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Match the following financial terms with their definitions:
Appropriation = Legislative process for allocating funds to government programs Bank = An institution that takes deposits and makes loans Bank of Issue = A financial institution that prints currency backed by assets Central Bank = A 'bank for banks' that monetizes assets for circulation
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Commercial Bank = Provides services to individuals and businesses Investment Bank = Facilitates the issuance and sale of securities Central Bank = Regulates the money supply and interest rates Bank of Issue = Creates currency based on financial assets
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Entitlement Program = Funds that are automatically allocated Discretionary Spending = Funds requiring approval each time Tax Expenditures = Government spending hidden through tax breaks Accountability = Responsiveness of government to taxpayer scrutiny
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Study Notes
Appropriation
- Funds allocated by legislators annually for government programs through the appropriations process.
- Differentiates from entitlements, which provide automatic funding without repeated approval.
- Use of tax credits and breaks can obscure true government spending, reducing accountability.
Banks and Financial Institutions
- Commercial Banks: Take deposits, make loans, and facilitate economic transactions; may create money.
- Central Banks: Serve as "banks for banks," providing currency and regulating money creation, typically not available for personal loans.
- Investment Banks: Buy/sell securities, acting as intermediaries between original issuers and buyers.
Binary Economics
- Developed by Louis O. Kelso, divides production factors into human (labor) and non-human (capital).
- Promotes sustainable economic growth through property ownership and equitable wealth distribution.
- Key concepts:
- Binary Productiveness: Capital assets contribute increasingly to output.
- Binary Property Right: Right to acquire wealth-generating capital.
- Binary Growth: Broad capital ownership leads to economic expansion.
Capital Ownership Models
- Capital Homesteading: Concept enabling widespread capital ownership, extending beyond land to advanced technologies.
- Capital Homestead Act: Aims to eliminate barriers to acquiring capital assets, promoting economic security for all citizens.
- Capital Credit Institutions: Facilitate capital ownership through loan aggregation and insurance mechanisms against defaults.
Charity and Social Justice
- Charity: Focused on aiding individuals based on need; distinct from justice, which relates to contribution.
- Social Charity: Aims to improve institutions and systems rather than just individuals, essential for social justice.
Historical Proposals
- Chicago Plan: Proposed full reserve requirement for banks to ensure stability against speculative loans.
- Citizens Land Bank: Structure allowing citizens to directly invest and manage local real estate, enhancing community ownership and investment.
Concepts of Collectivism and Common Good
- Collectivism: Denies individual ownership, recognizing only group ownership, contrasting with joint ownership.
- Common Good: Framework within which social institutions ensure justice, allowing for individual rights and societal conditions necessary for personal and collective fulfillment.
Corporate Structure
- Corporation: A legal entity limiting liability for shareholders while facilitating collective asset management and operational risks.### Corporate Accountability and Economic Concepts
- Corporations have increasingly failed to balance productive growth with adequate purchasing power, leading to managerial abuses.
- Enhancing corporate accountability, transparency, and dividend distributions to employees and a wider shareholder base can mitigate corporate shortcomings.
Cost and Credit Types
- Cost: The total of all direct and indirect expenses associated with producing goods and services.
- Capital Credit: Loans for self-liquidating projects expected to generate income, designed to help individuals become capital owners without prior savings.
- Consumer Credit: Borrowed funds spent on consumer goods, which do not generate income.
- Interest-Free Credit: Loans aimed at productive purposes without interest, focusing on preventing usury as defined in some religious traditions.
- Non-Recourse Credit: Loans where the borrower's personal assets are protected from seizure upon default, secured by project assets.
- Pure Credit: Interest-free loans tied to future productivity, involving enforceable promises and asset-backed financing without relying on existing savings.
Economic and Financial Mechanisms
- Self-Liquidating Credit: Loans anticipated to be repaid by profits generated from the financed capital assets.
- Two-Tiered Credit System: A monetary reform distinguishing between beneficial uses of credit (e.g., for broad ownership) and detrimental uses (e.g., nonproductive speculations).
- Demand: The desire for goods/services linked to the ability to make legal transactions.
- Aggregate Demand: Total demand in the economy calculated by consumer and investment expenditures plus net exports.
- Demand Deposits: Bank funds available for immediate withdrawal, such as checking accounts.
Ownership and Dividend Structures
- Customer Stock Ownership Plan (CSOP): Program enabling customers of utilities and cooperatives to accumulate shares and benefit from future profits while offsetting bills with dividends.
