1.
Milan
–
Milan is a city in Italy, capital of the Lombardy region, and the most populous metropolitan area and the second most populous comune in Italy. The population of the city proper is 1,351,000, Milan has a population of about 8,500,000 people. It is the industrial and financial centre of Italy and one of global significance. In terms of GDP, it has the largest economy among European non-capital cities, Milan is considered part of the Blue Banana and lies at the heart of one of the Four Motors for Europe. Milan is an Alpha leading global city, with strengths in the arts, commerce, design, education, entertainment, fashion, finance, healthcare, media, services, research, and tourism. Its business district hosts Italys Stock Exchange and the headquarters of the largest national and international banks, the city is a major world fashion and design capital, well known for several international events and fairs, including Milan Fashion Week and the Milan Furniture Fair. The city hosts numerous cultural institutions, academies and universities, with 11% of the national total enrolled students, Milans museums, theatres and landmarks attract over 9 million visitors annually. Milan – after Naples – is the second Italian city with the highest number of accredited stars from the Michelin Guide, the city hosted the Universal Exposition in 1906 and 2015. Milan is home to two of Europes major football teams, A. C. Milan and F. C. Internazionale, the etymology of Milan is uncertain. One theory holds that the Latin name Mediolanum comes from the Latin words medio, however, some scholars believe lanum comes from the Celtic root lan, meaning an enclosure or demarcated territory in which Celtic communities used to build shrines. Hence, Mediolanum could signify the central town or sanctuary of a Celtic tribe, indeed, the name Mediolanum is borne by about sixty Gallo-Roman sites in France, e. g. Saintes and Évreux. Alciato credits Ambrose for his account, around 400 BC, the Celtic Insubres settled Milan and the surrounding region. In 222 BC, the Romans conquered the settlement, renaming it Mediolanum, Milan was eventually declared the capital of the Western Roman Empire by Emperor Diocletian in 286 AD. Diocletian chose to stay in the Eastern Roman Empire and his colleague Maximianus ruled the Western one, immediately Maximian built several monuments, such as a large circus 470 m ×85 m, the Thermae Herculeae, a large complex of imperial palaces and several other buildings. With the Edict of Milan of 313, Emperor Constantine I guaranteed freedom of religion for Christians, after the city was besieged by the Visigoths in 402, the imperial residence was moved to Ravenna. In 452, the Huns overran the city, in 539, the Ostrogoths conquered and destroyed Milan during the Gothic War against Byzantine Emperor Justinian I. In the summer of 569, a Teutonic tribe, the Lombards, conquered Milan, some Roman structures remained in use in Milan under Lombard rule. Milan surrendered to the Franks in 774 when Charlemagne took the title of King of the Lombards, the Iron Crown of Lombardy dates from this period
2.
Italy
–
Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal climate and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
3.
Euro
–
Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 use currencies pegged to the euro, the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into 100 cents, in Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
4.
United States dollar
–
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
5.
Campione d'Italia
–
Campione dItalia is a comune of the Province of Como in the Lombardy region of Italy, and an exclave surrounded by the Swiss canton of Ticino. In the first century BC the Romans founded the town of Campilonum to protect their territories from Helvetii invasions. In 777, Toto of Campione, a local Lombard lord, ownership was transferred to the abbey of Sant’Ambrogio. In 1512, the area of Ticino was transferred from the ownership of the bishop of Como to Switzerland by Pope Julius II. However, the abbey maintained control over what is now Campione dItalia, when Ticino chose to become part of the Swiss Confederation in 1798, the people of Campione chose to remain part of Lombardy. In 1800, Ticino proposed exchanging Indemini for Campione, in 1814 a referendum was held, and the residents of Campione opposed it. In 1848, during the wars of Italian unification, Campione petitioned Switzerland for annexation and this was rejected due to the Swiss desire for neutrality. After Italian unification in 1861, all land west of Lake Lugano and half of the lake were given to Switzerland so that Swiss trade and transport would not have to pass through Italy. The dItalia was added to the name of Campione in the 1930s by Prime Minister Benito Mussolini and this was to assert the exclaves Italian-ness. During World War II, the US Office of Strategic Services — partly through Berne OSS chief Allen Welsh Dulles — maintained a unit in Campione for operations in Italy, at the time the pro-Nazi Italian regime did not have control over the exclave. The Swiss ignored the situation as long as the Americans kept a low profile, postage stamps were issued during this period inscribed Campione dItalia and valued in Swiss currency. Campione has an amount of economic and administrative integration with Switzerland. Because of its status, legal tender in the town is the Swiss franc. Mail may be sent using either a Swiss postal code or an Italian one using Switzerland or Italy as destination country respectively, like the Italian town of Livigno, it is exempt from EU VAT. Campione takes advantage of its status by operating a casino, the Casinò di Campione, security is provided by the Carabinieri and the city also has a Polizia Locale group. However, firefighters and ambulances are Swiss, schools within the comune are the Scuola Materna G. Garibaldi, the Scuola Elementare, and the Scuola Media. List of communes of the Province of Como List of enclaves and exclaves Media related to Campione dItalia at Wikimedia Commons Official website
6.
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
7.
European Union
–
The European Union is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2, the EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished, a monetary union was established in 1999 and came into full force in 2002, and is composed of 19 EU member states which use the euro currency. The EU operates through a system of supranational and intergovernmental decision-making. The EU traces its origins from the European Coal and Steel Community, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. While no member state has left the EU or its antecedent organisations, the Maastricht Treaty established the European Union in 1993 and introduced European citizenship. The latest major amendment to the basis of the EU. The EU as a whole is the largest economy in the world, additionally,27 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize, through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, because of its global influence, the European Union has been described as an emerging superpower. After World War II, European integration was seen as an antidote to the nationalism which had devastated the continent. 1952 saw the creation of the European Coal and Steel Community, the supporters of the Community included Alcide De Gasperi, Jean Monnet, Robert Schuman, and Paul-Henri Spaak. These men and others are credited as the Founding fathers of the European Union. In 1957, Belgium, France, Italy, Luxembourg, the Netherlands and West Germany signed the Treaty of Rome and they also signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear energy. Both treaties came into force in 1958, the EEC and Euratom were created separately from the ECSC, although they shared the same courts and the Common Assembly. The EEC was headed by Walter Hallstein and Euratom was headed by Louis Armand, Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. During the 1960s, tensions began to show, with France seeking to limit supranational power, Jean Rey presided over the first merged Commission. In 1973, the Communities enlarged to include Denmark, Ireland, Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendum
8.
World Trade Organization
–
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
9.
OECD
–
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
10.
