july november american economist received nobel memorial prize economic sciences research consumption analysis monetary history theory complexity policy george intellectual leaders second generation chicago price theory movement university_of_chicago department economics law school graduate school business 1940s onward students young professors recruited chicago went leading include robert robert lucas challenges later called naive theory began 1950s consumption function 1960s main advocate opposing government policies described approach mainstream economics language apparatus rejecting initial conclusions existed natural rate unemployment argued employment rate cause inflation accelerate argued phillips curve long run vertical natural rate predicted come known promoted alternative viewpoint known argued steady small expansion money supply preferred policy ideas concerning monetary policy taxation influenced government policies especially 1980s monetary theory influenced federal reserve response global financial crisis advisor republican president ronald_reagan conservative british prime minister margaret political philosophy virtues free market economic system minimal intervention stated role eliminating conscription accomplishment book capitalism freedom advocated policies volunteer military freely floating exchange rates abolition medical licenses negative income tax school support school choice led found foundation educational choice works include books scholarly articles papers magazine columns television programs lectures cover broad range economic topics public policy issues books essays international influence including communist states survey ranked second popular economist twentieth century john economist described influential economist second half 20th century possibly early life born brooklyn new_york july parents née recent jewish immigrants kingdom hungary ukraine worked dry goods merchants shortly birth family relocated new_jersey early teens injured car accident upper lip talented student graduated high school 16th birthday graduated university specialized mathematics economics initially intended time influenced economics professors arthur burns homer jones convinced modern economics help end great depression graduating offered scholarships graduate work mathematics brown university economics university_of_chicago chose earning master arts degree strongly influenced jacob frank knight henry chicago met future wife economist rose director academic year fellowship columbia_university studied statistics renowned economist chicago academic year working research assistant henry working theory measurement demand year formed prove lifelong friendships george allen public service initially unable find academic employment followed friend allen washington franklin roosevelt new deal young stage said wife regarded job creation programs appropriate responses critical situation wage fixing measures national recovery administration agricultural adjustment administration later ideas believed price controls interfered essential signaling mechanism help resources valued later concluded government intervention associated new deal wrong cure wrong disease arguing money supply simply expanded instead contracted later colleague anna wrote monetary history united_states argued great depression caused severe monetary banking crises poor policy federal reserve began work national resources committee working large consumer budget survey ideas project later theory consumption function began employment national bureau economic research autumn assist simon work professional income work resulted jointly authored publication independent professional practice introduced concepts permanent income major component permanent income hypothesis worked greater detail 1950s book professional licensing artificially supply services raises prices appointed assistant professor teaching economics university wisconsin madison encountered economics department decided return government service worked wartime tax policy federal government advisor senior officials united_states department treasury treasury spokesman advocated policy taxation helped payroll tax system federal government badly needed money order fight war later said wish hadn found necessary wish way academic career early years accepted position university wisconsin madison left differences faculty united_states involvement world war believed united_states enter war joined division war research columbia_university headed allen spent rest world war working mathematical focusing problems weapons design military tactics experiments submitted independent professional practice authored completed columbia doctoral university awarded phd spent academic year teaching university minnesota friend george employed february son david born university_of_chicago accepted offer teach economic theory university_of_chicago position opened departure professor jacob princeton_university work university_of_chicago years contributed establishment intellectual community produced number nobel prize winners known collectively chicago school economics time arthur burns head national bureau economic research asked rejoin bureau staff accepted invitation assumed responsibility bureau inquiry role money business cycle result initiated workshop money banking chicago workshop promoted revival monetary studies half 1940s began collaboration anna economic historian bureau ultimately result publication book authored monetary history united_states spent academic year visiting fellow college cambridge time cambridge economics faculty divided majority including joan robinson richard anti minority headed dennis speculated invited fellowship views unacceptable cambridge factions later weekly columns newsweek magazine read increasingly influential political business people paul participated economics cassette series subscription series economist discuss days issues half hour time economic adviser republican presidential candidate barry personal life retirement age retired university_of_chicago teaching years wife moved san_francisco visiting scholar federal reserve bank san_francisco affiliated institution stanford_university year approached free choose network asked create television program presenting economic social philosophy worked project years series titled free choose broadcast public broadcasting service pbs companion book series authored wife rose titled free choose book translated foreign languages served unofficial adviser ronald_reagan presidential campaign served president economic policy advisory board rest reagan administration says guru reagan administration received national medal science reagan honored presidential medal freedom known influential 20th century 1980s 1990s continued write editorials appear television visits eastern_europe china advised governments years trustee philadelphia society later life according article commentary magazine parents moderately jews intense burst childhood rejected religion altogether described wrote extensively life experiences especially memoirs wife rose titled lucky people death died heart failure age years san_francisco november working economist performing original economic research column published wall_street_journal day death survived wife died august children david known capitalist book machinery freedom scholarly contributions economics best known reviving interest money supply nominal value output quantity theory money set views associated modern quantity theory origins traced 16th century school contribution largely responsible modern authored anna monetary history united_states examination role money supply economic activity history striking conclusion research regarded way money supply fluctuations contribute economic fluctuations studies david 1960s suggested money supply investment government spending determining consumption output challenged prevailing largely view relative importance research theory supported conclusion short run effect change money supply primarily output longer run effect primarily price level main proponent school economics maintained close stable association inflation money supply mainly inflation avoided proper regulation monetary base growth rate famously analogy dropping money helicopter order avoid dealing money injection mechanisms factors models arguments designed counter popular concept cost push inflation increased general price level time result increases price oil increases wages wrote inflation monetary phenomenon rejected use fiscal policy tool demand management held government role guidance economy restricted severely wrote extensively great depression termed great arguing caused ordinary financial shock duration seriousness greatly increased subsequent money supply caused policies directors federal reserve fed largely responsible converting garden variety recession