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Economic activism Shareholder activism involves shareholders using an equity stake in a corporation to put pressure on its management. The goals of activist shareholders range from financial (increase of shareholder value through changes in corporate policy, financing structure, cost cutting, etc.) to non-financial (di...
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World-systems theory (also known as world-systems analysis or the world-systems perspective) is a multidisciplinary, macro-scale approach to world history and social change which emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis. "World-system" refers to the ...
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World-systems theory Immanuel Wallerstein has developed the best-known version of world-systems analysis, beginning in the 1970s. Wallerstein traces the rise of the capitalist world-economy from the "long" 16th century (c. 1450–1640). The rise of capitalism, in his view, was an accidental outcome of the protracted cris...
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World-systems theory The trinitarian structure of knowledge is grounded in another, even grander, modernist architecture, the distinction of biophysical worlds (including those within bodies) from social ones: "One question, therefore, is whether we will be able to justify something called social science in the twenty-...
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World-systems theory Other influences on the world-systems theory come from scholars such as Karl Polanyi, Nikolai Kondratiev and Joseph Schumpeter (particularly their research on business cycles and the concepts of three basic modes of economic organization: reciprocal, redistributive, and market modes, which Wallerst...
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World-systems theory Firstly, core capitalists exploit workers in all zones of the capitalist world economy (not just the periphery) and therefore, the crucial redistribution between core and periphery is surplus value, not "wealth" or "resources" abstractly conceived. Secondly, core states do not exploit poor states, ...
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World-systems theory Wallerstein notes that world-systems analysis calls for an unidisciplinary historical social science and contends that the modern disciplines, products of the 19th century, are deeply flawed because they are not separate logics, as is manifest for example in the "de facto" overlap of analysis among...
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World-systems theory The last temporal feature is the "crisis": a crisis occurs if a constellation of circumstances brings about the end of the system. In Wallerstein's view, there have been three kinds of historical systems across human history: "mini-systems" or what anthropologists call bands, tribes, and small chie...
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World-systems theory Some argue that this theory, though, ignores local efforts of innovation that have nothing to do with the global economy, such as the labor patterns implemented in Caribbean sugar plantations. Other modern global topics can be easily traced back to the world-systems theory. As global talk about cli...
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World-systems theory In a health realm, studies have shown the effect of less industrialized countries’, the periphery's, acceptance of packaged foods and beverages that are loaded with sugars and preservatives. While core nations benefit from dumping large amounts of processed, fatty foods into poorer nations, there h...
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World-systems theory World-systems analysis argues that capitalism, as a historical system, has always integrated a variety of labor forms within a functioning division of labor (world economy). Countries do not have economies but are part of the world economy. Far from being separate societies or worlds, the world eco...
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World-systems theory World-systems analysis contends that capitalism as a historical system formed earlier and that countries do not "develop" in stages, but the system does, and events have a different meaning as a phase in the development of historical capitalism, the emergence of the three ideologies of the national...
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World-systems theory Chirot (1986) lists the five most important benefits coming to core nations from their domination of periphery nations: According to Wallerstein, the unique qualities of the modern world system include its capitalistic nature, its truly global nature, and the fact that it is a world economy that ha...
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World-systems theory Semi-peripheral nations are those that are midway between the core and periphery. Thus, they have to keep themselves from falling into the category of peripheral nations and at the same time, they strive to join the category of core nations. Therefore, they tend to apply protectionist policies most...
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World-systems theory Those countries imported silver and gold from their American colonies but then had to use it to pay for manufactured goods from core countries such as England and France. In the 20th century, nations like the "settler colonies" of Australia, Canada and New Zealand had a semiperipheral status. In th...
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World-systems theory In the past, geographically large economic systems existed but were mostly limited to spheres of domination of large empires (such as the Roman Empire); development of capitalism enabled the world economy to extend beyond individual states. International division of labor was crucial in deciding wh...
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World-systems theory The first nation to gain clear dominance was the Netherlands in the 17th century, after its revolution led to a new financial system that many historians consider revolutionary. An impressive shipbuilding industry also contributed to their economic dominance through more exports to other countries....
