1.
Broadsheet
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A broadsheet is the largest newspaper format and is characterized by long vertical pages. The term derives from types of popular prints usually just of a sheet, sold on the streets and containing various types of material. The first broadsheet newspaper was the Dutch Courante uyt Italien, Duytslandt, other common newspaper formats include the smaller Berliner and tabloid/compact formats. Many broadsheets measure approximately 29 1⁄2 by 23 1⁄2 inches per full broadsheet spread, australian and New Zealand broadsheets always have a paper size of A1 per spread. South African broadsheet newspapers have a spread sheet size of 820 by 578 mm or 32.3 by 22.8 in. Others measure 22 inches or 560 millimetres vertically, in the United States, the traditional dimensions for the front page half of a broadsheet are 15 inches wide by 22 3⁄4 inches long. However, in efforts to save newsprint costs many U. S. newspapers have downsized to 12 inches wide by 22 3⁄4 inches long for a folded page. Many rate cards and specification cards refer to the size with dimensions representing the front page half of a broadsheet size, rather than the full. Some quote actual page size and others quote the area size. The two versions of the broadsheet are, Full broadsheet – The full broadsheet typically is folded vertically in half so that it forms four pages, the four pages are called a spread. Half broadsheet – The half broadsheet is usually a page that is not folded vertically and just includes a front. In uncommon instances, an entire newspaper can be a two-page half broadsheet or four-page full broadsheet, totally self-contained advertising circulars inserted in a newspaper in the same format are referred to as broadsheets. Broadsheets typically are also folded horizontally in half to accommodate newsstand display space, the horizontal fold however does not affect the page numbers and the content remains vertical. The most important newspaper stories are placed above the fold and this contrasts with tabloids which typically do not have a horizontal fold. The broadsheet has since emerged as the most popular format for the dissemination of printed news, historically, broadsheets developed after the British in 1712 placed a tax on newspapers based on the number of their pages. The original purpose of the broadsheet, or broadside, was for the purpose of posting royal proclamations, acts, eventually the people began using the broadsheet as a source for political activism by reprinting speeches, ballads or narrative songs originally performed by bards. With the early mechanization of the 19th century came an increase in production of printed materials including the broadside as well as the penny dreadful. In this period all over Europe began to print their issues on broadsheets
2.
The Nikkei
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The Nikkei, formally known as The Nihon Keizai Shinbun, is Nikkei Inc. s flagship publication and the worlds largest financial newspaper, with a daily circulation exceeding three million. The roots of the Nikkei started with an in-house newspaper department of Mitsui & Company in 1876 when it started publication of Chugai Bukka Shimpo, the department was spun out as the Shokyosha in 1882. The paper became daily in 1885 and was renamed Chugai Shogyo Simpo in 1889 and it was merged with Nikkan Kogyo and Keizai Jiji and renamed Nihon Sangyo Keizai Shimbun in 1942. The paper changed its name to the Nihon Keizai Shimbun in 1946, Nikkei 225, a stock market index for the Tokyo Stock Exchange, has been calculated by the newspaper since 1950. As of 30 November 2015 Nikkei became the owner of the Financial Times. Nikkei Inc. specializes in publishing financial, business and industry news and its main news publications include, Nikkei Asian Review, an English-language business journal that launched in November 2013. Nihon Keizai Shimbun, a leading economic newspaper, Nikkei Veritas, a weekly financial newspaper that replaced Nikkei Kinyu Shimbun in March 2008. It also makes many of its Japanese articles available in English through wire services, an English language website, and a licensing agreement with LexisNexis. Nikkei agreed on 23 July 2015 to buy the UK-based FT Group, major companies, Nikkei Business Publications, Inc. Nikkei CNBC Nikkei Radio Broadcasting Corporation QUICK Corporation Nikkei Science Nikkei National Geographic TV Tokyo TV Osaka TV Aichi TV Hokkaido TVQ Kyushu Rating & Investment Information, Financial Times Winkontent - Monocle Magazine Japanese media Official website Nikkei Asian Review official website
3.
Lionel Barber
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Lionel Barber is an English journalist. Barber was appointed editor of the Financial Times in November 2005, earlier in his career, he worked at The Scotsman and The Sunday Times, but was employed in a number of senior posts at the FT from the mid-1980s. Barber began his career in journalism in 1978 as a reporter for The Scotsman, in 1981, after being named Young Journalist of the Year in the British press awards, he moved to The Sunday Times, where he was a business correspondent. The co-writer of several books, his works includes a history of Reuters news agency, in 1985, he was the Laurence Stern fellow at The Washington Post. In 1992, he was a scholar at the University of California, Berkeley. In 1996, he was a fellow at the Robert Schuman centre at the European University Institute in Florence. Barbers positions at the Financial Times have included Washington correspondent and US editor, Brussels bureau chief and he was formerly the editor of the Financial Times Continental European edition, during which he briefed US President George W. Bush ahead of his first trip to Europe. In November 2005, he was appointed editor of the Financial Times, during his career, Barber has received several distinguished awards. In 1981, he was named Young Journalist of the Year in the British Press Awards, in 1998, he was named one of the 101 most influential Europeans by Le Nouvel Observateur. In 2009, he was awarded the St George Society medal of honour for his contribution to journalism in the transatlantic community, in February 2011, he was appointed to the Board of Trustees at The Tate. In 2016, he was made a Chevalier in the French Ordre National de la Légion d’Honneur for his contribution to high-quality journalism, can and Should the Eurozone Survive. Public lecture at LSE,7 November 2013
4.
Southwark Bridge Road
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This connection did not come about until the creation of Southwark Street in the 1880s. It does not start at the main northern roads junction at Elephant, at the southern end is the campus of London South Bank University. The Ministry of Sound, a nightclub, is in Gaunt Street. The London Fire Brigade Museum and the London Fire Brigade Training Centre is located on the road also, the road is designated the A300. Borough Road Marshalsea Road Southwark Street Union Street Restaurants, pubs and bars in Southwark Bridge Road from London SE1 community website
5.
International Standard Serial Number
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An International Standard Serial Number is an eight-digit serial number used to uniquely identify a serial publication. The ISSN is especially helpful in distinguishing between serials with the same title, ISSN are used in ordering, cataloging, interlibrary loans, and other practices in connection with serial literature. The ISSN system was first drafted as an International Organization for Standardization international standard in 1971, ISO subcommittee TC 46/SC9 is responsible for maintaining the standard. When a serial with the content is published in more than one media type. For example, many serials are published both in print and electronic media, the ISSN system refers to these types as print ISSN and electronic ISSN, respectively. The format of the ISSN is an eight digit code, divided by a hyphen into two four-digit numbers, as an integer number, it can be represented by the first seven digits. The last code digit, which may be 0-9 or an X, is a check digit. Formally, the form of the ISSN code can be expressed as follows, NNNN-NNNC where N is in the set, a digit character. The ISSN of the journal Hearing Research, for example, is 0378-5955, where the final 5 is the check digit, for calculations, an upper case X in the check digit position indicates a check digit of 10. To confirm the check digit, calculate the sum of all eight digits of the ISSN multiplied by its position in the number, the modulus 11 of the sum must be 0. There is an online ISSN checker that can validate an ISSN, ISSN codes are assigned by a network of ISSN National Centres, usually located at national libraries and coordinated by the ISSN International Centre based in Paris. The International Centre is an organization created in 1974 through an agreement between UNESCO and the French government. The International Centre maintains a database of all ISSNs assigned worldwide, at the end of 2016, the ISSN Register contained records for 1,943,572 items. ISSN and ISBN codes are similar in concept, where ISBNs are assigned to individual books, an ISBN might be assigned for particular issues of a serial, in addition to the ISSN code for the serial as a whole. An ISSN, unlike the ISBN code, is an identifier associated with a serial title. For this reason a new ISSN is assigned to a serial each time it undergoes a major title change, separate ISSNs are needed for serials in different media. Thus, the print and electronic versions of a serial need separate ISSNs. Also, a CD-ROM version and a web version of a serial require different ISSNs since two different media are involved, however, the same ISSN can be used for different file formats of the same online serial
6.
