OCLC Online Computer Library Center, Incorporated d/b/a OCLC is an American nonprofit cooperative organization "dedicated to the public purposes of furthering access to the world's information and reducing information costs". It was founded in 1967 as the Ohio College Library Center. OCLC and its member libraries cooperatively produce and maintain WorldCat, the largest online public access catalog in the world. OCLC is funded by the fees that libraries have to pay for its services. OCLC maintains the Dewey Decimal Classification system. OCLC began in 1967, as the Ohio College Library Center, through a collaboration of university presidents, vice presidents, library directors who wanted to create a cooperative computerized network for libraries in the state of Ohio; the group first met on July 5, 1967 on the campus of the Ohio State University to sign the articles of incorporation for the nonprofit organization, hired Frederick G. Kilgour, a former Yale University medical school librarian, to design the shared cataloging system.
Kilgour wished to merge the latest information storage and retrieval system of the time, the computer, with the oldest, the library. The plan was to merge the catalogs of Ohio libraries electronically through a computer network and database to streamline operations, control costs, increase efficiency in library management, bringing libraries together to cooperatively keep track of the world's information in order to best serve researchers and scholars; the first library to do online cataloging through OCLC was the Alden Library at Ohio University on August 26, 1971. This was the first online cataloging by any library worldwide. Membership in OCLC is based on use of services and contribution of data. Between 1967 and 1977, OCLC membership was limited to institutions in Ohio, but in 1978, a new governance structure was established that allowed institutions from other states to join. In 2002, the governance structure was again modified to accommodate participation from outside the United States.
As OCLC expanded services in the United States outside Ohio, it relied on establishing strategic partnerships with "networks", organizations that provided training and marketing services. By 2008, there were 15 independent United States regional service providers. OCLC networks played a key role in OCLC governance, with networks electing delegates to serve on the OCLC Members Council. During 2008, OCLC commissioned two studies to look at distribution channels. In early 2009, OCLC negotiated new contracts with the former networks and opened a centralized support center. OCLC provides bibliographic and full-text information to anyone. OCLC and its member libraries cooperatively produce and maintain WorldCat—the OCLC Online Union Catalog, the largest online public access catalog in the world. WorldCat has holding records from private libraries worldwide; the Open WorldCat program, launched in late 2003, exposed a subset of WorldCat records to Web users via popular Internet search and bookselling sites.
In October 2005, the OCLC technical staff began a wiki project, WikiD, allowing readers to add commentary and structured-field information associated with any WorldCat record. WikiD was phased out; the Online Computer Library Center acquired the trademark and copyrights associated with the Dewey Decimal Classification System when it bought Forest Press in 1988. A browser for books with their Dewey Decimal Classifications was available until July 2013; until August 2009, when it was sold to Backstage Library Works, OCLC owned a preservation microfilm and digitization operation called the OCLC Preservation Service Center, with its principal office in Bethlehem, Pennsylvania. The reference management service QuestionPoint provides libraries with tools to communicate with users; this around-the-clock reference service is provided by a cooperative of participating global libraries. Starting in 1971, OCLC produced catalog cards for members alongside its shared online catalog. OCLC commercially sells software, such as CONTENTdm for managing digital collections.
It offers the bibliographic discovery system WorldCat Discovery, which allows for library patrons to use a single search interface to access an institution's catalog, database subscriptions and more. OCLC has been conducting research for the library community for more than 30 years. In accordance with its mission, OCLC makes its research outcomes known through various publications; these publications, including journal articles, reports and presentations, are available through the organization's website. OCLC Publications – Research articles from various journals including Code4Lib Journal, OCLC Research, Reference & User Services Quarterly, College & Research Libraries News, Art Libraries Journal, National Education Association Newsletter; the most recent publications are displayed first, all archived resources, starting in 1970, are available. Membership Reports – A number of significant reports on topics ranging from virtual reference in libraries to perceptions about library funding. Newsletters – Current and archived newsletters for the library and archive community.
