1.
Cambodia
–
Cambodia, officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia. It is 181,035 square kilometres in area, bordered by Thailand to the northwest, Laos to the northeast, Vietnam to the east, Cambodia has a population of over 15 million. The official religion is Theravada Buddhism, practiced by approximately 95 percent of the population, the countrys minority groups include Vietnamese, Chinese, Chams, and 30 hill tribes. The capital and largest city is Phnom Penh, the political, economic, the kingdom is a constitutional monarchy with Norodom Sihamoni, a monarch chosen by the Royal Throne Council, as head of state. The head of government is Hun Sen, who is currently the longest serving leader in South East Asia and has ruled Cambodia for over 25 years. In 802 AD, Jayavarman II declared himself king, uniting the warring Khmer princes of Chenla under the name Kambuja. The Indianized kingdom built monumental temples including Angkor Wat, now a World Heritage Site, after the fall of Angkor to Ayutthaya in the 15th century, a reduced and weakened Cambodia was then ruled as a vassal state by its neighbours. In 1863 Cambodia became a protectorate of France which doubled the size of the country by reclaiming the north, the Vietnam War extended into the country with the US bombing of Cambodia from 1969 until 1973. Following the Cambodian coup of 1970, the king gave his support to his former enemies. Following the 1991 Paris Peace Accords, Cambodia was governed briefly by a United Nations mission, the UN withdrew after holding elections in which around 90 percent of the registered voters cast ballots. The 1997 coup placed power solely in the hands of Prime Minister Hun Sen and the Cambodian Peoples Party, important sociopolitical issues includes widespread poverty, pervasive corruption, lack of political freedoms, low human development, and a high rate of hunger. While per capita income remains low compared to most neighbouring countries, agriculture remains the dominant economic sector, with strong growth in textiles, construction, garments, and tourism leading to increased foreign investment and international trade. Cambodia scored dismally in an annual index ranking the rule of law in 102 countries, placing 99th overall, Cambodia also faces environmental destruction as an imminent problem. The most severe activity in this regard is considered to be the countrywide deforestation, the Kingdom of Cambodia is the official English name of the country. The English Cambodia is an anglicisation of the French Cambodge, which in turn is the French transliteration of the Khmer Kampuchea, Kampuchea is the shortened alternative to the countrys official name in Khmer, Preah Reacheanachak Kampuchea. The Khmer endonym Kampuchea derives from the Sanskrit name Kambujadeśa, composed of देश, desa and कम्बोज, Kambujas, colloquially, Cambodians refer to their country as either Srok Khmer, meaning Khmers Land, or the slightly more formal Prateh Kampuchea, literally Country of Kampuchea. The name Cambodia is used most often in the Western world while Kampuchea is more used in the East. Excavations in its lower layers produced a series of dates as of 6000 BC
Cambodia
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Glazed stoneware dating back to the 12th century.
Cambodia
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Flag
Cambodia
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Khmer army going to war against the
Cham, from a relief on the
Bayon.
Cambodia
–
Angkor Wat
2.
Phnom Penh
–
Phnom Penh, formerly known as Chaktomuk, is the capital and most populous city of the Southeastern Asian country of Cambodia. Once known as the Pearl of Asia, it was considered one of the loveliest French-built cities in Indochina in the 1920s, Phnom Penh, along with Siem Reap and Sihanoukville, are significant global and domestic tourist destinations for Cambodia. Founded in 1434, the city is noted for its beautiful and historical architecture, there are a number of surviving French colonial buildings scattered along the grand boulevards. Situated on the banks of the Tonlé Sap, Mekong and Bassac rivers, Phnom Penh takes its name from the present Wat Phnom. Legend has it that in 1372, a widow named Lady Penh found a Koki tree floating down the Tonle Sap river after a storm. Inside the tree were four bronze Buddha statues and a statue of Vishnu. The temple became known as Wat Phnom Daun Penh, which is now known as Wat Phnom, Phnom Penhs official name, in its short form, is Krong Chaktomok meaning City of Four Faces. This loosely translates as The place of four rivers that gives the happiness and success of Khmer Kingdom, the highest leader as well as impregnable city of the God Indra of the great kingdom. First recorded a century after it is said to have taken place, the legend of the founding of Phnom Penh tells of a woman, Penh, living at Chaktomuk. It was the late 14th century and the Khmer capital was still at Angkor near Siem Reap 350 km to the north, gathering firewood along the banks of the river, Lady Penh spied a floating koki tree in the river and fished it from the water. Inside the tree she found four Buddha statues and one of Vishnu, the discovery was taken as a divine blessing, and to some a sign that the Khmer capital was to be brought to Phnom Penh from Angkor. To house the new found sacred objects, Penh raised a small hill on the west bank of the Tonle Sap River and crowned it with a shrine, now known as Wat Phnom at the north end of central Phnom Penh. Phnom is Khmer for hill and Penhs hill took on the name of the founder, and the area around it became known after the hill. Phnom Penh first became the capital of Cambodia after Ponhea Yat, king of the Khmer Empire, there is a stupa behind Wat Phnom that house the remains of Ponhea Yat and the royal family as well as the remaining Buddhist statues from the Angkorean era. In the 17th century, Japanese immigrants also settled on the outskirts of present-day Phnom Penh, a small Portuguese community survived in Phnom Penh until the 17th century, undertaking commercial and religious activity in the country. Phnom Penh remained the capital for 73 years, from 1432 to 1505. It was abandoned for 360 years by subsequent kings due to fighting between the royal pretenders. Later kings moved the capital several times and established their capitals at various locations in Tuol Basan, Pursat, Longvek, Lavear Em
Phnom Penh
–
Phnom Penh ភ្នំពេញ Panomping
Phnom Penh
–
Phnom Penh from east drawn in 1887.
Phnom Penh
–
Tuol Sleng Genocide Museum
Phnom Penh
–
Phnom Penh cityscape
3.