Asian Infrastructure Investment Bank
–
The Asian Infrastructure Investment Bank is an multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 52 member states while another 18 are prospective members and was proposed as an initiative by the government of China. The initiative gained support from 37 regional and 20 non-regional Prospective Founding Members, major economies that did not become PFM include the G7/G8 members Japan and the United States, although Canada applied for membership on 23 September 2016. The United Nations has addressed the launch of AIIB as having potential for scaling up financing for development for the concern of global economic governance. The capital of the bank is $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank, the bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014. The initial context was to better use of Chinese foreign currency reserves in the wake of the global financial crisis. The initiative was launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013. Dominance by both countries and slow reforms underlie Chinas wish to establish the AIIB, while both worry about Chinas increasing influence. In June 2014 China proposed doubling the registered capital of the bank from $50 billion to $100 billion, indonesias joining was slightly delayed due to their new presidential administration not being able to review the membership in time. Indonesia signed the MOU on 25 November 2014, the U. S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it. However, both Australia and South Korea applied to join the bank in March 2015, Hong Kongs Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB. It did however not become one of the founding members. In early March 2015, the United Kingdoms Chancellor of the Exchequer, George Osborne, announced that the UK had decided to apply to join the Bank, the announcement was criticised by the U. S. Obama Administration. A US government official told Financial Times, We are wary about a trend toward constant accommodation of China, the official further stated that the British decision was taken after no consultation with the US. In response, the UK indicated that the subject had been discussed between Chancellor Osborne and US Treasury Secretary Jack Lew for several months preceding the decision and it was further stated that joining the bank as a founding member would allow the UK to influence the development of the institution. Following the criticism, the White House National Security Council, in a statement to The Guardian, declared, Our position on the AIIB remains clear, the United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around the world. We believe any new institution should incorporate the high standards of the World Bank. Several other European states – including Germany, France and Italy – followed the UKs decision to join the AIIB in March, States could indicate their interest in becoming a Prospective Founding Member until 31 March 2015
11.
Gross domestic product
–
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
12.
Inflation
–
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
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
14.
Gini coefficient
–
The Gini coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution of a nations residents, and is the most commonly used measure of inequality. It was developed by the Italian statistician and sociologist Corrado Gini, the Gini coefficient measures the inequality among values of a frequency distribution. A Gini coefficient of zero expresses perfect equality, where all values are the same, a Gini coefficient of 1 expresses maximal inequality among values. However, a greater than one may occur if some persons represent negative contribution to the total. For larger groups, values close to or above 1 are very unlikely in practice, the exception to this is in the redistribution of wealth resulting in a minimum income for all people. When the population is sorted, if their distribution were to approximate a well known function. The Gini coefficient was proposed by Gini as a measure of inequality of income or wealth, the global income Gini coefficient in 2005 has been estimated to be between 0.61 and 0.68 by various sources. There are some issues in interpreting a Gini coefficient, the same value may result from many different distribution curves. The demographic structure should be taken into account, Countries with an aging population, or with a baby boom, experience an increasing pre-tax Gini coefficient even if real income distribution for working adults remains constant. Scholars have devised over a dozen variants of the Gini coefficient, the line at 45 degrees thus represents perfect equality of incomes. The Gini coefficient can then be thought of as the ratio of the area lies between the line of equality and the Lorenz curve over the total area under the line of equality. It is also equal to 2A and to 1 - 2B due to the fact that A + B =0.5. If all people have non-negative income, the Gini coefficient can theoretically range from 0 to 1, in practice, both extreme values are not quite reached. If negative values are possible, then the Gini coefficient could theoretically be more than 1, normally the mean is assumed positive, which rules out a Gini coefficient less than zero. An alternative approach would be to consider the Gini coefficient as half of the mean absolute difference. The effects of income policy due to redistribution can be seen in the linear relationships. An informative simplified case just distinguishes two levels of income, low and high, if the high income group is u % of the population and earns a fraction f % of all income, then the Gini coefficient is f − u. An actual more graded distribution with these same values u and f will always have a higher Gini coefficient than f − u, the proverbial case where the richest 20% have 80% of all income would lead to an income Gini coefficient of at least 60%
15.
Tourism
–
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
16.
Machine (mechanical)
–
Machines employ power to achieve desired forces and movement. A machine has a source and actuators that generate forces and movement. Modern machines often include computers and sensors that monitor performance and plan movement, the meaning of the word machine is traced by the Oxford English Dictionary to an independently functioning structure and by Merriam-Webster Dictionary to something that has been constructed. This includes human design into the meaning of machine, similarly Merriam-Webster Dictionary defines mechanical as relating to machinery or tools. Power flow through a machine provides a way to understand the performance of devices ranging from levers and gear trains to automobiles, notice that forces and motion combine to define power. More recently, Uicker et al. stated that a machine is a device for applying power or changing its direction, and McCarthy and Soh describe a machine as a system that generally consists of a power source and a mechanism for the controlled use of this power. The idea that a machine can be decomposed into simple movable elements led Archimedes to define the lever, pulley, by the time of the Renaissance this list increased to include the wheel and axle, wedge and inclined plane. The modern approach to characterizing machines focusses on the components that allow movement, wedge, Perhaps the first example of a device designed to manage power is the hand axe, also see biface and Olorgesailie. A hand axe is made by chipping stone, generally flint, to form a bifacial edge, a wedge is a simple machine that transforms lateral force and movement of the tool into a transverse splitting force and movement of the workpiece. The available power is limited by the effort of the using the tool, but because power is the product of force and movement. This amplification, or mechanical advantage is the ratio of the speed to output speed. For a wedge this is given by 1/tanα, where α is the tip angle, the faces of a wedge are modeled as straight lines to form a sliding or prismatic joint. Lever, The lever is another important and simple device for managing power and this is a body that pivots on a fulcrum. The fulcrum of a lever is modeled as a hinged or revolute joint, wheel, The wheel is clearly an important early machine, such as the chariot. A wheel uses the law of the lever to reduce the force needed to overcome friction when pulling a load. To see this notice that the associated with pulling a load on the ground is approximately the same as the friction in a simple bearing that supports the load on the axle of a wheel. However, the forms a lever that magnifies the pulling force so that it overcomes the frictional resistance in the bearing. Natural forces such as wind and water powered larger mechanical systems, waterwheels appeared around the world around 300 BC to use flowing water to generate rotary motion, which was applied to milling grain, and powering lumber, machining and textile operations
17.
Iron
–
Iron is a chemical element with symbol Fe and atomic number 26. It is a metal in the first transition series and it is by mass the most common element on Earth, forming much of Earths outer and inner core. It is the fourth most common element in the Earths crust, like the other group 8 elements, ruthenium and osmium, iron exists in a wide range of oxidation states, −2 to +6, although +2 and +3 are the most common. Elemental iron occurs in meteoroids and other low oxygen environments, but is reactive to oxygen, fresh iron surfaces appear lustrous silvery-gray, but oxidize in normal air to give hydrated iron oxides, commonly known as rust. Unlike the metals that form passivating oxide layers, iron oxides occupy more volume than the metal and thus flake off, Iron metal has been used since ancient times, although copper alloys, which have lower melting temperatures, were used even earlier in human history. Pure iron is soft, but is unobtainable by smelting because it is significantly hardened and strengthened by impurities, in particular carbon. A certain proportion of carbon steel, which may be up to 1000 times harder than pure iron. Crude iron metal is produced in blast furnaces, where ore is reduced by coke to pig iron, further refinement with oxygen reduces the carbon content to the correct proportion to make steel. Steels and iron alloys formed with metals are by far the most common industrial metals because they have a great range of desirable properties. Iron chemical compounds have many uses, Iron oxide mixed with aluminium powder can be ignited to create a thermite reaction, used in welding and purifying ores. Iron forms binary compounds with the halogens and the chalcogens, among its organometallic compounds is ferrocene, the first sandwich compound discovered. Iron plays an important role in biology, forming complexes with oxygen in hemoglobin and myoglobin. Iron is also the metal at the site of many important redox enzymes dealing with cellular respiration and oxidation and reduction in plants. A human male of average height has about 4 grams of iron in his body and this iron is distributed throughout the body in hemoglobin, tissues, muscles, bone marrow, blood proteins, enzymes, ferritin, hemosiderin, and transport in plasma. The mechanical properties of iron and its alloys can be evaluated using a variety of tests, including the Brinell test, Rockwell test, the data on iron is so consistent that it is often used to calibrate measurements or to compare tests. An increase in the content will cause a significant increase in the hardness. Maximum hardness of 65 Rc is achieved with a 0. 6% carbon content, because of the softness of iron, it is much easier to work with than its heavier congeners ruthenium and osmium. Because of its significance for planetary cores, the properties of iron at high pressures and temperatures have also been studied extensively
18.
