1.
Fiscal year
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A fiscal year is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for reporting by business and other organizations. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, the calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government fees—such as Council rates, licence fees, etc. —are also levied on a year basis. The fiscal year end is the date marks the end of the fiscal year. Some companies—such as Cisco Systems—end their fiscal year on the day of the week each year. Under such a system, some years will have 52 weeks. Many universities have a year which ends during the summer. In the northern hemisphere this is July to the next June, in the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year, the American football league NFL uses the term league year, which in effect forms the leagues fiscal year. In Afghanistan, the year was recently changed from 1 Hamal –29 Hoot to 1 Jadi –30 Qaus. The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span, in Australia, a fiscal year is commonly called a financial year and starts on 1 July and ends on the next 30 June. Financial years are designated by the year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and it is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a year that ends at the end of a week. All entities within the one group must use the financial year. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901, the reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget. In Austria the fiscal year is the year,1 January to 31 December
2.
WTO
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The World Trade Organization is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, as of June 2012, the future of the Doha Round remained uncertain, the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round, as a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate. The WTOs current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, a trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organizations history. Seven rounds of negotiations occurred under GATT, the first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement, because these plurilateral agreements were not accepted by the full GATT membership, they were often informally called codes. Several of these codes were amended in the Uruguay Round, only four remained plurilateral, but in 1997 WTO members agreed to terminate the bovine meat and dairy agreements, leaving only two. Well before GATTs 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy. In response to the problems identified in the 1982 Ministerial Declaration, the GATT still exists as the WTOs umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations. GATT1994 is not however the only legally binding agreement included via the Final Act at Marrakesh, the highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions, the Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. When agricultural export subsidies were agreed to be phased out and adoption of the European Unions Everything, the WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001. This was to be an effort to make globalization more inclusive and help the worlds poor, particularly by slashing barriers. The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to developing countries. Among the various functions of the WTO, these are regarded by analysts as the most important and it provides a forum for negotiations and for settling disputes. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training
3.
Gross domestic product
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Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
4.
Purchasing power parity
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Observed deviations of the exchange rate from purchasing power parity are measured by deviations of the real exchange rate from its PPP value of 1. PPP exchange rates help to minimize misleading international comparisons that can arise with the use of exchange rates. For example, suppose that two countries produce the same amounts of goods as each other in each of two different years. But if one countrys GDP is converted into the countrys currency using PPP exchange rates instead of observed market exchange rates. The idea originated with the School of Salamanca in the 16th century, the best-known purchasing power adjustment is the Geary–Khamis dollar. The real exchange rate is equal to the nominal exchange rate. If purchasing power parity held exactly, then the exchange rate would always equal one. However, in practice the exchange rates exhibit both short run and long run deviations from this value, for example due to reasons illuminated in the Balassa–Samuelson theorem. There can be marked differences between purchasing power adjusted incomes and those converted via market exchange rates. This discrepancy has large implications, for instance, when converted via the exchange rates GDP per capita in India is about US$1,965 while on a PPP basis it is about US$7,197. At the other extreme, Denmarks nominal GDP per capita is around US$62,100, the purchasing power parity exchange rate serves two main functions. PPP exchange rates can be useful for making comparisons between countries because they stay fairly constant from day to day or week to week and only change modestly, if at all, from year to year. The PPP exchange-rate calculation is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries, people in different countries typically consume different baskets of goods. It is necessary to compare the cost of baskets of goods and this is a difficult task because purchasing patterns and even the goods available to purchase differ across countries. Thus, it is necessary to make adjustments for differences in the quality of goods, furthermore, the basket of goods representative of one economy will vary from that of another, Americans eat more bread, Chinese more rice. Hence a PPP calculated using the US consumption as a base will differ from that calculated using China as a base, additional statistical difficulties arise with multilateral comparisons when more than two countries are to be compared. Various ways of averaging bilateral PPPs can provide a stable multilateral comparison. These are all issues of indexing, as with other price indices there is no way to reduce complexity to a single number that is equally satisfying for all purposes
5.
Service (economics)
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In economics, a service is a transaction in which no physical goods is transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the willingness to make the exchange. Public services are those that society as a whole pays for, using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services can be described in terms of their key characteristics, sometimes called the Five Is of Services and they are not manufactured, transported or stocked. Services cannot be stored for a future use and they are produced and consumed simultaneously. Services are perishable in two regards, Service-relevant resources, processes and systems are assigned for delivery during a specific period in time. If the service consumer does not request and consume the service during this period, from the perspective of the service provider, this is a lost business opportunity if no other use for those resources is available. Examples, A hairdresser serves another client, an empty seat on an airplane cannot be filled after departure. When the service has been rendered to the consumer, this particular service irreversibly vanishes. Example, a passenger has been transported to the destination and the flight is over, the service provider must deliver the service at the time of service consumption. The service is not manifested in an object that is independent of the provider. The service consumer is also inseparable from service delivery, examples, The service consumer must sit in the hairdressers chair, or in the airplane seat. Correspondingly, the hairdresser or the pilot must be in the shop or plane, respectively, many services are regarded as heterogeneous and are typically modified for each service consumer or each service context. Another and more common term for this is heterogeneity, both service provider and service consumer participate in the service provision. Mass generation and delivery of services must be mastered for a provider to expand. This can be seen as a problem of service quality, both inputs and outputs to the processes involved providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. Many services involve variable human activity, rather than a precisely determined process, the human factor is often the key success factor in service provision. Demand can vary by season, time of day, business cycle, consistency is necessary to create enduring business relationships
6.
Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
7.
Poverty threshold
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The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country. In practice, like the definition of poverty, the official or common understanding of the poverty line is higher in developed countries than in developing countries. In 2008, the World Bank came out with a figure of $1.25 at 2005 purchasing-power parity, the new IPL replaces the $1.25 per day figure, which used 2005 data. Most scholars agree that it better reflects todays reality, particularly new price levels in developing countries, the common international poverty line has in the past been roughly $1 a day. At present the percentage of the population living under extreme poverty is likely to fall below 10% according to the World Bank projections released in 2015. Determining the poverty line is usually done by finding the total cost of all the resources that an average human adult consumes in one year. Individual factors are used to account for various circumstances, such as whether one is a parent, elderly. The poverty threshold may be adjusted annually, charles Booth, a pioneering investigator of poverty in London at the turn of the 20th century, popularised the idea of a poverty line, a concept originally conceived by the London School Board. Booth set the line at 10 to 20 shillings per week, to secure the necessaries of a healthy life, which included fuel and light, rent, food, clothing, and household and personal items. Based on data from leading nutritionists of the period, he calculated the cheapest price for the minimum calorific intake and nutritional balance necessary and he considered this amount to set his poverty line and concluded that 27. 84% of the total population of York lived below this poverty line. Rowntree distinguished between primary poverty, those lacking in income and secondary poverty, those who had enough income, Absolute poverty is the level of poverty as defined in terms of the minimal requirements necessary to afford minimal standards of food, clothing, health care and shelter. For the measure to be absolute, the line must be the same in different countries, cultures, such an absolute measure should look only at the individuals power to consume and it should be independent of any changes in income distribution. Notice that if real income in an economy increases. Measuring poverty by a threshold has the advantage of applying the same standard across different locations and time periods. For example, a living in far northern Scandinavia requires a source of heat during colder months. The term absolute poverty is sometimes used as a synonym for extreme poverty. Absolute poverty is the absence of resources to secure basic life necessities. It depends not only on income but also on access to services, safe drinking water, Water must not come solely from rivers and ponds, and must be available nearby
8.
Trinidad and Tobago
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During the same period, the island of Tobago changed hands among Spanish, British, French, Dutch and Courlander colonizers, more times than any other island in the Caribbean. Trinidad and Tobago were ceded to Britain in 1802 under the Treaty of Amiens, the country Trinidad and Tobago obtained independence in 1962, becoming a republic in 1976. Trinidad and Tobago is the third richest country by GDP per capita in the Americas after the United States, furthermore, it is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the economy is primarily industrial, with an emphasis on petroleum. The countrys wealth is attributed to its reserves and exploitation of oil. Historian E. L. Joseph claimed that Trinidads Amerindian name was Iere or Land of the Humming Bird, derived from the Arawak name for hummingbird, however, Boomert claims that neither cairi nor caeri means hummingbird and tukusi or tucuchi does. Others have reported that kairi and iere simply mean island, christopher Columbus renamed it La Isla de la Trinidad, fulfilling a vow made before setting out on his third voyage of exploration. Trinidad and Tobago are islands situated between 10°2 and 11°12 N latitude and 60°30 and 61°56 W longitude, at the closest point, Trinidad is just 11 kilometres from Venezuelan territory. Trinidad is 4,768 km2 in area with a length of 80 km. Tobago has an area of about 300 km2, or 5. 8% of the area, is 41 km long and 12 km at its greatest width. Trinidad and Tobago lie on the shelf of South America. The terrain of the islands is a mixture of mountains and plains, the highest point in the country is found on the Northern Range at El Cerro del Aripo, which is 940 metres above sea level. As the majority of the live in the island of Trinidad. There are four municipalities in Trinidad, Port of Spain. The main town in Tobago is Scarborough, Trinidad is made up of a variety of soil types, the majority being fine sands and heavy clays. The alluvial valleys of the Northern Range and the soils of the East-West Corridor are the most fertile, the Northern Range consists mainly of Upper Jurassic and Cretaceous metamorphic rocks. The Northern Lowlands consist of shallow marine clastic sediments. South of this, the Central Range fold and thrust belt consists of Cretaceous and Eocene sedimentary rocks, the Naparima Plains and the Nariva Swamp form the southern shoulder of this uplift
9.
United States
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Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
10.
