1.
Florida
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Florida /ˈflɒrᵻdə/ is a state located in the southeastern region of the United States. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia, to the east by the Atlantic Ocean, Florida is the 22nd-most extensive, the 3rd-most populous, and the 8th-most densely populated of the U. S. states. Jacksonville is the most populous municipality in the state and is the largest city by area in the contiguous United States, the Miami metropolitan area is Floridas most populous urban area. The city of Tallahassee is the state capital, much of the state is at or near sea level and is characterized by sedimentary soil. The climate varies from subtropical in the north to tropical in the south, the American alligator, American crocodile, Florida panther, and manatee can be found in the Everglades National Park. It was a location of the Seminole Wars against the Native Americans. Today, Florida is distinctive for its large Cuban expatriate community and high population growth, the states economy relies mainly on tourism, agriculture, and transportation, which developed in the late 19th century. Florida is also renowned for amusement parks, orange crops, the Kennedy Space Center, Florida has attracted many writers such as Marjorie Kinnan Rawlings, Ernest Hemingway and Tennessee Williams, and continues to attract celebrities and athletes. It is internationally known for golf, tennis, auto racing, by the 16th century, the earliest time for which there is a historical record, major Native American groups included the Apalachee, the Timucua, the Ais, the Tocobaga, the Calusa and the Tequesta. Florida was the first part of the continental United States to be visited and settled by Europeans, the earliest known European explorers came with the Spanish conquistador Juan Ponce de León. Ponce de León spotted and landed on the peninsula on April 2,1513 and he named the region La Florida. The story that he was searching for the Fountain of Youth is a myth, in May 1539, Conquistador Hernando de Soto skirted the coast of Florida, searching for a deep harbor to land. He described seeing a wall of red mangroves spread mile after mile, some reaching as high as 70 feet. Very soon, many smokes appeared along the whole coast, billowing against the sky, the Spanish introduced Christianity, cattle, horses, sheep, the Spanish language, and more to Florida. Both the Spanish and French established settlements in Florida, with varying degrees of success, in 1559, Don Tristán de Luna y Arellano established a settlement at present-day Pensacola, making it the first attempted settlement in Florida, but it was abandoned by 1561. Spain maintained tenuous control over the region by converting the tribes to Christianity. The area of Spanish Florida diminished with the establishment of English settlements to the north, the English attacked St. Augustine, burning the city and its cathedral to the ground several times. Florida attracted numerous Africans and African-Americans from adjacent British colonies who sought freedom from slavery, in 1738, Governor Manuel de Montiano established Fort Gracia Real de Santa Teresa de Mose near St
2.
Real estate bubble
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A real estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets, typically following a land boom. A land boom is the increase in the market price of real property such as housing until they reach unsustainable levels. The financial crisis of 2007–08 was related to the bursting of real estate bubbles which had begun during the 2000s around the world, Bubbles in housing markets are more critical than stock market bubbles. Historically, equity price busts occur on average every 13 years, lasts for 2.5 years, Housing price busts are less frequent, but last nearly twice as long and lead to output losses that are twice as large. A recent laboratory experimental study also shows that, compared to financial markets, real estate markets involve longer boom, as with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented. Speculative bubbles are persistent, systematic and increasing deviations of actual prices from their fundamental values, Bubbles can often be hard to identify, even after the fact, due to difficulty in accurately estimating intrinsic values. In real estate, fundamentals can be estimated from rental yields or based on a regression of actual prices on a set of demand and/or supply variables. Some argue further that governments and central banks can and should take action to prevent bubbles from forming, within mainstream economics, economic bubbles, and in particular real estate bubbles, are not considered major concerns. Within some schools of economics, by contrast, real estate bubbles are considered of critical importance. The pre-dominating economic perspective is that economic bubbles result in a temporary boost in wealth, when prices increase, there is a positive wealth effect, and when they decline, there is a negative wealth effect. These effects can be smoothed by counter-cyclical monetary and fiscal policies, the ultimate effect on owners who bought before the bubble formed and did not sell is zero. Those who bought low and sold high profited, whereas those who bought high. This redistribution of wealth is of little macroeconomic significance and these are then argued to cause financial and hence economic crises. This is first argued empirically – numerous real estate bubbles have been followed by economic slumps, when the bubble bursts, the value of the property decreases but not the level of debt. The burden of repaying or defaulting on the loan depresses aggregate demand, it is argued, the crash of the Japanese asset price bubble from 1990 on has been very damaging to the Japanese economy. The crash in 2005 affected Shanghai, Chinas largest city, in comparison to the stock market bubbles, real estate bubbles take longer to deflate, prices decline slower because the real estate market is less liquid. Therefore, this focuses on housing bubbles and mentions other sectors only when their situation differs. Then U. S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that at a minimum, the Economist magazine, writing at the same time, went further, saying the worldwide rise in house prices is the biggest bubble in history
3.
Aladdin City, Florida
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Aladdin City is an unincorporated community in Miami-Dade County, Florida, United States. It is located about 20 miles southwest of Miami within the community of Redland. In late 1925, The Aladdin Company of Bay City, Michigan, otto and William Sovereign, the founders of the company, began to build a Moorish-themed city made up primarily of buildings featured in their 1920 industrial catalog. It was planned to have a population of 10,000, after forming the Aladdin City Sales Co. Construction of the house commenced at 7,00 a. m. and was finished at dark, complete with electricity, plumbing, sidewalks, a few days later, an advertisement in the Miami News boasted that 874 homesites had been sold on opening day. Already operating five house manufacturing plants in the United States and Canada, the Sovereigns also sought to attract other manufacturing plants to the city. In addition, the Seaboard Air Line Railway, which was constructing its new extension from central Florida to Homestead, although these events turned out in retrospect to be the first sign of the end of the land boom, the Sovereign brothers remained optimistic. Negotiations were purported to be under way at that point to start banking operations upon completion of the building, following the ceremony, the Pioneer Society—which was composed of Aladdin City investors—held a meeting and elected officers. While a number of homes, a hall, and the promised Seaboard extension and Aladdin City train station were built. Some promotional activity continued, the Aladdin City Handicap was run at Hialeah Park through 1931, in December 1930, at the onset of the Great Depression, the Sovereign brothers conducted a raffle of two homes and ten lots in a nationwide competition among purchasers of Aladdin kit homes. The winners of the two homes, both of whom were from the northeastern U. S. also received tickets to Aladdin City. The Sovereign brothers planned a similar raffle for the end of 1931, however, in March 1934, the Sovereigns returned the lots to acreage in a revised plat, and continued to liquidate their already deeply discounted land holdings. The Aladdin City Sales Co. was finally dissolved by proclamation in November 1936, a couple of the Aladdin homes survived over the years, but without the community and the commercial buildings, which remained on the drawing board. The last of these homes reportedly suffered severe damage in Hurricane Andrew in 1992, Aladdin City is located at 25. 567046°N80. 453846°W /25.567046, -80.453846, with an elevation 10 feet. The original community was centered around a large oval—known as Ali Baba Circle—oriented on a north-south axis, the interior of the oval was planned as Ali Baba Park, with a large bathing pool in the middle. The top half of a larger oval, Ali Cogia Circle. Both circles were planned as the site of the commercial district. Two hundred-foot-wide boulevards, Sovereign Boulevard and Aladdin Boulevard, radiated from the northeastern and northwestern curves of Ali Baba Circle, Damascus Street and Cairo Street extended from the east and west sides of the circle, with Cairo Street bisecting Ali Baba Circle south of the bathing pool site
4.
Miami-Dade County, Florida
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Miami-Dade County is a county located in the southeastern part of the U. S. state of Florida. It is the southeasternmost county on the U. S. mainland, according to a 2015 census report, the county had a population of 2,693,117, making it the most populous county in Florida and the seventh-most populous county in the United States. It is also Floridas third-largest county in terms of land area, Miami-Dade County is included in the Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area. The county is home to 34 incorporated cities and many unincorporated areas, southern Miami-Dade County includes the Redland and Homestead areas, which make up the agricultural economy of Miami. Agricultural Redland makes up one third of Miami-Dade Countys inhabited land area, and is sparsely populated. The western portion of the county extends into the Everglades National Park and is populated only by a Miccosukee tribal village, East of the mainland in Biscayne Bay is also Biscayne National Park and the Biscayne Bay Aquatic Preserves. The earliest evidence of Native American settlement in the Miami region came from about 12,000 years ago, the first inhabitants settled on the banks of the Miami River, with the main villages on the northern banks. The Tequesta Indians fished, hunted, and gathered the fruit and roots of plants for food and they buried the small bones of the deceased with the rest of the body, and put the larger bones in a box for the village people to see. The Tequesta are credited with making the Miami Circle, Juan Ponce de León was the first European to visit the area in 1513 by sailing into Biscayne Bay. His journal records that he reached Chequescha, a varianth of Tequesta and it is unknown whether he came ashore or made contact with the natives. Pedro Menéndez de Avilés and his men made the first recorded landing when they visited the Tequesta settlement in 1566 while looking for Avilés missing son, shipwrecked a year earlier. Spanish soldiers led by Father Francisco Villarreal built a Jesuit mission at the mouth of the Miami River a year later, after the Spaniards left, the Tequesta Indians were left to fend themselves from European-introduced diseases like smallpox. By 1711, the Tequesta sent a couple of local chiefs to Havana, Cuba, the Cubans sent two ships to help them, but Spanish illnesses struck and most of the Indians died. The first permanent European settlers arrived in the early 19th century, people came from the Bahamas to South Florida and the Keys to hunt for treasure from the ships that ran aground on the treacherous Great Florida Reef. Some accepted Spanish land offers along the Miami River, at about the same time, the Seminole Indians arrived, along with a group of runaway slaves. The area was affected by the Second Seminole War, during which Major William S. Harney led several raids against the Indians, most non-Indian residents were soldiers stationed at Fort Dallas. It was the most devastating Indian war in American history, causing almost a total loss of population in Miami, after the Second Seminole War ended in 1842, William English, re-established a plantation started by his uncle on the Miami River. He charted the “Village of Miami” on the bank of the Miami River
5.
Miami
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Miami is a seaport city at the southeastern corner of the U. S. state of Florida and its Atlantic coast. According to the U. S. Census Bureau, Miamis metro area is the eighth-most populous, Miami is a major center, and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. In 2012, Miami was classified as an Alpha−World City in the World Cities Study Groups inventory, in 2010, Miami ranked seventh in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. It ranked 33rd among global cities, in 2008, Forbes magazine ranked Miami Americas Cleanest City, for its year-round good air quality, vast green spaces, clean drinking water, clean streets, and citywide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, Miami is nicknamed the Capital of Latin America and is the largest city with a Cuban-American plurality. Miami has the third tallest skyline in the U. S. with over 300 high-rises, Downtown Miami is home to the largest concentration of international banks in the United States, and many large national and international companies. The Civic Center is a center for hospitals, research institutes, medical centers. For more than two decades, the Port of Miami, known as the Cruise Capital of the World, has been the number one cruise port in the world. It accommodates some of the worlds largest cruise ships and operations, Metropolitan Miami is the major tourism hub in the American South, number two in the U. S. after New York City and number 13 in the world, including the popular destination of Miami Beach. The Miami area was inhabited for thousands of years by indigenous Native American tribes, the Tequestas occupied the area for a thousand years before encountering Europeans. An Indian village of hundreds of people dating to 500–600 B. C. was located at the mouth of the Miami River, in 1566 the explorer, Pedro Menéndez de Avilés, claimed it for Spain. A Spanish mission was constructed one year later in 1567, Spain and Great Britain successively controlled Florida, and Spain ceded it to the United States in 1821. In 1836, the US built Fort Dallas as part of its development of the Florida Territory and attempt to suppress, the Miami area subsequently became a site of fighting during the Second Seminole War. Miami is noted as the major city in the United States conceived by a woman, Julia Tuttle, a local citrus grower. The Miami area was known as Biscayne Bay Country in the early years of its growth. In the late 19th century, reports described the area as a promising wilderness, the area was also characterized as one of the finest building sites in Florida. The Great Freeze of 1894–95 hastened Miamis growth, as the crops of the Miami area were the ones in Florida that survived. Julia Tuttle subsequently convinced Henry Flagler, a tycoon, to expand his Florida East Coast Railway to the region
6.