Steel
–
Steel is an alloy of iron and other elements, primarily carbon, that is widely used in construction and other applications because of its high tensile strength and low cost. Steels base metal is iron, which is able to take on two forms, body centered cubic and face centered cubic, depending on its temperature. It is the interaction of those allotropes with the elements, primarily carbon. In the body-centred cubic arrangement, there is an atom in the centre of each cube. Carbon, other elements, and inclusions within iron act as hardening agents that prevent the movement of dislocations that otherwise occur in the lattices of iron atoms. The carbon in steel alloys may contribute up to 2. 1% of its weight. Steels strength compared to pure iron is possible at the expense of irons ductility. With the invention of the Bessemer process in the mid-19th century and this was followed by Siemens-Martin process and then Gilchrist-Thomas process that refined the quality of steel. With their introductions, mild steel replaced wrought iron, further refinements in the process, such as basic oxygen steelmaking, largely replaced earlier methods by further lowering the cost of production and increasing the quality of the product. Today, steel is one of the most common materials in the world and it is a major component in buildings, infrastructure, tools, ships, automobiles, machines, appliances, and weapons. Modern steel is generally identified by various grades defined by assorted standards organizations, the noun steel originates from the Proto-Germanic adjective stakhlijan, which is related to stakhla. The carbon content of steel is between 0. 002% and 2. 1% by weight for plain iron–carbon alloys and these values vary depending on alloying elements such as manganese, chromium, nickel, iron, tungsten, carbon and so on. Basically, steel is an alloy that does not undergo eutectic reaction. In contrast, cast iron does undergo eutectic reaction, too little carbon content leaves iron quite soft, ductile, and weak. Carbon contents higher than those of steel make an alloy, commonly called pig iron, while iron alloyed with carbon is called carbon steel, alloy steel is steel to which other alloying elements have been intentionally added to modify the characteristics of steel. Common alloying elements include, manganese, nickel, chromium, molybdenum, boron, titanium, vanadium, tungsten, cobalt, and niobium. Additional elements are important in steel, phosphorus, sulfur, silicon, and traces of oxygen, nitrogen, and copper. Alloys with a higher than 2. 1% carbon content, depending on other element content, cast iron is not malleable even when hot, but it can be formed by casting as it has a lower melting point than steel and good castability properties
19.
Chemical substance
–
A chemical substance is a form of matter that has constant chemical composition and characteristic properties. It cannot be separated into components by physical methods, i. e. without breaking chemical bonds. Chemical substances can be chemical elements, chemical compounds, ions or alloys, Chemical substances are often called pure to set them apart from mixtures. A common example of a substance is pure water, it has the same properties. Other chemical substances commonly encountered in pure form are diamond, gold, table salt, however, in practice, no substance is entirely pure, and chemical purity is specified according to the intended use of the chemical. Chemical substances exist as solids, liquids, gases, or plasma, Chemical substances may be combined or converted to others by means of chemical reactions. Forms of energy, such as light and heat, are not matter, a chemical substance may well be defined as any material with a definite chemical composition in an introductory general chemistry textbook. According to this definition a chemical substance can either be a chemical element or a pure chemical compound. But, there are exceptions to this definition, a substance can also be defined as a form of matter that has both definite composition and distinct properties. The chemical substance index published by CAS also includes several alloys of uncertain composition, in geology, substances of uniform composition are called minerals, while physical mixtures of several minerals are defined as rocks. Many minerals, however, mutually dissolve into solid solutions, such that a rock is a uniform substance despite being a mixture in stoichiometric terms. Feldspars are an example, anorthoclase is an alkali aluminium silicate. In law, chemical substances may include both pure substances and mixtures with a composition or manufacturing process. For example, the EU regulation REACH defines monoconstituent substances, multiconstituent substances and substances of unknown or variable composition, the latter two consist of multiple chemical substances, however, their identity can be established either by direct chemical analysis or reference to a single manufacturing process. For example, charcoal is a complex, partially polymeric mixture that can be defined by its manufacturing process. Therefore, although the chemical identity is unknown, identification can be made to a sufficient accuracy. The CAS index also includes mixtures, polymers almost always appear as mixtures of molecules of multiple molar masses, each of which could be considered a separate chemical substance. However, the polymer may be defined by a precursor or reaction
20.
Food processing
–
Food processing is the transformation of raw ingredients, by physical or chemical means into food, or of food into other forms. Food processing combines raw food ingredients to produce food products that can be easily prepared and served by the consumer. Salt-preservation was especially common for foods that constituted warrior and sailors diets until the introduction of canning methods and these tried and tested processing techniques remained essentially the same until the advent of the industrial revolution. Examples of ready-meals also date back to before the preindustrial revolution, both during ancient times and today in modern society these are considered processed foods. Modern food processing technology developed in the 19th and 20th centuries was developed in a part to serve military needs. Although initially expensive and somewhat hazardous due to the used in cans. Pasteurization, discovered by Louis Pasteur in 1864, improved the quality of preserved foods and introduced the wine, beer, in the late 20th century, products such as dried instant soups, reconstituted fruits and juices, and self cooking meals such as MRE food ration were developed. In western Europe and North America, the half of the 20th century witnessed a rise in the pursuit of convenience. Food processing companies marketed their products especially towards middle-class working wives, frozen foods found their success in sales of juice concentrates and TV dinners. Processors utilised the perceived value of time to appeal to the population. Benefits of food processing include toxin removal, preservation, easing marketing and distribution tasks, modern supermarkets would not exist without modern food processing techniques, and long voyages would not be possible. Processed foods are less susceptible to early spoilage than fresh foods and are better suited for long distance transportation from the source to the consumer. When they were first introduced, some processed foods helped to alleviate food shortages, processing can also reduce the incidence of food borne disease. Fresh materials, such as produce and raw meats, are more likely to harbour pathogenic micro-organisms capable of causing serious illnesses. The extremely varied modern diet is only possible on a wide scale because of food processing. Transportation of more exotic foods, as well as the elimination of much hard labour gives the modern eater easy access to a variety of food unimaginable to their ancestors. The act of processing can often improve the taste of food significantly, mass production of food is much cheaper overall than individual production of meals from raw ingredients. Therefore, a profit potential exists for the manufacturers and suppliers of processed food products
21.
