In finance, the financial system is the system that allows the transfer of money between savers (and investors) and borrowers. A financial system can operate on a global, regional or firm specific level. Gurusamy, writing in ''Financial Services and Systems'' has described it as comprising "a set of complex and closely interconnected financial institutions, markets, instruments, services, practices, and transactions."

According to Franklin Allen and Douglas Gale in ''Comparing Financial Systems'':

"Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely."

See also

Financial Services

Global financial system

Finance

Banking

Accounting records

References

Category:Economics terminology Category:Banking

bg:Финансова система ca:Sistema financer de:Finanzsystem el:Χρηματοπιστωτικό σύστημα es:Sistema financiero fr:Système financier kk:Қаржы жүйесі lt:Finansų sistema pl:System finansowy ru:Финансовая система sq:Sistemi financiar uk:Фінансова система

name	Steve Keen
school tradition	Post-Keynesian economics
color	darkorange
birth date	March 28, 1953
nationality
influences	Hyman MinskyPiero SraffaJoseph Alois SchumpeterFrançois Quesnay
opposed	Neoclassical economics
contributions	Mathematical models of financial crises and debt-deflation }}

Steve Keen is a professor in economics and finance at the University of Western Sydney. He classes himself as a post-Keynesian, criticizing both modern neoclassical economics and Marxian economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Hyman Minsky, Piero Sraffa, Joseph Alois Schumpeter, and François Quesnay. His recent work mostly concentrates on mathematical modeling and simulation of financial instability. He is a Fellow at the Centre for Policy Development.

Financial instability and debt deflation

Most of Steve Keen's recent work focuses on modeling Hyman Minsky's financial instability hypothesis and Irving Fisher's debt deflation. The hypothesis predicts that an overly large debt to GDP ratio can cause deflation and depression. Here, the falling of the price level results in a continually rising real quantity of outstanding debt. Moreover, the continued deleveraging of outstanding debts increases the rate of deflation. Thus, debt and deflation act on and react to one another, resulting in a debt-deflation spiral. The outcome is a depression. Steve Keen argues that the current global economic crisis is the result of too much debt.

''Debunking Economics''

Keen's full-range critique of neoclassical economics is contained in his book ''Debunking Economics''. Keen presents a wide variety of critiques on neoclassical economic theory, and argues that they show neoclassical assumptions are fundamentally flawed. Keen points out that several neoclassical assumptions are empirically unsupported (that is, they are unsupported by observable and repeatable phenomena) nor are they desirable for society at large (that is, they do not necessarily produce either efficiency or equity for the majority). He argues that economists' overall conclusions are very sensitive to small changes in these assumptions.

Keen's book closes with a survey of various schools of heterodox economics, concluding "None of these is at present strong enough or complete enough to declare itself a contender for the title of ‘the’ economic theory of the 21st century." However, he argues that neoclassical economics is a degenerative research program, not generating new knowledge but growing a belt of protective auxiliary hypotheses to shield its core beliefs from critique. There is an accompanying web site which provides more detailed mathematical expositions.

Critique of neoclassical theory of the firm

Keen's work (as opposed to his popularization) has also focused on refuting the neoclassical theory of the firm, which argues that firms will set marginal revenue equal to marginal cost. Keen notes that empirical research finds real firms set price well above marginal cost: they charge a markup, often cost-plus pricing; compare fellow post-Keynesian Alfred Eichner, who also argued for markup pricing.

He cites Eiteman & Guthrie, finding 89% of firms set prices above the level where marginal revenue is equal to marginal cost, as well as more recent work by Alan Blinder.

Keen's article on "profit maximization, industry structure, and competition" has had counter-arguments by Paul Anglin.

Criticisms

Some reviewers contend that Keen has not shown what he claims and that he misrepresents economic theory. Keen agrees that some more nuanced and qualified versions of neoclassical economics exist at very high levels. However he claims that his critique is aimed at the core neoclassical ideas that are taught in universities at undergraduate and postgraduate level and which are often used as the basis for policy prescriptions. As a cover blurb from Alan Isaac states, Keen's book is "A wide-ranging yet accessible critique of the staples of neoclassical pedagogy."

Firms setting price to marginal cost is consistent with the neoclassical theory of the firm if those firms have some ''market power''. However, Keen argues" that economic theory neglects the effect on price of increasing or reducing supply by a single item and finds that charging a markup is actually a more stable, profitable equilibrium. In neoclassical theory, a firm would also charge a markup above marginal cost. In fact, part of the purpose of the work by Eiteman & Guthrie and by Blinder that Keen cites as evidence, was to show that real life firms have some monopoly power, within the standard context of a neoclassical model.

