1.
Harold Godwinson
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Harold Godwinson, often called Harold II, was the last Anglo-Saxon king of England. Harold reigned from 6 January 1066 until his death at the Battle of Hastings on 14 October and his death marked the end of Anglo-Saxon rule over England. Harold was an earl and member of a prominent Anglo-Saxon family with ties to Cnut the Great. Upon the death of Edward the Confessor in January 1066, the Witenagemot convened and chose Harold to succeed, he was crowned in Westminster Abbey. In late September, he repelled an invasion by rival claimant Harald Hardrada of Norway before marching his army back south to meet William the Conqueror at Hastings some two weeks later. Harold was a son of Godwin, the powerful Earl of Wessex, gythas brother was Ulf the Earl, who married Cnuts sister Estrith. This made Ulf the son-in-law of King Sweyn Forkbeard, Ulf, Godwin was the son of Wulfnoth, probably a thegn and a native of Sussex. Godwin began his career by supporting King Edmund Ironside, but switched to supporting King Cnut by 1018. Godwin remained an earl throughout the remainder of Cnuts reign, one of two earls to survive to the end of that reign. Harthacnuts death in 1042 probably involved Godwin in a role as kingmaker, in 1045 Godwin reached the height of his power when the new king married Godwins daughter Edith. Godwin and Gytha had several children – six sons, Sweyn, Harold, Tostig, Gyrth, Leofwine and Wulfnoth, the birthdates of the children are unknown, but Sweyn was the eldest and Harold was the second son. Harold was aged about 25 in 1045, which makes his birth year around 1020, Edith married Edward on 23 January 1045 and, around that time, Harold became Earl of East Anglia. Harold is called earl when he appears as a witness in a will that may date to 1044, one reason for his appointment to East Anglia may have been a need to defend against the threat from King Magnus the Good of Norway. It is possible that Harold led some of the ships from his earldom that were sent to Sandwich in 1045 against Magnus, Sweyn, Harolds elder brother, had been named an earl in 1043. The relationship was a form of marriage that was not blessed or sanctioned by the Church, known as more Danico, or in the Danish manner, any children of such a union were considered legitimate. Harold probably entered the relationship in part to support in his new earldom. Harolds elder brother Sweyn was exiled in 1047 after abducting the abbess of Leominster, sweyns lands were divided between Harold and a cousin, Beorn. In 1049, Harold was in command of a ship or ships that were sent with a fleet to aid the German Emperor Henry III against Baldwin V, Count of Flanders, who was in revolt against Henry
2.
Feudalism
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Feudalism was a combination of legal and military customs in medieval Europe that flourished between the 9th and 15th centuries. Broadly defined, it was a way of structuring society around relationships derived from the holding of land in exchange for service or labour, since the publication of Elizabeth A. R. There is no commonly accepted definition of feudalism, at least among scholars. Since the publication of Elizabeth A. R, outside a European context, the concept of feudalism is often used only by analogy, most often in discussions of feudal Japan under the shoguns, and sometimes medieval and Gondarine Ethiopia. The term feudalism has also been applied—often inappropriately or pejoratively—to non-Western societies where institutions, the term féodal was used in 17th-century French legal treatises and translated into English legal treatises as an adjective, such as feodal government. In the 18th century, Adam Smith, seeking to describe systems, effectively coined the forms feudal government. In the 19th century the adjective feudal evolved into a noun, the term feudalism is recent, first appearing in French in 1823, Italian in 1827, English in 1839, and in German in the second half of the 19th century. The term feudal or feodal is derived from the medieval Latin word feodum, the etymology of feodum is complex with multiple theories, some suggesting a Germanic origin and others suggesting an Arabic origin. Initially in medieval Latin European documents, a grant in exchange for service was called a beneficium. Later, the term feudum, or feodum, began to replace beneficium in the documents, the first attested instance of this is from 984, although more primitive forms were seen up to one-hundred years earlier. The origin of the feudum and why it replaced beneficium has not been well established, the most widely held theory is put forth by Marc Bloch. Bloch said it is related to the Frankish term *fehu-ôd, in which means cattle and -ôd means goods. This was known as feos, a term that took on the meaning of paying for something in lieu of money. This meaning was then applied to itself, in which land was used to pay for fealty. Thus the old word feos meaning movable property changed little by little to feus meaning the exact opposite and this Germanic origin theory was also shared by William Stubbs in the 19th century. Another theory was put forward by Archibald R. Lewis, Lewis said the origin of fief is not feudum, but rather foderum, the earliest attested use being in Astronomuss Vita Hludovici. In that text is a passage about Louis the Pious that says annona militaris quas vulgo foderum vocant, another theory by Alauddin Samarrai suggests an Arabic origin, from fuyū. Samarrais theory is that early forms of fief include feo, feu, feuz, feuum and others, indeed, the first use of these terms is in Languedoc, one of the least Germanic areas of Europe and bordering Muslim Spain
3.