Presentations – Presentations from both guest speakers and OCLC research from conferences and other events. The presentations are organized into five categories: Conference presentations, Dewey presentations, Distinguished Seminar Series, Guest presentations, Research staff
In economics, the money supply is the total value of monetary assets available in an economy at a specific time. There are several ways to define "money", but standard measures include currency in circulation and demand deposits. Money supply data are recorded and published by the government or the central bank of the country. Public and private sector analysts have long monitored changes in the money supply because of the belief that it affects the price level, the exchange rate and the business cycle; that relation between money and prices is associated with the quantity theory of money. There is strong empirical evidence of a direct relation between money-supply growth and long-term price inflation, at least for rapid increases in the amount of money in the economy. For example, a country such as Zimbabwe which saw rapid increases in its money supply saw rapid increases in prices; this is one reason for the reliance on monetary policy as a means of controlling inflation. The nature of this causal chain is the subject of contention.
Some heterodox economists argue that the money supply is endogenous and that the sources of inflation must be found in the distributional structure of the economy. In addition, those economists seeing the central bank's control over the money supply as feeble say that there are two weak links between the growth of the money supply and the inflation rate. First, in the aftermath of a recession, when many resources are underutilized, an increase in the money supply can cause a sustained increase in real production instead of inflation. Second, if the velocity of money changes, an increase in the money supply could have either no effect, an exaggerated effect, or an unpredictable effect on the growth of nominal GDP. See European Central Bank for other approaches and a more global perspective. Money is used as a medium of exchange, a unit of account, as a ready store of value, its different functions are associated with different empirical measures of the money supply. There is no single "correct" measure of the money supply.
Instead, there are several measures, classified along a spectrum or continuum between narrow and broad monetary aggregates. Narrow measures include only the most liquid assets, the ones most used to spend. Broader measures add less liquid types of assets; this continuum corresponds to the way that different types of money are more or less controlled by monetary policy. Narrow measures include those more directly affected and controlled by monetary policy, whereas broader measures are less related to monetary-policy actions, it is a matter of perennial debate as to whether narrower or broader versions of the money supply have a more predictable link to nominal GDP. The different types of money are classified as "M"s; the "M"s range from M0 to M3 but which "M"s are focused on in policy formulation depends on the country's central bank. The typical layout for each of the "M"s is as follows: M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.
MB: is referred to total currency. This is the base from which other forms of money are created and is traditionally the most liquid measure of the money supply. M1: Bank reserves are not included in M1. M2: Represents M1 and "close substitutes" for M1. M2 is a broader classification of money than M1. M2 is a key economic indicator used to forecast inflation. M3: M2 plus large and long-term deposits. Since 2006, M3 is no longer published by the US central bank. However, there are still estimates produced by various private institutions. MZM: Money with zero maturity, it measures the supply of financial assets redeemable at par on demand. Velocity of MZM is a accurate predictor of inflation; the ratio of a pair of these measures, most M2 / M0, is called an money multiplier. The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created; this new type of money is.
In short, there are two types of money in a fractional-reserve banking system: central bank money commercial bank money In the money supply statistics, central bank money is MB while the commercial bank money is divided up into the M1-M3 components. The types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest. In the United States, a bank's reserves consist of U. S. currency held by the bank plus the bank's balances in Federal Reserve accounts. For this purpose, paper currency on hand and balances in Federal Reserve accounts are interchangeable. Reserves may come from any source, including the federal funds market, deposits by the public, borrowing from the Fed itself. A reserve requirement is a ratio a bank must maintain between deposit reserves. Reserve
For a New Liberty
For a New Liberty: The Libertarian Manifesto is a book by American economist and historian Murray Rothbard, in which the author promotes anarcho-capitalism. The work has been credited as an influence on modern libertarian thought and on part of the New Right. Rothbard advocates anarcho-capitalism, a strain of stateless libertarianism. Rothbard traces the intellectual origins of libertarianism back to classical liberal philosophers John Locke and Adam Smith and the American Revolution, he argues that modern libertarianism originated not as a response to socialism or leftism, but to conservatism. Rothbard views the right of self-ownership and the right to homestead as establishing the complete set of principles of the libertarian system; the core of libertarianism, writes Rothbard, is the non-aggression axiom: "that no man or group of men may aggress against the person or property of anyone else." He points out that while this principle is universally applied to private individuals and institutions, the government is considered above the general moral law, therefore does not have to abide by this axiom.