fairly severe major instead powers offset depression presided decline quantity money far depression failure free enterprise system tragic failure government argued cessation government intervention currency markets spawning enormous literature subject promoting practice freely floating exchange rates close friend george explained customary science win victory research directed different lines theory rational expectations newer approach developed robert lucas university_of_chicago relationship lucas new classical highly complex phillips curve interesting starting point lucas soon realized solution provided satisfactory lucas elaborated new approach rational expectations presumed instead expectations story theory new classical phillips curve embedded radically changed modification significant effect approach result theory phillips curve changed new classical wallace graduate student university_of_chicago regarded theoretical courses mess evaluation clearly indicates broken relationship new classical known work consumption function permanent income hypothesis referred best scientific work work contended rational consumers spend proportional perceived permanent income gains saved tax reductions likewise rational consumers predict taxes increase later balance public finances important contributions include critique phillips curve concept natural rate unemployment critique associated insight government brings greater inflation permanently reduce unemployment unemployment temporarily lower inflation surprise long run unemployment determined labor market essay positive economics provided pattern subsequent research degree chicago school argued economics science free value objective useful economic theory judged descriptive realism simplicity engine prediction students measure accuracy predictions assumptions argument ongoing debate savage fisher statistics famous contributions statistics sampling statistical work division war research columbia colleagues came technique later words new dictionary economics standard analysis quality control inspection dictionary adds like contributions retrospect remarkably simple obvious apply basic economic ideas quality control measure genius public policy positions federal reserve poor performance believed federal reserve board abolished believed money supply centrally controlled federal reserve system way mechanical system quantity money increasing steady rate exchange rates strong advocate floating exchange rates entire woods period argued flexible exchange rate external adjustment possible allow countries avoid balance payments crises saw fixed exchange rates undesirable form government intervention case articulated influential paper case flexible exchange rates time commentators regarded possibility floating exchange rates fantasy school choice article role government education proposed publicly operated schools privately run publicly funded schools system school reforms similar proposed article implemented example chile sweden wife founded foundation educational choice advocate school choice conscription walter credited establishing economic basis volunteer military proponent stating draft inconsistent free society capitalism freedom argued conscription arbitrary preventing young men shaping lives fit nixon administration headed committee research conversion paid volunteer armed force later state role eliminating conscription united_states accomplishment believe nation military training reserve case war time foreign policy biographer noted drift time views cautious foreign policy supported involvement second world war initially supported hard line communism time opposed gulf war iraq war spring interview said usa stature world eroded iraq war improved iraq peaceful independent country republican_party served member president reagan economic policy advisory board starting received presidential medal freedom national medal science said member republican_party sake small republican capital republican capital grounds principle said think term classical liberal equally applicable don care called interested having people thinking ideas person public goods monopoly supportive state provision public goods private businesses considered able provide argued services performed government performed better private sector public goods provided state believed legal monopoly private competition prohibited example wrote way justify present public monopoly post office argued carrying mail technical monopoly government monopoly lines justify government post office present law makes illegal anybody carry mail delivery mail technical monopoly able succeed competition government reason government engaged way find leave people free enter social security welfare programs negative income tax attacked social security free market view stating created welfare proposed welfare system kind replace existing welfare system negative income tax progressive tax system poor receive basic living income government according new_york_times views regard grounded belief market forces accomplish wonderful things ensure distribution income enables citizens meet basic economic needs drug policy supported policies drugs prostitution advocated discussions economic benefits marijuana gay rights supporter gay rights specifically supported sex marriage instead saying believe discrimination economic freedom michael walker institute hosted series conferences goal create clear definition economic freedom method measuring eventually resulted report worldwide economic freedom economic freedom world annual report provided data numerous peer reviewed studies influenced policy nations sixteen distinguished opposed copyright term extension act filed brief supported inclusion word brief argued stronger basic legal constitutional protection economic rights freedoms promote industrial commercial growth prosperity democracy freedom rule law generally society honors recognition influence george nash leading historian american says end 1960s probably highly regarded influential conservative scholar country international reputation allowed institute use prize advancing liberty beginning prize given late british economist peter economist prime minister young student wife rose sister aaron director initiated foundation educational choice served international selection committee recipient nobel prize economics death harvard president lawrence summers called great saying honest democrat admit said great popular contribution convincing people importance allowing free markets operate stephen moore member editorial forward wall_street_journal said quoting revered champion free market economics adam smith little like quoting bible adds multiple conflicting interpretations nobel memorial prize economic sciences won nobel memorial prize economic sciences sole recipient achievements fields consumption analysis monetary history theory demonstration complexity policy hong_kong said want capitalism action hong_kong wrote hong_kong economy best example free market economy month death wrote article hong_kong wrong wall_street_journal criticizing chief executive hong_kong abandoning positive later said merely changing slogan big market small government small government defined debate rival chief executive election introduced topic jokingly accused death chile years military coup brought military dictator president power ended government economy chile experienced severe crisis arnold accepted invitation private chilean foundation visit chile speak principles economic freedom spent seven days chile giving series lectures chile national university chile lectures entitled freedom according dealt precisely threat freedom centralized military government april letter considered key economic problems chile clearly inflation promotion healthy social market economy stated way end inflation drastically reducing rate increase quantity money cutting government spending far away desirable way reduce fiscal deficit private sector laying foundations healthy economic growth rapidly inflation ended felt chile inflation raging month feasible involve painful operation long period patient survive choosing brief period higher unemployment lesser evil experience germany brazil post war adjustment argue shock treatment letter recommended deliver shock approach package eliminate surprise relieve acute distress let sketch contents package proposal taken knowledge chile limited enable precise comprehensive listed sample proposal monetary fiscal measures including removal obstacles possible hinder private market example suspend present law employees closed stating shock program end inflation months letter suggested cutting spending reduce fiscal deficit result transitional unemployment raising taxes chilean chicago school graduate nation minister finance year tenure foreign investment increased restrictions placed striking labor unions rose yearly