Anarchist economics
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Anarchist economics is the set of theories and practices of economic activity within the political philosophy of anarchism. It is evident that, despite his speculations on the future of machinery, Godwins ideal society is based on the economics of handcrafts and cultivation. For the influential German individualist anarchist philosopher Max Stirner private property is a spook which lives by the grace of law, in other words, private property exists purely through the protection of the State, through the States grace. And what is their principle, whose protector they always love, not that of labour, rather it is interest-bearing possession. Labour certainly, yet little or none at all of ones own, Pierre Joseph Proudhon was involved with the Lyons mutualists and later adopted the name to describe his own teachings. Clarence Lee Swartz gives his own account of the origin of the term, claiming that he word mutualism seems to have been first used by John Gray, an English writer, in 1832. Thus, he saw private property as essential to liberty and a road to tyranny, the former when it resulted from labour and was required for labour. He generally called the possession and the latter property. For large-scale industry, he supported workers associations to replace wage labour, Josiah Warren is widely regarded as the first US anarchist, and the four-page weekly paper he edited during 1833, The Peaceful Revolutionist, was the first anarchist periodical published. Josiah Warren termed the phrase Cost the limit of price, with cost here referring not to monetary price paid, therefore, e proposed a system to pay people with certificates indicating how many hours of work they did. They could exchange the notes at local stores for goods that took the same amount of time to produce. Warren put his theories to the test by establishing an experimental labor for labor store called the Cincinnati Time Store where trade was facilitated by notes backed by a promise to perform labor. The store proved successful and operated for three years after which it was closed so that Warren could pursue establishing colonies based on mutualism and these included Utopia and Modern Times. Warren said that Stephen Pearl Andrews The Science of Society, published in 1852, was the most lucid, in Europe an early anarchist communist was Joseph Déjacque, the first person to describe himself as libertarian. Unlike and against Proudhon, he argued that, it is not the product of his or her labor that the worker has a right to, returning to New York he was able to serialise his book in his periodical Le Libertaire, Journal du Mouvement social. Published in 27 issues from June 9,1858 to February 4,1861, the anti-authoritarian sections of the First International proclaimed at the St. This revolutionary transformation could only be the outcome of the action of the proletariat itself, its trades bodies. Due to its links to active workers movements, the International became a significant organization, Karl Marx became a leading figure in the International and a member of its General Council
4.
Capitalism
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Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, economists, political economists, and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism, different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. Most existing capitalist economies are mixed economies, which elements of free markets with state intervention. Capitalism has existed under many forms of government, in different times, places. Following the decline of mercantilism, mixed capitalist systems became dominant in the Western world, Capitalism has been criticized for prioritizing profit over social good, natural resources, and the environment, and that is a cause of inequality and economic instabilities. Supporters believe that it provides better products through competition, and creates strong economic growth, the term capitalist, meaning an owner of capital, appears earlier than the term capitalism. It dates back to the mid-17th century, capitalist is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning head – also the origin of chattel and cattle in the sense of movable property. Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money, by 1283 it was used in the sense of the capital assets of a trading firm. It was frequently interchanged with a number of other words – wealth, money, funds, goods, assets, property, the Hollandische Mercurius uses capitalists in 1633 and 1654 to refer to owners of capital. In French, Étienne Clavier referred to capitalistes in 1788, six years before its first recorded English usage by Arthur Young in his work Travels in France, David Ricardo, in his Principles of Political Economy and Taxation, referred to the capitalist many times. Samuel Taylor Coleridge, an English poet, used capitalist in his work Table Talk, Pierre-Joseph Proudhon used the term capitalist in his first work, What is Property. To refer to the owners of capital, benjamin Disraeli used the term capitalist in his 1845 work Sybil. The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1850, Karl Marx and Friedrich Engels referred to the capitalistic system. And to the capitalist mode of production in Das Kapital, the use of the word capitalism in reference to an economic system appears twice in Volume I of Das Kapital, p.124, and in Theories of Surplus Value, tome II, p.493. Marx did not extensively use the form capitalism but instead those of capitalist, and capitalist mode of production, also according to the OED, Carl Adolph Douai, a German-American socialist and abolitionist, used the phrase private capitalism in 1863. Capital has existed incipiently on a scale for centuries, in the form of merchant, renting and lending activities. Simple commodity exchange, and consequently simple commodity production, which are the basis for the growth of capital from trade, have a very long history
5.
