1.
Stock market bubble
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A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation. Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink, bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. Other theoretical explanations of stock market bubbles have suggested that they are rational, intrinsic, two famous early stock market bubbles were the Mississippi Scheme in France and the South Sea bubble in England. Both bubbles came to an end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in Charles Mackays 1841 popular account, Extraordinary Popular Delusions, the 1920s saw the widespread introduction of an amazing range of technological innovations including radio, automobiles, aviation and the deployment of electrical power grids. The 1990s was the decade when Internet and e-commerce technologies emerged, stock market bubbles frequently produce hot markets in initial public offerings, since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, emotional and cognitive biases seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing a new economy where the old stock valuation rules may no longer apply and this type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a greater fool. Still, some cite the wisdom of crowds and say that price movements really do reflect rational expectations of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles, the bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the hypothesis, this doesnt happen, and so any data is wrong. For closed-end country funds, observers can compare the prices to the net asset value per share. For experimental asset markets, observers can compare the prices to the expected returns from holding the stock. In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. Vernon Smith has illustrated the closed-end country fund phenomenon with a chart showing prices, at its peak, the Spain Fund traded near $35, nearly triple its Net Asset Value of about $12 per share. It only took a few months for the premiums in closed-end country funds to back to the more typical discounts at which closed-end funds trade. Those who had them at premiums had run out of greater fools. For a while, though, the supply of greater fools had been outstanding, a rising price on any share will attract the attention of investors
2.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
3.
Act of Parliament
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Acts of Parliament, also called primary legislation, are statutes passed by a parliament. Act of the Oireachtas is an equivalent term used in the Republic of Ireland where the legislature is known by its Irish name. It is also comparable to an Act of Congress in the United States, a draft Act of Parliament is known as a bill. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a paper, setting out the issues. A bill may also be introduced into parliament without formal government backing, in territories with a multicameral parliament, most bills may be first introduced in any chamber. However, certain types of legislation are required, either by convention or by law. For example, bills imposing a tax, or involving public expenditure, are introduced into the House of Commons in the United Kingdom, Canadas House of Commons, conversely, bills proposed by the Law Commission and consolidation bills traditionally start in the House of Lords. Once introduced, a bill must go through a number of stages before it can become law, in theory, this allows the bills provisions to be debated in detail, and for amendments to the original bill to also be introduced, debated, and agreed to. In bicameral parliaments, a bill that has been approved by the chamber into which it was introduced then sends the bill to the other chamber, broadly speaking, each chamber must separately agree to the same version of the bill. Finally, the bill receives assent, in most territories this is merely a formality. In some countries, such as in Spain and Portugal, the term for a bill differs depending on whether it is initiated by the government, again, the second reading of a Government bill is usually approved. A defeat for a Government bill on this reading signifies a major loss, if the bill is read a second time, it is then considered in detail Consideration in detail, This usually takes place on the floor of the House. Generally, committees sit on the floor of the House and consider the bill in detail, third reading, A debate on the final text of the bill, as amended. Very rarely do debates occur during this stage, passage, The bill is then sent to the other House, which may amend it. If the other House amends the bill, the bill and amendments are posted back to the original House for a further stage, the State of Queenslands Parliament is unicameral and skips this and the rest of the stages. Consideration of Senate/Representatives amendments, The House in which the bill originated considers the amendments made in the other House and it may agree to them, amend them, propose other amendments in lieu, or reject them. However, the Senate may not amend money bills, though it can request the House to make amendments, a bill may pass backwards and forwards several times at this stage, as each House amends or rejects changes proposed by the other
4.
Liverpool and Manchester Railway
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The Liverpool and Manchester Railway was a railway opened on 15 September 1830 between the Lancashire towns of Liverpool and Manchester in the United Kingdom. Jervis of the Delaware and Hudson Railway some years later wrote, as opening the epoch of railways which has revolutionised the social and commercial intercourse of the civilized world. Trains were hauled by steam locomotives between the two towns, though private wagons and carriages were allowed. Cable haulage of trains was down the steeply-graded 1. 26-mile Wapping Tunnel to Liverpool Docks from Edge Hill junction. The railway was built to provide faster transport of raw materials, finished goods. The Liverpool and Manchester Railway was the first public transport system on land which did not use animal traction power. Up to then, the rail systems for public use had been, Horse-drawn plateways, such as the Lake Lock Railroad, Surrey Iron Railway. Railways that used a mix of steam and horse-drawn traffic, such as the Stockton and Darlington Railway, or a mix of cable and horse haulage, often described as the Grand British Experimental Railway the success or failure of which would decide plans for all future railways. The L&MR was intended to achieve cheap transport of raw materials, finished goods, huge tonnages of textile raw material were imported through Liverpool and carried to the textile mills near the Pennines where water and then steam power enabled the production of the finished cloth. There was support for the railway from the towns at either end, the original promoters are usually acknowledged to be Joseph Sandars, a rich Liverpool corn merchant, and John Kennedy, then owner of the largest spinning mill in Manchester. They were influenced to do this by William James, now something of a forgotten figure, James was a land surveyor who had made a fortune in property speculation. He advocated a national network of railways, based upon what he had seen of the development of colliery lines, the Liverpool and Manchester Railway Company was founded on 24 May 1823. It was established by Henry Booth, who became its secretary and treasurer, along with merchants from Liverpool. Charles Lawrence was the Chairman, Lister Ellis, Robert Gladstone, John Moss, a bill presented in 1825 to Parliament was rejected, but it passed in May the following year. In Liverpool 172 people took 1,979 shares, in London 96 took 844, the Marquess of Stafford had 1,000, giving 308 shareholders with 4,233 shares. The initial survey for the line was carried out by William James and, Robert Stephenson departed for South America and William James became bankrupt. Consequently, in 1824 George Stephenson was appointed engineer in their place, by this time, he was taking on too much. As Robert was absent, George left checking the survey to subordinates, upon presentation to Parliament in 1825 it was shown to be inaccurate
5.
