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🔗 Economics 🔗 Taxation

A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements. It is also known as a location value tax, a site valuation tax, split rate tax, or a site-value rating,

Land value taxes are generally favored by economists as they do not cause economic inefficiency, and reduce inequality. A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century. Economists since Adam Smith and David Ricardo have advocated this tax because it does not hurt economic activity or discourage or subsidize development.

LVT is associated with Henry George, whose ideology became known as Georgism. George argued that taxing the land value is most logical source of public revenue because the supply of land is fixed and because public infrastructure improvements would be reflected in (and thus paid for) by increased land values.

Land value taxation is currently implemented throughout Denmark, Estonia, Lithuania, Russia, Singapore, and Taiwan; it has also been applied to lesser extents in parts of Australia, Mexico (Mexicali), and the United States (e.g., Pennsylvania).

🔗 Economics 🔗 Philosophy 🔗 Politics 🔗 Philosophy/Social and political philosophy 🔗 Sociology 🔗 Social Work 🔗 Mythology 🔗 Conservatism

Myth of meritocracy is a phrase arguing that meritocracy, or achieving upward social mobility through one's own merits regardless of one's social position, is not widely attainable in capitalist societies because of inherent contradictions. Meritocracy is argued to be a myth because, despite being promoted as an open and accessible method of achieving upward class mobility under neoliberal or free market capitalism, wealth disparity and limited class mobility remain widespread, regardless of individual work ethic. Some scholars argue that the wealth disparity has even increased because the "myth" of meritocracy has been so effectively promoted and defended by the political and private elite through the media, education, corporate culture, and elsewhere. Economist Robert Reich argues that many Americans still believe in meritocracy despite "the nation drifting ever-farther away from it."

🔗 Finance & Investment 🔗 China 🔗 Economics

Zhima Credit (Chinese: 芝麻信用; pinyin: Zhīma Xìnyòng), also known as Sesame Credit, is a private credit scoring and loyalty program system developed by Ant Financial Services Group (AFSG), an affiliate of the Chinese Alibaba Group. It uses data from Alibaba's services to compile its score. Customers receive a score based on a variety of factors based on social media interactions and purchases carried out on Alibaba Group websites or paid for using its affiliate Ant Financial's Alipay mobile wallet. The rewards of having a high score include easier access to loans from Ant Financial and having a more trustworthy profile on e-commerce sites within the Alibaba Group.

🔗 Medicine 🔗 Economics 🔗 Books 🔗 Politics 🔗 Women writers 🔗 Medicine/Psychiatry

The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by the Canadian author and social activist Naomi Klein. In the book, Klein argues that neoliberal free market policies (as advocated by the economist Milton Friedman) have risen to prominence in some developed countries because of a deliberate strategy of "shock therapy". This centers on the exploitation of national crises (disasters or upheavals) to establish controversial and questionable policies, while citizens are excessively distracted (emotionally and physically) to engage and develop an adequate response, and resist effectively. The book suggests that some man-made events, such as the Iraq War, were undertaken with the intention of pushing through such unpopular policies in their wake.

Some reviewers criticized the book for making what they viewed as simplifications of political phenomena, while others lauded it as a compelling and important work. The book served as the main source of a 2009 documentary feature film with the same title directed by Michael Winterbottom.

🔗 Human rights 🔗 History 🔗 China 🔗 Economics 🔗 Politics 🔗 Socialism 🔗 Anthropology 🔗 Culture

The Cultural Revolution, formally the Great Proletarian Cultural Revolution, was a sociopolitical movement in China from 1966 until 1976. Launched by Mao Zedong, Chairman of the Communist Party of China (CPC), its stated goal was to preserve Chinese Communism by purging remnants of capitalist and traditional elements from Chinese society, and to re-impose Mao Zedong Thought (known outside China as Maoism) as the dominant ideology in the CPC. The Revolution marked Mao's return to the central position of power in China after a period of less radical leadership to recover from the failures of the Great Leap Forward, which led to approximately 30 million deaths in the Great Chinese Famine only five years prior.