Mercantilism
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Mercantilism was an economic theory and practice that was dominant in Western Europe during the 15th to the mid-18th centuries. Mercantilism is a form of economic nationalism and its goal is to enrich and empower the nation and state to the maximum degree, by acquiring and retaining as much economic activity as possible within the nations borders. Manufacturing and industry, particularly of goods with military applications, were prioritized, Mercantilism sought to ensure the nation produced as much volume and variety of output as possible, so as to limit its dependence upon foreign suppliers. Economic autarky was an element of mercantilism. These aims were primarily accomplished by, Imposing high tariffs on the importation of finished goods, Imposing low, or no taxes on the export of finished goods, and imposing high taxes on the exportation of raw materials. Seeking new markets for manufactured products, so as to artificially increase the demand for domestic production. These policies generally resulted in a balance of trade, which led to the accumulation of precious metals. Historically, such policies sometimes led to war and may have motivated colonial expansion, high tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Mercantilism has been linked to bullionism ever since Adam Smith made the accusation, however, due to the fact that no author self-consciously used the label to refer to their own thoughts mercantilist authors can only be identified retrospectively. It is the supply of things necessary for life and suitable for clothing, the core of mercantile policy was a coherent national industrial policy, which was aimed at generating as much material wealth within the nation as possible. Doing so, it was thought, was the best way to increase the states military, the term mercantile system was used by its foremost critic, Adam Smith, but mercantilism had been used earlier by Mirabeau. Many nations applied the theory, one example being France which was the most important state economically in Europe at the time. King Louis XIV followed the guidance of Jean Baptiste Colbert, his general of finances. Mercantilism was the dominant school of thought in Europe throughout the late Renaissance. Evidence of mercantilistic practices appeared in early modern Venice, Genoa, however, as a codified school of economic theories, mercantilisms real birth was marked by the empiricism of the Renaissance, which first began to quantify large-scale trade accurately. England began the first large-scale and integrative approach to mercantilism during the Elizabethan Era, queen Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping. It was written in the 1620s and published in 1664, numerous French authors helped cement French policy around mercantilism in the 17th century. This French mercantilism was best articulated by Jean-Baptiste Colbert, though policy liberalised greatly under Napoleon, in Europe, academic belief in mercantilism began to fade in the late 18th century, especially in Britain, in light of the arguments of Adam Smith and the classical economists
6.
Feminist economics
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Feminist economics is the critical study of economics including its methodology, epistemology, history and empirical research, attempting to overcome androcentric biases. Feminist economics ultimately seeks to produce a gender inclusive economics. Inclusion of such topics has helped create policies that have reduced gender, racial, many scholars including Ester Boserup, Marianne Ferber, Julie A. Nelson, Marilyn Waring, Nancy Folbre, Diane Elson and Ailsa McKay have contributed to feminist economics. Warings 1988 book If Women Counted is often regarded as the document of the discipline. By the 1990s feminist economics had become recognised as a field within economics. Early on, feminist ethicists, economists, political scientists, and systems scientists argued that womens traditional work, according to Warrior, Economics, as its presented today, lacks any basis in reality as it leaves out the very foundation of economic life. This constitutes womens continuing industry enabling laborers to occupy every position in the work force, without this fundamental labor and commodity there would be no economic activity nor we would have survived to continue to evolve. For instance, focusing on just the U. S. A. according to a government sponsored report by the Urban Institute in 2014, but pimps can take in $33,000 a week in Atlanta, where the sex business brings in an estimated $290 million per year. Warrior believes that only an inclusive, facts-based economic analysis will provide a reliable bases for future planning for environmental and this evidence illuminated the negative outcomes that these changes had for women. This work, among others, laid the basis for the claim that women and men weather the storm of macroeconomic shocks, neoliberal policies. In the foreword to the 2014 anthology Counting on Marilyn Waring, Julie A. Nelson wrote and she showed exactly how the unpaid work traditionally done by women has been made invisible within national accounting systems, and the damage this causes. Encouraged and influenced a range of work on ways, both numerical and otherwise, of valuing, preserving, and rewarding the work of care that sustains our lives. By pointing to a neglect of the natural environment, she also issued a wake-up call to issues of ecological sustainability that have only grown more pressing over time. In recent decades, the field of feminist economics has broadened and widened to encompass these topics, supported by formation of the Committee on the Status of Women in the Economics Profession in 1972, gender-based critiques of traditional economics appeared in the 1970s and 80s. As in other disciplines, the emphasis of feminist economists was to critique the established theory, methodology. The critique began in microeconomics of the household and labor markets and spread to macroeconomics and international trade, Feminist economists pushed for and produced gender aware theory and analysis, broadened the focus on economics and sought pluralism of methodology and research methods. Feminist economics shares many of its perspectives with ecological economics and the applied field of green economy, including the focus on sustainability, nature, justice. Although there is no definitive list of the principles of feminist economics and this list is not exhaustive but does represent some of the central feminist economic critiques of traditional economics, out of the wide variety of such viewpoints and critiques
7.
