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gold reserves (E5)<br />Gold holdings of a CENTRAL BANK used only for transactions with other central banks. The amount of gold reserves in the world at any time is equal to the amount produced less the private demand for jewellery, dentistry and hoarding, together with past accumulations.<br /><em>See also:</em> gold bullion standard
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high employment surplus (H6)<br />An estimate of the excess of tax revenues over government expenditures at a FULLEMPLOYMENT level of NATIONAL INCOME. This is used as a yardstick of a government's FISCAL STANCE.<br /><em>See also:</em> structural deficit
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industrial union (J5)<br />A TRADE (LABOR) UNION which is the sole organizer of labour in a particular industry. Germany has sixteen industrial unions to organize its labour force. Many have suggested a similar structure for UK unions (who had recommended industrial unionism to the Federal Republic of West Germany) but have stumbled on the major obstacle to such change - the dismemberment of powerful GENERAL UNIONS.<br /><em>See also:</em> craft union; enterprise union
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