Opening of the Liverpool and Manchester Railway
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The opening of the Liverpool and Manchester Railway took place on 15 September 1830. Work on the L&M had begun in the 1820s, to connect the industrial city of Manchester with the nearest deep water port at the Port of Liverpool,35 miles away. The opening day was a public event. Arthur Wellesley, Duke of Wellington, the Prime Minister, rode on one of the eight trains, as did many other dignitaries. Huge crowds lined the track at Liverpool to watch the trains depart for Manchester, the trains left Liverpool on time and without any technical problems. The Duke of Wellingtons special train ran on one track, around 13 miles out of Liverpool the first of many problems occurred, when one of the trains derailed and the following train collided with it. With no reported injuries or damage, the locomotive was lifted back onto the track. At Parkside railway station, near the midpoint of the line, although the railway staff advised passengers to remain on the trains while this took place, around 50 of the dignitaries on board alighted when the Duke of Wellingtons special train stopped. One of those who got off was William Huskisson, former minister and Member of Parliament for Liverpool. Hoping to be reconciled with Wellington, he approached the Dukes railway carriage, distracted by the Duke, he did not notice an approaching locomotive on the adjacent track, Rocket. On realising it was approaching he panicked and tried to clamber into the Dukes carriage and he fell onto the tracks in front of the train, suffering serious leg injuries and dying later that night. The Duke of Wellington felt that the remainder of the events should be cancelled following the accident at Parkside. However, a crowd had gathered in Manchester to see the trains arrive. Wellington was persuaded to continue to Manchester, by the time the trains reached the outskirts of Manchester the crowd had become hostile and was spilling onto the tracks. With local authorities unable to clear the tracks, the trains were obliged to drive at low speed into the crowd, using their own momentum to push people out of the way. Eventually they arrived at Liverpool Road railway station in Manchester to be met by a hostile crowd, Wellington refused to get off the train, and ordered that the trains return to Liverpool. Mechanical failures and an inability to turn the locomotives meant that most of the trains were unable to leave Manchester, while the Duke of Wellingtons train left successfully, only three of the remaining seven locomotives were usable. The L&M became extremely successful, and within a month of its plans were put forward to connect Liverpool
6.
Interest rate
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An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the sum, the interest rate, the compounding frequency. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower and it is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. Annual interest rate is the rate over a period of one year, other interest rates apply over different periods, such as a month or a day, but they are usually annualised. A company borrows capital from a bank to buy assets for its business, in return, the bank charges the company interest. Base rate usually refers to the rate offered on overnight deposits by the central bank or other monetary authority. Annual percentage rate and effective annual rate or annual equivalent rate are used to help consumers compare products with different payment structures on a common basis, a discount rate is applied to calculate present value. Interest rate targets are a tool of monetary policy and are taken into account when dealing with variables like investment, inflation. The central banks of countries tend to reduce interest rates when they wish to increase investment. In the past two centuries, interest rates have been variously set either by national governments or central banks, during an attempt to tackle spiraling hyperinflation in 2007, the Central Bank of Zimbabwe increased interest rates for borrowing to 800%. Possibly before modern capital markets, there have been some accounts that savings deposits could achieve a return of at least 25%. Political short-term gain, Lowering interest rates can give the economy a short-run boost, under normal conditions, most economists think a cut in interest rates will only give a short term gain in economic activity that will soon be offset by inflation. The quick boost can influence elections, Most economists advocate independent central banks to limit the influence of politics on interest rates. Deferred consumption, When money is loaned the lender delays spending the money on consumption goods, since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate. Inflationary expectations, Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now, the borrower needs to compensate the lender for this. Alternative investments, The lender has a choice between using his money in different investments, if he chooses one, he forgoes the returns from all the others. Different investments effectively compete for funds, risks of investment, There is always a risk that the borrower will go bankrupt, abscond, die, or otherwise default on the loan. This means that a lender generally charges a premium to ensure that, across his investments
7.
Bank of England
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The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank, and it was established to act as the English Governments banker and is still one of the bankers for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946, in 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy. The Banks Monetary Policy Committee has a responsibility for managing monetary policy. The Banks Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UKs financial sector, the Banks headquarters have been in Londons main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known by the metonym The Old Lady of Threadneedle Street or The Old Lady, the busy road junction outside is known as Bank junction. Until 2016, the bank provided banking services as a popular privilege for employees. Englands crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, England had no choice but to build a powerful navy. No public funds were available, and the credit of William IIIs government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted. To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor, the Bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue bank notes. The lenders would give the government cash and issue notes against the government bonds, the £1. 2m was raised in 12 days, half of this was used to rebuild the navy. This helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful, the power of the navy made Britain the dominant world power in the late 18th and early 19th centuries. The establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, the plan of 1691, which had been proposed by William Paterson three years before, had not then been acted upon. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994. The charter was renewed in 1742,1764, and 1781, the Bank moved to its current location in Threadneedle Street in 1734, and thereafter slowly acquired neighbouring land to create the edifice seen today. When the idea and reality of the National Debt came about during the 18th century, the 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sole rights with regard to the issue of banknotes. Private banks that had previously had that right retained it, provided that their headquarters were outside London, a few English banks continued to issue their own notes until the last of them was taken over in the 1930s. Scottish and Northern Irish private banks still have that right, the bank acted as lender of last resort for the first time in the panic of 1866
8.
Industrial Revolution
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The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. The Industrial Revolution began in Great Britain and most of the important technological innovations were British, aided by these legal and cultural foundations, an entrepreneurial spirit and consumer revolution drove industrialisation in Britain, which would be emulated in countries around the world. A change in marrying patterns to getting married later made able to accumulate more human capital during their youth. The Industrial Revolution marks a turning point in history, almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth, mechanised textile production spread from Great Britain to continental Europe in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium, and later in France. Since then industrialisation has spread throughout much of the world, the precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes. Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants. The term Industrial Revolution applied to change was becoming more common by the late 1830s. Friedrich Engels in The Condition of the Working Class in England in 1844 spoke of an industrial revolution, however, although Engels wrote in the 1840s, his book was not translated into English until the late 1800s, and his expression did not enter everyday language until then. Credit for popularising the term may be given to Arnold Toynbee, some historians, such as John Clapham and Nicholas Crafts, have argued that the economic and social changes occurred gradually and the term revolution is a misnomer. This is still a subject of debate among some historians, the commencement of the Industrial Revolution is closely linked to a small number of innovations, beginning in the second half of the 18th century. By the 1830s the following gains had been made in important technologies, Textiles – mechanised cotton spinning powered by steam or water greatly increased the output of a worker, the power loom increased the output of a worker by a factor of over 40. The cotton gin increased productivity of removing seed from cotton by a factor of 50, large gains in productivity also occurred in spinning and weaving of wool and linen, but they were not as great as in cotton. Steam power – the efficiency of steam engines increased so that they used between one-fifth and one-tenth as much fuel, the adaptation of stationary steam engines to rotary motion made them suitable for industrial uses. The high pressure engine had a power to weight ratio. Steam power underwent an expansion after 1800. Iron making – the substitution of coke for charcoal greatly lowered the fuel cost for pig iron, using coke also allowed larger blast furnaces, resulting in economies of scale. The cast iron blowing cylinder was first used in 1760 and it was later improved by making it double acting, which allowed higher furnace temperatures
9.
Bubble Act
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Its provisions were extended later by the Bubble Schemes, Colonies Act 1740 to include its colonies, particularly Massachusetts. Various motivations have been suggested for the Act, recent scholarship indicates that the last was the cause, it was passed to prevent other companies from competing with the South Sea Company for investors capital. In fact, the Act was passed in June 1720, before the peak of the bubble, the Act was repealed in 1825. The most significant provision read, All undertakings, presuming to act as a corporate body. Either by Act of Parliament or any charter from the Crown. for ever be deemed illegal and void. Under the terms of the act, the Royal Exchange Assurance Corporation, until 1824, they remained the only joint-stock firms with such a charter. 1361, the prosecution brought under the Act which, according to L. C. B. J Carswell, The South Sea Bubble
10.