Gift economy
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A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This contrasts with an economy or a market economy, where goods. Social norms and custom govern gift exchange, Gifts are not given in an explicit exchange of goods or services for money or some other commodity. The nature of gift economies forms the subject of a debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowskis description of the Kula ring in the Trobriand Islands during World War I. The Kula trade appeared to be gift-like since Trobrianders would travel great distances over dangerous seas to give what were considered valuable objects without any guarantee of a return. According to anthropologists Maurice Bloch and Jonathan Parry, it is the relationship between market and non-market exchange that attracts the most attention. Gift economies are said, by some, to communities. Gift ideology in highly commercialized societies differs from the typical of non-market societies. Gift economies must also be differentiated from several closely related phenomena, such as common property regimes, however, he claims that anthropologists, through analysis of a variety of cultural and historical forms of exchange, have established that no universal practice exists. Gift exchange is frequently embedded in political, kin, or religious institutions, gift-giving is a form of transfer of property rights over particular objects. The nature of property rights varies from society to society, from culture to culture. The nature of gift-giving is thus altered by the type of property regime in place, property is not a thing, but a relationship amongst people about things. According to Chris Hann, property is a relationship that governs the conduct of people with respect to the use. Anthropologists analyze these relationships in terms of a variety of actors bundle of rights over objects, an example is the current debates around intellectual property rights. Hann and Strangelove both give the example of a book, over which the author retains a copyright. The gifts given in Kula exchange still remain, in some respects, in the example used above, copyright is one of those bundled rights that regulate the use and disposition of a book. Gift-giving in many societies is complicated because private property owned by an individual may be limited in scope
8.
Informal sector
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The informal sector, informal economy, or grey economy is the part of an economy that is neither taxed, nor monitored by any form of government. Unlike the formal economy, activities of the economy are not included in the gross national product. The informal sector can be described as a market in labour. Other concepts which can be characterized as informal sector can include the market, agorism. Associated idioms include under the table, off the books and working for cash, although the informal sector makes up a significant portion of the economies in developing countries it is often stigmatized as troublesome and unmanageable. However the informal sector provides critical economic opportunities for the poor and has been expanding rapidly since the 1960s, as such, integrating the informal economy into the formal sector is an important policy challenge. It was used to describe a type of employment that was viewed as falling outside of the industrial sector. An alternative definition uses job security as the measure of formality, defining participants in the economy as those who do not have employment security, work security and social security. ”While both of these definitions imply a lack of choice or agency in involvement with the informal economy. This may manifest as unreported employment, hidden from the state for tax, social security or labour law purposes, the term is also useful in describing and accounting for forms of shelter or living arrangements that are similarly unlawful, unregulated, or not afforded protection of the state. ‘Informal economy’ is increasingly replacing ‘informal sector’ as the descriptor for this activity. Informality, both in housing and livelihood generation has often seen as a social ill, and described either in terms of what participant’s lack. Workers who participate in the economy are typically classified as employed. The type of work makes up the informal economy is diverse, particularly in terms of capital invested, technology used. The spectrum ranges from self-employment or unpaid labor to street vendors, shoe shiners. On the higher end of the spectrum are upper-tier informal activities such as service or manufacturing businesses. The upper-tier informal activities have higher costs, which might include complicated licensing regulations. However, most workers in the sector, even those are self-employed or wage workers, do not have access to secure work, benefits, welfare protection. These features differ from businesses and employees in the sector which have regular hours of operation
9.