Cambodian riel
–
The riel is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975, between 1975 and 1980, the country had no monetary system. A second currency, also named riel, has issued since March 20,1980. The symbol is encoded in Unicode at U+17DB ៛ KHMER CURRENCY SYMBOL RIEL, popular belief suggests that the name of the currency comes from the Mekong river fish, the riel. It is more likely that the name derives from the silver content Mexican real used by Malay, Indian. In 1953, the Cambodia branch of the Institut dÉmission des États du Cambodge, du Laos et du Vietnam issued notes denominated in piastre. At the same time, the two branches of the Institut had similar arrangements with the đồng in South Vietnam and the kip in Laos. The piastre itself was derived from Spanish pieces of eight, the riel was at first subdivided into 100 centimes but this changed in 1959 to 100 sen. For the first few years, the riel and piastre circulated alongside each other, indeed, the first riel banknotes were also denominated in piastres. First issue, 1955–56,1 riel,5 riels,10 riels,50 riels, second issue,1956,1 riel,20 riels,50 riels,100 riels,500 riels. Third issue,1963,5 riels,10 riels,100 riels, fourth issue,1972,100 riels*,500 riels,1,000 riels*,5,000 riels*. The 10,20 and 50 centimes of 1953 and sen coins were minted in aluminium and were the size as the corresponding att and xu coins of Laos. A1 riel coin about the size of a U. S, since 1994, the 50,100, and 200-riel coins have been made of steel, while the 500-riel coin is bimetallic, with a brass outer ring and a steel center disc. Although the Khmer Rouge printed banknotes, these notes were not issued as money was abolished after the Khmer Rouge took control of the country. Fifth issue,1975,0.1 riel,0.5 riel,1 riel,5 riels,10 riels,50 riels,100 riels, in 1993 they printed a series of coloured banknotes for limited use on territories controlled by them. After the Vietnamese invasion in 1978, the riel was re-established as the Cambodian currency on April 1,1980 and it is subdivided into 10 kak or 100 sen. Because there was no money for it to replace and a severely disrupted economy, sixth issue,1979,0.1 riel,0.2 riel,0.5 riel,1 riel,5 riels,10 riels,20 riels,50 riels. Seventh issue,1987,5 riels,10 riels, eighth issue, 1990-92,50 riels,100 riels,500 riels
Cambodian riel
–
50 riels
Cambodian riel
Cambodian riel
–
100 riels
Cambodian riel
4.
Fiscal year
–
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
Fiscal year
–
Accounting
5.
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
WTO
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The economists
Harry White (left) and
John Maynard Keynes at the
Bretton Woods Conference. Both had been strong advocates of a central-controlled international trade environment and recommended the establishment of three institutions: the
IMF (for fiscal and monetary issues); the
World Bank (for financial and structural issues); and the
ITO (for international economic cooperation).
WTO
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Official logo of WTO
WTO
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During the
Doha Round, the
US government blamed
Brazil and
India for being inflexible and the EU for impeding agricultural imports. The then-
President of Brazil,
Luiz Inácio Lula da Silva (above right), responded to the criticisms by arguing that progress would only be achieved if the richest countries (especially the US and countries in the EU) made deeper cuts in
agricultural subsidies and further opened their markets for agricultural goods.
WTO
–
The
World Trade Organization Ministerial Conference of 1998, in the
Palace of Nations (
Geneva,
Switzerland).
6.
ASEAN
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ASEAN covers a land area of 4.4 million square kilometres, 3% of the total land area of Earth. ASEAN territorial waters cover an area three times larger than its land counterpart. Member countries have a population of approximately 625 million people,8. 8% of the worlds population. In 2015, the organisations combined nominal GDP had grown to more than US$2.8 trillion, if ASEAN were a single entity, it would rank as the sixth largest economy in the world, behind the USA, China, Japan, India and Germany. ASEAN shares land borders with India, China, Bangladesh, East Timor, and Papua New Guinea, and maritime borders with India, China, Palau, both East Timor and Papua New Guinea are backed by certain ASEAN members for their membership in the organisation. As set out in the ASEAN Declaration, the aims and purposes of ASEAN are, To accelerate economic growth, social progress, to promote regional peace and stability. To promote collaboration and mutual assistance on matters of common interest, to provide assistance to each other in the form of training and research facilities. To collaborate for the better utilisation of agriculture and industry to raise the standards of the people. To maintain close, beneficial co-operation with existing international organisations with similar aims, ASEAN was preceded by an organization formed in 1961 called the Association of Southeast Asia, a group consisting of the Philippines, Malaysia, and Thailand. The creation of ASEAN was motivated by a fear of communism. ASEAN grew when Brunei Darussalam became its sixth member on 7 January 1984, ASEAN achieved greater cohesion in the mid-1970s following the changed balance of power in Southeast Asia after the end of the Vietnam War. The regions dynamic economic growth during the 1970s strengthened the organization, on 28 July 1995, Vietnam became ASEANs seventh member. Laos and Myanmar joined two years later on 23 July 1997, Cambodia was to have joined at the same time as Laos and Burma, but its entry was delayed due to the countrys internal political struggle. It later joined on 30 April 1999, following the stabilization of its government, however, the proposal failed because of heavy opposition from the US and Japan. Member states continued to work for integration, and ASEAN Plus Three was created in 1997. This law would act as the framework for the ASEAN Free Trade Area, AFTA is an agreement by member nations concerning local manufacturing in ASEAN countries. The AFTA agreement was signed on 28 January 1992 in Singapore, after the East Asian Financial Crisis of 1997, a revival of the Malaysian proposal, known as the Chiang Mai Initiative, was put forward in Chiang Mai, Thailand. It called for integration of the economies of ASEAN as well as the ASEAN Plus Three countries, China, Japan
ASEAN
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ASEAN members' flags in
Jakarta
ASEAN
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Flag
ASEAN
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The Secretariat of ASEAN at Jalan Sisingamangaraja No.70A, South
Jakarta, Indonesia
ASEAN
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Royal Thai Embassy, Helsinki, flying its own national flag as well as ASEAN's flag
7.
