Portal:Business and economics/Selected article

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These are articles that are selected for the Business and economics portal.

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  1. Add a new Selected article to the next available subpage.
  2. The "blurb" for all selected articles should be approximately 10 lines, for appropriate formatting in the portal main page.
  3. Update "max=" to new total for its {{Random portal component}} on the main page.

Selected articles list[edit]

Selected article: 1-10[edit]

Portal:Business and economics/Selected article/1

Artist's sketch of William Jennings Bryan after the Cross of Gold speech at the 1896 Democratic National Convention

The Cross of Gold speech was delivered by William Jennings Bryan, a former congressman from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity. He decried the gold standard, concluding the speech, "you shall not crucify mankind upon a cross of gold". Bryan's address helped catapult him to the Democratic Party's presidential nomination; it is considered one of the greatest political speeches in American history. For twenty years, Americans had been bitterly divided over the nation's monetary standard. Many Americans believed bimetallism (making both gold and silver legal tender) was necessary to the nation's economic health. Bryan's speech, delivered at the close of the debate on the party platform, electrified the convention and is generally credited with getting him the nomination for president. However, he lost the general election to William McKinley and the United States formally adopted the gold standard in 1900.

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Portal:Business and economics/Selected article/2

The corporation tax is a tax levied in the United Kingdom on the profits made by UK-resident companies and associations. It is also levied on non-UK resident companies and associations which trade in the UK through a permanent establishment. The tax was introduced by the Finance Act 1965, which simultaneously removed companies and associations that became liable to corporation tax from the charge to the income tax. The tax borrowed its basic structure and many of its rules from income tax. Recently the tax has come under pressure from a number of sources. Tax competition between jurisdictions has reduced the headline charge to 30 percent; judgments from the European Court of Justice have found that certain aspects of UK corporate tax law are discriminatory under European Union treaties and are expected to continue to do so; and tax avoidance schemes marketed by the big accountancy and law firms and by banks have threatened the tax base. The British government has responded to the last two by introducing ever more complex legislation to counter the threats.

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Portal:Business and economics/Selected article/3

The Million Dollar Homepage is a website conceived in 2005 by 21-year-old student Alex Tew from Wiltshire, England, to raise money for his university education. The home page consists of a million pixels arranged in a 1000 × 1000 pixel grid; the image-based links on it were sold for $1 per pixel in 10 × 10 blocks. The purchasers of these pixel blocks provided tiny images to be displayed on them, a Uniform Resource Locator (URL) to which the images were linked, and a slogan to be displayed when hovering a cursor over the link. The aim of the site was to sell all of the pixels in the image, thus generating a million dollars of income for the creator. The Wall Street Journal has commented that the site inspired other websites that sell pixels. Launched on 26 August 2005, the website became an Internet phenomenon. The Alexa ranking of web traffic peaked at around 127; as of 9 May 2009, it is 40,044. On 1 January 2006, the final 1,000 pixels were put up for auction on eBay. The auction closed on 11 January with a winning bid of $38,100 that brought the final tally to $1,037,100 in gross income. During the January 2006 auction, the website was subject to a distributed denial-of-service attack and ransom demand, which left it inaccessible to visitors for a week while its security system was upgraded. The Federal Bureau of Investigation and Wiltshire Constabulary investigated the attack and extortion attempt.

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Portal:Business and economics/Selected article/4

Crop diversification was carried out, phasing out rubber in favour of oil palms

The Second Malaysia Plan was an economic development plan set out by the government of Malaysia, with the goal of implementing the aims of the New Economic Policy. It aimed to "restructure" Malaysian society and overturn Chinese Malaysian and foreign hegemony in the economy of Malaysia so that the Malays would not be disadvantaged economically. Although the First Malaysia Plan had also set out to tackle the problem of poverty, especially among the Malays, it had not been very successful, and may have been a factor in the May 13 Incident when racial rioting broke out in Kuala Lumpur. The Second Malaysia Plan was regarded by some as excessive in its zeal to increase Malay participation in the economy, and the government accordingly scaled back the emphasis on restructuring the economy when the plan ended.