Media of the United Kingdom
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There are several different types of media in the United Kingdom, television, radio, newspapers, magazines and websites. The country also has a music industry. The United Kingdom has a range of providers, the most prominent being the state-owned public service broadcaster. Regional media is covered by radio, television and print newspapers. Trinity Mirror operates 240 local and regional newspapers, as well as newspapers such as the Daily Mirror. In 2009 it was estimated that individuals viewed a mean of 3.75 hours of television per day, sales of newspapers have fallen since the 1970s and in 2009 42% of people reported reading a daily national newspaper. In 2010,82. 5% of the United Kingdom population were Internet users, london dominates the media sector in the United Kingdom, national newspapers, television and radio are largely based there, notable centres include Fleet Street and BBC Broadcasting House. Greater Manchester is also a significant national media hub, notable centres include MediaCityUK a 200-acre media production facility in Salford and Trafford. The Guardian national newspaper was founded in Manchester in 1821, and was known as the Manchester Guardian until 1959, in the 1950s, coinciding with the growth in television, the Granada Television franchise was set up by Sidney Bernstein. Consequently, the Granada Studios were the first purpose-built television studios in the United Kingdom, the franchise produced television programmes such as Coronation Street and the Up Series. The other division is BBC Future Media, in addition ITV has two major divisions of its business based here ITV Studios responsible for UK and international network production and ITV Granada its regional service provider. The University of Salford also has a campus and research center based at media city. The United Kingdom is known for its music industry, along with its new. In the UK, media is spread through the forms of TV, newspapers, magazines, websites, great Manchester is the hottest place to receive media information in the UK. The Daily Mirror was founded in 1903, the Sunday Mirror on the other hand, is the sister paper to the Daily Mirror that was started in 1915. Edinburgh and Glasgow, and Cardiff, are important centres of newspaper and broadcasting production in Scotland, the BBC, founded in 1922, is the United Kingdoms publicly funded radio, television and Internet broadcasting corporation, and is the oldest and largest broadcaster in the world. It operates numerous television and radio stations in the United Kingdom and abroad, the print media sector is entirely regulating itself and there are no specific statutory rules regulating the print media. Traditionally British newspapers have been divided into quality, serious-minded newspapers, for convenience of reading many traditional broadsheets have switched to a more compact-sized format, traditionally used by tabloids
7.
Newspaper
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A newspaper is a serial publication containing news about current events, other informative articles about politics, sports, arts, and so on, and advertising. A newspaper is usually, but not exclusively, printed on relatively inexpensive, the journalism organizations that publish newspapers are themselves often metonymically called newspapers. As of 2017, most newspapers are now published online as well as in print, the online versions are called online newspapers or news websites. Newspapers are typically published daily or weekly, News magazines are also weekly, but they have a magazine format. General-interest newspapers typically publish news articles and feature articles on national and international news as well as local news, typically the paper is divided into sections for each of those major groupings. Papers also include articles which have no byline, these articles are written by staff writers, a wide variety of material has been published in newspapers. As of 2017, newspapers may also provide information about new movies, most newspapers are businesses, and they pay their expenses with a mixture of subscription revenue, newsstand sales, and advertising revenue. Some newspapers are government-run or at least government-funded, their reliance on advertising revenue, the editorial independence of a newspaper is thus always subject to the interests of someone, whether owners, advertisers, or a government. Some newspapers with high editorial independence, high quality. This is a way to avoid duplicating the expense of reporting from around the world, circa 2005, there were approximately 6,580 daily newspaper titles in the world selling 395 million print copies a day. Worldwide annual revenue approached $100 billion in 2005-7, then plunged during the financial crisis of 2008-9. Revenue in 2016 fell to only $53 billion, hurting every major publisher as their efforts to gain online income fell far short of the goal. Besides remodeling advertising, the internet has also challenged the business models of the era by crowdsourcing both publishing in general and, more specifically, journalism. In addition, the rise of news aggregators, which bundle linked articles from online newspapers. Increasing paywalling of online newspapers may be counteracting those effects, the oldest newspaper still published is the Gazzetta di Mantova, which was established in Mantua in 1664. While online newspapers have increased access to newspapers by people with Internet access, literacy is also a factor which prevents people who cannot read from being able to benefit from reading newspapers. Periodicity, They are published at intervals, typically daily or weekly. This ensures that newspapers can provide information on newly-emerging news stories or events, currency, Its information is as up to date as its publication schedule allows
8.
Horatio Bottomley
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Horatio William Bottomley was an English financier, journalist, editor, newspaper proprietor, swindler, and Member of Parliament. He is best known for his editorship of the popular magazine John Bull and his career came to a sudden end when, in 1922, he was convicted of fraud and sentenced to seven years imprisonment. Bottomley spent five years in an orphanage before beginning his career, aged 14, subsequent experience as a solicitors clerk gave him a useful knowledge of English law, which he later put to effective use in his court appearances. After working as a writer and court reporter, at 24 he founded his own publishing company which launched numerous magazines and papers, including, in 1888. He over-reached himself with a public flotation of his company. Despite evidence of malpractice, Bottomley, who defended himself, was acquitted and he subsequently amassed a fortune as a promoter of shares in gold-mining companies. In 1906 Bottomley entered parliament as Liberal Party member for Hackney South, in the same year he founded the popular magazine John Bull, which became a platform for Bottomleys trenchant populist views. Financial extravagance and mismanagement continued to blight his career, and in 1912 he had to resign from parliament after being declared bankrupt. The outbreak of war in 1914 revived his fortunes, as a journalist and orator Bottomley became a leading propagandist for the war effort and his influence was such that it was widely expected that he would enter the War Cabinet, although he received no such offer. In 1918, having been discharged from bankruptcy, Bottomley re-entered parliament as an Independent member, in the following year he launched his fraudulent Victory Bonds scheme which, when exposed, led to his conviction, imprisonment and expulsion from parliament. Released in 1927, he attempted unsuccessfully to relaunch his business career and his final years before his death in 1933 were spent in poverty. Bottomley was born on 23 March 1860, at 16 Saint Peters Street, Bethnal Green in London, the child and only son of William Bottomley, a tailors cutter. Among Holyoakes close associates was Charles Bradlaugh, who founded the National Republican League, the evidence is circumstantial, mainly based on the marked facial resemblance between Bradlaugh and Bottomley. William Bottomley died in 1864 and Elizabeth a year later, Horatio and his elder sister, Florence, were initially looked after by their uncle William Holyoake, an artist living in the London district of Marylebone. After a year they were boarded out to foster-parents, at their uncle George Jacobs expense and this arrangement lasted until 1869, when Florence was formally adopted by her foster-family. At this point Holyoake felt unable to continue supporting Horatio financially and this was Horatios home for the following five years. In later life he showed no resentment towards the institution, which he often visited, in 1874, when Horatio was 14 and due to leave the orphanage, he ran away without waiting for the formalities. His aunt Caroline Praill—his mothers sister—who lived in nearby Edgbaston, gave him a home, Bottomley soon gave up his apprenticeship, and after a series of humdrum jobs found work in the offices of a City firm of solicitors
9.
PricewaterhouseCoopers
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PricewaterhouseCoopers is a multinational professional services network headquartered in London, United Kingdom. It is the second largest professional services firm in the world, vault Accounting 50 has ranked PwC as the most prestigious accounting firm in the world for seven consecutive years, as well as the top firm to work for in North America for three consecutive years. PwC is a network of firms in 157 countries,756 locations, as of 2015, 22% of the workforce worked in Asia, 26% in North America and Caribbean and 32% in Western Europe. The companys global revenues were $35.9 billion in FY2016, of which $15.2 billion was generated by its Assurance practice, $9.1 billion by its Tax practice, the firm was formed in 1998 by a merger between Coopers & Lybrand and Price Waterhouse. The trading name was shortened to PwC in September 2010 as part of a rebranding, as of 2016, PwC is the 5th-largest privately owned company in the United States. The firm was created in 1998 when Coopers & Lybrand merged with Price Waterhouse, both firms had histories dating back to the 19th century. In 1854 William Cooper founded a practice in London, which became Cooper Brothers seven years later when his three brothers joined. In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States. In 1957 Cooper Brothers, Lybrand, Ross Bros & Montgomery, in 1973 the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand. Then in 1980 Coopers & Lybrand expanded its expertise in insolvency substantially by acquiring Cork Gully, in 1990 in certain countries including the UK, Coopers & Lybrand merged with Deloitte Haskins & Sells to become Coopers & Lybrand Deloitte, in 1992 they reverted to Coopers & Lybrand. Samuel Lowell Price, an accountant, founded a practice in London in 1849. In 1865 Price went into partnership with William Hopkins Holyland and Edwin Waterhouse, Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co. The original partnership agreement, signed by Price, Holyland and Waterhouse could be found in Southwark Towers, by the late 19th century, Price Waterhouse had gained significant recognition as an accounting firm. As a result of growing trade between the United Kingdom and the United States, Price Waterhouse opened an office in New York in 1890, and the American firm itself soon expanded rapidly. It was said by those involved with the merger that at the end of the discussion, the partners at the table realized they had different views of business. In 1998, Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers, after the merger the firm had a large professional consulting branch, as did other major accountancy firms, generating much of its fees. Management Consulting Services was the fastest growing and often most profitable area of the practice, the major cause for growth in the 1990s was the implementation of complex integrated ERP systems for multi-national companies. PwC came under increasing pressure to avoid conflicts of interests by not providing some consulting services, particularly financial systems design and implementation, since it audited a large proportion of the worlds largest companies, this was beginning to limit its consulting market
10.