ASEAN Free Trade Area
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The ASEAN Free Trade Area is a trade bloc agreement by the Association of Southeast Asian Nations supporting local manufacturing in all ASEAN countries. The AFTA agreement was signed on 28 January 1992 in Singapore, when the AFTA agreement was originally signed, ASEAN had six members, namely, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. Vietnam joined in 1995, Laos and Myanmar in 1997 and Cambodia in 1999, AFTA now comprises the ten countries of ASEAN. All the four latecomers were required to sign the AFTA agreement to join ASEAN, unlike the EU, AFTA does not apply a common external tariff on imported goods. Each ASEAN member may impose tariffs on goods entering from outside ASEAN based on its national schedules, however, for goods originating within ASEAN, ASEAN members are to apply a tariff rate of 0-5 %. This is known as the Common Effective Preferential Tariff scheme. ASEAN members have the option of excluding products from the CEPT in three cases,1. )Temporary exclusions refer to products for which tariffs will ultimately be lowered to 0-5 %, but which are being protected temporarily by a delay in tariff reductions. For sensitive agricultural products include such as rice, ASEAN members have until 2010 to reduce the tariff levels to 0-5 %. ASEAN members have agreed to enact zero tariff rates on all imports by 2010 for the original signatories. The CEPT only applies to goods originating within ASEAN, the general rule is that local ASEAN content must be at least 40% of the FOB value of the good. The local ASEAN content can be cumulative, that is, the value of inputs from various ASEAN members can be combined to meet the 40% requirement, the exporter must obtain a “Form D” certification from its national government attesting that the good has met the 40% requirement. The Form D must be presented to the authority of the importing government to qualify for the CEPT rate. Difficulties have sometimes arisen regarding the evidentiary proof to support the claim and these difficulties arise because each ASEAN national customs authority interprets and implements the Form D requirements without much co-ordination. Administration of AFTA is handled by the customs and trade authorities in each ASEAN member. The ASEAN Secretariat has authority to monitor and ensure compliance with AFTA measures and this has led to inconsistent rulings by ASEAN national authorities. The ASEAN Charter is intended to bolster the ASEAN Secretariat’s ability to ensure consistent application of AFTA measures, ASEAN national authorities have also been traditionally reluctant to share or cede sovereignty to authorities from other ASEAN members. Unlike the EU or NAFTA, joint teams to ensure compliance, instead, ASEAN national authorities must rely on the review and analysis of other ASEAN national authorities to determine if AFTA measures such as rule of origin are being followed. Disagreements may result between the national authorities, again, the ASEAN Secretariat may help mediate a dispute but has no legal authority to resolve it
ASEAN Free Trade Area
–
Members of the ASEAN Plus Three
8.
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
Gross domestic product
–
Selection of GDP PPP data (top 10 countries and blocks) in no particular order
9.
List of countries by GDP (nominal)
–
Gross domestic product is the market value of all final goods and services from a nation in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, such fluctuations may change a countrys ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. Comparisons of national wealth are also made on the basis of purchasing power parity. On the whole, PPP per capita figures are less spread than nominal GDP per capita figures, india has also experienced a similar economic boom since the implementation of neoliberal reforms in the early 1990s. When supranational entities are included, the European Union is the second largest economy in the world and it was the largest from 2004, when ten countries joined the union, to 2014, after which it was surpassed by the United States. Several economies which are not considered to be countries are included in the lists because they appear in the sources as distinct economies and these economies are italicized and not ranked in the charts, but are listed where applicable. List of countries by GDP List of countries by GDP per capita List of countries by GDP per capita
List of countries by GDP (nominal)
–
A map of world economies by size of GDP (nominal) in USD,
World Bank, 2014.
10.
List of countries by GDP (PPP)
–
This article includes a list of countries by their gross domestic product, the value of all final goods and services produced within a state in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, the GDP dollar data given on this page are derived from purchasing power parity calculations. It is however limited when measuring financial flows between countries, PPP is often used to gauge global poverty thresholds and is used by the United Nations in constructing the human development index. These surveys such as the International Comparison Program include both tradable and non-tradable goods in an attempt to estimate a representative basket of all goods. The first table includes estimates for the year 2016, for all current 187 International Monetary Fund members, as well as Hong Kong, data are in millions of international dollars and were calculated by the IMF. Figures were published in April 2015, the second table includes data mostly for the year 2015 for 180 of the 193 current United Nations member states, as well as the two Chinese Special Administrative Regions. Data are in billions of dollars and were compiled by the World Bank. The third table is a tabulation of the CIA World Factbook Gross Domestic Product data update of 2016, the data for GDP at purchasing power parity have also been rebased using the new International Comparison Program price surveys and extrapolated to 2007. Click on one of the triangles in the headings to re-order the list according to that category. ^a Chinas PPP is based on prices for 11 administrative regions, extrapolated to the country. Chinas entry does not include the two administrative regions, namely Hong Kong and Macau. List of Muslim Countries by GDP Purchasing Power Parity at Materia Islamica
List of countries by GDP (PPP)
–
World Share of GDP (PPP) according to data released by the IMF, October 2014
11.
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
Inflation
–
Two 20 kr gold coins from the
Scandinavian Monetary Union, a historical example of an international gold standard.
Inflation
–
Annual inflation rates in the United States from 1666 to 2004.
12.
