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Theory and practice
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The early part of the twenty-first century has witnessed a sea-change in regulation of the financial system following the financial crisis of 2007-2008. Prior to that financial crisis, the official policy was directed to deregulating the financial system, whereas after 2008 the move is towards increased regulation. This book begins the study of the UK financial system with an introduction to the role of a financial system in an economy, and a very simple model of an economy. In this model the economy is divided into two distinct groups or sectors. The first is the household sector and the second is the firms sector. The book describes the process of financial intermediation, and in doing so, it examines the arguments as to why we need financial institutions. It highlights the nature of financial intermediation, and examines the various roles of financial intermediaries: banks as transformers, undertaking of transformation process, and providers of liquidity insurance. The nature of banking, the operations carried out by banks, and the categories of banking operations are discussed next. The book also examines the investment institutions and other investment vehicles. It examines the role of central banks in the financial system in principle, particularly, the role of the Bank of England. Primary market for equity issues, secondary market, the global stock market crash of October 1987 and efficient markets hypothesis are also covered. The book also looks at the trading of financial derivatives, risk management, bank regulation, and the regulation of life insurance companies, pension funds.

Mike Buckle
John Thompson

of the financial system To help us to understand the role played by a financial system in a mature economy such as that of the UK we start by constructing a simplified model of an economy. In this model the economy is divided into two distinct groups or sectors. The first is the household sector, which is assumed to be the ultimate owner of all the resources of the economy. In the early stages of

in The UK financial system (fifth edition)
Costas Panayotakis

, for this work, surplus is the difference between the total wealth produced in the various (private capitalist, public, household) sectors of the economy and the product necessary to reproduce the producers’ labor power. Expressed in a simple formula, S = W(cw, h, st) – np(cw, h, st) where s stands for the surplus product, w stands for wealth, np refers to the necessary product, and the parentheses highlight the fact that both the total wealth produced and the product necessary to reproduce workers’ labor power are made up of goods and services produced

in The capitalist mode of destruction
‘Good fit’ in artificial eardrums
Jaipreet Virdi

, Patently Contestable: Electrical Technologies and Inventor Identities on Trial in Britain (Cambridge, MA: MIT Press, 2013). 46 D. Jaffé, Ingenious Women: From Tincture of Saffron to Flying Machines (Stroud: Sutton, 2003). Technologically creative women engaged in entrepreneurial behaviour and even requested patent protection for their products of innovation. For health goods, only 6 per cent of all patents filed between 1790 and 1895 were by women, predominantly for useful and/​or improved products in the household sector. See:  B. Z. Khan, ‘“Not for ornament

in Rethinking modern prostheses in Anglo-American commodity cultures, 1820–1939
Can commodification of labour be self-limiting?
Francesca Bettio
Alberto Mazzon

evidence together what does it suggest about the role of vouchers in the Italian labour market? With the due caveat that any inference is bound to be speculative against a background of limited information and ongoing change, the introduction of vouchers seems to have partially missed the purpose of the CES in France to bring into the regular market unpaid and grey work in the household sector. At the same time, the employment opportunities that have been created yield occasional, seasonal or marginal earnings, too small to fully qualify as mini-jobs, although on paper

in Making work more equal
Abstract only
Costas Panayotakis

and enjoyable enough in their own right to help even the “bored” men of the future overcome their unfortunate predicament. In other words, we may need to broaden our conception of the activities that people would pursue in the “realm of freedom” no less than we need to broaden our conception of the activities that the “realm of necessity” in such a society would encompass. By foregrounding the importance of the household sector of the economy and the housework that takes place within it, this work makes it easier to avoid imagining the “realm of freedom” of a future

in The capitalist mode of destruction
Abstract only
After the Kyoto conference
Shizuka Oshitani

, together with Secretary of the State at DEFRA, issued a joint statement on the matter to the Commission. See ENDS Report (353, 2004: 39–40). The Renewables Obligation, which replaced the NFFO under Labour, put an extra 10 per cent on household electricity bills. However, this was not aimed at promoting energy efficiency in the household sector. 280 9 Global warming policy in Japan and Britain Also there was a strong concern about its effects on the poor and the government carefully limited price increases within the range of insignificant. The Conservatives went on to

in Global warming policy in Japan and Britain