Isola di Lolando
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Isola di Lolando is an unfinished artificial island in Biscayne Bay, Florida. Hurricane damage and economic collapse caused the project to be abandoned shortly after the start of construction, in the early 1920s, audacious developers like John S. Collins were known for selling pre-construction property in the middle of Biscayne Bay before the islands had even been built. Demand was strong and there was no environmental regulation, leading developers to envision filling Biscayne Bay with artificial islands. With unlimited waterfront property available, it seemed that the boom had no end in sight. The Shoreland Company and The Venetian Island Company were attempting to build a chain of new Venetian Islands in the south of the Julia Tuttle Causeway in north Biscayne Bay. The first was to stretch from the causeway to Di Lido Island, in 1925 the population explosion in South Florida had begun to strain local resources, and railway shipping companies began raising prices. In October the old Danish war ship Prinz Valdemar capsized in the channel in the port of Miami on its way to becoming a floating hotel and that summer brought the 1926 Miami Hurricane, which devastated an unprepared populace and heavily damaged local infrastructure. The Shoreland Company went bankrupt in 1927 amid objections to further mutilation of the waterway, the 1929 stock market crash and subsequent onset of the Great Depression ensured that Lolando Island was never completed. A Miami real estate bubble burst in the mid-1920s as a land boom fueled by outside speculators was stricken by economic realities, one failed development project left its remains scarring north Biscayne Bay near Miami Beach, Florida. The pilings sit in about 5–10 feet of water and extend about 5–10 feet above the water, the pilings and the islands outline shape are clearly visible from the Julia Tuttle Causeway as well as from many of the tall buildings that overlook the bay. Though faint, the pilings and outline can still be seen from space, via Google Earth and Google Maps
7.
Biscayne Bay
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Biscayne Bay is a lagoon that is approximately 35 miles long and up to 8 miles wide located on the Atlantic coast of South Florida, United States. It is usually divided for purposes of discussion and analysis into three parts, North Bay, Central Bay, and South Bay and its area is 428 square miles. The drainage basin covers 938 square miles, discovered by Ponce de Leon, he landed there and was originally named Santa Marta. The North Bay of the Biscayne Bay lies between Miami Beach barrier island and Miami on the mainland, however, water quality has steadily improved since regular monitoring began in 1979. North Bay accounts for only 10% of the area of the bay. Central Bay is the largest part of the bay and it is separated from the Atlantic Ocean by the Safety Valve. It has been adversely affected primarily by bulkheading, urban runoff discharged by canals, South Bay is nearly as large as Central Bay, and is the least affected by human activities, although it also suffers from the loss of natural fresh water flow. South Bay is separated from the Straits of Florida by the northernmost of the Florida Keys and it is connected to Florida Bay through a few small channels. Construction began on July 22,1912, although the cost of the project was initially $75,000, the construction project faced delays and cost overruns. The budge was partially completed in 1913, the bridge was hailed as the longest wooden vehicle bridge in the world, and opened up the area as a luxury winter resort and playground. The bridge terminated at the Dixie Highway, built by Carl G. Fisher, the bridge was a toll bridge, in 1920, the toll was reduced from 20 cents each way to 15 cents one way. The bridge was torn down in 1925 and replaced with the more substantial Venetian Causeway the next year, in 1925, Biscayne Point was created in Miami Beachs north end. In 1929, a third causeway crossed Biscayne Bay at Normandy Isle, the Julia Tuttle Causeway was built in 1959. Other causeways are the John F. Kennedy and Broad causeways, the Card Sound Bridge connects the mainland in the Homestead, Florida area to the northern part of Key Largo. In 1975, the bay was designated as an aquatic preserve. The aquatic preserve spans the entirety of Biscayne Bay from Oleta River in the north to Card Sound in the south, with the exception of the part of the bay. A second preserve was added off of Cape Florida on Key Biscayne. These two preserves are now managed by the state of Florida under the Biscayne Bay Aquatic Preserves, seven remaining houses of Biscayne Bays Stiltsville settlement are now within the boundaries of this National Park which was established in 1980
8.
Boca Raton, Florida
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Boca Raton is the southernmost city in Palm Beach County, Florida, United States, first incorporated on August 2,1924 as Bocaratone, and then incorporated as Boca Raton in 1925. The 2015 population estimated by the U. S. Census Bureau was 93,235, however, approximately 200,000 people with a Boca Raton postal address reside outside its municipal boundaries. Such areas include newer developments like West Boca Raton, as a business center, the city also experiences significant daytime population increases. It is one of the wealthiest communities in South Florida, Boca Raton is located 43 miles north of Miami and is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people at the 2015 census. Boca Raton is home to the campus of Florida Atlantic University and the corporate headquarters of Office Depot, ADT. It is also home to the Evert Tennis Academy, owned by tennis player Chris Evert. Town Center Mall, a shopping center in West Boca Raton, is the largest indoor mall in Palm Beach County. Another major attraction to the area is Boca Ratons downtown, known as Mizner Park, still today, Boca Raton has a strict development code for the size and types of commercial buildings, building signs, and advertisements that may be erected within the city limits. No outdoor car dealerships are allowed in the municipality, additionally, no billboards are permitted, the citys only billboard was grandfathered in during annexation. The strict development code has led to major thoroughfares without large signs or advertisements in the travelers view. The original name Boca de Ratones appeared on eighteenth-century maps associated with an inlet in the Biscayne Bay area of Miami. The word ratones appears in old Spanish maritime dictionaries referring to rugged rocks or stony ground on the bottom of some ports and coastal outlets, therefore, the abridged translation defining Boca de Ratones is a shallow inlet of sharp-pointed rocks which scrape a ships cables. Residents of the city have kept the pronunciation of Boca Raton similar to its Spanish origins, in particular, the Raton in Boca Raton is pronounced as /rəˈtoʊn/ instead of /rəˈtɑːn/. The latter is a common mispronunciation by non-natives to the region, the area today known as Boca Raton was originally occupied by the Tequesta tribe, a Native American people that occupied an area along the southeastern Atlantic coast of Florida. What Spanish voyagers called Boca de Ratones was originally located to the south, by mistake since the 19th century, mapmakers moved this location to the north and began referring to the citys lake, today known as Lake Boca Raton, as Boca Ratone Sounde. The area was largely uninhabited after the Indigenous people were cleared from the area by the Spanish and he surveyed and sold land from the canal to beyond the railroad north of what is now Palmetto Park Road. Early settlement in the area increased shortly after Henry Flaglers expansion of the Florida East Coast Railway, in the citys early history during the Florida land boom of the 1920s, several investors were interested in turning Boca Raton into a resort town. Most famously, Addison Mizner had several projects for resorts and mansions in the area and he first constructed his Administrative Buildings and a small hotel to house interested investors
9.
Addison Mizner
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In the 1920s Mizner was the best-known and most-discussed living American architect. Mizner was the visionary behind the development of Boca Raton, Florida, born in Benicia, California, he traveled as a child around the world with his father, Lansing B. Mizner, a lawyer and the U. S. minister to Guatemala, little is known about Addison Mizners sketches and artwork prior to his architectural career, but his subsequent work shows him to be a fine draftsman and an artist who painted beautiful watercolors. Although he lacked formal university training, Mizner served a 3-year apprenticeship in the office of San Francisco architect, Willis Jefferson Polk, later, while traveling in Hawaii, he co-authored a book with Ethel Watts Mumford entitled The Cynics Calendar of Revised Wisdom for 1903. The book was a success and spawned seven sequels. Later, he wrote with her The Limerick Up To Date Book. He eventually relocated to New York City, where he designed numerous country houses across Long Island, in 1907, he and William Massarene designed White Pine Camp, a retreat in the Adirondack Mountains, later used by U. S. President Calvin Coolidge as his Summer White House, at age 46, Mizner moved for his health to Palm Beach, Florida, just at a time when the vast resort hotels were becoming less fashionable. His Mediterranean Revival designs won the attention and patronage of wealthy clients, constructed of stone, tile and stucco, his buildings were better suited to Floridas semi-tropical climate than the wooden shingle-style resort architecture imported from the Northeast. His houses were one room deep to allow cross ventilation. Other characteristic features included loggias, colonnades, clusters of columns supporting arches, French doors, casement windows, barrel tile roofs, hearths, grand stairways and decorative ironwork. In West Palm Beach, he founded Mizner Industries to manufacture the tiles, cast stone trim and columns, wrought iron and, eventually, the 6-foot-2-inch, 250-pound bon vivant epitomized the society architect. Mizner designed the Hitchcock Estate in Millbrook, New York, in 1912, Mizners first major Florida commission was the Everglades Club, a Spanish-mission-style convalescent retreat built in 1918, that became a private club. It stands at 4 Via Parigi in Palm Beach, Mizner designed the 37-room El Mirasol, completed in 1919, for investment banker Edward T. Stotesbury, head of the town’s most notable family of the time. It included a 40-car garage, a tea house, an auditorium, the mansion stood at 348 N. Ocean Boulevard in Palm Beach, but was demolished in the 1950s, La Bellucia at 1200 South Ocean Boulevard was built in 1920 for Dr. Willey Lyon Kingsley. In 2009 it was Palm Beachs largest recorded sale at $24 million, Also in 1920, Mizner built a grand Palm Beach estate home called Costa Bella at 111 Dunbar Road for Elizabeth Hope Gammell Slater. Her father was Prof. Addison Mizner used his primary builder and contractor at that time, lightbown who later became the Town of Palm Beachs 4th Mayor from 1922-1927
10.