Rothbard attempts to dispel the notion that libertarianism constitutes a sect or offshoot of liberalism or conservatism, or that its right-wing opinions on economic policy and left-wing opinions on social and foreign policy are contradictory. The Objectivist author Peter Schwartz criticized the views Rothbard expounded in For a New Liberty, writing that like other libertarians, Rothbard cared about neither "the pursuit of freedom nor the exercise of reason" and supported only "the extermination of government and the inculcation of anti-state hostility." Schwartz maintained that Rothbard wrongly viewed the state as "by nature criminal." Libertarian author Tom G. Palmer commented in 1997 that For a New Liberty "provides a good overview of the libertarian worldview, although the chapters on public policy issues and on the organized libertarian movement are by now somewhat dated." Libertarian author David Boaz writes that For a New Liberty, together with Robert Nozick's Anarchy and Utopia and Ayn Rand's essays on political philosophy, "defined the'hard-core' version of modern libertarianism, which restated Spencer's law of equal freedom: Individuals have the right to do whatever they want to do, so long as they respect the equal rights of others."
British philosopher Ted Honderich writes that Rothbard's anarcho-libertarianism informed "one messianic part of the New Right". In Radicals for Capitalism, journalist Brian Doherty writes of For a New Liberty, "This book strove to synthesize, in condensed form, the economic, historical and policy elements of Rothbard's vision...the book was meant as both a primer and a manifesto, so Rothbard crammed in as much of his overall theory of liberty as he could... Rothbard hits the harder anarcho-capitalist stuff, but slips it in so smoothly that many readers might not notice that this'libertarian manifesto' promotes anarchism." In 2006 the Ludwig von Mises Institute released a new hardbound edition, with a new introduction by Lew Rockwell. EnglishLudwig von Mises Institute. 2006. Hardcover. ISBN 0-945466-47-1 Fox & Wilkes. 1989. Paperback. ISBN 0-930073-02-9 University Press of America. Paperback. 1986. ISBN 0-8191-4981-0 Libertarian Review Foundation, New York, 1985, 1989 2nd Printing. ISBN 0-930073-02-9 Revised edition, Collier Books, 1978.
Paperback Collier Macmillan. 1973. Hardcover. ISBN 0-02-605300-4SpanishHacia una Nueva Libertad: El Manifiesto Libertario. Grito Sagrado. 2006. Paperback. ISBN 987-1239-01-7Italian2004 Per una nuova libertà. Liberilibri, Macerata. 2004. Paperback. ISBN 88-85140-27-0 1996 Per una nuova libertà. Liberilibri, Macerata. 1996. Paperback. PDF of the 1978 edition Review of the 2006 edition Mises Institute edition, published in 2006 Online text of 1978 edition Online Audio book
Money is any item or verifiable record, accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money. Money is an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any note of debt, is without use value as a physical commodity, it derives its value by being declared by a government to be legal tender. Counterfeit money can cause good money to lose its value; the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of broad money in developed countries.
The word "money" is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. In the ancient world Juno was associated with money; the temple of Juno Moneta at Rome was the place. The name "Juno" may derive from the Etruscan goddess Uni and "Moneta" either from the Latin word "monere" or the Greek word "moneres". In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning'in kind'; the use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied on barter. Instead, non-monetary societies operated along the principles of gift economy and debt; when barter did in fact occur, it was between either complete strangers or potential enemies. Many cultures around the world developed the use of commodity money; the Mesopotamian shekel was a unit of weight, relied on the mass of something like 160 grains of barley. The first usage of the term came from Mesopotamia circa 3000 BC.
Societies in the Americas, Asia and Australia used shell money – the shells of the cowry. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins, it is thought by modern scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money evolved into a system of representative money; this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. These receipts became accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song dynasty; these banknotes, known as "jiaozi", evolved from promissory notes, used since the 7th century. However, they did not displace commodity money, were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck. Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
Banknotes were first issued in Europe by Stockholms Banco in 1661, were again used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in Europe; these gold standard notes were made legal tender, redemption into gold coins was discouraged. By the beginning of the 20th century all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold. After World War II and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the U. S. dollar. The U. S. dollar was in turn fixed to gold. In 1971 the U. S. government suspended the convertibility of the U. S. dollar to gold. After this many countries de-pegged their currencies from the U. S. dollar, most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment.
