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2020s In Economic History
This is an economic history of the 2020s. Economic history refers to the study of economies or economic events of the past, including financial and business history. Global events and issues COVID-19 pandemic COVID-19 recession The COVID-19 recession is a major ongoing global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic. The first major sign of a recession was the collapse of markets during the 2020 stock market crash, which began in late February and lasted through March. As of September 2020, every advanced economy is in a recession or depression, whilst all emerging economies are in recession. Modeling by the World Bank suggests that in some regions a full recovery will not be achieved until 2025 or beyond. Supply chai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History
Economic history is the academic learning of economies or economic events of the past. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics, including equality, finance, technology, labour, and business. It emphasizes historicizing the economy itself, analyzing it as a dynamic force and attempting to provide insights into the way it is structured and conceived. Using both quantitative data and qualitative sources, economic historians emphasize understanding the historical context in which major economic events take place. They often focus on the institutional dynamics of systems of production, labor, and capital, as well as the economy's impact on society, culture, and language. Scholars of the discipline may approach their analysis from the perspective of different schools of economic thought, such as mainstream e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neiman Marcus
Neiman Marcus Group, Inc. is an American integrated luxury retailer headquartered in Dallas, Texas, which owns Neiman Marcus, Bergdorf Goodman, Horchow, and Last Call. Since September 2021, NMG has been owned by a group of investment companies led by Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management. History 1907–1949 Herbert Marcus Sr., a former buyer with Dallas' Sanger Brothers department store, had left his previous job to found a new business with his sister Carrie Marcus Neiman and her husband, Abraham Lincoln Neiman, then employees of Sanger Brothers competitor A. Harris and Co. In 1907, the trio had $25,000 from the successful sales-promotion firm they had built in Atlanta, Georgia, and two potential investments of funds. Rather than take a chance on an unknown "sugary soda pop business," the three entrepreneurs rejected the fledgling Coca-Cola company and chose instead to return to Dallas to establish a retail busin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2020–present Global Chip Shortage
The 2020–present global chip shortage is an ongoing global crisis in which the demand for integrated circuits (commonly known as semiconductor chips) exceeds the supply, affecting more than 169 industries. The crisis has led to major price increases, shortages queues and scalping among consumers for automobiles, graphics cards, video game consoles, computers, household appliances, and other products that require semiconductors. From early 2020, when the effects of and the mitigation of the COVID-19 pandemic caused disruptions in supply chains and logistics which, coupled with a 13% increase in global demand for PCs owing to some countries' shift to a stay-at-home economy, impacted the availability of key chips necessary for the manufacturing of a broad swathe of electronics. The pandemic's impact on the manufacture of semiconductors in South Korea and Taiwan was cited as a cause for the shortage, with constrained supply impacting industries as broad as console gaming and the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2021–2022 Global Supply Chain Crisis
In 2021, as a consequence of the COVID-19 pandemic, global supply chains and shipments slowed, causing worldwide shortages and affecting consumer patterns. Causes of the economic slowdown included workers becoming sick with COVID-19 as well as mandates and restrictions affecting the availability of staff. In cargo shipping, goods remained at port due to staffing shortages. The related global chip shortage has contributed to the supply chain crisis, specifically in the automobile and electronics sectors. During the Christmas and holiday season of 2021, an increase in spending in North America, combined with the spread of the Omicron variant of COVID-19, further exacerbated already tight supplies. Long tail effects of the supply chain crises are contributing to ongoing food security issues related to the pandemic, including the 2022 food crises. Causes In early 2020, the COVID-19 pandemic initially slowed the global supply chain as manufacturers suspended work until sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stimulus (economics)
In economics, stimulus refers to attempts to use monetary policy or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies such as lowering interest rates and quantitative easing. A stimulus is sometimes colloquially referred to as "priming the pump" or "pump priming". Concept During a recession, production and employment are far below their sustainable potential due to lack of demand. It is hoped that increasing demand will stimulate growth and that any adverse side effects from stimulus will be mild. Fiscal stimulus refers to increasing government consumption or transfers or lowering taxes, increasing the rate of growth of public debt. Supporters of Keynesian economics assume the stimulus will cause sufficient economic growth to fill that gap partially or completely via the multiplier effect. Monetary stimulus refers to lowering interest rates, quantitative easing, or other ways of increasing the amount of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try to k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of COVID-19 Pandemic Legislation
This is a list of legislation passed in response to the COVID-19 pandemic. China * wikisource:Decision_of_the_Standing_Committee_of_the_National_People's_Congress_on_a_Complete_Ban_of_Illegal_Wildlife_Trade_and_the_Elimination_of_the_Unhealthy_Habit_of_Indiscriminate_Wild_Animal_Meat_Consumption_For_the_Protection_of_Human_Life_and_Health, Decision of the Standing Committee of the National People's Congress to Comprehensively Prohibit the Illegal Trade of Wild Animals, Break the Bad Habit of Excessive Consumption of Wild Animals, and Effectively Secure the Life and Health of the People Hong Kong * Emergency (Exemption from Statutory Requirements) (COVID-19) Regulation Ireland * Health (Preservation and Protection and other Emergency Measures in the Public Interest) Act 2020 * Emergency Measures in the Public Interest (COVID-19) Act 2020 New Zealand * COVID-19 Public Health Response Act 2020 Philippines * Bayanihan to Heal as One Act * Bayanihan to Recover as One Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Economist
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Economist Group, with its core editorial offices in the United States, as well as across major cities in continental Europe, Asia, and the Middle East. In 2019, its average global print circulation was over 909,476; this, combined with its digital presence, runs to over 1.6 million. Across its social media platforms, it reaches an audience of 35 million, as of 2016. The newspaper has a prominent focus on data journalism and interpretive analysis over original reporting, to both criticism and acclaim. Founded in 1843, ''The Economist'' was first circulated by Scottish economist James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Distancing
In public health, social distancing, also called physical distancing, (NB. Regula Venske is president of the PEN Centre Germany.) is a set of non-pharmaceutical interventions or measures intended to prevent the spread of a contagious disease by maintaining a physical distance between people and reducing the number of times people come into close contact with each other. It usually involves keeping a certain distance from others (the distance specified differs from country to country and can change with time) and avoiding gathering together in large groups. By minimising the probability that a given uninfected person will come into physical contact with an infected person, the disease transmission can be suppressed, resulting in fewer deaths. The measures may be used in combination with others, such as good respiratory hygiene, face masks and hand washing. To slow down the spread of infectious diseases and avoid overburdening healthcare systems, particularly during a pand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remote Work
Remote work, also called work from home (WFH), work from anywhere, telework, remote job, mobile work, and distance work is an employment arrangement in which employees do not commute to a central place of work, such as an office building, warehouse, or retail store. Instead, work can be accomplished in the home, such as in a study, a small office/home office and/or a telecentre. A company in which all workers perform remote work is known as a distributed company. History In the early 1970s, technology was developed that linked satellite offices to downtown mainframes through dumb terminals using telephone lines as a network bridge. The terms "telecommuting" and "telework" were coined by Jack Nilles in 1973. In 1979, five IBM employees were allowed to work from home as an experiment. By 1983, the experiment was expanded to 2,000 people. By the early 1980s, branch offices and home workers were able to connect to organizational mainframes using personal computers and terminal emul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