Everglades
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The Everglades is a natural region of tropical wetlands in the southern portion of the U. S. state of Florida, comprising the southern half of a large drainage basin and part of the neotropic ecozone. The system begins near Orlando with the Kissimmee River, which discharges into the vast but shallow Lake Okeechobee. Water leaving the lake in the wet season forms a slow-moving river 60 miles wide, the Everglades experience a wide range of weather patterns, from frequent flooding in the wet season to drought in the dry season. Human habitation in the portion of the Florida peninsula dates to 15,000 years ago. Before European colonization, the region was dominated by the native Calusa, with Spanish colonization, both tribes declined gradually during the following two centuries. The Seminole formed from mostly Creek people who had been warring to the North, they assimilated other peoples and created a new culture. After being forced from northern Florida into the Everglades during the Seminole Wars of the early 19th century, migrants to the region who wanted to develop plantations first proposed draining the Everglades in 1848, but no work of this type was attempted until 1882. Canals were constructed throughout the first half of the 20th century, in 1947, Congress formed the Central and Southern Florida Flood Control Project, which built 1,400 miles of canals, levees, and water control devices. The Miami metropolitan area grew substantially at this time and Everglades water was diverted to cities, portions of the Everglades were transformed into farmland, where the primary crop was sugarcane. Approximately 50 percent of the original Everglades has been developed as agricultural or urban areas, following this period of rapid development and environmental degradation, the ecosystem began to receive notable attention from conservation groups in the 1970s. Internationally, UNESCO and the Ramsar Convention designated the Everglades a Wetland Area of Global Importance, the construction of a large airport 6 miles north of Everglades National Park was blocked when an environmental study found that it would severely damage the South Florida ecosystem. With heightened awareness and appreciation of the region, restoration began in the 1980s with the removal of a canal that had straightened the Kissimmee River, however, development and sustainability concerns have remained pertinent in the region. The deterioration of the Everglades, including water quality in Lake Okeechobee, was linked to the diminishing quality of life in South Floridas urban areas. In 2000 the Comprehensive Everglades Restoration Plan was approved by Congress to combat these problems, to date, it is the most expensive and comprehensive environmental restoration attempt in history, but its implementation has faced political complications. The first written record of the Everglades was on Spanish maps made by cartographers who had not seen the land and they named the unknown area between the Gulf and Atlantic coasts of Florida Laguna del Espíritu Santo. The area was featured on maps for decades without having been explored, British surveyor John Gerard de Brahm, who mapped the coast of Florida in 1773, called the area River Glades. Both Marjory Stoneman Douglas and linguist Wallace McMullen suggest that cartographers substituted Ever for River, the name Everglades first appeared on a map in 1823, although it was also spelled as Ever Glades as late as 1851. The Seminole call it Pa-hay-okee, meaning Grassy Water, the region was labeled Pa-hai-okee on an American military map from 1839, although it had earlier been called Ever Glades throughout the Second Seminole War
11.
Florida East Coast Railway
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The FEC was historically a Class I railroad owned by Florida East Coast Industries from 2000-2006, FOXX Holdings from 1983-2000, and the St. Joseph Paper Company prior to 1983. Built primarily in the last quarter of the 19th century and the first decade of the 20th century, Flagler originally visited Florida to aid with the health issues faced by his first wife, Mary. A key strategist who worked closely with John D. Rockefeller building the Standard Oil Trust and he subsequently began what amounted to his second career developing resorts, industries, and communities all along Floridas shores abutting the Atlantic Ocean. The FEC is possibly best known for building the railroad to Key West, however, a greater and lasting Flagler legacy was the developments along Floridas eastern coast. During the Great Depression, control was purchased by heirs of the du Pont family, after 30 years of fragile financial condition, the FEC, under leadership of a new president, Ed Ball, took on the labor unions. Ball claimed the company could not afford the costs as larger Class 1 railroads and needed to invest saved funds in its infrastructure. Using replacement workers, the company, and some of its employees, engaged in one of the longest and more violent labor conflicts of the 20th century, ultimately, federal authorities had to intervene to stop the violence, which included bombings, shootings and vandalism. However, the courts ruled in the FECs favor with regard to the right to employ strikebreakers, in modern times, the companys primary rail revenues come from its intermodal and rock trains. Since 2007, it has been owned by Fortress Investment Group, a former CSX official, James Hertwig, was named as President and Chief Executive Officer of the company effective July 1,2010. The Florida East Coast Railway was developed by Henry Morrison Flagler, formed at Cleveland, Ohio as Rockefeller, Andrews & Flagler in 1867, Standard Oil moved its headquarters in 1877 to New York City. Flagler and his family relocated there as well and he was joined by Henry H. Two years after she died in 1881, he married Marys former caregiver, after their wedding, the couple traveled to St. Augustine, Florida in 1883. Flagler found the city charming, but the facilities and transportation systems inadequate. He recognized Floridas potential to attract out-of-state visitors, though Flagler remained on the Board of Directors of Standard Oil, he gave up his day-to-day involvement in the firm in order to pursue his Florida interests. When Flagler returned to Florida, in 1885 he began building a grand St. Augustine hotel and he also discovered that a major problem facing the existing Florida railway systems was that each operated on different gauge systems, making interconnection impossible. He converted the line to 4 ft 8 1⁄2 in standard gauge in 1890, the East Coast of Florida was relatively undeveloped at that time, and Flagler found it difficult to obtain the construction materials he needed. His purchase of the JStA&HR Railway was intended to make it faster and easier to supply his building projects, the JStA&HR Railway served the northeastern portion of the state and was the first operation in the Flagler Railroad system. Before Flagler bought the line, the railroad stretched only between South Jacksonville and St. Augustine and lacked a sufficient to accommodate travelers to his St. Augustine resorts
12.
West Palm Beach, Florida
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West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is one of the three cities in South Florida. The population was 100,343 at the 2010 census, the University of Florida Bureau of Economic and Business Research estimates a 2016 population of 108,896, a 7. 9% increase from 2010. It is the oldest municipality in the Miami metropolitan area, having incorporated as a city two years before Miami in November 1894. The estimated population of the Miami Metropolitan area, which all of Palm Beach County, was 6,012,331 people at the 2015 census. The beginning of the period in south Florida is marked by Juan Ponce de Leóns first contact with native people in 1513. When the Spanish arrived, there were perhaps about 20,000 Native Americans in south Florida, by 1763, when the English gained control of Florida, the native peoples had all but been wiped out through war, enslavement, or European diseases. Other native peoples from Alabama and Georgia moved into Florida in the early 18th century and they were of varied ancestry, but Europeans called them all Creeks. In Florida, they were known as the Seminole and Miccosukee Indians, the Seminoles clashed with American settlers over land and over escaped slaves who found refuge among them. They resisted the efforts to move them to the Indian Territory west of the Mississippi. Between 1818 and 1858, three wars were fought between Seminoles and the United States government, by 1858, there were very few Seminoles remaining in Florida. The area that was to become West Palm Beach was settled in the late 1870s and 1880s by a few hundred settlers who called the vicinity Lake Worth Country and these settlers were a diverse community from different parts of the United States and the world. They included founding families such at the Potters and the Lainharts, most settlers engaged in the growing of tropical fruits and vegetables for shipment the north via Lake Worth and the Indian River. By 1890, the U. S. Census counted over 200 people settled along Lake Worth in the vicinity of what would become West Palm Beach, the area at this time also boasted a hotel, the Cocoanut House, a church, and a post office. Flagler paid two area settlers, Captain Porter and Louie Hillhouse, a sum of $45,000 for the original town site. On November 5,1894,78 people met at the Calaboose and this made West Palm Beach the first incorporated municipality in Dade County and in South Florida. The town council quickly addressed the building codes and the tents and shanties were replaced by brick, brick veneer, in 1909, Palm Beach County was formed by the Florida State Legislature and West Palm Beach became the county seat. In 1916, a new courthouse was opened, which has been painstakingly restored back to its original condition
13.
Key West, Florida
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Key West is an island city in Florida and the county seat of Monroe County. The city boundaries include the island of Key West and several islands, as well as the section of Stock Island north of U. S. Route 1. Sigsbee Park—originally known as Dredgers Key—and Fleming Key, both located to the north, and Sunset Key located to the west are all included in the city boundaries, both Fleming Key and Sigsbee Park are part of Naval Air Station Key West and are inaccessible to the general public. Key West is the southernmost city in the contiguous United States and the terminus of U. S. Route 1, State Road A1A, the East Coast Greenway and, before 1935. Key West is 129 miles southwest of Miami by air, about 160 miles by car, Cuba, at its closest point, is 94 miles south. Key West is a destination for many passenger cruise ships. The Key West International Airport provides airline service, the central business district is located along Duval Street and includes much of the northwestern corner of the island. The official city motto is One Human Family, in Pre-Colonial times Key West was inhabited by the Calusa people. The first European to visit was Juan Ponce de León in 1521, as Florida became a Spanish territory, a fishing and salvage village with a small garrison was established here. Cayo Hueso is the original Spanish name for the island of Key West, spanish-speaking people today also use the term when referring to Key West. It is said that the island was littered with the remains of native inhabitants. This island was the westernmost Key with a supply of water. In 1763, when Great Britain took control of Florida, the community of Spaniards, Florida returned to Spanish control 20 years later, but there was no official resettlement of the island. Informally the island was used by fishermen from Cuba and from the British, while claimed by Spain, no nation exercised de facto control over the community there for some time. In 1815, the Spanish governor of Cuba in Havana deeded the island of Key West to Juan Pablo Salas, businessman John W. Simonton, during a meeting in a Havana café on January 19,1822, for the equivalent of $2,000 in pesos in 1821. Geddes tried in vain to secure his rights to the property before Simonton who, Simonton had wide-ranging business interests in Mobile, Alabama. He bought the island because a friend, John Whitehead, had drawn his attention to the opportunities presented by the strategic location. John Whitehead had been stranded in Key West after a shipwreck in 1819, on March 25,1822, Lt. Commander, Matthew C
14.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
15.
French Riviera
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The Côte dAzur, often known in English as the French Riviera, is the Mediterranean coastline of the southeast corner of France, also including the sovereign state of Monaco. There is no boundary, but it is usually considered to extend from the Italian border in the east to Saint-Tropez, Hyères, Toulon. This coastline was one of the first modern resort areas and it began as a winter health resort for the British upper class at the end of the 18th century. In the summer, it played home to many members of the Rothschild family. After World War II, it became a popular tourist destination and convention site, many celebrities, such as Elton John and Brigitte Bardot, have homes in the region. Officially, the Côte dAzur is home to 163 nationalities with 83,962 foreign residents and its largest city is Nice, which has a population of 347,060. The city is the center of a communauté urbaine – Nice-Côte dAzur – bringing together 24 communes, Nice is home to Nice Côte dAzur Airport, Frances third-busiest airport, which is on an area of partially reclaimed coastal land at the western end of the Promenade des Anglais. A second airport at Mandelieu was once the commercial airport. The A8 autoroute runs through the region, as does the old main road known as the Route nationale 7. Trains serve the region and inland to Grasse, with the TGV Sud Est service reaching Nice-Ville station in five. The French Riviera has a population of more than two million. The region has 35,000 students, of whom 25 percent are working toward a doctorate, the French Riviera is a major yachting and cruising area with several marinas along its coast. As a tourist center, French Riviera benefits from 310 to 330 days of sunshine per year,115 kilometres of coastline, the name Côte dAzur was given to the coast by the writer Stéphen Liégeard in his book, La Côte d’azur, published in December 1887. Liégeard was born in Dijon, in the French department of Côte-dOr, the term French Riviera is typical of English use. It was built by analogy with the term Italian Riviera, which extends east of the French Riviera. As early as the 19th century, the British referred to the region as the Riviera or the French Riviera, usually referring to the part of the coast. Originally, riviera is an Italian noun which means coastline, in Occitan and French, the only usual names are Còsta dAzur in Occitan and Côte dAzur in French. A name like French Riviera is unusual and sounds odd, it could work as a word-to-word translation of the British point of view
16.
