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privatization (L5)<br />The sale of publicly owned assets, especially industrial capital, to private investors. Many countries in the 1980s undertook this kind of reduction of the public sector to achieve a variety of aims: to improve industry by freeing it from bureaucratic state control, to augment public revenue, to widen share ownership, and to increase competition to benefit consumers. One example is the sale of several UK NATIONALIZED INDUSTRIES to the public, notably gas, steel, oil, water, electricity, telecommunications, the state airline, and airports. Examples in other countries include France's sale of St Gobain, Paribas and Suez, Japan's sale of its railways and Hungary's sale of state firms to companies and individuals. Privatization has also taken the form of the sale of state and local authority housing.<br /> In practice, the programme has not met all of its aims. Competition has not increased as much as was hoped because state monopolies in many cases have become private monopolies, instead of being split into competing companies. Also, some of the assets were sold at less than their market value thus reducing the amount of public revenue received from their sale.<br /><em>See also:</em> economic devolution <br /><em>Reference</em><br />Gayle, D.J. and Goodrich, J.N. (eds) (1991) Privatisation and Deregulation in Global Perspective, London: Pinter.<br /> Swann, D. (1988) The Retreat of the State: Deregulation and Privatisation in the UK and USA, Brighton: Harvester Wheatsheaf.<br /> Thompson, D., Kay, I. A. and Mayer, C. (eds) (1986) Privatisation: The UK Experience, Oxford: Clarendon Press.
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operations and to co-ordinate the different functions of the organization. The CEO sometimes is also a director or president or chairman/woman.

<strong>PRCN</strong> – Program Review Control Number.
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poverty (B)<br />1 Low income per person.<br /> 2 The state of being below an arbitrary income level and regarded as poor by a particular society. When a society upgrades what it regards as minimal sub- sistence, it immediately statistically enlarges the poor sector of its population. In less developed countries, with large agricultural sectors, income and earnings figures are not always available so indirect measures, e.g. the rates of change of unemployment and food consumption, and the lack of technical progress are used as poverty indicators.<br /><em>Reference</em><br />Schiller, B.R. (1989) Economics of Povert y and Discrimination, 5th edn, Englewood Cliffs, NJ: Prentice HalL Sen, A. (1981) Poverty and Famines: An Essay on Entitlement and Deprivation, New York: Oxford University Press.<br /> - (1983) On Economic Inequality, Oxford: Clarendon Press.<br /> Townsend, P. (1979) Poverty in the United Kingdom, Harmondsworth: Penguin. Zheng, B. (1997) 'Aggregate poverty measures', Journal of Economic Surveys 11:123 - 62.
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autonomous consumption (E2)<br /> Consumption unrelated to the level of income. At zero income, in the short run, there can be autonomous consumption to maintain physical existence.

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<strong>Electronic Access Conference (EAC)</strong> – An annual conference sponsored by the U.S. Department of Education.
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<strong>Federal Need Analysis Methodology (FM)</strong> – The formula used to calculate the EFC (Expected Family Contribution), which is then used to determine a student' s eligibility for the federal financial aid, state aid, and/or institutional aid programs.

<strong>VR</strong> – Vocational Rehabilitation. The Missouri Department of Elementary and Secondary Education (DESE) administers VR programs.
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entrepot (F1)<br />A commercial centre or warehouse engaged in the distribution of goods throughout the world.

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<strong>Secondary market</strong> – An entity that purchases education loans from eligible lenders. The secondary market obtains funds from investors or public bonds and uses those funds to purchase existing education loans from lenders.

<strong>Gift aid</strong> – Financial aid that does not have to be repaid, including grants and scholarships.
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building society (G2)<br />A UK financial institution primarily concerned with raising, through members' deposits, a stock or fund for making advances to them secured on land and buildings for residential use, according to the BUILDING SOCIETIES ACT 1986. As they stand between those who save and those who ultimately borrow money, they act as financial intermediaries. All of them were founded as local non-profit-making institutions, the earliest dating from the 1840s. Through mergers some societies acquired a power rivalling that of the major banks and, like the latter, offering a wide range of financial services. In 1900, there were 2,286 building societies; in 1990, 105; in 2000, 67. The recent decline in their numbers occurred through mergers with banks or insurance companies. The 1986 Act freed them from many restrictions, changing their character from organizations with social aims to competitive firms with a commercial orientation.<br /><em>See also:</em> thrift

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ecological footprint (QO)<br />The amount of land an individual needs to support his or her present consumption. This concept was anticipated by Richard CANTILLON's land and labour theory of value.

<strong>Recall (of a claim)</strong> – A lender request to a guarantor to return a default claim that has already been filed but has not yet been paid because the claim no longer qualifies for default.

fundamental equilibrium (F4)<br />For a BALANCE OF PAYMENTS this OCCUrS
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