1.
John Law (economist)
–
John Law was a Scottish economist who believed that money was only a means of exchange that did not constitute wealth in itself and that national wealth depended on trade. He was appointed Controller General of Finances of France under the Duke of Orleans, regent for the youthful king and he was responsible for the Mississippi Company bubble and a chaotic economic collapse in France, which has been compared to the early-17th century tulip mania in Holland. The Mississippi Bubble was contemporaneous with the South Sea Company bubble of England, Law was a gambler and a brilliant mental calculator. He was known to win games by mentally calculating the odds. He originated economic ideas such as The Scarcity Theory of Value, Laws views held that money creation will stimulate the economy, that paper money is preferable to metallic money, and that shares are a superior form of money since they pay dividends. Law was born into a family of bankers and goldsmiths from Fife, his father had purchased Lauriston Castle, Law joined the family business at age fourteen and studied the banking business until his father died in 1688. Law subsequently neglected the firm in favour of more extravagant pursuits and he subsequently lost large sums of money in gambling. On 9 April 1694, John Law fought a duel with another British Dandy, Wilson had challenged Law over the affections of Elizabeth Villiers. Law killed Wilson with a pass and thrust of his sword. He was arrested, charged with murder and stood trial at the Old Bailey and he appeared before the infamously sadistic hanging-judge, Salathiel Lovell and was found guilty of murder, and sentenced to death. He was initially incarcerated in Newgate Prison to await execution and his sentence was later commuted to a fine, upon the ground that the offence only amounted to manslaughter. Wilsons brother appealed and had Law imprisoned, but he managed to escape to Amsterdam, Law urged the establishment of a national bank to create and increase instruments of credit and the issue of banknotes backed by land, gold, or silver. The first manifestation of Laws system came when he had returned to Scotland and he published a text entitled Money and Trade Considered, with a Proposal for Supplying the Nation with Money. Laws propositions of creating a bank in Scotland were ultimately rejected. He spent ten years moving between France and the Netherlands, dealing in financial speculations, problems with the French economy presented the opportunity to put his system into practice. He had the idea of abolishing minor monopolies and private farming of taxes and he would create a bank for national finance and a state company for commerce, ultimately to exclude all private revenue. This would create a monopoly of finance and trade run by the state. The council called to consider Laws proposal, including such as Samuel Bernard
2.
French language
–
French is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages, French has evolved from Gallo-Romance, the spoken Latin in Gaul, and more specifically in Northern Gaul. Its closest relatives are the other langues doïl—languages historically spoken in northern France and in southern Belgium, French was also influenced by native Celtic languages of Northern Roman Gaul like Gallia Belgica and by the Frankish language of the post-Roman Frankish invaders. Today, owing to Frances past overseas expansion, there are numerous French-based creole languages, a French-speaking person or nation may be referred to as Francophone in both English and French. French is a language in 29 countries, most of which are members of la francophonie. As of 2015, 40% of the population is in Europe, 35% in sub-Saharan Africa, 15% in North Africa and the Middle East, 8% in the Americas. French is the fourth-most widely spoken mother tongue in the European Union, 1/5 of Europeans who do not have French as a mother tongue speak French as a second language. As a result of French and Belgian colonialism from the 17th and 18th century onward, French was introduced to new territories in the Americas, Africa, most second-language speakers reside in Francophone Africa, in particular Gabon, Algeria, Mauritius, Senegal and Ivory Coast. In 2015, French was estimated to have 77 to 110 million native speakers, approximately 274 million people are able to speak the language. The Organisation internationale de la Francophonie estimates 700 million by 2050, in 2011, Bloomberg Businessweek ranked French the third most useful language for business, after English and Standard Mandarin Chinese. Under the Constitution of France, French has been the language of the Republic since 1992. France mandates the use of French in official government publications, public education except in specific cases, French is one of the four official languages of Switzerland and is spoken in the western part of Switzerland called Romandie, of which Geneva is the largest city. French is the language of about 23% of the Swiss population. French is also a language of Luxembourg, Monaco, and Aosta Valley, while French dialects remain spoken by minorities on the Channel Islands. A plurality of the worlds French-speaking population lives in Africa and this number does not include the people living in non-Francophone African countries who have learned French as a foreign language. Due to the rise of French in Africa, the total French-speaking population worldwide is expected to reach 700 million people in 2050, French is the fastest growing language on the continent. French is mostly a language in Africa, but it has become a first language in some urban areas, such as the region of Abidjan, Ivory Coast and in Libreville. There is not a single African French, but multiple forms that diverged through contact with various indigenous African languages, sub-Saharan Africa is the region where the French language is most likely to expand, because of the expansion of education and rapid population growth
3.