Mediterranean climate
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A Mediterranean climate /ˌmɛdɪtəˈreɪniən/ or dry summer climate, is the climate typical of the lands in the Mediterranean Basin. The Mediterranean climate is characterised by dry summers and mild, moist winters, Mediterranean climate zones are associated with the four large subtropical high pressure cells of the oceans, the Azores High, South Atlantic High, North Pacific High, and South Pacific High. These climatological high pressure cells migrate by latitude according to the angle of the Sun, shifting north-eastward in the summer. These semi-permanent high pressure systems play a role in the formation of the worlds subtropical and tropical deserts as well as the Mediterranean Basins climate. The Azores High is associated with the Mediterranean climate found in the Mediterranean Basin, the Sahara Desert, the South Atlantic High is similarly associated with the Namib Desert and Kalahari Desert, and the Mediterranean climate of the western part of South Africa. Under the Köppen climate classification, hot climates and cool dry-summer climates are often referred to as mediterranean. Under the Köppen climate system, the first letter indicates the climate group, temperate climates or C zones have an average temperature above 0 °C, but below 18 °C, in their coolest months. The second letter indicates the precipitation pattern, Köppen has defined a dry summer month as a month with less than 30 mm of precipitation and with less than one-third that of the wettest winter month. Some, however, use a 40 mm level, the third letter indicates the degree of summer heat, a represents an average temperature in the warmest month above 22 °C, while b indicates the average temperature in the warmest month below 22 °C. Under the Köppen classification, dry-summer climates usually occur on the sides of continents. Under Trewarthas system, at least eight months must have average temperatures of 10 °C or higher, during summer, regions of mediterranean climate are dominated by subtropical high pressure cells, with dry sinking air capping a surface marine layer of varying humidity and making rainfall unlikely. In many Mediterranean climates there is a strong character to daily temperatures in the warm months. The majority of the regions with mediterranean climates have relatively mild winters, however winter and summer temperatures can vary greatly between different regions with a mediterranean climate. Or to consider summer, Athens experiences rather high temperatures in that season, in contrast, San Francisco has cool summers with daily highs around. In North America, areas with Csc climate can be found in the Olympic, Cascade, Klamath and these locations are found at high altitude nearby lower altitude regions characterized by a warm-summer mediterranean climate or hot-summer mediterranean climate. A rare instance of this occurs in the tropics, on Haleakalā Summit in Hawaii. In South America, Csc regions can be found along the Andes in Chile, the town of Balmaceda is one of the few towns confirmed to have this climate. Small areas with a Csc climate can also be found at elevations in Corsica
17.
Carl G. Fisher
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Carl Graham Fisher was an American entrepreneur. Despite severe astigmatism, he became involved in auto racing. He was a seemingly tireless pioneer and promoter of the industry and highway construction. He is widely regarded as a promotional genius, despite family financial strains and a disability, in the late 19th century he became a bicycle enthusiast and opened a modest bicycle shop with a brother. He became involved in racing, as well as many activities related to the emerging American auto industry. Soon Fishers firm supplied nearly every headlamp used on automobiles in the United States as manufacturing plants were all over the country to supply the demand. The headlight patent made him rich as a parts supplier when he and Allison sold their company, Prest-O-Lite. Fisher operated in Indianapolis what is believed to be the first automobile dealership in the United States, and also worked at developing an automobile racetrack locally. After being injured in stunts himself, and following a safety debacle at the new Indianapolis Motor Speedway, of which he was a principal, he helped develop paved racetracks, improvements he implemented at the speedway led to its nickname, The Brickyard. In 1912, Fisher conceived and helped develop the Lincoln Highway, Carl Fisher followed the east-west Lincoln Highway in 1914 with the conception of the north-south Dixie Highway, which led from Michigan to Miami. Under his leadership, the portion was completed within a single year. Fisher was one of the best known and active promoters of the Florida land boom of the 1920s, by 1926, he was worth an estimated $100 million, and redirected his promotional efforts when the Florida real estate market bubble burst after 1925. His final major project, cut short by the Great Depression, was a Miami Beach of the north at Montauk, located at the tip of Long Island. His fortune was lost in the Stock Market Crash of 1929 and he found himself living in a small cottage in Miami Beach, doing minor work for old friends. Although he had lost his fortune and late in life considered himself a failure and he was inducted into the Automotive Hall of Fame in 1971. PBS labeled him Mr. Miami Beach, just south of Miami Beach, Fisher Island, became one of the wealthiest and most exclusive residential areas in the United States. Carl Fisher was born in Greensburg, Indiana, nine years after the end of the American Civil War, apparently suffering from alcoholism, a problem which would also plague Carl later in life, his father left the family when Fisher was a child. Suffering from severe astigmatism, it was difficult for Carl to pay attention in school, as uncorrected astigmatism can cause headaches or eyestrain and he quit school when he was twelve years old to help support his family
18.
Miami Beach, Florida
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Miami Beach is a coastal resort city in Miami-Dade County, Florida, United States. It was incorporated on March 26,1915, the municipality is located on natural and man-made barrier islands between the Atlantic Ocean and Biscayne Bay, the latter of which separates the Beach from Miami. The neighborhood of South Beach, comprising the southernmost 2.5 square miles of Miami Beach, along with downtown Miami, as of the 2010 census, Miami Beach had a total population of 87,779. It has been one of Americas pre-eminent beach resorts since the early 20th century, in 1979, Miami Beachs Art Deco Historic District was listed on the National Register of Historic Places. The Art Deco District is the largest collection of Art Deco architecture in the world and comprises hundreds of hotels, apartments, mediterranean, Streamline Moderne and Art Deco are all represented in the District. The Historic District is bounded by the Atlantic Ocean on the East, Lenox Court on the West, 6th Street on the South and Dade Boulevard along the Collins Canal to the North. The movement to preserve the Art Deco Districts architectural heritage was led by interior designer Barbara Capitman. Miami Beach is governed by a mayor and six commissioners. Although the mayor runs commission meetings, the mayor and all commissioners have equal voting power and are elected by popular election. The mayor serves for terms of two years with a limit of three terms and commissioners serve for terms of four years and are limited to two terms. Commissioners are voted for citywide and every two years three commission seats are voted upon, a city manager is responsible for administering governmental operations. An appointed city manager is responsible for administration of the city, the City Clerk and the City Attorney are also appointed officials. In 1870, a father and son, Henry and Charles Lum, the first structure to be built on this uninhabited oceanfront was the Biscayne House of Refuge, constructed in 1876 by the United States Life-Saving Service at approximately 72nd Street. Its purpose was to provide food, water, and a return to civilization for people who were shipwrecked, Collins family members saw the potential in developing the beach as a resort. This effort got underway in the years of the 20th century by the Collins/Pancoast family, the Lummus brothers. Until then, the beach here was only the destination for day-trips by ferry from Miami, there were bath houses and food stands, but no hotel until Browns Hotel was built in 1915. Much of the land mass at that time was a tangled jungle of mangroves. Clearing it, deepening the channels and water bodies, and eliminating native growth almost everywhere in favor of landfill for development, was expensive
19.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
20.
Times Square
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It stretches from West 42nd to West 47th Streets. One of the worlds busiest pedestrian areas, it is also the hub of the Broadway Theater District, Times Square is one of the worlds most visited tourist attractions, drawing an estimated 50 million visitors annually. Approximately 330,000 people pass through Times Square daily, many of them tourists, the southern triangle of Times Square has no specific name, but the northernmost of the two triangles is called Father Duffy Square. Since 2008, the booth has been backed by a red, sloped, triangular set of stairs, which is used by people to sit, talk, eat. When Manhattan Island was first settled by the Dutch, three small streams united near what is now 10th Avenue and 40th street and these three streams formed the Great Kill. From there the Great Kill wound through the low-lying Reed Valley, known for fish and waterfowl, the name was retained in a tiny hamlet, Great Kill, that became a center for carriage-making, as the upland to the south and east became known as Longacre. Before and after the American Revolution, the area belonged to John Morin Scott, scotts manor house was at what is currently 43rd Street, surrounded by countryside used for farming and breeding horses. By 1872, the area had become the center of New Yorks horse carriage industry, the locality had not previously been given a name, and city authorities called it Longacre Square after Long Acre in London, where the horse and carriage trade was centered in that city. William Henry Vanderbilt owned and ran the American Horse Exchange there, in 1910 it became the Winter Garden Theatre. The first theater on the square, the Olympia, was built by cigar manufacturer, by the early 1890s this once sparsely settled stretch of Broadway was ablaze with electric light and thronged by crowds of middle- and upper-class theatre, restaurant and cafe patrons. In 1904, New York Times publisher Adolph S. Ochs persuaded Mayor George B, mcClellan, Jr. to construct a subway station there, and the area was renamed Times Square on April 8,1904. Just three weeks later, the first electrified advertisement appeared on the side of a bank at the corner of 46th Street, the north end later became Duffy Square, and the former Horse Exchange became the Winter Garden Theatre. The New York Times, according to Nolan, moved to spacious offices west of the square in 1913. The old Times Building was later named the Allied Chemical Building in 1963, now known simply as One Times Square, it is famed for the Times Square Ball drop on its roof every New Years Eve. In 1913, the Lincoln Highway Association, headed by entrepreneur Carl G. Fisher, chose the intersection of 42nd Street and Broadway to be the Eastern Terminus of the Lincoln Highway. This was the first road across the United States, which originally spanned 3,389 miles coast-to-coast through 13 states to its terminus in Lincoln Park in San Francisco. Times Square grew dramatically after World War I and it became a cultural hub full of theatres, music halls, and upscale hotels. Times Square quickly became New Yorks agora, a place to gather to await great tidings and to celebrate them, advertising also grew significantly in the 1920s, growing from $25 million to $85 million over the decade
21.
Forbes
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Forbes is an American business magazine. Published bi-weekly, it features articles on finance, industry, investing. Forbes also reports on related subjects such as technology, communications, science, politics and its headquarters is located in Jersey City, New Jersey. Primary competitors in the business magazine category include Fortune and Bloomberg Businessweek. The magazine is known for its lists and rankings, including its lists of the richest Americans. Another well-known list by the magazine is The Worlds Billionaires list, the motto of Forbes magazine is The Capitalist Tool. Its chairman and editor-in-chief is Steve Forbes, and its CEO is Mike Perlis, Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street, founded Forbes magazine on September 15,1917. Forbes provided the money and the name and Drey provided the publishing expertise, the original name of the magazine was Forbes, Devoted to Doers and Doings. Drey became vice-president of the B. C. Forbes Publishing Company, while B. C. Forbes became editor-in-chief, B. C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes and Malcolm Stevenson Forbes. Bruce Forbes took over on his fathers death, and his strengths lay in streamlining operations, during his tenure, 1954–1964, the magazines circulation nearly doubled. On Malcolms death, his eldest son Malcolm Stevenson Steve Forbes Jr. became President and Chief Executive of Forbes, between 1961 and 1999 the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. com, a 2009 New York Times report said,40 percent of the enterprise was sold. For a reported $300 million, setting the value of the enterprise at $750 million, according to Mark M. Edmiston of AdMedia Partners, Its probably not worth half of that now. The companys headquarters moved to the Newport section of downtown Jersey City. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale and this was encouraged by Elevation Partners, of whom were minority shareholders. Sales documents prepared by Deutsche Bank revealed that the publishers 2012 EBITDA was $15 million, Forbes reportedly sought a price of $400 million. In July 2014, Forbes sold a majority of itself to Integrated Whale Media Investments, Steve Forbes and his magazines writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes On Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group, from the 2009 Times report, Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10
22.
