160-397: The foreign exchange market ( forex , FX (pronounced "fix"), or currency market ) is a global decentralized or over-the-counter (OTC) market for the trading of currencies . This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume , it is by far
320-507: A federal democracy confronts the widespread issue of political ignorance by allowing citizens to engage in foot voting , or moving to other jurisdictions with more favorable laws. He cites the mass migration of over one million southern-born African Americans to the North or the West to evade discriminatory Jim Crow laws in the late 19th century and early 20th century. The European Union follows
480-448: A market trend indicator. The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize the currency. However, aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in
640-542: A "counterpoint to globalization [which] removes decisions from the local and national stage to the global sphere of multi-national or non-national interests. Decentralization brings decision-making back to the sub-national levels". Decentralization strategies must account for the interrelations of global, regional, national, sub-national, and local levels. Norman L. Johnson writes that diversity plays an important role in decentralized systems like ecosystems , social groups , large organizations, political systems . "Diversity
800-595: A Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade,
960-475: A business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros , even though its income is in United States dollars . It also supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction,
1120-579: A centralized " welfarist " policy of entitlements which now has become a "post-welfare" policy of intergovernmental and market-based decentralization. In 1983, "Decentralization" was identified as one of the " Ten Key Values " of the Green Movement in the United States. A 1999 United Nations Development Programme report stated: "A large number of developing and transitional countries have embarked on some form of decentralization programmes. This trend
1280-511: A compilation by Zechariah Aghmati called Sefer ha-Ner . The Tosafot are collected commentaries by various medieval Ashkenazic rabbis on the Talmud (known as Tosafists or Ba'alei Tosafot ). One of the main goals of the Tosafot is to explain and interpret contradictory statements in the Talmud. Unlike Rashi, the Tosafot is not a running commentary, but rather comments on selected matters. Often
1440-567: A consensus view. The rabbis recorded in the Mishnah are known as the Tannaim (literally, "repeaters", or "teachers"). These tannaim—rabbis of the second century CE--"who produced the Mishnah and other tannaic works, must be distinguished from the rabbis of the third to fifth centuries, known as amoraim (literally, "speakers"), who produced the two Talmudim and other amoraic works". Since it sequences its laws by subject matter instead of by biblical context,
1600-402: A country's number of regional legislatures, elector procedures, and the order in which national and regional elections occur. Brancati holds that decentralization can promote peace if it encourages statewide parties to incorporate regional demands and limit the power of regional parties. The processes by which entities move from a more to a less centralized state vary. They can be initiated from
1760-520: A currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: 1 USD is worth X CAD, or CHF, or JPY, etc. The foreign exchange market works through financial institutions and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market
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#17328484328201920-414: A decentralized system, there is no single centralized authority that makes decisions on behalf of all the parties. Instead each party, also called a peer, makes local autonomous decisions towards its individual goals which may possibly conflict with those of other peers. Peers directly interact with each other and share information or provide service to other peers. An open decentralized system is one in which
2080-455: A directive in their platforms because rightist parties tend to advocate for a decrease in the role of central government. There is also strong evidence to support the idea that government stability increases the probability of political decentralization, since instability brought on by gridlock between opposing parties in legislatures often impedes a government's overall ability to enact sweeping reforms. The rise of regional ethnic parties in
2240-437: A little short-term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational corporations (MNCs) can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants. National central banks play an important role in the foreign exchange markets. They try to control
2400-582: A lower boundary on the dating of the Babylonian Talmud, it must post-date the early 5th century given its reliance on the Jerusalem Talmud . From the time of its completion, the Talmud became integral to Jewish scholarship. A maxim in Pirkei Avot advocates its study from the age of 15. This section outlines some of the major areas of Talmudic study. One area of Talmudic scholarship developed out of