Pearson PLC
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Pearson PLC is a British multinational publishing and education company headquartered in London. It was founded as a business in the 1840s. It shut down its activities in the 1920s and switched to publishing. It is the largest education company and the largest book publisher in the world, Pearson has a primary listing on the London Stock Exchange and is a constituent of the FTSE100 Index. It has a listing on the New York Stock Exchange in the form of American Depository Receipts. The company was founded by Samuel Pearson in 1844 as a building and engineering concern operating in Yorkshire under the name S. Pearson & Son. In 1880, control passed to his grandson Weetman Dickinson Pearson, an engineer, in November 1915, the firm began construction of HM Factory, Gretna, the largest cordite factory in the UK during World War I. The construction business was shut down in the 1920s, among its final projects was completion of the Sennar Dam, in Sudan, in 1925. In 1919, the firm acquired a 45% stake in the London branch of merchant bankers Lazard Brothers, Pearson continued to hold a 50% stake until 1999. In 1921, Pearson purchased a number of daily and weekly newspapers in the United Kingdom. In 1957, it bought the Financial Times and acquired a 50% stake in The Economist and it purchased the publisher Longman in 1968. The company was first listed on the London Stock Exchange in 1969 and it went on to buy paperback publisher Penguin in 1970, and in 1972, childrens imprint Ladybird Books. In 1986, Pearson invested in the British Satellite Broadcasting consortium, which, during the 1990s, Pearson acquired a number of TV production and broadcasting assets and sold most of its non-media assets, under the leadership of future U. S. Westminster Press was sold to Newsquest in 1996, Pearson acquired the education division of HarperCollins in 1996 from News Corporation and acquired book publishers Scott Foresman & Co. in 1996. In 1998 Pearson acquired Prentice Hall Textbooks/Simon & Schuster Trade Books from Viacom and merged it with its own education unit, Addison-Wesley Longman to form Pearson Education. In 2002, Pearson sold its 22% stake in RTL Group for 1.5 billion Euros, and then purchased Rough Guides, the travel publisher, and brought it under Penguin. Pearson acquired Edexcel, a provider of qualifications in the UK, in 2003, Pearson purchased a series of other testing and assessment businesses, including Knowledge Technologies in 2004, AGS in 2005, and National Evaluation Systems and Promissor in 2006. Pearson then completed the acquisition of Harcourt Assessment, merging the businesses into Pearson Assessment & Information
11.
City of London
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The City of London is a city and county within London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, the City is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it one of the 33 local authority districts of Greater London, however, the City of London is not a London borough. The City of London is widely referred to simply as the City and is colloquially known as the Square Mile. Both of these terms are often used as metonyms for the United Kingdoms trading and financial services industries. The name London is now used for a far wider area than just the City. London most often denotes the sprawling London metropolis, or the 32 London boroughs and this wider usage of London is documented as far back as 1888, when the County of London was created. The local authority for the City, namely the City of London Corporation, is unique in the UK and has some unusual responsibilities for a local council and it is also unusual in having responsibilities and ownerships beyond its boundaries. The Corporation is headed by the Lord Mayor of the City of London, the current Lord Mayor, as of November 2016, is Andrew Parmley. The City is a business and financial centre. Throughout the 19th century, the City was the primary business centre. London came top in the Worldwide Centres of Commerce Index, published in 2008, the insurance industry is focused around the eastern side of the City, around Lloyds building. A secondary financial district exists outside of the City, at Canary Wharf,2.5 miles to the east, the City has a resident population of about 7,000 but over 300,000 people commute to and work there, mainly in the financial services sector. It used to be held that Londinium was first established by merchants as a trading port on the tidal Thames in around 47 AD. However, this date is only supposition, many historians now believe London was founded some time before the Roman conquest of Britain in 43 AD. They base this notion on evidence provided by both archaeology and Welsh literary legend, archaeologists have claimed that as much as half of the best British Iron Age art and metalwork discovered in Britain has been found in the London area. One of the most prominent examples is the famously horned Waterloo Helmet dredged from the Thames in the early 1860s and now exhibited at the British Museum. Also, according to an ancient Welsh legend, a king named Lud son of Heli substantially enlarged and improved a pre-existing settlement at London which afterwards came to be renamed after him, the same tradition relates how this Lud son of Heli was later buried at Ludgate
12.
The Sporting Times
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The Sporting Times was a weekly British newspaper devoted chiefly to sport, and in particular to horse racing. It was informally known as The Pink Un, as it was printed on salmon-coloured paper, the paper was founded in 1865 by John Corlett, of Charlton Court, East Sutton, Kent, who was both its editor and its proprietor, and by Dr Joseph Henry Shorthouse. Corlett also wrote a column in the paper called Our Note Book and was associated with it from 1865 to 1913, the Sporting Times was published on a Saturday, and its competitors included The Field, The Sportsman, the Sporting Life, and Bells Life in London. In the 1870s the chess column of The Sporting Times was written by John Wisker, winner of the 1870 British Chess Championship. On 14 September 1889 the magazine Vanity Fair carried one of its caricatures, printed in colour, of The Sporting Times editor John Corlett and he followed this up with A Pink Un Remembers and Sporting Times, The Pink Un World. The paper is mentioned in the novel Burmese Days by George Orwell, wodehouses short story Bingo and the Little Woman Bertie Wooster reveals that, bar a weekly wrestle with the Pink ’Un and an occasional dip into the form-book, I’m not much of a lad for reading. The paper ceased publication in 1932, rudyard Kipling mentions The Sporting Times as The Pink Un in his autobiography Something of Myself. W. Alcocks Cricket, a Weekly Record of The Game, reading in full, However, The Sporting Times was the first to refer to cremation and the ashes. The England cricket team toured Australia during the winter of 1882, since then, The Ashes is the notional trophy England and Australia play for in Test match cricket. The urn is kept in the Lords Cricket Ground museum. Due to its age and fragile condition, the original Ashes urn is not presented to the team, instead a Waterford Crystal trophy and replica urns are presented. ”Horseracing in the United Kingdom Booth. Old Pink Un Days (London, Grant Richards Ltd,1924, illustrated, including a drawing by Philip May and a caricature by Ralph Rowland Booth, J. B. A Pink Un Remembers Booth, J. B, Sporting Times, The Pink Un World
13.
Brendan Bracken
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Brendan Bracken, 1st Viscount Bracken, PC, was an Irish-born businessman and a minister in the British Conservative cabinet. He is best remembered for opposing the Bank of Englands co-operation with Adolf Hitler and he was also the founder of the modern version of the Financial Times. He served as Minister of Information from 1941 to 1945, George Orwell was a civil servant in Brackens department during the war years. His father had belonged to the IRB and was one of the seven founders of the GAA, distressed by his misbehaviour, his mother sent him in 1915 to Mungret College, a Jesuit boarding school in County Limerick, but he bolted in 1915 and ran up hotel bills. She then sent him to Australia to live with a cousin who was a priest in Echuca, the young man led a nomadic existence in Australia, moving often but reading avidly and acquiring a self-education. In 1919 Bracken returned briefly to Ireland, finding his mother settled in County Meath and he distanced himself from Ireland and his siblings who were in revolt over their fathers inheritance, moving instead to settle in Liverpool. Without fully believing this story, Sedberghs headmaster, impressed by the depth of knowledge and eagerness to progress by the young Bracken, accepted him. By the end of one term he emerged having succeeded in blending his Irish republican heritage and his five years in Australia, with the elements. He might have had reason for seeking to hide his Irish heritage as the War of Independence aroused great hostility towards the Irish living in Great Britain. For whatever reason this became a regular feature of his personal strategy in life. A second example occurred in 1926 when he met Major-General Emmet Dalton and this former British Army officer turned IRA confidant, who was one of General Michael Collinss right-hand men, recalled meeting Bracken at national school in Dublin. Bracken denied this, but Dalton insisted that he remembered the smell of Brackens corduroy trousers, after Sedbergh, whose old boy tie he used to good effect, Bracken was briefly a schoolmaster at Bishops Stortford College. He then made a career from 1922 as a magazine publisher and newspaper editor in London. His initial success was based on selling advertising space to at least cover the cost of each number, in the 1923 election he assisted Winston Churchills unsuccessful attempt to be elected as Member of Parliament for Leicester West, which started their political affiliation. Bracken himself stood for Parliament, being elected to the House of Commons in 1929 for the London constituency of North Paddington, stanley Baldwin described Bracken as Churchills faithful chela, chela being the Hindi word for disciple. Many of his magazine stories included a political flavour and he commissioned articles from a wide range of politicians such as Churchill. Business and politics permanently overlapped in his life, in a way to the career of his occasional friend Lord Beaverbrook. He needed politicians for stories and they needed the publicity given by his publications, a supporter of Winston Churchill from 1923, when Churchill was out of Parliament and in the political wilderness, in the 1930s he was invited to join Churchills Other Club
14.
World economy
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The world economy or global economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account. Beyond the minimum standard concerning value in production, use, and exchange the definitions, representations, models and it is inseparable from the geography and ecology of Earth. Typical examples are illegal drugs and other market goods, which by any standard are a part of the world economy. Rather, market valuations in a local currency are typically translated to a monetary unit using the idea of purchasing power. This is the method used below, which is used for estimating worldwide economic activity in terms of real US dollars or euros, however, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the worlds 7.13 billion people have most of their economic activity reflected in these valuations, the following two tables list the Country Groups with individual countries designated by the IMF. Members of the G-20 major economies are in bold, the following two tables list the twenty largest economies by GDP, twenty largest economies by GDP, and the twenty economies with the largest shares of global economic growth from 2014 to 2015. Members of the G-20 major economies are in bold, the following is a list of the twenty largest economies by nominal GDP at a specific year according to International Monetary Fund. The following is a list of twenty largest economies by GDP at a year according to the CIA World Factbook. €320 billion, $319 billion, €250 trillion Unemployment rate,8. 7%, World military expenditure in 2012, estimated to $1.756 trillion Military expenditures – percent of GDP, roughly 2% of gross world product. To promote exports, many government agencies publish on the web economic studies by sector and country. Among these agencies include the USCS and FAS in the United States, EDC and AAFC in Canada, Ubifrance in France, UKTI in the UK, HKTDC and JETRO in Asia, Austrade and NZTE in Oceania. net
15.