Seaboard Air Line Railroad
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The company was headquartered in Norfolk, Virginia, until 1958, when its main offices were relocated to Richmond, Virginia. The Seaboard Air Line Railway Building in Norfolks historic Freemason District still stands and has converted to luxury apartments. At the end of 1925 SAL operated 3,929 miles of road, not including its flock of subsidiaries, from Jacksonville, Seaboard rails continued to Tampa, St. Petersburg, West Palm Beach and Miami. Its brought vacationers to Florida from the Northeast and carried southern timber, minerals and produce, especially Florida citrus crops, by June 1837 the railroad was completed to Weldon, where a connection was made with the tracks of the Wilmington and Raleigh Railroad. In 1846, after suffering financial difficulties, the P&R was reorganized as the Seaboard and Roanoke Railroad, meanwhile, the Raleigh and Gaston Railroad had begun construction on November 1,1836, with the first scheduled service between its endpoints beginning on March 21,1840. After the American Civil War, this was advertised as the Inland Air-Line Route, by 1853, the Roanoke and Gaston had connected with the Seaboard and Roanoke at Weldon, thus offering travelers through service on the 176-mile route from Portsmouth to Raleigh. In the days before air travel, air line was a term for the shortest distance between two points, a straight line drawn through the air, ignoring natural obstacles. Hence, a number of 19th century railroads used air line in their titles to suggest that their routes were shorter than those of competing roads, the Seaboard never owned an airplane. In 1940 the railroad proposed the creation of Seaboard Airlines, during a spate of interest in aviation shares on Wall Street following Charles A. Prosperity returned after the war, with the efficiently managed Seaboard Road showing a profit even during the Panic of 1873, in 1871, the Raleigh and Gaston acquired the Raleigh and Augusta Air-Line Railroad, which, however, reached only to Hamlet, North Carolina. When the R&G and its subsidiary fell into financial straits in 1873, in 1889, the Seaboard leased the still-unfinished Georgia, Carolina and Northern Railway, providing a link from Monroe, North Carolina, to Atlanta, Georgia. During its heyday in the 1890s, the system prided itself on offering excellent passenger service between Atlanta and the northeast, a daily coach and Pullman train, the S. A. L. Express, ran from Atlanta to the Seaboard Roads depot and wharf at Portsmouth, between 1898 and 1900, Seaboard affiliate Richmond, Petersburg and Carolina completed the laying of track from Norlina to Richmond, thereby providing an all-Seaboard route from Atlanta to Richmond. As important as the route to the railroad hub of Atlanta was. In the last two decades of the 19th century, the pieces of the route to Florida began to fall into place. Between 1885 and 1887, the Palmetto Railroad, later reorganized as the Palmetto Railway, had built southward from Hamlet, North Carolina, on the Seaboard main line, to Cheraw, in 1895, the Seaboard took control of the Palmetto Railway and extended the tracks to Columbia. Also in 1895, the Savannah, Americus and Montgomery Railway, John Skelton Williams, a son of John L. Williams, became president of the line, renaming it the Georgia and Alabama Railway. Immediately, Williams and his financial backers sought to expand into the Florida market, in 1860, the Florida, Atlantic and Gulf Central Railroad completed construction of a line running west from Jacksonville, Florida, to Lake City, Florida
23.
Atlantic Coast Line Railroad
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The Atlantic Coast Line Railroad is a former U. S. Class I railroad from 1900 until 1967, when it merged with long-time rival Seaboard Air Line Railroad to form the Seaboard Coast Line Railroad, much of the original ACL network has been part of CSX Transportation since 1986. The Atlantic Coast Line served the Southeast, with a concentration of lines in Florida, in 1960 ACL reported 10,623 million net ton-miles of revenue freight and 490 million passenger-miles. The earliest predecessor of the ACL was the Petersburg Railroad between Petersburg, Virginia and a point near Weldon, North Carolina, founded in 1830, a route between Richmond, Virginia and Petersburg was built by the Richmond & Petersburg Railroad, which was founded in 1836. In 1840 the Wilmington and Weldon Railroad, at the known as the Wilmington and Raleigh and renamed in 1855. From Wilmington, the Wilmington and Manchester Railroad began operations in 1853 to Florence, South Carolina, in 1871, the W&W and the W&M began using the Atlantic Coast Line name to advertise the two lines. An investor from Baltimore, William T. Walters, gained control of these separate railroads after the Civil War, in 1897–98, most of the South Carolina lines in Walters system were consolidated under the name of the Atlantic Coast Line Railroad Company of South Carolina. These mergers created an ACL system reaching from southern Virginia to South Carolina, other small acquisitions took place in 1901, and in 1902 the ACL took over the Plant System, which operated numerous lines within Florida and Georgia. The ACL acquired the East Carolina Railway in 1935, running south from Tarboro to Hookerton, the ACLs last major acquisition was the Atlanta, Birmingham and Coast Railroad, which it purchased in 1927, though the AB&C was not merged into the ACL until 1945. By the early 1900s the railroad had reached its final configuration. By the 1920s the railroads main line from Richmond, Virginia to Jacksonville, Florida had been double-tracked, in 1928 the ACL completed a line between Perry, Florida and Drifton, near Monticello, Florida, the last link of the new Perry Cut-off. During World War II ACLs passenger traffic increased 200% and freight traffic 150%, the railroad provided an alternative to coastal shipping, threatened by German submarines, and also served the fast-emerging military industry in the Southeast. The railroad spent at least $268 million in upgrading its physical plant during this period, in 1956 the railroad moved its headquarters from Wilmington, North Carolina to Jacksonville, Florida. Jacksonville was selected from three cities, the other two being Savannah, Georgia and Charleston, South Carolina. Construction of the new complex was finished in July 1960. As early as October 1958 the ACL and competitor Seaboard Air Line Railroad had discussed the possibility of a merger, the results showed that the merger could save considerable money through savings incurred and reduced expenditures to the amount of $38 million annually. On August 18,1960, the merger was approved by shareholders of both railroads, following another round of court decisions in 1966, the merger was allowed to be proceed, and did so on July 1,1967. The result was the creation of the Seaboard Coast Line, during its early years, the ACL handled mostly seasonal agricultural products, but by World War II its freight traffic had become more diverse
24.
Gridlock
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Gridlock is a type of traffic jam where continuous queues of vehicles block an entire network of intersecting streets, bringing traffic in all directions to a complete standstill. The term gridlock is also used to describe high traffic congestion with minimal flow. By extension, the term has been applied to situations in other fields where flow is stalled by excess demand, the traditional form of gridlock is caused by traffic heading in one direction across an intersection. This traffic is stopped, by sometimes too much capacity for the roadway or an accident. The drivers in the other direction then go into the blocked intersection trying to get through, in many jurisdictions, drivers are prohibited from entering an intersection at a green light if there is no room for them to clear the intersection. If drivers follow this rule of the road, gridlock will be prevented, one method of reducing gridlock is to aggressively enforce penalties for vehicles that block intersections. Another type of gridlock can occur during traffic surges between highway on-ramps and off-ramps located within a mile of each other. Traffic exiting the highway may back up and block the entering vehicles, Gridlock is sometimes cited as an example of the prisoners dilemma. In New York City, drivers who block the box are subject to a violation that comes with a US$90.00 penalty. In Virginia Beach, Virginia, roads around the oceanfront feature signs at every intersection stating Dont Block the Box, in Austin, Texas, a Dont Block the Box initiative began in 2015. The obvious impacts are driver frustration and trip delay, noise pollution can be aggravated by excessive starting and stopping noise of gridlocked facilities. To make a traffic system less susceptible to gridlock, a metering system can be introduced. These systems determine the number of vehicles allowed in a traffic system. This can be done with control devices, such as traffic lights or warning signs. This type of system is used in Zurich, Switzerland, according to the New York Times the word gridlock was coined in New York City in the early 1970s. The first appearances of gridlock in newspapers occurred during the 1980 New York City transit strike, the word is attributed to Sam Schwartz, who was then the chief traffic engineer for the New York City Department of Transportation at the time of the strike. Schwartz said the word gridlock was used internally in his department during the 1970s and his colleague gave the plan the thumbs-down, worrying that it would simply lock up the grid. Schwartz was always struck by that image and titled his 1980 memo Gridlock Prevention Plan. The event was caused by a combination of works and thousands of coal trucks from Inner Mongolia’s coalfields that travel daily to Beijing
25.
Schooner
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A schooner /ˈskuːnər/ is a type of sailing vessel with fore-and-aft sails on two or more masts, the foremast being shorter than the main and no taller than the mizzen if there is one. While the schooner was originally gaff-rigged, modern schooners typically carry a Bermuda rig, such vessels were first used by the Dutch in the 16th or 17th century. They were further developed in North America from the early 18th century, the most common type, with two masts, were popular in trades requiring speed and windward ability, such as slaving, privateering, blockade running, and offshore fishing. In the Chesapeake Bay area several distinctive schooner types evolved, including the Baltimore clipper, bugeye, schooners were also popular among pirates in the West Indies during the Golden Age of Piracy, for their speed and agility. They could also sail in shallow waters, and while being smaller than other ships of the time period. Schooners first evolved in the late 17th century from a variety of small two-masted gaff-rigged vessels used in the coast, most were working craft but some pleasure yachts with schooner rigs were built for wealthy merchants and Dutch nobility. Following the arrival of the Dutch monarch William of Orange on the British throne and this vessel, captured in a detailed Admiralty model, is the earliest fully documented schooner. Royal Transport was quickly noted for its speed and ease of handling, North American shipbuilders quickly developed a variety of schooner forms for trading, fishing and privateering. According to the language scholar Walter William Skeat, the term comes from scoon. The Dutch word schoone means nice, good looking, robinson replied, A schooner let her be. The launch is variously described as being in 1713 or 1745, naval architects such as Howard Chapelle have dismissed this invention story as a childish fable, but some language scholars feel that the legend may support a Gloucester origin of the word. Other sources state the etymology as unknown and uncertain, the first detailed definition of a schooner, describing the vessel as two-masted vessel with fore and aft gaff-rigged sails appeared in 1769 in William Falconers, Universal Dictionary of the Marine. Although a schooner may have up to four masts, the schooner has only two, with the foremast shorter than the mainmast. There may be a bowsprit to help balance the rig, the principal issue with a schooner sail plan is how to fill the space between the two masts most effectively. Traditional schooners were rigged, and the trapezoid shape of the foresail occupied the inter-mast space to good effect, with a useful sail area. A Bermuda rigged schooner typically has four sails, a mainsail, a main staysail abaft the foremast, plus a forestaysail. An advantage of the schooner is that it is easily handled and reefed by a small crew. The main staysail will not overlap the mainsail, and so little to prepare the wind for the mainsail
26.
1926 Miami hurricane
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As a result of the destruction in Florida, the hurricane represented an early start to the Great Depression in the aftermath of the states 1920s land boom. The tropical cyclone is believed to have formed in the central Atlantic Ocean on September 11, steadily strengthening as it tracked west-northwestward, the tropical storm reached hurricane intensity the next day. Strengthening continued up until the day, when the storm reached peak intensity with a strength equivalent to a Category 4 hurricane. This intensity was maintained as the storm tracked across the Turks and Caicos, the cyclone caused immense destruction throughout the islands and across southern Florida. The storm destroyed hundreds of structures in its path over the islands, at least 17 deaths occurred on the islands, though many others—some related only indirectly to the storm—were reported in the aftermath. Upon striking South Florida, the cyclone generated hurricane-force winds over a swath of the region, causing widespread. Most of the deaths occurred near Lake Okeechobee, when a storm surge breached muck dikes. The hurricane quickly traversed the Florida peninsula before emerging into the Gulf of Mexico near Fort Myers, the storm flooded surrounding communities and barrier islands, while strong winds downed trees and disrupted electrical service. The storm later made two landfalls with weaker intensities on Alabama and Mississippi on September 20 and 21, respectively, the storm caused additional but less severe damage in those states, primarily from heavy rains and storm surge. Land interaction caused the cyclone to deteriorate and later dissipate on September 22, due to the sparseness of available observations in the central Atlantic, the specific origins of the 1926 Miami hurricane remain unclear. Operationally, the United States Weather Bureau in Washington, D. C. did not begin issuing advisories on the cyclone until September 14, tracking west-northwestward, the storm gradually intensified and reached hurricane intensity on September 12 while still east of the Lesser Antilles. The observation of low pressures and winds suggesting cyclonic rotation at Saint Kitts on the evening of September 14 was the first to suggest that a hurricane had developed. The following day, the steamship Matura encountered the tropical cyclone. By 06,00 UTC on September 15, the storm had strengthened further to hurricane intensity north of the Virgin Islands. Strengthening continued into September 16 as the hurricane reached an equivalent to that of a Category 4 on the modern-day Saffir–Simpson hurricane wind scale. Shortly afterward, the struck the Bahamian island of Mayaguana at its peak intensity. After passing the island, the hurricane slightly weakened but maintained formidable strength as it accelerated through the southern Bahamas, the storm then made a second landfall on Andros Island in the Mangrove Cay district early on September 18. Thereafter, the hurricane crossed Andros Island and passed over the Gulf Stream en route to Florida
27.