According to proponents of modern money theory, fiat money is backed by taxes. By imposing taxes, states create demand for the currency. In Money and the Mechanism of Exchange, William Stanley Jevons famously analyzed money in terms of four functions: a medium of exchange, a common measure of value, a standard of value, a store of value. By 1919, Jevons's four functions of money were summarized in the couplet: Money's a matter of functions four, A Medium, a Measure, a Standard, a Store; this couplet would become popular in macroeconomics textbooks. Most modern textbooks now list only three functions, that of medium of exchange, unit of account, store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others. There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a s
The Betrayal of the American Right
The Betrayal of the American Right is a book by Murray Rothbard written in the early 1970s and published by the Ludwig von Mises Institute in 2007. In it, Rothbard describes the takeover of the Old Right by neoconservatives and cold warriors during the 1950s and 1960s; the book argues this change resulted in a negative shift in American politics, as the Old Right that supported small government and non-intervention in foreign affairs became a Republican party that promoted statism and anti-Communist policies around the world. Murray N. Rothbard, edited with an Introduction by Thomas E. Woods, Jr; the Betrayal of the American Right, ISBN 978-1-933550-13-8
America's Great Depression
America's Great Depression is a 1963 treatise on the 1930s Great Depression and its root causes, written by Austrian School economist and author Murray Rothbard. The fifth edition was released in 2000. Rothbard holds the interventionist policies of the Herbert Hoover administration responsible for magnifying the duration and intensity of the Great Depression. Rothbard explains the Austrian theory of the business cycle, which holds that government manipulation of the money supply sets the stage for the familiar "boom-bust" phases of the modern market, he details the inflationary policies of the Federal Reserve from 1921 to 1929 as evidence that the depression was caused not by speculation, but by government and central bank interference in the market. 5th Edition: Auburn, Ala.: Ludwig von Mises Institute, June 15, 2000. Hardcover. 368 pages. ISBN 0-945466-05-6. 4th Edition: New York: Richardson & Snyder/E. P. Dutton. 1983. Hardcover. 361 pages. ISBN 0-943940-03-6. 3rd Edition: New York: New York University Press.
Co-sponsored by Institute for Humane Studies. January 1, 1975. Paperback. 361 pages. ISBN 0-8362-0647-9. Hardcover ISBN 0-8362-0634-7. 2nd Edition: Menlo Park, California: Institute for Humane Studies, 1972. 361 pages. ISBN 0-8402-5003-7. 1st Edition: Princeton, N. J.: D. Van Nostrand, 1963. Hardcover. 361 pages. America's Great Depression at Mises Wiki America's Great Depression: Complete Text in HTML format
Finance is a field, concerned with the allocation of assets and liabilities over space and time under conditions of risk or uncertainty. Finance can be defined as the art of money management. Participants in the market aim to price assets based on their risk level, fundamental value, their expected rate of return. Finance can be split into three sub-categories: public finance, corporate finance and personal finance. Matters in personal finance revolve around: Protection against unforeseen personal events, as well as events in the wider economies Transference of family wealth across generations Effects of tax policies management of personal finances Effects of credit on individual financial standing Development of a savings plan or financing for large purchases Planning a secure financial future in an environment of economic instability Pursuing a checking and/or a savings account Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance and saving for retirement.
Personal finance may involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are: Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flows. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flows total up all from the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished. Adequate protection: the analysis of how to protect a household from unforeseen risks; these risks can be divided into the following: liability, death, disability and long term care. Some of these risks may be self-insurable, while most will require the purchase of an insurance contract.
Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning. Tax planning: the income tax is the single largest expense in a household. Managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax; as one's income grows, a higher marginal rate of tax must be paid. Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact in which can save you money in the long term. Investment and accumulation goals: planning how to accumulate enough money – for large purchases and life events – is what most people consider to be financial planning.
Major reasons to accumulate assets include purchasing a house or car, starting a business, paying for education expenses, saving for retirement. Achieving these goals requires projecting what they will cost, when you need to withdraw funds that will be necessary to be able to achieve these goals. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which will subject the portfolio to a number of risks. Managing these portfolio risks is most accomplished using asset allocation, which seeks to diversify investment risk and opportunity; this asset allocation will prescribe a percentage allocation to be invested in stocks, bonds and alternative investments.
The allocation should take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person. Retirement planning is the process of understanding how much it costs to live at retirement, coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plans include taking advantage of government allowed structures to manage tax liability including: individual structures, or employer sponsored retirement plans and life insurance products. Estate planning involves planning for the disposition of one's assets after death. There is a tax due to the state or federal government at one's death. Avoiding these taxes means that more of one's assets will be distributed to one's heirs. One can leave one's assets to friends or charitable groups. Corporate finance deals with the sources of funding and the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources.
Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Corporate f