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Terms of trade - Economics Online
edited by Mitch Earleywine (Oxford University Press) Marijuana use continues to attract interest and fuel controversy. Big, green pot leaves have adorned the covers of Time, National Review, and Forbes. Almost 100 million Americans have tried marijuana at least once. Groups such as The National Organization for the Reform of Marijuana (NORML) and The Marijuana Policy Project (MPP) have tens of thousands of members. Polls suggest that 70-80% of Americans support medicinal marijuana. At least 11 U.S. states have experimented with decriminalization and medical marijuana laws, with new initiatives appearing each year. Meanwhile, other groups such as Partnership for a Drug Free America and Mothers Against Drugs protest legalization. Clearly, debate about marijuana policy shows no sign of abating.
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In the Eastern Woodlands of North America, natives began domesticating plants before 2500 BCE. It may well be an independent domestication event. Those horticulturalists largely became matrilineal societies. The was succeeded by the , in which maize seems to have made its way from Mesoamerica. Around 500 CE, the , the bow and arrow supplanted the spear and atlatl, and the "" - maize, beans, and squash - began dominating food production. When the began around 800 CE, intensive maize production began and spread, which led to rapid population growth and the rise of , which led to the only pre-Columbian North American city, at , which collapsed, almost certainly from environmental over-taxation and a cooling climate, before 1400 CE. The mound-building Mississippian culture had a familiar trajectory, as intensive agriculture led to an agricultural surplus. Men, who controlled the surplus and rose to dominance, commandeered the local religion into granting them divine status or sanction and erected monumental architecture to themselves and their divine yet invisible patrons. As in , they made their structures from earth instead of stone. Soil fertilization for maize-growing was not practiced, which rapidly depleted the soils (there were no domestic animals to provide manure, and the Indians did not adopt the night soil practices of East Asia), and the cooling of the , along with declining soil fertility, spelled the decline of Mississippian culture before Europe's first invasions of the Columbian era. The and its aftermath was a catastrophe for Mississippian peoples. Later European invaders . By the 1600s, when England began invading the Eastern Woodlands, the Mississippian culture had vanished, and by the late 1700s, the Southeastern Indians not only retained no memory of who made those mounds that they lived near, they also had no memory of the social order that built them. The Cherokee seemed to retain some vestigial memory of Mississippian culture, as they had stories of despotic Indians that the Cherokee annihilated, but the mounds had become the source of a myth that spirit warriors lived in the mounds and could issue forth and fight Cherokee enemies.
said to suffer from adverse or declining terms of trade ..
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The deep-seated connection between mercantilism and imperialism became evident with Spanish efforts. Expeditions were privately financed with royal sanction, and the Crown got a cut of the loot. The Spanish effort was far cruder than what its rivals and successors devised, and it eventually became capitalist in orientation. were formed by the English and Dutch at the beginning of their imperial ascents, with trading companies. The , founded in 1600, and the , founded in 1602, were corporations acting on behalf of their sponsoring states, and were designed to wrest the from Portugal, along with seizing other imperial opportunities. The French regularly bought up the rear, empire-wise, and did not charter their until 1664. In the early 1800s, in the wake of classical economics, corporations became private enterprises and soon were granted , unlimited life, and . Greed was not only enshrined in , but corporations are .
When , there was real economic benefit from their activities, not simply accounting legerdemain, and their was more sustainable. Venetians and Genoese engaged in early instances of a similar process, but it began ascending in earnest as Europe conquered the world. The basic tenet of mercantilism was the acquisition of “treasure” by the mother nation via “trade.” The classic mercantile situation was forcing subjugated people to produce raw material for shipment to the imperial nation for processing. The finished goods would be shipped back to the subjugated people at an inflated price, as the imperial nation slowly milked the subject nation by unfair terms of exchange that they controlled (or sold such cheaply produced goods to other nations). In mercantilist practice, they did not usually dictate how the workforce was organized or how they worked. The intervention was at the market level, by interposing themselves into the process in which producers were enslaved and bled dry by unfair pricing for both raw goods and finished goods. The imperial power had both captive producers and markets for finished goods. Early colonial efforts were largely mercantilist in nature when they were not simply gold rushes.
Prebisch–Singer hypothesis - Wikipedia
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by Leonardo Boff (Orbis) First Place Award Winner in Spirituality, Catholic Press Association
A fine reinterpretation of atonement theory from a liberationist perspective. The central thesis holds: every understanding of Jesus death must begin with Jesus historical project embodied in his message and praxis of the kingdom of God. --Roger Haight, author Jesus Symbol of God This classic work of liberation theology explores the meaning of the Cross, both as it has been interpreted in the past and how it should be interpreted in the context of contemporary faith and circumstances. These particular circumstances include the poverty and repression, fear and violence under which so many of the world s people suffer today. In such a world, how can the Cross be understood and preached and what are the consequences of that understanding?