1928 Okeechobee hurricane
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The Okeechobee hurricane, also known as the San Felipe Segundo hurricane, was one of the deadliest tropical cyclones in the recorded history of the North Atlantic basin. The fourth tropical cyclone, third hurricane, and only hurricane of the 1928 season. Initially a tropical depression, it strengthened into a storm later that day. Further intensification was slow and halted by late on September 7, about 48 hours later, the storm resumed strengthening and became a Category 1 hurricane on the modern-day Saffir–Simpson hurricane wind scale. Still moving westward, the system reached Category 4 intensity before striking Guadeloupe on September 12, there, the storm brought great destruction and 1,200 deaths. The islands of Martinique, Montserrat, and Nevis also reported damage and fatalities, around midday on September 13, the storm strengthened into a Category 5 hurricane and peaked with sustained winds of 160 mph. About six hours later, the system made landfall in Puerto Rico, very strong winds resulted in severe damage in Puerto Rico. Throughout the island, an estimated 24,728 homes were destroyed and 192,444 were damaged, heavy rainfall also led to extreme damage to vegetation and agriculture. On Puerto Rico alone, there were 312 deaths and about $50 million in damage, while crossing the island and emerging into the Atlantic, the storm weakened slightly, falling to Category 4 intensity. The storm began crossing through the Bahamas on September 16, due to preparations, minimal damage or loss of life occurred, with 18 fatalities reported. Early on September 17, the storm made landfall near West Palm Beach, in the city, more than 1,711 homes were destroyed. Elsewhere in the county, impact was severest around Lake Okeechobee, the storm surge caused water to pour out of the southern edge of the lake, flooding hundreds of square miles as high as 20 feet above ground. Numerous houses and buildings were swept away in the cities of Belle Glade, Canal Point, Chosen, Pahokee, at least 2,500 people drowned, while damage was estimated at $25 million. While crossing Florida, the system weakened significantly, falling to Category 1 intensity late on September 17 and it curved north-northeastward and briefly re-emerged into the Atlantic on September 18, but soon made another landfall near Edisto Island, South Carolina with winds of 85 mph. Early on the day, the system weakened to a tropical storm. Overall, the system caused $100 million in damage and at least 4,079 deaths, on September 6, ships reported a tropical depression developing just off the west coast of Africa near Dakar, Senegal. However, lack of observations for several days prevented the system from being classified in real time as it moved westward across the Atlantic Ocean. Later that day, two ships confirmed the intensity of the storm, and the Hurricane Research Division estimated it strengthened into a hurricane at 18,00 UTC on September 10
28.
Wall Street Crash of 1929
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The crash, which followed the London Stock Exchanges crash of September, signaled the beginning of the 12-year Great Depression that affected all Western industrialized countries. The Roaring Twenties, the decade that followed World War I and led to the crash, was a time of wealth, while the American cities prospered, the overproduction of agricultural produce created widespread financial despair among American farmers throughout the decade. This would later be blamed as one of the key factors that led to the 1929 stock market crash, despite the dangers of speculation, many believed that the stock market would continue to rise forever. On March 25,1929, after the Federal Reserve warned of excessive speculation, two days later, banker Charles E. Mitchell announced his company the National City Bank would provide $25 million in credit to stop the markets slide. Mitchells move brought a halt to the financial crisis and call money declined from 20 to 8 percent. Despite all these economic trouble signs and the breaks in March and May 1929, stocks resumed their advance in June. The market had been on a run that saw the Dow Jones Industrial Average increase in value tenfold. Shortly before the crash, economist Irving Fisher famously proclaimed, Stock prices have reached what looks like a high plateau. The optimism and financial gains of the bull market were shaken after a well publicized early September prediction from financial expert Roger Babson that a crash was coming. The initial September decline was thus called the Babson Break in the press and this was the start of the Great Crash, although until the severe phase of the crash in October, many investors regarded the September Babson Break as a healthy correction and buying opportunity. On September 20, the London Stock Exchange crashed when top British investor Clarence Hatry and many of his associates were jailed for fraud, the London crash greatly weakened the optimism of American investment in markets overseas. In the days leading up to the crash, the market was severely unstable, periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. On October 24, the market lost 11 percent of its value at the bell on very heavy trading. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank, Albert Wiggin, head of the Chase National Bank and they chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers financial resources behind him, Whitney placed a bid to purchase a block of shares in U. S. Steel at a price well above the current market. As traders watched, Whitney then placed similar bids on other blue chip stocks and this tactic was similar to one that ended the Panic of 1907. It succeeded in halting the slide, the Dow Jones Industrial Average recovered, closing with it down only 6.38 points for the day
29.
Great Depression
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The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations, in most countries it started in 1929 and it was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the economy can decline. The depression originated in the United States, after a fall in stock prices that began around September 4,1929. Between 1929 and 1932, worldwide GDP fell by an estimated 15%, by comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s, however, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%, unemployment in the U. S. rose to 25% and in some countries rose as high as 33%. Cities all around the world were hit hard, especially dependent on heavy industry. Construction was virtually halted in many countries, farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Even after the Wall Street Crash of 1929 optimism persisted for some time, john D. Rockefeller said These are days when many are discouraged. In the 93 years of my life, depressions have come, prosperity has always returned and will again. The stock market turned upward in early 1930, returning to early 1929 levels by April and this was still almost 30% below the peak of September 1929. Together, government and business spent more in the first half of 1930 than in the period of the previous year. On the other hand, consumers, many of whom had suffered losses in the stock market the previous year. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S, by mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928, prices in general began to decline, although wages held steady in 1930
30.
Ceratitis capitata
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Ceratitis capitata, the Mediterranean fruit fly, or medfly for short, is a species of fruit fly capable of causing extensive damage to a wide range of fruit crops. It is native to the Mediterranean area, but has spread invasively to many parts of the world, including Australasia, adult medflies lay their eggs under the skins of fruit, particularly where the skin is already broken. The eggs hatch within three days, and the larvae develop inside the fruit, maggots may stay from 5 to 10 days. Depending on temperature adult emergence may occur in as short as 7 days, the adults have a limited ability to disperse, but the global fruit trade can transport infected fruit over thousands of miles. Sex determination in C. capitata is by the familiar XY system, unusually for a dipteran and for a frugivore, medflies do not have an opsin gene for blue light perception as shown from the whole-genome sequencing project completed in September 2016. The Geographic Distribution Map of Ceratitis capitata and this updated map provides information on the distribution of the Mediterranean fruit fly, Ceratitis capitata, throughout the world. The information is based on available Mediterranean fruit fly national surveillance reports. Therefore, the map displays assessments of the presence of this pest at the national level, in the United States, C. capitata has invaded four states, but has been eradicated from all but Hawaii. Reintroduced populations of the medfly have been spotted in California as recently as mid September 2009, requiring additional eradication and it has also been eradicated from New Zealand and Chile. Much research has been dedicated to means of controlling the medfly, in particular, use of the sterile insect technique has allowed the species to be eradicated from several areas. In 1981, California Governor Jerry Brown, who had established a reputation as a strong environmentalist, was confronted with a serious medfly infestation in the San Francisco Bay Area. He was advised by the agricultural industry, and the US Department of Agricultures Animal and Plant Health Inspection service. Initially, in accordance with his environmental protection stance, he chose to authorize ground-level spraying only, unfortunately, the infestation spread as the medfly reproductive cycle out-paced the spraying. After more than a month, millions of dollars of crops had been destroyed, Governor Brown then authorized a massive response to the infestation. Fleets of helicopters sprayed malathion at night, and the California National Guard set up highway checkpoints, in the final stage of the campaign, entomologists released millions of sterile male medflies in an attempt to disrupt the insects reproductive cycle. Ultimately the infestation was eradicated, but both the Governors delay and the scale of the action has remained ever since. Some people claimed that malathion was toxic to humans, as well as insects, in response to such concerns, Browns chief of staff, B. T. Collins, staged a news conference during which he publicly drank a small glass of malathion. Many people complained that, while the malathion may not have been toxic to humans
31.
World War II
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World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan
32.
A Golden Wake
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A Golden Wake is an adventure game developed by Francisco Gonzalez as Grundislav Games and published by Wadjet Eye Games, the game was released on 9 October 2014. Cubed3 explains This is the first full project from the studio Grundislav Games, the one-man studio Grundislav Games was founded by game developer Francisco Gonzalez, who has a penchant for old-school adventure games. In a July 2014 interview, he explained I first got the idea, I didn’t actually start seriously working on it until around 2012, after I finished up with the last game in my Ben Jordan series. I’d say I’ve gotten the bulk of it done in the past 10 months, however and he said At its heart this is an adventure game. I’m not trying to hit people over the head with history, Gonzalez listed The Dagger of Amon Ra, Gabriel Knight, Sins of the Fathers, Grim Fandango, L. A. Noire, and Deus Ex, Human Revolution as influences for the game. Explaining the context of this game within the industry, IndieHaven wrote and it comes at a time when the genre is making a comeback with Telltale Games finding success with The Walking Dead and The Wolf Among Us and titles like The Room series getting critical acclaim. In regard to distribution, Gonzalez commented Like all the other Wadjet Eye games, the launch will be on PC only. Hulking Reviewer explains the gameplay, The controls are the standard point-and-click scheme with the used to interact with an object. In a preview of promotional material, Destructoid wrote these early screens and its like The Colonels Bequest and Boardwalk Empire are coming together, just as I always dreamed. And that’s one of the things that makes a game an classic. So whether it’s condemning a man’s house because of violations or stealing designs, the hands-on preview was only about 2 chapters but it appears to me that Wadjet Eye Games has another gem on its hands. Rock Paper Shotgun wrote Expect shady salesmen, cutthroat bootleggers, corrupt politicians, sounds like my kind of party. Cubed3 wrote A Golden Wake is certainly not without its problems, then, but its shaping up to be a take on the genre. While the puzzles arent always amazing and the story takes a few turns, theres incredible attention to detail. Anyone with so much as a passing interest in period of history shouldnt miss it. Hardcore Gamer said Though not the most pulse-pounding adventure on the market, a Golden Wake was nominated for 10 AGS Awards. It did not take home any AGS Awards that year
33.
