These measures may be economy-wide, sector-specific, or industry specific. They may apply to all flows, or may differentiate by type or duration of the flow, there have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used. Capital controls were a part of the Bretton Woods system which emerged after World War II. This period was the first time capital controls had been endorsed by mainstream economics, in the 1970s free market economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other governments, and the big multilateral financial institutions A fixed exchange rate, 2) an independent monetary policy. In the first age of globalization, governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital, the sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy.
In the Bretton woods period, governments were free to have both generally stable exchange rates and independent monetary policies at the price of capital controls, the impossible trinity concept was especially influential during this era as a justification for capital controls. There have been three instances of capital controls in the EU and EFTA since 2008 – all of them triggered by banking crises, in its 2008 financial crisis, Iceland imposed capital controls due to the collapse of its banking system. As of 2015, Icelands capital controls have not been lifted – although Icelands government said in June 2015 that it planned to lift them. However, since the plans include a tax on taking capital out of the country. These capital controls were lifted in 2015, with the last controls being removed in April 2015 and it generally regulates inflows only and take ex-ante policy interventions. S. Or the complete freedom within regions such as the European Union, with its Four Freedoms, pro free market economists claim the following advantages for free movement of capital, It enhances overall economic growth by allowing savings to be channelled to their most productive use.
By encouraging foreign direct investment it helps developing economies to benefit from foreign expertise, allows states to raise funds from external markets to help them mitigate a temporary recession. Enables both savers and borrowers to secure the best available market rate, when controls include taxes, funds raised are sometimes siphoned off by corrupt government officials for their personal use. Pro capital control economists have made the following points, Capital controls may represent an optimal macroprudential policy that reduces the risk of financial crises and prevents the associated externalities. Global economic growth was on average considerably higher in the Bretton Woods periods where capital controls were widely in use, using regression analysis, economists such as Dani Rodrik have found no positive correlation between growth and free capital movement. Capital controls limiting a nations residents from owning foreign assets can ensure that domestic credit is available more cheaply than would otherwise be the case and this sort of capital control is still in effect in both India and China.
In India the controls encourage residents to provide cheap funds directly to the government, economic crises have been considerably more frequent since the Bretton Woods capital controls were relaxed
National Union of Seamen
The National Union of Seamen was the principal trade union of merchant seafarers in the United Kingdom from the late 1880s to 1990. In 1990, the union amalgamated with the National Union of Railwaymen to form the National Union of Rail, the Seamens Union was founded in Sunderland in 1887 as the National Amalgamated Sailors and Firemens Union. Its founder, J. Havelock Wilson became its president and it quickly spread to other ports and had become genuinely national by the end of 1888. In 1888 and 1889 the union fought a number of strikes in Glasgow, Liverpool. By 1889 it had 45 branches and a membership of 80,000. But from 1890, it began to face determined resistance from shipowners, who formed an association, the union fought and lost defensive actions in Hull, Bristol and other important centres in 1891-1893. These episodes depleted its funds and led to a fall in membership. The union involved in a large number of expensive legal cases. In 1893, the NASFU went into liquidation to avoid bankruptcy.
Relaunched in 1894 as the National Sailors and Firemens Union the union continued to experience financial difficulties, from the summer of 1910 the union worked to promote a national seamens strike to combat the Shipping Federation. This finally took place in the summer of 1911, the unions control over the movement was incomplete. Nonetheless, the greatly increased both the funds and the membership of the union, allowing it to emerge once again as a significant force. Following the strike-wave, the union gained official recognition from many shipowners, in 1911/1912 the growth of the NSFU was checked by a breakaway movement in Southampton and Glasgow which led to the formation of the rival British Seafarers Union. At a national level, the NSFU was able to maintain, contemporaries often regarded the NSFU as a militant organisation because of the strikes in which it had involved itself in the late 1880s and in 1911. Yet from its inception the union expressed a belief in the possibility of industrial harmony, the leadership of the union was not greatly influenced by socialism.