foreign exchange program created catholic university chile university_of_chicago chicago school alumni appointed government posts years taught economic doctrine chilean universities known chicago boys criticize dictatorship time illegal torture atrocities known defended unofficial adviser position consider evil economist render technical economic advice chilean government regard evil physician technical medical advice chilean government help end medical plague defended activity chile grounds opinion adoption free market policies improved economic situation chile contributed rule eventual transition democratic government idea included capitalism freedom declared economic freedom desirable necessary condition political freedom documentary free choose said following chile politically free system system people people communist societies government plays smaller role conditions people past years getting better worse better rid able free democratic system stated criticizing political system chile said good political regime imposed terrible political regime real miracle chile economically real miracle chile military willing principles support free market regime designed believers free market chile drive political freedom generated economic freedom resulting economic success ultimately resulted referendum introduced political democracy long chile things political freedom human freedom economic freedom chile continue interesting experiment watch political freedom political freedom tend destroy reduce economic freedom stressed lectures gave chile lectures later gave china socialist states pbs documentary commanding heights based book continued argue free markets undermine political political control criticism role chile missed main contention markets resulted people chile economy caused military government advocated free markets undermined political political control iceland visited iceland autumn met important gave lecture university iceland status quo participated lively television debate august socialist intellectuals including later president iceland complained fee charged attending lecture university hitherto lectures visiting scholars free charge replied previous lectures free charge meaningful sense lectures related costs attendees non attendees covered costs thought attended paid discussion stated receive money delivering lecture estonia visited estonia book free choose exercised great influence nation year old prime minister claimed book economics read taking office reforms credited responsibility transforming estonia impoverished soviet republic baltic tiger prime element program introduction flat tax won prize advancing liberty awarded institute united_kingdom frequently invited lecture britain 1970s ideas gained widespread attention conservative circles example regular speaker institute economic affairs think tank conservative politician margaret closely followed programs ideas met strongly influenced keith joseph senior advisor economic affairs patrick key advisers major newspapers including daily_telegraph times financial times ideas british decision makers ideas strongly influenced allies prime minister critics famous critics overall work david criticized anna monetary trends asked interview said criticism referred different problem tackled irrelevant pointed lack peer review work said guilty errors misunderstanding meant reported money demand nearly cent said paper published refuted claim money demand paper updated confirmed validity findings nobel paul praised great economist great man death acknowledged widely accepted contributions economics remains prominent critic written slipped easily claiming markets work markets work extremely hard find cases acknowledged possibility markets wrong government intervention serve useful purpose book shock doctrine author social activist criticized economic identifying principles guided economic restructuring followed military countries chile indonesia based assessments extent describes policies contributed income inequality suggested primary role describe ideological cover capital accumulation multinational corporations involvement government international protests awarded nobel prize accused supporting military dictatorship chile relation university_of_chicago controversial day trip took chile march years coup deposed president answered adviser dictatorship gave lectures inflation met officials including chile chilean economist orlando asserted dictatorship resorted oppression popular opposition chicago school policies chile speech drug answered question involvement regime saying advisor mentioned iceland interview group students university_of_chicago involved chile economic reforms credited reforms high levels economic growth establishment democracy subsequently occurred chile capitalism freedom capitalism freedom seminal work book talks need liberal society free markets help nations individuals long run fix efficiency problems currently faced united_states major countries 1950s 1960s goes chapters specific issue respective chapter role government money supply social welfare programs special chapter concludes capitalism freedom classical liberal stance government stay matters need involve absolutely necessary survival people country recounts best country abilities come free markets failures come government intervention selected theory consumption function program monetary stability university press online version capitalism freedom highly influential series essays established position major issues public policy excerpts monetary history united_states anna reprinted great role monetary policy american economic review vol presidential address american economics association inflation unemployment nobel lecture journal political economy vol free choose personal statement rose highly influential policy views essence essays edited kurt isbn lucky people memoirs rose isbn excerpt text search economics selected papers edited interview john taylor dynamics


economic history argentina economic history argentina studied owing argentine unique condition country achieved advanced development early 20th century experienced reversal inspired enormous wealth literature diverse analysis causes decline argentina possesses definite comparative advantages agriculture country endowed vast highly fertile land exploitation rich land strongly pushed economic growth decades 20th century argentina canada australia population total income capita income argentina world 10th wealthiest nation capita beginning 1930s argentine economy deteriorated notably single important factor decline political instability military took power ending seven decades civilian constitutional government terms argentina stable conservative countries great depression turned unstable successive governments 1930s 1970s pursued strategy import achieve industrial self government encouragement industrial growth diverted investment agricultural production fell dramatically era import ended time growing government spending large wage increases inefficient production created chronic inflation rose 1980s measures enacted dictatorship contributed huge foreign debt late 1980s equivalent early 1990s government inflation making equal value dollar numerous state run companies proceeds reduce national debt sustained recession turn 21st century culminated default government economy recovered judicial ruling originating previous crisis led new default colonial economy colonial period present day argentina offered fewer economic advantages compared parts spanish empire mexico peru caused assume peripheral position spanish colonial economy lacked deposits gold precious metals established native subject thirds present territory occupied colonial period remaining consisted plateau remains sparsely populated day agricultural livestock sector output principally consumed producers small local market associated foreign trade end 18th century period 16th end 18th century characterized existence self sufficient regional economies separated considerable distances lack road maritime river communications hazards land transport end 18th century significant national economy came argentina developed market flows capital labour goods place significant scale different regions hitherto lacked historians like consider historical period americas pre capitalist production coastal cities destined overseas markets consider instead society based work relations slavery rivera consider capitalist hybrid system result interaction spanish civilization transition capitalism natives living argentine territories held closed economies lack activity closely linked foreign trade amounts labour capital consequently received fell far areas colonial world participated foreign trade activities associated dynamic centre enjoyed degree prosperity occurred cloth manufactured livestock raised supply mines upper peru trade legally