Draining and development of the Everglades
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The history of draining and development of the Everglades dates back to the 19th century. During the Second Seminole War beginning in 1836, the United States militarys mission was to seek out Seminole people in the Everglades and those missions gave the military the opportunity to map land that seemed to frustrate and confound them at every turn. A national push for expansion and progress toward the latter part of the 19th century stimulated interest in draining the Everglades for agricultural use. According to historians, From the middle of the century to the middle of the twentieth century. Indeed, it was considered the proper thing to do, a pattern of political and financial motivation, and a lack of understanding of the geography and ecology of the Everglades have plagued the history of drainage projects. The Everglades are a part of a watershed that originates near Orlando and drains into Lake Okeechobee. As the lake exceeds its capacity in the wet season, the forms a flat and very wide river. As the land from Lake Okeechobee slopes gradually to Florida Bay, before human activity in the Everglades, the system comprised the lower third of the Florida peninsula. The first attempt to drain the region was made by real estate developer Hamilton Disston in 1881, Disstons sponsored canals were unsuccessful, but the land he purchased for them stimulated economic and population growth that attracted railway developer Henry Flagler. Flagler built a railroad along the east coast of Florida and eventually to Key West, towns grew, during his 1904 campaign to be elected governor, Napoleon Bonaparte Broward promised to drain the Everglades, and his later projects were more effective than Disstons. Browards promises sparked a land boom facilitated by blatant errors in a report, pressure from real estate developers. The increased population brought hunters who went unchecked and had a impact on the numbers of wading birds, alligators. Severe hurricanes in 1926 and 1928 caused catastrophic damage and flooding from Lake Okeechobee that prompted the Army Corps of Engineers to build a dike around the lake, further floods in 1947 prompted an unprecedented construction of canals throughout southern Florida. However, in the late 1960s, following a proposal to construct a massive airport next to Everglades National Park, American involvement in the Everglades began during the Second Seminole War, a costly and very unpopular conflict. The United States spent between $30 million and $40 million and lost between 1,500 and 3,000 lives. The U. S. military drove the Seminoles into the Everglades and were charged with the task of finding them, defeating them, almost 4,000 Seminoles were killed in the war or were removed. The U. S. military was unprepared for the conditions they found in the Everglades. They tore their clothes on sawgrass, ruined their boots on the limestone floor
34.
Wayback Machine
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The Internet Archive launched the Wayback Machine in October 2001. It was set up by Brewster Kahle and Bruce Gilliat, and is maintained with content from Alexa Internet, the service enables users to see archived versions of web pages across time, which the archive calls a three dimensional index. Since 1996, the Wayback Machine has been archiving cached pages of websites onto its large cluster of Linux nodes and it revisits sites every few weeks or months and archives a new version. Sites can also be captured on the fly by visitors who enter the sites URL into a search box, the intent is to capture and archive content that otherwise would be lost whenever a site is changed or closed down. The overall vision of the machines creators is to archive the entire Internet, the name Wayback Machine was chosen as a reference to the WABAC machine, a time-traveling device used by the characters Mr. Peabody and Sherman in The Rocky and Bullwinkle Show, an animated cartoon. These crawlers also respect the robots exclusion standard for websites whose owners opt for them not to appear in search results or be cached, to overcome inconsistencies in partially cached websites, Archive-It. Information had been kept on digital tape for five years, with Kahle occasionally allowing researchers, when the archive reached its fifth anniversary, it was unveiled and opened to the public in a ceremony at the University of California, Berkeley. Snapshots usually become more than six months after they are archived or, in some cases, even later. The frequency of snapshots is variable, so not all tracked website updates are recorded, Sometimes there are intervals of several weeks or years between snapshots. After August 2008 sites had to be listed on the Open Directory in order to be included. As of 2009, the Wayback Machine contained approximately three petabytes of data and was growing at a rate of 100 terabytes each month, the growth rate reported in 2003 was 12 terabytes/month, the data is stored on PetaBox rack systems manufactured by Capricorn Technologies. In 2009, the Internet Archive migrated its customized storage architecture to Sun Open Storage, in 2011 a new, improved version of the Wayback Machine, with an updated interface and fresher index of archived content, was made available for public testing. The index driving the classic Wayback Machine only has a bit of material past 2008. In January 2013, the company announced a ground-breaking milestone of 240 billion URLs, in October 2013, the company announced the Save a Page feature which allows any Internet user to archive the contents of a URL. This became a threat of abuse by the service for hosting malicious binaries, as of December 2014, the Wayback Machine contained almost nine petabytes of data and was growing at a rate of about 20 terabytes each week. Between October 2013 and March 2015 the websites global Alexa rank changed from 162 to 208, in a 2009 case, Netbula, LLC v. Chordiant Software Inc. defendant Chordiant filed a motion to compel Netbula to disable the robots. Netbula objected to the motion on the ground that defendants were asking to alter Netbulas website, in an October 2004 case, Telewizja Polska USA, Inc. v. Echostar Satellite, No.02 C3293,65 Fed. 673, a litigant attempted to use the Wayback Machine archives as a source of admissible evidence, Telewizja Polska is the provider of TVP Polonia and EchoStar operates the Dish Network
35.
Economic bubble
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An economic bubble or asset bubble is trade in an asset at a price or price range that strongly deviates from the corresponding assets intrinsic value. It could also be described as a situation in which asset prices appear to be based on implausible or inconsistent views about the future, Asset bubbles date back as far as the 1600s and are now widely regarded as a recurrent feature of modern economic history. Because it is difficult to observe intrinsic values in real-life markets, bubbles are often conclusively identified only in retrospect. Such a drop is known as a crash or a bubble burst, prices in an economic bubble can fluctuate erratically, and become impossible to predict from supply and demand alone. While some economists deny that bubbles occur, the cause of bubbles remains disputed by those who are convinced that asset prices often deviate strongly from intrinsic values. Many explanations have suggested, and research has recently shown that bubbles may appear even without uncertainty, speculation. In such cases, the bubbles may be argued to be rational and these approaches require that the timing of the bubble collapse can only be forecast probabilistically and the bubble process is often modelled using a Markov switching model. Similar explanations suggest that bubbles might ultimately be caused by processes of price coordination, more recent theories of asset bubble formation suggest that these events are sociologically driven. For instance, explanations have focused on emerging social norms and the role that culturally-situated stories or narratives play in these events and this was one of the earliest modern financial crises, other episodes were referred to as manias, as in the Dutch tulip mania. The metaphor indicated that the prices of the stock were inflated and fragile – expanded based on nothing but air, and vulnerable to a sudden burst, as in fact occurred. The impact of economic bubbles is debated within and between schools of thought, they are not generally considered beneficial, but its debated how harmful their formation. Political economist Robert E. Wright argues that bubbles can be identified before the fact with high confidence. A protracted period of low risk premiums can simply prolong the downturn in asset price deflation as was the case of the Great Depression in the 1930s for much of the world and the 1990s for Japan. Not only can the aftermath of a crash devastate the economy of a nation, another important aspect of economic bubbles is their impact on spending habits. Market participants with overvalued assets tend to spend more because they feel richer, many observers quote the housing market in the United Kingdom, Australia, New Zealand, Spain and parts of the United States in recent times, as an example of this effect. In an economy with a bank, the bank may therefore attempt to keep an eye on asset price appreciation. This is usually done by increasing the interest rate, in the 1970s, excess monetary expansion after the U. S. came off the gold standard created massive commodities bubbles. These bubbles only ended when the U. S, central Bank finally reined in the excess money, raising federal funds interest rates to over 14%
36.
Tulip mania
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Tulip mania or tulipomania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed. At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the income of a skilled craftsworker. The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values, the 1637 event was popularized in 1841 by the book Extraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay. According to Mackay, at one point 12 acres of land were offered for a Semper Augustus bulb, Mackay claims that many such investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackays book is a classic, his account is contested, many modern scholars feel that the mania was not as extraordinary as Mackay described and argue that not enough price data are available to prove that a tulip bulb bubble actually occurred. Research is difficult because of the economic data from the 1630s—much of which come from biased. Some modern economists have proposed rational explanations, rather than a speculative mania, for the rise, for example, other flowers, such as the hyacinth, also had high initial prices at the time of their introduction, which immediately fell. The high asset prices may also have driven by expectations of a parliamentary decree that contracts could be voided for a small cost—thus lowering the risk to buyers. Tulip bulbs were soon distributed from Vienna to Augsburg, Antwerp and he planted his collection of tulip bulbs and found they were able to tolerate the harsher conditions of the Low Countries, shortly thereafter the tulip began to grow in popularity. The tulip was different from other flower known to Europe at that time. The appearance of the tulip as a status symbol at this time coincides with the rise of newly independent Hollands trade fortunes. No longer the Spanish Netherlands, its resources could now be channeled into commerce. Amsterdam merchants were at the center of the lucrative East Indies trade, as a result, tulips rapidly became a coveted luxury item, and a profusion of varieties followed. They were classified in groups, the tulips of red, yellow, or white were known as Couleren, the multicolored Rosen, Violetten, and the rarest of all. The multicolor effects of intricate lines and flame-like streaks on the petals were vivid and spectacular, growers named their new varieties with exalted titles. Many early forms were prefixed Admirael, often combined with the growers names, generael was another prefix used for around thirty varieties. Later varieties were given even more extravagant names, derived from Alexander the Great or Scipio, or even Admiral of Admirals, however, naming could be haphazard and varieties highly variable in quality. Most of these varieties have now died out, tulips grow from bulbs, and can be propagated through both seeds and buds
37.
