Competition and Credit Control

2021 ◽  
pp. 69-88
Author(s):  
Jack Copley
Keyword(s):  
Interest Rates ◽  
Currency Crises ◽  
Financial Liberalization ◽  
World Market ◽  
The State ◽  
Market Competitiveness ◽  
Credit Creation ◽  
The Government ◽  
The 1960S ◽  
British State

This chapter explores the 1971 Competition and Credit Control financial liberalization, which saw the British state relinquish most of its direct controls over credit creation and instead rely on interest rates to govern lending. In the 1960s, Britain’s worsening trade performance had resulted in a series of currency crises, to which Harold Wilson’s government responded in 1967 by devaluing sterling. In aid of devaluation, the government enacted a series of contractionary measures. An important element of this disciplining strategy was the tightening of monetary policy through state-imposed lending ceilings. However, people proved resistant to this reduction in their living standards, and thus endeavoured to combat income losses by extending their bank borrowing. Further, due to falling profitability, companies faced a liquidity crisis that threatened to derail the export recovery. As such, the state authorities sought to use the lending ceilings to both restrict credit to persons and extend credit to companies. This hybrid disciplining/palliation strategy was extremely difficult to operate with the blunt monetary instruments at hand. In addition, the lending ceilings were becoming increasingly politicized. Consequently, the Treasury and Bank sought to discover a better system of monetary governance. It was the Bank that designed the uniquely arm’s-length CCC proposals. Yet these proposals were accepted by the Treasury and government in significant part because they appeared to offer a depoliticized mechanism through which the state could redistribute credit resources from persons to companies in aid of augmenting Britain’s world market competitiveness in a moment of intensifying crisis.

CAUSES AND CONSEQUENCES OF THE BAPTIST MOVEMENT’S DIVISION IN UKRAINE

2019 ◽  
pp. 108-113
Author(s):  
Oksana Vysoven
Keyword(s):  
Twentieth Century ◽  
Communist Party ◽  
The State ◽  
Religious Communities ◽  
Special Services ◽  
The Government ◽  
The 1960S ◽  
Prayer Meetings ◽  
Globalized World ◽  
The Church

The article analyzes the causes and consequences of the split in the evangelical-Baptist environment in the 1960s; found that one of the main causes of the split in the bosom of evangelical Baptist Christians was the destructive influence of state authorities on religion in general, and Christian denominations in particular when initiated by state bodies of the union of Protestant religious communities under the auspices of the All-Union Baptist Council Church for organization under control of special services bodies; it has been proved that the conflicts between the leadership of the Verkhovna Rada and the Council of Churches were artificial. The confrontations among the believers were mainly provoked by SSC agents and secret services, and were only in the hands of the Communist Party regime, which helped him control events, pacify some and repress others; it is proved that under the influence of the movement for the independence of the church from the state headed by «initiators», the regime has been operating since the second half of the 1960s. gradually began to ease the pressure on officially registered communities of evangelical Baptist Christians. Prayer meetings began to be attended by teens, and ordinary members and members of other congregations were allowed to preach. As a result of these changes and some easing of tensions between the church and the government, many believers and congregations began to return to the official union governed by the ACEBC, without wishing further confrontation; it is shown that the internal church events of the 60's of the twentieth century, which were provoked by the SSC special services and led to the split of the EBC community, reflected on the position and activities of the EBC Church and in the period of independence of Ukraine, the higher leadership of the split community (the ACEBC and the Church Council) and could not reconcile and unite in a united union. This significantly weakens their spiritual position in today's globalized world, where cohesion and competitiveness play an important role.

scholarly journals Mellom kjernen og periferien i den norske velferdsstaten. Idrettsbevegelsesens vekslende posisjoner

2011 ◽  
Vol 27 (1) ◽  
Author(s):  
Niels Asle Bergsgard
Keyword(s):  
Social Security ◽  
Welfare State ◽  
Government Funding ◽  
The State ◽  
Social Field ◽  
Relative Autonomy ◽  
The Core ◽  
Modern Welfare State ◽  
The Government ◽  
The 1960S

