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currency swap (F3)<br />A capital market exchange of a loan in one currency for a loan in another, e.g. a fixed interest dollar loan for a floating interest loan in Swiss francs.
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Polanyi, Karl, 1886-1964 (B3)<br />Hungarian socialist who migrated from Budapest to Vienna in 1919 and then to England in 1933. He lectured for the Workers' Educational Association before moving in 1947 to Columbia University where he conducted seminars on comparative economic institutions and ECONOMIC ANTHROPOLOGY. He is noted for his analysis of exchange systems and examination of socialist planning. In his The Great Transformation (1944) he argued that under CAPITALISM, labour and land had been turned into commodities so that human society had become subordinated to the economic system.
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National Industrial Recovery Act 1933 (N6)<br />A major US federal statute of the New Deal which sought to promote industrial recovery. Under section 7, the codes of competition (statements of price and output policies) had to recognize the right of workers to organize collectively making this statute an important forerunner of the WAGNER ACT.
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