Map of Dubasari on A number of responses to such thinking emerged in the 1970s and 1980s. One of the most popular, DEPENDENCY THEORY, questioned the assumption that modern, industrialized capitalism was the most desirable end of economic development, and envisioned an alternative view of history in which Latin American arrangements were not viewed as anachronistic. These arguments have been confused by the multi-layered nature of much Third World economic activity; in Latin America, for instance, feudal features, such as the hierarchical organization of agrarian production in mines, workshops, plantations and haciendas, have co-existed from the beginning with capitalist commerce, wage labor and capital investment. In the wake of modernization theory, a number of creative attempts have been made to try to explain the persistence of feudal features in emergent or full-blown capitalist economies. The most well known of these is the world-systems theory of Immanuel Wallerstein. According to this view, 290 feudalism history should not be written from the perspective of the nation or region, but from a viewpoint that embraces different world areas organized economically: the most influential area is termed the core, and areas with less political, economic, and social power are termed the periphery. In this view, in the transition to the modern world, the core nations were those that most effectively navigated the transition from feudalism to capitalism, not only by giving rise to systems of wage-labor that replaced feudal arrangements, but also by developing effective mechanisms of labor control and strong coercive state apparatuses that defended and regulated these elements. Map of Dubasari 2016.
Political maps and economy of country;
Bonds and Yield and, Sometimes, Capital Appreciation
As 1 said, about the only reason you own a bond is to capture the interest payment over some predetermined period. This payment generates what the bond community calls yield, a calculation fairly similar to the dividend yield on a stock.
Bond yield: Annual interest payment divided by a bond’s current price. This is also known as current yield.
You might think the work has already been done for you when you buy a bond. After all, if you’re buying, say, a U.S. Treasury bond that matures in 2018 and has an interest rate of 4.5 percent, then there’s your yield.
Ah, if only it were so simple.
The 4.5 percent is the stated rate, the initial rate the bond paid when it was first issued at its $1,000 par value. If you buy the bond directly from the government, or directly from a company if you’re buying corporate bonds, then, yes, this is the yield you’re going to receive”for the most part.
Once a bond starts trading in the secondary market, meaning it’s changing hands among investors, its price can rise above par or fall below it. With each price change, the yield fluctuates. Here’s how it works: A $1,000 bond that pays a 7 percent yield will distribute to you an annual interest check of $70. No matter where the price of that bond goes, up or down, it will always pay $70 a year until it matures. Thus, if the bond’s price in the market falls to, say, $980, then the yield rises to 7.14 percent, or $70 divided by $980. Similarly, if the bond’s price increases to $1,125, the yield slides to 6.22 percent. You will hear this referred to as the inverse relationship between yield and price”as price falls, yield rises; and as price rises, yield falls. (Just so you’ll know, bond prices are quoted missing a zero. So if you see a bond priced at 97.50, the real price is $975.00. Simply move the decimal point one place to the right to see the real price in the market.)
From there, true complexity overtakes the bond market.
The real yield on a bond isn’t the stated yield”unless you buy it precisely at par”it’s the yield to maturity, the yield you will receive based upon the remaining interest payments plus the capital appreciation or depreciation you will record when the bond is redeemed. Because bonds routinely trade above or below par, you will have a profit or a loss at maturity. Profits add to the cumulative interest payments, increase the overall yield; losses subtract from total interest payments and, thus, reduce the overall yield.
And then there’s yield to call, just to complicate matters further. I won’t run through the details of this except to say that some bonds can be called, meaning the company or government that issues
them redeems them early, either at face value or slightly above. Callable bonds often have multiple call dates, so your ultimate yield will depend on when the bond is called and at what price, and the price you originally paid for the bonds when you bought them.
Bond issuers might call in a bond, to give just one example, if the bond was originally issued years earlier when interest rates were high and rates today are sharply lower. Calling those bonds and reissuing the debt would reduce the issuer’s interest payments. Investors who buy callable bonds, particularly at a time when interest rates are falling, will pay attention to one final yield”the so-called yield to worst. This measures the yield to the first possible call date, which marks the worst possible yield outcome, because, as in investor, it limits the number of interest payments you will receive.
Map of Dubasari Holiday Map Q.