Artiklen belyser prioriteringen idrætten i den norske velfærdsstat i relation til Bourdieus kapital og velfærd og diskuterer idrættens autonomi.The modern welfare state in most western countries is characterised by a stepwise expansion of government responsibilities: from the basic tasks of the state like defence and policing, via core welfare state issues such as social security, to secondary welfare state issues like leisure policy. Starting out with a brief historical presentation, this article describes sport’s pendulum movement between the core and the periphery in the Norwegian welfare state. Further it is argued that sport was constituted as a distinct social field in a Bourdieuan sense in the 1960s and 70s. The article then analyses whether the specific logic of this field is adaptable to the ever- stronger presence of the welfare logic during the last decades, or if the welfare logic is a threat to the structure of the field of sport and hence to the relative autonomy of the voluntary organised sports movement. In addition it is discussed if the voluntary organised sports movement is now at a crossroads, either becoming a balancing item for the government with preserved autonomy, or an important tool in the government’s toolbox but with less autonomy. The consequence of the choices made will change the field of sport and hence the allocation of government funding to organised sport.

Conclusion

2011 ◽  
Author(s):  
Christopher P. Loss
Keyword(s):  
Higher Education ◽  
World War Ii ◽  
The State ◽  
Democratic Citizenship ◽  
Economic Downturn ◽  
The Great Depression ◽  
Personal Politics ◽  
The Government ◽  
The 1960S ◽  
The Cold War

This chapter offers an overview of the state of higher education in an age of diversity. Without the Great Depression, World War II, and the Cold War to thicken the relationship between the state and higher education, a rightward political shift commenced during the economic downturn of the 1970s. Ideological differences dating back to the campus turmoil of the 1960s, combined with real financial concerns, helped to drive a wedge between the government and higher education. Ultimately, the drift toward “privatization” in the final two decades of the twentieth century readjusted higher education's role as a mediator between citizens and the state once again—changing how students paid for college and moving students closer to a privatized conception of democratic citizenship inextricably tied to the “personal politics” of identity.

Demonstrations of Loyalty

2015 ◽  
Author(s):  
Atle L. Wold
Keyword(s):  
The State ◽  
Main Theme ◽  
Main Argument ◽  
Personal Service ◽  
Policy Initiatives ◽  
General Terms ◽  
The Government ◽  
British State ◽  
Financial Contributions

This chapter explores the various ways in which Scots demonstrated their loyalty to the British state in the 1790s. It is argued here that loyalism, and not patriotism, is the better term to use when assessing Scottish support for the government and the British state in the 1790s, and a main theme explored in this analysis is the question of what constitutes genuine loyalty, and how this can be measured. The evidence on loyalism is extensive, and it is clear that the Scots demonstrated their loyalty to the state in a number of different ways, such as loyalist resolutions, suggestions for policy initiatives, offers of personal service to the state, and a variety of voluntary financial contributions. A main argument in this chapter is that, in general terms, loyalism in Scotland comes across as very constructive in its outlook – that it was loyalism on the government’s terms.

The British State and the Structure of Political Opportunity

1988 ◽  
Vol 27 (3) ◽  
pp. 199-231 ◽  
Author(s):  
James E. Cronin
Keyword(s):  
Working Class ◽  
Political System ◽  
Well Being ◽  
State Intervention ◽  
The State ◽  
British Politics ◽  
Male Population ◽  
State Action ◽  
The Government ◽  
British State