South Sea Company
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The South Sea Company was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of national debt. The company was granted a monopoly to trade with South America. At the time it was created, Britain was involved in the War of the Spanish Succession, there was no realistic prospect that trade would take place and the company never realised any significant profit from its monopoly. The Bubble Act 1720, which forbade the creation of joint-stock companies without royal charter, was promoted by the South Sea company itself before its collapse. In Great Britain, a number of people were ruined by the share collapse. The founders of the scheme engaged in trading, using their advance knowledge of when national debt was to be consolidated to make large profits from purchasing debt in advance. Huge bribes were given to politicians to support the Acts of Parliament necessary for the scheme, Company money was used to deal in its own shares, and selected individuals purchasing shares were given loans backed by those same shares to spend on purchasing more shares. The expectation of vast wealth from trade with South America was used to encourage the public to purchase shares, the only significant trade that did take place was in slaves, but the company failed to manage this profitably. A parliamentary enquiry was held after the crash to discover its causes, a number of politicians were disgraced, and people found to have profited unlawfully from the company had assets confiscated proportionate to their gains. The company was restructured and continued to operate for more than a century after the Bubble, the headquarters were in Threadneedle Street at the centre of the financial district in London, today the Bank of England has headquarters on Threadneedle Street. At the time of events the Bank of England also was a private company dealing in national debt. In August 1710 Robert Harley was appointed Chancellor of the Exchequer in a government of commission, the government at this time had become reliant on the Bank of England. This was a privately owned company, chartered 16 years previously, the government had become dissatisfied with the service it was receiving and Harley was actively seeking new ways to improve the national finances. The committee included Harley himself, the two Auditors of the Imprests, whose task was to investigate government spending, Harleys brother Edward, Harleys first concern was to find £300,000 for the next quarters pay for the British army operating in Europe under Marlborough. This was provided by a consortium of Edward Gibbon, George Caswall. The Bank of England had been operating a state lottery on behalf of the government, but this had not been successful in 1710. This too was performing poorly, so Harley granted authority to sell tickets to John Blunt, a director of the Hollow Sword Blade Company, with sales commencing on 3 March 1711, tickets had completely sold out by the 7th. This was the first truly successful English state lottery, marketing was handled by members of the Sword Blade syndicate, Gibbon selling £200,000 of tickets and earning £4,500 commission, and Blunt selling £993,000
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Mississippi Company
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The Mississippi Company of 1684 became the Company of the West in 1717, and expanded as the Company of the Indies from 1719. This corporation, which held a monopoly in French colonies in North America. In May 1716, the Banque Générale Privée, which developed the use of money, was set up by John Law. It was a bank, but three quarters of the capital consisted of government bills and government-accepted notes. In August 1717, he bought the Mississippi Company to help the French colony in Louisiana, in the same year Law conceived a joint-stock trading company called the Compagnie dOccident. Law was named the Chief Director of this new company, which was granted a monopoly of the West Indies. The bank became the Banque Royale in 1718, meaning the notes were guaranteed by the king, Louis XIVs long reign and wars had nearly bankrupted the French monarchy. Rather than reduce spending, the Regency of Louis XV of France endorsed the monetary theories of Scottish financier John Law, in 1716, Law was given a charter for the Banque Royale under which the national debt was assigned to the bank in return for extraordinary privileges. The key to the Banque Royale agreement was that the debt would be paid from revenues derived from opening the Mississippi Valley. The Bank was tied to other ventures of Law—the Company of the West, all were known as the Mississippi Company. The Mississippi Company had a monopoly on trade and mineral wealth, Law was given the title Duc dArkansas. Bernard de la Harpe and his party left New Orleans in 1719 to explore the Red River, in 1721, he explored the Arkansas River. At the Yazoo settlements in Mississippi he was joined by Jean Benjamin who became the scientist for the expedition, in 1718, there were only 700 Europeans in Louisiana. The Mississippi Company arranged ships to move 800 more, who landed in Louisiana in 1718, John Law encouraged Germans, particularly Germans of the Alsatian region who had recently fallen under French rule, and the Swiss to emigrate. Prisoners were set free in Paris in September 1719 onwards, under the condition that they marry prostitutes, the newly married couples were chained together and taken to the port of embarkation. In May 1720, after complaints from the Mississippi Company and the concessioners about this class of French immigrants, however, there was a third shipment of prisoners in 1721. Law exaggerated the wealth of Louisiana with a marketing scheme. The scheme promised success for the Mississippi Company by combining investor fervor, the popularity of company shares were such that they sparked a need for more paper bank notes, and when shares generated profits the investors were paid out in paper bank notes
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Railway Mania
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Railway Mania was an instance of speculative frenzy in Britain in the 1840s. It followed a pattern, as the price of railway shares increased. It reached its zenith in 1846, when no fewer than 272 Acts of Parliament were passed, setting up new companies. Britains first recognisably modern inter-city railway, the Liverpool and Manchester, opened in 1830, the late 1830s and early 1840s saw the British economy slow down. By the mid-1840s, the economy was improving vastly and the industries were once again growing. Crucially, there were investors in British business. The Industrial Revolution was creating a new, increasingly affluent middle class, with these limits removed anyone could invest money on a new company and railways were heavily promoted as a foolproof venture. New media such as newspapers and the emergence of the stock market made it easy for companies to promote themselves. Shares could be purchased for a 10% deposit with the company holding the right to call in the remainder at any time. The railways were so heavily promoted as a venture that thousands of investors on modest incomes bought large numbers of shares whilst only being able to afford the deposit. The British government promoted an almost totally laissez-faire system of non-regulation in the railways, anyone could form a company, gain investment and submit a Bill to Parliament. Magnates like George Hudson developed routes in the North and Midlands by amalgamating small railway companies and he was also an MP, but ultimately failed owing to his fraudulent practices of, for example, paying dividends from capital. As with other bubbles, the Railway Mania became a cycle based purely on over-optimistic speculation. Coupled to this, in late 1845 the Bank of England put up interest rates, as banks began to re-invest in bonds, the money began to flow out of railways, under-cutting the boom. The share prices of railways slowed in their rise, then levelled out, as they began to fall, investment stopped virtually overnight, leaving numerous companies without funding and numerous investors with no prospect of any return on their investment. The larger railway companies such as the Great Western Railway and the nascent Midland began to buy up strategic failed lines to expand their network. Many middle class families on modest incomes had sunk their entire savings into new companies during the Mania, the boom-and-bust cycle of early-industrial Britain was still in effect, and the boom that had created the conditions for Railway Mania began to cool and then a decline set in. The number of new railway companies fell away to almost nothing in the late 1840s and early 1850s, unlike some stock market bubbles, there was a net tangible result from all the investment, a vast expansion of the British railway system, though perhaps at an inflated cost
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Encilhamento
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The Encilhamento was an economic bubble that boomed in the late 1880s and early 1890s in Brazil, bursting during the provisional government of Deodoro da Fonseca leading to financial crisis. This policy of economic incentives created unbridled speculation, increased inflation, proposed changes in land legislation for example, was one of the reasons why large landowners and former slaveholders supported the establishment of the republic. In this political environment, economic and social under the pretext of promoting the process of industrialization of the country, big Rentiers, holders of the native big money, who go after the best rate of return for their capital. From that time, highlight the British banks led by Rothschilds, along with the increase in market liquidity, there was the introduction of modern financial mechanisms, enhancing the financial leverage possibilities. The reduction in the issuance of government bonds has also opened space for the expansion of stocks issues. All this, slowly led to an increase in speculation and inflation in general, embracing all economic sectors, from the currencies to real estate, creating minor bubbles into a big one. The fact that Rui Barbosa had been an opponent of such system, accredited him to be appointed by the military as finance secretary. Ironically, when took office, soon after the proclamation of the Republic, a example of such issues occurred not only when a company went to the IPO without any economic fundament to support it, but also whenever it needed more money, just issued new subscriptions. The investor who wouldnt answer to the new offerings, lost the rights to the old ones, on January 20,1891, Rui Barbosa stepped down as finance secretary to head two companies that were created during the Encilhamento and which he had partnership with the Counselor Mayrink. However, due to the powers conferred to monetary authorities. Among these, was Rui Barbosa, who had to go into exile in Europe
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Roaring Twenties
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The Roaring Twenties is a term for Western society and Western culture during the 1920s. In the French Third Republic, the decade was known as the années folles, emphasizing the social, artistic. Jazz music blossomed, the flapper redefined the modern look for British and American women, not everything roared, in the wake of the hyper-emotional patriotism of World War I, Warren G. Harding brought back normalcy to the politics of the United States. This era saw the use of automobiles, telephones, motion pictures, radio. The economies saw rapid growth, accelerated consumer demand, plus significant changes in lifestyle. The media focused on celebrities, especially sports heroes and movie stars, as cities rooted for their teams and filled the new palatial cinemas. In most major states, women won the right to vote. The social and cultural features known as the Roaring Twenties began in leading metropolitan centers, the United States gained dominance in world finance. Thus, when Weimar Republic Germany could no longer afford to pay World War I reparations to the United Kingdom, France and other Allies, the Americans came up with the Dawes Plan. Wall Street invested heavily in Germany, which repaid its reparations to nations that, in turn, by the middle of the decade, prosperity was widespread, with the second half of the decade known, especially in Germany, as the Golden Twenties. The spirit of the Roaring Twenties was marked by a feeling of novelty associated with modernity. Everything seemed to be feasible through modern technology, New technologies, especially automobiles, moving pictures, and radio, brought modernity to a large part of the population. Formal decorative frills were shed in favor of practicality in both life and architecture. At the same time, Jazz and dancing rose in popularity, as such, the period is also often referred to as the Jazz Age. The Wall Street Crash of 1929 ended the era, as the Great Depression brought years of worldwide gloom, the economy of the United States, which had successfully transitioned from a wartime economy to a peacetime economy, boomed and provided loans for a European boom as well. However, some sectors were stagnant, especially farming and coal mining, the United States since the late 19th century was the richest country in the world per capita and in terms of total GDP. Its industry was based on production, and its society acculturated into consumerism. European economies, by contrast, had a more difficult postwar readjustment, at first, the end of wartime production caused a brief but deep recession, the post–World War I recession of 1919–20
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1997 Asian financial crisis
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At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Laos, Malaysia and the Philippines were also hurt by the slump, brunei, China, Singapore, Taiwan and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region. Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations economies in 1993–96, in South Korea, the ratios rose from 13% to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise, the efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down on 21 May 1998 in the wake of rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998, in 1998 the Philippines growth dropped to virtually zero. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover, after the 1997 Asian Financial Crisis, economies in the region are working toward financial stability on financial supervision. Until 1999, Asia attracted almost half of the capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to investors looking for a high rate of return. As a result, the regions received a large inflow of money. At the same time, the economies of Thailand, Malaysia, Indonesia, Singapore. This achievement was widely acclaimed by financial institutions including IMF and World Bank, the causes of the debacle are many and disputed. Thailands economy developed into an economic bubble fueled by hot money, more and more was required as the size of the bubble grew. The same type of situation happened in Malaysia, and Indonesia, the short-term capital flow was expensive and often highly conditioned for quick profit. Development money went in an uncontrolled manner to certain people only, not particularly the best suited or most efficient. As the U. S. economy recovered from a recession in the early 1990s, the U. S. Federal Reserve Bank under Alan Greenspan began to raise U. S. interest rates to head off inflation. S. dollar. For the Southeast Asian nations which had pegged to the U. S. dollar
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Dot-com bubble
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The period was marked by the founding of several new Internet-based companies commonly referred to as dot-coms. Companies could cause their stock prices to increase by adding an e- prefix to their name or a. com suffix. By the end of the 1990s, the NASDAQ hit a P/E ratio of 200, the collapse of the bubble took place during 1999–2001. Some companies, such as pets. com and Webvan, failed completely, others – such as Cisco, whose stock declined by 86% – lost a large portion of their market capitalization but remained stable and profitable. Some, such as eBay. com, later recovered and even surpassed their dot-com-bubble peaks, the stock of Amazon. com came to exceed $700 per share, for example, after having gone from $107 to $7 in the crash. The low interest rates of 1998–99 helped increase the start-up capital amounts, a canonical dot-com companys business model relied on harnessing network effects by operating at a sustained net loss and building market share. These companies offered their services or end product for free with the expectation that they could build enough brand awareness to charge profitable rates for their services later, the motto get big fast reflected this strategy. This occurred in industrialized nations due to the digital divide in the late 1990s. The absence of infrastructure and a lack of understanding were two obstacles that previously obstructed mass connectivity. For these reasons, individuals had limited capabilities in what they could do, increased means of connectivity to the Internet than previously available allowed the use of ICT to progress from a luxury good to a necessity good. As connectivity grew, so did the potential for venture capitalists to take advantage of the growing field, the functionalism, or impacts of technologies driven from the cost effectiveness of new Internet websites ultimately influenced the demand growth during this time. A bubble occurs when speculators note the fast increase in value and decide to buy in anticipation of further rises, typically, during a bubble, many companies thus become grossly overvalued. When the bubble bursts, the prices fall dramatically. The prices of many non-technology stocks increased in tandem and were pushed up to valuations uncorrelated to fundamentals. Andrew Smith argued that the financial industrys handling of initial public offerings tended to benefit the banks, in contrast, the financiers and other initial investors were typically entitled to sell at the peak price, and so could immediately profit from short-term price rises. Smith argues that the profitability of the IPOs to Wall Street was a significant factor in the course of events of the bubble. He writes, But did the kids dupe the establishment by drawing them into companies, or did the establishment dupe the kids by introducing them to Mammon. In spite of this, however, a few company founders made vast fortunes when their companies were out at an early stage in the dot-com stock market bubble
