paasche index tends to understate it, because the indices do not account for the fact that consumers typically react to price changes by changing the quantities that they buy. For example, if prices go up for good fo... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index Another phrasings is that Laspeyres and Paasche indexes are special cases of Lowe indexes in which all price and quantity data are updated every period. Comparisons of output between countries often use Lowe quantity indexes. The Geary-Khamis method used in the World Bank's International Comparison Program ... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index In this example, let 2000 be the base year: When an index has been normalized in this manner, the meaning of the number 112, for instance, is that the total cost for the basket of goods is 4% more in 2001, 8% more in 2002, and 12% more in 2003 than in the base year (in this case, year 2000). As can be seen ... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index Here is a reformulation for the Laspeyres index: Let formula_34 be the total expenditure on good c in the base period, then (by definition) we have formula_35 and therefore also formula_36. We can substitute these values into our Laspeyres formula as follows: A similar transformation can be made for any ind... | https://en.wikipedia.org/wiki?curid=1355939 |
Price index Diewert summarized past research in a list of nine such tests for a price index formula_46, where formula_47 and formula_48 are vectors giving prices for a base period and a reference period while formula_49 and formula_50 give quantities for these periods. Price indices often capture changes in price and q... | https://en.wikipedia.org/wiki?curid=1355939 |
Agribusiness is the business of agricultural production. The term is a portmanteau of "agriculture" and "business" and was coined in 1957 by John Davis and Ray Goldberg. It includes agrichemicals, breeding, crop production (farming or contract farming), distribution, farm machinery, processing, and seed supply, as well... | https://en.wikipedia.org/wiki?curid=1356031 |
Agribusiness Examples of agribusinesses include seed and agrichemical producers like Dow AgroSciences, DuPont, Monsanto, and Syngenta; AB Agri (part of Associated British Foods) animal feeds, biofuels, and micro-ingredients, ADM, grain transport and processing; John Deere, farm machinery producer; Ocean Spray, farmer's... | https://en.wikipedia.org/wiki?curid=1356031 |
Agribusiness The Federation of International Trade Associations publishes studies and reports by FAS and AAFC, as well as other non-governmental organizations on its website. In their book "A Concept of Agribusiness", Ray Goldberg and John Davis provided a rigorous economic framework for the field. They traced a comple... | https://en.wikipedia.org/wiki?curid=1356031 |
Disclosed fees In banking and accounting, disclosed fees is debt and equity underwriting, and advisory revenue reported by investment banks. | https://en.wikipedia.org/wiki?curid=1356824 |
Medium term note A medium-term note (MTN) is a debt note that usually matures (is paid back) in 5–10 years, but the term may be less than one year or as long as 100 years. They can be issued on a fixed or floating coupon basis. In opposite to conventional bonds, these can be offered continuously through various brokers... | https://en.wikipedia.org/wiki?curid=1357395 |
Medium term note Issuance of MTNs to investors based in the US (under the SEC rule 415) requires a separate US MTN program approved by the SEC (or relying on some exemption from registration). When they are issued to investors outside the US, they are called "Euro Medium Term Notes" (EMTN). These can allow both investo... | https://en.wikipedia.org/wiki?curid=1357395 |
Medium term note As this represents significant increase in risk for the investors, it may result in higher interest rates for these notes. On the other hand, put options guarantees investors possibility to redeem the principal before the maturity (at some specific point of time), which leads to lower interest rates. T... | https://en.wikipedia.org/wiki?curid=1357395 |
Medium term note GMAC thus began to sell their notes directly to investors. Because of illiquidity of the secondary market and securities regulations, the market remained relatively quiet until 1980s. Then, in 1981, investment banks stepped in by providing assistance in the process of issuance and liquidity to the mark... | https://en.wikipedia.org/wiki?curid=1357395 |
Debt levels and flows are a measure of the levels of debt – how much debt is outstanding – and the flows of debt – how much the level of debt changes over time. This is basic macroeconomic data, and varies between countries. Debt is used to finance enterprises and business around the world. Within mainstream economics,... | https://en.wikipedia.org/wiki?curid=1358466 |
Debt levels and flows In practice this cannot happen – some of GDP must go to survival – and historically debt repayment rates during periods of repayment have been about 4%–10% of GDP (as in the United States during the Great Depression and World War II), so practical time to repay debt is rather Debt/GDP times 10–25.... | https://en.wikipedia.org/wiki?curid=1358466 |
Debt levels and flows Equity is another way of financing business, as it has no set time to maturity and pays no set interest. It pays profit from the company it has a claim on. All credit is debt, a liability. Debt is created by lenders and borrowers agreeing to exchange the use of money for the promise to repay. The ... | https://en.wikipedia.org/wiki?curid=1358466 |
Debt levels and flows US Asset-backed securities volume increased 41.7% to $857 billion. Worldwide equity & equity-related issuance totaled $505bn for the year, representing a 29.9% increase over the $389bn raised in 2003. Initial public offerings increased nearly 220%. Worldwide Debt, Equity and Equity-related issuanc... | https://en.wikipedia.org/wiki?curid=1358466 |
Debt levels and flows Numbers are end-of-year levels, unless otherwise stated. Credit market debt Households Non-financial corporations Government Credit market debt Households Non-financial corporations Government Dollar amounts are debt owed by each sector (amounts borrowed by each sector) Credit market debt Househol... | https://en.wikipedia.org/wiki?curid=1358466 |
Basis swap A basis swap is an interest rate swap which involves the exchange of two floating rate financial instruments. A basis swap functions as a floating-floating interest rate swap under which the floating rate payments are referenced to different bases. Basis risk occurs for positions that have at least one payin... | https://en.wikipedia.org/wiki?curid=1368510 |