Globalisation
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Globalization or globalisation is the action or procedure of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Advances in transportation and in telecommunications infrastructure have been factors in globalization, generating further interdependence of economic. Large-scale globalization began in the 1820s, in the late 19th century and early 20th century, the connectivity of the worlds economies and cultures grew very quickly. The term globalization is recent, only establishing its current meaning in the 1970s, further, environmental challenges such as global warming, cross-boundary water and air pollution, and overfishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, academic literature commonly subdivides globalization into three major areas, economic globalization, cultural globalization, and political globalization. The term globalization is derived from the word globalize, which refers to the emergence of a network of economic systems. One of the earliest known usages of the term as a noun was in a 1930 publication entitled Towards New Education, a related term, corporate giants, was coined by Charles Taze Russell in 1897 to refer to the largely national trusts and other large enterprises of the time. By the 1960s, both began to be used as synonyms by economists and other social scientists. Economist Theodore Levitt is widely credited with coining the term in an article entitled Globalization of Markets, However, the term globalization was in use well before this and had been used by other scholars as early as 1981. Levitt can be credited with popularizing the term and bringing it into the mainstream audience in the later half of the 1980s. Due to the complexity of the concept, research projects, articles, sociologists Martin Albrow and Elizabeth King define globalization as all those processes by which the people of the world are incorporated into a single world society. Globalization can be located on a continuum with the local, national and regional, without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. A satisfactory definition of globalization must capture each of these elements, extensity, intensity, velocity and it pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world. The ideological dimension, according to Steger, is filled with a range of norms, claims, beliefs and they have also argued that four different forms of globalization can be distinguished that complement and cut across the solely empirical dimensions. According to James, the oldest dominant form of globalization is embodied globalization, a second form is agency-extended globalization, the circulation of agents of different institutions, organizations, and polities, including imperial agents. Object-extended globalization, a form, is the movement of commodities. He calls the transmission of ideas, images, knowledge, and information across world-space disembodied globalization and he asserted that the pace of globalization was quickening and that its impact on business organization and practice would continue to grow. Economist Takis Fotopoulos defined economic globalization as the opening and deregulation of commodity, capital and he used political globalization to refer to the emergence of a transnational elite and a phasing out of the nation-state
16.
European Union
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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
17.
Euro
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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
18.
Gruner + Jahr
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Gruner + Jahr AG & Co KG is Europes largest printing and publishing firm. In 1969, Richard Gruner retired, and thanks to the entrepreneurship of Reinhard Mohn, over the next fifteen years, the firm grew by expansion, acquisition and merger. By 1976, Bertelsmann owned a 74. 9% stake, and the Hamburg publishing family Jahr owned 25. 1%, in 1978, Gruner + Jahr became the first German publishing house to expand into other European and International markets. Over the next twenty years, publishing houses in France, the USA, and Spain were purchased, and a number of new magazines were started in Germany including Impulse, Schöner Essen, and Gala. In 1990 Gruner + Jahr moved into its new headquarter at Neustadts Baumwall, in 2005, Gruner + Jahr exited the U. S. magazine business, selling its womens magazine portfolio to the Meredith Corporation and its business magazine portfolio to Mansueto Ventures. In 2005-2006, Gruner + Jahr participated in the Du bist Deutschland marketing campaign, in 2006, Gruner + Jahr surpassed Hubert Burda Media to become the largest European publisher, based on market share. Gruner + Jahr publishes approximately 285 magazines and newspapers in 22 countries, including Poland, Spain, Russia, France, as of 2007, Gruner + Jahr publications include, Bernd Kundrun is Chairman of the Board, and also a member of the executive committee of Bertelsmann. Gruner + Jahr has more than 12,500 employees and had gross profits for 2005 of 2.62 billion euro, in addition to direct publishing, Gruner + Jahr own interests in a number of other publishers and printers. They own 60% of Sächsische Zeitung, 56% of the NEWS Publishing Group,25. 5% of Spiegel Publishing and 95% of Henri-Nannen-Schule, on 22 November 2011, it was announced that Gruner + Jahr AG & Co. KG transferred its entire 37. 45-percent stake in the Prinovis Ltd. & Co, KG gravure joint venture to Arvato, another Bertelsmann division. Gruner + Jahr owns several publishers and printers outright, including the second largest magazine printer in France, Gruner + Jahr established operations in India in 2008. On 1 July 2011, Gruner + Jahr acquired a 78.75 percent interest in one of the publishing houses in India. This was followed by acquisition of digital ad network Networkplay March 2012, in May 2014, Gruner + Jahr acquired a 50 percent interest in one of the leading Word-of-Mouth Marketing company in Europe trnd, to complete its adverting sales in press. Gruner + Jahr annually awards the Henri Nannen Prizes, in five categories, best reportage, best investigative report, best documentary, best humor piece. The prizes are awarded in May for the previous year, gruner+Jahr AG & Co KG homepage in English G+J Media in English
19.
HTML5
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HTML5 is a markup language used for structuring and presenting content on the World Wide Web. It is the fifth and current version of the HTML standard, HTML5 is intended to subsume not only HTML4, but also XHTML1 and DOM Level 2 HTML. For the same reasons, HTML5 is also a candidate for cross-platform mobile applications, many new syntactic features are included. To enrich the content of documents, new page structure elements such as <main>, <section>, <article>, <header>, <footer>, <aside>, <nav>. New attributes are introduced, some elements and attributes have been removed, the APIs and Document Object Model are now fundamental parts of the HTML5 specification and HTML5 also better defines the processing for any invalid documents. The Web Hypertext Application Technology Working Group began work on the new standard in 2004, at that time, HTML4.01 had not been updated since 2000, and the World Wide Web Consortium was focusing future developments on XHTML2.0. In 2009, the W3C allowed the XHTML2.0 Working Groups charter to expire, W3C and WHATWG are currently working together on the development of HTML5.0. The workshop concluded with a vote—8 for,14 against—for continuing work on HTML, the two specifications were later merged to form HTML5. The HTML5 specification was adopted as the point of the work of the new HTML working group of the W3C in 2007. WHATWG published the First Public Working Draft of the specification on 22 January 2008, while some features of HTML5 are often compared to Adobe Flash, the two technologies are very different. Both include features for playing audio and video within web pages, however, HTML5 on its own cannot be used for animation or interactivity – it must be supplemented with CSS3 or JavaScript. There are many Flash capabilities that have no counterpart in HTML5. See Comparison of HTML5 and Flash, in early November 2011, Adobe announced that it would discontinue development of Flash for mobile devices and reorient its efforts in developing tools using HTML5. On 14 February 2011, the W3C extended the charter of its HTML Working Group with clear milestones for HTML5, in May 2011, the working group advanced HTML5 to Last Call, an invitation to communities inside and outside W3C to confirm the technical soundness of the specification. The W3C developed a comprehensive test suite to achieve broad interoperability for the specification by 2014. In January 2011, the WHATWG renamed its HTML5 living standard to HTML, the W3C nevertheless continued its project to release HTML5. In July 2012, WHATWG and W3C decided on a degree of separation, W3C will continue the HTML5 specification work, focusing on a single definitive standard, which is considered as a snapshot by WHATWG. The WHATWG organization will continue its work with HTML5 as a Living Standard, the concept of a living standard is that it is never complete and is always being updated and improved
20.
Bloomberg Terminal
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The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L. P. The system also provides news, price quotes, and messaging across its proprietary secure network, most large financial firms have subscriptions to the Bloomberg Professional service. Many exchanges charge their own fees for access to real time price feeds across the terminal. The same applies to news organizations. All Bloomberg Terminals are leased in two-year cycles, with leases originally based on how many displays were connected to each terminal, most Bloomberg setups have between two and six displays. It is available for a fee of $20,000 per user. As of October 2016, there were 325,000 Bloomberg Terminal subscribers worldwide, sales from the Bloomberg terminal account for more than 85 percent of Bloomberg L. P. s annual revenue. The financial data vendors proprietary computer system starts at $25,080 per user per year, the terminal implements a client-server architecture with the server running on a multiprocessor Unix platform. The client, used by end users to interact with the system, is a Windows application that connects directly through a router provided by Bloomberg. End users can make use of an extra service to allow the Windows application to connect via internet/IP. There are also applications that allow access via Android, BlackBerry. The server side of the terminal was developed using mostly the programming languages Fortran. Recent years have seen a transition towards C++ and embedded JavaScript on the clients, each server machine runs multiple instances of the server process. Using a proprietary form of context-switching, the keep track of the state of each end user. The graphical user interface code is also proprietary, the terminals keyboard layout was designed for traders and market makers who had no prior computer experience. Keyboard keys are commonly referred to inside angle brackets with full commands being contained in curly brackets e. g, the function keys names were replaced and the then standard beige color, opting for a memorable color and user-friendly name, Yellow. The F10 key is thus a Yellow key named <Index>, the Esc is coloured red and named <CANCEL> in the Bloomberg system, with the red to catch ones eye to stop a task. The Bloomberg keyboard includes a unique <MENU> key which navigates back to the function used
21.