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Portal:Business and economics/Selected article/5

A swarm gathers on Wall Street during the bank panic in October 1907

The Panic of 1907 was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of market liquidity by a number of New York City banks, a loss of confidence among depositors, and the absence of a statutory lender of last resort. The crisis occurred after the failure of an 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 which 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. The panic would 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. By November the contagion had largely ended. The following year, Senator Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System.

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Portal:Business and economics/Selected article/6

Damage from Hurricane Katrina

Actuaries are business professionals who deal with the financial impact of risk and uncertainty. Actuaries are highly trained experts with a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work. They evaluate the likelihood of future events and design creative ways to quantify the contingent outcomes in order to minimize losses associated with uncertain undesirable events. These risks can impact both sides of the balance sheet and require asset management, liability management, and valuation skills. It takes a combination of strong analytical skills, business knowledge and understanding of both human behavior and the vagaries of information systems to design and manage programs that control risk. Actuaries work in a number of insurance disciplines, which may be classified as life, health, pensions, annuities, and asset management, social welfare programs, property, casualty, liability, general insurance and reinsurance.

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Portal:Business and economics/Selected article/7

A contemporary French print on the English custom of wife selling

Wife selling was a traditional English practice for ending an unsatisfactory marriage. Instead of dealing with an expensive and dragged-out divorce, a husband would take his wife to market and parade her with a halter around her neck, arm, or waist, before publicly auctioning her to the highest bidder. Any children from the marriage might also be sold along with their mother. Prices paid for wives varied considerably, from a high of £100 (plus £25 each for her two children), to a low of a glass of ale, or even free. The Duke of Chandos bought his second wife at one such sale in Newbury in about 1744. Along with other English customs, wife selling was exported to England's American colonies, where one man sold his wife for "two dollars and half [a] dozen bowls of grogg". Husbands were sometimes sold by their wives in a similar manner, but much less frequently. Wife selling persisted in some form into the early 20th century, as general attitudes began to shift.

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Portal:Business and economics/Selected article/8

At Old Street, street markings and a sign (inset) with the white-on-red C alert drivers to the charge. The sign displays the original operating hours for the scheme.

The London congestion charge is a fee charged on most motor vehicles operating within the Congestion Charge Zone (CCZ) in central London between 07:00 and 18:00 (Monday-Friday only). The charge, which was introduced on 17 February 2003, remains one of the largest congestion zones in the world despite the cancellation of the Western Extension which operated between February 2007 and January 2011. The charge aims to reduce congestion, and to raise investment funds for London's transport system. The standard charge is £10 for each day, for each non-exempt vehicle that travels within the zone with a penalty of between £60 and £187 levied for non-payment. Enforcement is primarily based on automatic number plate recognition (ANPR). Transport for London (TfL) is responsible for the charge which has been operated by IBM since 1 November 2009.

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Portal:Business and economics/Selected article/9

A postcard dated July 12, 1907 showing the New Orleans Mint

The New Orleans Mint operated as a branch of the United States Mint from 1838 to 1861 and from 1879 to 1909. During its years of operation, it produced over 427 million gold and silver coins of nearly every American denomination, with a total face value of over US$307 million. It was closed during most of the American Civil War and the period called Reconstruction. After its decommissioning as a mint, the building served a variety of purposes, including as an assay office, a United States Coast Guard storage facility, and a fallout shelter. Since 1981 it has served as a branch of the Louisiana State Museum. As of August 2006 it is closed to the public pending repairs following Hurricane Katrina in 2005. The New Orleans Mint has been designated a National Historic Landmark, and is currently the oldest surviving structure to have served as a U.S. Mint. Along with the Charlotte Mint, it is one of two former mint facilities in the United States to house an art gallery.

...Archive/Nominations

Portal:Business and economics/Selected article/10

Quarrymen splitting slate at Dinorwig Quarry, Wales c. 1910

The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale.

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Selected article: 11-20[edit]

Portal:Business and economics/Selected article/11

The FairTax is a proposal to reform the federal tax code of the United States. It would replace all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a single broad national consumption tax on retail sales. The Fair Tax Act would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all family households of lawful U.S. residents as an advance rebate, or "prebate", of tax on purchases up to the poverty level.

