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08-05-2011 08:08 PM

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reference cycle (E3)<br />The basic series of economic statistics, e.g. GROSS NATIONAL PRODUCT 01" industrial OUtput, which is chosen to indicate fluctuations in an economy.<br /><em>See also:</em> coincident indicators; economic indicators; lagging indica tor; leading indicator

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<strong>Rescheduling a disbursement</strong> – A pre-disbursement change transaction updating the date loan funds should be issued to the school or escrow agent. Within CommonLine 4 files, this transaction is referred to as a disbursement date change and is located within the @1-09 record.

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08-05-2011 08:34 PM

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standard commodity (DO)<br />COMPOSITE COMMODITY whose price does not change when there is a change in the distribution of income. The components of the standard commodity are in the same proportions as in aggregate production. This concept was introduced by SRAFFA to solve RICARDo's search for an invariant standard of value.<br /><em>Reference</em><br />Sraffa, P (1960) Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory, Cambridge: Cambridge University Press.

<strong>Grade level</strong> – A student' s academic class level, as certified by a school official. Undergraduate students are assigned a level of 01 (freshman) through 05 (5th year senior). Graduate students are assigned a level A (first year graduate) through D (fourth year and beyond).
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<strong>MOREnet</strong> – Missouri Research and Education Network. Provides networking capabilities and internet access for colleges and universities, elementary and secondary schools, state agencies, libraries, and community networks.

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08-05-2011 08:59 PM

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<strong>SMART Grant</strong> – Science and Mathematics Access to Retain Talent, a new federal grant available as of July 1, 2006. Eligibility for this grant is based on science and math curriculum and academic performance as well as financial need. May also be referred to as the National SMART Grant Program.

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<strong>Higher Education Act of 1965 (HEA)</strong> – The Act which created the federal student aid programs.
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08-05-2011 09:22 PM

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current deposit (G2)<br />A bank deposit of a UK bank which is payable on demand, now termed a SIGHT DEPOSIT.<br /><em>See also:</em> demand deposit; time deposit

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<strong>Refund</strong> – The difference between the amount the student paid toward school charges and the amount the school can retain under a refund policy. The federally mandated calculation is referred to as R2T4. (See also Return of Title IV funds.) Within CommonLine file specifications, refunds are requested by submitting the CTSF @1-11 transaction.
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corrective subsidy (D6, H2)<br />A suBSIDY given to a firm as an incentive for internalizing an EXTERNALITY; a pay- ment to cover the social costs borne by a firm.<br /><em>See also:</em> Pigovian subsidy

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08-05-2011 09:44 PM

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<strong>COOL</strong> – College Opportunities OnLine, a college locator tool offered online by the U.S. Department of Education' s National Center for Education Statistics. The site is located at the following url: http://www.nces.ed.gov/ipeds/cool/.

renter illusion (H2)<br />A form of FISCAL ILLUSION which assumes that only property owners will correctly perceive the property taxes levied by local governments with the consequence that renters of property will not correctly match the valuation of publicly provided local services with the tax passed on in rents. Because of this illusion voters who rent property will be willing to approve of higher local public expenditure.<br /><em>See also:</em> debt illusion
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free-trade area (F1)<br />A group of independent nations with free trade among them, but not necessarily with a joint trading policy for the rest of the world.<br /><em>See also:</em> European Free Trade Association
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08-05-2011 10:08 PM

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<strong>AY</strong> – Academic year; the standard federal definition of an academic year is July 1 through June 30. This acronym may also be used to abbreviate “aid year” and “award year.”
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<strong>Federal Need Analysis Methodology (FM)</strong> – The formula used to calculate the EFC (Expected Family Contribution), which is then used to determine a student' s eligibility for the federal financial aid, state aid, and/or institutional aid programs.