The mid-Victorian state was a modest, and only moderately democratic, affair. It was modest both in its size and in what it set out to do. There was no pretense that the government could do much on its own to remedy or compensate for social ills, and there was no party in the land with a serious program of state intervention. This minimalist character of the state, whose restricted ambitions were underpinned by the constraints of Gladstonian finance, was reinforced by its inaccessibility. Political participation was the preserve of a distinct minority, less than 15 percent of the male population after the reform of 1832. The Second Reform Bill of 1867 widened the franchise further, to about 35 percent of men, but political citizenship continued to be denied to the bulk of the working class and to all women.By contrast, few people—scholars or laymen—would attach the label “modest” to the state in the twentieth century, and, for all the flaws and imperfections that reduce its representativeness, it is obviously part of a highly democratic polity. The sphere of state action has expanded enormously since 1850, and, despite the recent efforts of Conservatives, the government still bears responsibility for numerous aspects of its citizens' well-being. Over roughly the same span of years the British political system has been democratized. Successive installations of reform in 1867, in 1884–85, in 1918, and in 1929 have brought first working-class men, then middle-class women, and finally all women into the formal political system. These two processes—the expansion of government and the democratization of British politics—constitute the major transformations in public life in modern Britain.

Monochrome Movement [Tansaekhwa]

2018 ◽  
Author(s):  
Pitchapa Cheri Supavatanakul
Keyword(s):  
Korean War ◽  
The State ◽  
Art World ◽  
Korean Art ◽  
Political Messages ◽  
Park Chung Hee ◽  
The Korean War ◽  
Rapid Industrialization ◽  
The Government ◽  
The 1960S

Monochrome painting, otherwise known in Korea as Tansaekwa, was an art movement that emerged after the Korean War, lasting from the late 1960s through to the 1980s. It rose to prominence during an era of strict censorship and rapid industrialization in the 1960s and the 1970s. The policies imposed by South Korea’s then-president Park Chung-hee restricted direct political messages, thus actuating the emergence of hidden themes in abstractions within the limitations administered by the state. The Monochrome movement’s pioneer, Park Seobo (1931--), worked both with abstract artists who were critical of the government and with the National Documentary Paintings Project, producing government-commissioned artworks that advocated nationalism. Through abstraction, Monochrome paintings can raise awareness without being overtly political, and still resonate Korean tradition without submitting to the confines of the artistic establishment of the time. The Monochrome movement responded not only to political censorship, but also to the established standards of the Korean art world, eliminating notions of representation and the distance that sets the image apart from the canvas.

scholarly journals Indian Financial Sector Reforms: A Corporate Perspective

1998 ◽  
Vol 23 (1) ◽  
pp. 27-38 ◽  
Author(s):  
Jayanth R Varma
Keyword(s):  
Exchange Rates ◽  
Corporate Finance ◽  
Interest Rates ◽  
Financial Liberalization ◽  
Financial Sector ◽  
Financial Policies ◽  
Sector Reform ◽  
Slow Pace ◽  
Financial Sector Reform ◽  
The Government

Until the early 90s⁄ corporate finance managers in India were given very little freedom in the choice of key financial policies as the government regulated the pricing of debt and equity instruments and directed the flow of credit. Financial sector reform over the last six years has exposed managers to complex financial choices amidst increased volatility of interest rates and exchange rates, and made them accountable to an increasingly competitive financial marketplace. Nevertheless, the slow pace of financial liberalization so far has given Indian corporates the luxury of learning slowly and adapting gradually. Gradualism has also meant that there is a large unfinished agenda of financial sector reforms. According to Jayanth Varma⁄ Indian companies should now prepare themselves for further changes that lie ahead. The East Asian crisis is a warning for the Indian corporate sector to pursue more prudent and sustainable financial policies.