Longitude Research
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Longitude Research is a thought leadership and research agency headquartered in London, England, with a secondary office in Zürich, Switzerland. Longitude was founded in 2011 by Rob Mitchell and James Watson, gareth Lofthouse, who was Editorial Director for EMEA at the EIU, joined Longitude as managing director at the beginning of 2013. This reflects Longitudes mission statement, which is to help its clients become thought leaders in their given sectors, the study incorporated the views and experiences of more than 100 oil and gas industry executives. Other reports Other research reports produced by Longitude can be accessed online, a vision for smarter growth - An IBM smarter cities report on Accra, Ghana Better cities now Leader or laggard
22.
The Wall Street Journal
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The Wall Street Journal is an American business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, the newspaper is published in the broadsheet format and online. The Wall Street Journal is the largest newspaper in the United States by circulation, according to the Alliance for Audited Media, the Journal had a circulation of about 2.4 million copies as of March 2013, compared with USA Todays 1.7 million. The newspaper has won 39 Pulitzer Prizes through 2015 and derives its name from Wall Street in the heart of the Financial District of Lower Manhattan. The Journal has been printed continuously since its inception on July 8,1889, by Charles Dow, Edward Jones, the Journal also publishes the luxury news and lifestyle magazine WSJ. They were later aggregated in a daily summary called the Customers Afternoon Letter. In 1896, The Dow Jones Industrial Average was officially launched and it was the first of several indices of stock and bond prices on the New York Stock Exchange. In 1899, the Journals Review & Outlook column, which still today, appeared for the first time. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902, circulation was then around 7,000, Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism. In 1921, Barrons, Americas premier financial weekly, was founded, Barron died in 1928, a year before Black Tuesday, the stock market crash that greatly affected the Great Depression in the United States. Barrons descendants, the Bancroft family, would continue to control the company until 2007, the Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, under Kilgore, in 1947, that the paper won its first Pulitzer Prize, for William Henry Grimess editorials. In 1970, Dow Jones bought the Ottaway newspaper chain, which at the time comprised nine dailies, later, the name was changed to Dow Jones Local Media Group. In 2007 News Corp. acquired Dow Jones, a luxury lifestyle magazine, was launched in 2008. A complement to the print newspaper, The Wall Street Journal Online, was launched in 1996, in 2003, Dow Jones began to integrate reporting of the Journals print and online subscribers together in Audit Bureau of Circulations statements. In 2007, it was believed to be the largest paid-subscription news site on the Web. Since then, online subscribership has fallen, due in part to rising subscription costs, in May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. By June 2013, the monthly cost for a subscription to the edition was $22.99, or $275.88 annually
23.
The Economist
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The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder, James Wilson, in September 1843, in 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States. The publication belongs to the Economist Group and it is 50% owned by the English branch of the Rothschild family and by the Agnelli family through its holding company Exor. The remaining 50% is held by investors including the editors. The Rothschilds and the Agnellis are represented on the board of directors, a board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has an emphasis and scope, about two-thirds of the 75 staff journalists are based in the London borough of Westminster. For the year to March 2016 the Economist Group declared operating profit of £61m, previous major shareholders include Pearson PLC. The Economist takes a stance of classical and economic liberalism which is supportive of free trade, globalisation, free immigration. The publication has described itself as a product of the Caledonian liberalism of Adam Smith and it targets highly educated readers and claims an audience containing many influential executives and policy-makers. The publications CEO described this recent global change, which was first noticed in the 1990s and accelerated in the beginning of the 21st century, on the contents page of each issue, The Economists mission statement is written in italics. The Economist was founded by the British businessman and banker James Wilson in 1843, to advance the repeal of the Corn Laws, articles relating to some practical, commercial, agricultural, or foreign topic of passing interest, such as foreign treaties. An article on the principles of political economy, applied to practical experience, covering the laws related to prices, wages, rent, exchange, revenue. Parliamentary reports, with focus on commerce, agriculture and free trade. Reports and accounts of popular movements advocating free trade, general news from the Court of St. Jamess, the Metropolis, the Provinces, Scotland, and Ireland. Law reports, confined chiefly to areas important to commerce, manufacturing, books, confined chiefly, but not so exclusively, to commerce, manufacturing, and agriculture, and including all treatises on political economy, finance, or taxation. A commercial gazette, with prices and statistics of the week, correspondence and inquiries from the news magazines readers. It has long respected as one of the most competent. Its logo was designed in 1959 by Reynolds Stone, in January 2012 The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of a section about the United States in 1942
24.
The Banker
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The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London. The magazine was first published in January 1926 through founding Editor, Brendan Bracken of the Financial News, since its founding, the magazine has claimed a dedication to the international perspective through features, interviews, multi-media applications and events. The Banker is the premier banking and finance resource, read in over 180 countries and is the key source of data. The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks, approximately 60% of its readers are CEO/President and CFO/Treasurers of their organizations. The Bankers primary focus is global financial comment and insight, featuring opinion pieces, profiles and interviews with leading banking, the Bracken Column is named after Brendan Bracken, the founding editor of The Banker and serves as a think-tank for financial sector participants. The Bank of the Year Awards is an awards event recognising the top financial institutions in the world. The most recent event took place in December 2012 and 149 countries were acknowledged for their achievements, top 1000 World Banks is published annually in July based on the findings of The Banker Database. This ranking serves to recognise global leaders in the industry for their achievements, ranking the worlds banks by Tier 1 capital globally, as well as by individual country. The awards are the industry’s most widely used index of global banking, the banks are assessed by Tier 1 capital, with secondary rankings by assets, capital/asset ratio, real profit growth, profit on average capital, and return on assets. In 2013 ICBC was ranked in top place, the first time ever for a Chinese bank, how to Run a Bank is an annual guide to international banking in the new financial environment, combining contributions from bankers, regulators, academics and economists. Top Islamic Financial Institutions annual listing assesses the state of the Islamic banking. Since 2007, it has aimed to help estimate the size, on 8 January 2014, it was announced that Irelands Michael Noonan was awarded Best finance minister in Europe. The Banker is known for its rankings of the worlds top banks
25.
Martin Wolf
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Martin Wolf, CBE is a British journalist who focuses on economics. He is the editor and chief economics commentator at the Financial Times. Wolf was born in London, in 1946 and his father Edmund was an Austrian Jewish playwright who escaped from Vienna to England before World War II. In London, Edmund met Wolfs mother, a Dutch Jew who had lost nearly thirty close relatives in the Holocaust. Wolf recalls that his background left him wary of extremes and encouraged his interest in economics. He was a supporter of the Labour Party until the early 1970s. He initially studied Classics before starting the Philosophy, Politics and Economics Course, as a graduate student Wolf moved on to Nuffield College, also at Oxford, which he left with a master of philosophy degree in economics in 1971. Wolf has said that he never pursued a PhD, because he didnt want to become an academic, in 1971, Wolf joined the World Banks young professionals programme, becoming a senior economist in 1974. Wolf left the World Bank in 1981, to become Director of Studies at the Trade Policy Research Centre and he joined the Financial Times in 1987, where he has been associate editor since 1990 and chief economics commentator since 1996. Up until the late 2000s, Wolf was an advocate of globalisation. By 2008, Wolf had become disillusioned with theories promoting what he came to see excessive reliance on the private sector. While remaining a pragmatist free of binding commitments to any one ideology, according to Julia Loffe writing in 2009 for The New Republic, he was arguably the most widely trusted pundit of the crisis. Wolf is a supporter of a land value tax, between 2010 and 2011, Wolf served on the Independent Commission on Banking. Wolf was joint winner of the Wincott Foundation senior prize for excellence in journalism in both 1989 and 1997. He won the RTZ David Watt memorial prize in 1994, Wolf was awarded the CBE. Wolf is a regular participant in the annual Bilderberg meetings of politicians and bankers. He is visiting fellow of Nuffield College, Oxford, a Special Professor at the University of Nottingham and he has been a forum fellow at the annual meeting of the World Economic Forum in Davos since 1999. Wolf has been named in the top 100 lists of global thinkers by Prospect, Wolf is regarded as staggeringly well connected within elite financial circles. Wolf is widely regarded as one of the most influential journalists in the world
26.