Consumer price index
–
A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of items whose prices are collected periodically. It is one of several price indices calculated by most national statistical agencies, the annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index the real value of wages, salaries, pensions, for regulating prices, in most countries, the CPI is, along with the population census one of the most closely watched national economic statistics. Basic types of data that are needed to construct the CPI, price data, the price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times. The weighting data are estimates of the shares of the different types of expenditure in the total expenditure covered by the index, therefore, the sampling variance cannot be calculated. In any case, an estimate is required in most of the purposes for which the index is used. These indices compare prices each month with prices in the price-reference month and it takes time to assemble and process the information used for weighting which, in addition to household expenditure surveys, may include trade and tax data. Ideally, the weights would relate to the composition of expenditure during the time between the month and the current month. There is a large technical economics literature on index formulae which would approximate this, such an index would show how consumer expenditure would have to move to compensate for price changes so as to allow consumers to maintain a constant standard of living. Approximations can only be computed retrospectively, whereas the index has to appear monthly and, preferably, the coverage of the index may be limited. Saving and investment are always excluded, though the prices paid for services provided by financial intermediaries may be included along with insurance. The index reference period, usually called the year, often differs both from the weight-reference period and the price reference period. This is just a matter of rescaling the whole time-series to make the value for the index reference-period equal to 100. Current Item Price = Base Year Price × Current CPI Base Year CPI or CPI2 CPI1 = Price 2 Price 1 Where 1 is usually the comparison year, alternatively, the CPI can be performed as CPI = updated cost base period cost ×100. The updated cost is divided by that of the initial year, many but not all price indices are weighted averages using weights that sum to 1 or 100. Example, The prices of 85,000 items from 22,000 stores, and 35,000 rental units are added together and averaged. They are weighted this way, Housing,41. 4%, Food and Beverage,17. 4%, Transport,17. 0%, Medical Care,6. 9%, Other,6. 9%, Apparel,6. 0%, Entertainment,4. 4%
Consumer price index
–
A graph of the
US CPI from 1913 to 2014 (in blue), and its percentage annual change (in red)
13.
Poverty threshold
–
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
Poverty threshold
–
Percentage of population living on less than
$ 1.25 per day.
UN estimates 2000–2007.
14.
United States
–
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
United States
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Native Americans meeting with Europeans, 1764
United States
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Flag
United States
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The signing of the
Mayflower Compact, 1620.
United States
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The
Declaration of Independence: the
Committee of Five presenting their draft to the
Second Continental Congress in 1776
15.
United Kingdom
–
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
United Kingdom
–
Stonehenge, in
Wiltshire, was erected around 2500 BC.
United Kingdom
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Flag
United Kingdom
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The
Bayeux Tapestry depicts the
Battle of Hastings, 1066, and the events leading to it.
United Kingdom
–
The
Treaty of Union led to a single united kingdom encompassing all Great Britain.
16.
Germany
–
Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Munich, Cologne, Frankfurt, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire. After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD. The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
Germany
–
The
Nebra sky disk is dated to c. 1600 BC.
Germany
–
Flag
Germany
–
Martin Luther (1483–1546) initiated the
Protestant Reformation.
Germany
–
Foundation of the
German Empire in
Versailles, 1871.
Bismarck is at the center in a white uniform.
17.
Japan
–
Japan is a sovereign island nation in Eastern Asia. Located in the Pacific Ocean, it lies off the eastern coast of the Asia Mainland and stretches from the Sea of Okhotsk in the north to the East China Sea, the kanji that make up Japans name mean sun origin. 日 can be read as ni and means sun while 本 can be read as hon, or pon, Japan is often referred to by the famous epithet Land of the Rising Sun in reference to its Japanese name. Japan is an archipelago consisting of about 6,852 islands. The four largest are Honshu, Hokkaido, Kyushu and Shikoku, the country is divided into 47 prefectures in eight regions. Hokkaido being the northernmost prefecture and Okinawa being the southernmost one, the population of 127 million is the worlds tenth largest. Japanese people make up 98. 5% of Japans total population, approximately 9.1 million people live in the city of Tokyo, the capital of Japan. Archaeological research indicates that Japan was inhabited as early as the Upper Paleolithic period, the first written mention of Japan is in Chinese history texts from the 1st century AD. Influence from other regions, mainly China, followed by periods of isolation, from the 12th century until 1868, Japan was ruled by successive feudal military shoguns who ruled in the name of the Emperor. Japan entered into a period of isolation in the early 17th century. The Second Sino-Japanese War of 1937 expanded into part of World War II in 1941, which came to an end in 1945 following the bombings of Hiroshima and Nagasaki. Japan is a member of the UN, the OECD, the G7, the G8, the country has the worlds third-largest economy by nominal GDP and the worlds fourth-largest economy by purchasing power parity. It is also the worlds fourth-largest exporter and fourth-largest importer, although Japan has officially renounced its right to declare war, it maintains a modern military with the worlds eighth-largest military budget, used for self-defense and peacekeeping roles. Japan is a country with a very high standard of living. Its population enjoys the highest life expectancy and the third lowest infant mortality rate in the world, in ancient China, Japan was called Wo 倭. It was mentioned in the third century Chinese historical text Records of the Three Kingdoms in the section for the Wei kingdom, Wa became disliked because it has the connotation of the character 矮, meaning dwarf. The 倭 kanji has been replaced with the homophone Wa, meaning harmony, the Japanese word for Japan is 日本, which is pronounced Nippon or Nihon and literally means the origin of the sun. The earliest record of the name Nihon appears in the Chinese historical records of the Tang dynasty, at the start of the seventh century, a delegation from Japan introduced their country as Nihon
Japan
–
The
Golden Hall and
five-storey pagoda of
Hōryū-ji, among the oldest wooden buildings in the world,
National Treasures, and a
UNESCO World Heritage Site
Japan
Japan
–
Samurai warriors face Mongols, during the
Mongol invasions of Japan. The
Kamikaze, two storms, are said to have saved Japan from Mongol fleets.
Japan
–
Samurai could
kill a commoner for the slightest insult and were widely feared by the Japanese population.
Edo period, 1798
18.
China
–
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
China
–
Yinxu, ruins of an ancient
palace dating from the
Shang Dynasty (14th century BCE)
China
–
Flag
China
–
Some of the thousands of life-size
Terracotta Warriors of the
Qin Dynasty, c. 210 BCE
China
–
The
Great Wall of China was built by several dynasties over two thousand years to protect the sedentary agricultural regions of the
Chinese interior from incursions by
nomadic pastoralists of the northern
steppes.
19.