Saint Lucia
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Saint Lucia is a sovereign island country in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and it covers a land area of 617 km2 and reported a population of 165,595 in the 2010 census. The French were the islands first European settlers and they signed a treaty with the native Carib Indians in 1660. England took control of the island from 1663 to 1667, in ensuing years, it was at war with France 14 times, and rule of the island changed frequently. In 1814, the British took definitive control of the island, because it switched so often between British and French control, Saint Lucia was also known as the Helen of the West Indies. Representative government came about in 1840, from 1958 to 1962, the island was a member of the Federation of the West Indies. On 22 February 1979, Saint Lucia became an independent state of the Commonwealth of Nations associated with the United Kingdom, Saint Lucia is a mixed jurisdiction, meaning that it has a legal system based in part on both the civil law and English common law. The Civil Code of St. Lucia of 1867 was based on the Quebec Civil Code of 1866 and it is also a member of La Francophonie. One of the Windward Islands, Saint Lucia was named after Saint Lucy of Syracuse by the French, the islands first European settlers, the French pirate François le Clerc frequently visited Saint Lucia in the 1550s. It was not until around 1600 that the first European camp was started by the Dutch at what is now Vieux Fort, in 1605 an English vessel called the Olive Branch was blown off-course on its way to Guyana, and the 67 colonists started a settlement on Saint Lucia. After five weeks only 19 survived due to disease and conflict with the Caribs, the French officially claimed the island in 1635. The English attempted the next European settlement in 1639, and that too was wiped out by Caribs, in 1643 a French expedition sent out from Martinique established a permanent settlement on the island. De Rousselan was appointed the governor, took a Carib wife. In 1664, Thomas Warner claimed Saint Lucia for England and he brought 1,000 men to defend it from the French, but after two years, only 89 survived with the rest dying mostly due to disease. In 1666 the French West India Company resumed control of the island, in 1722, George I of Great Britain granted both Saint Lucia and Saint Vincent to The 2nd Duke of Montagu. He in turn appointed Nathaniel Uring, a merchant sea captain and adventurer, Uring went to the islands with a group of seven ships, and established settlement at Petit Carenage. Unable to get support from British warships, he and the new colonists were quickly run off by the French. During the Seven Years War Britain occupied Saint Lucia for a year, Britain handed the island back to the French at the Treaty of Paris in 1763
11.
Saint Vincent and the Grenadines
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The country is also known simply as Saint Vincent. Most of Saint Vincent lies within the Hurricane Belt, to the north of Saint Vincent lies Saint Lucia, to the east Barbados. Saint Vincent and the Grenadines is a densely populated country with approximately 102,000 inhabitants and its capital is Kingstown, also its main port. The main mother tongue is Vincentian Creole and the language is English. The island now known as Saint Vincent was originally named Youloumain by the native Island Caribs who called themselves Kalina/Carina, the Caribs aggressively prevented European settlement on Saint Vincent until 1719. The first Europeans to occupy St. Vincent were the French, following a series of wars and peace treaties, the islands were eventually ceded to the British. The French settlers cultivated coffee, tobacco, indigo, corn, the British captured the island from the French during the Seven Years War fought between 1754 and 1763. St Vincent was ceded to Great Britain by the Treaty of Paris, on taking control of the island in 1763, the British laid the foundations of Fort Charlotte. The island was restored to French rule in 1779 and regained by the British under the Treaty of Versailles, between 1783 and 1796, there was again conflict between the British and the Black Caribs, who were led by Paramount Chief Joseph Chatoyer. Between 1795 and 1796, with French support from Martinique, the Black Caribs fought a series of battles against the British and their uprising was eventually put down, resulting in almost 5,000 Black Caribs being exiled to the tiny island of Baliceaux off the coast of Bequia. Conflict between the British and the Black Caribs continued until 1796, in 1797 British General Sir Ralph Abercromby put an end to the open conflict by crushing an uprising which had been supported by the French radical, Victor Hugues. The British deported more than 5,000 Black Caribs to Roatán, in 1806 the building of Fort Charlotte was completed. The La Soufriere volcano erupted in 1812, like the French before them, the British also used African slaves to work plantations of sugar, coffee, indigo, tobacco, cotton and cocoa until full emancipation in 1838. The economy then went into a period of decline with many abandoning their estates. Slavery was abolished in Saint Vincent in 1834, and an apprenticeship period followed which ended in 1838, after its end, labour shortages on the plantations resulted, and this was initially addressed by the immigration of indentured servants. In the late 1840s many Portuguese immigrants arrived from Madeira and between 1861 and 1888 shiploads of East Indian labourers arrived, conditions remained harsh for both former slaves and immigrant agricultural workers, as depressed world sugar prices kept the economy stagnant until the turn of the century. In 1902, La Soufrière volcano erupted, killing 2,000 people, much farmland was damaged, and the economy deteriorated. From 1763 until its independence in 1979, Saint Vincent and the Grenadines passed through various stages of colonial status under the British
12.
Antigua and Barbuda
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Antigua and Barbuda is a twin-island country in the Americas, lying between the Caribbean Sea and the Atlantic Ocean. It consists of two inhabited islands, Antigua and Barbuda, and a number of smaller islands. The permanent population numbers about 81,800 and the capital and largest port and city is St. Johns, on Antigua. Separated by a few miles, Antigua and Barbuda are in the middle of the Leeward Islands, part of the Lesser Antilles. The countrys name was given by Christopher Columbus in 1493 after discovering the island, the country is nicknamed Land of 365 Beaches due to the many beaches surrounding the islands. Its governance, language, and culture have all been influenced by the British Empire. Antigua is Spanish for ancient and Barbuda is Spanish for bearded, the island of Antigua, originally called Waladli by Arawaks, is today called Wadadli by locals. Christopher Columbus, while sailing by in 1493 may have named it Santa Maria la Antigua, Antigua was first settled by archaic age hunter-gatherer Amerindians called the Siboney or Ciboney. Carbon dating has established the earliest settlements started around 3100 BC and they were succeeded by the ceramic age pre-Columbian Arawak-speaking Saladoid people who migrated from the lower Orinoco River. The Arawaks introduced agriculture, raising, among crops, the famous Antigua black pineapple, corn, sweet potatoes, chiles, guava, tobacco. The indigenous West Indians made excellent seagoing vessels which used to sail around on the Atlantic. As a result, Caribs and Arawaks were able to much of South America. Their descendants still live there, notably in Brazil, Venezuela, most Arawaks left Antigua around 1100 AD, those who remained were later raided by the Caribs. The Catholic Encyclopedia makes it clear that the European invaders had difficulty differentiating between the groups of the native peoples they encountered. As a result, the number and types of groups in existence at that time may have been much more varied. European and African diseases, malnutrition, and slavery eventually killed most of the Caribbeans native population, smallpox was probably the greatest killer. Some historians believe that the stress of slavery may also have played a part in the massive number of deaths amongst enslaved natives. Others believe the reportedly abundant but starchy, low-protein diet may have contributed to their severe malnutrition as they were used to a diet fortified with protein from the sea, the Spaniards did not colonise Antigua because it lacked fresh water but not aggressive Caribs
13.
Saint Kitts and Nevis
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The Federation of Saint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is a two-island country in the West Indies. Located in the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Americas and Western Hemisphere, the country is a Commonwealth realm, with the British monarch as head of state. The capital city is Basseterre on the island of Saint Kitts. The smaller island of Nevis lies about 2 miles southeast of Saint Kitts across a channel called The Narrows. The British dependency of Anguilla was historically also a part of this union, to the north-northwest lie the islands of Sint Eustatius, and Saba, Saint Barthélemy, Saint-Martin/Sint Maarten and Anguilla. To the east and northeast are Antigua and Barbuda, and to the southeast is the uninhabited island of Redonda, and the island of Montserrat. Saint Kitts and Nevis were among the first islands in the Caribbean to be settled by Europeans, Saint Kitts was home to the first British and French colonies in the Caribbean, and thus has also been titled The Mother Colony of the West Indies. Nevis is also the birthplace of Alexander Hamilton, Saint Kitts was named Liamuiga, which roughly translates as fertile land, by the Kalinago Indians who originally inhabited the island. The name is preserved via St. Kittss western peak, Mount Liamuiga, neviss pre-Columbian name was Oualie, meaning land of beautiful waters. Christopher Columbus upon sighting what we now call Nevis in 1493 gave that island the name San Martín, the current name Nevis is derived from a Spanish name Nuestra Señora de las Nieves. This Spanish name means Our Lady of the Snows and it is not known who chose this name for the island, but it is a reference to the story of a fourth-century Catholic miracle, a summertime snowfall on the Esquiline Hill in Rome. Perhaps the white clouds which usually wreathe the top of Nevis Peak reminded someone of the story of a snowfall in a hot climate. The island of Nevis upon first British settlement was referred to as Dulcina, eventually the original Spanish name was restored and used in the shortened form, Nevis. There is some disagreement over the name which Christopher Columbus gave to St. Kitts, for many years it was thought that he named the island San Cristóbal, after Saint Christopher, his patron saint and the patron hallow of travellers. New studies suggest that Columbus named the island Sant Yago, the name San Cristóbal was given by Columbus to the island now known as Saba,20 miles northwest. It seems that San Cristóbal came to be applied to the island of St. Kitts only as the result of a mapping error, no matter the origin of the name, the island was well documented as San Cristóbal by the 17th century. The first English colonists kept the English translation of this name, in the 17th century, a common nickname for Christopher was Kit, or Kitt. This is why the island was often referred to as Saint Kitts Island
14.