<strong>MIBA</strong> – Missouri Independent Bankers Association. May be found on the world wide web at www.miba.net.

relative price (DO)<br />The price of one good expressed in terms of another, rather than money. The relative price of apples can be expressed in terms of oranges if a consumer has a choice between consuming either apples or oranges from a given income. Relative prices can be expressed by the slope of a BUDGET LINE. See also: opportunity cost; price
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<strong>CDA</strong> – Central Disbursing Agent, a lender, servicer, guarantor, or other entity that combines disbursement funds and data from multiple origination sources and issues a single EFT transfer and disbursement roster to the school.
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gross federal debt (H6)<br />The broadest definition of the US federal debt. It includes the borrowings of the US Treasury and of various federal agencies.<br /><em>See also:</em> total public debt
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<strong>Participation agreement</strong> – Agreement with the MDHE that permits a school to participate in the state student assistance programs.

<strong>ANN</strong> – Type of Dear Colleague Letter providing training announcements.

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dollar overhang (F3)<br />US dollars held outside the USA in the 1960s in excess of the gold backing for them.<br /><em>See also:</em> monetary overhang

<strong>CPS</strong> – Central Processing System, a company that is contracted by the U.S. Department of Education to process the Free Application for Federal Student Aid (FAFSA).

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<strong>Totally and permanently disabled</strong> – the condition of an individual who is unable to work and earn money due to an injury or illness that is expected to continue indefinitely or eventually result in death.
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08-06-2011 12:33 AM

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recovery (E3)<br />The phase in a business cycle, after a SLUMP and before a BOOM, in which output is rising and, often, unemployment is falling.
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<strong>CPS</strong> – Central Processing System, a company that is contracted by the U.S. Department of Education to process the Free Application for Federal Student Aid (FAFSA).

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rescheduling of debt (F3)<br />The conversion of short-term debt into long-term debt negotiated by countries or companies finding it difficult to repay debt when payment is due. Countries reschedule their debt by applying to the Paris Club.<br /><em>See also:</em> Group of Ten; world debt problem
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<strong>PEPS</strong> – Postsecondary Education Participants System, a database of postsecondary institutions that participate in any program administered by the U.S. Department of Education.
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share buy-back (Gl)<br />Purchase by a company of its own shares, if permitted by its Articles of Association. This practice, which aims to enhance the earnings per share of a company, is more prevalent in the USA than in the UK.

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flexible working-time schemes (J2)<br />Non-standard distributions of working hours with several starting and finishing times. These proliferate in the service sector and have been important in the recruitment of women with domestic responsibilities and others who want to combine labour market activity with equally demanding pursuits.
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08-06-2011 01:52 AM

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<strong>Trailer</strong> – A term that comes at the end of the school' s SAY.

<strong>Application Send File</strong> – The CommonLine file type used to send application information to guarantors and/or other entities so that FFEL Program loans may be guaranteed and disbursed.

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disequilibrium (DO, E3)<br />1 An economic system in a state of EXCEss DEMAND or EXCESS SUPPLY.<br /> 2 The state of an economic system whose key variables continue to fluctuate around an EQUILIBRIUM or an equilibrium growth path. Expectations of economic agents or lags in the system can cause this.

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<strong>MAPCS</strong> – Missouri Association of Private Career Schools.
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<strong>COA</strong> – Cost of Attendance, an estimate of a student' s total education-related expenses for an enrollment period. The COA generally includes tuition, fees, room, board, books, supplies, and personal expenses. May also be referred to as the “budget.”