Vietnam
–
Vietnam, officially the Socialist Republic of Vietnam, is the easternmost country on the Indochina Peninsula in Southeast Asia. With an estimated 92.7 million inhabitants as of 2016, it is the worlds 14th-most-populous country, and its capital city has been Hanoi since the reunification of North and South Vietnam in 1976, with Ho Chi Minh City as a historical city as well. The northern part of Vietnam was part of Imperial China for over a millennium, an independent Vietnamese state was formed in 939, following a Vietnamese victory in the Battle of Bạch Đằng River. Following a Japanese occupation in the 1940s, the Vietnamese fought French rule in the First Indochina War, thereafter, Vietnam was divided politically into two rival states, North Vietnam, and South Vietnam. Conflict between the two sides intensified in what is known as the Vietnam War, the war ended with a North Vietnamese victory in 1975. Vietnam was then unified under a communist government but remained impoverished, in 1986, the government initiated a series of economic and political reforms which began Vietnams path towards integration into the world economy. By 2000, it had established relations with all nations. Since 2000, Vietnams economic growth rate has been among the highest in the world and its successful economic reforms resulted in its joining the World Trade Organization in 2007. It is also a member of the Asia-Pacific Economic Cooperation and the Organisation Internationale de la Francophonie, Vietnam remains one of the worlds four remaining one-party socialist states officially espousing communism. The name Việt Nam is a variation of Nam Việt, a name that can be traced back to the Triệu Dynasty of the 2nd century BC. The word Việt originated as a form of Bách Việt. The form Vietnam is first recorded in the 16th-century oracular poem Sấm Trạng Trình, the name has also been found on 12 steles carved in the 16th and 17th centuries, including one at Bao Lam Pagoda in Haiphong that dates to 1558. Then, as recorded, rewarded Yuenan/Vietnam as their nations name, to also show that they are below the region of Baiyue/Bach Viet. Between 1804 and 1813, the name was used officially by Emperor Gia Long and it was revived in the early 20th century by Phan Bội Châus History of the Loss of Vietnam, and later by the Vietnamese Nationalist Party. The country was usually called Annam until 1945, when both the government in Huế and the Viet Minh government in Hanoi adopted Việt Nam. Archaeological excavations have revealed the existence of humans in what is now Vietnam as early as the Paleolithic age, Homo erectus fossils dating to around 500,000 BC have been found in caves in Lạng Sơn and Nghệ An provinces in northern Vietnam. The oldest Homo sapiens fossils from mainland Southeast Asia are of Middle Pleistocene provenance, teeth attributed to Homo sapiens from the Late Pleistocene have also been found at Dong Can, and from the Early Holocene at Mai Da Dieu, Lang Gao and Lang Cuom. The Hồng Bàng dynasty of the Hùng kings is considered the first Vietnamese state, in 257 BC, the last Hùng king was defeated by Thục Phán, who consolidated the Lạc Việt and Âu Việt tribes to form the Âu Lạc, proclaiming himself An Dương Vương
Vietnam
–
A
Đông Sơn bronze drum, c.800 BC.
Vietnam
–
Flag
Vietnam
–
The
Imperial City in
Huế.
Vietnam
–
French Indochina in 1913.
20.
Thailand
–
Thailand, officially the Kingdom of Thailand, formerly known as Siam, is a country at the centre of the Indochinese peninsula in Southeast Asia. With a total area of approximately 513,000 km2, Thailand is the worlds 51st-largest country and it is the 20th-most-populous country in the world, with around 66 million people. The capital and largest city is Bangkok, Thailand is a constitutional monarchy and has switched between parliamentary democracy and military junta for decades, the latest coup being in May 2014 by the National Council for Peace and Order. Its capital and most populous city is Bangkok and its maritime boundaries include Vietnam in the Gulf of Thailand to the southeast, and Indonesia and India on the Andaman Sea to the southwest. The Thai economy is the worlds 20th largest by GDP at PPP and it became a newly industrialised country and a major exporter in the 1990s. Manufacturing, agriculture, and tourism are leading sectors of the economy and it is considered a middle power in the region and around the world. The country has always been called Mueang Thai by its citizens, by outsiders prior to 1949, it was usually known by the exonym Siam. The word Siam has been identified with the Sanskrit Śyāma, the names Shan and A-hom seem to be variants of the same word. The word Śyâma is possibly not its origin, but a learned, another theory is the name derives from Chinese, Ayutthaya emerged as a dominant centre in the late fourteenth century. The Chinese called this region Xian, which the Portuguese converted into Siam, the signature of King Mongkut reads SPPM Mongkut King of the Siamese, giving the name Siam official status until 24 June 1939 when it was changed to Thailand. Thailand was renamed Siam from 1945 to 11 May 1949, after which it reverted to Thailand. According to George Cœdès, the word Thai means free man in the Thai language, ratcha Anachak Thai means kingdom of Thailand or kingdom of Thai. Etymologically, its components are, ratcha, -ana- -chak, the Thai National Anthem, written by Luang Saranupraphan during the extremely patriotic 1930s, refers to the Thai nation as, prathet Thai. The first line of the anthem is, prathet thai ruam lueat nuea chat chuea thai, Thailand is the unity of Thai flesh. There is evidence of habitation in Thailand that has been dated at 40,000 years before the present. Similar to other regions in Southeast Asia, Thailand was heavily influenced by the culture and religions of India, Thailand in its earliest days was under the rule of the Khmer Empire, which had strong Hindu roots, and the influence among Thais remains even today. Voretzsch believes that Buddhism must have been flowing into Siam from India in the time of the Indian Emperor Ashoka of the Maurya Empire, later Thailand was influenced by the south Indian Pallava dynasty and north Indian Gupta Empire. The Menam Basin was originally populated by the Mons, and the location of Dvaravati in the 7th century, the History of the Yuan mentions an embassy from the kingdom of Sukhothai in 1282
Thailand
–
The ruins of
Wat Chaiwatthanaram at
Ayutthaya.
Thailand
–
Flag
Thailand
–
Stupas,
Ayutthaya Historical Park.
Thailand
–
Pottery discovered near
Ban Chiang in Udon Thani Province, the earliest dating to 2100 BCE.
21.