Jamaica
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Jamaica is an island country situated in the Caribbean Sea, consisting of the third-largest island of the Greater Antilles. The island,10,990 square kilometres in area, lies about 145 kilometres south of Cuba, Jamaica is the fourth-largest island country in the Caribbean, by area. Inhabited by the indigenous Arawak and Taíno peoples, the island came under Spanish rule following the arrival of Christopher Columbus in 1494, Many of the indigenous people died of disease, and the Spanish imported African slaves as labourers. Named Santiago, the island remained a possession of Spain until 1655, under British colonial rule Jamaica became a leading sugar exporter, with its plantation economy highly dependent on slaves imported from Africa. The British fully emancipated all slaves in 1838, and many chose to have subsistence farms rather than to work on plantations. Beginning in the 1840s, the British imported Chinese and Indian indentured labour to work on plantations, the island achieved independence from the United Kingdom on 6 August 1962. With 2.8 million people, Jamaica is the third-most populous Anglophone country in the Americas, Kingston is the countrys capital and largest city, with a population of 937,700. Jamaicans predominately have African ancestry, with significant European, Chinese, Hakka, Indian, due to a high rate of emigration for work since the 1960s, Jamaica has a large diaspora around the world, particularly in Canada, the United Kingdom, and the United States. Jamaica is a Commonwealth realm, with Queen Elizabeth II as its monarch and her appointed representative in the country is the Governor-General of Jamaica, an office held by Sir Patrick Allen since 2009. Andrew Holness has served as the head of government and Prime Minister of Jamaica from March 2016, the indigenous people, the Taíno, called it Xaymaca in Arawakan, meaning the Land of Wood and Water or the Land of Springs. Colloquially Jamaicans refer to their island as the Rock. Slang names such as Jamrock, Jamdown, or briefly Ja, have derived from this, the Arawak and Taíno indigenous people, originating in South America, settled on the island between 4000 and 1000 BC. When Christopher Columbus arrived in 1494, there were more than 200 villages ruled by caciques, the south coast of Jamaica was the most populated, especially around the area now known as Old Harbour. The Taino still inhabited Jamaica when the English took control of the island in 1655, the Jamaican National Heritage Trust is attempting to locate and document any evidence of the Taino/Arawak. Christopher Columbus claimed Jamaica for Spain after landing there in 1494 and his probable landing point was Dry Harbour, now called Discovery Bay, although there is some debate that it might have been St. Anns Bay. St. Anns Bay was named Saint Gloria by Columbus, as the first sighting of the land, the capital was moved to Spanish Town, then called St. Jago de la Vega, around 1534. Spanish Town has the oldest cathedral of the British colonies in the Caribbean, the Spanish were forcibly evicted by the English at Ocho Rios in St. Ann. In 1655, the English, led by Sir William Penn and General Robert Venables, the English continued to import African slaves as labourers
15.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
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Colombia
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Colombia, officially the Republic of Colombia, is a transcontinental country largely situated in the northwest of South America, with territories in Central America. Colombia shares a border to the northwest with Panama, to the east with Venezuela and Brazil and to the south with Ecuador and it shares its maritime limits with Costa Rica, Nicaragua, Honduras, Jamaica, Haiti and the Dominican Republic. It is a unitary, constitutional republic comprising thirty-two departments, the territory of what is now Colombia was originally inhabited by indigenous peoples including the Muisca, the Quimbaya and the Tairona. The Spanish arrived in 1499 and initiated a period of conquest and colonization ultimately creating the Viceroyalty of New Granada, independence from Spain was won in 1819, but by 1830 the Gran Colombia Federation was dissolved. What is now Colombia and Panama emerged as the Republic of New Granada, the new nation experimented with federalism as the Granadine Confederation, and then the United States of Colombia, before the Republic of Colombia was finally declared in 1886. Since the 1960s the country has suffered from an asymmetric low-intensity armed conflict, Colombia is one of the most ethnically and linguistically diverse countries in the world, and thereby possesses a rich cultural heritage. Cultural diversity has also influenced by Colombias varied geography. The urban centres are located in the highlands of the Andes mountains. Colombian territory also encompasses Amazon rainforest, tropical grassland and both Caribbean and Pacific coastlines, ecologically, it is one of the worlds 17 megadiverse countries, and the most densely biodiverse of these per square kilometer. Colombia is a power and a regional actor with the fourth-largest economy in Latin America, is part of the CIVETS group of six leading emerging markets and is an accessing member to the OECD. Colombia has an economy with macroeconomic stability and favorable growth prospects in the long run. The name Colombia is derived from the last name of Christopher Columbus and it was conceived by the Venezuelan revolutionary Francisco de Miranda as a reference to all the New World, but especially to those portions under Spanish and Portuguese rule. The name was adopted by the Republic of Colombia of 1819. When Venezuela, Ecuador and Cundinamarca came to exist as independent states, New Granada officially changed its name in 1858 to the Granadine Confederation. In 1863 the name was changed, this time to United States of Colombia. To refer to country, the Colombian government uses the terms Colombia. Owing to its location, the present territory of Colombia was a corridor of early human migration from Mesoamerica, the oldest archaeological finds are from the Pubenza and El Totumo sites in the Magdalena Valley 100 km southwest of Bogotá. These sites date from the Paleoindian period, at Puerto Hormiga and other sites, traces from the Archaic Period have been found
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China
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China, officially the Peoples Republic of China, is a unitary sovereign state in East Asia and the worlds most populous country, with a population of over 1.381 billion. The state is governed by the Communist Party of China and its capital is Beijing, the countrys major urban areas include Shanghai, Guangzhou, Beijing, Chongqing, Shenzhen, Tianjin and Hong Kong. China is a power and a major regional power within Asia. Chinas landscape is vast and diverse, ranging from forest steppes, the Himalaya, Karakoram, Pamir and Tian Shan mountain ranges separate China from much of South and Central Asia. The Yangtze and Yellow Rivers, the third and sixth longest in the world, respectively, Chinas coastline along the Pacific Ocean is 14,500 kilometers long and is bounded by the Bohai, Yellow, East China and South China seas. China emerged as one of the worlds earliest civilizations in the basin of the Yellow River in the North China Plain. For millennia, Chinas political system was based on hereditary monarchies known as dynasties, in 1912, the Republic of China replaced the last dynasty and ruled the Chinese mainland until 1949, when it was defeated by the communist Peoples Liberation Army in the Chinese Civil War. The Communist Party established the Peoples Republic of China in Beijing on 1 October 1949, both the ROC and PRC continue to claim to be the legitimate government of all China, though the latter has more recognition in the world and controls more territory. China had the largest economy in the world for much of the last two years, during which it has seen cycles of prosperity and decline. Since the introduction of reforms in 1978, China has become one of the worlds fastest-growing major economies. As of 2016, it is the worlds second-largest economy by nominal GDP, China is also the worlds largest exporter and second-largest importer of goods. China is a nuclear weapons state and has the worlds largest standing army. The PRC is a member of the United Nations, as it replaced the ROC as a permanent member of the U. N. Security Council in 1971. China is also a member of numerous formal and informal multilateral organizations, including the WTO, APEC, BRICS, the Shanghai Cooperation Organization, the BCIM, the English name China is first attested in Richard Edens 1555 translation of the 1516 journal of the Portuguese explorer Duarte Barbosa. The demonym, that is, the name for the people, Portuguese China is thought to derive from Persian Chīn, and perhaps ultimately from Sanskrit Cīna. Cīna was first used in early Hindu scripture, including the Mahābhārata, there are, however, other suggestions for the derivation of China. The official name of the state is the Peoples Republic of China. The shorter form is China Zhōngguó, from zhōng and guó and it was then applied to the area around Luoyi during the Eastern Zhou and then to Chinas Central Plain before being used as an occasional synonym for the state under the Qing
18.
External debt
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External debt is the total debt a country owes to foreign creditors, complemented by internal debt owed to domestic lenders. The debtors can be the government, corporations or citizens of that country, the debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund and World Bank. Note that the use of gross liability figures greatly distorts the ratio for countries which contain major money centers such as the United Kingdom due to Londons role as a financial capital, contrast with net international investment position. In this definition, the IMF defines the key elements as follows, Outstanding, principal and interest When the cost of borrowing is paid periodically, as commonly occurs, it is known as an interest payment. All other payments of economic value by the debtor to the creditor that reduce the amount outstanding are known as principal payments. However, the definition of external debt does not distinguish between principal payments or interest payments, or payments for both, also, the definition does not specify that the timing of the future payments of principal and/or interest need be known for a liability to be classified as debt. Residence To qualify as external debt, the debt liabilities must be owed by a resident to a nonresident, residence is determined by where the debtor and creditor have their centers of economic interest—typically, where they are ordinarily located—and not by their nationality. Current and not contingent Contingent liabilities are not included in the definition of external debt and these are defined as arrangements under which one or more conditions must be fulfilled before a financial transaction takes place. Generally, external debt is classified into four heads, public and publicly guaranteed debt, private non-guaranteed credits, central bank deposits, however, the exact treatment varies from country to country. External-debt-sustainability analysis is conducted in the context of medium-term scenarios. In these analysis, macroeconomic uncertainties, such as the outlook for the current account, high external debt is believed to be harmful for the economy. There are various indicators for determining a sustainable level of external debt, while each has its own advantage and peculiarity to deal with particular situations, there is no unanimous opinion amongst economists as to a sole indicator. These indicators are primarily in the nature of ratios—i. e, comparison between two heads and the relation thereon and thus facilitate the policy makers in their external debt management exercise. Examples of debt burden indicators include the Debt-to-GDP ratio, foreign debt to exports ratio and this set of indicators also covers the structure of the outstanding debt, including, Share of foreign debt, Short-term debt, and Concessional debt in the total debt stock. A second set of indicators focuses on the short-term liquidity requirements of the country with respect to its service obligations. These indicators are not only useful early-warning signs of service problems. The dynamic ratios show how the debt-burden ratios would change in the absence of repayments or new disbursements, an example of a dynamic ratio is the ratio of the average interest rate on outstanding debt to the growth rate of nominal GDP
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Standard & Poor's
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Standard & Poors Financial Services LLC is an American financial services company. It is a division of S&P Global that publishes research and analysis on stocks, bonds. S&P is known for its stock market such as the U. S. -based S&P500, the Canadian S&P/TSX. S&P is considered one of the Big Three credit-rating agencies, which also include Moodys Investors Service and its head office is located on 55 Water Street in Lower Manhattan, New York City. The company traces its history back to 1860, with the publication by Henry Varnum Poor of History of Railroads and this book compiled comprehensive information about the financial and operational state of U. S. railroad companies. In 1868, Henry Varnum Poor established H. V. and H. W, Poor Co. with his son, Henry William Poor, and published two annually updated hardback guidebooks, Poors Manual of the Railroads of the United States and Poors Directory of Railway Officials. In 1906, Luther Lee Blake founded the Standard Statistics Bureau, instead of an annually published book, Standard Statistics would use 5 ×7 cards, allowing for more frequent updates. In 1941, Poors Publishing and Standard Statistics merged to become Standard & Poors Corp, in 1966, the company was acquired by The McGraw-Hill Companies, extending McGraw-Hill into the field of financial information services. As a credit-rating agency, the company issues credit ratings for the debt of public and private companies and it is one of several CRAs that have been designated a nationally recognized statistical rating organization by the U. S. Securities and Exchange Commission. S&P issues both short-term and long-term credit ratings, below is a partial list, see S&Ps website for more information. The company rates borrowers on a scale from AAA to D, intermediate ratings are offered at each level between AA and CCC. For some borrowers, the company may also offer guidance as to whether it is likely to be upgraded, downgraded or uncertain, investment Grade AAA, An obligor rated AAA has extremely strong capacity to meet its financial commitments. AAA is the highest issuer credit rating assigned by Standard & Poors, AA, An obligor rated AA has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree, a+, equivalent to A1 A, equivalent to A2 BBB, An obligor rated BBB has adequate capacity to meet its financial commitments. However, adverse conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. Non-Investment Grade BB, An obligor rated BB is less vulnerable in the term than other lower-rated obligors. B, An obligor rated B is more vulnerable than the obligors rated BB, adverse business, financial, or economic conditions will likely impair the obligors capacity or willingness to meet its financial commitments. CCC, An obligor rated CCC is currently vulnerable, and is dependent upon favorable business, financial, CC, An obligor rated CC is currently highly vulnerable
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United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
21.