Textile
–
A textile or cloth is a flexible material consisting of a network of natural or artificial fibres. Yarn is produced by spinning raw fibres of wool, flax, cotton, hemp, Textiles are formed by weaving, knitting, crocheting, knotting, or felting. The words fabric and cloth are used in textile assembly trades as synonyms for textile, however, there are subtle differences in these terms in specialized usage. Textile refers to any material made of interlacing fibres, a fabric is a material made through weaving, knitting, spreading, crocheting, or bonding that may be used in production of further goods. Cloth may be used synonymously with fabric but is often a piece of fabric used for a specific purpose. The word textile is from Latin, from the adjective textilis, meaning woven, from textus, the word cloth derives from the Old English clað, meaning a cloth, woven or felted material to wrap around one, from Proto-Germanic kalithaz. The discovery of dyed flax fibres in a cave in the Republic of Georgia dated to 34,000 BCE suggests textile-like materials were made even in prehistoric times. The production of textiles is a craft whose speed and scale of production has been altered almost beyond recognition by industrialization, however, for the main types of textiles, plain weave, twill, or satin weave, there is little difference between the ancient and modern methods. Textiles have an assortment of uses, the most common of which are for clothing and for such as bags. In the household they are used in carpeting, upholstered furnishings, window shades, towels, coverings for tables, beds, and other flat surfaces, in the workplace they are used in industrial and scientific processes such as filtering. Textiles are used in traditional crafts such as sewing, quilting. Textiles for industrial purposes, and chosen for other than their appearance, are commonly referred to as technical textiles. Technical textiles include textile structures for applications, medical textiles, geotextiles, agrotextiles. In all these applications stringent performance requirements must be met, woven of threads coated with zinc oxide nanowires, laboratory fabric has been shown capable of self-powering nanosystems using vibrations created by everyday actions like wind or body movements. Fashion designers commonly rely on textile designs to set their fashion collections apart from others, armani, the late Gianni Versace, and Emilio Pucci can be easily recognized by their signature print driven designs. Textiles can be made from many materials and these materials come from four main sources, animal, plant, mineral, and synthetic. In the past, all textiles were made from natural fibres, including plant, animal, in the 20th century, these were supplemented by artificial fibres made from petroleum. Textiles are made in various strengths and degrees of durability, from the finest gossamer to the sturdiest canvas, microfibre refers to fibres made of strands thinner than one denier
22.
Motor vehicle
–
For legal purposes motor vehicles are often identified within a number of vehicle classes including cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. These classifications vary according to the codes of each country. ISO3833,1977 is the standard for road vehicles types, terms, as of 2010 there were more than one billion motor vehicles in use in the world excluding off-road vehicles and heavy construction equipment. Global vehicle ownership per capita in 2010 was 148 vehicles in operation per 1000 people, the United States has the largest fleet of motor vehicles in the world, with 239.8 million in 2010. Vehicle ownership per capita in the US is also the highest in the world with 769 vehicles in operation per 1000 people. The Peoples Republic of China has the second largest fleet in the world, with more than 78 million vehicles. In 2011, a total of 80 million cars and commercial vehicles were built, led by China, the US publisher Wards, estimate that as of 2010 there were 1.015 billion motor vehicles in use in the world. This figure represents the number of cars, light, medium and heavy duty trucks, and buses, the world vehicle population passed the 500 million-unit mark in 1986, from 250 million motor vehicles in 1970. Between 1950 and 1970, the population doubled roughly every 10 years. Two US researchers estimate that the fleet will reach 2 billion motor vehicles by 2020. Navigant Consulting forecasts that the stock of light-duty motor vehicles will reach 2 billion units in 2035. The global rate of motorization increased in 2013 to 174 vehicles per 1000 inhabitants, in developing countries vehicle ownership rates rarely exceed 200 cars per 1,000 population. The five largest markets, Germany, Italy, France, the UK, the EU-27 member countries had in 2009 an estimated ownership rate of 473 passenger cars per 1000 people. According to Wards, Italy had the second highest vehicle ownership per capita in 2010, Germany had a rate of motorization of 534 vehicles per 1000 people and the UK of 525 vehicles per 1000 inhabitants, both in 2008. France had a rate of 575 vehicles per 1000 people and Spain 608 vehicles per 1000 people in 2007, portugal, between 1991 and 2002 grew up 220% on its motorization rate, having had in 2002,560 cars per 1000 people. Italy also leads in alternative fuel vehicles, with a fleet of 779,090 natural gas vehicles as of June 2012, sweden, with 225,000 flexible-fuel vehicles, has the largest flexifuel fleet in Europe by mid-2011. According to Wards, the United States has the largest fleet of vehicles in the world. Vehicle ownership per capita in the U. S. is also the highest in the world with 769 vehicles in operation per 1000 inhabitants, or a ratio of 1,1.3 vehicles to people
23.
Clothing
–
Clothing is fiber and textile material worn on the body. The wearing of clothing is mostly restricted to human beings and is a feature of all human societies. The amount and type of clothing worn depends on type, social. Some clothing types can be gender-specific, physically, clothing serves many purposes, it can serve as protection from the elements, and can enhance safety during hazardous activities such as hiking and cooking. It protects the wearer from rough surfaces, rash-causing plants, insect bites, splinters, thorns, Clothes can insulate against cold or hot conditions. Further, they can provide a barrier, keeping infectious. Clothing also provides protection from ultraviolet radiation, there is no easy way to determine when clothing was first developed, but some information has been inferred by studying lice. The body louse specifically lives in clothing, and diverge from head lice about 170 millennia ago, another theory is that modern humans are the only survivors of several species of primates who may have worn clothes and that clothing may have been used as long ago as 650 millennia. Other louse-based estimates put the introduction of clothing at around 42, the most obvious function of clothing is to improve the comfort of the wearer, by protecting the wearer from the elements. In hot climates, clothing provides protection from sunburn or wind damage, shelter usually reduces the functional need for clothing. For example, coats, hats, gloves, and other layers are normally removed when entering a warm home. Similarly, clothing has seasonal and regional aspects, so that thinner materials, Clothing performs a range of social and cultural functions, such as individual, occupational and gender differentiation, and social status. In many societies, norms about clothing reflect standards of modesty, religion, gender, Clothing may also function as a form of adornment and an expression of personal taste or style. Clothing can and has in history been made from a wide variety of materials. Materials have ranged from leather and furs, to materials, to elaborate and exotic natural. Not all body coverings are regarded as clothing, Clothing protects against many things that might injure the uncovered human body. Clothes protect people from the elements, including rain, snow, wind, however, clothing that is too sheer, thin, small, tight, etc. offers less protection. Clothes also reduce risk during activities such as work or sport, some clothing protects from specific environmental hazards, such as insects, noxious chemicals, weather, weapons, and contact with abrasive substances
24.