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World-systems theory This time it was Germany, and later Italy and Japan that provided the new threat. Industrialization was another ongoing process during British dominance, resulting in the diminishing importance of the agricultural sector. In the 18th century, Britain was Europe's leading industrial and agricultural...
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World-systems theory The US had a small military budget compared to other industrial nations at the time. The US began to take the place of the British as a new dominant nation after World War I. With Japan and Europe in ruins after World War II, the US was able to dominate the modern world system more than any other c...
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World-systems theory Robinson suggests that world-systems theory doesn't account for emerging transnational social forces and the relationships forged between them and global institutions serving their interests. These forces operate on a global, rather than state system and cannot be understood by Wallerstein's nation...
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World-systems theory The essential argument of the world-system theory is that in the 16th century a capitalist world economy developed, which could be described as a world system. The following is a theoretical critique concerned with the basic claims of world-system theory: "There are today no socialist systems in th...
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World-systems theory Issued from the think tank of the group "modernity/coloniality" () in Latin America, it re-uses the concept of world working division and core/periphery system in its system of coloniality. But criticizing the "core-centric" origin of World-system and its only economical development, "coloniality" ...
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World-systems theory Such capabilities are most often found in core nations, which accumulate capital through achieving such quasi-monopolies with leading industries or products. As capital is accumulated, employment and wage also increase, creating a sense of prosperity. This leads to increased production, and sometim...
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World-systems theory And, according to Wallerstein, globalization, or the becoming of the world's system, is a process coterminous with the spread and development of capitalism over the past 500 years. Janet Abu Lughod argues that a pre-modern world system extensive across Eurasia existed in the 13th century prior to t...
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World-systems theory Among the most important related periodicals are the "Journal of World-Systems Research", published by the American Sociological Association's Section on the Political Economy of the World System (PEWS), and the "Review", published the Braudel Center. Edythe E. Weeks asserts the proposition that it...
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Volatility clustering In finance, volatility clustering refers to the observation, first noted as Mandelbrot (1963), that "large changes tend to be followed by large changes, of either sign, and small changes tend to be followed by small changes." A quantitative manifestation of this fact is that, while returns themsel...
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Circular flow of income The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite directi...
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Circular flow of income Businesses provide individuals with income (in the form of compensation) in exchange for their labor. That income is spent on the goods and services businesses produce. These activities are represented by the blue lines in the diagram above. The circular flow diagram illustrates the interdepende...
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Circular flow of income Cantillon described the concept in his 1730 "Essay on the Nature of Trade in General," in chapter 11, entitled "The Par or Relation between the Value of Land and Labor" to chapter 13, entitled "The Circulation and Exchange of Goods and Merchandise, as well as their Production, are Carried On in ...
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Circular flow of income In Marxian economics, economic reproduction refers to recurrent (or cyclical) processes by which the initial conditions necessary for economic activity to occur are constantly re-created. Economic reproduction involves the physical "production" and "distribution" of goods and services, the "trad...
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Circular flow of income Keynes' assistant Richard Stone further developed the concept for the United Nations (UN) and the Organisation for Economic Co-operation and Development to the systems, which is now used internationally. The first to visualize the modern circular flow of income model was Frank Knight in 1933 pub...
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Circular flow of income This means that all household expenditures become income for firms. The firms then spend this all of this income on factors of production such as labor, capital and raw materials, "transferring" all of their income to the factor owners (which are households). The factor owners (households), in t...
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Circular flow of income The foreign sector comprises (a) foreign trade (imports and exports of goods and services) and (b) inflow and outflow of capital (foreign exchange). Again, each flow of money has a corresponding flow of goods (or services) in the opposite direction. Each of the four sectors receives some payment...
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Circular flow of income However, some authors group (1) households, (2) firms, and (3) the financial sector together as the "private sector" and subsequently add (4) the government sector, making the "domestic sector," and (5) the foreign sector. Others use the "capital market" rather than the "financial sector" to acc...
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Circular flow of income The injection provided by the government sector is Government spending (G) that provides collective services and welfare payments to the community. An example of a tax collected by the government as a leakage is income tax and an injection into the economy can be when the government redistribute...
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Circular flow of income This can be further illustrated through a fictitious economy where:<br> S + T + M = I + G + X<br> $100 + $150 + $50 = $50 + $100 + $150<br> $300 = $300<br> Therefore, since the leakages are equal to the injections the economy is in a stable state of equilibrium. This state can be contrasted to t...