Other publications

Lee, Frederic S. and Steve Keen (2004): "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory", ''Review of Social Economy'', V. 62, Iss. 2: 169-199

Co-editor of: ''Commerce, Complexity and Evolution: Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics.'' New York: Cambridge University Press. ISBN 0-521-62030-9.

See also

Paul Ormerod

References

External links

Website of "Debunking Economics" and Steve Keen's personal web site

Steve Keen's Debtwatch blog

List of Steve Keen's publications

There is madness in their method A sample chapter from Debunking Economics.

A more detailed presentation of the contents in the Physica A article.

A news feature on an Econophysics paper co-written by Prof. Keen appeared in the journal Nature, accompanied by an editorial.

Interview conducted on the 13th of Dec 2009 by Dominic Frisby about Steve Keen's predictions for 2010

Steven Keen 04 February 2010 (video from Switzer TV)

Steve Keen interviewed on BBC's ''Hard Talk''

Steve Keen interviewed on RT's ''Capital Account'' (10 Nov 2011)

Category:Australian economists Category:Australian academics Category:University of Western Sydney faculty Category:Post-Keynesian economists Category:Living people Category:1953 births

de:Steve Keen he:סטיב קין sv:Steve Keen

Name	John Reed
Birth date	February 07, 1969
Birth place	TriBeCa, New York City
Nationality	American
Alma mater	Columbia University
Occupation	novelist
Website	''http://www.johnreed.tv''

John Reed (born February 7, 1969) is an American novelist. He is the author of four novels: ''A Still Small Voice'' (2000), ''Snowball's Chance'' (2002) with a preface by Alexander Cockburn, ''The Whole'' (2005), and ''All the World's a Grave: A New Play by William Shakespeare'' (2008). His fifth book, ''Tales of Woe'' (2010), is a collection of twenty-five stories, chronicling true stories of abject misery.

Biography

Born in 1969 in New York City, Reed is the son of artist David Reed and Judy Rifka. He attended Hampshire College, and received a Masters in Fine Art in Creative Writing from Columbia University. He teaches at The New School.

Reed was an early contributor to, and subsequently an editor with, ''Open City'', a New York literary journal published by Robert Bingham, who later founded the book series.

Works

He is affiliated with the ''New York Press'' and ''The Brooklyn Rail''. "Americans are extremely sophisticated in terms of narrative forms," said Reed in an interview. "We see it in commercials, we see it on TV, we see it in movies. But the narrative forms we're talking about are three acts, five acts, depending on how you want to look at it. They're all based on a Christian model of sin, suffering, redemption; which is not a large model."

A Still Small Voice

''A Still Small Voice'' (Delacorte 2000, Delta 2001), Reed’s first novel, is a historical novel based on the life of a girl growing up in Kentucky from 1850-1870.

Snowball's Chance

''Snowball's Chance'' (Roof Books 2002/2003), Reed’s second novel was a controversial send-up of George Orwell’s ''Animal Farm'', and ended in a cataclysmic attack on the “Twin Mills” (reminiscent of the 9/11 attack on the World Trade Center). It became a bestseller in the field of books by independent literary publishers.

The Whole, or, Duh Whole

''The Whole'', Reed’s third novel, parodied MTV and was released in 2005 by MTV Books (Simon & Schuster). The novel described a gigantic hole that appears in the middle of the country, which engulfs four states.

All the World's a Grave

Reed, in a new work, returns to the overhaul of canonical English writers in ''All the World's a Grave'', fall 2008, Penguin Books. The work, subtitled "''A New Play by William Shakespeare''", is a tragedy in five acts, a "mash-up" constructed of lines drawn from five Shakespeare tragedies and one Shakespeare history; Hamlet, King Lear, Macbeth, Othello, Romeo & Juliet and Henry V. In the "literary trick" (as described by Page Six of The New York Post) Shakespeare's lines are rearranged into a wholly new story, in which Prince Hamlet of Denmark goes to war to claim his bride and the daughter of King Lear, Juliet. Upon a triumphant return home, Hamlet discovers that his mother has murdered his father, and married Macbeth. Visited by his father's ghost, and goaded by the opportunistic Lieutenant Iago, Hamlet is driven mad by the erroneous belief that Juliet is having an affair with General Romeo.

References

External links

John Reed's website

All the World's a Grave'', book website.

Kill the beavers!, ''The Daily Telegraph'', November 22, 2002.

John Reed: Saint George and the Damn Truth, ''Moby Lives'', Nove,ber 10, 2003.

John Reed: The Whole, an excerpt, ''Brooklyn Rail'', January 2005.

Dinitia Smith: A Pig Returns to the Farm, Thumbing His Snout at Orwell, ''The New York Times'', November 25, 2002.

Cathy Young: Blaming the Victim, ''Reason.com'', December 3, 2002.

