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conglomerate (M1)<br />A large firm, particularly in the USA, with many subsidiary firms producing unrelated goods and services so as to reduce risk. Famous US conglomerates include ITT, LTV, Litton, Textro and Gulf and Western. Their past growth was based on a simple mathematical truth that if a company with a high PRICE EARNINGS RATIO takes over one with a lower price-earnings ratio, the acquiring company's earnings per share will automatically rise, helping to finance further acquisitions. Their recent growth has been hampered by the opposition of the US Department of Justice and periods of falling stock market prices.

International Clearing Union (F3)<br />A set of international institutions proposed by KEYNES at BRETTON WOODS. The ICU was to be the world's banker by setting up a World Bank which would be able to make adjustments of exchange rates, as well as providing a Board for International Investment, a scheme of commodity controls and an International Economic Board. Keynes hoped that this new set of institutions would combat the evils of the TRADE CYCLE. Exchange rate stabilization was to be achieved by fixing each exchange rate in terms of a new international bank money, BANCOR, which would itself be fixed in terms of gold. CENTRAL BANKS WOuld keep their accounts with the ICU to settle outstanding balances at the par value of their currencies expressed in bancor. Ban- cor credit balances, with the approval of central banks in credit, would be used to finance debtor countries. Overdraft facilities would give countries time for adjustment Each country would have a 'quota', i.e. a maximum debit balance, equal to the sum of the country's exports and imports on the average of the three pre-war years. If the quota was exceeded by more than one-quarter, then the country would be entitled to devalue up to 5 per cent without the consent of the ICU If the quota was exceeded by more than one-half, then the ICU would require a stated devaluation, control of outward capital transactions and the surrender of a suitable percentage of gold or other liquid reserve assets. If the quota was exceeded by more than three-quarters, then a country could be declared in default and no longer entitled to draw on its account without the approval of the governing body of the ICU Thus, this proposal was a step towards a world central bank operating in an international currency.<br /><em>See also:</em> International Monetary Fund; World Bank

<strong>Borrower</strong> – A person who obtains a loan and must repay it. This term is NOT synonymous with “student.”

economic life (M4)<br />The period during which an asset is expected to yield a return. For the purposes of calculating DEPRECIATION, assets are assumed to have a standard life. Houses are given a notional life of 80 years, coal mines 100 years and machines 8, 16 or 25 years.

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