Its founder and president, J. Havelock Wilson, served several terms as a Liberal Party MP, indeed, at the 1918 general election, it sponsored three candidates, Wilson was primarily sponsored by the Liberal Party, while Bell described himself as a Coalition Labour candidate. Cathery ran in the name of the union, after the outbreak of World War I the union began collaborating closely with the Admiralty and shipowners in support of the war effort. A further development in 1917 was the formation of the National Maritime Board as a body for the merchant marine
Sir Richard Stafford Cripps, CH, PC, FRS was a British Labour politician of the first half of the 20th century. A wealthy barrister by background, he entered Parliament at a by-election in 1931 and he became a leading spokesman for the left and cooperation in a Popular Front with Communists before 1939, in which year he was expelled from the Labour Party. He served as Minister of Aircraft Production, an important post, rejoining the Labour Party in 1945, after the war he served in the Attlee Ministry, firstly as President of the Board of Trade and between 1947 and 1950 as Chancellor of the Exchequer. The economy improved after 1947, benefiting from the American money given through the Marshall Plan and he kept rationing in place to hold down consumption during an age of austerity, promoted exports, and maintained full employment with static wages. The public especially respected his integrity and Christian principles, Cripps was born in London, the son of Charles Cripps, a barrister and Conservative MP, and the former Theresa Potter, the sister of Beatrice Webb and Catherine Courtney.
Cripps grew up in a family and was educated at Winchester College, where the Headmaster described him as a thoroughly good fellow and at University College London. He left science for the law, and in 1913 was called to the bar by the Middle Temple and he served in the First World War as a Red Cross ambulance driver in France, and managed a chemical factory producing armaments. He remained a barrister during the 1920s, where he specialised in patent cases and he was intensely religious all his life, but belonged to no church. In the 1920s he became a leader in the World Alliance to Promote International Friendship through the Churches, in 1923 to 1929 Cripps was the groups treasurer and its most energetic lecturer. At the end of the 1920s Cripps moved to the left in his political views, the next year, Cripps was appointed Solicitor-General in the second Labour government, and received the customary knighthood. In 1931, Cripps was elected in a by-election for Bristol East, in the 1931 general election, Cripps was one of only three former Labour ministers to hold their seats alongside the party leader George Lansbury and deputy leader Clement Attlee.
The Socialist League put the case for a form of democratic socialism. In 1936, Labours National Executive Committee dissociated itself from a speech in which Cripps said he did not believe it would be a bad thing for the British working class if Germany defeated us, Cripps opposed British rearmament, Money cannot make armaments. Armaments can only be made by the skill of the British working class, to-day you have the most glorious opportunity that the workers have ever had if you will only use the necessity of capitalism in order to get power yourselves. The capitalists are in your hands, refuse to make munitions, refuse to make armaments, and they are helpless. They would have to hand the control of the country over to you, Cripps was an early advocate of a United Front against the rising threat of fascism and he opposed an appeasement policy towards Nazi Germany. Opposed by the Labour leadership, the Unity Campaign failed in its intentions, rather than face expulsion from Labour, Cripps dissolved the Socialist League in 1937.
Tribune, set up as the newspaper by Cripps and George Strauss
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt.
Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves.
African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
Foreign exchange market
The foreign exchange market is a global decentralized market for the trading of currencies. This includes all aspects of buying and exchanging currencies at current or determined prices, in terms of trading volume, it is by far the largest market in the world, followed by the Credit market. The main participants in this market are the international banks. Financial centers around the function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market does not determine the values of different currencies. The foreign exchange market works through financial institutions, and operates on several levels, behind the scenes, banks turn to a smaller number of financial firms known as dealers, who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is called the interbank market. Trades between foreign exchange dealers can be large, involving hundreds of millions of dollars.