Monopoly
–
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors, in economics, a monopoly is a single seller. In law, a monopoly is an entity that has significant market power, that is. Although monopolies may be big businesses, size is not a characteristic of a monopoly, a small business may still have the power to raise prices in a small industry. A monopoly is distinguished from a monopsony, in there is only one buyer of a product or service. Likewise, a monopoly should be distinguished from a cartel, in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in one or a few entities have market power and therefore interact with their customers. Monopolies can be established by a government, form naturally, or form by integration, in many jurisdictions, competition laws restrict monopolies. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, patents, copyrights, and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve the venture for itself, thus forming a government monopoly, There are four basic types of market structures in traditional economic analysis, perfect competition, monopolistic competition, oligopoly and monopoly. A monopoly is a structure in which a single supplier produces, if there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a pure monopoly. Sometimes, there are many sellers in an industry and/or there exist many close substitutes for the goods being produced and this is termed monopolistic competition, whereas in oligopoly the companies interact strategically. Most economic textbooks follow the practice of explaining the perfect competition model. The boundaries of what constitutes a market and what does not are relevant distinctions to make in economic analysis, in a general equilibrium context, a good is a specific concept including geographical and time-related characteristics. Most studies of market structure relax a little their definition of a good, price Maker, Decides the price of the good or product to be sold, but does so by determining the quantity in order to demand the price desired by the firm. High Barriers, Other sellers are unable to enter the market of the monopoly, single seller, In a monopoly, there is one seller of the good, who produces all the output. Therefore, the market is being served by a single company, and for practical purposes. Price Discrimination, A monopolist can change the price or quantity of the product and he or she sells higher quantities at a lower price in a very elastic market, and sells lower quantities at a higher price in a less elastic market
4.
Economic bubble
–
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%
5.
Banknote
–
A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
6.
Louisiana (New France)
–
Louisiana or French Louisiana was an administrative district of New France. Under French control 1682 to 1762 and 1802 to 1803, the area was named in honor of King Louis XIV, by French explorer René-Robert Cavelier, Louisiana was divided into two regions, known as Upper Louisiana, which began north of the Arkansas River, and Lower Louisiana. The U. S. state of Louisiana is named for the historical region, although French exploration of the area began during the reign of Louis XIV, French Louisiana was not greatly developed, due to a lack of human and financial resources. France regained sovereignty of the territory in the secret Treaty of San Ildefonso of 1800. But strained by obligations in Europe, Napoleon Bonaparte decided to sell the territory to the United States in the Louisiana Purchase of 1803, the United States ceded part of the Louisiana Purchase to the United Kingdom in the Treaty of 1818. This section lies above the 49th parallel north in a portion of present-day Alberta, in the 18th century, Louisiana included most of the Mississippi River Valley, from what is now the Midwestern United States south to the coast of the Gulf of Mexico. Both areas were dominated numerically by Native American tribal populations, at times, fewer than two hundred soldiers were assigned to all of the colony, on both sides of the Mississippi. In the mid-1720s, Louisiana Indians numbered well over 35,000, to the east was territory disputed with the British colonies on the Atlantic seaboard, the French claim extended to the Appalachian Mountains. The Rocky Mountains marked the extent of the French claim. The general flatness of the land aided movement through the territory, the topography becomes more mountainous towards the west, with the notable exception of the Ozark Mountains, which are located in the mid-south. A colonial government soon emerged, with its capital originally at Mobile, later at Biloxi, the government was led by a Governor-general, and Louisiana became an increasingly important colony in the early 18th century. French exploration of the area began with the 1673 expedition of Louis Joliet and Jacques Marquette, as noted above, Upper Louisiana was primarily settled by colonists from French Canada. There was further substantial intermarriage and integration with the local Illinois peoples, French settlers were attracted by the availability of arable farmland as well as by the forests, abundant with animals suitable for hunting and trapping. Genevieve across the river in todays Missouri, the region was initially governed as part of Canada, but was declared to be part of Louisiana in 1712, with the grant of the Louisiana country to Antoine Crozat. Thus, Vincennes and Peoria were the limit of Louisianas reach, the outposts at Ouiatenon, Chicago, Fort Miamis, and Prairie du Chien operated as dependencies of Canada. Those fleeing British control founded outposts such as the important settlement of St. Louis and this became a French fur-trading center, connected to trading posts on the Missouri and Upper Mississippi rivers, leading to later French settlement in that area. In the 1762 Treaty of Fontainebleau, France ceded Louisiana west of the Mississippi River to Spain, its ally in the war, even after France had lost its claim to Louisiana, settlement of Upper Louisiana by French-speakers continued for the next four decades. French explorers and frontiersmen, such as Pedro Vial, were employed as guides and interpreters by the Spanish
7.