Barbados
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Barbados is a sovereign island country in the Lesser Antilles, in the Americas. It is 34 kilometres in length and up to 23 km in width, Barbados is outside of the principal Atlantic hurricane belt. Inhabited by Kalinago people since the 13th century, and prior to that by other Amerindians, Barbados was visited by Spanish navigators in the late 15th century and it first appeared in a Spanish map in 1511. The Portuguese visited the island in 1536, but they left it unclaimed, an English ship, the Olive Blossom, arrived in Barbados in 1625, its men took possession of it in the name of King James I. In 1627, the first permanent settlers arrived from England, and it became an English, in 1966, Barbados became an independent state and Commonwealth realm with the British Monarch as hereditary head of state. It has a population of 280,121 people, predominantly of African descent, despite being classified as an Atlantic island, Barbados is considered to be a part of the Caribbean, where it is ranked as a leading tourist destination. Forty percent of the come from the UK, with the US. In 2014, Transparency Internationals Corruption Perceptions Index ranked Barbados joint second in the Americas, the name Barbados is either the Portuguese word Barbados or the Spanish equivalent los Barbados, both meaning the bearded ones. In 1519, a map produced by the Genoese mapmaker Visconte Maggiolo showed and named Barbados in its correct position, furthermore, the island of Barbuda in the Leewards is very similar in name and was once named Las Barbudas by the Spanish. It is uncertain which European nation arrived first in Barbados, one lesser known source points to earlier-revealed works predating contemporary sources indicating it could have been the Spanish. Others believe the Portuguese, en route to Brazil, were the first Europeans to come upon the island, colloquially Barbadians refer to their home island as Bim or other nicknames associated with Barbados includes Bimshire. The origin is uncertain but several theories exist, the name could have arisen due to the relatively large percentage of enslaved Igbo people from modern-day southeastern Nigeria arriving in Barbados in the 18th century. The words Bim and Bimshire are recorded in the Oxford English Dictionary, another possible source for Bim is reported to be in the Agricultural Reporter of 25 April 1868, where the Rev. N. Greenidge suggested the listing of Bimshire as a county of England. Expressly named were Wiltshire, Hampshire, Berkshire and Bimshire, lastly, in the Daily Argosy of 1652 there is a reference to Bim as a possible corruption of Byam, the name of a Royalist leader against the Parliamentarians. That source suggested the followers of Byam became known as Bims, amerindian settlement of Barbados dates to about the 4th to 7th centuries AD, by a group known as the Saladoid-Barrancoid. In the 13th century, the Kalinago arrived from South America, the Spanish and Portuguese briefly claimed Barbados from the late 16th to the 17th centuries. The Arawaks are believed to have fled to neighbouring islands, apart from possibly displacing the Caribs, the Spanish and Portuguese made little impact and left the island uninhabited. Some Arawaks migrated from British Guiana in the 19th century and continue to live in Barbados, during the Cromwellian era this included a large number of prisoners-of-war, vagrants and people who were illicitly kidnapped, who were forcibly transported to the island and sold as servants
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Sugar
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Sugar is the generic name for sweet, soluble carbohydrates, many of which are used in food. There are various types of derived from different sources. Simple sugars are called monosaccharides and include glucose, fructose, the table sugar or granulated sugar most customarily used as food is sucrose, a disaccharide of glucose and fructose. Sugar is used in prepared foods and it is added to some foods, in the body, sucrose is hydrolysed into the simple sugars fructose and glucose. Other disaccharides include maltose from malted grain, and lactose from milk, longer chains of sugars are called oligosaccharides or polysaccharides. Some other chemical substances, such as glycerol may also have a sweet taste, low-calorie food substitutes for sugar, described as artificial sweeteners, include aspartame and sucralose, a chlorinated derivative of sucrose. Sugars are found in the tissues of most plants and are present in sufficient concentrations for efficient commercial extraction in sugarcane, the world production of sugar in 2011 was about 168 million tonnes. The average person consumes about 24 kilograms of sugar each year, equivalent to over 260 food calories per person, since the latter part of the twentieth century, it has been questioned whether a diet high in sugars, especially refined sugars, is good for human health. Sugar has been linked to obesity, and suspected of, or fully implicated as a cause in the occurrence of diabetes, cardiovascular disease, dementia, macular degeneration, the etymology reflects the spread of the commodity. The English word sugar ultimately originates from the Sanskrit शर्करा, via Arabic سكر as granular or candied sugar, the contemporary Italian word is zucchero, whereas the Spanish and Portuguese words, azúcar and açúcar, respectively, have kept a trace of the Arabic definite article. The Old French word is zuchre and the contemporary French, sucre, the earliest Greek word attested is σάκχαρις. The English word jaggery, a brown sugar made from date palm sap or sugarcane juice, has a similar etymological origin – Portuguese jagara from the Sanskrit शर्करा. Sugar has been produced in the Indian subcontinent since ancient times and it was not plentiful or cheap in early times and honey was more often used for sweetening in most parts of the world. Originally, people chewed raw sugarcane to extract its sweetness, sugarcane was a native of tropical South Asia and Southeast Asia. Different species seem to have originated from different locations with Saccharum barberi originating in India and S. edule, one of the earliest historical references to sugarcane is in Chinese manuscripts dating back to 8th century BC that state that the use of sugarcane originated in India. Sugar was found in Europe by the 1st century AD, but only as an imported medicine and it is a kind of honey found in cane, white as gum, and it crunches between the teeth. It comes in lumps the size of a hazelnut, sugar is used only for medical purposes. Sugar remained relatively unimportant until the Indians discovered methods of turning sugarcane juice into granulated crystals that were easier to store, crystallized sugar was discovered by the time of the Imperial Guptas, around the 5th century AD
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Recession
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In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity. Macroeconomic indicators such as GDP, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies, in the United Kingdom, it is defined as a negative economic growth for two consecutive quarters. Recessions generally occur when there is a drop in spending. This may be triggered by events, such as a financial crisis, an external trade shock. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, in a 1979 New York Times article, economic statistician Julius Shiskin suggested several rules of thumb for defining a recession, one of which was two down consecutive quarters of GDP. In time, the rules of thumb were forgotten. Some economists prefer a definition of a 1. 5-2 percentage points rise in unemployment within 12 months, in the United States, the Business Cycle Dating Committee of the National Bureau of Economic Research is generally seen as the authority for dating US recessions. Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the dating of a recessions onset. In the United Kingdom, recessions are generally defined as two consecutive quarters of economic growth, as measured by the seasonal adjusted quarter-on-quarter figures for real GDP. The exact same recession definition applies for all states of the European Union. These summary measures reflect underlying drivers such as employment levels and skills, household savings rates, corporate investment decisions, interest rates, demographics, when these relationships become imbalanced, recession can develop within the country or create pressure for recession in another country. Policy responses are often designed to drive the economy back towards this ideal state of balance, a severe or prolonged recession is referred to as an economic depression, although some argue that their causes and cures can be different. As an informal shorthand, economists refer to different recession shapes. The type and shape of recessions are distinctive, japan’s 1993–94 recession was U-shaped and its 8-out-of-9 quarters of contraction in 1997–99 can be described as L-shaped. Korea, Hong Kong and South-east Asia experienced U-shaped recessions in 1997–98, recessions have psychological and confidence aspects. For example, if companies expect economic activity to slow, they may reduce employment levels, such expectations can create a self-reinforcing downward cycle, bringing about or worsening a recession. Consumer confidence is one used to evaluate economic sentiment. The term animal spirits has been used to describe the factors underlying economic activity
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Macroeconomics
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Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies, Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. Macroeconomic models and their forecasts are used by governments to assist in the development, Macroeconomics encompasses a variety of concepts and variables, but there are three central topics for macroeconomic research. Macroeconomic theories usually relate the phenomena of output, unemployment, outside of macroeconomic theory, these topics are also important to all economic agents including workers, consumers, and producers. National output is the amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income, therefore, output and income are usually considered equivalent and the two terms are often used interchangeably. Output can be measured as total income, or it can be viewed from the side and measured as the total value of final goods. Macroeconomic output is measured by gross domestic product or one of the other national accounts. Economists interest in long-run increases in output study economic growth, advances in technology, accumulation of machinery and other capital, and better education and human capital all lead to increased economic output over time. However, output does not always increase consistently, business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessions, the amount of unemployment in an economy is measured by the unemployment rate, i. e. the percentage of workers without jobs in the labor force. The unemployment rate in the force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded, unemployment can be generally broken down into several types that are related to different causes. Classical unemployment theory suggests that unemployment occurs when wages are too high for employers to be willing to hire more workers, other more modern economic theories suggest that increased wages actually decrease unemployment by creating more consumer demand. Structural unemployment covers a variety of causes of unemployment including a mismatch between workers skills and the skills required for open jobs. Large amounts of unemployment can occur when an economy is transitioning industries. While some types of unemployment may occur regardless of the condition of the economy, Okuns law represents the empirical relationship between unemployment and economic growth. The original version of Okuns law states that a 3% increase in output would lead to a 1% decrease in unemployment, a general price increase across the entire economy is called inflation
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Tourism