Andrea Scrima: Review of Tales of Woe, Rumpus, November 16, 2010.

Interview with Arthur Phillips on rewriting Shakespeare

Category:1969 births Category:Living people Category:American novelists Category:American humorists Category:Writers from New York Category:Hampshire College alumni Category:Columbia University alumni Category:George Orwell Category:The New School faculty

playername	Bob Chapman
fullname	Robert Dennis Chapman
dateofbirth	August 18, 1946
cityofbirth	Aldridge
countryofbirth	England
position	Defender
years1	1964–1977
clubs1	Nottingham Forest
clubs2	Notts County
clubs3	Shrewsbury Town
clubs4	Burton Albion
caps1	359
caps2	42
caps3	37
caps4	?
goals1	17
goals2	0
goals3	6
nationalteam-update	}}

Bob Chapman (full name Robert Dennis Chapman, but who was often known as Sammy Chapman – born 18 August 1946) is an English footballer who played as a defender in the Football League during the 1960s and 1970s, most notably with Nottingham Forest.

He made his debut for Forest in 1964 at the age of 17 years 5 months, which at the time made him the youngest ever Forest player, and he was to go on to make 422 senior appearances for the club (scoring 23 goals).

In 1977 he left them to join Notts County and after a season he moved to Shrewsbury Town, before moving to non-league with Burton Albion.

His son Robert has played cricket for Nottinghamshire County Cricket Club.

References

Category:English footballers Category:The Football League players Category:Nottingham Forest F.C. players Category:Notts County F.C. players Category:Shrewsbury Town F.C. players Category:Burton Albion F.C. players Category:People from Aldridge Category:Living people Category:1946 births

de:Sammy Chapman (Fußballspieler, 1946)

name	James Beeland Rogers, Jr.
birth date	October 19, 1942
birth place	Baltimore, Maryland, USA
occupation	Chairman of Rogers Holdings and Beeland Interests, Inc. Co-founder of the Quantum Fund
alma mater	Balliol College, OxfordYale University
website	www.jimrogers.com
footnotes	}}

James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and author. He is currently based in Singapore. Rogers is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund with George Soros and creator of the Rogers International Commodities Index (RICI).

Rogers is an outspoken proponent of the free market, but he does not consider himself a member of any school of thought. Rogers acknowledged, however, that his views best fit the label of Austrian School of economics.

Early life and education

Rogers was born in Baltimore, Maryland and raised in Demopolis, Alabama. He started in business at the age of five by selling peanuts and by picking up empty bottles that fans left behind at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor's degree in History from Yale University in 1964. Rogers then acquired a second BA degree in Philosophy, Politics and Economics from Balliol College, Oxford University in 1966.

Business career

1970-2002

In 1970, Rogers joined Arnhold and S. Bleichroder. In 1973, Rogers co-founded the Quantum Fund with George Soros. During the following 10 years, the portfolio gained 4200% while the S&P advanced about 47%. The Quantum Fund was one of the first truly international funds.

In 1980, Rogers decided to "retire", and spent some of his time traveling on a motorcycle around the world. Since then, he has been a guest professor of finance at the Columbia Business School.

In 1989 and 1990, Rogers was the moderator of WCBS' ''The Dreyfus Roundtable'' and FNN's ''The Profit Motive with Jim Rogers''. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the ''Guinness Book of World Records''. He tells of his adventures and worldwide investments in ''Investment Biker'', a bestselling investment book.

In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its three sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest in the index. Rogers is an outspoken advocate of agriculture investments.

Between January 1, 1999 and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes. The trip began in Iceland, which was about to celebrate the 1000th anniversary of Leif Eriksson's first trip to America. On January 5, 2002, they were back in New York City and their home on Riverside Drive. His route around the world can be viewed on his website, jimrogers.com. He wrote ''Adventure Capitalist'' following this around-the-world adventure. It is currently his bestselling book.

2002 to present

On his return in 2002, Rogers became a regular guest on Fox News' ''Cavuto on Business'' and other financial TV shows. In 2002, Rogers said that Fed Chairman Alan Greenspan's "reaction to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble." In 2006, Rogers said he was shorting US financials, home builders and Fannie Mae.

In 2005, Rogers wrote ''Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market''. In this book, Rogers quotes a ''Financial Analysts Journal'' academic paper co-authored by Yale School of Management professor, Geert Rouwenhorst, entitled ''Facts and Fantasies about Commodity Futures''. Rogers contends this paper shows that commodities investment is one of the best investments over time, which is a concept somewhat at odds with conventional investment thinking.