Netherlands
–
The Netherlands is the main constituent country of the Kingdom of the Netherlands. It is a densely populated country located in Western Europe with three territories in the Caribbean. The European part of the Netherlands borders Germany to the east, Belgium to the south, and the North Sea to the northwest, sharing borders with Belgium, the United Kingdom. The three largest cities in the Netherlands are Amsterdam, Rotterdam and The Hague, Amsterdam is the countrys capital, while The Hague holds the Dutch seat of parliament and government. The port of Rotterdam is the worlds largest port outside East-Asia, the name Holland is used informally to refer to the whole of the country of the Netherlands. Netherlands literally means lower countries, influenced by its low land and flat geography, most of the areas below sea level are artificial. Since the late 16th century, large areas have been reclaimed from the sea and lakes, with a population density of 412 people per km2 –507 if water is excluded – the Netherlands is classified as a very densely populated country. Only Bangladesh, South Korea, and Taiwan have both a population and higher population density. Nevertheless, the Netherlands is the worlds second-largest exporter of food and agricultural products and this is partly due to the fertility of the soil and the mild climate. In 2001, it became the worlds first country to legalise same-sex marriage, the Netherlands is a founding member of the EU, Eurozone, G-10, NATO, OECD and WTO, as well as being a part of the Schengen Area and the trilateral Benelux Union. The first four are situated in The Hague, as is the EUs criminal intelligence agency Europol and this has led to the city being dubbed the worlds legal capital. The country also ranks second highest in the worlds 2016 Press Freedom Index, the Netherlands has a market-based mixed economy, ranking 17th of 177 countries according to the Index of Economic Freedom. It had the thirteenth-highest per capita income in the world in 2013 according to the International Monetary Fund, in 2013, the United Nations World Happiness Report ranked the Netherlands as the seventh-happiest country in the world, reflecting its high quality of life. The Netherlands also ranks joint second highest in the Inequality-adjusted Human Development Index, the region called Low Countries and the country of the Netherlands have the same toponymy. Place names with Neder, Nieder, Nether and Nedre and Bas or Inferior are in use in all over Europe. They are sometimes used in a relation to a higher ground that consecutively is indicated as Upper, Boven, Oben. In the case of the Low Countries / the Netherlands the geographical location of the region has been more or less downstream. The geographical location of the region, however, changed over time tremendously
Netherlands
–
The Netherlands in 5500 BC
Netherlands
–
Flag
Netherlands
–
The Netherlands in 500 BC
Netherlands
–
An oak figurine found in
Willemstad, North Brabant (4500 BC).
22.
Hong Kong
–
Hong Kong, officially the Hong Kong Special Administrative Region of the Peoples Republic of China, is an autonomous territory on the Pearl River Delta of East Asia. Macau lies across the delta to the west, and the Chinese province of Guangdong borders the territory to the north. With a total area of 1,106 square kilometres. Hong Kong was later occupied by Japan during World War II until British control resumed in 1945, under the principle of one country, two systems, Hong Kong maintains a separate political and economic system from China. Except in military defence and foreign affairs, Hong Kong maintains its independent executive, legislative, in addition, Hong Kong develops relations directly with foreign states and international organisations in a broad range of appropriate fields. Hong Kong is one of the worlds most significant financial centres, with the highest Financial Development Index score and consistently ranks as the worlds most competitive and freest economic entity. As the worlds 8th largest trading entity, its legal tender, Hong Kongs tertiary sector dominated economy is characterised by simple taxation with a competitive level of corporate tax and supported by its independent judiciary system. However, while Hong Kong has one of the highest per capita incomes in the world and it has a very high Human Development Index ranking and the worlds longest life expectancy. Over 90% of the population use of well-developed public transportation. Seasonal air pollution with origins from neighbouring areas of Mainland China. Hong Kong was officially recorded in the 1842 Treaty of Nanking to encompass the entirety of the island, before 1842, the name referred to a small inlet—now Aberdeen Harbour —between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was a point of contact between British sailors and local fishermen. Detailed and accurate romanisation systems for Cantonese were available and in use at the time, fragrance may refer to the sweet taste of the harbours fresh water estuarine influx of the Pearl River or to the incense from factories lining the coast of northern Kowloon. The incense was stored near Aberdeen Harbour for export before Hong Kong developed Victoria Harbour, the name had often been written as the single word Hongkong until the government adopted the current form in 1926. Nevertheless, a number of century-old institutions still retain the form, such as the Hongkong Post, Hongkong Electric. As of 1997, its name is the Hong Kong Special Administrative Region of the Peoples Republic of China. This is the title as mentioned in the Hong Kong Basic Law. Hong Kong has carried many nicknames, the most famous among those is the Pearl of the Orient, which reflected the impressive nightscape of the citys light decorations on the skyscrapers along both sides of the Victoria Harbour
Hong Kong
–
The Cenotaph in Hong Kong commemorates those who died in service in WWI and WWII.
Hong Kong
–
Flag
Hong Kong
–
Stamp with portrait of
Queen Elizabeth II, 1953
Hong Kong
–
Development of
Hong Kong Island in 1986
23.