limited spain spanish crown enforced limited supplies enabled spanish merchants mark prices increase profits british portuguese merchants broke trade british desire trade south_america grew industrial revolution loss colonies north_america american revolution achieve economic objectives britain initially launched british invasions conquer key cities spanish america allied spain napoleonic wars requested spanish authorities open commerce britain return argentine historians attributed free trade representation economic report currently considered result general negotiation britain spain reflected canning treaty actions buenos_aires reflected similar outcomes spanish cities south_america compared parts latin_america slavery played lesser role development argentine economy absence gold mines sugar plantations demanded huge numbers slave workers colonial brazil example imported million 18th century contrast estimated african slaves arrived port buenos_aires 17th 18th centuries destined chile colonial livestock established middle 18th century pace growth region increased dramatically establishment new rio buenos_aires capital increased legal trading allowed free trade act allowed free protected trade spain colonies trade system napoleonic era common post independence transition early post independence period important share argentina exports came cattle sheep production livestock raising economy based abundance fertile land provinces apparently lacked comparative advantage compared livestock grazing exports rose annually growth achieved extension frontier greater efficiency livestock production result markets products argentina managed escape trap single staple economy sustained economic growth decades combined effect declining prices rising prices livestock products produced dramatic improvements terms trade rose local prices governors waged campaigns natives increase available lands juan poor joined forces powerful vicinity federal party opposed policies implemented buenos_aires waged argentine civil wars argentina independent era commerce controlled small group merchants came end government established revolution undertook policy fall government influenced instead promoted trade britain second controlled federal period sought restore initial policy supreme director restored free trade economy open economies world divisions developed faction centred buenos_aires faction provinces eventually led series civil wars ended conquest buenos_aires battle province money money different value province cities province government minister las finally president argentina developed economic plan deemed happy experience plan increased british influence national politics based main pillars complete free trade policies british imports finance central bank managed british investors absolute control port buenos_aires sole source income national customs british exploitation national natural resources national organization centred buenos_aires resigned ending happy experience assumed power governor buenos_aires soon executed juan military coup exports gold allowed free trade policies soon depleted national reserves posed great problem gold medium exchange local economy sought fix establishing bank central bank printing money despite role central bank bank owned state private british investors report american john murray forbes john adams sixth president united_states mentioned britain huge influence economic power country mentioned government buenos_aires eager good terms britain gain recognition declaration independence official institutions bank british control britain similar control argentine economy colony financial civil military costs lack argentine merchant fleet allowed britain manage maritime trade forbes testimony perspective contemporary anglo american commercial rivalry light partial nature account jealousy english rio minister finance government borrowed heavily finance new projects pay war debts loans rates notorious loan government received credit brothers exchange debt 1820s began lose value rapidly respect linked price gold juan forced leave province ruled buenos_aires modified number policies period maintained set customs law policies kept port exclusive control buenos_aires refused constituent assembly customs law set trade barriers products produced country imposed high import luxury goods export gold silver law completely effective control port allow provinces steady financial income exclusive control port long resisted provinces led conflict battle despite financial obstacles economy grew size near buenos_aires decline growth wool production new currency crisis lost value years coincided buenos_aires saw extremely poor economic performance efforts fund extraordinary expenditure conflict buenos_aires provinces confederation caused fiscal deficit similarly confederation faced harsh economic conditions president confederation issued law differential rights ships trading ports confederation buenos_aires end civil wars provided political legal stability necessary assert property rights cut transaction costs contributing huge capital labour resources built modern argentina attempt stabilize currency introducing system restricted monetary authorities issue paper currency fully backed gold foreign currency decades 1860s 1880s experienced favourable performance economy overall setting stage called golden age argentine history years founding farming colony base argentine agriculture gradually shifted livestock crops export led boom argentina insignificant half 19th century showed growth 1860s impressive expected eventually united_states south_america impressive sustained economic performance driven export agricultural goods second half 19th century intense process colonization territory form wheat imported grown sufficient quantities supply local demand country supplied needs exported imperial wheat sustain people 1870s real wages argentina relative britain rising decade 20th century capita rose united_states average similar france germany canada presidency total debt amounted million gold year later doubled president winning presidential election coalition supported argentina national party presidents come party undertook tough actions needed debt control suspended inflation rate rose following year ratio debt administration deliver balance fiscal accounts passed successor economic environment currency reform introduced standard went effect july unlike precious metal standards system national monetary authority existed control rested banks issue period lasted months december banks issue refused exchange gold par notes suspension soon accommodated government having institutional power monetary system little prevent agricultural sector attracted foreign capital railways industries british capital investments went million million 1880s investment began capital began flow countries france germany belgium british investment accounted thirds total foreign capital argentina destination choice british investment latin_america position held world war argentina absorbed british investment outside united_kingdom despite dependence british market argentina managed annual rate growth exports result successful geographic argentine railway kilometre road built total miles railways open traffic new railways brought livestock buenos_aires vast slaughter processing mainly english meat packing plants shipment world contemporary analysts lamented export bias network configuration opposing monopoly private british companies nationalist grounds argued initial layout system shaped domestic interests fact strictly focused port buenos_aires labour abundance land induced high marginal product labour european immigrants chiefly italians french germans tempted high wages arrived government european immigration short time late 1880s immigrants arrived massive numbers crisis world war administration saw substantial increase ratio debt end tenure increasing weakness fiscal situation brothers merchant bank developed close profitable association argentina government unable meet payments house financial crisis ensued argentina suffered bank runs brothers faced failure crisis caused lack monetary policy fiscal policy ultimately led collapse banking system financial crisis left government funds immigration subsidies programme abolished loans argentina severely curtailed imports cut sharply exports affected value argentine exports surpass peak successor laid foundations return stability growth restoration reformed banking sector ways restore stability medium term rapid growth rates soon returned period increased annual rate industry grew faster jumping argentina cleared remnants default year later country entered international bond markets 1930s fiscal instability phenomenon depressions played crucial role rise industry 1870s decisively 1890s industry grew crisis response need damaged economy improve trade balance