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
11.
Joint-stock company
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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
12.
Newspaper
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A newspaper is a serial publication containing news about current events, other informative articles about politics, sports, arts, and so on, and advertising. A newspaper is usually, but not exclusively, printed on relatively inexpensive, the journalism organizations that publish newspapers are themselves often metonymically called newspapers. As of 2017, most newspapers are now published online as well as in print, the online versions are called online newspapers or news websites. Newspapers are typically published daily or weekly, News magazines are also weekly, but they have a magazine format. General-interest newspapers typically publish news articles and feature articles on national and international news as well as local news, typically the paper is divided into sections for each of those major groupings. Papers also include articles which have no byline, these articles are written by staff writers, a wide variety of material has been published in newspapers. As of 2017, newspapers may also provide information about new movies, most newspapers are businesses, and they pay their expenses with a mixture of subscription revenue, newsstand sales, and advertising revenue. Some newspapers are government-run or at least government-funded, their reliance on advertising revenue, the editorial independence of a newspaper is thus always subject to the interests of someone, whether owners, advertisers, or a government. Some newspapers with high editorial independence, high quality. This is a way to avoid duplicating the expense of reporting from around the world, circa 2005, there were approximately 6,580 daily newspaper titles in the world selling 395 million print copies a day. Worldwide annual revenue approached $100 billion in 2005-7, then plunged during the financial crisis of 2008-9. Revenue in 2016 fell to only $53 billion, hurting every major publisher as their efforts to gain online income fell far short of the goal. Besides remodeling advertising, the internet has also challenged the business models of the era by crowdsourcing both publishing in general and, more specifically, journalism. In addition, the rise of news aggregators, which bundle linked articles from online newspapers. Increasing paywalling of online newspapers may be counteracting those effects, the oldest newspaper still published is the Gazzetta di Mantova, which was established in Mantua in 1664. While online newspapers have increased access to newspapers by people with Internet access, literacy is also a factor which prevents people who cannot read from being able to benefit from reading newspapers. Periodicity, They are published at intervals, typically daily or weekly. This ensures that newspapers can provide information on newly-emerging news stories or events, currency, Its information is as up to date as its publication schedule allows
13.
Stock market
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Examples of the latter include shares of private companies which are sold to investors through equity crowdfunding platforms. Stock exchanges list shares of equity as well as other security types, e. g. corporate bonds. Stocks can be categorised in various way, one way is by the country where the company is domiciled. S. At the close of 2012, the size of the stock market was about US$55 trillion. By country, the largest market was the United States, followed by Japan, as of 2015, there are a total of 60 stock exchanges in the world with a total market capitalization of $69 trillion. Of these, there are 16 exchanges with a capitalization of $1 trillion or more. Apart from the Australian Securities Exchange, these 16 exchanges are based in one of three continents, North America, Europe and Asia, a stock exchange is a place where, or an organization through which, individuals and organisations can trade stocks. Many large companies have their stock listed on a stock exchange and this makes the stock more liquid and thus more attractive to many investors. It may also act as a guarantor of settlement, other stocks may be traded over the counter, that is, through a dealer. Some large companies will have their stock listed on more than one exchange in different countries, Stock exchanges may also cover other types of securities, such as fixed interest securities or derivatives, which are more likely to be traded OTC. Trade in stock markets means the transfer for money of a stock or security from a seller to a buyer and this requires these two parties to agree on a price. Equities confer an ownership interest in a particular company and their buy or sell orders may be executed on their behalf by a stock exchange trader. Some exchanges are physical locations where transactions are carried out on a trading floor and this method is used in some stock exchanges and commodity exchanges, and involves traders shouting bid and offer prices. The other type of exchange has a network of computers where trades are made electronically. An example of such an exchange is the NASDAQ, a potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, the purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace. The exchanges provide real-time trading information on the securities, facilitating price discovery
14.
Steam locomotive
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A steam locomotive is a railway locomotive that produces its pulling power through a steam engine. These locomotives are fueled by burning combustible material—usually coal, wood, the steam moves reciprocating pistons which are mechanically connected to the locomotives main wheels. Both fuel and water supplies are carried with the locomotive, either on the locomotive itself or in wagons pulled behind, the first steam locomotive, made by Richard Trevithick, first operated on 21 February 1804, three years after the road locomotive he made in 1801. The first practical steam locomotive was built in 1812-13 by John Blenkinsop, Steam locomotives were first developed in Great Britain during the early 19th century and used for railway transport until the middle of the 20th century. From the early 1900s they were superseded by electric and diesel locomotives, with full conversions to electric. The majority of locomotives were retired from regular service by the 1980s, though several continue to run on tourist. The earliest railways employed horses to draw carts along railway tracks, in 1784, William Murdoch, a Scottish inventor, built a small-scale prototype of a steam road locomotive. An early working model of a rail locomotive was designed and constructed by steamboat pioneer John Fitch in the US during 1794. His steam locomotive used interior bladed wheels guided by rails or tracks, the model still exists at the Ohio Historical Society Museum in Columbus. The authenticity and date of this locomotive is disputed by some experts, accompanied by Andrew Vivian, it ran with mixed success. The design incorporated a number of important innovations that included using high-pressure steam which reduced the weight of the engine, Trevithick visited the Newcastle area in 1804 and had a ready audience of colliery owners and engineers. The visit was so successful that the railways in north-east England became the leading centre for experimentation. Trevithick continued his own steam propulsion experiments through another trio of locomotives, Four years later, the successful twin-cylinder locomotive Salamanca by Matthew Murray for the edge railed rack and pinion Middleton Railway debuted in 1812. Another well known early locomotive was Puffing Billy built 1813–14 by engineer William Hedley and it was intended to work on the Wylam Colliery near Newcastle upon Tyne. This locomotive is the oldest preserved, and is on display in the Science Museum. George Stephenson built Locomotion No.1 for the Stockton and Darlington Railway, north-east England, in 1829, his son Robert built in Newcastle The Rocket which was entered in and won the Rainhill Trials. This success led to the company emerging as the pre-eminent builder of locomotives used on railways in the UK, US. The Liverpool and Manchester Railway opened a year later making exclusive use of power for passenger
15.