Singapore
–
Singapore, officially the Republic of Singapore, sometimes referred to as the Lion City or the Little Red Dot, is a sovereign city-state in Southeast Asia. It lies one degree north of the equator, at the tip of peninsular Malaysia. Singapores territory consists of one island along with 62 other islets. Since independence, extensive land reclamation has increased its size by 23%. During the Second World War, Singapore was occupied by Japan, after early years of turbulence, and despite lacking natural resources and a hinterland, the nation developed rapidly as an Asian Tiger economy, based on external trade and its workforce. Singapore is a global commerce, finance and transport hub, the country has also been identified as a tax haven. Singapore ranks 5th internationally and first in Asia on the UN Human Development Index and it is ranked highly in education, healthcare, life expectancy, quality of life, personal safety, and housing, but does not fare well on the Democracy index. Although income inequality is high, 90% of homes are owner-occupied, 38% of Singapores 5.6 million residents are permanent residents and other foreign nationals. There are four languages on the island, Malay, Mandarin, Tamil. English is its language, most Singaporeans are bilingual. Singapore is a multiparty parliamentary republic, with a Westminster system of unicameral parliamentary government. The Peoples Action Party has won every election since self-government in 1959, however, it is unlikely that lions ever lived on the island, Sang Nila Utama, the Srivijayan prince said to have founded and named the island Singapura, perhaps saw a Malayan tiger. There are however other suggestions for the origin of the name, the central island has also been called Pulau Ujong as far back as the third century CE, literally island at the end in Malay. In 1299, according to the Malay Annals, the Kingdom of Singapura was founded on the island by Sang Nila Utama and these Indianized Kingdoms, a term coined by George Cœdès were characterized by surprising resilience, political integrity and administrative stability. In 1613, Portuguese raiders burned down the settlement, which by then was part of the Johor Sultanate. The wider maritime region and much trade was under Dutch control for the following period, in 1824 the entire island, as well as the Temenggong, became a British possession after a further treaty with the Sultan. In 1826, Singapore became part of the Straits Settlements, under the jurisdiction of British India, prior to Raffles arrival, there were only about a thousand people living on the island, mostly indigenous Malays along with a handful of Chinese. By 1860 the population had swelled to over 80,000, many of these early immigrants came to work on the pepper and gambier plantations
Singapore
–
Raffles Square around 1900.
Singapore
–
Flag
Singapore
–
Victorious Japanese troops marching through Singapore City after the British capitulation at the
Battle of Singapore in 1942.
Singapore
–
A cheering crowd welcome the return of British forces, 1945
24.
Russia
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Russia, also officially the Russian Federation, is a country in Eurasia. The European western part of the country is more populated and urbanised than the eastern. Russias capital Moscow is one of the largest cities in the world, other urban centers include Saint Petersburg, Novosibirsk, Yekaterinburg, Nizhny Novgorod. Extending across the entirety of Northern Asia and much of Eastern Europe, Russia spans eleven time zones and incorporates a range of environments. It shares maritime borders with Japan by the Sea of Okhotsk, the East Slavs emerged as a recognizable group in Europe between the 3rd and 8th centuries AD. Founded and ruled by a Varangian warrior elite and their descendants, in 988 it adopted Orthodox Christianity from the Byzantine Empire, beginning the synthesis of Byzantine and Slavic cultures that defined Russian culture for the next millennium. Rus ultimately disintegrated into a number of states, most of the Rus lands were overrun by the Mongol invasion. The Soviet Union played a role in the Allied victory in World War II. The Soviet era saw some of the most significant technological achievements of the 20th century, including the worlds first human-made satellite and the launching of the first humans in space. By the end of 1990, the Soviet Union had the second largest economy, largest standing military in the world. It is governed as a federal semi-presidential republic, the Russian economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russias extensive mineral and energy resources are the largest such reserves in the world, making it one of the producers of oil. The country is one of the five recognized nuclear weapons states and possesses the largest stockpile of weapons of mass destruction, Russia is a great power as well as a regional power and has been characterised as a potential superpower. The name Russia is derived from Rus, a state populated mostly by the East Slavs. However, this name became more prominent in the later history, and the country typically was called by its inhabitants Русская Земля. In order to distinguish this state from other states derived from it, it is denoted as Kievan Rus by modern historiography, an old Latin version of the name Rus was Ruthenia, mostly applied to the western and southern regions of Rus that were adjacent to Catholic Europe. The current name of the country, Россия, comes from the Byzantine Greek designation of the Kievan Rus, the standard way to refer to citizens of Russia is Russians in English and rossiyane in Russian. There are two Russian words which are translated into English as Russians
Russia
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Kievan Rus' in the 11th century
Russia
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Flag
Russia
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The
Baptism of Kievans, by
Klavdy Lebedev
Russia
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Sergius of Radonezh blessing
Dmitry Donskoy in
Trinity Sergius Lavra, before the
Battle of Kulikovo, depicted in a painting by
Ernst Lissner
25.
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
External debt
26.
List of countries by credit rating
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The ratings of DBRS, China Chengxin Credit Rating Group, Dagong and JCR are also included. The list also includes all country subdivisions issuing sovereign bonds, but it excludes regions, for S&P, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, for Fitch, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, for Moodys, a bond is considered investment grade if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be speculative grade, for DBRS, a bond is considered investment grade if its credit rating is BBB or higher. Bonds rated BB and below are considered to be speculative grade, Japan Credit Rating Agency is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U. S. Securities, Dagong is a credit rating agency based in China. Bond credit rating United States federal government credit-rating downgrades
List of countries by credit rating
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Financial ratings of European States by Standard & Poor's (foreign currency) on 14 July 2015
27.
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
United States dollar
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Series of 1917
$1 United States bill
United States dollar
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Federal Reserve Notes
United States dollar
–
Spanish silver real or
peso of 1768
United States dollar
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Obverse of rare 1934 $500 Federal Reserve Note, featuring a portrait of President
William McKinley.
28.