Gillian Tett
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Gillian Tett is a British author and journalist at the Financial Times, where she is a markets and finance columnist and U. S. She became renowned for her warning that a financial crisis was looming. After leaving school, she went up to Clare College at the University of Cambridge and she expressed frustration with an academic anthropology that in her view has been committing intellectual suicide and decided instead to pursue a career in journalism. In 1993, Tett joined the Financial Times as a correspondent from the former Soviet Union, in 1997, she was posted to Tokyo, where she later became bureau chief. In 2003, she became deputy head of the influential Lex column, Tett was then U. S. managing editor at the FT, before working as an assistant editor and columnist before returning to the U. S. She is also the chairwoman of the board of trustees for the Knight–Bagehot Fellowship in Economics, in 2006, she predicted the financial crisis. Her 2009 book Fools Gold recounts the lead-up to the economic crisis and she also played a significant role in the 2010 documentary Inside Job about the financial crisis of 2008. In 2010 Tett interviewed author Sebastian Mallaby on C-SPAN about his book More Money Than God, Hedge Funds, Mallaby introduced James Simons, founder of the Renaissance Technologies hedge fund and arguably the most successful investor of all time but who was virtually unknown in 2010. In 2012, she received a Society of American Business Editors and Writers Award for best feature article, in 2010 The Daily Beast asked Is Gillian Tett The Most Powerful Woman in Newspapers. On 30 May 2013 Tett was awarded a doctorate and gave the commencement address at the graduation ceremonies of Baruch College of the City University of New York. Tett is a parent of two daughters. Gillian Tett on Twitter Media related to Gillian Tett at Wikimedia Commons Gillian Tett at the Internet Movie Database Appearances on C-SPAN
27.
Edward Luce
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Edward Luce is an English journalist and the Financial Times chief US commentator and columnist based in Washington, DC. Before that he was the FTs Washington bureau chief and South Asia Bureau Chief based in New Delhi and his first job was as a correspondent for The Guardian in Geneva. Luce graduated with a degree in Philosophy, Politics and Economics from New College, Oxford, in 1990 and he has studied at various boarding schools around Sussex. He is the son of Richard Luce, and his first cousin is the writer, actress, and comedian Miranda Hart
28.
Nigel Lawson
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Nigel Lawson, Baron Lawson of Blaby, PC is a British Conservative politician and journalist. He was a member of parliament representing the constituency of Blaby from 1974 to 1992, prior to entering the Cabinet, he served as the Financial Secretary to the Treasury from May 1979 until his promotion to Secretary of State for Energy. He was appointed as Chancellor of the Exchequer in June 1983, in both Cabinet posts, Lawson was a key proponent of Thatchers policies of privatisation of several key industries. He is the father of six children, including Nigella Lawson, a writer and celebrity cook, Dominic Lawson, a journalist. Lawson was born in 1932 to a wealthy Jewish family living in Hampstead and his father, Ralph Lawson, was the owner of a commodity-trading firm in the City of London, while his mother, Joan Elisa Davis, was also from a prosperous family of stockbrokers. His paternal grandfather, Gustav Leibson, a merchant from Mitau, changed his name from Leibson to Lawson in 1925, Lawson carried out his National Service as a Royal Navy officer, during which time he commanded a fast patrol boat, HMS Gay Charger. Lawson began his career as a journalist at the Financial Times in 1956 and he progressed to the positions of City editor of The Sunday Telegraph in 1961 – where he introduced his friend Jim Slaters Capitalist investing column – and then editor of The Spectator. On the election of Margaret Thatchers government, Lawson was appointed to the post of Financial Secretary to the Treasury, in the Cabinet reshuffle of September 1981, Lawson was promoted to the position of Secretary of State for Energy. He was a key proponent of the Thatcher Governments privatisation policy, after the Governments re-election in 1983, Lawson was appointed Chancellor of the Exchequer in succession to Geoffrey Howe. The early years of Lawsons chancellorship were associated with tax reform, the 1984 Budget reformed corporate taxes by a combination of reduced rates and reduced allowances. The 1985 Budget continued the trend of shifting from direct to indirect taxes by reducing National Insurance contributions for the lower-paid while extending the base of value added tax. During these two years Lawsons public image remained low-key, but from the 1986 Budget, his stock rose as unemployment began to fall from the middle of 1986. Lawson also changed the budget deficit from £10.5 billion in 1983 to a surplus of £3.9 billion in 1988 and £4.1 billion in 1989. During his tenure the rate of taxation also came down, the basic rate was reduced from 30% in 1983 to 25% by 1988. In 1986 the City of Londons financial markets were deregulated in the so-called Big Bang, in an interview in 2010 Nigel Lawson said that an unintended consequence of the Big Bang was the financial crisis of 2007-2008. Lawson, in his own defence, attributes the boom largely to the effects of various measures of financial deregulation, Lawson also ascribes the difficulty of conducting monetary policy to Goodharts Law. His tax cuts, beginning in 1986, resulted in the Lawson Boom of the British economy, Lawson opposed the introduction of the Community Charge as a replacement for the previous rating system for the local financing element of local government revenue. His dissent was confined to deliberations within the Cabinet, where he found few allies, the issue of exchange-rate mechanism membership continued to fester between Lawson and Thatcher and was exacerbated by the re-employment by Thatcher of Sir Alan Walters as personal economic adviser
29.
Richard Lambert
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Sir Richard Peter Lambert is a British journalist and business executive. He served as Director-General of the CBI, Chancellor of the University of Warwick and he joined the FT in 1966, editing the Lex Column in the paper in the 1970s. He became Financial Editor in 1979, from 1982 to 1983, he was the papers New York correspondent. He was editor of the Financial Times from 1991 to 2001, from 1997 to 1998, he returned in New York and remained editor, where he set up a US version of the paper to challenge the Wall Street Journal. From June 2003 to March 2006, he was one of the nine members of the Monetary Policy Committee of the Bank of England and he became Director-General of the Confederation of British Industry on 1 July 2006. He has written Government reports on BBC News 24 and chaired the Lambert Review on the relationship between education and business. He was replaced by John Cridland as head of the CBI on 1 February 2011 and he was awarded an honorary doctorate from the University of York in 2007. He has other honorary degrees from City University, the University of Warwick, Brighton University and he was appointed Chancellor of the University of Warwick on 19 March 2008. He formally took up the position on 1 August 2008, and was installed on 10 December of the same year. After eight years as Chancellor, Lambert concluded his term at the end of the 2015-16 academic year and he was knighted in the 2011 New Year Honours for service to business. He married Harriet Murray-Browne in 1973 and has two children, Lambert is also on the board of the British Museum
30.
David Freud, Baron Freud
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David Anthony Freud, Baron Freud, PC is a British politician. He is a former Minister of State for Welfare Reform in the Conservative Government of the United Kingdom, before he joined the Conservative Party, he advised New Labour on welfare reform during its final term of office. He is a past vice-chairman of investment banking at UBS and he stepped down from his government role at the end of December 2016. Freud is the son of Walter Freud and a great-grandson of the doctor and he was educated at Whitgift School, Croydon, and Merton College, Oxford, where he took a degree in Politics, Philosophy and Economics. After starting out at the Western Mail, Freud worked at the Financial Times for eight years as a journalist, in 1983 he was hired by the stockbroking firm then known as Rowe & Pitman. Later, he worked for S G Warburg, which was taken over by UBS and he was vice-chairman of investment banking at UBS before he retired. His book Freud in the City describes his life as a merchant banker, in 2006, Freud was asked by Tony Blair to review the UKs welfare-to-work system. The Daily Telegraph said that Blair had been impressed by his role in raising finance for Eurotunnel, Freud wrote, Given the active labour market policies now pursued in the UK, there is a close link between effective expenditure on employment programmes and expenditure on working age benefits. Effective spending by the on labour market policies or administration can result in reductions in benefit expenditure His ideas foreshadowed the Work Programme. The Daily Telegraph has claimed many of ideas fell victim to the fierce infighting between Mr Blair, the then Prime Minister, and Gordon Brown, his Chancellor. In 2008, during the crisis that had begun the previous year. The Daily Telegraph said Freud was then asked to help implement nothing less than a revolution in the state after a sea change in Labours thinking about the benefits system. His ideas were incorporated into a White Paper published later that year, the newspaper also said that the move was an apparent demonstration of his belief that the Tories are more likely to implement his radical reforms. On 27 June 2009, he went from knight to lord after his name was put forward by the Conservative leadership and he then became a shadow minister in David Camerons frontbench team. When the Coalition Government was formed in 2010, Freud was made Parliamentary Under Secretary of State for Welfare Reform at the Department for Work and Pensions. In 2012, he outlined some of his thoughts on reform in an interview by saying, People who are poorer should be prepared to take the biggest risks. In the same interview, he said his primary concerns were the nooks, in 2014, Labour MPs called for Freuds resignation after he was secretly recorded responding to a question posed at a fringe meeting of the Conservative Party conference. Freud, thinking out loud, agreed there was a small group of disabled people who were not worth the full wage and said he would go away
31.