Robinson Crusoe economy
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A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. It assumes an economy with one consumer, one producer and two goods, the title Robinson Crusoe is a reference to the novel of the same name authored by Daniel Defoe in 1719. The implicit assumption is that the study of a one agent economy will provide insights into the functioning of a real world economy with many economic agents. This article pertains to the study of behaviour, producer behaviour. In other fields of economics, the Robinson Crusoe economy framework is used for essentially the same thing, for example, in public finance the Robinson Crusoe economy is used to study the various types of public goods and certain aspects of collective benefits. It is used in economics to develop growth models for underdeveloped or developing countries to embark upon a steady growth path using techniques of savings. In the Robinson Crusoe economy, there is one individual – Robinson Crusoe himself. He acts both as a producer to maximise profits, as well as consumer to maximise his utility, the possibility of trade can be introduced by adding another person to the economy. This person is Crusoes friend, Man Friday, although in the novel he plays the role of Crusoes servant, in the Robinson Crusoe economy he is considered as another actor with equal decision making abilities as Crusoe. Along with this, conditions of Pareto Efficiency can be analysed by bringing in the concept of the Edgeworth box, similar to the choices that households face, Crusoe has only two activities to participate in – earn income or pass his time in leisure. The income generating activity in case is gathering coconuts. As usual, the time he spends in leisure, the less food he has to eat, and conversely, the more time he spends gathering coconuts. This is depicted in figure 1 and this means that the longer Robinson works, the more coconuts he will be able to gather. But due to diminishing returns of labour, the additional number of coconuts he gets from every additional hour of labour is declining. The point at which Crusoe will reach an equilibrium between the number of hours he works and relaxes can be out when the highest indifference curve is tangent to the production function. This will be Crusoes most preferred point provided the technology constraint is given, at this equilibrium point, the slope of the highest indifference curve must equal the slope of the production function. Recall that the Marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for good while maintaining the same level of utility. Additionally, a marginal product is the extra output that can be produced by using one more unit of the input
10.
German model
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Under the German model, unions are organized at the industry level and co-exist with works councils at both the plant and company levels. These unions negotiate wage determination with employers associations, the strength of this setup is the cooperation among unions and management councils. This is unique among Western countries, which have been marked by either substantial weakening of union powers over the last twenty years, considered an outgrowth of the non-confrontational culture of postwar Germany, finding a common denominator was often the main goal in such relationships. The system of education is perhaps the most important component of the German model. In Germany, there is a heavier emphasis on apprenticeships for skilled positions. As such, there is a percentage of university students in Germany when compared to other Western countries. Vocational training is required for a number of occupations. At the end of training, a highly regarded certification qualification is awarded that is valid for a range of over 400 occupations. This is in stark difference to other European countries, where the number of controlled occupations is much smaller, critics cite inflexibility of the school system as the main disadvantage. Some 60% of graduates change their profession within 10 years of graduation, German banks have a much larger role in shaping the industrial sector than those in other Western countries. Rather than simply collecting savings and investments and issuing loans, most German banks have large interests in the commercial sector, as such, many corporate boards offer seats to high-ranking German banking officials, whose banks are often investors in the corporation. As a result, they seek to promote investment in the overall health of the companies they are working with. Much of the discourse regarding reforms in recent years revolved around the question of how to modify the German model to sustain it in a globalised economy. Ex-Chancellor Gerhard Schröders reforms, called Agenda 2010, made some steps towards such a goal, nonetheless, after years of painful reforms, the German economy seems to have got back on track. The wage share, however, measured as compensation of employees as percentage of national income, was declining in Germany since the 1980s. Unemployment has fallen below 10% for the first time in years, in June 2016, the unemployment rate was reported as 5. 9% by the German Federal Employment Agency. Whether this is a development is however a matter of continuing debate. From 2003 to 2008, Germany was the worlds strongest exporter, in 2009, China overtook Germany in exports
11.