2560-443: A lower level of government while maintaining financial responsibility. While this process usually is called fiscal federalism , it may be relevant to unitary, federal, or confederal governments. Fiscal federalism also concerns the "vertical imbalances" where the central government gives too much or too little money to the lower levels. It actually can be a way of increasing central government control of lower levels of government, if it
2720-491: A modern economy. Talmudic The Talmud ( / ˈ t ɑː l m ʊ d , - m ə d , ˈ t æ l -/ ; Hebrew : תַּלְמוּד , romanized : Talmūḏ , lit. 'teaching') is, after the Hebrew Bible , the central text of Rabbinic Judaism and the primary source of Jewish religious law ( halakha ) and Jewish theology . Until the advent of modernity , in nearly all Jewish communities,
2880-556: A party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II . Countries gradually switched to floating exchange rates from
3040-444: A region and the central government. Dawn Brancati finds that political decentralization reduces intrastate conflict unless politicians create political parties that mobilize minority and even extremist groups to demand more resources and power within national governments. However, the likelihood this will be done depends on factors like how democratic transitions happen and features like a regional party's proportion of legislative seats,
3200-401: A respectful manner. Gauging the appropriate size or scale of decentralized units has been studied in relation to the size of sub-units of hospitals and schools, road networks, administrative units in business and public administration, and especially town and city governmental areas and decision-making bodies. In creating planned communities ("new towns"), it is important to determine
3360-580: A return to small scale living. The decentralist movement attracted Southern Agrarians like Robert Penn Warren , as well as journalist Herbert Agar . New Left and libertarian individuals who identified with social, economic, and often political decentralism through the ensuing years included Ralph Borsodi , Wendell Berry , Paul Goodman , Carl Oglesby , Karl Hess , Donald Livingston , Kirkpatrick Sale (author of Human Scale ), Murray Bookchin , Dorothy Day , Senator Mark O. Hatfield , Mildred J. Loomis and Bill Kauffman . Leopold Kohr , author of
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#17328484328203520-492: A self-contained, edited passage known as a sugya . Much of the Gemara is legal in nature. Each analysis begins with a Mishnaic legal statement. With each sugya, the statement may be analyzed and compared with other statements. This process can be framed as an exchange between two (often anonymous, possibly metaphorical) disputants, termed the makshan (questioner) and tartzan (answerer). Gemara also commonly tries to find
3680-640: A sole for one's foot. Despite its incomplete state, the Jerusalem Talmud remains an indispensable source of knowledge of the development of the Jewish Law in the Holy Land. It was also an important primary source for the study of the Babylonian Talmud by the Kairouan school of Chananel ben Chushiel and Nissim ben Jacob , with the result that opinions ultimately based on the Jerusalem Talmud found their way into both
3840-493: A strong desire for greater participation of citizens and private sector organizations in governance." Those studying the goals and processes of implementing decentralization often use a systems theory approach, which according to the United Nations Development Programme report applies to the topic of decentralization "a whole systems perspective, including levels, spheres, sectors and functions and seeing
4000-448: A systems approach. Norman Johnson of Los Alamos National Laboratory wrote in a 1999 paper: "A decentralized system is where some decisions by the agents are made without centralized control or processing. An important property of agent systems is the degree of connectivity or connectedness between the agents, a measure global flow of information or influence. If each agent is connected (exchange states or influence) to all other agents, then
4160-476: Is a conscious process based on explicit policies. However, it may occur as "silent decentralization" in the absence of reforms as changes in networks, policy emphasize and resource availability lead inevitably to a more decentralized system. Decentralization may be uneven and "asymmetric" given any one country's population, political, ethnic and other forms of diversity. In many countries, political, economic and administrative responsibilities may be decentralized to
4320-452: Is a large purchase occurred after the close). In developed nations, state control of foreign exchange trading ended in 1973 when complete floating and relatively free market conditions of modern times began. Other sources claim that the first time a currency pair was traded by U.S. retail customers was during 1982, with additional currency pairs becoming available by the next year. On 1 January 1981, as part of changes beginning during 1978,
4480-425: Is accomplished by the institution of reforms that either delegate a certain degree of meaningful decision-making autonomy to sub-national tiers of government, or grant citizens the right to elect lower-level officials, like local or regional representatives. Depending on the country, this may require constitutional or statutory reforms, the development of new political parties , increased power for legislatures ,