Framing Financialization and the State

2021 ◽  
pp. 23-44
Author(s):  
Jack Copley
Keyword(s):  
Financial Liberalization ◽  
Market Competition ◽  
Labour Productivity ◽  
World Market ◽  
Value Theory ◽  
The Political ◽  
Domestic Economy ◽  
British State ◽  
Market Pressures ◽  
Dependent Agents

In the age of financialization, it appears that financial elites dominate both the economy and politics. Indeed, much of the academic literature on the state’s role in propelling financialization argues that states liberated finance precisely due to the political power of finance capital and the influence of pro-finance, neoliberal ideas. This chapter, however, argues that during the 1970s and 1980s, when the most important financial liberalizations were passed, British policymakers were not directly dominated by an ascendant class of financiers. Rather, they found themselves indirectly dominated by the pressures of the global profitability crisis upon Britain’s economic balances with the rest of the world. This chapter theorizes this form of impersonal domination through an interpretation of Marx’s value theory. When the market-dependent agents of capitalist society interact through money-mediated commodity exchange, they unleash a dominating, competitive logic that sets them against one another in a race to raise labour productivity while pushing the economy into crises of falling profitability. Within this system, policymakers must simultaneously respond to the impersonal pressures of world market competition and maintain domestic legitimacy. In order to balance these contradictory imperatives, especially during crises, policymakers employ strategies of depoliticized discipline and palliation—the former seeking to impose competitive discipline on the domestic economy in a politically insulated manner, and the latter seeking to delay competitive market pressures so as to protect governing legitimacy. This chapter argues that the policies of financial liberalization pursued by the British state in this era can be understood through this lens.

scholarly journals A Proposed Model for Agricultural Marketing in Odisha, India

2020 ◽  
Vol 8 (5) ◽  
pp. 836-839
Keyword(s):  
Agricultural Sector ◽  
State Level ◽  
The State ◽  
State Governments ◽  
Government Investment ◽  
Agricultural Marketing ◽  
Indian Agriculture ◽  
Agricultural Produce ◽  
The Government ◽  
The 1960S

Indian agriculture is known for its historic capacity and reliance on agricultural produce. Though, this sector has seen downs in the 1960s and then for a few years in the 1980s; at present it is one of the growing sectors in India. Thanks to the initiatives taken by the Central and the State Governments from time to time to motivate the farmers through various activities and policies. A few such initiatives are The Pradhan Mantri Fasal Bima Yojna (Corp insurance) in June 2016, Approval of Blue Revolution, and Government Investment to improve milk productivity (Rupees 221 Crores), Energy Efficient Irrigation Systems, Launch of Parikrama Krishi Vikas Yojna (to address critical importance of soil and water for improving agricultural production) at central level and the Kalia Yojna, Waiver of interest on crop loans, Minimum Support Price (MSP) at the state level. Despite such initiatives, Indian agriculture that contributed to 51% to the GDP in the 1950s presently stands at an all time low at 14% in the year 2018. The problem relating to the agricultural sector is not productivity, but it is the lack of interest and motivation on the part of farmers to cultivate due to insufficient and scarce incomes generated by cultivation. This article suggests a model that could be used by the Government in the state of Odisha to motivate farmers produce more and at the same time help revenue generation and employment in the agricultural sector as well.

scholarly journals The Relevance of Islam in Belgium and Future Perspectives

Islamology ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 35
Author(s):  
Sergio Castaño Riaño
Keyword(s):  
Social Transformation ◽  
Public Spaces ◽  
Transformation Process ◽  
The State ◽  
Future Perspectives ◽  
Muslim Community ◽  
Sharia Law ◽  
The Government ◽  
The 1960S

Migration in Belgium in the 1960s represented the beginning of a social transformation process that has turned the traditionally Catholic country into a multicultural reality where Islam has achieved more significance. Consequently, the government had to adapt different structures to the new reality, and people had to learn to live together. In this regard, the Muslim community demanded public spaces to develop cultural and religious events. Second and third generations of Belgian Muslims conserve their family roots and require space for Islam in Belgium. As a result, progressively, the state has incorporated soft elements of Sharia Law in national and local legislation to respond to Muslim requirements. This fact has opened a debate in Belgium and has created controversies in some environments. Thus, this article analyses the implementation of Sharia Law legislation in Belgium and its consequences.

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