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(b) was the accumulation of capital. Not only did this enable plant and machinery to be created to assist labour, but it also enabled labour to be employed. Capital for the latter was the wages fund wage fund theory). The workers must be fed and clothed during the period of production in advance of the income earned from their own efforts. Smith believed that the economic system was harmonious and required the minimum of government interference laissez-faire). Although each individual was motivated by self-interest, they each

Smithsonian Agreement acted for the good of the whole, guided by a hidden hand’ (^invisible hand) made possible by the free play of competition mandeville, b. de). Free competition was the essential ingredient of the efficient economy. However, from his Wealth of Nations it is clear that not only did his scholarship range widely over the fields of history and contemporary business, but that, at the same time, he was a very practical man. He was quite aware, for instance, of the forces which were at work to limit competition: People of the same trade seldom meet together even for merriment and diversion, but the conversation ends in a conspiracy against the public, or on some contrivance to raise prices’ (Book One, Chapter X, Part 2). In his discussions of public finance, he laid down four principles of taxation: (a) equality (taxes proportionate to ability to pay), (b) certainty, (c) convenience and (d) economy. hume, d.

Smithsonian Agreement. An agreement concluded in December 1971 between the Group of Ten’ of the international monetary fund at the Smithsonian Institute, Washington. Under the agreement, the major currencies were restored to fixed parities but with a wider margin, + 2-25 per cent of permitted fluctuation around their par values. The dollar was effectively devalued by about 8 per cent and the dollar price of gold increased to $38 per oz. Sterling was set at $2-6057 exchange rate).

Smithsonian parities smithsonian agreement.

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PEIN Country Profile and Virtual Environment Library Cook Islands


Aitutaki map – aitutaki lagoon map

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