George Hudson
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Hudson’s success was built on dubious financial practices and he frequently paid shareholders out of capital rather than money the company had earned. Hudson fell a long way, becoming bankrupt, and after losing his Sunderland seat he was forced to live abroad to avoid arrest for debt, Hudsons name is associated with financial wrongdoing, although others were at least partially guilty of similar practices. He never named any of his co-conspirators, although many of them turned their backs on him when the bubble burst, George Hudson was born in Howsham, about 12 miles from York, to parents John and Elizabeth Hudson on 10 March 1800. His mother died at the age of 38 when George was six and he was brought up by older brothers William and John and after a cursory education he left Howsham at age 15. Hudson was apprenticed to Bell and Nicholson, a firm of drapers in College Street and he finished his apprenticeship in 1820, was taken on as a tradesman, and given a share in the business early in 1821. On 17 July that year he married Nicholsons daughter Elizabeth, when Bell retired, the firm became Nicholson and Hudson. By 1827 the company was the largest drapery, indeed the largest business, in 1827, his great-uncle Matthew Botrill fell ill and Hudson attended at his bedside. In thanks for this, the old man made a will leaving him his fortune of £30,000, in later years when exiled in France, Hudson acknowledged it was the very worst thing that could have happened to me. It let me into the railways and all my misfortunes since. ”From being a Methodist and he supported the unsuccessful candidature of John Henry Lowther in the general election of 1832 and again in an 1833 bye-election. Although York was primarily a Whig city the influence Hudson had on the campaigns was being noticed, in 1833 York businessmen formed a railway committee. The initial idea of this was to link York to Leeds to enable the city to cheaper coal and emulate the industrial success being enjoyed by Leeds, Bradford. Hudson was treasurer of this group and subsequently subscribed for 500 shares becoming the largest shareholder and they retained John Rennie to survey the line and Hudson accompanied him, learning the practicalities of railway construction and of dealing with landowners. In spite of the success of the locomotive powered Liverpool and Manchester Railway on the side of the Pennines, Rennie produced plans for a horse-drawn line. In the summer of 1834 Hudson met George Stephenson by chance in Whitby and they became friends and he learnt of Stephensons dream of a railway from London, using a junction of the London and Birmingham Railway at Rugby, through Derby and Leeds to Newcastle – but bypassing York. In 1835 the York railway committee became the York and North Midland Railway, the YNMR received its Act of Parliament on 21 June 1836. and at its first official meeting Hudson was elected Chairman with other officers including James Meek, James Richardson and Richard Nicholson. At this time there was another railway being planned which would link York to Darlington called the Great North of England Railway. Work started on the YNMR line in April 1837 with a new station being built in York, in April – before full opening – Hudson declared a dividend of one guinea per share which, when questioned he confirmed had been paid out of the companies capital. On 9 November 1840 the YNMR leased the Leeds and Selby Railway for £17,000 per year, other lines built by the YNMR under Hudson’s chairmanship included those to Pickering and Scarborough both of which were authorised on 4 July 1844
16.
Dividend
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A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation is able to re-invest the profit in the business and pay a proportion of the profit as a dividend to shareholders. Distribution to shareholders may be in cash or, if the corporation has a dividend reinvestment plan, a dividend is allocated as a fixed amount per share, with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense, rather, retained earnings are shown in the shareholders equity section on the companys balance sheet – the same as its issued share capital. Public companies usually pay dividends on a schedule, but may declare a dividend at any time. Cooperatives, on the hand, allocate dividends according to members activity. The word dividend comes from the Latin word dividendum, Cash dividends are the most common form of payment and are paid out in currency, usually via electronic funds transfer or a printed paper check. Such dividends are a form of investment income and are taxable to the recipient in the year they are paid. This is the most common method of sharing corporate profits with the shareholders of the company, for each share owned, a declared amount of money is distributed. Thus, if a person owns 100 shares and the dividend is 50 cents per share. Dividends paid are not classified as an expense, but rather a deduction of retained earnings, Dividends paid does not show up on an income statement but does appear on the balance sheet. Stock or scrip dividends are paid out in the form of additional stock shares of the issuing corporation. They are usually issued in proportion to shares owned, Stock dividend distributions are issues of new shares made to limited partners by a partnership in the form of additional shares. Nothing is split, these increase the market capitalization and total value of the company at the same time reducing the original cost basis per share. Stock dividends are not includable in the income of the shareholder for US income tax purposes. Because the shares are issued for proceeds equal to the market price of the shares. Property dividends or dividends in specie are those out in the form of assets from the issuing corporation or another corporation. They are relatively rare and most frequently are securities of companies owned by the issuer, however they can take other forms, such as products
17.
Capital (economics)
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In economics, capital goods, real capital, or capital assets are already-produced, durable goods or any non-financial asset that is used in production of goods or services. Adam Smith defines capital as That part of a stock which he expects to afford him revenue. The term stock is derived from the Old English word for stump or tree trunk and it has been used to refer to all the moveable property of a farm since at least 1510. In Middle Ages France contracted leases and loans bearing interest specified payment, how a capital good is maintained or returned to its pre-production state varies with the type of capital involved. In most cases capital is replaced after a period as newer forms of capital make continued use of current capital non profitable. It is also possible that advances make a form of capital practical again. Capital is distinct from land in that capital can be increased by human labor, at any given moment in time, total physical capital may be referred to as the capital stock. Capital is an input in the production function, homes and personal autos are not usually defined as capital but as durable goods because they are not used in a production of saleable goods and services. In Marxist political economy, capital is used to buy something only in order to sell it again to realize a financial profit. In more contemporary schools of economics, this form of capital is referred to as financial capital and is distinguished from capital goods. Classical and neoclassical economics regard capital as one of the factors of production, all other inputs to production are called intangibles in classical economics. This includes organization, entrepreneurship, knowledge, goodwill, or management and this is what makes it a factor of production, The good is not used up immediately in the process of production unlike raw materials or intermediate goods. The good can be produced or increased and these distinctions of convenience have carried over to contemporary economic theory. There was the clarification that capital is a stock. As such, its value can be estimated at a point in time, by contrast, investment, as production to be added to the capital stock, is described as taking place over time, thus a flow. Since at least the 1960s economists have increasingly focused on forms of capital. These terms lead to questions and controversies discussed in those articles. It is in the form of assets, traded in financial markets
18.