market risk (DO)<br />The possible losses caused by a volatile market subject to frequent price changes. Also known as 'price risk'.
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<strong>Recertification</strong> – A process occurring every three years through which institutional eligibility for participation in the MDHE' s state student financial assistance programs is reviewed. Institutions must complete a recertification application to maintain eligibility.
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<strong>Ross Scholarship</strong> – Marguerite Ross Barnett Memorial Scholarship Program, a scholarship program established for Missouri students who are employed a minimum of 20 hours a week while enrolled in 6 to 11 credit hours. The MDHE administers this scholarship program.
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<strong>Enrolled</strong> – The status of a student who has been admitted to an educational program or has completed an institution' s registration requirements.
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<strong>DHE</strong> – Department of Higher Education, the Missouri state agency overseeing the state' s higher education systems and related policies and administering student aid programs, including the FFEL Program and state aid programs such as the Bright Flight Scholarship. Also known as the MDHE. The agency' s website may be found at www.dhe.mo.gov.
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<strong>MODEL Direct</strong> – A web loan delivery product offered by the MDHE and developed by ASA, the MDHE' s servicer. MODEL Direct allows schools and lenders to inquire on loans or borrowers, submit change transactions, manage files, and guarantee new loans within a real-time environment. See http://www.dhe.mo.gov/model.shtml for more information.

Eurobank (G2)<br />A bank able to receive TIME DEPosrrs and make loans in currencies other than that of the country in which it is located.
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Commodity Exchange of New York (G1)<br />The major US metals exchange m 1870. Most of its trading is in FUTURES.

<strong>Ability to benefit</strong> – Basis on which a student without a high school diploma or GED may qualify for federal student aid. To demonstrate the ability to benefit from a program of study, a student must take a test that is approved by the U.S. Department of Education.
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Ancient Greeks (B1)<br />One of the earliest groups of writers on economic problems who, despite living in an underdeveloped economy mainly agrarian in character, discussed value, money, comparative property systems, the division of labour, exchange controls and public finance.<br /><em>See also:</em> Aristotle; Plato; villa economy; Xenophon<br /><em>Reference</em><br />Finley, M.I. (1985) The Ancient Economy, 2nd edn, London: Hogarth.<br /> Gordon, B. (1975) Economic Analysis before Adam Smith, London: Macmillan. Laistner, M.L.W (1923) Greek Economics, London: Dent; New York: Dutton.<br /> cient Greek economic thought', Journal of Economic Literature 17(March): 65 - 86.
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<strong>NASSGAP</strong> – National Association of State Student Grant and Aid Programs.
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Marx, Karl Heinrich, 1818-83 (B3) German-born philosopher, sociologist, journalist and leading classical economist. Born in Trier, the son of a prosperous lawyer, he was educated at the University of Bonn (briefly) and at the University of Berlin where he received a doctorate in 1841 for his research into post-Aristotelian Greek philosophy. His interest in socialism was first aroused by conversations with Baron von Westphalen, whose daughter Jenny he was later to marry; his taste for metaphysics was stimulated by involvement in the Young Hegelian Group from 1837. His career as a journalist began with his editing of the liberal paper Rheinsche Zeitung from October 1842; his interest in economics dates from his residence in Paris in 1844 where he had migrated to study contemporary French socialism. It was to SMITH, RICARDO and JAMES MILL that he turned to obtain an analytical training to tackle what was to be his life-long research project, CAPITALISM. Fortunately, in Paris he met Friedrich ENGELS who was to be until death his collaborator and, on many occasions, financial supporter. After a three-year sojourn in Brussels he visited England to see at first hand the most advanced industrial country. Apart from short periods in Paris and Cologne in 1848-9 to participate in the socialist movements which sprang up at the time of the 1848 European revolutions, he spent the rest of his life in London financially precarious and incessantly acquiring in the British Museum Reading Room the masses of knowledge which fuelled his analysis of history and society.<br /> His contribution to economics appears in Grundrisse (1857-8), Das Kapital (1867, 1885 and 1894) and Theories of Surplus Value (1905-10). Although many of the ideas in his works had long been discussed by classical economists, e.g. value in use and value in exchange, the decline in the rate of profit and labour as a basis of value, he was able to form them into a powerful new synthesis. This consisted of the TURGOT SMITH stages theory, an analysis of the circulation of money and of commodities and his examination of the determinants of suRPLUS VALUE to expose the defects of capitalism in a way unparalleled in economics. But he has not been without his critics, particularly because many of his prophecies were unfulfilled with respect to
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exogenous variable (Cl, C6)<br />An economic variable whose values are not determined by the other variables of an economic model.<br /><em>See also:</em> endogenous variable
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<strong>Federal Register</strong> – A federal government publication that lists regulations, regulatory amendments, notices, and proposed regulatory changes for all federal executive agencies.