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Circular flow of income An example of this is if: S + T + M > I + G + X the levels of income, expenditure and output will fall causing a contraction or recession in the overall economic activity. As the income falls households will cut down on all leakages such as saving, they will also pay less in taxation and with a ...
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Circular flow of income However, according to the Laws of Thermodynamics perpetual motion machines do not exist. The First Laws says matter and energy cannot be created or destroyed, and the Second Laws says that matter and energy move from a low entropy, useful, state towards a less useful higher entropy state. Thus, ...
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Circular flow of income However, it cannot be ignored that the economy intrinsically requires natural resources and the creation of waste that must be absorbed in some manner. The economy can only continuing churning if it has matter and energy to power it and the ability to absorb the waste it creates. This matter and...
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Eurosclerosis (German: "Eurosklerose") is a term coined by German economist Herbert Giersch in the 1970s, to describe a pattern of economic stagnation in Europe that may have resulted from government over-regulation and overly generous social benefits policies. The term alludes to the medical term sclerosis, and is a r...
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Eurosclerosis According to Paul Krugman and the US Federal Reserve, at least one alleged victim of (France) has gone from having a lower employment than the US in 1999, to a significantly higher employment rate following the Great Recession.
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Marcel Boyer is the Bell Canada Professor of industrial economics at the Université de Montréal and vice-president and chief economist at the Montreal Economic Institute. He holds a Ph.D. in economics from Carnegie-Mellon University where he studied under the supervision of Nobel Prize laureate Robert Lucas, Jr.. He is...
https://en.wikipedia.org/wiki?curid=1599327
Post-scarcity economy Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor needed, so that they become available to all very cheaply or even freely. Post-scarcity does not mean that scarcity has been eliminated for "all" goods and services, bu...
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Post-scarcity economy Consequently, the authors claim that the period between 2050 and 2075 will be a post-scarcity age in which scarcity will no longer exist. An ideological contrast to the post-scarcity economy is formed by the concept of a steady-state economy. Today, futurists who speak of "post-scarcity" suggest e...
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Post-scarcity economy Advocates of self-replicating machines such as Adrian Bowyer, the creator of the RepRap project, argue that once a self-replicating machine is designed, then since anyone who owns one can make more copies to sell (and would also be free to ask for a lower price than other sellers), market competit...
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Post-scarcity economy For example, asteroid mining is sometimes discussed as a way of greatly reducing scarcity for many useful metals such as nickel. While early asteroid mining might involve manned missions, advocates hope that eventually humanity could have automated mining done by self-replicating machines. If this...
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Post-scarcity economy development of the individuals in the time set free, and with the means created, for all of them. Marx's concept of a post-capitalist communist society involves the free distribution of goods made possible by the abundance provided by automation. The fully developed communist economic system is po...
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Post-scarcity economy Murray Bookchin, in his 1971 essay collection "Post-Scarcity Anarchism", outlines an economy based on social ecology, libertarian municipalism, and an abundance of fundamental resources, arguing that post-industrial societies have the potential to be developed into post-scarcity societies. For Boo...
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Index (economics) In economics and finance, an index is a statistical measure of change in a representative group of individual data points. These data may be derived from any number of sources, including company performance, prices, productivity, and employment. Economic indices track economic health from different pe...
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Index (economics) The least relatively expensive Big Mac price occurs in Hong Kong, at a 52% reduction from U.S. prices, or $1.71 U.S. Such indices can be used to help forecast currency values. An index number is an economic data figure reflecting price or quantity compared with a standard or base value. The base usual...
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Index (economics) Indexes may also be used to summarize comparisons between distributions of data within categories. For example, purchasing power parity comparisons of currencies are often constructed with indexes. There is a substantial body of economic analysis concerning the construction of index numbers, desirable...
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Index (economics) This is the limitation of the CPI that is described as the index number problem. There is no theoretically ideal solution to this problem. In practice for retail price indices, the "basket of goods" is updated incrementally every few years to reflect changes. Nevertheless, the fact remains that many e...