4640-421: Is also no convincing evidence that they actually make a profit from trading. Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market. Banks, dealers, and traders use fixing rates as
4800-626: Is as follows: Currency trading and exchange first occurred in ancient times. Money-changers (people helping others to change money and also taking a commission or charging a fee) were living in the Holy Land in the times of the Talmudic writings ( Biblical times ). These people (sometimes called "kollybistẻs") used city stalls, and at feast times the Temple's Court of the Gentiles instead. Money-changers were also
4960-406: Is coupled with a growing interest in the role of civil society and the private sector as partners to governments in seeking new ways of service delivery ... Decentralization of governance and the strengthening of local governing capacity is in part also a function of broader societal trends. These include, for example, the growing distrust of government generally, the spectacular demise of some of
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5120-578: Is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. After the Accord ended in 1971, the Smithsonian Agreement allowed rates to fluctuate by up to ±2%. In 1961–62, the volume of foreign operations by the U.S. Federal Reserve was relatively low. Those responsible for managing exchange rates then found the boundaries of
5280-558: Is defined to be unique properties of entities, agents, or individuals that are not shared by the larger group, population, structure. Decentralized is defined as a property of a system where the agents have some ability to operate "locally." Both decentralization and diversity are necessary attributes to achieve the self-organizing properties of interest." Advocates of political decentralization hold that greater participation by better informed diverse interests in society will lead to more relevant decisions than those made only by authorities on
5440-399: Is done through deregulation , the abolition of restrictions on businesses competing with government services, for example, postal services, schools, garbage collection. Even as private companies and corporations have worked to have such services contracted out to or privatized by them, others have worked to have these turned over to non-profit organizations or associations. From the 1970s to
5600-558: Is during this period that rabbinic discourse began to be recorded in writing. In antiquity, the two major centres of Jewish scholarship were located in Galilee and Babylonia . A Talmud was compiled in each of these regional centres. The earlier of the two compilations took place in Galilee, either in the late fourth or early fifth century, and it came to be known as the Jerusalem Talmud (or Talmud Yerushalmi ). Later on, and likely some time in
5760-410: Is growing in many emerging economies. Countries such as South Korea, South Africa, and India have established currency futures exchanges, despite having some capital controls. Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004. The increase in turnover is due to a number of factors: the growing importance of foreign exchange as an asset class,
5920-811: Is largely in Jewish Babylonian Aramaic , although quotations in the Gemara of the Mishnah, the Baraitas and Tanakh appear in Mishnaic or Biblical Hebrew. Some other dialects of Aramaic occur in quotations of other older works, like the Megillat Taanit . The reason why earlier texts occur in Hebrew, and later texts in Aramaic, is because of the adoption of the latter (which was the spoken vernacular) by rabbinic circles during
6080-587: Is no central exchange or clearing house . The biggest geographic trading center is the United Kingdom, primarily London. In April 2022, trading in the United Kingdom accounted for 38.1% of the total, making it by far the most important center for foreign exchange trading in the world. Owing to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when
6240-678: Is not linked to other kinds of responsibilities and authority. Fiscal decentralization can be achieved through user fees, user participation through monetary or labor contributions, expansion of local property or sales taxes, intergovernmental transfers of central government tax monies to local governments through transfer payments or grants , and authorization of municipal borrowing with national government loan guarantees. Transfers of money may be given conditionally with instructions or unconditionally without them. Market decentralization can be done through privatization of public owned functions and businesses, as described briefly above. But it also
6400-456: Is often criticized as being a modern-day version of pilpul . Nevertheless, the influence of the Brisker method is great. Most modern-day Yeshivot study the Talmud using the Brisker method in some form. One feature of this method is the use of Maimonides ' Mishneh Torah as a guide to Talmudic interpretation, as distinct from its use as a source of practical halakha . Rival methods were those of