Kipper und Wipper (, literally "Tipper and See-saw time") was a financial crisis during the start of the Thirty Years' War (1618–1648). Starting around 1621, city-states in the Holy Roman Empire began to heavily debase currency in order to raise revenue for the Thirty Years' War, as effective taxation did not exist. Mo... | https://en.wikipedia.org/wiki?curid=1370308 |
Kipper und Wipper Due to these problems the practice largely stopped around 1623; however, the damage done was so large that it created financial disarray in almost all the city-states in the area. The same thing re-occurred on a smaller scale near the end of the century and again during the middle of the 18th century;... | https://en.wikipedia.org/wiki?curid=1370308 |
Kipper und Wipper To finance the Thirty Years' War, which was occurring simultaneously, coins were either shaved down or melted. By clipping or shaving coins, the amount of silver or precious metal in the coin decreased. Additionally, by melting coins, mixing them with lesser metals, making new coins, and circulating t... | https://en.wikipedia.org/wiki?curid=1370308 |
Kipper und Wipper Gresham's Law states that coins with a lower melt value or intrinsic value circulate faster and better than coins that have a higher melt value. In European states, the import of bad coins and the export of good coins were enforced by punishments such as banishment, burning, or the confiscation of goo... | https://en.wikipedia.org/wiki?curid=1370308 |
Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experienced economic crises. The two Bretton Woods Institutions require borrowing countries to implement certain policies in order to obtain new loans (or to lower interest ... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment SAPs were often criticized for implementing generic free-market policy and for their lack of involvement from the borrowing country. To increase the borrowing country's involvement, developing countries are now encouraged to draw up Poverty Reduction Strategy Papers (PRSPs), which essentially take... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment Initially, these conditions focused on a country's macroeconomic policy. From the 1950s onward, the United States doled out loans and other forms of financial assistance to Third World nations (now commonly referred to as least developed countries, or LDCs). Free-market economics were encouraged i... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment Enormous capital flows to the United States had the corollary of dramatically depleting the availability of capital to poor and middling countries. Giovanni Arrighi has observed that this scarcity of capital, which was heralded by the Mexican default of 1982, Mexico was the first country to implem... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment As a result of PRSPs, a more flexible and creative approach to policy creation has been implemented at the IMF and World Bank. While the main focus of SAPs has continued to be the balancing of external debts and trade deficits, the reasons for those debts have undergone a transition. Today, SAPs a... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment While the structuralist period led to rapid expansion of domestically manufactured goods and high rates of economic growth, there were also some major shortcomings such as stagnating exports, elevated fiscal deficit, very high rates of inflation and the crowding out of private investments. The sea... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment While this was beneficial for Western consumers, developing countries lost 52% of their revenues from exports between 1980 and 1992 because of the decline in prices. Furthermore, debtor states were often encouraged to specialize in a single cash crop, like cocoa in Ghana, tobacco in Zimbabwe and p... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment This changed radically with the implementation of SAPs in the 1980s and 1990s, when controls on foreign exchange and financial protection barriers were lifted: Economies opened up and foreign direct investment (FDI) flowed in en masse. A great example of this is the fall of the local textile indus... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment Economic growth in African countries in the 1980s and 1990s fell below the rates of previous decades. Agriculture suffered as state support was radically withdrawn. After independence of African countries in the 1960s, industrialization had begun in some places, but it was now wiped out. Critics c... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment SAPS are viewed by some postcolonialists as the modern procedure of colonization. By minimizing a government's ability to organise and regulate its internal economy, pathways are created for multinational companies to enter states and extract their resources. Upon independence from colonial rule, ... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment private interests within liberal capitalist states continue to pursue the opening up of markets abroad, and they continue to enlist their governments' support, through multilateral and bilateral arrangements—conditional aid, International Monetary Fund (IMF), and World Trade Organization (WTO). Wh... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment State-owned resources are to be sold whether they generate a fiscal profit or not. Critics have condemned these privatization requirements, arguing that when resources are transferred to foreign corporations and/or national elites, the goal of public prosperity is replaced with the goal of private... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment A 2009 book by Rick Rowden entitled "The Deadly Ideas of Neoliberalism: How the IMF has Undermined Public Health and the Fight Against AIDS" claims that the IMF's monetarist approach towards prioritizing price stability (low inflation) and fiscal restraint (low budget deficits) was unnecessarily r... | https://en.wikipedia.org/wiki?curid=1374927 |
Structural adjustment Authors Ikubolajeh Bernard Logan and Kidane Mengisteab make the case in their article "IMF-World Bank Adjustment and Structural Transformation on Sub-Saharan Africa" for the ineffectiveness of structural adjustment in part being attributed to the disconnect between the informal sector of the econo... | https://en.wikipedia.org/wiki?curid=1374927 |
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