import argentine labour force involved manufacturing compared involved commercial activities country income head par france germany far ahead italy spain end argentina gold stock million world monetary gold representing world economic output interwar period argentina like countries entered recession following beginning world war international flows goods capital labour declined foreign investment argentina came complete fully recovered great_britain heavily united_states war export capital comparable scale opening panama canal argentina southern cone economies declined investors turned attention asia caribbean united_states came war political financial especially perceived argentina lesser extent brazil potential rival world markets buenos_aires stock exchange private domestic banks developed rapidly fully replace british capital consequence funds increasingly concentrated single institution argentina creating financial system vulnerable rent seeking non performing loans grew steadily balance sheet balance sheets result loans banks private sector actions engaged pure resort actions following principle lending freely penalty rate instead state bank allowed private banks shed risks bad paper security lent cash rate offered customers time deposits unlike neighbors argentina capable having relatively healthy growth rates 1920s affected worldwide collapse prices brazil chile similarly gold standard place time european countries abandoned automobile ownership country highest southern hemisphere success 1920s argentina country standards britain germany united_states major lack energy sources coal experiments oil discovered poor results state owned oil company latin_america founded public company responsible oil production remaining private hands exports frozen beef especially great_britain proved highly profitable invention ships 1870s britain imposed new restrictions meat imports late 1920s sharply reduced beef imports argentina responded switching pastoral production lasting damage argentine economy great depression great depression comparatively mild effect argentina unemployment rate went country largely recovered depression permanently halted economic expansion argentina abandoned gold standard december earlier countries previous period country operated currency board body known charged maintaining value gold increased exports protected domestic production argentina saw value exports drop million million means severe region response great depression successive governments pursued strategy designed transform argentina country self sufficient industry agriculture strategy growth based import final goods raised import process progressively adopted late 19th century great depression intensified government encouragement industrial growth diverted investment agriculture agricultural production fell dramatically armed forces forced power improved economic conditions political intensified argentina required immigrants labour contract prior arrival proof financial means support treaty gave argentina british market exports primary products british imperial effects britain actually led small decline argentine exports great_britain unemployment resulting great depression caused unrest industrial growth 1930s gradually slowed economic conditions 1930s contributed process internal migration countryside smaller towns cities especially buenos_aires greater opportunities employment urban working classes led unsuccessful uprisings prior presidential elections traditional export agriculture outbreak world war remained sluggish relative period argentine coup état juan member united officers group engineered plot minister labor campaigning workers promises land higher wages social security won decisive victory presidential elections number workers expanded helped establish powerful general confederation labor turned argentina country powerful organized interest groups negotiated positions resources years argentina developed largest middle class south american continent early period strategy import practice trade exchange control multiple exchange rates important characteristics state role economy increased reflected increase state owned property including control prices higher levels public mainly financed tax expansive policy aimed wealth increase spending finance populist policies led inflation wartime reserves enabled government fully pay external debt end year argentina french british owned railways existing networks expanded reaching kilometers rails government established control foreign trade export erected system complete protection imports largely cutting argentina international market announced year plan based growth industries created domestically oriented industry high production costs incapable competing international markets time output beef grain country main export goods began world grain prices dropped late 1940s agricultural production exports business sentiment general despite shortcomings government credits allow growth internal market radio sales increased sales grew year plan public works programs executed aim country infrastructure example total power plants erected increasing electrical output network gas linked buenos_aires built gas distribution reached million reducing costs period argentina economy continued grow average slowly world neighbours brazil chile suggested cause multitude frequently changed regulations times extended ridiculous decree setting prices restaurants economic activity long term effect create disregard law came view earning living aid enforcing legitimate property rights combination industrial income industrial sector growing state intervention economy sparked process argentina capita accounted nearly half united_states second year plan favoured increased agricultural output industrial growth high wages previous years expanded domestic demand goods 1950s output beef grain fell economy suffered policy shift agricultural production created gap income distribution majority worked agriculture tiny plots majority land large estates argentina signed trade agreements britain soviet_union chile slightly opening market international trade second economic plan sought capitalize country comparative advantage agriculture post era 1960s 1950s 1960s country slow rate growth line latin american countries rest world enjoyed golden era prevailed period economy found contracting result union strife increasing economic 1950s progressed leading causes downfall won presidential election landslide year announced beginning oil battle new attempt import aimed achieve self oil production signing contract foreign companies mining exploitation oil argentina joined latin american free trade association wage growth early 1960s pushed prices inflation rate increased faster soon real wages fell high inflation prompted plan included monetary policy cut public expenditures increases taxes utility prices coup june called argentine revolution brought juan power appointed head economy ministry strategy implied active role public sector guiding process economic growth calling state control money supply wages prices bank credit private sector tenure witnessed increased concentration capital coupled important sectors economy international financial community offered strong support program economic growth continued expanded average annual rate compared 1950s radical departure past policies ministry economy announced programme reduce rising inflation promoting competition efficiency foreign investment anti inflation programme controlling nominal wages salaries inflation decreased sharply decreasing annual rate unemployment remained low real wages fell gradual reversal trade policy culminated military announcing import failed experiment lifting barriers opening economy world market new policy boosted exports currency meant certain imports cheap local industry declined exports priced market ministry economy end exchange rate policy previous governments currency underwent discontent economic policies led riots cities removed administration unable agree alternative economic policy authorities longer capable maintaining wage restraints leading wage price spiral economy started import ran steam urban migration slowed capita income fell standard living term office characterized expansive monetary policy resulted rise level inflation real capita income fell decades economic development manufacturing industry experienced period growth mid-1970s began process continuous decline extreme dependence state support protected industries exacerbated sharp fall industrial output degree start 1990s similar level 1940s early 1970s capita income argentina twice high mexico times high chile brazil difference income argentina latin american countries smaller starting inflation accelerated sharply reaching average year period increasing prices factor billion assumed power finance minister prices previous