Great Western Railway
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The Great Western Railway was a British railway company that linked London with the south-west and west of England, the Midlands, and most of Wales. It was founded in 1833, received its enabling Act of Parliament on 31 August 1835, Goods wagons were painted red but this was later changed to mid-grey. Great Western trains included long-distance express services such as the Flying Dutchman, the Cornish Riviera Express and it also operated many suburban and rural services, some operated by steam railmotors or autotrains. The company pioneered the use of larger, more economic goods wagons than were usual in Britain and it operated a network of road motor routes, was a part of the Railway Air Services, and owned ships, docks and hotels. The Great Western Railway originated from the desire of Bristol merchants to maintain their city as the port of the country. The company was founded at a meeting in Bristol in 1833 and was incorporated by Act of Parliament in 1835. Isambard Kingdom Brunel, then aged twenty-nine, was appointed engineer and this was by far Brunels largest contract to date. Firstly, he chose to use a gauge of 7 ft to allow for the possibility of large wheels outside the bodies of the rolling stock which could give smoother running at high speeds. Secondly, he selected a route, north of the Marlborough Downs and this meant the line was not direct from to London to Bristol. From Reading heading west, the line would curve in a northerly sweep back to Bath, the first 22.5 miles of line, from Paddington station in London to Maidenhead Bridge station, opened on 4 June 1838. When Maidenhead Railway Bridge was ready the line was extended to Twyford on 1 July 1839, the cutting was the scene of a railway disaster two years later when a goods train ran into a landslip, ten passengers who were travelling in open trucks were killed. This accident prompted Parliament to pass the 1844 Railway Regulation Act requiring railway companies to provide carriages for passengers. The next section, from Reading to Steventon crossed the Thames twice, a 7. 25-mile extension took the line to Faringdon Road on 20 July 1840. Meanwhile, work had started at the Bristol end of the line, on 17 December 1840, the line from London reached a temporary terminus at Wootton Bassett Road west of Swindon and 80.25 miles from Paddington. The section from Wootton Bassett Road to Chippenham was opened on 31 May 1841, as was Swindon Junction station where the Cheltenham and Great Western Union Railway to Cirencester connected. That was an independent line worked by the GWR, as was the Bristol and Exeter Railway, in 1851, the GWR purchased the Kennet and Avon Canal, which was a competing carrier between London, Reading, Bath and Bristol. The GWR was closely involved with the C&GWUR and the B&ER, the South Wales Railway had opened between Chepstow and Swansea in 1850 and became connected to the GWR by Brunels Chepstow Bridge in 1852. It was completed to Neyland in 1856, where a port was established
19.
Midland Railway
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The Midland Railway was a railway company in the United Kingdom from 1844 to 1922, when it became part of the London, Midland and Scottish Railway. It had a network of lines managed from its headquarters in Derby. It became the third-largest railway undertaking in the British Isles, the Midland Railway Consolidation Act was passed in 1844 authorising the merger of the Midland Counties Railway, the North Midland Railway, and the Birmingham and Derby Junction Railway. These met at the Tri-Junct station at Derby, where the MR established its locomotive and later its carriage, leading it were George Hudson from the North Midland, dynamic but unscrupulous, and John Ellis from the Midland Counties, a careful businessman of impeccable integrity. James Allport from the Birmingham and Derby Junction Railway found a place elsewhere in Hudsons empire with the York, Newcastle and Berwick Railway, though he later returned. Almost immediately it took over the Sheffield and Rotherham Railway and the Erewash Valley Line in 1845, passengers from Sheffield continued to use Rotherham Masborough until a direct route was completed in 1870. Meanwhile, it extended its influence in the Leicestershire coalfields, by buying the Leicester and Swannington Railway in 1846, after the merger, London trains were carried on the shorter Midland Counties route. The former Birmingham and Derby Junction Railway was left with the traffic to Birmingham and Bristol, the line south was the Birmingham and Bristol Railway, which reached Curzon Street via Camp Hill. These two lines had been formed by the merger of the standard gauge Birmingham and Gloucester Railway and they met at Gloucester via a short loop of the Cheltenham and Great Western Union Railway. In the event all that was necessary was for the later LNWR to share Birmingham New Street with the Midland when it was opened in 1854, the MR controlled all the traffic to the North East and Scotland from London. The LNWR was progressing slowly through the Lake District, and there was pressure for a line from London to York. Permission had been gained for the Northern and Eastern Railway to run through Peterborough and Lincoln, two obvious extensions of the Midland Counties line were from Nottingham to Lincoln and from Leicester to Peterborough. They were approved while the bill for the line was still before Parliament, forming the present day Lincoln Branch. The Leeds and Bradford Railway had been approved in 1844, by 1850 it was losing money but a number of railways offered to buy it. In spite of the objections of Hudson, for the MR and others, the London and York Railway led by Edmund Denison persisted, after Hudsons departure, the MR was in financial difficulties. Opposition to the Great Northern bill had cost a fortune, a deal of maintenance was overdue. Added to this, the Great Northern was taking much of the traffic from the North East, in 1851 the Ambergate, Nottingham, Boston and Eastern Junction Railway completed its line from Grantham as far as Colwick, from where a branch led to the MR Nottingham station. The Great Northern Railway by then passed through Grantham and both railway companies paid court to the fledgling line, meanwhile, Nottingham had woken up to its branch line status and was keen to expand
20.
Rail transport in the United Kingdom
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The United Kingdom consists of Great Britain and Northern Ireland, and previously consisted of Great Britain and the whole of Ireland. Thus, the division to discuss the history and present-day state of railways in these areas is by geographical division. United Kingdom is a member of the International Union of Railways, the UIC Country Code for United Kingdom is 70. Rail transport in Great Britain discusses rail transport on Great Britain, comprising England, Scotland, here, the vast majority of the railway system standardised on the standard gauge of 4 ft 8 1⁄2 in. Rail transport in Ireland discusses rail transport on the island of Ireland, comprising the Republic of Ireland, here a system using a broad gauge of 5 ft 3 in developed. Rail Transport in Scotland discusses rail transport in Scotland, rail Transport in England discusses rail transport in England. Rail Transport in Wales discusses rail transport in Wales, rail transport in Alderney, discusses the railway in Alderney, in the Bailiwick of Guernsey, the only working railway in the Channel Islands. None of the British Overseas Territories have railways at present, although some, gibraltar is accessible by the Spanish and Moroccan rail systems. Hong Kong was the last dependent territory to have an extant rail system, similarly, for the history of rail transport, rather than the current situation, see History of rail transport in Great Britain and History of rail transport in Ireland. Enterprise - Enterprise is the name of the international joint passenger service operated between Belfast and Dublin by Northern Ireland Railways and Iarnród Éireann
21.