Launching the movement in May 1966 with the help of the Cultural Revolution Group, Mao soon called on young people to "bombard the headquarters", and proclaimed that "to rebel is justified". In order to eliminate his rivals within the CPC and in schools, factories, and government institutions, Mao charged that bourgeois elements had infiltrated the government and society with the aim of restoring capitalism. He insisted that revisionists be removed through violent class struggle, to which China's youth, as well as urban workers, responded by forming Red Guards and "rebel groups" around the country. They would begin to hold struggle sessions regularly, and grab power from local governments and CPC branches, eventually establishing the revolutionary committees in 1967. The groups often split into rival factions, however, becoming involved in 'violent struggles' (simplified Chinese: 武斗; traditional Chinese: 武鬥; pinyin: wǔdòu), to which the People's Liberation Army had to be sent to restore order.

Having compiled a selection of Mao's sayings into the Little Red Book, which became a sacred text for Mao's personality cult, Lin Biao, Vice Chairman of the CPC, was written into the constitution as Mao's successor. In 1969, Mao suggested the end of the Cultural Revolution. However, the Revolution's active phase would last until at least 1971, when Lin Biao, accused of a botched coup against Mao, fled and died in a plane crash. In 1972, the Gang of Four rose to power and the Cultural Revolution continued. After Mao's death and the arrest of the Gang of Four in 1976, the Cultural Revolution finally came to an end.

The Cultural Revolution damaged China's economy and traditional culture, with an estimated death toll ranging from hundreds of thousands to 20 million. Beginning with the Red August of Beijing, massacres took place across China, including the Guangxi Massacre, in which massive cannibalism also occurred; the Inner Mongolia incident; the Guangdong Massacre; the Yunnan Massacres; and the Hunan Massacres. Red Guards destroyed historical relics and artifacts, as well as ransacking cultural and religious sites. The 1975 Banqiao Dam failure, one of the world's greatest technological catastrophes, also occurred during the Cultural Revolution. Meanwhile, tens of millions of people were persecuted: senior officials, most notably Chinese president Liu Shaoqi, along with Deng Xiaoping, Peng Dehuai, and He Long, were purged or exiled; millions were accused of being members of the Five Black Categories, suffering public humiliation, imprisonment, torture, hard labor, seizure of property, and sometimes execution or harassment into suicide; intellectuals were considered the "Stinking Old Ninth" and were widely persecuted—notable scholars and scientists such as Lao She, Fu Lei, Yao Tongbin, and Zhao Jiuzhang were killed or committed suicide. Schools and universities were closed with the college entrance exams cancelled. Over 10 million urban intellectual youths were sent to the countryside in the Down to the Countryside Movement.

In 1978, Deng Xiaoping became the new paramount leader of China and started the "Boluan Fanzheng" program which gradually dismantled the Maoist policies associated with the Cultural Revolution, and brought the country back to order. Deng then began a new phase of China by initiating the historic Reforms and Opening-Up program. In 1981, the Communist Party of China declared that the Cultural Revolution was "responsible for the most severe setback and the heaviest losses suffered by the Party, the country, and the people since the founding of the People's Republic."

🔗 Economics 🔗 New York City

The National Debt Clock is a billboard-sized running total display which constantly updates to show the current United States gross national debt and each American family's share of the debt. It is currently installed on the western side of One Bryant Park, west of Sixth Avenue between 42nd and 43rd Streets in Manhattan, New York City. It was the first debt clock installed anywhere.

The idea for the clock came from New York real estate developer Seymour Durst, who wanted to highlight the rising national debt. In 1989, he sponsored the installation of the first clock, which was originally placed on Sixth Avenue between 42nd and 43rd Streets, one block away from Times Square. In 2004, the original clock was dismantled and replaced by a newer clock near 44th Street and Sixth Avenue. In 2008, as the U.S. national debt exceeded $10 trillion for the first time, it was reported that the value of the debt may have exceeded the number of digits in the clock. The lit dollar-sign in the clock's leftmost digit position was later changed to the "1" digit to represent the ten-trillionth place. In 2017, the clock was moved again to One Bryant Park, near its original location.