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<strong>Alternative loan</strong> – A non federal student loan, also referred to as “private loan.” Alternative loans are offered to students and/or parents by many, many lenders, secondary markets, and other private entities. The loan type code used in CommonLine to identify an alternative loan is AL.

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<strong>IFAP</strong> – Information for Financial Aid Professionals, an electronic library (www.ifap.ed.gov) provided by the U.S. Department of Education which includes publications and regulations for the federal student aid programs.

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<strong>Voluntary Flexible Agreement (VFA)</strong> – Individually negotiated contract between a FFEL Program guarantor and the U.S. Department of Education. On October 7, 1998, President Clinton signed the Higher Education Amendments of 1998 (P.L. 105-244), authorizing the Department of Education to enter into no more than 6 VFAs. A VFA may modify the guarantor provisions under sections 428 (b) and (c) of the Higher Education Act, such as the issuance of insurance on FFEL Program loans, defined default aversion activities, collection activities on defaulted loans, guarantor revenue and funding models, and other requirements. For more information on VFAs, see Volume 64, No. 144 of the Federal Register, published July 28, 1999.
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<strong>Anticipated disbursement date</strong> – The date loan funds are expected to be issued to the school or escrow agent. A school establishes the anticipated disbursement date(s) for a loan at the time of certification.

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<strong>Third-party servicer</strong> – In the case of a lender or guarantor, an entity that enters into a contract with a program participant to administer any aspect of its participation in a Title IV program.
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<strong>Endorser</strong> – A signer of a promissory note who is secondarily liable for a loan obligation. A lender may require a PLUS applicant with adverse credit history to obtain a creditworthy endorser in order to receive the loan.
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stag (F1)<br />A speculator who attempts to make a profit from subscribing to new issues of shares and selling them immediately they are marketable. For the stag to be successful, the offer price has to be lower than the market price. Stagging is encouraged by financial press reports that attempt to assess the true value of the issuing company and predict the market price when trading starts.<br /><em>See also:</em> grey market
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<strong>Financial need</strong> – The student' s COA (Cost of Attendance) less the EFC (Expected Family Contribution). The resulting amount is used to determine a student' s eligibility for most of the federal student aid programs as well as some state and institutional aid programs.
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<strong>Blue Book, The</strong> – Department of Education manual providing guidance to school business office personnel who handle fiscal recordkeeping, accounting, and reporting functions for the federal Title IV student financial aid programs. The most recent edition is dated October 2005 and may be retrieved from the IFAP website (http://www.ifap.ed.gov/bbooks/102005BlueBook.html).

Local Enterprise Agency (R5)<br />An agency in the UK financed by private sector firms to help potential entrepreneurs to set up in business. This aid chiefly takes the form of free specialist services.
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specific risk (G1)<br />The RISK uniquely associated with an individual asset.
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08-06-2011 08:45 AM

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<strong>Federal Register</strong> – A federal government publication that lists regulations, regulatory amendments, notices, and proposed regulatory changes for all federal executive agencies.

<strong>MOHELA</strong> – Missouri Higher Education Loan Authority, Missouri' s designated FFELP secondary market. MOHELA, a non-profit quasi-governmental entity, originates, disburses, services, and purchases FFELP and private loans. Additionally, MOHELA provides Missouri students with significant repayment benefits, including deeply discounted interest rates when the MDHE is the guarantor. MOHELA was created more than 20 years ago and is headquartered in Chesterfield, Missouri. May be found on the world wide web at www.mohela.org.
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zero-infinity dilemma (Q2)<br />A problem in environmental economics when the probability of damage is small but the impact of a pollutant is potentially large.
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frequency polygon (C1)<br />A graph of the frequency of classes of a distribution often constructed by joining the midpoints of the tops of the rectangles in a HISTOGRAM.<br /><em>See also:</em> frequency curve