Because of the sovereignty issue when involving two currencies, Forex has little supervisory entity regulating its actions, the foreign exchange market assists international trade and investments by enabling currency conversion. It supports direct speculation and evaluation relative to the value of currencies, in a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s. e, as such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.1 trillion per day in April 2016. This is down from $5.4 trillion in April 2013, Foreign exchange swaps were the most actively traded instruments in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. According to the Bank for International Settlements, as of April 2016 and this marks a decline of approximately 5% from the $5.355 trillion daily volume as of April 2013.
Some firms specializing in the exchange market had put the average daily turnover in excess of US$4 trillion. Money-changers were living in the Holy Land in the times of the Talmudic writings and these people used city stalls, and at feast times the Temples Court of the Gentiles instead. Money-changers were the silversmiths and/or goldsmiths of more recent ancient times, during the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I59021, shows the occurrences of exchange of coinage in Ancient Egypt and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food and raw materials. If a Greek coin held more gold than an Egyptian coin due to its size or content, a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods
It is subdivided into 100 pence. A number of nations that do not use sterling have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is used in the Isle of Man, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used.
The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was called Easterlings Hall, or Esterlingeshalle.
For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is sometimes seen. The ISO4217 currency code is GBP, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this helped to distinguish between new and old pence amounts during the changeover to the decimal system
George Brown, Baron George-Brown
He was a leader of the Labour Partys trade union right wing, and an effective election campaigner. Ultimately, however, he was unable to cope with the pressures of office without excessive drinking. Soon after the birth, his left and moved to the Peabody Trust block at Peabody Square, Blackfriars Road, Southwark. His father, called George Brown, had worked as a packer, lorry driver. Brown had already adopted his parents left-wing views and claimed to have delivered leaflets for the Labour Party in the 1922 general election when he was 8 years old. The school wanted Brown to stay on beyond the age of 15 and he started work as a junior clerk in the ledger department of a City firm, but was made redundant after pressing his fellow clerks to join a trade union. From 1932, he worked as a fur salesman for the John Lewis Partnership, Brown earned a great deal on commission. During this time, Brown continued his education through London County Council evening schools, the poverty of his upbringing led Brown in life to resent those who had a more privileged background and a university education.
By now Brown was active within the Labour Party and the Labour League of Youth and he ran as a moderate candidate for the Chairmanship but at the Labour Party conference in 1937 he was defeated by Ted Willis, a left-wing candidate known as a television scriptwriter. At the 1939 Labour Party conference Brown made his mark by a speech demanding the expulsion of Stafford Cripps for his advocacy of a Popular Front. For the rest of his life, Cripps refused to speak to Brown, after the outbreak of World War II in September 1939, Brown volunteered for the RAF but Ernest Bevin, the minister of labour, kept Brown and other trade union officials in their civilian jobs. Bevin was one of the Labour leaders brought into the coalition government. Brown himself served as a civil servant in the Ministry of Agriculture from 1940 onwards. As a TGWU official, Brown was a candidate to Labour constituencies seeking a candidate, as the TGWU would sponsor him. He was selected for Belper, a mixed constituency near Derby which was one of the top Labour target seats, in the 1945 general election Brown won the seat with a majority of nearly 9,000.
He was invited as one of a dozen Young Victors to a dinner given by Hugh Dalton on 30 July 1945 who was talent-spotting and networking. Brown was immediately chosen to be a Parliamentary Private Secretary by George Isaacs, who had followed the promoted Bevin as Minister of Labour, Brown was both adept at understanding political issues and how to communicate them, and convivial and generally popular within the Parliamentary Labour Party. Brown launched a plot to have Clement Attlee replaced as Prime Minister by Ernest Bevin
In science and engineering, the weight of an object is usually taken to be the force on the object due to gravity. Weight is a vector whose magnitude, often denoted by an italic letter W, is the product of the m of the object. The unit of measurement for weight is that of force, which in the International System of Units is the newton. For example, an object with a mass of one kilogram has a weight of about 9.8 newtons on the surface of the Earth, in this sense of weight, a body can be weightless only if it is far away from any other mass. Although weight and mass are scientifically distinct quantities, the terms are often confused with other in everyday use. There is a tradition within Newtonian physics and engineering which sees weight as that which is measured when one uses scales. There the weight is a measure of the magnitude of the force exerted on a body. Typically, in measuring an objects weight, the object is placed on scales at rest with respect to the earth, thus, in a state of free fall, the weight would be zero.