Great Northern Railway (Great Britain)
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The Great Northern Railway was a British railway company established by the Great Northern Railway Act of 1846. On 1 January 1923 the company lost its identity, as a constituent of the newly formed London, the main line became part of the East Coast Main Line. In the summer of 1835, the engineer, Joseph Gibbs projected a line which was to run from Whitechapel, via Dunmow, Cambridge, Sleaford and this was submitted to a committee in London to which the title Great Northern Railway Company was provisionally given. However, the scheme came to nothing, loop from Peterborough to Bawtry via Boston and Lincoln. The London and York bill finally received Royal assent on 26 June 1846 as The Great Northern Railway Act,1846, the Act granted powers to construct the main line and loop lines. The Great Northern began construction first on the Peterborough to Gainsborough section of the loop line, as the ease of construction over the flat fens promised an earlier return on investment. The first section of line was opened on 1 March 1848 and was the Louth to Grimsby section of the East Lincolnshire Railway, which although nominally independent, was leased to the GNR from the start. The first section of GNR proper to be opened was the 3 miles from Doncaster to Askern Junction, the GNR and MS&LR lines allowing through running from Lincoln to Doncaster via Retford opened on 4 September 1849. The immediate targets in the north were Leeds and York and this new line was opened in June 1850, at which time the agreement was formalised and in return the GNR agreed not to proceed with its own main line from Askern to York via Selby. During 1846 to 1849 George Turnbull was the resident engineer under William Cubitt for the London District of the Great Northern Railway, in December 1848 Turnbull was busy with the plans for Kings Cross station and passing the line under the Regents Canal. On 2 February 1849 the last capstone on Holloway Bridge was set in place, on 27 March the first brick for the South Mimms tunnel was laid by Edward Purser. The first brick of the East Barnet tunnel was laid on 23 April, there was much trouble with the cement in the Tottenham and South Mimms tunnels, Turnbull stopped the use of this cement — blue lias was substituted. Another of the engineers working under Cubitt was James Moore, who went on to design the first commercial railway in Australia for the Melbourne. On 7 August 1850, the line opened from a temporary station at Maiden Lane, London. The remaining section between Peterborough and Retford opened in 1852, as did the new London terminus at Kings Cross, Doncaster locomotive works opened in 1853, replacing temporary facilities at Boston. On 1 August 1854, the Leeds, Bradford and Halifax Junction Railway opened between Leeds and Bowling Junction near Bradford, because it had running powers over this line and a section of the LYR, the GNR obtained access to Bradford and Halifax. In 1857, the West Yorkshire Railway opened their line from Wakefield to Leeds via Ardsley. The GNR had running powers over this line and immediately began using it instead of the Midland line via Methley, also in 1857, the previously mentioned LB&HJR opened a direct line from Ardsley to Laisterdyke, near Bradford
22.
North Eastern Railway (United Kingdom)
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The North Eastern Railway was an English railway company. It was incorporated in 1854, when four existing companies were combined and its main line survives to the present day as part of the East Coast Main Line between London and Edinburgh. Unlike many other pre-Grouping companies the NER had a compact territory. That district extended through Yorkshire, County Durham and Northumberland, with outposts in Westmorland and Cumberland, the only company penetrating its territory was the Hull & Barnsley, which it absorbed shortly before the main grouping. The NER was the only English railway to run regularly into Scotland. The total length of line owned was 4,990 miles, the headquarters were at York and the works at Darlington, Gateshead, York and elsewhere. Befitting the successor to the Stockton & Darlington Railway, the NER had a reputation for innovation and it was a pioneer in architectural and design matters and in electrification. In its final days it also began the collection became the Railway Museum at York. In 1913 the company achieved a revenue of £11,315,130 with working expenses of £7,220,784. Constituent companies of the NER are listed in order under the year of amalgamation. Their constituent companies are indented under the parent company with the year of amalgamation in parenthesis, if a company changed its name, the earlier names and dates are listed after the later name. The information for this section is drawn from Appendix E in Tomlinson. E. R. The four largest, at Newcastle, Darlington, York and Hull survive in transport use, York station was the hub of the system, and the headquarters of the line was located here. The basis for the present station was opened on 25 June 1877, until the advent of modern signalling, the 295-lever box was the largest manually worked signal box in Britain. Newcastle Central station, opened on 29 August 1850, became the largest on the NER, other principal stations were located at Sunderland, Darlington and Hull. The station at Leeds was a joint undertaking with the London, the NER was the first railway company in the world to appoint a full-time salaried architect to work with its chief engineer in constructing railway facilities. Some of the men appointed were based in, or active in, George Townsend Andrews was the first architect associated with the North Eastern Railway. He designed the first permanent station at York, along with others on the NER route and he also designed the Assembly Rooms in York
23.
Telecommunication
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Telecommunication is the transmission of signs, signals, messages, writings, images and sounds or intelligence of any nature by wire, radio, optical or other electromagnetic systems. Telecommunication occurs when the exchange of information between communication participants includes the use of technology and it is transmitted either electrically over physical media, such as cables, or via electromagnetic radiation. Such transmission paths are divided into communication channels which afford the advantages of multiplexing. The term is used in its plural form, telecommunications. Early means of communicating over a distance included visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, other examples of pre-modern long-distance communication included audio messages such as coded drumbeats, lung-blown horns, and loud whistles. Zworykin, John Logie Baird and Philo Farnsworth, the word telecommunication is a compound of the Greek prefix tele, meaning distant, far off, or afar, and the Latin communicare, meaning to share. Its modern use is adapted from the French, because its use was recorded in 1904 by the French engineer. Communication was first used as an English word in the late 14th century, in the Middle Ages, chains of beacons were commonly used on hilltops as a means of relaying a signal. Beacon chains suffered the drawback that they could pass a single bit of information. One notable instance of their use was during the Spanish Armada, in 1792, Claude Chappe, a French engineer, built the first fixed visual telegraphy system between Lille and Paris. However semaphore suffered from the need for skilled operators and expensive towers at intervals of ten to thirty kilometres, as a result of competition from the electrical telegraph, the last commercial line was abandoned in 1880. Homing pigeons have occasionally used throughout history by different cultures. Pigeon post is thought to have Persians roots and was used by the Romans to aid their military, frontinus said that Julius Caesar used pigeons as messengers in his conquest of Gaul. The Greeks also conveyed the names of the victors at the Olympic Games to various cities using homing pigeons, in the early 19th century, the Dutch government used the system in Java and Sumatra. And in 1849, Paul Julius Reuter started a service to fly stock prices between Aachen and Brussels, a service that operated for a year until the gap in the telegraph link was closed. Sir Charles Wheatstone and Sir William Fothergill Cooke invented the telegraph in 1837. Also, the first commercial electrical telegraph is purported to have constructed by Wheatstone and Cooke. Both inventors viewed their device as an improvement to the electromagnetic telegraph not as a new device, samuel Morse independently developed a version of the electrical telegraph that he unsuccessfully demonstrated on 2 September 1837
24.
Internet
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The Internet is the global system of interconnected computer networks that use the Internet protocol suite to link devices worldwide. The origins of the Internet date back to research commissioned by the United States federal government in the 1960s to build robust, the primary precursor network, the ARPANET, initially served as a backbone for interconnection of regional academic and military networks in the 1980s. Although the Internet was widely used by academia since the 1980s, Internet use grew rapidly in the West from the mid-1990s and from the late 1990s in the developing world. In the two decades since then, Internet use has grown 100-times, measured for the period of one year, newspaper, book, and other print publishing are adapting to website technology, or are reshaped into blogging, web feeds and online news aggregators. The entertainment industry was initially the fastest growing segment on the Internet, the Internet has enabled and accelerated new forms of personal interactions through instant messaging, Internet forums, and social networking. Business-to-business and financial services on the Internet affect supply chains across entire industries, the Internet has no centralized governance in either technological implementation or policies for access and usage, each constituent network sets its own policies. The term Internet, when used to refer to the global system of interconnected Internet Protocol networks, is a proper noun. In common use and the media, it is not capitalized. Some guides specify that the word should be capitalized when used as a noun, the Internet is also often referred to as the Net, as a short form of network. Historically, as early as 1849, the word internetted was used uncapitalized as an adjective, the designers of early computer networks used internet both as a noun and as a verb in shorthand form of internetwork or internetworking, meaning interconnecting computer networks. The terms Internet and World Wide Web are often used interchangeably in everyday speech, however, the World Wide Web or the Web is only one of a large number of Internet services. The Web is a collection of interconnected documents and other web resources, linked by hyperlinks, the term Interweb is a portmanteau of Internet and World Wide Web typically used sarcastically to parody a technically unsavvy user. The ARPANET project led to the development of protocols for internetworking, the third site was the Culler-Fried Interactive Mathematics Center at the University of California, Santa Barbara, followed by the University of Utah Graphics Department. In an early sign of growth, fifteen sites were connected to the young ARPANET by the end of 1971. These early years were documented in the 1972 film Computer Networks, early international collaborations on the ARPANET were rare. European developers were concerned with developing the X.25 networks, in December 1974, RFC675, by Vinton Cerf, Yogen Dalal, and Carl Sunshine, used the term internet as a shorthand for internetworking and later RFCs repeated this use. Access to the ARPANET was expanded in 1981 when the National Science Foundation funded the Computer Science Network, in 1982, the Internet Protocol Suite was standardized, which permitted worldwide proliferation of interconnected networks.5 Mbit/s and 45 Mbit/s. Commercial Internet service providers emerged in the late 1980s and early 1990s, the ARPANET was decommissioned in 1990
25.