Footwear
–
Footwear refers to garments worn on the feet, which originally serves to purpose of protection against adversities of the environment, usually regarding ground textures and temperature. Footwear in the manner of shoes therefore primarily serves the purpose to ease the locomotion, secondly footwear can also be used for fashion and adornment as well as to indicate the status or rank of the person within a social structure. Socks and other hosiery are typically worn additionally between the feet and other footwear for further comfort and relief, cultures have different customs regarding footwear. These include not using any in some situations, usually bearing a symbolic meaning and this usually takes place in situations of captivity, such as imprisonment or slavery, where the groups are among other things distinctly divided by whether or whether not footwear is being worn. In these cases the use of footwear categorically indicates the exercise of power as against being devoid of footwear, Footwear is in use since earliest human history, archeological finds of complete shoes date back to the copper age. Some ancient civilizations, such as Egypt however saw no practical need for footwear due to convenient climatic and landscape situations and used primarily as ornaments. The Romans saw clothing and footwear as unmistakable signs of power and status in society, and most Romans wore footwear, while slaves and peasants remained barefoot. The Middle Ages saw the rise of high-heeled shoes, also associated with power, and the desire to look larger than life, officials like prosecutors, judges but also slave owners or passive bystanders were usually portrayed wearing shoes. In some cultures, people remove their shoes before entering a home, bare feet are also seen as a sign of humility and respect, and adherents of many religions worship or mourn while barefoot. Some religious communities explicitly require people to remove shoes before they enter holy buildings, in several cultures people remove their shoes as a sign of respect towards someone of higher standing. In a similar context deliberately forcing other people to go barefoot while being shod oneself has been used to clearly showcase, practitioners of the craft of shoemaking are called shoemakers, cobblers, or cordwainers. In the 15th century, chopines were created in Turkey, and were usually 7-8 inches high and these shoes became popular in Venice and throughout Europe, as a status symbol revealing wealth and social standing. During the 16th century, royalty such as Catherine de Medici, by 1580, men also wore them, and a person with authority or wealth might be described as, well-heeled. In modern society, high-heeled shoes are a part of fashion and are widespread in certain countries around the world. Modern footwear is made up of leather or plastic. In fact, leather was one of the materials used for the first versions of a shoe. The soles can be made of rubber or plastic, sometimes having a sheet of metal inside, roman sandals had sheets of metal on their soles so that it would not bend out of shape. More recently, footwear providers like Nike, have begun to source environmentally friendly materials, whereas in 2005, there were about 27,000 firms, in 2008 there were only 24,000
25.
Pottery
–
Pottery is the craft of making ceramic material into pots or potterywares using mud. Major types of potterywares include earthenware, stoneware and porcelain, the place where such wares are made by a potter is also called a pottery. Early Neolithic pottery have found in places such as Jomon Japan. A clay body can be decorated before or after firing, however, prior to shaping processes. Kneading helps to ensure an even moisture content throughout the body, air trapped within the clay body needs to be removed. This is called de-airing and can be accomplished either by a called a vacuum pug or manually by wedging. Wedging can also produce an even moisture content. Once a clay body has been kneaded and de-aired or wedged, after shaping, it is dried and then fired. Clay ware takes on varying physical characteristics during the making of pottery, at sufficient moisture content, bodies at this stage are in their most plastic form. Leather-hard refers to a body that has been dried partially. At this stage the clay object has approximately 15% moisture content, clay bodies at this stage are very firm and only slightly pliable. Trimming and handle attachment often occurs at the leather-hard state, bone-dry refers to clay bodies when they reach a moisture content at or near 0%. It is now ready to be bisque fired, bisque refers to the clay after the object is shaped to the desired form and fired in the kiln for the first time, known as bisque fired or biscuit fired. This firing changes the body in several ways. Mineral components of the body will undergo chemical changes that will change the colour of the clay. Glaze fired is the stage of some pottery making. A glaze may be applied to the form and the object can be decorated in several ways. After this the object is glazed fired, which causes the material to melt
26.
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
27.
France
–
France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
28.
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
29.
Switzerland
–
Switzerland, officially the Swiss Confederation, is a federal republic in Europe. It consists of 26 cantons, and the city of Bern is the seat of the federal authorities. The country is situated in western-Central Europe, and is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is a country geographically divided between the Alps, the Swiss Plateau and the Jura, spanning an area of 41,285 km2. The establishment of the Old Swiss Confederacy dates to the medieval period, resulting from a series of military successes against Austria. Swiss independence from the Holy Roman Empire was formally recognized in the Peace of Westphalia in 1648. The country has a history of armed neutrality going back to the Reformation, it has not been in a state of war internationally since 1815, nevertheless, it pursues an active foreign policy and is frequently involved in peace-building processes around the world. In addition to being the birthplace of the Red Cross, Switzerland is home to international organisations. On the European level, it is a member of the European Free Trade Association. However, it participates in the Schengen Area and the European Single Market through bilateral treaties, spanning the intersection of Germanic and Romance Europe, Switzerland comprises four main linguistic and cultural regions, German, French, Italian and Romansh. Due to its diversity, Switzerland is known by a variety of native names, Schweiz, Suisse, Svizzera. On coins and stamps, Latin is used instead of the four living languages, Switzerland is one of the most developed countries in the world, with the highest nominal wealth per adult and the eighth-highest per capita gross domestic product according to the IMF. Zürich and Geneva have each been ranked among the top cities in the world in terms of quality of life, with the former ranked second globally, according to Mercer. The English name Switzerland is a compound containing Switzer, a term for the Swiss. The English adjective Swiss is a loan from French Suisse, also in use since the 16th century. The name Switzer is from the Alemannic Schwiizer, in origin an inhabitant of Schwyz and its associated territory, the Swiss began to adopt the name for themselves after the Swabian War of 1499, used alongside the term for Confederates, Eidgenossen, used since the 14th century. The data code for Switzerland, CH, is derived from Latin Confoederatio Helvetica. The toponym Schwyz itself was first attested in 972, as Old High German Suittes, ultimately related to swedan ‘to burn’
30.
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
31.
Spain
–
By population, Spain is the sixth largest in Europe and the fifth in the European Union. Spains capital and largest city is Madrid, other urban areas include Barcelona, Valencia, Seville, Bilbao. Modern humans first arrived in the Iberian Peninsula around 35,000 years ago, in the Middle Ages, the area was conquered by Germanic tribes and later by the Moors. Spain is a democracy organised in the form of a government under a constitutional monarchy. It is a power and a major developed country with the worlds fourteenth largest economy by nominal GDP. Jesús Luis Cunchillos argues that the root of the span is the Phoenician word spy. Therefore, i-spn-ya would mean the land where metals are forged, two 15th-century Spanish Jewish scholars, Don Isaac Abravanel and Solomon ibn Verga, gave an explanation now considered folkloric. Both men wrote in two different published works that the first Jews to reach Spain were brought by ship by Phiros who was confederate with the king of Babylon when he laid siege to Jerusalem. This man was a Grecian by birth, but who had given a kingdom in Spain. He became related by marriage to Espan, the nephew of king Heracles, Heracles later renounced his throne in preference for his native Greece, leaving his kingdom to his nephew, Espan, from whom the country of España took its name. Based upon their testimonies, this eponym would have already been in use in Spain by c.350 BCE, Iberia enters written records as a land populated largely by the Iberians, Basques and Celts. Early on its coastal areas were settled by Phoenicians who founded Western Europe´s most ancient cities Cadiz, Phoenician influence expanded as much of the Peninsula was eventually incorporated into the Carthaginian Empire, becoming a major theater of the Punic Wars against the expanding Roman Empire. After an arduous conquest, the peninsula came fully under Roman Rule, during the early Middle Ages it came under Germanic rule but later, much of it was conquered by Moorish invaders from North Africa. In a process took centuries, the small Christian kingdoms in the north gradually regained control of the peninsula. The last Moorish kingdom fell in the same year Columbus reached the Americas, a global empire began which saw Spain become the strongest kingdom in Europe, the leading world power for a century and a half, and the largest overseas empire for three centuries. Continued wars and other problems led to a diminished status. The Napoleonic invasions of Spain led to chaos, triggering independence movements that tore apart most of the empire, eventually democracy was peacefully restored in the form of a parliamentary constitutional monarchy. Spain joined the European Union, experiencing a renaissance and steady economic growth
32.