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Technical change A technical change is a term used in economics to describe a change in the amount of output produced from the same amount of inputs. A technical change is not necessarily technological as it might be organizational, or due to a change in a constraint such as regulation, input prices, or quantities of i...
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Technical change Accordingly, increases in GDP provides a substantive measurement that demonstrates that capitalism does not in effect create an economic construct where one party can only make a gain at the expense of the other party (i.e.: if one party could only profit at the expense of another party, then it would ...
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Equivalent variation (EV) is a measure of economic welfare changes associated with changes in prices. John Hicks (1939) is attributed with introducing the concept of compensating and equivalent variation. The equivalent variation is the change in wealth, at current prices, that would have the same effect on consumer we...
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Current Tax Payment Act of 1943 The Current Tax Payment Act of 1943, Pub. L. 68, Ch. 120, 57 Stat. 126 (June 9, 1943), re-introduced the requirement to withhold income tax in the United States. Tax withholding had been introduced in the Tariff Act of 1913 but repealed by the Income Tax Act of 1916. The Current Tax Paym...
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Settlement risk is the risk that a counterparty (or intermediary agent) fails to deliver a security or its value in cash as per agreement when the security was traded after the other counterparty or counterparties have already delivered security or cash value as per the trade agreement. The term covers factors incident...
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Settlement risk But after 3:30 pm in Germany and 10:30 am in New York, Herstatt stopped all dollar payments to counterparties, leaving the counterparties unable to collect their payment. The closing of Drexel Burnham Lambert in 1990 did not cause similar problems because the Bank of England had set up a special scheme ...
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World Bank Chief Economist The Chief Economist of the World Bank (full title: "Senior Vice President, Development Economics, and Chief Economist") is the senior economist at the World Bank Group, tasking with providing intellectual leadership and direction to the Bank’s overall international development strategy and ec...
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Registered instrument A registered instrument is a form of property, such as shares or bonds, where records are kept of who owns the underlying property, or of the transactions involving transfer of ownership such as a company's share register. They may be contrasted with bearer instruments in which no records are kept...
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Metropolitan-hinterland thesis The metropolitan-hinterland thesis (or centre-periphery thesis) theory of social and economic development, developed by the Canadian historian Harold Innis examines how economically advanced societies, through trade and colonialism, distort and retard economic development of less develope...
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Tax Reduction and Simplification Act of 1977 The was passed by the 95th United States Congress and signed into law by President Jimmy Carter on May 23, 1977. It replaced the percentage standard deduction and minimum standard deduction with a single standard deduction of $3,200 (joint returns) and temporarily extended t...
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Nominal yield The coupon rate (or nominal rate or nominal yield) of a fixed income security is the (annualized) amount of the coupon, which is a fixed percentage of the par value. Unlike current yield, it does not vary with the market price of the security. The coupon rate is typically stated in the name of the bond, s...
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Financial econometrics is the application of statistical methods to financial market data. is a branch of financial economics, in the field of economics. Areas of study include capital markets, financial institutions, corporate finance and corporate governance. Topics often revolve around asset valuation of individual ...
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Financial econometrics Premier-quality journals which publish financial econometrics research include Econometrica, Journal of Econometrics and Journal of Business & Economic Statistics. The Journal of Financial Econometrics has an exclusive focus on financial econometrics. It is edited by Federico Bandi and Andrew Pat...
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Market sector The term market sector is used in economics and finance to describe a part of the economy. It is usually a broader term than "industry", which is a set of businesses that are buying and selling such similar goods and services that they are in direct competition with each other. Analysts divide the stock m...
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Anarchism is a political philosophy and movement that rejects all involuntary, coercive forms of hierarchy. It radically calls for the abolition of the state which it holds to be undesirable, unnecessary and harmful. The timeline of anarchism stretches back to prehistory when people lived in anarchistic societies long ...
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Anarchism Anarchist thought, criticism and praxis has played a part in diverse fields of human society. Criticism of anarchism mainly focuses on it being internally inconsistent, violent and utopian. The etymological origin of "anarchism" is from the Ancient Greek "anarkhia", meaning "without a ruler", composed of the ...
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Anarchism While opposition to the state is central to anarchist thought, defining anarchism is not an easy task as there is a lot of discussion among scholars and anarchists on the matter and various currents perceive anarchism slightly differently. Hence, it might be true to say that anarchism is a cluster of politica...