In December 2007, Rogers sold his mansion in New York City for about 16 million USD and moved to Singapore. Rogers claimed that he moved because now is a ground-breaking time for investment potential in Asian markets. Rogers's first daughter is now being tutored in Mandarin to prepare her for the future. He is quoted as saying: "If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia." In a CNBC interview with Maria Bartiromo broadcast on May 5, 2008, Rogers said that people in China are extremely motivated and driven, and he wants to be in that type of environment, so his daughters are motivated and driven. He also stated that this is how America and Europe used to be. He chose not to move to Chinese cities like Hong Kong or Shanghai due to the high levels of pollution causing potential health problems for his family; hence, he chose Singapore. He has also advocated investing in certain smaller Asian frontier markets such as Sri Lanka and Cambodia, and currently serves as an Advisor to Leopard Capital’s Leopard Sri Lanka Fund. However, he is not fully bullish on all Asian nations, as he remains skeptical of India's future - "India as we know it will not survive another 30 or 40 years". In 2008 Rogers endorsed Ron Paul for President of the United States.

Rogers has two daughters with Paige Parker. Hilton Augusta (nicknamed Happy) was born in 2003, and their second daughter Beeland Anderson in 2008. His latest book, ''A Gift To My Children'', contains lessons in life for his daughters as well as investment advice and was published in 2009.

On November 4, 2010, at Oxford University’s Balliol College, he urged students to scrap career plans for Wall Street or the City, London’s financial district, and to study agriculture and mining instead. “The power is shifting again from the financial centers to the producers of real goods. The place to be is in commodities, raw materials, natural resources."

In February 2011 Rogers announced that he has started a new index fund which focuses on "the top companies in agriculture, mining, metals and energy sectors as well as those in the alternative energy space including solar, wind and hydro." The index is called The Rogers Global Resources Equity Index and according to Rogers, only the best and most liquid companies go into the index.

Bibliography

1995: ''Investment Biker: Around the World with Jim Rogers''. - ISBN 1-55850-529-6

2003: ''Adventure Capitalist: The Ultimate Road Trip''. - ISBN 0375509127

2004: ''Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market''. - ISBN 140006337X

2007: ''A Bull in China: Investing Profitably in the World's Greatest Market''. - ISBN 1400066166

2009: ''A Gift to My Children: A Father's Lessons For Life And Investing''. - ISBN 1400067545

Further reading

External links

The Millennium Adventure, Official Jim Rogers website

The Rogers International Commodity Index A site for information on the RICI

;Articles

"An Early Christmas for Jim Rogers". - ''BusinessWeek'' - December 8, 2004.

"Invest In Commodities – and Keep Your Shirt". - November 23, 2006.

"We Want Our Kids To Learn Chinese". - MySinchew. - July 19, 2008. - (article about Rogers' life in Singapore)

"Adventure Capitalist". - ''PODER Magazine''. - April 2010.

;Interviews

Curated Interview With Jim Rogers From Market Wizards

Jim Rogers on the British Pound, US Dollar, And China

Jim Rogers, The Adventure Capitalist

Jim Rogers and George Soros Started the Quantum Fund

rediff.com: The Money Interview/Jim Rogers, investor, globetrotter

Financial Sense Newshour's Ask The Expert: Jim Rogers:

*2003.

*May 6, 2004.

Riverside Conversations: a 3 Part TV Series with Marc Faber

SCMP video interview, September 8, 2008.

Investors Chronicle interview. - (on the decline of the US/Europe, emerging markets, commodities). - November 2008.

Bloomberg Night Talk interview. - November 24, 2008.

Jim Rogers on The Lew Rockwell Show:

*"The Crash of '08". - December 12, 2008. - (*.MP3 audio)

*"Economic Advice to My Children (and You)". - May 17, 2009. - (*.MP3 audio)

Bloomberg TV Jim Rogers Special. - December 24, 2008.

''TIME'' Q&A: Jim Rogers:

*April 28, 2009.

*October 31, 2008.

Interview from March 2009 on Channel 4

Jim Rogers Sat 3 Interview German TV Sat 3

Euro is not to blame for crisis, BBC News, 26 December 2011.

References

Category:1942 births Category:Living people Category:Alumni of Balliol College, Oxford Category:American business writers Category:American expatriates in Singapore Category:American financiers Category:American finance and investment writers Category:American hedge fund managers Category:American investors Category:American money managers Category:American people of English descent Category:American stock traders Category:Austrian School economists Category:Columbia Business School faculty Category:Financial analysts Category:George Soros Category:People from Demopolis, Alabama Category:Stock and commodity market managers Category:Yale University alumni Category:Writers from Alabama

zh-min-nan:Jim Rogers de:Jim Rogers fr:Jim Rogers it:Jim Rogers he:ג'ים רוג'רס lt:Jim Rogers nl:Jim Rogers ja:ジム・ロジャーズ no:Jim Rogers fi:Jim Rogers sv:Jim Rogers zh:占·羅傑斯