month increased annual rate output declined sharply era import ended government lowered import barriers restrictions foreign borrowing supported foreign opening exposed fact domestic firms compete foreign imports currency long term structural problems financial reform implemented aimed capital markets link argentina effectively world capital market relatively stable years fiscal started climb external debt years increased debt burden interrupted industrial development upward social mobility beginning rate exchange pre fixed active crawling based announced ahead time gradually declining rate announcements repeated rolling basis create environment economic agents government commitment inflation responded policy gradually fell gradually real exchange rate appreciated inflation consistently rate ultimately led capital flight collapse financial system growing government spending large wage raises inefficient production created chronic inflation rose 1980s briefly exceeded annual rate successive regimes tried control inflation wage price controls cuts public spending restriction money supply efforts stem problems came argentina came united_kingdom islands august mexico announced inability service debt argentina approached international monetary fund assistance difficulties developments looked positive staff team visiting buenos_aires august discovered variety problems particularly loss control wages affecting budget external programme failed quickly losing value inflation new introduced old exchanged new december elected president argentina bringing end military dictatorship negotiations started new programme led march brazil colombia mexico venezuela lent argentina million months followed similar united_states providing breathing space late september agreement reached argentina currency argentina failed pay debt months ultimately debt banks plan faded away policy undermined large budget spending loose monetary policy falling compliance programme new arrangement reached july collapse march authorities launch plan august consisting package economically measures little adjustment time absence policies refused resume lending argentina months introduction plan collapsed leading riots free market reforms elected president immediately announced new shock programme time adjustment view government november agreement reached standby arrangement ended prematurely followed bout hyper reached year collapse public enterprises late 1980s strongly popular state owned couple banks terms service improvements example telephone new line unusual wait years apartments telephone lines carried big premium market wait reduced week productivity increased investment farms factories ports cases large employees addition process suspected corruption cases ultimately enterprises private public long term contracts raised line american inflation prices argentina falling economy minister domingo set reverse argentina decline free market reforms open trade january monetary reform replaced rate cornerstone reform process currency board fixed law par dollar money supply restricted level hard currency reserves inflation risk apparently removed capital poured abroad growth increased significantly total employment rose steadily second half economy slowed unemployment increased economy mild recession point conditions worsened substantially mexican december economy dozen banks collapsed labour force continuing expand employment falling sharply aggregate demand unemployment rose months government responded effectively bank regulation capital requirements encouraged foreign banks weaker local ones economy soon recovered output employment grew rapidly unemployment declined substantially beginning brazilian currency underwent strong argentine economy contracted unemployment increased exports grew billion billion industries compete abroad especially brazil strong fixed exchange rate turned trade balance cumulative billion unable argentina competitive prices fell came recession falling wages rising unemployment interest rates remained high banks lending dollars share public spending increased poorer provinces depended state enterprises inefficient industries sugar compete trade opened quell social unrest provincial governors government embarked pension reform costs reaching pay longer received contributions economic crisis argentina fell deep recession second half triggered compounded series adverse external included low prices agricultural appreciation dollar par russian financial crisis crisis brazilian real january argentina enjoy rapid recovery growth concerns public debt december president seeking assistance shortly march agreed year billion stand arrangement argentina strict fiscal adjustment assumption growth actual growth late argentina began experience severely diminished access capital markets reflected sharp sustained rise spreads argentine bonds december government announced billion assistance package organized uneven implementation fiscal adjustments reforms global environment political instability led complete loss market access intensified capital flight second quarter argentine debt held bonds massively sold short government found unable borrow meet debt payments december series deposit runs began severe impact health banking system leading argentine authorities impose partial deposit freeze argentina longer compliance conditions expanded supported program decided suspend end december climate severe political social unrest country partially international obligations january formally abandoned regime ensuing economic political crisis arguably worst country independence end economy contracted course years output fell argentine lost quarters value registered unemployment exceeded income poverty argentina grew high october peak october critics policy economic pursued presidency argued argentina economic caused actively promoted government washington consensus stressed main economic policy making 1990s economic reform pursued determination report independent evaluation office criticised conduct prior argentina economic collapse saying supported country fixed exchange rate long fiscal return growth january appointed president argentina fifth president weeks minister economy april credited ensuing recovery economy having prices exchange rate moment argentina risk default growth resumed argentine economy growing year seven years achieved price boom government managed value currency low industrial exports administration president export oil meal generated argentina export revenue triple joint share traditional exports beef wheat export taxes comprised government total tax receipts thirds came exports taxes imports exports increased government spending import export taxes discouraged foreign investment high spending pushed inflation attempt administration impose price controls failed items demand went stock mandatory prices cases observed sectors economy including national postal service san railway line water utility serving province buenos_aires december decided argentine debt single payment total billion payment partly financed venezuela bought argentine bonds billion venezuela hold estimated billion argentine debt argentina entered international debt markets selling million year dollar bonds yield foreign banks moody boosted argentina debt rating early administration began interfering inflation estimates administration december president rural sector mobilized resolution increased export tax rate exports ultimately new taxation regime abandoned official argentine statistics believed significantly inflation independent publishing estimates argentine inflation threatened fines prosecution october president private pension funds billion ostensibly protect falling stock prices world critics said government simply wanted add money budget private pension funds licensed suffered large losses crisis state funds recession hit country growth slowing high growth resumed economy expanded april economy minister prepared debt swap package holders billion bonds participate argentine debt restructuring late largest new natural gas deposits years discovered province unemployment rate quarter november government laid plan cut utilities subsidies higher income households credit wide margin raising concerns economy argentina began period fiscal april government announced plans despite opposition energy experts claiming spanish partner major holder duty provide financial support research land exploitation bad administrator concerned sending profits spain economic growth rising inflation capital flight caused rapid country dollar reserves prompting government severely access dollars june capital controls turn led emergence black market dollars known blue higher rates official exchange rate private forecasts estimated annual inflation highest rates world july ruling new_york court ordered country pay remaining holders bonds