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<strong>FRB</strong> – Federal Reserve Bank, one of 12 banks established by The Federal Reserve Act for holding government reserve funds. The banking industry uses the Federal Reserve system for transferring funds electronically via an overnight process. (See also ACH.)
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Asiatic mode of production (PO)<br />The most primitive form of production, according to MARX, in which self-sufficient agricultural communities are despotically governed. The state, through taxation, appropriates the economic surplus of the agricultural sector to finance the building of the country's infrastructure. The concept was developed in the 1950s and 1960s to examine more aspects of state forma- tion and the formation of classes in primitive communities.<br /><em>Reference</em><br />Krader, L. (1975) The Asiatic Mode of Production, Assen, The Netherlands: Van Gorcum.<br /> Marx, K. (1964) Pre-capitalist Economic Formations, ed. E. Hobsbawm, London: Lawrence & Wishart.<br /> O'Leary, B. (1989) The Asiatic Mode of Production: Oriental Despotism, Historical Materialism and Indian History, Oxford: Basil BlackwelL
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