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Problems of polysemy and idealism
Andrew Sayer

markets are just one form in which those opportunity costs sometimes get reflected. We could say that the notion of the market as ether refers to ‘implicit markets’, but this still tendentiously suggests that real markets are the normal form of economic organisation, and, if absent, are held back by pre-modern conventions and practices, ill-defined property rights and state restrictions, and are just waiting to be ‘freed’, whereupon economic benefits are supposed to follow. In this way, the conceptual slide from imaginary to actual markets is closely associated with

in Market relations and the competitive process
Implementing the second Memorandum
Costas Simitis

investment remains the principal shortcoming in the effort to deal with the effects of the crisis in Greece today. Owing to the turmoil, investors are afraid of losing their money. They are either avoiding Greece altogether or are waiting for the return of more stable conditions for investment. Short-term speculative investments do little to finance anything in the way of recovery or a return to growth. For growth to return, there needs to be absolute clarity regarding Greece’s future in the Eurozone; only then will it be possible for businesses to plan, and weigh the

in The European debt crisis
The Foundation Economy Collective

, risks and returns. The foundational economy, as we saw in Chapter 2, was transformed in the century after 1880. It was governed by its own long cycles of step-change innovation, very different from the short term horizons characteristic of modern shareholder-driven enterprises. On the supply side, in physical infrastructure, the reservoirs built in the thirty years before 1914 are still supplying Europe’s cities; and we all use 64 Foundational economy nineteenth-century railway stations and wait for trains on many of the same platforms as our great grandparents

in Foundational economy
Bill Dunn

failure of the classical doctrine to develop a satisfactory theory of the rate of interest’ (CWXIII: 489). He rejects the essentially magical idea that the rate of interest is a return to saving or waiting. ‘For if a man hoards his savings in cash, he earns no interest, though he saves just as much as before’ ( 1973 : 167). Nor can rates of interest be understood as a straightforward product of the market’s push and pull of demand for investment funds and supply of savings. Instead, the lines of determination run from interest to investment and savings, not in the other

in Keynes and Marx
Open Access (free)
Oonagh McDonald

and July 2007, the amount outstanding had doubled, reaching $1.2 trillion, and debtors extended the maturity of their borrowings so that investors had to wait for repayment. As the market collapsed, some conduits, special purpose vehicles usually set up by banks to purchase and hold financial assets by selling asset-backed commercial paper to investors, such as the money market mutual funds (MMMFs) were affected as well. Investors became increasingly unwilling to roll over ABCPs, especially at maturities of more than a few days. As the sponsors of the programmes

in Lehman Brothers
Joe Earle, Cahal Moran, and Zach Ward-Perkins

the pressures of increasing student numbers and meeting savings targets; after the change one report reads ‘1996 was dominated by the RAE; the preparation, the waiting and the result, which was a 4 [out of a possible 5] … sights have to be set higher for the next round’.41 Universities realised that to gain high research rankings in neo­ classical economics they needed to hire and promote economists who either had published or would publish in the top-ranked, mostly American, neoclassical economics journals in order to bring in the most funding. Departments came

in The econocracy
Joe Earle, Cahal Moran, and Zach Ward-Perkins

which might have worked in 1945 for a small elite but do not work now. Rediscovering liberal education  141 A key underlying aim of reform should be to move from the idea of a passive student body – whose only input into their education is a tick-box feedback form – to active student co-production of education. The status quo is dependent on the tacit understanding that education is a kind of ‘knowledge transfer’ from teacher to student. With the ‘transfer’ metaphor for education, the teacher instructs and directs the students, who are empty receptacles waiting for

in The econocracy
Mike Buckle and John Thompson

banks in the event of a run. Until insolvency is declared, the bank is obliged to pay out the full amount of any deposit withdrawn. Once insolvency is declared, the depositors must wait for realisation of the bank’s assets and, in the company of other creditors, for their claims to be assessed by the courts. Thus, in the event of a rumour of difficulties being faced by a bank, there is likely to be

in The UK financial system (fifth edition)
John Wilson

and PMM cheques, the board could anticipate a less troublesome period. The various changes to the group were duly ratified by shareholders at the AGM on 27 September and an EGM on 6 December, again reflecting the trust placed in Gene Anderson’s management skills by a financial community that was still waiting for its first dividend from Ferranti International since the spring of 1989. As the headline to Andrew Alexander’s influential column in the Daily Mail trumpeted, ‘Ferranti clings on’,95 indicating how by then it was widely accepted that Anderson was performing

in Ferranti: A History
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

-term borrowing was subject to much stricter restrictions, requiring one to provide detailed information, besides obtaining permission from the MOFE.37 Also, since the government expected that the credit rating on bank loans of Korean companies would improve in the international financial market, it further induced financial institutions to transform long-term external debts into short-term debts (MOFE 1998). However, other “borrowers seem to have taken a ‘wait and see’ approach by continuously rolling over short-term loans rather than taking out long-term ones, an approach

in The Asian financial crisis