Bayeux Tapestry
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According to Sylvette Lemagnen, conservator of the tapestry, The Bayeux tapestry is one of the supreme achievements of the Norman Romanesque. Its survival almost intact over nine centuries is little short of miraculous and its exceptional length, the harmony and freshness of its colours, its exquisite workmanship, and the genius of its guiding spirit combine to make it endlessly fascinating. The tapestry consists of some fifty scenes with Latin tituli, embroidered on linen with coloured woollen yarns and it is likely that it was commissioned by Bishop Odo, Williams half-brother, and made in England—not Bayeux—in the 1070s. In 1729 the hanging was rediscovered by scholars at a time when it was being displayed annually in Bayeux Cathedral, the tapestry is now exhibited at the Musée de la Tapisserie de Bayeux in Bayeux, Normandy, France. The designs on the Bayeux Tapestry are embroidered rather than woven, nevertheless, it has always been called a tapestry until recent years, when the more correct name Bayeux Embroidery has gained ground among art historians. Such tapestries adorned both churches and wealthy houses in England, though at 0.5 by 68.38 metres the Bayeux Tapestry is exceptionally large. Only the figures and decoration are embroidered, on a background left plain, the earliest known written reference to the tapestry is a 1476 inventory of Bayeux Cathedral, but its origins have been the subject of much speculation and controversy. French legend maintained the tapestry was commissioned and created by Queen Matilda, William the Conquerors wife, indeed, in France it is occasionally known as La Tapisserie de la Reine Mathilde. The actual physical work of stitching was most likely undertaken by female needle workers, Anglo-Saxon needlework of the more detailed type known as Opus Anglicanum was famous across Europe. It was perhaps commissioned for display in the hall of his palace and then bequeathed to the cathedral he built, following the pattern of the documented, carola Hicks has suggested it could possibly have been commissioned by Edith of Wessex. George Beech suggests the tapestry was executed at the Abbey of St. Florent in the Loire Valley, andrew Bridgeford has suggested that the tapestry was actually of English design and encoded with secret messages meant to undermine Norman rule. Nine linen panels, between fourteen and three metres in length, were together after each was embroidered and the joins were disguised with subsequent embroidery. At the first join the borders do not line up properly, the design involved a broad central zone with narrow decorative borders top and bottom. By inspecting the woollen threads behind the linen it is apparent all these aspects were embroidered together at a session, later generations have patched the hanging in numerous places and some of the embroidery has been reworked. The tapestry may well have maintained much of its original appearance—it now compares closely with a drawing made in 1730. The main yarn colours are terracotta or russet, blue-green, dull gold, olive green, later repairs are worked in light yellow, orange, and light greens. Laid yarns are couched in place with yarn of the same or contrasting colour, the tapestrys central zone contains most of the action, which sometimes overflows into the borders either for dramatic effect or because depictions would otherwise be very cramped. Events take place in a series of scenes which are generally separated by highly stylised trees
12.
Black market
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Parties engaging in the production or distribution of prohibited goods and services are members of the illegal economy. Examples include the trade, prostitution, illegal currency transactions. Violations of the tax code involving income tax evasion constitutes membership in the unreported economy, because tax evasion or participation in a black market activity is illegal, participants will attempt to hide their behavior from the government or regulatory authority. Cash usage is the medium of exchange in illegal transactions since cash usage does not leave a footprint. Common motives for operating in markets are to trade contraband, avoid taxes and regulations. Typically the totality of such activity is referred to with the article as a complement to the official economies, by market for such goods and services. Black money is the proceeds of a transaction, on which income and other taxes have not been paid. Because of the nature of the black economy it is not possible to determine its size. There is no single underground economy, there are many and these underground economies are omnipresent, existing in market oriented as well as in centrally planned nations, be they developed or developing. Different types of activities are distinguished according to the particular institutional rules that they violate. Illegal economy participants engage in the production and distribution of prohibited goods and services, such as trafficking, arms trafficking. The unreported economy consists of economic activities that circumvent or evade the institutionally established fiscal rules as codified in the tax code. A summary measure of the economy is the amount of income that should be reported to the tax authority but is not so reported. A complementary measure of the economy is the tax gap. In the U. S. unreported income is estimated to be $2 trillion resulting in a tax gap of $450–$500 billion, the unrecorded economy consists of those economic activities that circumvent the institutional rules that define the reporting requirements of government statistical agencies. A summary measure of the economy is the amount of unrecorded income. Unrecorded income is a problem in transition countries that switched from a socialist accounting system to UN standard national accounting. New methods have been proposed for estimating the size of the unrecorded economy, but there is still little consensus concerning the size of the unreported economies of transition countries
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