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
33.
Russia
–
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
34.
Netherlands
–
The Netherlands, also informally known as Holland 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
35.
Foreign direct investment
–
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
36.
External debt
–
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
37.
Official development assistance
–
Official development assistance is a term coined by the Development Assistance Committee of the Organisation for Economic Co-operation and Development to measure aid. The DAC first used the term in 1969 and it is widely used as an indicator of international aid flow. Most ODA comes from the 28 members of the DAC, or about $135 billion in 2013, a further $15.9 billion came from the European Commission and non-DAC countries gave an additional $9.4 billion. Although development aid rose in 2013 to the highest level ever recorded, examples, If a donor country accords a grant or a concessional loan to Afghanistan it is classified as ODA, because it is on the Part I list. If a donor country accords a grant or a loan to Bahrain it is classified as OA. If a donor country gives military assistance to any country or territory it is classified as OOF. A recent OECD DAC Commique has seen the donor community update the definition of ODA to better reflect the Sustainable Development Goals, ODA volumes may be measured absolutely, by the amount transferred, or relatively, as a proportion of the donor countrys economy. Seven countries met the longstanding UN target for an ODA/GNI ratio of 0. 7% in 2015, the OECD reports that in 2009 Africa received the largest amount of ODA, at $28 billion. Of that, $25 billion went to south of the Sahara, with Sudan receiving approximately $1.9 billion. Asia received the second largest amount at $24 billion, the Hungarian economist Peter Thomas Bauer has been one of the most vocal of them. Another notable economist arguing against ODA includes Dambisa Moyo in her book Dead Aid, according to her, a country used to receiving ODA may be perpetually bound to depend on handouts. Donor countries are most commonly compared by the amount of Official Development Assistance given, however, there is an increasing focus placed on the quality of aid, rather than simply the quantity. The Commitment to Development Index is one measure that ranks the largest donors on a broad range of their development friendly policies. It takes into account the quality of aid, in addition to the quantity, Aid also does not operate in a vacuum, a countrys policies on issues such as trade or migration also have a significant impact on developing countries. Poverty reduction AidData, Tracking Development Finance ODA Statistics Portal, the Story of Official Development Assistance. A history of the DAC by Helmut Führer, former Director of the OECDs Development Co-operation Directorate, OECD, Final Official Development Assistance data for 2007 Aidflows
38.
Standard & Poor's
–
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
39.
Fitch Ratings
–
Fitch Ratings Inc. is one of the Big Three credit rating agencies, the other two being Moodys and Standard & Poors. It is one of the three nationally recognized statistical rating organizations designated by the U. S. Securities and Exchange Commission in 1975, Fitch Ratings is dual-headquartered in New York, USA, and London, UK. Hearst owns 80% of the company following its acquisition of an additional 30 percent interest in global ratings agency Fitch Group on December 12,2014, the transaction was valued at $1.965 billion. Hearst’s previous equity interest was 50% following expansions on an acquisition on 2006. The remaining 20% of Fitch is owned by FIMALAC SA, fimalac will hold 50% of votes within that Board until 2020. Fitch Ratings and Fitch Solutions are part of the Fitch Group, the firm was founded by John Knowles Fitch on December 24,1914 in New York City as the Fitch Publishing Company. It merged with London-based IBCA Limited in December 1997, in 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. and Thomson Financial BankWatch. In September 2011, Fitch Group announced the sale of Algorithmics to IBM for $387 million, the deal closed on October 21,2011. Fitch Ratings long-term credit ratings are assigned on a scale from AAA to D, first introduced in 1924. Like S&P, Fitch also uses intermediate +/− modifiers for each category between AA and CCC, launched in 2008, Fitch Solutions offers a range of fixed-income products and professional development services for financial professionals. The firm also distributes Fitch Ratings proprietary credit ratings, research, financial data, for instance, losses on $340.7 million worth of collateralized debt obligations issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Fitch. However, differently from the agencies, Fitch has been warning the market on the constant proportion debt obligations with an early. FIMALAC Kroll Bond Rating Agency List of countries by credit rating Moodys Investors Service Spread Research Standard and Poors Fitch Ratings Fitch Solutions Fitch Learning U. S. Credit, Fitch Ratings
40.
Eurozone
–
The eurozone, officially called the euro area, is a monetary union of 19 of the 28 European Union member states which have adopted the euro as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem, the other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in future. Other EU states are obliged to join once they meet the criteria to do so, no state has left, and there are no provisions to do so or to be expelled. Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. The ECB, which is governed by a president and a board of the heads of central banks. The principal task of the ECB is to keep inflation under control, the Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup. Since the financial crisis of 2007–08, the eurozone has established and used provisions for granting loans to member states in return for the enactment of economic reforms. The eurozone has also enacted some limited fiscal integration, for example in peer review of each others national budgets, the issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. In 1998 eleven member states of the European Union had met the euro convergence criteria, Greece qualified in 2000 and was admitted on 1 January 2001 before physical notes and coins were introduced on 1 January 2002 replacing all national currencies. Between 2007 and 2015, seven new states acceded, the 2012 data above of eurozone states were published by World Bank in May 2014. Latvia and Lithuania were not in the eurozone in 2012, the euro replaced the ECU1,1 at the exchange rate markets, on 1 January 1999. During 1979-1999, the D-Mark functioned as a de facto anchor for the ECU, the first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The next enlargements were to states which joined the EU in 2004, and then joined the eurozone on 1 January in the noted, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia. All new EU members joining the bloc after the signing of the Maastricht treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties, nine countries are EU members but do not use the euro. Before joining the eurozone, a state must spend two years in the European Exchange Rate Mechanism, as of January 2017, only the National Central Bank of Denmark participates in ERM II. Denmark and the United Kingdom obtained special opt-outs in the original Maastricht Treaty, both countries are legally exempt from joining the eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. The other seven countries are obliged to adopt the euro in future and they should join as soon as they fulfil the convergence criteria, which include being part of ERM II for two years. Sweden, which joined the EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone, Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the 2008 financial crisis
41.