Foreign direct investment
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A foreign direct investment is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from foreign investment by a notion of direct control. Broadly, foreign direct investment includes mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations and intra company loans. In a narrow sense, foreign direct investment refers just to building new facility, FDI is the sum of equity capital, other long-term capital, and short-term capital as shown the balance of payments. FDI usually involves participation in management, joint-venture, transfer of technology, stock of FDI is the net cumulative FDI for any given period. Direct investment excludes investment through purchase of shares, FDI is one example of international factor movements. A foreign direct investment is an ownership in a business enterprise in one country by an entity based in another country. Foreign direct investment is distinguished from foreign investment, a passive investment in the securities of another country such as public stocks and bonds. Moreover, control of technology, management, even crucial inputs can confer de facto control, for example, Joe S. Bain only explained the internationalization challenge through three main principles, absolute cost advantages, product differentiation advantages and economies of scale. Furthermore, the theories were created under the assumption of the existence of perfect competition. Facing the challenges of his predecessors, Hymer focused his theory on filling the gaps regarding international investment, the theory proposed by the author approaches international investment from a different and more firm-specific point of view. Furthermore, Hymer proceeds to criticize the neoclassical theories, stating that the theory of capital movements cannot explain international production. Moreover, he clarifies that FDI is not necessarily a movement of funds from a country to a host country. In contrast, if interest rates were the motive for international investment. Another observation made by Hymer went against what was maintained by the neoclassical theories, in fact, foreign direct investment can be financed through loans obtained in the host country, payments in exchange for equity, and other methods. Further studies attempted to explain how firms could monetize these advantages in the form of licenses, removal of conflicts, conflict arises if a firm is already operating in foreign market or looking to expand its operations within the same market. He proposes that the solution for this hurdle arose in the form of collusion, however, it must be taken into account that a reduction in conflict through acquisition of control of operations will increase the market imperfections. The extent to which a company can mitigate risk depends on how well a firm can formulate an internationalization strategy taking these levels of decision into account
Foreign direct investment
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FDI of RF 1994-2012
Foreign direct investment
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Main item of inflow investment in Russian Federation
29.
Poverty
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Poverty is general scarcity or the state of one who lacks a certain amount of material possessions or money. It is a concept, which includes social, economic. Absolute poverty or destitution refers to the lack of necessary to meet basic needs such as food, clothing. Absolute poverty is meant to be about the independent of location. After the industrial revolution, mass production in factories made producing goods increasingly less expensive, of more importance is the modernization of agriculture, such as fertilizers, to provide enough yield to feed the population. Strategies of increasing income to make basic needs more affordable typically include welfare, economic freedoms, Poverty reduction is a major goal and issue for many international organizations such as the United Nations and the World Bank. The World Bank forecasts that 702.1 million people, down from 1.75 billion in 1990, of these, about 347.1 million people lived in Sub-Saharan Africa and 231.3 million lived in South Asia. According to the World Bank, between 1990 and 2015, the percentage of the population living in extreme poverty fell from 37. 1% to 9. 6%. Nevertheless, given the current economic model, built on GDP, extreme poverty is a global challenge, it is observed in all parts of the world, including developed economies. UNICEF estimates half the children live in poverty. It has been argued by some academics that the policies promoted by global financial institutions such as the IMF. Another estimate places the true scale of poverty much higher than the World Bank, with an estimated 4.3 billion people living with less than $5 a day and unable to meet basic needs adequately. In 2012 it is estimated that, given a poverty line of $1.25 a day 1.2 billion people lived in poverty, the word poverty comes from old French poverté, from Latin paupertās from pauper. The English word poverty via Anglo-Norman povert, there are several definitions of poverty depending on the context of the situation it is placed in, and the views of the person giving the definition. Income Poverty, a familys income fails to meet a federally established threshold that differs across countries, United Nations, Fundamentally, poverty is the inability of having choices and opportunities, a violation of human dignity. It means lack of capacity to participate effectively in society. It means insecurity, powerlessness and exclusion of individuals, households and it means susceptibility to violence, and it often implies living in marginal or fragile environments, without access to clean water or sanitation. World Bank, Poverty is pronounced deprivation in well-being, and comprises many dimensions and it includes low incomes and the inability to acquire the basic goods and services necessary for survival with dignity
Poverty
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An example of urban poverty in this
slum in
Jakarta,
Indonesia
Poverty
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Children of the
Depression -era migrant workers, Arizona, 1937
Poverty
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An early morning outside the Opera Tavern in Stockholm, with a gang of beggars waiting for delivery of the scraps from the previous day.
Sweden, 1868.
Poverty
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A
Somali boy receiving treatment for malnourishment at a health facility.
30.
Infrastructure
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Infrastructure refers to the fundamental facilities and systems serving a country, city, or area, including the services and facilities necessary for its economy to function. The word was imported from French, where it means subgrade, the word is a combination of the Latin prefix infra, meaning below, and structure. The military use of the term achieved currency in the United States after the formation of NATO in the 1940s and this crisis discussion contributed to an increase in infrastructure asset management and maintenance planning in the US. Public-policy discussions have been hampered by lack of a definition for infrastructure. A1987 US National Research Council panel adopted the public works infrastructure. The OECD also classifies communications as a part of infrastructure, the American Society of Civil Engineers has not defined the term, though issuing a US Infrastructure Report Card every 2-4 years. Hard infrastructure refers to the physical networks necessary for the functioning of an industrial nation. The term critical infrastructure distinguishes those infrastructure elements that, if damaged or destroyed. Similarly, a booking system might be critical infrastructure for an airline. These elements of infrastructure are the focus of efforts in the aftermath of natural disasters. The term infrastructure may be confused with the following overlapping or related concepts, service connections to municipal service and public utility networks would also be considered land improvements, not infrastructure. The term public works includes government-owned and operated infrastructure as well as buildings, such as schools. Public works generally refers to physical assets needed to deliver public services, public services include both infrastructure and services generally provided by government. Infrastructure may be owned and managed by governments or by private companies, generally, most roads, major ports and airports, water distribution systems and sewage networks are publicly owned, whereas most energy and telecommunications networks are privately owned. Publicly owned infrastructure may be paid for taxes, tolls, or metered user fees. Major investment projects are financed by the issuance of long-term bonds. Government owned and operated infrastructure may be developed and operated in the sector or in public-private partnerships. As of 2008 in the United States for example, public spending on infrastructure has varied between 2. 3% and 3. 6% of GDP since 1950, many financial institutions invest in infrastructure
Infrastructure
–
Grand Coulee Dam
United States 23.1%
United Kingdom 8.8%
Germany 8.2%
Japan 7.4%
Canada 6.7%
China 5.1%
Vietnam 5.0%
Thailand 4.9%
Netherlands 4.1% (2015 est.)[2]
Hong Kong 6.1%
Singapore 5.7% (2015 est.)[3]
Russia 2.1% (2015 est.)[4]
This article incorporates public domain material from the CIA World Factbook website https://www.cia.gov/library/publications/the-world-factbook/index.html.