...Archive/Nominations

Portal:Business and economics/Selected article/12

Medievalplowingwoodcut.jpg

Carucage was a medieval English land tax introduced by King Richard I in 1194, based on the size—variously calculated—of the estate owned by the taxpayer. It was a replacement for the danegeld, last imposed in 1162, which had become difficult to collect because of an increasing number of exemptions. Carucage was levied just six times: by Richard in 1194 and 1198; John, his brother and successor, in 1200; and John's son, Henry III, in 1217, 1220, and 1224, after which it was replaced by taxes on income and personal property.

Carucage was an attempt to secure new sources of revenue in order to supplement and increase royal income in a time when new demands were being made on royal finances. Although derived from the older danegeld, carucage was an experiment in revenue collection, but it was only levied for specific purposes, rather than as a regularly assessed tax. Also new was the fact later collections were imposed with the consent of the barons. However, the main flow of royal income was from other sources, and carucage was not collected again after 1224.

...Archive/Nominations

Portal:Business and economics/Selected article/13

Iroquois women work.JPG

The economy of the Iroquois (also known as Haudenosaunee) historically was based on communal production and combined elements of both horticulture and hunter-gatherer systems. The tribes of the Iroquois Confederacy and other Northern Iroquoian-speaking peoples, including the Huron, had their traditional territory in what is now New York State and the southern areas bordering the Great Lakes.

The Iroquois peoples were predominantly agricultural, harvesting the "Three Sisters" commonly grown by Native American groups: maize, beans, and squash. They developed certain cultural customs. Among these developments were ideas concerning the nature and management of property. The Iroquois developed a system very different from the now-dominant Western variety. This system was characterized by such components as common ownership of land, division of labor by gender, and trade mostly based on gift economy.

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Portal:Business and economics/Selected article/14

Norwich Market from Gentlemans Walk.jpg

Norwich Market (also known as Norwich Provision Market) is an outdoor market consisting of around 200 stalls in central Norwich, England. Founded in the latter part of the 11th century to supply Norman merchants and settlers moving to the area following the Norman conquest of England, it replaced an earlier market a short distance away. It has been in operation on the present site for over 900 years.

By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985.

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Portal:Business and economics/Selected article/15

Richard Cantillon (1680s – May 1734) was an Irish-French economist and author of Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734.

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Portal:Business and economics/Selected article/16

Boucle Han Chine Guimet 2910.jpg

The Han dynasty (206 BC – 220 AD) of ancient China experienced contrasting periods of economic prosperity and decline. It is normally divided into three periods: Western Han (206 BC – 9 AD), the Xin dynasty (9–23 AD), and Eastern Han (25–220 AD). The Xin regime, established by the former regent Wang Mang, formed a brief interregnum between lengthy periods of Han rule. Following the fall of Wang Mang, the Han capital was moved eastward from Chang'an to Luoyang. In consequence, historians have named the succeeding eras Western Han and Eastern Han respectively.

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Portal:Business and economics/Selected article/17

Tulipomania.jpg

Tulip mania or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed.

At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble), although some researchers have noted that the Kipper- und Wipperzeit episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble (when asset prices deviate from intrinsic values).

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Portal:Business and economics/Selected article/18

1959 CPA 2341.jpg

During the Khrushchev era, from 1956 through 1962, the Soviet Union attempted to implement major wage reforms intended to move Soviet industrial workers away from the mindset of overfulfilling quotas that had characterised the Soviet economy during the preceding Stalinist period and toward a more efficient financial incentive.

Throughout the Stalinist period, most Soviet workers had been paid for their work based on a piece-rate system. Thus their individual wages were directly tied to the amount of work they produced. This policy was intended to encourage workers to toil and therefore increase production as much as possible. The piece-rate system led to the growth of bureaucracy and contributed to significant inefficiencies in Soviet industry. In addition, factory managers frequently manipulated the personal production quotas given to workers to prevent workers' wages from falling too low.

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