🔗 Economics 🔗 Sociology

Commons-based peer production (CBPP) is a term coined by Harvard Law School professor Yochai Benkler. It describes a model of socio-economic production in which large numbers of people work cooperatively; usually over the Internet. Commons-based projects generally have less rigid hierarchical structures than those under more traditional business models. Often—but not always—commons-based projects are designed without a need for financial compensation for contributors. For example, sharing of STL (file format) design files for objects freely on the internet enables anyone with a 3-D printer to digitally replicate the object saving the prosumer significant money.

The term is often used interchangeably with the term social production.

🔗 Internet 🔗 Computing 🔗 Finance & Investment 🔗 Economics 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Cryptography 🔗 Cryptography/Computer science 🔗 Numismatics 🔗 Numismatics/Cryptocurrency 🔗 Cryptocurrency

Dogecoin ( DOHJ-koyn, code: DOGE, symbol: Ð) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.

Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.

🔗 Environment 🔗 Economics 🔗 Philosophy 🔗 Politics 🔗 Philosophy/Ethics 🔗 Game theory 🔗 Fisheries and Fishing

In economic science, the tragedy of the commons is a situation in which individual users, who have open access to a resource unhampered by shared social structures or formal rules that govern access and use, act independently according to their own self-interest and, contrary to the common good of all users, cause depletion of the resource through their uncoordinated action. The concept originated in an essay written in 1833 by the British economist William Forster Lloyd, who used a hypothetical example of the effects of unregulated grazing on common land (also known as a "common") in Great Britain and Ireland. The concept became widely known as the "tragedy of the commons" over a century later after an article written by Garrett Hardin in 1968. Faced with evidence of historical and existing commons, Hardin later retracted his original thesis, stating that the title should have been "The Tragedy of the Unmanaged Commons".

Although taken as a hypothetical example by Lloyd, the historical demise of the commons of Britain and Europe resulted not from misuse of long-held rights of usage by the commoners, but from the commons' owners enclosing and appropriating the land, abrogating the commoners' rights.

Although open-access resource systems may collapse due to overuse (such as in overfishing), many examples have existed and still do exist where members of a community with regulated access to a common resource co-operate to exploit those resources prudently without collapse, or even creating "perfect order". Elinor Ostrom was awarded the 2009 Nobel Memorial Prize in Economic Sciences for demonstrating this concept in her book Governing the Commons, which included examples of how local communities were able to do this without top-down regulations or privatization. On the other hand, Dieter Helm argues that these examples are context-specific and the tragedy of the commons "is not generally solved this way. If it were, the destruction of nature would not have occurred."

In a modern economic context, "commons" is taken to mean any open-access and unregulated resource such as the atmosphere, oceans, rivers, ocean fish stocks, or even an office refrigerator. In a legal context, it is a type of property that is neither private nor public, but rather held jointly by the members of a community, who govern access and use through social structures, traditions, or formal rules.

In environmental science, the "tragedy of the commons" is often cited in connection with sustainable development, meshing economic growth and environmental protection, as well as in the debate over global warming. It has also been used in analyzing behavior in the fields of economics, evolutionary psychology, anthropology, game theory, politics, taxation, and sociology.

🔗 Economics 🔗 Business 🔗 Politics 🔗 Socialism 🔗 Sociology 🔗 Capitalism 🔗 Conservatism 🔗 Politics/Liberalism

Late capitalism, late-stage capitalism, or end-stage capitalism is a term first used in print by German economist Werner Sombart around the turn of the 20th century. In the late 2010s, the term began to be used in the United States and Canada to refer to perceived absurdities, contradictions, crises, injustices, inequality, and exploitation created by modern business development.

Later capitalism refers to the historical epoch since 1940, including the post–World War II economic expansion called the "golden age of capitalism". The expression already existed for a long time in continental Europe, before it gained popularity in the English-speaking world through the English translation of Ernest Mandel's book Late Capitalism, published in 1975.

The German original edition of Mandel's work was subtitled in "an attempt at an explanation", meaning that Mandel tried to provide an orthodox Marxist explanation of the post-war epoch in terms of Marx's theory of the capitalist mode of production. Mandel suggested that important qualitative changes occurred within the capitalist system during and after World War II and that there are limits to capitalist development.