american vulture funds paid exchange argentine government refused causing country default debt causes progressive decline unique condition argentina country achieved advanced development early 20th century experienced reversal inspired wealth literature analyses causes progressive decline nobel prize winning economist simon said remarked types countries developed japan argentina according main difference argentina societies australia canada failure seek adequate alternatives compensate end geographical expansion definitive closing frontier noted differences land distribution canada led rising number small farmers small number landowners large areas land argentina duncan argued key difference lies contrast stable flexible government australia poor governance argentina according political tradition immigration different regions key factors suggested restrictive immigration policy similar australia increased productivity encouraged relative labour recently taylor pointed relatively high ratio slow demographic transition argentina led reliance foreign capital offset resulting low savings rate 1930s onwards accumulation capital hampered relatively high prices imported capital goods caused industrial policy import contrast export led growth favoured canada factors high relative prices capital goods include multiple exchange rates black market foreign national currency high customs resulted lower capital intensity led lower rates labour productivity ultimate cause argentina historical appears institutional framework terms argentina stable conservative countries great depression turned unstable


national debt clock national debt clock billboard sized running total display constantly updates current united_states gross national debt american family share debt currently installed sixth avenue manhattan new_york_city debt clock installed idea clock came new_york real estate developer wanted highlight rising national debt sponsored installation clock originally placed sixth avenue 42nd street 43rd street block away times square time national debt remained rising clock temporarily switched debt actually falling period original clock dismantled replaced current clock new location block away national debt exceeded time leading press reports clock run original clock died son douglas taking responsibility clock organization september douglas cousin currently shares presidency company process taking day day operations president interview new_york_times said maintenance clock planned years come history invented sponsored new_york real estate developer national debt clock installed death son douglas president organization owns maintains clock douglas stated clock represents non partisan effort explained motivation project terms equity family business think don want generation crippled burden according douglas father basic idea drawing attention growing national debt holiday season sent cards said happy new year share national debt senators early developed idea constantly updated clock technology required implement project available clock national debt dollars original feet clock constructed cost mounted block times square building sixth avenue near 42nd street facing north 42nd street park intersection built new_york sign company clock featured dot based segment display typical character resolution similar second clock mechanism display set estimated speed debt growth style adjusted weekly according latest numbers published united_states treasury week death adjusted tally passing keeping figures current improving debt situation clock started run backward original purpose clock highlight rising debt reverse giving mixed message display designed properly run backward clock covered red white blue curtain september national debt standing roughly dollars clock dismantled july curtain raised clock picked tracking rising debt starting dollars second clock original clock moved location near 42nd street building way park updated model run backward installed block away building avenue americas commonly known sixth avenue mounted wall building faces 44th street new clock outfitted brighter seven segment display multiple segment allowing numbers read easily midst extensive media attention financial crisis beginning news reports mentioned national debt clock highlighting fact display run gross federal debt rose september overhaul complete replacement adding clock display currently planned similar projects idea conveying message periodically updated clock found earlier expression clock innovation national debt clock feature constantly running counter inspired similar projects united_states tracking national debt kept online national debt clock credited inspiration running example campaign employing electronic billboard instead debt tracked supposed additional cost rival chip displays related national debt shown republican national convention displays showed number similar national debt clock second display showed number estimating national debt increased start convention


risk risk risk approach investment portfolio management focuses allocation risk usually defined allocation capital risk approach asserts asset adjusted risk level risk portfolio achieve higher ratio resistant market traditional portfolio roughly speaking approach building risk portfolio similar creating minimum portfolio subject asset asset class bonds stocks real estate etc contributes equally portfolio overall risk term denotes variety investment systems techniques utilize principles principles risk applied differently according investment style goals financial managers yield different results theoretical components developed 1950s 1960s risk fund called weather fund pioneered recent years investment companies begun offering risk funds clients term risk came use adopted asset management industry risk seen passive active management strategy interest risk approach increased late 2000s financial crisis risk approach fared better traditionally constructed funds portfolio managers expressed skepticism practical application concept effectiveness types market conditions point performance financial crisis indication potential success description risk conceptual approach investing attempts provide lower risk lower fee alternative traditional portfolio allocation stocks bonds carries risk stock portion portfolio illustration risk approach attempts risk funds wider range categories stocks government bonds credit related inflation including real assets real estate inflation protected bonds gains financial according bob prince associates defining parameters traditional risk portfolio assets low equity risk passive management scholars contend risk portfolio requires strong management continuous oversight reduce potential negative consequences result leverage allocation building form buying selling assets dollar holdings risk levels example price security goes risk levels remain risk portfolio adjusted dollar exposure constant hand consider risk passive approach require portfolio manager buy sell basis future market behavior principles risk applied differently different financial managers different methods assets classes different definitions risk different ways risk asset classes different methods future risk different ways implementing exposure risk risk funds evolve away original intentions including passive management extent risk portfolio managed distinguishing characteristic kinds risk funds available today history seeds risk approach economist nobel prize winner harry introduced concept efficient frontier modern portfolio theory nobel james concluded efficient frontier model improved adding risk free investments advocated portfolio improve risk return ratio theoretical analysis combining leverage risk multiple assets portfolio examined jack william john jan concept practice difficulties implementing leverage portfolio large institution according joe senior vice president investment management idea risk goes 1990s associates launched risk fund called weather asset allocation strategy associates bring risk product market coin term instead term risk edward asset management authored white paper risk short risk given portfolio investment category andrew investment consulting firm associates soon term adopted asset management industry time firms capital wellington quadrant investments asset management global investors asset management capital management group partners asset management global investors began establishing risk funds performance white paper report investments institute research reported risk portfolio significantly versus standard institutional portfolio 1990s significantly standard institutional portfolio decade according article wall_street_journal risk funds held relatively financial crisis example risk fund declined compared decline vanguard balanced index fund according wall_street_journal report risk type fund offered funds