(BUSINESS) a closely-held corporation has all or most of its stock owned by the management of the firm. In many cases, it has no stock at all (see "going public"), in which case it is a private company.
Usually people say "private corporation" to mean any company that is unaffiliated with the government, or any company run mainly for profit. It's impossible to buck this trend, so corporations with no issues of stock, or negligible amounts of stock held by the public, are called "private companies" despite the fact that not all companies are corporations. Cargill, Inc., for example, has annual revenues of $117 billion, but no shares available for trade. On the other hand, PricewaterhouseCoopers and Ernst & Young are private companies but not a corporations. They are limited liability partnerships. The term "closely held" would not apply to them since partnerships do not issue stock.
Usually people say "private corporation" to mean any company that is unaffiliated with the government, or any company run mainly for profit. It's impossible to buck this trend, so corporations with no issues of stock, or negligible amounts of stock held by the public, are called "private companies" despite the fact that not all companies are corporations. Cargill, Inc., for example, has annual revenues of $117 billion, but no shares available for trade. On the other hand, PricewaterhouseCoopers and Ernst & Young are private companies but not a corporations. They are limited liability partnerships. The term "closely held" would not apply to them since partnerships do not issue stock.
Koch Industries is a super-sized, closely held corporation with two owners--Charles and David Koch, heirs to the oil refiner Fred Koch. Thanks to this peculiar status, magazines like Forbes are not allowed to report ANY financial statistics of the company at all (sales figures are suspiciously rounded to "$100,000,000,000.00").
Publix Super Markets (at the other end of the spectrum) is closely held--by its 125,000 employees.
Publix Super Markets (at the other end of the spectrum) is closely held--by its 125,000 employees.
by Abu Yahya September 02, 2010
*noun*; from Greek, θεός {god} + δίκαιον (justice). Literally, "the justice of God." Specifically, the attempt to explain God's ways to mortals.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
Privileged and successful groups need religion for a very different purpose, namely legitimation. Their members are convinced that they deserve their good fortune and that the poor deserve their misfortune. {Max} Weber calls this the "theodicy of good fortune"...
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
by Abu Yahya March 23, 2009
(ECONOMICS) debt owned by a national government to all creditors foreign and domestic. Backed by the national government's power to tax.
Even after the International Monetary Fund worked out a bailout for Greece, other sovereign debt crises could still arise in Spain, Portugal, and Italy.
by Abu Yahya May 05, 2010
World's 3rd largest company (2009 sales: $310 billion); 2nd largest oil company (after Royal Dutch Shell).
Founded by John D. Rockefeller in 1862 in Titusville, PA as Rockefeller & Andrews Oil. Using combination of trust agreement and a holding company based in NJ, grew to totally dominate oil production, transport, and retailing. Standard Oil incorporated 1870.
Trust agreements revoked (court order) 1892; SO holding company broken up 1911 into 35 entities, including: Exxon, Mobil, Chevron, ARCO, Conoco, and Amoco. Amoco and ARCO were absorbed by British Petroleum, while Conoco merged with Phillips, Chevron merged with Texaco, and Exxon merged with Mobil.
Apologies to Urban Dictionary for misspelling the company's name "Exxon Mobile" in the definition for BP, p.l.c..
Founded by John D. Rockefeller in 1862 in Titusville, PA as Rockefeller & Andrews Oil. Using combination of trust agreement and a holding company based in NJ, grew to totally dominate oil production, transport, and retailing. Standard Oil incorporated 1870.
Trust agreements revoked (court order) 1892; SO holding company broken up 1911 into 35 entities, including: Exxon, Mobil, Chevron, ARCO, Conoco, and Amoco. Amoco and ARCO were absorbed by British Petroleum, while Conoco merged with Phillips, Chevron merged with Texaco, and Exxon merged with Mobil.
Apologies to Urban Dictionary for misspelling the company's name "Exxon Mobile" in the definition for BP, p.l.c..
Exxon Mobil operates 37 oil refineries in 20 countries; in the USA, it owns and operates about 12,000 service stations.
Exxon Mobil mostly evaded any significant financial responsibility for the 1989 Exxon Valdez tanker crash, the 2nd worst oil spill in US history (since eclipsed by the 2010 Deepwater Horizon blowout. That disaster cost the company about $4.5 billion, paid out over 20 years (or roughly 2% of profits over that time period).
Exxon Mobil mostly evaded any significant financial responsibility for the 1989 Exxon Valdez tanker crash, the 2nd worst oil spill in US history (since eclipsed by the 2010 Deepwater Horizon blowout. That disaster cost the company about $4.5 billion, paid out over 20 years (or roughly 2% of profits over that time period).
by Abu Yahya July 17, 2010
(ECONOMICS) the lowest interest rate available to non-financial borrowers.
Banks can borrow money from the Federal Reserve System or each other at the lower federal funds rate--and they borrow money from depositors at lower rates still.
Banks can borrow money from the Federal Reserve System or each other at the lower federal funds rate--and they borrow money from depositors at lower rates still.
The most widely-quoted estimate of the prime rate is that published by the Wall Street Journal (from a survey of the 30 largest banks).
by Abu Yahya September 06, 2010
Stands for "currency-growth-debt" crisis. Climax of a CGD trap; the most famous example was Argentina in 2002.
by abu yahya June 23, 2008
All of the parts of a productive system that contribute to marketable products; the productive elements in a particular economy. This includes the entire network of firms, regulatory bodies (like government), infrastructure (roads, telecommunications), and financial intermediaries (banks, thrifts).
In a global economy, there are many industrial systems. In fact, it's quite possible that a single town could have companies belonging to different industrial systems; e.g., a paper mill near a biotech research facility. Almost none of the productive systems share potential employees or potential markets; a recession for the biotech business could--and probably would--completely spare the paper mill. Moreover, the managers of the two businesses probably want opposite policies: the mill owners want low taxes and small government, while the biotech researchers want big spending on education and infrastructure.
Much confusion is caused by calling the industrial system the "economy." The industrial system is not the economy. The industrial system is an organic entity within a greater economy. Various policies may be beneficial for this or that industrial system, with an ambiguous effect (if any) on the economy.
In a global economy, there are many industrial systems. In fact, it's quite possible that a single town could have companies belonging to different industrial systems; e.g., a paper mill near a biotech research facility. Almost none of the productive systems share potential employees or potential markets; a recession for the biotech business could--and probably would--completely spare the paper mill. Moreover, the managers of the two businesses probably want opposite policies: the mill owners want low taxes and small government, while the biotech researchers want big spending on education and infrastructure.
Much confusion is caused by calling the industrial system the "economy." The industrial system is not the economy. The industrial system is an organic entity within a greater economy. Various policies may be beneficial for this or that industrial system, with an ambiguous effect (if any) on the economy.
The family model was incorporated into the industrial system with the agent (who was the chief manager) filling the father's role. The same model was also expressed in the hierarchical management structure... The overseer was the "father" of his workroom and was expected to treat the workers like his children.
(Tamara K. Hareven, *Family Time and Industrial Time* 1982, p.4)
(Tamara K. Hareven, *Family Time and Industrial Time* 1982, p.4)
by Abu Yahya February 24, 2010