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Tourism is travel for pleasure or business, also the theory and practice of touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tours. Tourism may be international, or within the travellers country, Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a countrys balance of payments. Today, tourism is a source of income for many countries. International tourism receipts grew to US$1.03 trillion in 2011, the ITB Berlin is the worlds leading tourism trade fair. The word tourist was used by 1772 and tourism by 1811. It is formed from the tour, which is derived from Old English turian, from Old French torner, from Latin tornare, to turn on a lathe. Tourism is an important, even vital, source of income for many regions and it also creates opportunities for employment in the service sector of the economy associated with tourism. This is in addition to goods bought by tourists, including souvenirs, in 1936, the League of Nations defined a foreign tourist as someone traveling abroad for at least twenty-four hours. Its successor, the United Nations, amended this definition in 1945 and it includes movements for all purposes. In 1981, the International Association of Scientific Experts in Tourism defined tourism in terms of particular activities chosen and undertaken outside the home, in this context, travel has a similar definition to tourism, but implies a more purposeful journey. The terms tourism and tourist are sometimes used pejoratively, to imply a shallow interest in the cultures or locations visited, by contrast, traveler is often used as a sign of distinction. The sociology of tourism has studied the values underpinning these distinctions. International tourist arrivals reached 1.035 billion in 2012, up from over 996 million in 2011, the World Tourism Organization reports the following ten destinations as the most visited in terms of the number of international travellers in 2016. International tourism receipts grew to US$1.2 trillion in 2014, based upon air traffic, the MasterCard Global Destination Cities Index reports the following cities as the top ten most popular destinations of international tourism worldwide. MasterCard reports the following cities as the top ten biggest earners on international tourism worldwide in 2015, as early as Shulgi, however, kings praised themselves for protecting roads and building waystations for travelers. During the Roman Republic, spas and coastal resorts such as Baiae were popular among the rich, pausanias wrote his Description of Greece in the 2nd century AD. In ancient China, nobles sometimes made a point of visiting Mount Tai and, on occasion, the Islamic hajj is still central to its faith and Chaucers Canterbury Tales and Wu Chengens Journey to the West remain classics of English and Chinese literature. The 10th- to 13th-century Song dynasty also saw secular travel writers such as Su Shi, under the Ming, Xu Xiake continued the practice
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International business
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International business comprises all commercial transactions that take place between two or more regions, countries and nations beyond their political boundaries. Usually, private companies undertake transactions for profit, governments undertake them for profit, the term international business refers to all those business activities which involve cross-border transactions of goods, services, and resources between two or more nations. A multinational enterprise is a company that has an approach to markets. As shown, multinational enterprises can make business in different types of market, each of these factors may require changes in how individual business units operate from 1 country to the next. International business can be defined as the study of multinational companies, one of the first scholars to engage in developing a theory of multinational companies was Stephen Hymer. Throughout his academic life he developed theories that sought to explain foreign direct investment, There were three phases in Hymers work. The first phase was his dissertation in 1960 called the International Operations of National Firms, in this thesis, Hymer departs from neoclassical theory and opens up a new area of international production. At first Hymer started analyzing neoclassical theory and the financial investment wherein the main reason for capital movement is difference in interest rates, then he started analyzing the characteristics of foreign investment by large companies for production and direct business purposes, calling this Foreign Direct Investment. By analyzing the two types of investments Hymer distinguished financial investment from direct investment, the main distinguishing feature was control. Where in portfolio investment is a passive approach, and the main purpose is financial gain. So the traditional theory of investment based on differential interest rates does not explain the motivations for FDI, According to Hymer there are two main determinants of FDI wherein an imperfect market structure is the key element. The first is the specific advantages which are developed at the specific companies home country and, profitably. This paper includes theory of internationalization and explains the direction of growth of the expansion of firms. Hymer is the father of the theory of MNE, and explains the motivations for companies doing business abroad. Among modern economic theories of multinationals and foreign investment are internalization theory. Hymer and Dunning are considered founding fathers of international business as a specialist field of study, the conduct of international operations depends on a companys objectives and the means with which they carry them out. The operations affect and are affected by the physical and societal factors, merchandise imports, The import goods are the ones brought into a country. Service exports and imports are not product purchasing, services exports and imports can be divided into three most important categories Tourism and transportation, service performance, asset use
27.
Bond (finance)
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In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
28.
Debt-to-GDP ratio
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In economics, the debt-to-GDP ratio is the ratio between a countrys government debt and its gross domestic product. A low debt-to-GDP ratio indicates an economy that produces and sells goods, geopolitical and economic considerations - including interest rates, war, recessions, and other variables - influence the borrowing practices of a nation and the choice to incur further debt. In 2016, United States public debt-to-GDP ratio was at 104. 8%, conversely, less than 5% of Japanese public debt is held by foreign countries. Particularly in macroeconomics, various debt-to-GDP ratios can be calculated, the debt-to-GDP ratio is generally expressed as a percentage, but properly has units of years, as below. By dimensional analysis these quantities are the ratio of a stock by a flow, the change in debt-to-GDP is approximately net increase in debt as percentage of GDP, for government debt, this is deficit or as percentage of GDP. This is only approximate as GDP changes from year to year, but generally year-on-year GDP changes are small, and thus this is approximately correct. However, in the presence of significant inflation, or particularly hyperinflation, GDP may increase rapidly in terms, if debt is nominal. A period of deflation would have the opposite effect, B t Y t is the debt-to-GDP at the end of the period t, and B t −1 Y t −1 is the debt-to-GDP ratio at the end of the previous period. Hence, the side of the equation shows the change in the debt-to-GDP ratio. The right hand side of the shows the causes of the governments debt. Is the interest payments on the stock of debt as a ratio of GDP so far, and G t − T t Y t shows the primary deficit-to-GDP ratio. If the government has the ability to print money, and therefore monetize the outstanding debt, by printing money the government is able to increase nominal money balances to pay off the debt. This inflationary effect from money printing is called an inflation tax, debt-to-GDP measures the financial leverage of an economy. One of the Euro convergence criteria was that government debt-to-GDP be below 60%. ”High external debt is believed to have effects on an economy. In 2013 Herndon, Ash, and Pollin reviewed an influential, widely cited research paper entitled, Growth in a time of debt and their research had significant basic computation errors that, when corrected, undermined the central claim of the book that too much debt causes recession. Rogoff and Reinhardt claimed that their conclusions were accurate, despite the errors. There is a difference between external debt denominated in currency, and external debt denominated in foreign currency. So all of the used to service foreign currency debt has to come from a countrys balance of payments transfers
29.
Thirteen Colonies
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The Thirteen Colonies were a group of British colonies on the east coast of North America founded in the 17th and 18th centuries that declared independence in 1776 and formed the United States. The Thirteen Colonies had very similar political, constitutional, and legal systems and they were part of Britains possessions in the New World, which also included colonies in present-day Canada and the Caribbean, as well as East and West Florida. However, the Thirteen Colonies had a degree of self-government and active local elections. In the 1750s, the colonies began collaborating with each other instead of dealing directly with Britain, Colonial decisions were subject to approval by the governor and the home government. There were also substantial populations of African slaves in some of the colonies, especially Virginia, the Carolinas, the names of the colonies were chosen by the founders and proprietors, subject to royal approval, and given in the founding charters. Nine of the thirteen chose to include in their names the term Province of, later residents tended to drop the ambiguous terminology, as in the map shown in the article Province of New Jersey, which is labeled simply East Jersey and West Jersey. In July 1776, they formed a new nation called the United States of America, the new nation achieved that goal by winning the American Revolutionary War with the aid of France, the Netherlands, and Spain. The American flag features thirteen horizontal stripes which represent these original thirteen colonies, besides these thirteen colonies, Britain had another dozen in the New World. Those in the British West Indies, Newfoundland, the Province of Quebec, Nova Scotia, Prince Edward Island, Bermuda, and East and West Florida remained loyal to the crown throughout the war. The British crown had recently acquired those lands, and many of the issues facing the Thirteen Colonies did not apply to them, especially in the case of Quebec. Contemporary documents usually list the thirteen colonies of British North America in geographical order, the consolidation collapsed after the Glorious Revolution of 1688–89, and the nine former colonies re-established their separate identities in 1689. Massachusetts Bay Colony Settled in 1630 by Puritans from England, the colonial charter was revoked in 1684, and a new charter was issued in 1691 establishing an enlarged Province of Massachusetts Bay. Province of Maine Settled in 1622, the Massachusetts Bay Colony claimed the Maine territory in the 1650s, then limited to present-day southernmost Maine. Parts of Maine east of the Kennebec River were also part of New York in the half of the 17th century. These areas were made part of the Province of Massachusetts Bay in the charter of 1691. Plymouth Colony Settled in 1620 by the Pilgrims, plymouth was merged into the Province of Massachusetts Bay in the charter of 1691. Saybrook Colony Founded in 1635 and merged with Connecticut Colony in 1644, New Haven Colony Settled in late 1637. New Netherland Extensive region centered about New Amsterdam at the tip of Manhattan Island
30.