Group of Seven
–
The Group of 7 is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented within the G7 and these countries are the seven major advanced economies as reported by the International Monetary Fund, the G7 countries represent more than 64% of the net global wealth. A very high net national wealth and a very high Human Development Index are the requirements to be a member of this group. The G7 countries also represent 46% of the global GDP evaluated at market exchange rates, the 42nd G7 summit was held in Japan in May 2016. Other recent G7 meetings include that of May 2013 in Aylesbury, United Kingdom with a meeting in The Hague. The G7s precursor was the Group of Six, the intent was to discuss current world issues in a frank and informal manner. The G6 followed an unofficial gathering starting in 1974 of senior officials from the United States. They were called the Library group or the Group of Five because they met informally in the White House Library in Washington, the Library Group were the top five of the worlds then leading economies as ranked by per capita GDP. Canada became the member to begin attending the summits in 1976. Following 1994s G7 summit in Naples, Russian officials held meetings with leaders of the G7 after the groups summits. This informal arrangement was dubbed the Political 8 – or, colloquially and it was seen as a way to encourage Yeltsins capitalist reforms. After the 1997 meeting Russia was formally invited to the meeting and formally joined the group in 1998, resulting in a new governmental political forum. However Russia was ejected from the group in 2014 following the Russian annexation of Crimea and its goal was fine tuning of short term economic policies among participant countries to monitor developments in the world economy and assess economic policies. Since 1975, the group meets annually on summit site to discuss economic policies, since 1987, in 1996, the G7 launched an initiative for the 42 heavily indebted poor countries. In 1999 the G7 announced their plan to cancel 90% of bilateral, in 2005 the G7 announced, debt reductions of up to 100% to be negotiated on a case by case basis. In 2008 the G7 met twice in Washington, D. C. to discuss the financial crisis of 2007-2010. The group of finance ministers pledged to take all steps to stem the crisis. On March 2,2014, the G7 condemned the Russian Federations violation of the sovereignty and this was the first G7 meeting neither taking place in a member nation nor having the host leader participating in the meeting
42.
G20
–
The G20 is an international forum for the governments and central bank governors from 20 major economies. It was founded in 1999 with the aim of studying, reviewing and it seeks to address issues that go beyond the responsibilities of any one organization. The EU is represented by the European Commission and by the European Central Bank, collectively, the G20 economies account for around 85% of the gross world product, 80% of world trade, and two-thirds of the world population. Since its inception, the G20s membership policies have been criticized by numerous intellectuals, the heads of the G20 nations met semi-annually at G20 summits between 2009 and 2010. Since the November 2011 Cannes summit, all G20 summits have been held annually, the G20 superseded the G33, and was foreshadowed at the Cologne Summit of the G7 in June 1999, but was only formally established at the G7 Finance Ministers meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin, Canadian finance minister Paul Martin was chosen to be the first chairman and German finance minister Hans Eichel hosted the inaugural meeting. According to researchers at the Brookings Institution, the group was founded primarily at the initiative of Eichel, however, some sources identify the G20 as a joint creation of Germany and the United States. Though the G20s primary focus is global economic governance, the themes of its summits vary from year to year, for example, the theme of the 2006 G20 ministerial meeting was Building and Sustaining Prosperity. Trevor A. Manuel, the South African Minister of Finance, was the chairperson of the G20 when South Africa hosted the secretariat in 2007, Spain and the Netherlands were included in the summit by French invitation. Despite lacking any formal ability to enforce rules, the G20s prominent membership gives it a strong input on global policy, however, there remain disputes over the legitimacy of the G20, and criticisms of its organisation and the efficacy of its declarations. After the 2008 debut summit in Washington, D. C, G20 leaders met twice a year in London and Pittsburgh in 2009, Toronto and Seoul in 2010. Since 2011, when France chaired and hosted the G20, the summits have been held once a year. The summit in 2016 was held in China and the in 2017 in Baden-Baden, a number of other ministerial-level G20 meetings have been held since 2010. In March 2014, Australian Foreign Minister Julie Bishop, as host of the 2014 G20 summit in Brisbane, Germany will be hosting the 2017 summit, while Argentina will be the host in 2018. To decide which member nation gets to chair the G20 leaders meeting for a given year, each group holds a maximum of four nations. This system has been in place since 2010, when South Korea, the table below lists the nations groupings, The G20 operates without a permanent secretariat or staff. The groups chair rotates annually among the members and is selected from a different regional grouping of countries, the chair is part of a revolving three-member management group of past, present and future chairs, referred to as the Troika. The incumbent chair establishes a temporary secretariat for the duration of its term, the role of the Troika is to ensure continuity in the G20s work and management across host years
43.
Agriculture
–
Agriculture is the cultivation and breeding of animals, plants and fungi for food, fiber, biofuel, medicinal plants and other products used to sustain and enhance human life. Agriculture was the key development in the rise of human civilization. The study of agriculture is known as agricultural science, the history of agriculture dates back thousands of years, and its development has been driven and defined by greatly different climates, cultures, and technologies. Industrial agriculture based on large-scale monoculture farming has become the dominant agricultural methodology, genetically modified organisms are an increasing component of agriculture, although they are banned in several countries. Agricultural food production and water management are increasingly becoming global issues that are fostering debate on a number of fronts, the major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials. Specific foods include cereals, vegetables, fruits, oils, meats, fibers include cotton, wool, hemp, silk and flax. Raw materials include lumber and bamboo, other useful materials are also produced by plants, such as resins, dyes, drugs, perfumes, biofuels and ornamental products such as cut flowers and nursery plants. The word agriculture is a late Middle English adaptation of Latin agricultūra, from ager, field, Agriculture usually refers to human activities, although it is also observed in certain species of ant, termite and ambrosia beetle. To practice agriculture means to use resources to produce commodities which maintain life, including food, fiber, forest products, horticultural crops. This definition includes arable farming or agronomy, and horticulture, all terms for the growing of plants, even then, it is acknowledged that there is a large amount of knowledge transfer and overlap between silviculture and agriculture. In traditional farming, the two are often combined even on small landholdings, leading to the term agroforestry, Agriculture began independently in different parts of the globe, and included a diverse range of taxa. At least 11 separate regions of the Old and New World were involved as independent centers of origin, wild grains were collected and eaten from at least 105,000 years ago. Pigs were domesticated in Mesopotamia around 15,000 years ago, rice was domesticated in China between 13,500 and 8,200 years ago, followed by mung, soy and azuki beans. Sheep were domesticated in Mesopotamia between 13,000 and 11,000 years ago. From around 11,500 years ago, the eight Neolithic founder crops, emmer and einkorn wheat, hulled barley, peas, lentils, bitter vetch, chick peas and flax were cultivated in the Levant. Cattle were domesticated from the aurochs in the areas of modern Turkey. In the Andes of South America, the potato was domesticated between 10,000 and 7,000 years ago, along with beans, coca, llamas, alpacas, sugarcane and some root vegetables were domesticated in New Guinea around 9,000 years ago. Sorghum was domesticated in the Sahel region of Africa by 7,000 years ago, cotton was domesticated in Peru by 5,600 years ago, and was independently domesticated in Eurasia at an unknown time
44.