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
26.
Google
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Google is an American multinational technology company specializing in Internet-related services and products. These include online advertising technologies, search, cloud computing, software, Google was founded in 1996 by Larry Page and Sergey Brin while they were Ph. D. students at Stanford University, in California. Together, they own about 14 percent of its shares, and they incorporated Google as a privately held company on September 4,1998. An initial public offering took place on August 19,2004, in August 2015, Google announced plans to reorganize its various interests as a conglomerate called Alphabet Inc. Google, Alphabets leading subsidiary, will continue to be the company for Alphabets Internet interests. Upon completion of the restructure, Sundar Pichai became CEO of Google, replacing Larry Page, rapid growth since incorporation has triggered a chain of products, acquisitions, and partnerships beyond Googles core search engine. The company leads the development of the Android mobile operating system, the Google Chrome web browser, and Chrome OS, the new hardware chief, Rick Osterloh, stated, a lot of the innovation that we want to do now ends up requiring controlling the end-to-end user experience. Google has also experimented with becoming an Internet carrier, alexa, a company that monitors commercial web traffic, lists Google. com as the most visited website in the world. Several other Google services also figure in the top 100 most visited websites, including YouTube, Googles mission statement, from the outset, was to organize the worlds information and make it universally accessible and useful, and its unofficial slogan was Dont be evil. In October 2015, the motto was replaced in the Alphabet corporate code of conduct by the phrase Do the right thing, Google began in January 1996 as a research project by Larry Page and Sergey Brin when they were both PhD students at Stanford University in Stanford, California. They called this new technology PageRank, it determined a websites relevance by the number of pages, and the importance of those pages, Page and Brin originally nicknamed their new search engine BackRub, because the system checked backlinks to estimate the importance of a site. Originally, Google ran under Stanford Universitys website, with the domains google. stanford. edu, the domain name for Google was registered on September 15,1997, and the company was incorporated on September 4,1998. It was based in the garage of a friend in Menlo Park, craig Silverstein, a fellow PhD student at Stanford, was hired as the first employee. The first funding for Google was an August 1998 contribution of $100,000 from Andy Bechtolsheim, co-founder of Sun Microsystems, given before Google was incorporated. At least three other investors invested in 1998, Amazon. com founder Jeff Bezos, Stanford University computer science professor David Cheriton. Author Ken Auletta claims that each invested $250,000, early in 1999, Brin and Page decided they wanted to sell Google to Excite. They went to Excite CEO George Bell and offered to sell it to him for $1 million, vinod Khosla, one of Excites venture capitalists, talked the duo down to $750,000, but Bell still rejected it. Googles initial public offering took place five years later, on August 19,2004, at that time Larry Page, Sergey Brin, and Eric Schmidt agreed to work together at Google for 20 years, until the year 2024
27.
History of rail transport in Great Britain
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This article is part of the history of rail transport by country series. The railway system of Great Britain, the territory of the United Kingdom, is the oldest in the world. The system was built as a patchwork of local rail links operated by small private railway companies. These isolated links developed during the boom of the 1840s into a national network. Over the course of the 19th and early 20th centuries, these amalgamated or were bought by competitors until only a handful of companies remained. The entire network was brought under government control during the First World War, however, the government resisted calls for the nationalisation of the network. The Big Four were joint-stock public companies and they continued to run the system until 31 December 1947. From the start of 1948, the big four were nationalised to form British Railways, though there were few initial changes to the service, usage increased and the network became profitable. Declining passenger numbers and financial losses in the late 1950s and early 1960s prompted the closure of branch and main lines. Passenger services experienced a renaissance with the introduction of high-speed inter-city trains in the 1970s, the 1980s saw severe cuts in rail subsidies and above-inflation increases in fares and the service became more cost-effective. Railway operations were privatised during 1994-1997, ownership of the track and infrastructure passed to Railtrack, whilst passenger operations were franchised to individual private sector operators and the freight services sold outright. Since privatisation, passenger levels have increased to their highest ever level. The Hatfield accident set in motion the series of events resulted in the ultimate collapse of Railtrack and its replacement with Network Rail. Although the idea of wooden-railed wagonways originated in Germany in the 16th century and its earliest railways were straight and were constructed from parallel rails of timber on which ran horse-drawn carts. These were succeeded in 1793 when Benjamin Outram constructed a tramway with L-shaped cast iron rails. These rails became obsolete when William Jessop began to manufacture cast iron rails without guiding ledges - the wheels of the carts had flanges instead, cast iron is brittle and so the rails tended to break easily. Consequently, in 1820, John Birkenshaw introduced a method of rolling wrought iron rails, the first passenger-carrying public railway was opened by the Oystermouth Railway in 1807, using horse-drawn carriages on an existing tramline. In 1804, Richard Trevithick designed and built the first steam locomotive to run on smooth rails, the first commercially successful steam locomotive was Salamanca, built in 1812 by John Blenkinsop and Matthew Murray for the 4 ft gauge Middleton Railway
28.