Jo Johnson
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Joseph Edmund Johnson is a Conservative Party politician. He has been the Member of Parliament for Orpington since the election in May 2010. From April 2013 to May 2015, he was the Head of the Number 10 Policy Unit, following the May 2015 general election, he became the Minister for Universities and Science. He is the brother of Boris Johnson, the Foreign Secretary and the former Mayor of London, Rachel, a writer and journalist, and Leo. He began his schooling in Brussels, at the European School in Uccle, before attending The Hall School in Hampstead, London, Ashdown House School in East Sussex, in 1991, he went to Balliol College, Oxford to read Modern History. He was a Scholar at Balliol, edited Isis, the Oxford University student magazine, while at Oxford, he was a member of the Bullingdon Club together with Harry Mount, Nat Rothschild and George Osborne, with whom he remains a close friend. Johnson then became an Associate Editor of the Financial Times and Head of the Lex Column, Johnson left the Lex column in April 2010. In April 2009, Johnson was named Foreign Journalist of the Year in Indias leading media awards, the Indian Express Excellence in Journalism Awards. His books include the co-authored The Man Who Tried To Buy the World, a regular commentator on radio and television, he frequently speaks in public on the rise of India and the new world order, as well as on the UK political economy and financial affairs. Most recently he has co-edited, with Dr Rajiv Kumar Reconnecting Britain and India, on 12 December 2009, Johnson was selected as the Conservative parliamentary candidate for the constituency of Orpington from a shortlist of six contenders. He won the seat, tripling the Conservative majority to over 17,000, between January 2012 and September 2012 Johnson served as Parliamentary Private Secretary to Mark Prisk, Minister of State for Business and Enterprise. He was appointed as an Assistant Government Whip in September 2012, on 25 April 2013, he was appointed by David Cameron as Parliamentary Secretary at the Cabinet Office to help develop the next elections 2015 Tory manifesto with Minister for Policy Oliver Letwin. His appointment to head up the unit was seen as somewhat surprising as he was perceived as being more pro-European. On 20 June 2013, he was reselected as the Conservative candidate for Orpington at the 2015 General Election and he was re-elected with a 57% share of the vote. On 11 May 2015, it was announced that Johnson had been appointed Minister for Universities and Science at the Department for Business, Innovation, Universities UK has pointed out that British higher education institutions benefit from around £1.2 billion in European research funding each year. In 2016, the Natural Environment Research Council asked the public to vote on names for a new research ship. The online poll was active from 17 March to 16 April 2016 with the name Boaty McBoatface garnering 124,109 votes, roughly four times more than the runner up Poppy Mai. Despite huge popular demand, Johnson oversaw the decision to name the vessel RRS Sir David Attenborough, causing Guardian columnist, Stuart Heritage, to lament, tyrants have crushed the peoples will
32.
Luxury goods
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Luxury goods are often synonymous with superior goods and Veblen goods. Luxury goods are said to have high income elasticity of demand, as people become wealthier and this also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, although the technical term luxury good is independent of the goods quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Classic luxury goods include haute couture clothing, accessories, and luggage, many markets have a luxury segment including, for example, automobile, yacht, wine, bottled water, coffee, tea, foods, watches, clothes, jewelry, and high fidelity. The hiring of full-time or live-in domestic servants is a luxury reflecting disparities of income, some financial services, especially in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets generally do not use them. The three dominant trends in the luxury goods market are globalization, consolidation, and diversification. Globalization is a result of the availability of these goods, additional luxury brands. Consolidation involves the growth of big companies and ownership of brands across many segments of luxury products, examples include LVMH, Richemont, and Kering, which dominate the market in areas ranging from luxury drinks to fashion and cosmetics. Leading global consumer companies, such as Procter & Gamble, are attracted to the industry. The luxury goods market has been on a climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well, particularly in 2000. In that year, the luxury goods market – which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags – was worth close to $170 billion. The United States has been the largest regional market for goods and is estimated to continue to be the leading personal luxury goods market in 2013. The largest sector in this category was luxury drinks, including premium whisky, Champagne and this sector was the only one that suffered a decline in value. In 2012, China surpassed Japan as the worlds largest luxury market, chinas luxury consumption accounts for over 25% of the global market. The Economist Intelligence Unit published a report on the outlook for luxury goods in Asia which explores the trends and forecasts for the luxury goods market across key markets in Asia. In 2014, the sector is expected to grow over the next 10 years because of 440 million consumers spending a total of 880 billion euros. Secular luxury manuscripts were commissioned by the wealthy and differed in the same ways from cheaper books
33.
Yacht
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A yacht /ˈjɒt/ is a recreational boat or ship. In modern use of the term, yachts differ from working ships mainly by their leisure purpose, there are two different classes of yachts, sailing and power boats. With the rise of the steamboat and other types of powerboat, sailing vessels in general came to be perceived as luxury, later the term came to encompass large motor boats for primarily private pleasure purposes as well. Yacht lengths normally range from 10 metres up to dozens of meters, a luxury craft smaller than 12 metres is more commonly called a cabin cruiser or simply a cruiser. A superyacht generally refers to any yacht above 24 m and a megayacht generally refers to any yacht over 50 metres and this size is small in relation to typical cruise liners and oil tankers. A few countries have a special flag worn by recreational boats or ships, although inspired by the national flag, the yacht ensign does not always correspond with the civil or merchant ensign of the state in question. Yacht ensigns differ from merchant ensigns in order to signal that the yacht is not carrying cargo that requires a customs declaration, carrying commercial cargo on a boat with a yacht ensign is deemed to be smuggling in many jurisdictions. Until the 1950s, almost all yachts were made of wood or steel, although wood hulls are still in production, the most common construction material is fibreglass, followed by aluminium, steel, carbon fibre, and ferrocement. The use of wood has changed and is no longer limited to traditional board-based methods, wood is mostly used by hobbyists or wooden boat purists when building an individual boat. Apart from materials like carbon fibre and aramid fibre, spruce veneers laminated with epoxy resins have the best weight-to-strength ratios of all boatbuilding materials. Sailing yachts can range in length from about 6 metres to well over 30 metres. Most privately owned yachts fall in the range of about 7 metres -14 metres, in the United States, sailors tend to refer to smaller yachts as sailboats, while referring to the general sport of sailing as yachting. Within the limited context of racing, a yacht is any sailing vessel taking part in a race. Many modern racing yachts have efficient sail-plans, most notably the Bermuda rig. This capability is the result of a sail-plan and hull design oriented towards this capability, day sailing yachts are usually small, at under 6 metres in length. Sometimes called sailing dinghies, they often have a keel, centreboard. Most day sailing yachts do not have a cabin, as they are designed for hourly or daily use and not for overnight journeys. They may have a cabin, where the front part of the hull has a raised solid roof to provide a place to store equipment or to offer shelter from wind or spray
34.
Mansion
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A mansion is a large dwelling house. The word itself derives through Old French from the Latin word mansio dwelling, the English word manse originally defined a property large enough for the parish priest to maintain himself, but a mansion is no longer self-sustaining in this way. Manor comes from the same root—territorial holdings granted to a lord who would remain there—hence it is easy to see how the word Mansion came to have its meaning, within an ancient Roman city, patrician dwellings might be very extensive, and luxurious. Such mansions on one hill in Rome became so extensive that the term palatial was actually derived from the name Palatine hill and is the origin of palace. Following the fall of Rome the practice of building unfortified villas ceased, today, the oldest inhabited mansions around the world usually began their existence as fortified castles in the middle ages. As social conditions slowly changed and stabilised fortifications were able to be reduced and it became fashionable and possible for homes to be beautiful rather than grim and forbidding allowing for the development of the modern mansion. In British English a mansion block refers to a block of flats or apartments designed for the appearance of grandeur, in many parts of Asia, including Hong Kong and Japan, the word mansion also refers to a block of apartments. In Europe, from the 15th century onwards, a combination of politics, as a result, many were transformed into mansions without defences or demolished and rebuilt in a more modern, undefended style. Due to intermarriage and primogeniture inheritance amongst the aristocracy, it common for one noble to often own several country houses. These would be visited throughout the year as their owner pursued the social. Many owners of a house would also own a town mansion in their countrys capital city. These town mansions were referred to as houses in London, hotels in Paris and it might be noted that sometimes the house of a clergyman was called a mansion house. This was a period of social change, as the educated prided themselves on enlightenment. The uses of these edifices paralleled that of the Roman villas and it was vital for powerful people and families to keep in social contact with each other as they were the primary moulders of society. The rounds of visits and entertainments were a part of the societal process. State business was discussed and determined in informal settings. Times of revolution reversed this value, in the great houses of Italy, the number of retainers was often even greater than in England, whole families plus extended relations would often inhabit warrens of rooms in basements and attics. It is doubtful that a 19th-century Marchesa would even know the number of individuals who served her
35.
Apartment
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An apartment or a flat is a self-contained housing unit that occupies only part of a building, correctly, on a single level without a stair. In Scotland it is called a block of flats or, if its a traditional building, a tenement. Apartments may be owned by an owner/occupier, by leasehold tenure or rented by tenants, the term apartment is favoured in North America. In the UK, the apartment is more usual in professional real estate and architectural circles where otherwise the term flat is commonly. Technically multi-storey apartments are referred to as duplex indicating the number of floors within the property, usage generally follows the British in Ireland, Singapore, Hong Kong and most Commonwealth nations. In Malaysian English, flat often denotes a housing block of lesser quality meant for lower-income groups, while apartment is more generic, in Australian English, the term flat is traditionally used, but the term unit is frequently used. More recently, the apartment is being used. Tenement law refers to the basis of permanent property such as land or rents. It may be combined as in Messuage or Tenement to encompass all the land, buildings. Most apartments are in buildings designed for the purpose, but large older houses are divided into apartments. The word apartment denotes a unit or section in a building. In some locations, particularly the United States, the word connotes a rental unit owned by the building owner, in the England and Wales, some flat owners own shares in the company that owns the freehold of the building as well as holding the flat under a lease. This is commonly known as a share of freehold flat, the freehold company has the right to collect annual ground rents from each of the flat owners in the building. The freeholder can also develop or sell the building, subject to the usual planning and this does not happen in Scotland, where long leasehold of residential property was formerly unusual, and is now not possible. In some countries the word unit is a general term referring to both apartments and rental business suites. The word unit is used only in the context of a specific building. This building has three units or Im going to rent a unit in this building, but not Im going to rent a unit somewhere, in Australia, a unit refers to flats, apartments or even semi-detached houses. An industrial, warehouse, or commercial space converted to an apartment is called a loft
36.