World war
–
A world war is a war involving many of the countries of the world or many of the most powerful and populous ones. World wars span multiple countries on multiple continents, with battles fought in multiple theaters. The Oxford English Dictionary cited the first known usage in the English language to a Scottish newspaper, the term World War I was coined by Time magazine in its issue of June 12,1939. In the same article, the term World War II was first used speculatively to describe the upcoming war, the first use for the actual war came in its issue of September 11,1939. m. Speculative fiction authors had been noting the concept of a Second World War in 1919 and 1920, due to this fact, a very minute conflict between two countries had the potential to set off a domino effect of alliances, triggering a world war. The fact that the powers involved had large overseas empires virtually guaranteed that such a war would be worldwide, the same strategic considerations also ensured that the combatants would strike at each others colonies, thus spreading the wars far more widely than those of pre-Colombian times. Both world wars had also seen war crimes, the First World War had seen major use of chemical weapons despite the Hague Conventions of 1899 and 1907 outlawing the use of such weapons in warfare. The Ottoman Empire had been considered responsible for the death of one million Armenians during the First World War. The Second World War was the first conflict in which atomic bombs had been used, nazi Germany had been responsible for multiple genocides, most notably the Holocaust, killing six million Jews. The outcome of the wars had a profound effect on the course of world history. The old European empires had collapsed or been dismantled as a result of the wars crushing costs. The United States of America had been established as the dominant global superpower, along with its ideological foe. These two superpowers exerted political influence over most of the worlds nation-states for decades after the end of the Second World War, the modern international security, economic and diplomatic system had been created in the aftermath of the wars. Institutions such as the United Nations were established to collectivize international affairs, the wars had also greatly changed the course of daily life. Technologies developed during wartime had an effect on peace-time life as well, for instance, advances in, jet aircraft, penicillin, nuclear energy. Since the atomic bombings of Hiroshima and Nagasaki during the Second World War, there has been a widespread and this war has been anticipated and planned for by military and civil authorities, and explored in fiction in many countries. Concepts have ranged from purely conventional scenarios, to limited use of nuclear weapons, among these are former American, French, and Mexican government officials, military leaders, politicians, and authors, Despite their efforts, none of these wars are commonly deemed world wars. The Second Congo War involved nine nations and led to ongoing low-level warfare despite an official peace and it has often been referred to as Africas World War
45.
International trade
–
International trade is the exchange of capital, goods, and services across international borders or territories. It is the exchange of goods and services among nations of the world, in most countries, such trade represents a significant share of gross domestic product. While international trade has existed throughout history, its economic, social, trading globally gives consumers and countries the opportunity to be exposed to new markets and products. Almost every kind of product can be found on the market, food, clothes, spare parts, oil, jewellery, wine, stocks, currencies. Services are also traded, tourism, banking, consulting and transportation, a product that is sold to the global market is an export, and a product that is bought from the global market is an import. Imports and exports are accounted for in a current account in the balance of payments. Industrialization, advanced technology, including transportation, globalization, multinational corporations, increasing international trade is crucial to the continuance of globalization. Without international trade, nations would be limited to the goods, the main difference is that international trade is typically more costly than domestic trade. Another difference between domestic and international trade is that factors of such as capital and labor are typically more mobile within a country than across countries. Thus international trade is restricted to trade in goods and services. Trade in goods and services can serve as a substitute for trade in factors of production, instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example is the import of goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor, International trade is also a branch of economics, which, together with international finance, forms the larger branch called international economics. The history of international trade chronicles notable events that have affected the trade between various economies, there are several models which seek to explain the factors behind international trade, the welfare consequences of trade and the pattern of trade. </ref></ref>==Largest countries by total international trade== Source, International Trade Centre President George W. Bush observed World Trade Week on May 18,2001, mcKenzie, Lionel W. Specialization and Efficiency in World Production. A Ricardo-Sraffa Paradigm Comparing the Gains from Trade in Inputs and Finished Goods, the definitions and methodological concepts applied for the various statistical collections on international trade often differ in terms of definition and coverage. Metadata providing information on definitions and methods are published along with the data. Ptas. mcgill. ca Historical documents on international trade available on FRASER
46.
Human Development Index
–
The Human Development Index is a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores higher HDI when the lifespan is higher, the level is higher. The 2010 Human Development Report introduced an Inequality-adjusted Human Development Index, while the simple HDI remains useful, it stated that the IHDI is the actual level of human development, and the HDI can be viewed as an index of potential human development. The origins of the HDI are found in the annual Human Development Reports produced by the Human Development Reports Office of the United Nations Development Programme, nobel laureate Amartya Sen, utilized Haqs work in his own work on human capabilities. The following three indices are used,1, Life Expectancy Index = LE −2085 −20 LEI is 1 when Life expectancy at birth is 85 and 0 when Life expectancy at birth is 20. Education Index = MYSI + EYSI22.1 Mean Years of Schooling Index = MYS15 Fifteen is the maximum of this indicator for 2025. 2.2 Expected Years of Schooling Index = EYS18 Eighteen is equivalent to achieving a degree in most countries. Income Index = ln − ln ln − ln II is 1 when GNI per capita is $75,000 and 0 when GNI per capita is $100. Finally, the HDI is the mean of the previous three normalized indices, HDI = LEI ⋅ EI ⋅ II3. Standard of living, as indicated by the logarithm of gross domestic product per capita at purchasing power parity. This methodology was used by the UNDP until their 2011 report, the formula defining the HDI is promulgated by the United Nations Development Programme. The 2016 Human Development Report by the United Nations Development Programme was released on March 21,2017, below is the list of the very high human development countries, = increase. The number in brackets represents the number of ranks the country has climbed relative to the ranking in the 2015 report, the Inequality-adjusted Human Development Index is a measure of the average level of human development of people in a society once inequality is taken into account. The rankings are not relative to the HDI list above due to the exclusion of countries which are missing IHDI data. Countries in the top quartile of HDI with a missing IHDI, New Zealand, Singapore, Hong Kong, Liechtenstein, Brunei, Qatar, Saudi Arabia, Andorra, United Arab Emirates, Bahrain, and Kuwait. The 2015 Human Development Report by the United Nations Development Programme was released on December 14,2015, below is the list of the very high human development countries, = increase. The number in brackets represents the number of ranks the country has climbed relative to the ranking in the 2014 report, the Inequality-adjusted Human Development Index is a measure of the average level of human development of people in a society once inequality is taken into account. Note, The green arrows, red arrows, and blue dashes represent changes in rank, the rankings are not relative to the HDI list above due to the exclusion of countries which are missing IHDI data
+0.3% (Q4 2017)[2] +1.5% (YoY 2017)[2]
10,9% June 2018 [7]
Germany 12.6%
France 11.1%
United States 6.8%
Switzerland 5.7%
United Kingdom 4.7%
Spain 4.4%
China 8.4%
Russia 6.3%
Netherlands 5.8%
_shades_of_green.jpg)
Italy
Lombardy
Lazio
Veneto
Emilia-Romagna
Piedmont
Tuscany
Campania
Sicily
Apulia
Liguria
Marche
Trentino-Alto Adige
Friuli-Venezia Giulia
Calabria
Abruzzo
Sardinia
Umbria
Basilicata
Molise
Aosta Valley
,_2013_and_2014.png){kind=link}