Joint-stock company
–
A joint-stock company is a business entity in which different stocks can be bought and owned by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares and that allows for the unequal ownership of a business with some shareholders owning more of a company than others. Shareholders are able to transfer their shares to others without any effects to the existence of the company. In modern-day corporate law, the existence of a company is often synonymous with incorporation. Therefore, joint-stock companies are known as corporations or limited companies. Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability, in the United Kingdom and other countries that have adopted its model of company law, they are known as unlimited companies. In the United States, they are simply as joint-stock companies. Ownership of stock refers to a number of privileges. The company is managed on behalf of the shareholders by a board of directors, the shareholders also vote to accept or reject an annual report and audited set of accounts. Individual shareholders can sometimes stand for directorships within the company if a vacancy occurs, the shareholders are usually liable for any of the company debts that extend beyond the companys ability to pay. Meanwhile, the limit of their liability extends only to the value of their shareholding. The concept of limited liability largely accounts for the success of this form of business organization, ordinary shares entitle the owner to a share in the companys net profit. It is calculated in the way, the net profit is divided by the total number of owned shares, producing a notional value per share. An individuals share of the profit is thus the dividend multiplied by the number of shares owned, finding the earliest joint-stock company is a matter of definition. The earliest records of joint stock company can be found in China during the Song Dynasty, the Swedish company Stora has documented a stock transfer for an eighth of the company as early as 1288. In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands, muscovy Company, which had a monopoly on trade between Moscow and London, was chartered soon after in 1555. The Royal Charter effectively gave the newly created Honourable East India Company a 15-year monopoly on all trade in the East Indies. The Company transformed from a trading venture to one that ruled India and exploited its resources, as it acquired auxiliary governmental and military functions
8.
West Indies
–
Indigenous peoples were the first inhabitants of the West Indies. In 1492, Christopher Columbus became the first European to arrive at the islands, after the first of the voyages of Christopher Columbus to the Americas, Europeans began to use the term West Indies to distinguish the region from the East Indies of South Asia and Southeast Asia. In the late century, French, English and Dutch merchants and privateers began their operations in the Caribbean Sea, attacking Spanish and Portuguese shipping. These African slaves wrought a demographic revolution, replacing or joining with either the indigenous Caribs or the European settlers who were there as indentured servants. The Dutch, allied with the Caribs of the Orinoco would eventually carry the struggles deep into South America, first along the Orinoco and these interconnected commercial and diplomatic relations made up the Western Caribbean Zone which was in place in the early eighteenth century. In 1916, Denmark sold the Danish West Indies to the United States for US$25 million in gold, the Danish West Indies became an insular area of the US, called the United States Virgin Islands. Between 1958 and 1962, the United Kingdom re-organised all their West Indies island territories into the West Indies Federation and they hoped that the Federation would coalesce into a single, independent nation. West Indian is the term used by the U. S. government to refer to people of the West Indies. Tulane University professor Rosanne Adderly says he phrase West Indies distinguished the territories encountered by Columbus, … The term West Indies was eventually used by all European nations to describe their own acquired territories in the Americas. Despite the collapse of the Federation … the West Indies continues to field a joint cricket team for international competition, the West Indies cricket team includes participants from Guyana, which is geographically located in South America. More than Slaves and Sugar, Recent Historiography of the Trans-imperial Caribbean, a Concise History of the Caribbean. Martin, Tony, Caribbean History, From Pre-colonial Origins to the Present
"Mississippi Scheme". Collier's New Encyclopedia. 1921.
