By David W. Pearce (eds.)
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Extra info for Macmillan Dictionary of Modern Economics
The market would be described as 'bearish' . A speculator with converse expectations is known as a BULL. beggar-my-neighbour policies. Economic measures taken by one country to improve its domestic economic conditions, normally to reduce unemployment , and which have adverse effects on other economies. A country may increase domesIic employment by increasing exports or reducing imports by , for example, DEVALUING its currency or applying TARIFFS, QUOTAS , or export SUBSIDIES. The benefit which it attains is at the expense of some other country which experiences lower exports or increased imports and a consequent lower employment level.
Decision-making . The strategy is production oriented. The philosophy has been supported by both conservative and radical thinkers. It has been criticized as having an inadequate theoretical framework and as saying nothing which is really new. base period. A point in time used as a basic wage rates. reference point for comparison with some . See WAGE RATES . later period . For example, in the theory of PRICE INDEXES the LASPEYRES PRICE INDEX basing-point system. A type of pricing in uses the earlier of the two years over which which the various sellers in a market agree prices are compared for purposes of weight- that the price to be charged for a good will ing the relative price changes.
The First Bank was a private corporation, chartered for 20 years and initially capitalized at $10 million of which 20 per cent was provided by the federal government. At its inception it was the largest private corporation in the United States . The head office was in Philadelphia with eight branches in major cities. It served as the federal government depository institution as well as providing private banking services. The Bank was so large that its lending activities had a powerful impact on the reserves and hence monetary expansion capabilities of state banks .