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🔗 United States 🔗 Finance & Investment 🔗 Economics 🔗 Business

The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.

The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. It is the 9th largest decline in U.S. stock market history.

The panic might have deepened if not for the intervention of financier J. P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. This highlighted the impotence of the nation's Independent Treasury system, which managed the nation's money supply yet was unable to inject liquidity back into the market. By November, the financial contagion had largely ended, only to be replaced by a further crisis. This was due to the heavy borrowing of a large brokerage firm that used the stock of Tennessee Coal, Iron and Railroad Company (TC&I) as collateral. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's U.S. Steel Corporation—a move approved by anti-monopolist president Theodore Roosevelt. The following year, Senator Nelson W. Aldrich, a leading Republican, established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System.

🔗 Computer science 🔗 Economics 🔗 Engineering

In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. The concept is widely used in engineering.^{: 111–148} It allows the designer to restrict attention to the set of efficient choices, and to make tradeoffs within this set, rather than considering the full range of every parameter.^{: 63–65 : 399–412}

🔗 Internet 🔗 Computing 🔗 Computing/Computer hardware 🔗 Finance & Investment 🔗 Economics 🔗 Law 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Computing/Computer science 🔗 Cryptography 🔗 Cryptography/Computer science 🔗 Numismatics 🔗 Guild of Copy Editors 🔗 Numismatics/Cryptocurrency 🔗 Cryptocurrency 🔗 Open 🔗 Computing/Computer Security

Bitcoin (₿) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

🔗 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.