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Anarchism Aeschylus and Sophocles used the myth of Antigone to illustrate the conflict between rules set by the state and personal autonomy. Socrates questioned Athenian authorities constantly and insisted to the right of individual freedom of consciousness. Cynics dismissed human law ("nomos") and associated authoriti...
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Anarchism The first anarchist currents developed throughout the 18th century—William Godwin espoused philosophical anarchism in England, morally delegitimizing the state, Max Stirner's thinking paved the way to individualism, and Pierre-Joseph Proudhon's theory of mutualism found fertile soil in France. This era of cla...
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Anarchism Anarcho-communists, who drew inspiration from the 1871 Paris Commune, advocated for free federation and distribution of goods according to one's needs. At the turning of the century, anarchism had spread all over the world. In China, small groups of students imported the humanistic pro-science version of anar...
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Anarchism With the anarchists being crushed in Russia, two new antithetical currents emerged, namely platformism and synthesis anarchism. The former sought to create a coherent group that would push for the revolution while the latter were against anything that would resemble a political party. Seeing the victories of ...
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Anarchism However, the 1960s witnessed a revival of anarchism likely caused by a perceived failure of Marxism–Leninism and tensions built by the Cold War. During this time, anarchism took root in other movements critical to both the state and capitalism such as the anti-nuclear, environmental and pacifist movements, th...
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Anarchism Anarchist schools of thought have been generally grouped in two main historical traditions, social anarchism and individualist anarchism, owing to their different origins, values and evolution. The individualist current emphasises negative liberty in opposing restraints upon the free individual, while the soc...
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Anarchism Despite separation, the various anarchist schools of thought are not seen as distinct entities, but as tendencies that intermingle. is usually placed on the far-left of the political spectrum. Much of its economics and legal philosophy reflect anti-authoritarian, anti-statist and libertarian interpretations o...
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Anarchism Collectivist anarchism, also known as anarchist collectivism or anarcho-collectivism, is a revolutionary socialist form of anarchism commonly associated with Mikhail Bakunin. Collectivist anarchists advocate collective ownership of the means of production, theorised to be achieved through violent revolution, ...
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Anarchism Anarcho-syndicalism, also referred to as revolutionary syndicalism, is a branch of anarchism that views labour syndicates as a potential force for revolutionary social change, replacing capitalism and the state with a new society democratically self-managed by workers. The basic principles of anarcho-syndical...
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Anarchism has continued to generate many philosophies and movements—at times eclectic, drawing upon various sources, and syncretic, combining disparate concepts to create new philosophical approaches. The anti-capitalist tradition of classical anarchism has remained prominent within contemporary currents. Various anarc...
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Anarchism Anarchists' tactics take various forms but in general serve two major goals—first, to oppose the Establishment; and second, to promote anarchist ethics and reflect an anarchist vision of society, illustrating the unity of means and ends. A broad categorization can be made between aims to destroy oppressive st...
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Anarchism This attitude was quite prominent a century ago; seeing the state as a tyrant, some anarchists believed that they had every right to oppose its oppression by any means possible. Emma Goldman and Errico Malatesta, who were proponents of limited use of violence, argued that violence is merely a reaction to stat...
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Anarchism They mostly engage in confronting the police during demonstrations and riots, especially in countries like Canada, Mexico or Greece. Μilitant black bloc protest groups are known for clashing with the police. However, anarchists not only clash with state operators; they also engage in the struggle against fasc...
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Anarchism Anarchists have employed various methods in order to build a rough consensus among members of their group, without the need of a leader or a leading group. One way is for an individual from the group to play the role of facilitator to help achieve a consensus without taking part in the discussion themselves o...
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Anarchism During important events such as protests and when spaces are being occupied, they are often called Temporary Autonomous Zones (TAZ), spaces where surrealism, poetry and art are blended to display the anarchist ideal. As seen by anarchists, squatting is a way to regain urban space that capitalist market, servi...
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Anarchism within anarcho-primitivism) and the democratic process may be sharply criticised within some anarchist tendencies and simultaneously lauded in others. Gender and sexuality carry along them dynamics of hierarchy; anarchism is obliged to address, analyse and oppose the suppression of one's autonomy because of t...