Retail Price Index
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In the United Kingdom, the Retail Prices index or Retail Price Index is a measure of inflation published monthly by the Office for National Statistics. It measures the change in the cost of a sample of retail goods. RPI was first calculated for June 1947, largely replacing the previous Interim Index of Retail Prices and it was once the principal official measure of inflation. Many employers also use it as a point in wage negotiation. As of 2016, the UK state pension is indexed by the highest of the increase in average earnings, the highest annual inflation since the introduction of the RPI came in June 1975, with an increase in retail prices of 26. 9% from a year earlier. By 1978 this had fallen to less than 10%, but it rose again towards 20% over the two years before falling again. By 1982, it had fallen below 10% and a year later was down to 4%, aided by a recession in the early 1990s, increased interest rates brought inflation down again to an even lower level. From March to October 2009, the change in RPI measured over a 12-month period was negative, indicating an overall reduction in prices. The change in RPI in the 12 months ending in April 2009, in February 2011, annual RPI inflation jumped to 5. 1% putting pressure on the Bank of England to raise interest rates despite disappointing projected GDP growth of only 1. 6% in 2011. The September 2011 figure of 5. 6%, the highest for 20 years, was described by the Daily Telegraph as shockingly bad, CPAC concluded that the use of the Carli formula is no longer appropriate due to the weak axiomatic properties of the Carli method. Subsequently ONS decided to no longer classify RPI as a national statistic, however, ONS will continue to calculate RPI, among several versions of the inflation index, in order to provide a consistent historic inflation time series. The United Kingdom RPI is constructed as follows, A base year or starting point is chosen and this becomes the standard against which price changes are measured. A list of items bought by a family is drawn up. This is facilitated by the Living Costs and Food Survey, a set of weights are calculated, showing the relative importance of the items in the average family budget – the greater the share of the average household bill, the greater the weight. The price of each item is multiplied by the given to the item. The price of each item must be found in both the year and the year of comparison. This enables the percentage change to be calculated over the time period. The RPI calculation employs a variation of the Carli method rather than the Jevons method employed in the calculation of RPIJ, the unweighted Carli method overstates inflation rates
29.
International Standard Book Number
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The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay. The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a 10-digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
30.
Google Books
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Books are provided either by publishers and authors, through the Google Books Partner Program, or by Googles library partners, through the Library Project. Additionally, Google has partnered with a number of publishers to digitize their archives. The Publisher Program was first known as Google Print when it was introduced at the Frankfurt Book Fair in October 2004, the Google Books Library Project, which scans works in the collections of library partners and adds them to the digital inventory, was announced in December 2004. But it has also criticized for potential copyright violations. As of October 2015, the number of scanned book titles was over 25 million, Google estimated in 2010 that there were about 130 million distinct titles in the world, and stated that it intended to scan all of them. Results from Google Books show up in both the universal Google Search as well as in the dedicated Google Books search website, if Google believes the book is still under copyright, a user sees snippets of text around the queried search terms. All instances of the terms in the book text appear with a yellow highlight. The four access levels used on Google Books are, Full view, Books in the domain are available for full view. In-print books acquired through the Partner Program are also available for full view if the publisher has given permission, usually, the publisher can set the percentage of the book available for preview. Users are restricted from copying, downloading or printing book previews, a watermark reading Copyrighted material appears at the bottom of pages. All books acquired through the Partner Program are available for preview and this could be because Google cannot identify the owner or the owner declined permission. If a search term appears many times in a book, Google displays no more than three snippets, thus preventing the user from viewing too much of the book. Also, Google does not display any snippets for certain reference books, such as dictionaries, Google maintains that no permission is required under copyright law to display the snippet view. No preview, Google also displays search results for books that have not been digitized, in effect, this is similar to an online library card catalog. Google also stated that it would not scan any in-copyright books between August and 1 November 2005, to provide the owners with the opportunity to decide which books to exclude from the Project. It can let Google scan the book under the Library Project and it can opt out of the Library Project, in which case Google will not scan the book. If the book has already been scanned, Google will reset its access level as No preview and this information is collated through automated methods, and sometimes data from third-party sources is used. This information provides an insight into the book, particularly useful when only a view is available
31.
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%
32.
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
33.
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
34.
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
35.
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
36.
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
37.
Uranium bubble of 2007
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The uranium bubble of 2007 was a period of nearly exponential growth in the price of natural uranium, starting in 2005 and peaking at roughly $300/kg in mid-2007. This coincided with significant rises of stock price of uranium mining, after mid-2007, the price began to fall again and at end 2010 was relatively stable at around $100/kg. The upward trend for the prices of uranium was already apparent since 2003 and this prompted increases in mining activity. A possible direct cause for the bubble is the flooding of the Cigar Lake Mine, Saskatchewan and this created uncertainty about short-term future of the uranium supply. Other factors are speculation triggered by growing expectations around India and Chinas nuclear programs, however, the sharp fall in prices after mid-2007 caused a lot of new companies focused on exploration and mining to lose their viability and go out of business. Due to increased prospecting, known and inferred reserves of uranium have increased by 15% between 2005 and 2007, 2000s commodities boom Uranium Participation Corporation
38.
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
39.
Australian property bubble
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The Australian property bubble is the ongoing debate in Australia as to whether or not the Australian property market is significantly overpriced, and due for a significant downturn. The debate has been ongoing since at least 2001, with Australian property prices continuing to rise, some commentators, including one Treasury official, claim the Australian property market is in a significant bubble. The historically low interest rates, rising cost of living, negative gearing, capital gains tax concessions, high rents, however, due to legislative changes that allow an excess of developments, there is currently an oversupply of housing. Various industry professionals have argued that it is not a bubble, some commentators have blamed rising property prices on state governments restrictions on land supply, driving up the cost of land, lots, and thus homes. Some have also blamed planning rules as acting to restrain supply of housing, since 2012 prices have once again risen strongly relative to incomes and rents. In June 2016, the Organisation for Economic Co-operation and Development reported that Australias housing boom could end in dramatic, the Australian property market has seen steady increases of around 3% per annum since the 1970s. Since the 1990s, however, prices have risen by around 6% per annum, since then, several comparable countries have experienced property crashes. All capital cities have seen increases in property prices since about 1998. Sydney and Melbourne have seen the largest price increases, with prices rising 105% and 93. 5% respectively since 2009. These massive increases in house prices coincide with low wage growth, record low interest rates. This clearly shows unsustainable growth in property, driven by ever higher debt levels fuelled by the RBAs then chief, some factors that may have contributed to the increase in property prices include, greater availability of credit due to financial deregulation. Low interest rates since 2008, increasing borrowing capacity to borrow due to lower repayments, limited government release of new land. The average floor area of new houses has increased by up to 53. 8% in the 18 years from 1984-85 to 2002-03, a tax system that favours investors and existing home owners, with policies such as negative gearing and capital gain tax discounts. Government restrictions on the use of land preventing higher density land use, Government restrictions on greenfield development designed to encourage urban densification. 2008 foreign investment rule changes for temporary visa holders, introduction by local councils of upfront infrastructure levies in the early 2000s. Beginning in the 1980s, Australian states started progressively implementing more rigid planning laws that regulated the use of land, Planning laws often concentrated, after the 1990s, on restricting greenfield development in favour of urban densification, or infill development. Land rationing is a system of banning development in all but designated areas, the Reserve Bank of Australia has noted that there are a number of areas in which the taxation treatment in Australia is more favourable to investors than is the case in other countries. The influence of interest rates and banking policy on property prices has been noted, the financial deregulation has led to greater availability of credit and a variety of financial products and options