Haute couture
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Haute couture is the creation of exclusive custom-fitted clothing. A haute couture garment is made for a client, tailored specifically for the wearers measurements. Considering the amount of time, money, and skill allotted to each completed piece, haute couture garments are described as having no price tag. The term originally referred to Englishman Charles Frederick Worths work, produced in Paris in the mid-nineteenth century, in modern France, haute couture is a protected name that may not be used except by firms that meet certain well-defined standards. However, the term is used loosely to describe all high-fashion custom-fitted clothing whether it is produced in Paris or in other fashion capitals such as London, Milan. In either case, the term can refer to the houses or fashion designers that create exclusive. In France, the haute couture is protected by law and is defined by the Chambre de commerce et dindustrie de Paris based in Paris. The chambre syndicale de la haute couture is defined as the commission that determines which fashion houses are eligible to be true haute couture houses. Formation of the organization was brought about by Charles Frederick Worth, an affiliated school was organized in 1930 called LEcole de la Chambre Syndicale de la Couture. The school helps bring new designers to help the couture houses that are present today. Since 1975, this organization has worked within the Federation Francaise, de couture, more rigorous criteria for haute couture were established in 1945. g. With that of prêt-à-porter in the public perception, almost every haute couture house also markets prêt-à-porter collections, which typically deliver a higher return on investment than their custom clothing. Falling revenues have forced a few houses to abandon their less profitable haute couture division. These houses are no longer considered haute couture houses by the original, legal usage of the term. Many top designer fashion houses such as Chanel use the word for some of their special collections, as well, the term haute couture has taken on further popular meanings referring to non-dressmaking activities, such as production of fine art, music, etc. Haute couture can be referenced back as early as the 17th Century, rose Bertin, the French fashion designer to Queen Marie Antoinette, can be credited for bringing fashion and haute couture to French culture. Visitors to Paris brought back clothing that was copied by local dressmakers. Stylish women also ordered fashion d dressed in the latest Parisian fashion to serve as models, as railroads and steamships made European travel easier, it was increasingly common for wealthy women to travel to Paris to shop for clothing and accessories
37.
Conspicuous consumption
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Conspicuous consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power—of the income or of the accumulated wealth of the buyer. To the conspicuous consumer, such a display of discretionary economic power is a means of either attaining or maintaining a given social status. That among such people, displays of wealth are used to combat the impression of poverty. Conspicuous compassion, the practice of publicly donating great sums of money to charity to enhance the prestige of the donor, is sometimes described as a type of conspicuous consumption. Supporting interpretations and explanations of contemporary conspicuous consumption are presented in Consumer Culture, lury, Consumer Culture and Modernity, by D. Slater, Symbolic Exchange and Death, by Jean Baudrillard, and Spent, Sex, Evolution, and the Secrets of Consumerism, by Geoffrey Miller. In the article Veblen, Bourdieu, and Conspicuous Consumption, A. Self-worth – In the book Income, Saving, shelter and transport – In the U. S. Prestige – In the article Status Consumption in Consumer Behaviour, Scale Development and Validation, moreover, in the article Status Brands, Examining the Effects of Non-product-related Brand Associations on Status and Conspicuous Consumption, A. OCass and H. Frost said that sociologists often incorrectly used the terms status consumption and conspicuous consumption as interchangeable, in a later study, OCass and Frost determined that, as sociologic constructs, the terms status consumption and conspicuous consumption denote different sociologic behaviours. One downside of this search for status is that purchases of positional goods may at a social level be self-defeating due to external effects. In the case of conspicuous consumption, taxes upon luxury goods diminish societal expenditures on high-status goods, when utility is derived directly from accumulation of assets, this lowers the dead weight loss associated with inheritance taxes and raises the optimal rate of inheritance taxation. In place of luxury taxes, the economist Robert H, another option is the redistribution of wealth, either by means of an incomes policy or by progressive taxation
38.
Austerity
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In most macroeconomic models austerity measures generally increase unemployment as government spending falls, reducing jobs in the public and/or private sector. Meanwhile, tax increases reduce household disposable income, thus reducing spending, countries which have benefited from austerity such as Ireland have in subsequent research shown to have suffered. Since government spending contributes to the Gross Domestic Product, reducing the spending may result in a higher debt-to-GDP ratio, in the case of excess capacity, however, the stimulus may result in an increase in employment and output. Austerity measures are typically pursued if there is a threat that a government cannot honour its debt obligations and this may occur when a government has borrowed in foreign currencies, or if it has been legally forbidden from issuing its own currency. International financial institutions such as the International Monetary Fund may demand austerity measures as part of Structural Adjustment Programmes when acting as lender of last resort. Austerity policies may also appeal to the class of creditors, who prefer low inflation. More recently austerity has been pursued after governments became highly indebted by assuming private debts following banking crises, Austerity is grounded in liberal economists views that state and sovereign debt are deeply problematic. On the basis of classic liberal ideas austerity emerged as a doctrine of neoliberalism in the 20th Century, economist David M Kotz suggests that the implementation of austerity measures following the financial crisis of 2007–08 was an attempt to preserve the neoliberal capitalist model. In the 1930s during the Great Depression, anti-austerity arguments gained more prominence, john Maynard Keynes became a well known anti-austerity economist, arguing that The boom, not the slump, is the right time for austerity at the Treasury. Contemporary Keynesian and New Keynesian economists argue that budget deficits are appropriate when an economy is in recession, to reduce unemployment, according to Paul Krugman, since a government is not like a household, reductions in government spending during economic downturns worsen the crisis. Across an economy, one persons spending is another persons income, in other words, if everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. An important component of economic output is business investment, but there is no reason to expect it to stabilize at full utilization of the economys resources, high business profits do not necessarily lead to increased economic growth. Economists Kenneth S. Rogoff and Carmen M and our consistent advice has been to avoid withdrawing fiscal stimulus too quickly, a position identical to that of most mainstream economists. To help improve the U. S.9 and 1.7. In other words, a 1% GDP fiscal consolidation would reduce GDP between 0. 9% and 1. 7%, in so doing inflicting far more economic damage than the 0.5 previously estimated in IMF forecasts. In many countries, little is known about the size of multipliers, for these countries, Nicoletta Batini, Luc Eyraud and Anke Weber propose a simple method — dubbed the bucket approach — to come up with reasonable multiplier estimates. Different tax and spending choices of equal magnitude have different economic effects, For example, congressional Budget Office estimated that the payroll tax has a higher multiplier than does the income tax. In other words, raising the tax by $1 as part of an austerity strategy would slow the economy more than would raising the income tax by $1
39.
Great Recession
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The Great Recession was a period of general economic decline observed in world markets during the late 2000s and early 2010s. The scale and timing of the recession varied from country to country, in terms of overall impact, the International Monetary Fund concluded that it was the worst global recession since World War II. According to the US National Bureau of Economic Research the recession, as experienced in that country, began in December 2007 and ended in June 2009, the Great Recession was related to the financial crisis of 2007–08 and U. S. subprime mortgage crisis of 2007–09. The Great Recession has resulted in the scarcity of valuable assets in the market economy, under the academic definition, the recession ended in the United States in June or July 2009. In the broader, lay sense of the word however, many use the term to refer to ongoing hardship. The Great Recession met the IMF criteria for being a recession, requiring a decline in annual real world GDP per‑capita. According to the U. S. National Bureau of Economic Research the recession began in December 2007 and ended in June 2009, the years leading up to the crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U. S. shadow banking system had grown to rival the depository system yet was not subject to the regulatory oversight. US mortgage-backed securities, which had risks that were hard to assess, were marketed around the world, the emergence of sub-prime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and the fall of Lehman Brothers on 15 September 2008, the global recession that followed resulted in a sharp drop in international trade, rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s, Economist Paul Krugman once commented on this as seemingly the beginning of a second Great Depression. Governments and central banks responded with fiscal and monetary policies to national economies. The recession has renewed interest in Keynesian economic ideas on how to combat recessionary conditions, economists advise that the stimulus should be withdrawn as soon as the economies recover enough to chart a path to sustainable growth. Income inequality in the United States has grown from 2005 to 2012 in more than 2 out of 3 metropolitan areas, median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011. The majority report of the U. S, Financial Crisis Inquiry Commission, composed of six Democratic and four Republican appointees, reported its findings in January 2011. There were two Republican dissenting FCIC reports, one of them, signed by three Republican appointees, concluded that there were multiple causes. He wrote, When the bubble began to deflate in mid-2007, There are several narratives attempting to place the causes of the recession into context, with overlapping elements. Four such narratives include, There was the equivalent of a run on the shadow banking system