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Anarchism During the second half of the 20th century, anarchism intermingled with the second wave of anarchism, radicalizing some currents of the feminist movement-and got influenced as well. By the latest decades of the 20th century, anarchist and feminists were advocating for rights and autonomy of women, gays, queer...
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Anarchism on setting the curriculum). Ferrer was aiming to educate the working class. The school closed after constant harassment by the state and Ferrer was later on arrested. Ferrer's ideas generally formed the inspiration for a series of modern schools around the world. Christian anarchist Leo Tolstoy had also estab...
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Anarchism While not many anarchists schools survived to the current era, major tenets of anarchists schools, such as respect for child autonomy and freedom, relying on reasoning rather than indoctrination, have spread in mainstream educational institutions portraying themselves as democratic. Objection to the state and...
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Anarchism Anarchists such as Leo Tolstoy and Herbert Read argued that the border between the artist and the non-artist, what separates art from a daily act, is a construct produced by the alienation caused by capitalism, and it prevents humans from living a joyful life. Other anarchists advocated for or used art as a m...
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Anarchism The fourth argument is that anarchism is self-contradictory since while it advocates for no-one to "archiei", if accepted by the many, then anarchism will turn into the ruling political theory. In this line of criticism also comes the self contradiction that anarchist calls for collective action while anarchi...
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Anarcho-capitalism is a political philosophy and economic theory that advocates the elimination of centralized states in favor of self-ownership, private property and free markets. Anarcho-capitalists hold that in the absence of statute (which they describe as law by arbitrary autocratic decrees, or bureaucratic legisl...
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Anarcho-capitalism Anarcho-capitalists believe that business regulations such as corporate standards, public relations, product labels, rules for consumer protection, ethics and labor relations would be self regulated via the use of competitive trade associations, professional societies and standards bodies. In theory,...
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Anarcho-capitalism Anarcho-capitalists are distinguished from minarchists, who advocate a night-watchman state limited to protecting individuals and their properties from foreign and domestic aggression; and from anarchists, who support personal property and oppose private ownership of the means of production, interest...
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Anarcho-capitalism Murray Rothbard, who is credited with coining the term anarcho-capitalism, said that the difference between free-market capitalism and state capitalism is the difference between "peaceful, voluntary exchange" and a collusive partnership between business and government that uses coercion to subvert th...
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Anarcho-capitalism On the Nolan chart, anarcho-capitalists are located at the extreme edge of the libertarian quadrant since they reject state involvement in both economic and personal affairs. Anarcho-capitalists argue that the state relies on initiating force because force can be used against those who have not stole...
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Anarcho-capitalism Peter Leeson argues that "the case for anarchy derives its strength from empirical evidence, not theory". Hans-Hermann Hoppe instead uses "argumentation ethics" for his foundation of "private property anarchism", which is closer to Rothbard's natural law approach: While the Friedmanian formulation of...
https://en.wikipedia.org/wiki?curid=1023
Anarcho-capitalism The difference between anarcho-capitalists and other libertarians is largely one of the degree to which they take this axiom. Minarchist libertarians, such as most people involved in libertarian political parties, would retain the state in some smaller and less invasive form, retaining at the very le...
https://en.wikipedia.org/wiki?curid=1023
Anarcho-capitalism Central to Rothbardian anarcho-capitalism are the concepts of self-ownership and original appropriation that combines personal and private property: The root of anarcho-capitalist property rights differ from that of anarchism, especially forms of anarchism such as anarcho-communism, where the means o...
https://en.wikipedia.org/wiki?curid=1023
Anarcho-capitalism According to Rothbard, property can only come about through labor, therefore original appropriation of land is not legitimate by merely claiming it or building a fence around it—it is only by using land and by mixing one's labor with it that original appropriation is legitimized: "Any attempt to clai...
https://en.wikipedia.org/wiki?curid=1023
Anarcho-capitalism He believes slaves rightfully own any land they were forced to work on under the "homestead principle". If property is held by the state, Rothbard advocates its confiscation and "return to the private sector", writing that "any property in the hands of the State is in the hands of thieves, and should...
https://en.wikipedia.org/wiki?curid=1023