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08-06-2011 09:15 AM

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accelerated depreciation (H2)<br />An initial depreciation allowance greater than the annual wear and tear of a fixed capital asset. For an asset with an expected life of ten years, under the straightline method of depreciation the value of the asset would be deemed to depreciate by 10 per cent per year. But under accelerated depreciation, the value of the asset could perhaps be depreciated by 20 per cent in the first year. Governments have used this fiscal device to encourage private sector investment.
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is increasingly challenged in the case of flights between the countries of the EUROPEAN COMMUNITY.

investment climate (E6)<br />The mood or level of business confidence. This will affect the rate of investment in an economy.<br /><em>See also:</em> animal spirits; economic climate

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08-07-2011 02:25 AM

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export promotion (F3)<br />A set of measures, usually taken by a national government, to subsidize the marketing overseas of domestically produced goods and to guarantee foreign payments for them.
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<strong>Proportional proration</strong> – A required calculation used to determine the applicable annual loan limit for an undergraduate student if the student' s program or remainder of the program is less than a full academic year in length.
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supported on the grounds that it separated the risk of unsold stock Gobber's risk) from the risk of unpaid accounts (broker's risk). This distinctive arrangement of the London market was replaced by a system of MARKET-MAKERS.<br /><em>See also:</em> Big Bang

Saudi Arabian Monetary Agency (E5)<br /> An Arab banking organization founded in 1952 to perform the functions of a CENTRAL BANK but called an agency because of the association between 'a bank' and payments for interest which is condemned by Islamic law. SAMA is now responsible for the coinage and note issue of Saudi Arabia, the supervision of commercial banks and the fiscal operations of the government.<br /><em>See also:</em> Islamic banking; usury <br /><em>Reference</em><br />Abdeen, A.M. and Shook, D.W (1984) The Saudi Financial System in the Context of Western and Islamic Finance, Chichester: Wiley. Saudi Arabia in 1977 used this approach to change the ownership of foreign-owned commercial banks.<br /><em>See also:</em> multinational corporation; public enterprise
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preference share (GO)<br />Fixed interest shares with first entitlement to a company's earnings after the payment of interest on DEBENTURES. Cumulative preference shares accumulate unpaid interest for payment at a later date.
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factor tax (H2)<br />A tax levied on a particular income-earning FACTOR OF PRODUCTION. Taxes on capital, taxes on residential and commercial property and taxes on employment are important examples.

pension (H2, 13)<br />1 A replacement of employment earnings for retired persons. It can take the form of a flat rate benefit or be related to previous earnings and be arranged by a government or firm or financial institution. Pensions can be financed from an insurance fund or on a 'pay-as-you-go' principle with contributions and government grants financing the payout of benefits.<br /> 2 A regular payment by a government to a person for distinguished service or achievements, e.g. to a soldier or a writer.
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08-07-2011 03:39 AM

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state monopoly capitalism (P2)<br />A type of economic system, particularly the SOVIET-TYPE ECONOMY, in which the state owns all the means of production (except for a few minor services and agricultural enterprises) and exploits scale economies by running each branch of production as a state-owned monopoly. MARX regarded such a stage of economic development as the prelude to full communism when the state itself would wither away.<br /><em>See also:</em> monopoly capitalism <br /><em>Reference</em><br />Cowling, K. (1982) Monopoly Capitalism, London: Macmillan.<br /> Fine, B. and Martin, A. (1984) Macroeco- nomics and Monopoly Capitalism, Brighton: Wheatsheaf.
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<strong>SAT</strong> – Scholastic Aptitude Test, administered by the College Board.
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08-07-2011 03:46 AM

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Ich habe mir schon laenger mal gewuenscht, nach Asien zu reisen.

Nach diesen Wahnsinns Unwettern in Asien, Anfang diesen Jahres habe Ich allerdings angefangen nochmal zu ueberlegen =op

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tschuess

Lena


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