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Old 07-29-2011, 07:53 PM   #13
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local labour market (J4)<br />A geographical market which brings together buyers and sellers within a given area, often defined as a journey-to-work area in which employers and workers are in close contact with each other. CLASSICAL ECONOMISTS, following SMITH'S celebrated discussion of WAGE DIFFERENTIALS, believed that the free movement of workers in response to wage differentials would bring about an equalization of the net advantages of employment. Labour economists believe that there are fewer market imperfections, especially of an informational kind, in these local markets than in other labour markets. However, the conflict between INTERNAL and EXTERNAL LABOUR MARKETS has made it more difficult to see local markets of this kind functioning in a classical manner. Also, the concept applies mostly to markets for less skilled workers. Managerial and professional workers consider themselves participants in the wider national and international labour markets.<br /><em>See also:</em> labour market; labour mobility <br /><em>Reference</em><br />Robinson, D. (ed.) (1970) Local Labour Markets and Wage Structures, London: Gower.<br /> Smith, A. (1776) The Wealth of Nations, ed. R.H. Campbell and A.S. Skinner, Book 1, ch. 10, Oxford: Clarendon Press, 1976.
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collectivization of agriculture (N5)<br />The reorganization of a country's agriculture into state farms thereby depriving peasants of landownership and management. Collectivization in the USSR was introduced in 1929 but was not implemented in a major and systematic way until the 1930s: it was accompanied by much resistance and a famine which killed millions. Subsequently, other countries following the principles of Marxist-Leninism have attempted draconian changes of this kind, e.g. Mao's China and Ethiopia.

<strong>SF</strong> – Within CommonLine file specifications, loan type code used to indicate a subsidized Federal Stafford Loan.

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