popularity consistently traditional strategies financial crisis mutual funds risk strategy reported incurred losses half year proponents risk argue value balancing risks asset classes realized long periods including periods growth higher inflation regimes historical analysis provide evidence better performance environments reception stock market 1990s equity heavy investing approaches risk near term march crash increased interest risk institutional investors united_states europe usa investors include wisconsin state investment board pennsylvania public school employees retirement system invested hundreds millions risk funds associates financial crisis hard equity heavy yale model risk funds fared reasonably despite criticisms risk approach seen activity following decade equity performance period companies began offering risk products including global investors quadrant capital management state street global advisors survey institutional investors suggests america based benefit pension foundations currently considering risk products investment survey conducted chief investor officer magazine shows far adoption grown institutional investors surveyed risk considering investing use leverage according article investments europe risk approach moderate risks include communicating value boards directors events like market decline market timing risks associated implementation use leverage derivatives basis risks associated derivatives critics warn use leverage relying heavily fixed income assets create risk portfolio manager ben criticized risk approach gives relative weight bonds compared alternative portfolio approaches proponents risk purpose avoid predicting future returns says risk requires leverage produce expected returns conventional alternatives proponents answer reduced risk additional additional leverage risk leverage publicly traded prime financing assets means high percentage cash portfolio cover losses margin calls additionally says bonds negative small probability large losses large probability small gains makes dangerous investment leverage proponents countered saying approach calls reduced exposure bonds increases provides conventional proponents use leverage argue leverage risk reducing risk increasing provided conditions met cash kept meet margin calls leverage applied portfolio iii assets frequently risk risk bull market bonds article financial times indicated possible challenges risk funds peak year bull market fixed income advocates point bonds inflation linked corporate credit emerging market debt balanced asset class responds factors changes expected rate economic growth changes expectations inflation article financial news reported risk continues investors come appreciate better balance different risks represents uncertain world sharp fall bond prices investors continued question impact rising rates risk concentrated equity historical analysis episodes rising rates value distinguishing orderly rising rates regimes risk weaker performance rising rates environments performance time dependent falling bond yields risk capital asset model risk advocates assert risk portfolio close portfolio close measured given noise data theoretical arguments support contention specific set assumptions puts risk portfolio efficient frontier individual asset classes identical risk critics rarely contest claim risk portfolio near portfolio investment line steep risk portfolio slight advantage stocks bonds carries disadvantage greater explicit leverage


rise rise known beyoncé rise endorsed beyoncé distributed division beauty manufacturer inc collaborated company international creating scent marks following release heat pulse inspired african american author maya meant showcase private sides beyoncé personal life rise created woman released february stores promotional poster commercial shot english music video director jake released month featuring beyoncé surrounded golden release commercial positively received critics rise feminist inspiration particularly hailed rise features notes italian orange golden middle notes gold symphony base notes autumn woods accord extract background beyoncé announced release heat december previously worked tommy true star diamonds appeared promotional campaigns heat released february followed additional releases line scent changes went best selling time million earned retail globally new line titled pulse followed september included additional releases meant showcase singer persona energy performing live stage concerts december reported mtv beauty lifestyle editor magazine offered glimpse beyoncé new called rise december officially announced fashion magazine women wear daily release line titled rise early international served collaborator beyoncé influenced beyoncé autobiographical hbo documentary life dream rise film showcase singer personal sides including inner strength overcoming means woman conception brooks vice president global marketing beauty division responsible beyoncé business said interview rise meant leave strong sense overcoming rising added concept female empowerment finding inner strength makes women beautiful getting little bit intimate personal initiative time come natural emotional according rise multiple countries positive feedback revealed inspired poem african american author maya journalists slate new_york green international business times noted rise book rise potential inspiration features notes notes consist italian orange golden middle notes contain gold symphony identified beyoncé favorite flower rise concludes base notes autumn woods accord extract release promotion shipped january released stores following month packaged tall glass bottle designed contained gold collar gold crystals mtv compared packaging foil jay-z gold according beyoncé official website meant spirit graceful promotional poster rise released early features close shot face blonde hair metallic eye shadow reveal magazine writer deemed photograph went offer praise beyoncé looking breathtaking rocking flawless skin perfectly brittany people reviewed image positively calling sexy noting signature powerhouse hair blows wildly concluded golden theme matched bottle design estimated industry sources promotion mainly included commercial promotion facebook worth million predicted sell million january people magazine organized contest readers website twitter asking share photo singer favorite outfit profiles win signed bottle rise celebration release contest launched beyoncé team asking fans tell rise filmed videos published beyoncé channel winner announced june awarded bottle rise commercial second clip surfaced internet january publications reported speculated commercial rise commercial later officially released february shot jake beyoncé collaborated frequently opens shots gold rises bowl formed dust dramatic music plays background scenes filmed slow motion technique heard background let disappear stir things settle shake loose embrace elements rise beyoncé seen surrounded ashes wearing thigh high noted inspired reveal labelled noting scenes showing beyoncé hair true beyoncé style kelly magazine called advertisement sexy depth review commercial mtv heavily praised beyoncé look style movements poses camera concluded sell writing publication wrote clip heavy hair added bought rise commercial definitely going buy website idolator interpreted beyoncé character video gold dust woman embrace elements rise charlie magazine provided positive review clip hair intense eye contact sultry covered layer gold dust ask reception booker fashion website described scent sexy floral writing new_york opined best fact inspired poem noted feminist influences scent usual additions masculine notes autumn woods extract concluded review stating maya reading sounds surely smell pretty good similar opinion green international business times noted masculine notes addition woods hailed rise sweet treat fans self titled album surprise release week earlier noted beyoncé definition feminism stirred debate following new album release maybe version openly embraced plus deny genius maya inspired scent madison article vibe praised beyoncé decision release rise ing success giving reason talk magazine daily praised fact announced week beyoncé fifth album noting set world domination focusing scent advised female readers buy went state hints golden hottest scent bet editor described scent mixture sexy floral notes daily_telegraph young called gold symphony scent queen said notes blend grounding element concluding notes wrong charlie noted promised sexy scent according reports read guide spring buy editors online included rise calling exactly think strong bold concluding certainly spring scent burton publication noted different floral season deeming plain fierce products products related rise taken beyoncé official website additional products released collection body skin shower body silky shower