- Dividend: Profits distributed to shareholders, currently subject to board approval, potentially limiting owners' property rights.
- Employee Stock Ownership Plan (ESOP): Mechanism allowing employees to acquire shares in their company using pre-tax profits without personal financial risk.
Economic Justice and Capital Ownership
- Distributism: Economic model advocating for widely held ownership of productive assets to protect individual rights and break wealth concentration.
- Economic Justice: Emphasizes fairness in the distribution of wealth and opportunities.
- Capital Homesteading: Concept aimed at facilitating capital ownership through accessible credit channels, encouraging broad distribution of wealth in society.
Inflation and Economic Dynamics
- Inflation: A general increase in price levels, with "Demand/Pull" inflation caused by excess money chasing limited goods, and "Cost/Push" inflation driven by rising production costs.
- Deflation: A reduction in the amount of money or credit, leading to a decrease in prices, generally caused by currency constraints or economic slowdowns.
- Discount Rate: The rate at which central banks lend money to commercial banks, influencing overall interest rates in the economy.
Currency and Insurance in Economics
- Currency: Standardized tokens of value serving as money within an economy.
- Insurance, Capital Credit: Protection for lenders against borrower defaults, ensuring a safety net in financing arrangements.
Additional Concepts
- Ephemeralization: Process of doing more with less through technological improvement and resource efficiency.
- Forced Savings: Economically induced savings through governmental measures, designed to enhance capital accumulation.
- Imputed Rent: The estimated rental value of a homeowner's property treated as potential income.
These notes capture key concepts and terms related to corporate governance, economic principles, credit types, and ownership structures, facilitating better understanding and revision of the material.### Capital Credit Insurance and Borrowers
- Capital credit insurance substitutes for collateral, aiding borrowers without savings or income.
- Under the Capital Homesteading proposal, this insurance protects lenders against debt servicing risks tied to new corporate growth shares.
Understanding Interest
- Interest, or “ownership interest,” is derived from profits of a financed project.
- Commonly viewed as a charge for money use, technically, it should be considered a "service charge" when using "pure credit" rather than savings.
Types of Issuance: Primary and Secondary Securities
- Primary Issuance: Newly issued equity shares or bonds sold directly by private companies or governments as "primary government securities."
- Secondary Issuance: Existing shares or bonds resold from one party to another, often traded on stock exchanges, with values determined by market speculation.
Just Third Way Economic Paradigm
- A socio-economic alternative empowering individuals through democratized money and credit access to capital ownership.
- Contrasts capitalism, where capital ownership is concentrated, and socialism/communism, where the state controls production.
Principles of Justice
- Justice is a universal moral framework guiding right and wrong across cultures.
- Central tenet: "suum cuique," meaning "to each his due," reflecting the dignity of each person.
Types of Justice
- Commutative Justice: Focuses on equivalent value exchanges in transactions; exact debts must be repaid.
- Distributive Justice: Concerned with the fair distribution based on relative contributions, linking income to productive efforts.
- Economic Justice: Aims to empower individuals economically, providing a foundation for personal potential.
Economic Justice Triad
- Participative Justice: Guarantees everyone access to contribute economic value through labor and capital.
- Distributive Justice: Ensures fair distribution of income based on participation.
- Social Justice: Motivates individuals to correct economic inequalities and uphold participative and distributive justice.
Leadership and Management Philosophies
- Justice-Based Leadership (JBL): Aligns personal and organizational values with principles of justice, emphasizing trust and empowerment.
- Justice-Based Management (JBM): Implements JBL in organizations, prioritizing sustainable ownership cultures and maximizing customer value.
Definitions of Money Supply (M1, M2, M3)
- M1: Currency in circulation, traveler’s checks, and demand deposits at banks.
- M2: M1 plus savings deposits, small time deposits, and retail money market fund balances.
- M3: M2 plus institutional money market funds, large time deposits, and repurchase agreements (discontinued in 2006).
Additional Economic Concepts
- Market Glut: Situations where production exceeds demand, resulting in unsold goods.
- Primary Market: Direct purchasing from original issuers, while the Secondary Market involves buying from resellers.
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Test your knowledge on key economic principles including appropriation, different types of banks, and the theory of binary economics. Understand how these concepts influence government funding, banking operations, and wealth distribution. This quiz will challenge your understanding of various economic terms and their implications.