When Boff first wrote in the 1970s his immediate context was military dictatorship, torture, and violent repression. As he notes in his new Preface, that context must be enlarged today to include the passion of the Earth a continuation of the Passion of Christ in our time. The meaning of Christ s Cross remains the same: at once the symbol of a crime, and a sign of love and hope that violence does not have the last word.
(Oxford Handbooks in Religion and Theology: Oxford University Press) responds to and celebrates the explosion of research in this inter-disciplinary field over recent decades. As a one-volume reference work, it provides an introduction to the academic study of early Christianity (c. 100-600 AD) and examines the vast geographical area impacted by the early church, in Western and Eastern late antiquity. It is thematically arranged to encompass history, literature, thought, practices, and material culture. It contains authoritative and up-to-date surveys of current thinking and research in the various sub-specialties of early Christian studies, written by leading figures in the discipline. The essays orientate readers to a given topic, as well as to the trajectory of research developments over the past 30-50 years within the scholarship itself. Guidance for future research is also given. Each essay points the reader towards relevant forms of extant evidence (texts, documents, or examples of material culture), as well as to the appropriate research tools available for the area.
This volume will be useful to advanced undergraduate and post-graduate students, as well as to specialists in any area who wish to consult a brief review of the 'state of the question' in a particular area or sub-specialty of early Christian studies, especially one different from their own.
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2 Why are the terms of trade important
Value added tax: A tax that is levied only on the value added of a firm. A VAT is usually subject to border tax adjustment.
Value added: The value of output minus the value of all intermediate inputs, representing therefore the contribution of, and payments to, primary factors of production.
Value Additivity Principle: The principle that the net present value of a set of independent projects is simply the sum of the NPVs of the individual projects.
Value chain: A value-added process in a firm to transform raw materials and other inputs to finished goods, which creates value to customers.
Value date: Date on which a foreign exchange contract is executed, i.e. seller delivers. The date on which the monies must be paid to the parties involved in a foreign exchange transaction. For spot transactions, it is set as the second working day after the date on which the transaction is concluded.
Value marginal product: Marginal value product
Value quota: A quota specifying value, price times quantity, of a good.
Value stocks: Stocks with low price/book ratios or price/earnings ratios. Historically, value stocks have enjoyed higher average returns than growth stocks , stocks with high price/book or PE ratios) in a variety of countries.
Value-added tax (VAT): A sales tax collected at each stage of production in proportion to the value added during that stage. Method of indirect taxation whereby a tax is levied at each stage of production on the value added at that specific stage.
Value-at-Risk (VAR): A calculation which allows a financial institution to estimate the maximum amount it might expect to lose in a given time period with a certain probability.
Value-Dating: Refers to when value (credit) is given for funds transferred between banks.
Variable costs: A cost that varies directly with volume and is zero when production is zero.
Variable levy: A tax on imports that varies over time so as to stabilize the domestic price of the imported good. Essentially, the tax is set equal to the difference between the target domestic price and the world price.
Variable returns to scale: The property of a production function that returns to scale may be increasing or decreasing, at different rates, at different levels of output.
Vehicle currency: The currency used to invoice an international trade transaction, especially when it is not the national currency of either the importer or the exporter.
Velocity of money: The rate at which money changes hands in an economy, usually defined by the equation of exchange.
Vent for surplus: The concept that a country -- especially a developing country -- may be able to gain by exporting the products of factors that would not be employed at all without trade.
Venture capital: An investment in a start-up business that is perceived to have excellent growth prospects but that does not have access to capital markets.
Vertical integration: Production of different stages of processing of a product within the same firm.
Vertical intraindustry trade: Intraindustry trade in which the exports and imports are at the different stages of processing. It contrasts with horizontal IIT.
Virtual corporation: A business organizational model that involves the large-scale outsourcing of business functions. Partnerships so close those two partners become a single firm for all operational purposes.
Virtual Currency Option: A foreign currency option listed on the Philadelphia Stock Exchange which is settled in U.S. dollars rather than in the underlying currency.
Visible: In referring to international trade, used as a synonym for good. Visible trade is trade in goods. It contrasts with invisible.
Volatility: The extent to which an economic variable, such as a price or an exchange rate, moves up and down over time.
Voluntary export restraint (VER): One country promises another country to limit its imports; this is often done when the promising country fears increased tariffs or quotas if it does not self-regulate. A restriction on a country's imports that is achieved by negotiating with the foreign exporting country for it to restrict its exports.
Voluntary import expansion: The use of policies to encourage imports, in response to pressure from trading partners.
2.1 Terms of trade trends and ..
Wage: The payment for the service of a unit of labor, per unit time. In trade theory, it is the only payment to labor, usually unskilled labor. In empirical work, wage data may exclude other compensation, which must be added to get the total cost of employment.
Wage-rental ratio: The ratio of the wage of labor to the rental price of either capital or land, whichever is the other factor in a two-factor Heckscher-Ohlin model. The ratio plays a critical role in this model since it determines the ratios of factors employed in both industries.
