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Multilateral Exchange
A multilateral exchange is a transaction, or forum for transactions, which involve more than two parties. For example, Alice gives Bob an apple in exchange for an orange, that is a bilateral exchange. A multilateral exchange would involve a third party, for example: Alice gives an apple to Bob who gives an orange to Charles, who gives a pear to Alice. In the real world, such transactions are spread over time, and involved items of different values, and involve many more parties. A special type of accounting is used for this, called mutual credit, or credit clearing. Accounting Although any accounting framework can be used, there is one approach that fits naturally for multilateral exchange. It is the simplest possible database/spreadsheet design, single-entry bookkeeping rather than double-entry bookkeeping. All accounts begin with a balance of zero, meaning they owe nothing and are owed nothing. An account may only close at zero, meaning it has given as much as it has receiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Credit
"Mutual credit" (sometimes called "multilateral barter" or "credit clearing") is a term mostly used in the field of complementary currencies to describe a common, usually small-scale, endogenous money system. The term implies that creditors and debtors are the same people lending to each other, but there are several nuances. Some think of mutual credit as a type of currency but this can be problematic because no currency or money is 'issued' in the sense that most people would understand it. Cash is very rarely 'issued', accounting normally taking place on a ledger, therefore it could also be called 'ledger money', a money ''system'', accounting for exchange or credit clearing system. The accounting is explained under multilateral exchange. Economics The practice of multilateral exchange can be a mere convenience, but once a common unit of account is agreed, the extent to which members can draw credit limited, a mutual credit system quickly resembles a money system. However, mut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Clearing
Credit clearing is the practice according to which a small group of banks need to make many payments to each other, of adding up the payments and cancelling them out before settling the remainder. While clearing is about waiting for the payment to go through, credit clearing is about cancelling out a payment with one coming in the opposite direction. This process originated between all the banks in London, who would send their checks to the clearing house at the end of each day. After the calculations were made there would be a single payment to or from each bank. In 21st century with spreadsheets and blockchains, this process tends to be fully automated. The mechanism is used not only by banks, but in any multilateral exchange situation. Many complementary currencies work this way, calling it mutual credit "Mutual credit" (sometimes called "multilateral barter" or "credit clearing") is a term mostly used in the field of complementary currencies to describe a common, usual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single-entry Bookkeeping System
Single-entry bookkeeping, also known as, single-entry accounting, is a method of bookkeeping that relies on a one-sided accounting entry to maintain financial information. The primary bookkeeping record in single-entry bookkeeping is the ''cash book'', which is similar to a checking account register (in UK: cheque account, current account), except all entries are allocated among several categories of income and expense accounts. Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses. To save time and avoid the errors of manual calculations, single-entry bookkeeping can be done today with do-it-yourself bookkeeping software. Double entry accounting often requires commitment which most sole proprietors cannot afford to do or simply not interested in it. Among these types of businesses it is common for them to only keep records of bill payments and cash they received during the cour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Double-entry Bookkeeping System
Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as debit and credit. A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud. For example, if a business takes out a bank loan for $10,000, recording the transaction would require a debit of $10,000 to an asset account called "Cash", as well as a credit of $10,000 to a liability account called "Notes Payable". The basic entry to record this transaction in a general ledger will look like this: Double-entry bookkeeping is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero
0 (zero) is a number representing an empty quantity. In place-value notation Positional notation (or place-value notation, or positional numeral system) usually denotes the extension to any base of the Hindu–Arabic numeral system (or decimal system). More generally, a positional system is a numeral system in which the ... such as the Hindu–Arabic numeral system, 0 also serves as a placeholder numerical digit, which works by Multiplication, multiplying digits to the left of 0 by the radix, usually by 10. As a number, 0 fulfills a central role in mathematics as the additive identity of the integers, real numbers, and other algebraic structures. Common names for the number 0 in English are ''zero'', ''nought'', ''naught'' (), ''nil''. In contexts where at least one adjacent digit distinguishes it from the O, letter O, the number is sometimes pronounced as ''oh'' or ''o'' (). Informal or slang terms for 0 include ''zilch'' and ''zip''. Historically, ''ought'', ''aught'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Credit
"Mutual credit" (sometimes called "multilateral barter" or "credit clearing") is a term mostly used in the field of complementary currencies to describe a common, usually small-scale, endogenous money system. The term implies that creditors and debtors are the same people lending to each other, but there are several nuances. Some think of mutual credit as a type of currency but this can be problematic because no currency or money is 'issued' in the sense that most people would understand it. Cash is very rarely 'issued', accounting normally taking place on a ledger, therefore it could also be called 'ledger money', a money ''system'', accounting for exchange or credit clearing system. The accounting is explained under multilateral exchange. Economics The practice of multilateral exchange can be a mere convenience, but once a common unit of account is agreed, the extent to which members can draw credit limited, a mutual credit system quickly resembles a money system. However, mut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutualism (economic Theory)
Mutualism is an anarchist school of thought and economic theory that advocates a socialist society based on free markets and usufructs, i.e. occupation and use property norms. One implementation of this system involves the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration. Mutualism is based on a version of the labor theory of value that it uses as its basis for determining economic value. According to mutualist theory, when a worker sells the product of their labor, they ought to receive money, goods, or services in exchange that are equal in economic value, embodying "the amount of labor necessary to produce an article of exactly similar and equal utility". The product of the worker's labour factors the amount of both mental and physical labour into the price of their product. While mutualism was popularized by the writings of anarchist philosopher Pierre-Joseph Proudhon and is mainly asso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian Economics
Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of political economy, critique of political economy. However, unlike Critique of political economy, critics of political economy, Marxian economists tend to accept the concept of economy, the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxism, Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotation, connotative and denotation, denotative differences. Marxian economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Issues In Genetic Resources
Bioversity International is a global research-for-development organization that delivers scientific evidence, management practices and policy options to use and safeguard agricultural biodiversity to attain global food and nutrition security, working with partners in low-income countries in different regions where agricultural biodiversity can contribute to improved nutrition, resilience, productivity and climate change adaptation. Bioversity International is a member of the CGIAR, a global research partnership for a food-secure future. The organization is highly decentralized, with about 300 staff working around the world. Its headquarters are in Rome's Maccarese borough, Italy, with regional offices located in Central and South America, West and Central Africa, East and Southern Africa, Central and South Asia, and South-east Asia. In 2019, Bioversity International joined with the International Center for Tropical Agriculture (as the Alliance of Bioversity International and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