Dutch Brazil
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Dutch Brazil, also known as New Holland, was the northern portion of the Portuguese colony of Brazil, ruled by the Dutch during the Dutch colonization of the Americas between 1630 and 1654. The main cities of the Nieuw Nederland were the capital Mauritsstad, Frederikstadt, Nieuw Amsterdam, Saint Louis, São Cristóvão, Fortaleza, Sirinhaém, from 1630 onward, the Dutch Republic conquered almost half of Brazils area at the time, with their capital in Recife. The Dutch West India Company set up their headquarters in Recife, the governor, Johan Maurits, invited artists and scientists to the colony to help promote Brazil and increase immigration. However, the tide turned against the Dutch when the Portuguese won a significant victory at the Second Battle of Guararapes in 1649, on 26 January 1654, the Dutch surrendered and signed the capitulation, but only as a provisory pact. By May 1654, the Dutch demanded that the Dutch Republic was to be given New Holland back, on 6 August 1661, New Holland was formally ceded to Portugal through the Treaty of The Hague. While of only transitional importance for the Dutch, this period was of importance in the History of Brazil. The Low Countries had long been part of the Spanish Empire, however, in 1568 the Eighty Years War broke out, a consequence of the war was Dutch raiding of Spanish lands, colonies, and ships. In 1594 Phillip II, who was king both of Spain and of Portugal, gave permission for Dutch ships bound for Brazil to sail together once a year in a fleet of twenty ships. As part of the truce, the Dutch also agreed to delay the creation of a West India Company, by the end of the truce, the Dutch had vastly expanded its trade networks, and gained over half of the carrying trade between Brazil and Europe. There were 29 sugar refineries in the Northern Netherlands by 1622, in 1621, the twelve-year peace treaty expired and the Dutch West India Company was immediately created. The Dutch–Portuguese War resumed, and through the new company, the Dutch now started to interfere with the Spanish, the expedition consisted of 26 ships and 3,300 men. They arrived there on May 8,1624, on which Portuguese Governor Diogo Tristão de Mendonça Furtado surrendered to the Dutch. However, by April 30,1625, the Portuguese recaptured the city, with the help of a combined Spanish and Portuguese force, the city was to then play a critical role as a base of the Portuguese struggle against the Dutch for the control of Brazil. In 1628, the seizure of a Spanish silver convoy by Piet Heyn in Matanzas Bay provided the Dutch WIC the funds for another attempt to conquer Brazil at Pernambuco. In the summer of 1629, the Dutch coveted a newfound interest in obtaining the Brazilian state of Pernambuco, the largest and richest sugar-producing area in the world. The Dutch fleet of 65 ships was led by Hendrick Corneliszoon Loncq, the WIC gained control of Olinda by February 16,1630, and Recife and António Vaz by March 3. Matias de Albuquerque, the Portuguese governor, led a strong Portuguese resistance which hindered the Dutch from developing their forts on the lands which they had captured. By 1631, the Dutch left Olinda and tried to control of the Fort of Cabedello on Paraíba, the Rio Grande, Rio Formoso
31.
Abolitionism in the United Kingdom
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It was part of a wider abolitionism movement in Western Europe and the Americas. Soon after his death in 1785, they joined with William Wilberforce, though anti-slavery sentiment was widespread by the late 18th century, the colonies and emerging nation-states that used slave labour continued to do so. The slave trade had been banned in England in 1102, in a 1569 court case involving Cartwright, who had bought a slave from Russia, the court ruled that English law could not recognise slavery, as it was never established officially. This ruling was overshadowed by later developments and it was upheld in 1700 by Lord Chief Justice Sir John Holt when he ruled that a slave became free as soon as he arrived in England. English colonists imported slaves to the North American colonies and by the 18th century, traders began to import slaves from Africa, India and East Asia to London and Edinburgh to work as servants. Men who migrated to the North American colonies often took their East Indian slaves or servants with them, some of the first freedom suits, court cases in Britain to challenge the legality of slavery, took place in Scotland in 1755 and 1769. The cases were Montgomery v. Sheddan and Spens v. Dalrymple, each of the slaves had been baptised in Scotland and challenged the legality of slavery. They set the precedent of legal procedure in British courts that would lead to success for the plaintiffs. In these cases, deaths of the plaintiff and defendant, respectively, African slaves were not bought or sold in London itself but were brought by masters from other places. Together with people from nations, especially non-Christian ones, Africans were considered foreigners. At the time, England had no naturalisation procedure, the African slaves legal status was unclear until the 1772 Somersetts Case, when the fugitive slave James Somersett forced a decision by the courts. Somersett had escaped and his master, Charles Steuart, had him captured and imprisoned on board a ship, while in London, Somersett had been baptised and three godparents issued a writ of habeas corpus. As a result, Lord Mansfield, Chief Justice of the Court of the Kings Bench, had to judge whether Somersetts abduction was lawful or not under English Common Law, no legislation had ever been passed to establish slavery in England. The case received national attention and five supported the action on behalf of Somersett. It is so odious, that nothing can be suffered to support it, whatever inconveniences, therefore, may follow from a decision, I cannot say this case is allowed or approved by the law of England, and therefore the black must be discharged. The decision did not apply to British overseas territories, e. g. the American colonies had established slavery by positive laws, Somersetts case became a significant part of the common law of slavery in the English-speaking world and it helped launch the movement to abolish slavery. After reading about Somersetts Case, Joseph Knight, an enslaved African who had purchased by his master John Wedderburn in Jamaica and brought to Scotland. Married and with a child, he filed a freedom suit, in the case of Knight v. Wedderburn, Wedderburn said that Knight owed him perpetual servitude
32.
British Empire
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The British Empire comprised the dominions, colonies, protectorates, mandates and other territories ruled or administered by the United Kingdom and its predecessor states. It originated with the possessions and trading posts established by England between the late 16th and early 18th centuries. At its height, it was the largest empire in history and, for over a century, was the foremost global power. By 1913, the British Empire held sway over 412 million people, 23% of the population at the time. As a result, its political, legal, linguistic and cultural legacy is widespread, during the Age of Discovery in the 15th and 16th centuries, Portugal and Spain pioneered European exploration of the globe, and in the process established large overseas empires. Envious of the great wealth these empires generated, England, France, the independence of the Thirteen Colonies in North America in 1783 after the American War of Independence caused Britain to lose some of its oldest and most populous colonies. British attention soon turned towards Asia, Africa, and the Pacific, after the defeat of France in the Revolutionary and Napoleonic Wars, Britain emerged as the principal naval and imperial power of the 19th century. In the early 19th century, the Industrial Revolution began to transform Britain, the British Empire expanded to include India, large parts of Africa and many other territories throughout the world. In Britain, political attitudes favoured free trade and laissez-faire policies, during the 19th Century, Britains population increased at a dramatic rate, accompanied by rapid urbanisation, which caused significant social and economic stresses. To seek new markets and sources of raw materials, the Conservative Party under Benjamin Disraeli launched a period of imperialist expansion in Egypt, South Africa, Canada, Australia, and New Zealand became self-governing dominions. By the start of the 20th century, Germany and the United States had begun to challenge Britains economic lead, subsequent military and economic tensions between Britain and Germany were major causes of the First World War, during which Britain relied heavily upon its empire. The conflict placed enormous strain on the military, financial and manpower resources of Britain, although the British Empire achieved its largest territorial extent immediately after World War I, Britain was no longer the worlds pre-eminent industrial or military power. In the Second World War, Britains colonies in Southeast Asia were occupied by Imperial Japan, despite the final victory of Britain and its allies, the damage to British prestige helped to accelerate the decline of the empire. India, Britains most valuable and populous possession, achieved independence as part of a larger movement in which Britain granted independence to most territories of the empire. The transfer of Hong Kong to China in 1997 marked for many the end of the British Empire, fourteen overseas territories remain under British sovereignty. After independence, many former British colonies joined the Commonwealth of Nations, the United Kingdom is now one of 16 Commonwealth nations, a grouping known informally as the Commonwealth realms, that share a monarch, Queen Elizabeth II. The foundations of the British Empire were laid when England and Scotland were separate kingdoms. In 1496, King Henry VII of England, following the successes of Spain and Portugal in overseas exploration, Cabot led another voyage to the Americas the following year but nothing was ever heard of his ships again
33.
West Indies Federation
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The West Indian Federation, also known as the West Indies, was a short-lived political union that existed from 3 January 1958 to 31 May 1962. British Guiana and British Honduras held observer status within the West Indies Federation, the total population of the West Indies Federation was between 3 and 4 million people, with the majority being of black West African descent. Minorities included Indians from the subcontinent, Europeans, Chinese, there was also a large population of mixed descent. In terms of religion, most of the population was Protestant, with significant numbers of Catholics and some Hindus, the West Indies Federation consisted of around 24 main inhabited islands and approximately 220–230 minor offshore islands, islets and cays. The largest island was Jamaica, located in the far northwest of the Federation, to the southeast lay the second largest island, Trinidad, followed by Barbados, located at the eastern extremity of the Federation. However, most of the area along either of these distances was taken up by open water, by comparison Great Britain stretches across nearly 10 degrees of latitude and Spain extends across almost 20 degrees of longitude. Most of the islands have mountainous interiors surrounded by narrow coastal plains, the exceptions were Anguilla, Antigua, Barbuda, the Cayman Islands, the Turks and Caicos Islands, and Trinidad. The narrow coastal plains as well as historical trade is the reason why almost all of the major settlements of the Federation were located on the coast. Chief towns included Kingston, Port of Spain, Bridgetown, Spanish Town, Montego Bay, Mandeville, Castries, Roseau, St. Georges, Kingstown, St. Johns, and Basseterre. The climate in all the islands is tropical, with hot and humid weather, regions falling within the rain shadows are relatively drier. There are two seasons annually, the dry season for the first six months of the year, many of the islands fall within the traditional hurricane belt, with the exception of Trinidad and thus are at risk from potential wind and flood damage. Britain classified the Federation as being part of its Caribbean and North Atlantic Territories region which was shared alongside other possessions such as Bermuda, Guyana opted not to join at that time due to its ongoing political and internal struggles for independence from the UK, started in the 1950s. At issue were the newly formed political party with socialist leanings and it had hoped to join the federation once the issues were resolved. The Bahamas did participate in the 1960 West Indies Federation Games, with a prime minister of the Bahamas, Perry Christie. There was however possible interest by Guyana in a very loose re-attempted Caribbean Federation around 1971, the Federation was an internally self-governing, federal state made up of ten provinces, all British colonial possessions. The federation was created by the United Kingdom in 1958 from most of the British West Indies, Britain intended that the Federation would shortly become a fully independent state, thus simultaneously satisfying the demands for independence from all the colonies in the region. The legal basis for the federation was the British Caribbean Federation Act 1956, and her representative, Patrick Buchan-Hepburn, 1st Baron Hailes, was given the title of Governor-General rather than that of Governor more typical for a British colony. The title may have reflected the nature of the state
34.