Waiver: An authorized deviation from the terms of a previously negotiated and legally binding agreement. Many countries have sought and obtained waivers from particular obligations of the GATT and WTO.
Walras' Law: The property of a general equilibrium that if all but one of the markets are in equilibrium, then the remaining market is also in equilibrium, automatically. This follows from the budget constraints of the market participants, and it implies that any one market-clearing condition is redundant and can be ignored.
Walrasian adjustment: A market adjustment mechanism in which price rises when there is excess demand and falls when there is excess supply. Strictly speaking, these excess supplies and demands are those that would obtain without any history of disequilibrium, as with a Walrasian auctioneer.
Walrasian auctioneer: A hypothetical entity that facilitates market adjustment in disequilibrium by announcing prices and collecting information about supply and demand at those prices without any disequilibrium transactions actually taking place.
Warehouse receipt: A receipt issued by a warehouse listing the goods received.
Warehouse-to-warehouse: An insurance policy that covers goods over the entire journey from the seller's to the buyer's premises.
Warrant: An option issued by a company that allows the holder to purchase equity from the company at a predetermined price prior to an expiration date. Warrants are frequently attached to Eurobonds. A relatively long-term option to purchase common stock at a specified exercise price over a specified period of time.
Water in the tariff: The extent to which a tariff that is higher than necessary to be prohibitive.
Weak form efficient market:A market in which prices fully reflect the information in past prices.
Wealth: The total value of the accumulated assets owned by an individual, household, community, or country.
Weight note: Document issued by either the exporter or a third party declaring the weight of goods in a consignment
Weighted Average Cost of Capital (WACC): The required return on the funds supplied by investors. It is a weighted average of the costs of the individual component debt and equity funds. A discount rate that reflects the after-tax required returns on debt and equity capital.
Welfare criterion: A basis, usually quantitative, for judging whether one state of the world or of an economy is better than another, for use in welfare economics and in evaluation of policies.
Welfare economics: The branch of economic thought that deals with economic welfare, including especially various propositions relating competitive general equilibrium to the efficiency and desirability of an allocation.
Welfare proposition: In trade theory, this usually refers to any of several gains from trade theorems.
Welfare state: A set of government programs that attempts to provide economic security for the population by providing for people when they are unemployed, ill, or elderly.
Welfare triangle: In a partial equilibrium market diagram, a triangle representing the net welfare benefit or loss from a policy or other change. In trade theory it often means the triangle or triangles representing the deadweight loss due to a tariff.
Welfare: Refers to the economic well being of an individual, group, or economy. For individuals, it is conceptualized by a utility function. For groups, including countries and the world, it is a tricky philosophical concept, since individuals fare differently. In trade theory, an improvement in welfare is often inferred from an increase in real national income.
Wharfage charge: A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
White knight: A friendly acquirer who, at the invitation of a target company, purchases shares from the hostile bidder(s) or launches a friendly counter bid in order to frustrate the initial, unfriendly bidder(s).
Willingness to pay: The largest amount of money that an individual or group could pay, along with a change in policy, without being made worse off. It is therefore a monetary measure of the benefit to them of the policy change. If negative, it measures its cost.
Wire transfer: A generic term for electronic funds transfer using a two-way communications system, like Fedwire.
Withholding tax: A tax on income that is levied at the source, thus diverted to the government before the recipient of the income ever sees it. Used in international tax treaties to assist tax collection. A tax on dividend or interest income that is withheld for payment of taxes in a host country. Payment is typically withheld by the financial institution distributing the payment.
Working capital management: The administration of the firm's current assets and the financing needed to support current assets.
Working capital: An accounting term that indicates the difference between current assets and current liabilities. The combination of current assets and current liabilities.
World Bank: A group of five closely associated international institutions providing loans and other development assistance to developing countries. The five institutions are IBRD, IDA, IFC, MIGA, and ICSID. As of July 2000, the largest of these, IBRD, had 181 member countries. International Bank for Reconstruction and Development. An international organization created at Breton Woods in 1944 to help in the reconstruction and development of its member nations. Its goal is to improve the quality of life for people in the poorer regions of the world by promoting sustainable economic development. See also International Bank for Reconstruction and Development.
World Fact Book: An excellent source of information about the countries of the world, including basic economic data.
World price: The price of a good on the world market, meaning the price outside of any country's borders and therefore exclusive of any trade taxes or subsidies that might apply crossing a border into a country but inclusive of any that might apply crossing out of a country.
World Trade Organization (WTO): The WTO is a multilateral organization that promotes free and fair trade among the nations of the world. It was created in 1995 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementation and administration of the trade agreement. A global international organization that specifies and enforces rules for the conduct of international trade policies and serves as a forum for negotiations to reduce barriers to trade. Formed in 1995 as the successor to the GATT, it had 136 member countries as of April 2000.
Worldwide tax system: A tax system that taxes worldwide income as it is repatriated to the parent company. Used in Japan, the United Kingdom, and the United States.
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