In this second sense of weight, terrestrial objects can be weightless, ignoring air resistance, the famous apple falling from the tree, on its way to meet the ground near Isaac Newton, is weightless. Further complications in elucidating the various concepts of weight have to do with the theory of relativity according to gravity is modelled as a consequence of the curvature of spacetime. In the teaching community, a debate has existed for over half a century on how to define weight for their students. The current situation is that a set of concepts co-exist. Discussion of the concepts of heaviness and lightness date back to the ancient Greek philosophers and these were typically viewed as inherent properties of objects. Plato described weight as the tendency of objects to seek their kin. To Aristotle weight and levity represented the tendency to restore the order of the basic elements, earth, fire. He ascribed absolute weight to earth and absolute levity to fire, archimedes saw weight as a quality opposed to buoyancy, with the conflict between the two determining if an object sinks or floats.
The first operational definition of weight was given by Euclid, who defined weight as, weight is the heaviness or lightness of one thing, compared to another, operational balances had, been around much longer. According to Aristotle, weight was the cause of the falling motion of an object
Attlee was the first person to hold the office of Deputy Prime Minister of the United Kingdom, serving under Winston Churchill in the wartime coalition government. He went on to lead the Labour Party to an election victory in summer 1945. One of only a handful of Labour frontbenchers to retain his seat in the defeat of 1931. In 1935 he became the Leader of the Party, at first advocating pacificism and appeasement, he reversed his position and by 1938 became a strong critic of Neville Chamberlains attempts to appease Adolf Hitler. He took Labour into the Churchill war ministry in 1940, initially serving as Lord Privy Seal, he was appointed Deputy Prime Minister in 1942. With victory in Europe in May 1945, the government was dissolved. Attlee led Labour to win a majority in the ensuing 1945 general election two months later. Within this context, his government undertook the nationalisation of public utilities and major industries, Attlee himself had little interest in economic matters but this settlement was broadly accepted by all parties for three decades.
Foreign policy was the domain of Ernest Bevin, but Attlee took special interest in India. He supervised the process by which India was partitioned into India and he arranged the independence of Burma, and Ceylon. His government ended the British Mandates of Palestine and Jordan, from 1947 he and Bevin pushed the United States to take a more vigorous role in the emerging Cold War against Soviet Communism. When the budgetary crisis forced Britain out of Greece in 1947 he called on Washington to counter the Communists with the Truman Doctrine and he avidly supported the Marshall Plan to rebuild Western Europe with American money. In 1949, he promoted the NATO military alliance against the Soviet bloc and he sent British troops to fight in the Malayan Emergency in 1948 and sent the RAF to participate in the Berlin Airlift. He commissioned an independent nuclear deterrent for the UK and he used 13,000 troops and passed special legislation to promptly end the London dock strike in 1949. After leading Labour to a victory in the 1950 general election.
Attlee was narrowly defeated by the Conservatives under Churchill in the 1951 general election and he continued as Labour leader but had lost his effectiveness by then. He retired after losing the 1955 general election and was elevated to the House of Lords, in public, Attlee was modest and unassuming, he was ineffective at public relations and lacked charisma. His strengths emerged behind the scenes, especially in committees where his depth of knowledge, quiet demeanour, objectivity and he saw himself as spokesman on behalf of his entire party and successfully kept its multiple factions in harness