Port of Bridgetown
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The Port of Bridgetown, is a seaport in Bridgetown on the southwest coast of Barbados. Situated at the North-Western end of Carlisle Bay, the harbour handles all of the countrys international bulk ship-based trade, in addition to international-shipping the Deep Water Harbour is the port of entry for southern-Caribbean cruise ships. The port is one of three designated ports of entry in Barbados, along with the privately owned Port Saint Charles marina, the ports timezone is GMT –4, and it handles roughly 700,000 cruise passengers and 900,000 tonnes of containerised cargo per year. Construction of the Deep Water Harbour began in 1956 by Costain Group of Britain, the port was formed by creating a man-made isthmus across the shallow strait that existed off the coast of Fontabelle, St. Michael. The isthmus formed 90 acres of new land stretching from the original west coast of Barbados, out to an uninhabited, ex-quarantine island just offshore. After the initial completion, the harbour later underwent a $22 million expansion seventeen years later, in 2002 Barbados Port Inc. contracted with Jan De Nul Group of Companies of Belgium to carry out dredging at the port facility. The dredging was deemed necessary to some of the worlds largest cruise ships to berth in Barbados rather than anchoring offshore. The project followed a rigorous environmental monitoring programme by the Barbados Port Inc, during this operation, the ports depth was increased to 11.6 metres. Reclaimed material from the dredging was added to increase the cargo area by 9 acres. Due to the importance of Tourism to Barbados economy, the government is reviewing a further $70 million upgrade. Due to increased activity at the port, officials say it poised to become a super-hub of the southern Caribbean, in 2012 the Government of Barbados announced the desire to establish a new separate Cruise terminal just to south along the Princess Alice Highway. As advisors to the Government, Royal Caribbean and STI were selected to work with the government on the project to be called The Sugar Point Cruise Development or The Sugar Point Cruise Terminal. The facility will function as a means to separate cruise-traffic to the country from the containerised-traffic which will remain at the Deep Water Harbour. The first phase of the new terminal is expected to cost in the region of BDS$300 million, responsibility for administering the port is vested in the CEO of Barbados Port Incorporated. As a statutory corporation it oversees all matters affecting the efficient operations of the harbour facility, B. P. I. also advises the Ministry of International Business and International Transport who has ultimate authority for the Deep Water Harbour. It has been awarded the title of Caribbean Port of the Year for,1993,1995,1997,1998, the Best Multi-Purpose Terminal in 2004 and 2005, and the safest port in the Caribbean region in 2011. Some of the Cruise Lines which visit or are home ported at the Deep Water Harbour include, Barbados has a small but increasing ships registry
35.
Bridgetown
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Bridgetown is the capital and largest city of Barbados. Formerly The Town of Saint Michael, the Greater Bridgetown area is located within the parish of Saint Michael, Bridgetown is sometimes locally referred to as The City, but the most common reference is simply Town. As of 2014, its population stands at roughly 110,000. The Bridgetown port, found along Carlisle Bay lies on the southwestern coast of the island, parts of the Greater Bridgetown area, sit close to the borders of the neighbouring parishes Christ Church and St. James. While there is no local municipal government, it is governed as a political constituency within the national Parliament. The present day location of the city was established by English settlers in 1628 following a settlement under the authority of Sir William Courten at St. James Town. Bridgetown is a major West Indies tourist destination, and the city acts as an important financial, informatics, convention centre, on 25 June 2011, Historic Bridgetown and its Garrison were added as a World Heritage Site of UNESCO. It was thought that bridge was created by a people indigenous to the Caribbean known as the Tainos. Upon finding the structure, the British settlers began to call what is now the Bridgetown area Indian Bridge, scholars widely believe that the Tianos were driven from Barbados to the neighbouring island of Saint Lucia, during an invasion by the Kalinagos, another indigenous people of the region. Eventually after 1654 when a new bridge was constructed over the Careenage by the British, Bridgetown is the only city outside the present United States that George Washington visited. Two of Washingtons ancestors, Jonathon and Gerrard Hawtaine, were early planters on the island and their grandmother was Mary Washington of Sulgrave, Northamptonshire, England. In 2011, historic buildings in Bridgetown were designated as an area by UNESCO. English settlement of Bridgetown began on the 5th July,1628 under Charles Wolverstone, who brought with him 64 settlers to these lands formally claimed by James Hay, Wolverstone, had been dispatched by a group of London Merchants, headed by Sir Marmaduke Rawdon. The group had been granted a lease to 10,000 acres of area by the Earl of Carlisle in settlement of debts. Each of the settlers with Wolverstone were granted by him 100 acres of land, lying on the northern side of the Careenage waterway for the purpose of general settlement. The southern shore on Needhams Point, were claimed by Carlisles agents that coming October, and in 1631, many acres of land directly facing Carlisle Bay were passed to Henry Hawley, reports of dishonest behaviour about this Governor led to his arrest and rendition to England in 1639. After investigation by Commission in 1640, it was found much of Hawleys land transactions were legitimate and properly showed these lands. Bridgetown was built upon a street layout resembling early English Medieval or market towns with its narrow serpentine street and alley configuration
36.
Central Bank of Barbados
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The Central Bank of Barbados is the national monetary authority responsible for providing advice to government of Barbados on banking and other financial and monetary matters. The Central Bank of Barbados, was established by Act of parliament on 2 May 1972, prior to the establishment of CBB, Barbados monetary policies were governed through its membership in the Eastern Caribbean Currency Authority. The Central Bank operates as the issuing authority for Barbadian currency. The name of the Central Banks building is the Tom Adams Financial Centre, as part of the complex, there is a 491-seat theatre/auditorium known as the Frank Collymore Hall. The building was constructed between 1982 and 1986 and it was opened September 18th 1986, the Global Competitiveness Report for 2008-09 ranked the soundness of Barbadoss commercial banks as 21st out of 134 global jurisdictions assessed. At its inception the Central Bank of Barbados had certain objectives, the Barbadian economy is reviewed regularly by several notable Wall Street investment firms including, PricewaterhouseCoopers, Standard & Poors, and Moodys. The head of the Central Bank is the Governor, who is appointed by the Banks Board of Directors, the current Governor of the Central Bank of Barbados is Dr Delisle Worrell as of November 2009
37.
Intel Corporation
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Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California that was founded by Gordon Moore and Robert Noyce. It is the worlds largest and highest valued semiconductor chip makers based on revenue, and is the inventor of the x86 series of microprocessors, Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel Corporation was founded on July 18,1968, by semiconductor pioneers Robert Noyce and Gordon Moore, the companys name was conceived as portmanteau of the words integrated and electronics. The fact that intel is the term for intelligence information made the name appropriate. Intel was a developer of SRAM and DRAM memory chips. Although Intel created the worlds first commercial microprocessor chip in 1971, during the 1990s, Intel invested heavily in new microprocessor designs fostering the rapid growth of the computer industry. The Open Source Technology Center at Intel hosts PowerTOP and LatencyTOP, and supports other projects such as Wayland, Intel Array Building Blocks, and Threading Building Blocks. Client Computing Group – 55% of 2016 revenues – produces hardware components used in desktop, data Center Group – 29% of 2016 revenues – produces hardware components used in server, network, and storage platforms. Internet of Things Group – 5% of 2016 revenues – offers platforms designed for retail, transportation, industrial, buildings, non-Volatile Memory Solutions Group – 4% of 2016 revenues – manufactures NAND flash memory products primarily used in solid-state drives. Intel Security Group – 4% of 2016 revenues – produces software, particularly security, programmable Solutions Group – 3% of 2016 revenues – manufactures programmable semiconductors. In 2016, Dell accounted for 15% of Intels total revenues, Lenovo accounted for 13% of total revenues, in the 1980s, Intel was among the top ten sellers of semiconductors in the world. In 1991, Intel became the biggest chip maker by revenue and has held the position ever since, other top semiconductor companies include TSMC, Advanced Micro Devices, Samsung, Texas Instruments, Toshiba and STMicroelectronics. Competitors in PC chip sets include Advanced Micro Devices, VIA Technologies, Silicon Integrated Systems, however, the cross-licensing agreement is canceled in the event of an AMD bankruptcy or takeover. Some smaller competitors such as VIA Technologies produce low-power x86 processors for small factor computers, however, the advent of such mobile computing devices, in particular, smartphones, has in recent years led to a decline in PC sales. Since over 95% of the worlds smartphones currently use processors designed by ARM Holdings, ARM is also planning to make inroads into the PC and server market. Intel has been involved in disputes regarding violation of antitrust laws. Intel was founded in Mountain View, California in 1968 by Gordon E. Moore, a chemist, and Robert Noyce, arthur Rock helped them find investors, while Max Palevsky was on the board from an early stage. Moore and Noyce had left Fairchild Semiconductor to found Intel, Rock was not an employee, but he was an investor and was chairman of the board
38.
GDP per capita
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The world sorted by their gross domestic product per capita at nominal values. Such fluctuations may change a countrys ranking from one year to the next, therefore, these figures should be used with caution. GDP per capita is often considered an indicator of a standard of living. Comparisons of national income are also made on the basis of purchasing power parity. PPP largely removes the exchange rate problem but not others, it does not reflect the value of output in international trade. On the whole, PPP per capita figures are more spread than nominal GDP per capita figures. Non-sovereign entities are included in the list because they appear in the sources and these economies are not ranked in the charts here, but are listed in sequence by GDP for comparison. All data are in current United States dollars
39.
International Monetary Fund
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The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
40.
Hyperinflation
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Certain figures in this article use scientific notation for readability. The population normally switches to holding relatively stable foreign currencies, under such conditions, the general price level within an economy increases rapidly as the official currency quickly loses real value. The value of economic items remains relatively stable in terms of foreign currencies, typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this scenario happens, the stock of money decreases. The mainstream narrative is that hyperinflations are usually caused by large persistent government deficits financed primarily by money creation, as such, hyperinflation is often associated with wars, their aftermath, sociopolitical upheavals, or other crises that make it difficult for the government to tax the population. A sharp decrease in tax revenue coupled with a strong need to maintain the status quo, together with an inability or unwillingness to borrow. The mainstream assumptions of how hyperinflation is caused has been challenged by advocates of Modern Monetary Theory who sustain that government spending alone cannot cause hyperinflation. They claim that hyperinflation is usually the result of a collapse in the supply chain which is then unable to meet the demand generated by government spending. In 1956, Phillip Cagan wrote The Monetary Dynamics of Hyperinflation, economists usually follow Cagan’s description that hyperinflation occurs when the monthly inflation rate exceeds 50%. The International Accounting Standards Board has issued guidance on accounting rules in a hyperinflationary environment and it does not establish an absolute rule on when hyperinflation arises. Instead, it lists factors that indicate the existence of hyperinflation, there are a number of theories on the causes of high and/or hyper inflation. But nearly all hyperinflations have been caused by government budget deficits financed by money creation, after an analysis of 29 hyperinflations Bernholz concludes that at least 25 of them have been caused in this way. Moreover, a condition for hyperinflation has been the existence of fiat money not convertible at a fixed parity into gold or silver. The French hyperinflation also took place after the introduction of a non convertible paper money, the price increases that result from the rapid money creation creates a vicious circle, requiring ever growing amounts of new money creation to fund government deficits. Hence both monetary inflation and price inflation proceed at a rapid pace, such rapidly increasing prices cause widespread unwillingness of the local population to hold the local currency as it rapidly loses its buying power. Instead they quickly spend any money they receive, which increases the velocity of money flow and this means that the increase in the price level is greater than that of the money supply. The real stock of money, M/P, decreases, here M refers to the money stock and P to the price level. This results in an imbalance between the supply and demand for the money, causing rapid inflation, very high inflation rates can result in a loss of confidence in the currency, similar to a bank run
41.
OECD
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The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with 35 member countries, founded in 1960 to stimulate economic progress and world trade. Most OECD members are high-income economies with a very high Human Development Index and are regarded as developed countries, in 1948, the OECD originated as the Organisation for European Economic Co-operation, led by Robert Marjolin of France, to help administer the Marshall Plan. This would be achieved by allocating American financial aid and implementing programs for the reconstruction of Europe after World War II. The OECDs headquarters are at the Château de la Muette in Paris, the OECD is funded by contributions from member states at varying rates. And had a budget of EUR363 million in 2015. It started its operations on 16 April 1948, and originated from the work done by the Committee of European Economic Co-operation in 1947 in preparation for the Marshall Plan, since 1949, it was headquartered in the Château de la Muette in Paris, France. After the Marshall Plan ended, the OEEC focused on economic issues, in 1958, a European Nuclear Energy Agency was set up under the OEEC. By the end of the 1950s, with the job of rebuilding Europe effectively done, some leading countries felt that the OEEC had outlived its purpose and this reconstituted organisation would bring the US and Canada, who were already OEEC observers, on board as full members. It would also set to work away on bringing in Japan. Following the 1957 Rome Treaties to launch the European Economic Community, the Convention was signed in December 1960 and the OECD officially superseded the OEEC in September 1961. It consisted of the European founder countries of the OEEC plus the United States and Canada, the official founding members are, During the next 12 years Japan, Finland, Australia, and New Zealand also joined the organisation. Yugoslavia had observer status in the organisation starting with the establishment of the OECD until its dissolution as a country, the OECD created agencies such as the OECD Development Centre, International Energy Agency, and Financial Action Task Force on Money Laundering. Unlike the organizations of the United Nations system, OECD uses the spelling organisation with an s in its name rather than organization, in 1989, after the Revolutions of 1989, the OECD started to assist countries in Central Europe to prepare market economy reforms. This programme also included an option for these countries. As a result of this, Poland, Hungary, the Czech Republic, in the 1990s, a number of European countries, now members of the European Union, expressed their willingness to join the organisation. In 1995, Cyprus applied for membership, but, according to the Cypriot government, in 1996, Estonia, Latvia, and Lithuania signed a Joint Declaration expressing willingness to become full members of the OECD. Slovenia also applied for membership that same year, in 2005, Malta applied to join the organisation. The EU is lobbying for admission of all EU member states, Romania reaffirmed in 2012 its intention to become a member of the organisation through the letter addressed by the Romanian Prime Minister Victor Ponta to OECD Secretary-General José Ángel Gurría
42.
Foreign exchange market
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The foreign exchange market is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling 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 also 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 also 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, Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery and raw materials. If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods
43.
Mia Mottley
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Mia Amor Mottley, QC, MP is a Barbadian politician who has been Leader of the Opposition in Barbados since 2013. Mottley, who leads the Barbados Labour Party, was previously Leader of the Opposition from 2008 to 2010 and she is a Member of Parliament for the Constituency Saint Michael-North East. From 1994 to 2008, she held a succession of ministerial portfolios, Mottley has been much influenced by her family. She is the granddaughter of Ernest Deighton Mottley, a real estate broker and he was the first Mayor of Bridgetown, representing Bridgetown in the House of Assembly from 1946, who belonged to the conservative party and helped the poor. Mias father Elliott Deighton Mottley, was also a barrister who sat in the House of Assembly and he was educated at Eagle Hall School, Harrison College and Middle Temple once served as Bermudas attorney-general and sits on Belizes Court of Appeal. He married Mias mother Santa Amor Tappin in December 1964, just three years after being called to the Bar and was elected to represent Bridgetown in May 1969, Mia Mottley was educated at Merrivale Preparatory School, the United Nations International School, and Queens College. By 1986, Mottley finalized her training as attorney and received a law degree from the London School of Economics, Mottley first entered Barbadian politics in 1991, when she lost an election race in St. Michael North East against Leroy Brathwaite. Between 1991 and 1994 she was one of two Opposition Senators in the Upper House, where she was Shadow Minister of Culture and Community Development, during that time, she also served on numerous Parliamentary Joint Select Committees on areas ranging from Praedial Larceny and Domestic Violence. During her tenure she co-authored the White Paper on Education entitled Each Child Matters and she was elected General Secretary of the Barbados Labour Party in 1996. In that same year and again in 1997, she served as Chairman of the Caricom Standing Committee of Ministers of Education, Mottley was appointed Attorney-General and Minister of Home Affairs in August 2001 and is the first female to hold this position. She is also the youngest ever Queens Council in Barbados, in addition to being a Member of the Privy Council of Barbados, she was Leader of the House and a member of the National Security Council and the Barbados Defence Board. This revolutionary programme involves the use of information and communication technologies to assist in improving the quality of the teaching/learning process. In Youth Affairs, Mottley directed the establishment of the Youth Entrepreneurship Scheme, following the BLPs defeat in the election held on 15 January 2008 and Owen Arthurs resignation as party leader, Mia Mottley was chosen as BLP party leader on 19 January 2008. She is the first woman to lead the party, as well as the countrys first female Opposition Leader, Mottley was sworn in as Opposition Leader on 7 February 2008. She promised the people that the Barbados Labour Party would be a strong, on 18 October 2010, Mottleys appointment as Leader of the Opposition was revoked following a vote of no-confidence by five of her parliamentary colleagues. The five MPs placed their support behind former Prime Minister Owen Arthur, in the February 2013 general election, the BLP was narrowly defeated, obtaining 14 seats against 16 for the Democratic Labour Party. A few days after the election, on 26 February 2013, Mias rich political heritage, The Nation
44.
Debt
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Debt is money owed by one party, the borrower or debtor, to a second party, the lender or creditor. The borrower may be a state or country, local government, company. The lender may be a bank, credit card company, payday loan provider, Debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt, the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value. For example, in Western cultures, a person who has been helped by a person is sometimes said to owe a debt of gratitude to the second person. Interest is the fee paid by the borrower to the lender, interest is calculated as a percentage of the outstanding principal, which percentage is known as an interest rate, and is generally paid periodically at intervals, such as monthly or semi-annually. Interest rates may be fixed or floating, in floating-rate structures, the rate of interest that the borrower pays during each time period is tied to a benchmark such as LIBOR or, in the case of inflation-indexed bonds, inflation. There are many different conventions for calculating interest, depending on the terms of the debt, compound interest may accumulate at a specific interval. In addition, different day count conventions exist, for example, sometimes each month is considered to have thirty days. The annual percentage rate is a way to calculate and compare interest rates on an annual basis. Quoting interest rates using APR is required by regulation for most loans to individuals in the United States, for some loans, the amount actually loaned to the debtor is less than the principal sum to be repaid. This may be because upfront fees or points are charged, or because the loan has been structured to be sharia-compliant, the additional principal due at the end of the term has the same economic effect as a higher interest rate. This is sometimes referred to as a dozen, a play on bakers dozen – owe twelve, receive a loan of eleven. Amortization structures are common in mortgages and credit cards, debtors of every type default on their debt from time to time, with various consequences depending on the terms of the debt and the law governing default in the relevant jurisdiction. If the debt was secured by collateral, such as a car or home. In more serious circumstances, individuals and companies may go into bankruptcy, riskier borrowers must generally pay higher rates of interest to compensate lenders for taking on the additional risk of default. Debt investors assess the risk of default prior to making a loan, for example through credit scores and corporate, common types of debt owed by individuals and households include mortgage loans, car loans, and credit card debt. For individuals, debt is a means of using anticipated income, commonly, people in industrialized nations use consumer debt to purchase houses, cars and other things too expensive to buy with cash on hand
Trinidad and Tobago 21.3% 
United States 11.0% 
St. Lucia 9.9% 
St. Vincent and the Grenadines 6.1% 
Antigua and Barbuda 5.0% 
St. Kitts and Nevis 4.7% 
Jamaica 4.5% 
United Kingdom 4.1% 
Colombia 4.0% (2012 est.)[2]
China 5.4% (2012 est.)[3]
This article incorporates public domain material from the Library of Congress Country Studies website http://lcweb2.loc.gov/frd/cs/.
This article incorporates 