6560-609: Is primarily because the prestige of the Jewish community of Israel steadily declined in contrast with the Babylonian community in the years after the redaction of the Talmud and continuing until the Gaonic era. Maimonides claims that all Jewish communities in the Gaonic period formally accepted the Babylonian Talmud as binding, and that in any areas where the two Talmuds conflict, deference is given to
Foreign exchange market - Misplaced Pages Continue
6720-443: Is regarded as more comprehensive. The structure of the Talmud follows that of the Mishnah, in which six orders ( sedarim ; singular: seder ) of general subject matter are divided into 60 or 63 tractates ( masekhtot ; singular: masekhet ) of more focused subject compilations, though not all tractates have Gemara. Each tractate is divided into chapters ( perakim ; singular: perek ), 517 in total, that are both numbered according to
6880-498: Is sometimes called the " interbank market " (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits
7040-586: Is the process by which the activities of an organization, particularly those related to planning and decision-making, are distributed or delegated away from a central, authoritative location or group and given to smaller factions within it. Concepts of decentralization have been applied to group dynamics and management science in private businesses and organizations, political science , law and public administration , technology , economics and money . The word " centralisation " came into use in France in 1794 as
7200-741: Is usually a physical delivery of currency to a bank account). It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign Exchange Companies. These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services. The volume of transactions done through Foreign Exchange Companies in India amounts to about US$ 2 billion per day. This does not compete favorably with any well developed foreign exchange market of international repute, but with
7360-553: Is written largely in Jewish Palestinian Aramaic , a Western Aramaic language that differs from its Babylonian counterpart . The eye and the heart are two abettors to the crime. The final redaction of the text was in the late fourth or early fifth century, once Christianity had become the state religion of the Roman Empire and Jerusalem. Just as wisdom has made a crown for one's head, so, too, humility has made
7520-669: The Talmuda de-Eretz Yisrael ("Talmud of the Land of Israel"). Prior to being written down, it was transmitted orally for centuries and represents a compilation of scholastic teachings and analyses on the Mishnah (especially those concerning agricultural laws) found across regional centres of the Land of Israel now known as the Academies in Galilee (principally those of Tiberias , Sepphoris , and Caesarea ). It
7680-453: The Aggadic material from the Talmud. It was intended to familiarize the public with the ethical parts of the Talmud and to dispute many of the accusations surrounding its contents. Geonic -era (6th-11th centuries) commentaries have largely been lost, but are known to exist from partial quotations in later medieval and early modern texts. Because of this, it is known that now-lost commentaries on
7840-852: The Aite Group estimated that there were $ 369 billion of remittances (an increase of 8% on the previous year). The four largest foreign markets ( India , China , Mexico , and the Philippines ) receive $ 95 billion. The largest and best-known provider is Western Union with 345,000 agents globally, followed by UAE Exchange . Bureaux de change or currency transfer companies provide low-value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access foreign exchange markets via banks or non-bank foreign exchange companies. Decentralization Decentralization or decentralisation
8000-609: The Bretton Woods Accord was signed, allowing currencies to fluctuate within a range of ±1% from the currency's par exchange rate. In Japan, the Foreign Exchange Bank Law was introduced in 1954. As a result, the Bank of Tokyo became a center of foreign exchange by September 1954. Between 1954 and 1959, Japanese law was changed to allow foreign exchange dealings in many more Western currencies. U.S. President, Richard Nixon
8160-494: The Hebrew alphabet and given names, usually using the first one or two words in the first Mishnah. A perek may continue over several (up to tens of) pages . Each perek will contain several mishnayot . The Mishnah is a compilation of legal opinions and debates. Statements in the Mishnah are typically terse, recording brief opinions of the rabbis debating a subject; or recording only an unattributed ruling, apparently representing
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#17328484328208320-562: The International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day. Trading in the United States accounted for 19.4%, Singapore and Hong Kong account for 9.4% and 7.1%, respectively, and Japan accounted for 4.4%. Turnover of exchange-traded foreign exchange futures and options was growing rapidly in 2004–2013, reaching $ 145 billion in April 2013 (double
8480-561: The Kingdom of England and the County of Holland . Alex. Brown & Sons traded foreign currencies around 1850 and was a leading currency trader in the USA. In 1880, J.M. do Espírito Santo de Silva ( Banco Espírito Santo ) applied for and was given permission to engage in a foreign exchange trading business. The year 1880 is considered by at least one source to be the beginning of modern foreign exchange:
8640-503: The Mir and Telz yeshivas . See Chaim Rabinowitz § Telshe and Yeshiva Ohel Torah-Baranovich § Style of learning . The text of the Talmud has been subject to some level of critical scrutiny throughout its history. Rabbinic tradition holds that the people cited in both Talmuds did not have a hand in its writings; rather, their teachings were edited into a rough form around 450 CE (Talmud Yerushalmi) and 550 CE (Talmud Bavli.) The text of
8800-598: The Mishnah and the Babylonian Gemara, the latter representing the culmination of more than 300 years of analysis of the Mishnah in the Talmudic Academies in Babylonia. The foundations of this process of analysis were laid by Abba Arika (175–247), a disciple of Judah ha-Nasi . Tradition ascribes the compilation of the Babylonian Talmud in its present form to two Babylonian sages, Rav Ashi and Ravina II . Rav Ashi
8960-756: The People's Bank of China allowed certain domestic "enterprises" to participate in foreign exchange trading. Sometime during 1981, the South Korean government ended Forex controls and allowed free trade to occur for the first time. During 1988, the country's government accepted the IMF quota for international trade. Intervention by European banks (especially the Bundesbank ) influenced the Forex market on 27 February 1985. The greatest proportion of all trades worldwide during 1987 were within
9120-734: The Semitic root lmd , meaning "teach, study". Originally, Jewish scholarship was oral and transferred from one generation to the next. Rabbis expounded and debated the Torah (the written Torah expressed in the Hebrew Bible) and discussed the Tanakh without the benefit of written works (other than the Biblical books themselves), though some may have made private notes ( megillot setarim ), for example, of court decisions. This situation changed drastically due to
9280-458: The Tosafot and the Mishneh Torah of Maimonides . Ethical maxims contained in the Jerusalem Talmud are scattered and interspersed in the legal discussions throughout the several treatises, many of which differ from those in the Babylonian Talmud. The Babylonian Talmud ( Talmud Bavli ) consists of documents compiled over the period of late antiquity (3rd to 6th centuries). During this time,
9440-473: The financial crisis of 2007–2008 . One example of economic decentralization, which is based on a libertarian socialist model, is decentralized economic planning . Decentralized planning is a type of economic system in which decision-making is distributed amongst various economic agents or localized within production agents. An example of this method in practice is in Kerala , India which experimented in 1996 with
9600-465: The gold standard began in that year. Prior to the First World War, there was a much more limited control of international trade . Motivated by the onset of war, countries abandoned the gold standard monetary system. From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913. At
9760-402: The money supply , inflation , and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses as other traders would. There
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#17328484328209920-467: The 15th and 16th centuries, a new intensive form of Talmud study arose. Complicated logical arguments were used to explain minor points of contradiction within the Talmud. The term pilpul was applied to this type of study. Usage of pilpul in this sense (that of "sharp analysis") harks back to the Talmudic era and refers to the intellectual sharpness this method demanded. Pilpul practitioners posited that
10080-498: The 15th century on, some authorities sought to apply the methods of Aristotelian logic , as reformulated by Averroes . This method was first recorded, though without explicit reference to Aristotle, by Isaac Campanton (d. Spain, 1463) in his Darkhei ha-Talmud ("The Ways of the Talmud"), and is also found in the works of Moses Chaim Luzzatto . According to the present-day Sephardi scholar José Faur , traditional Sephardic Talmud study could take place on any of three levels. In
10240-467: The 18th century, pilpul study waned. Other styles of learning such as that of the school of Elijah b. Solomon, the Vilna Gaon , became popular. The term "pilpul" was increasingly applied derogatorily to novellae deemed casuistic and hairsplitting. Authors referred to their own commentaries as "al derekh ha-peshat" (by the simple method) to contrast them with pilpul. Among Sephardi and Italian Jews from
10400-414: The 1957 book The Breakdown of Nations – known for its statement "Whenever something is wrong, something is too big" – was a major influence on E. F. Schumacher , author of the 1973 bestseller Small Is Beautiful: A Study of Economics As If People Mattered . In the next few years a number of best-selling books promoted decentralization. Daniel Bell 's The Coming of Post-Industrial Society discussed
10560-751: The 1990s, there was deregulation of some industries, like banking, trucking, airlines and telecommunications, which resulted generally in more competition and lower prices. According to the Cato Institute , an American libertarian think-tank, in some cases deregulation in some aspects of an industry were offset by increased regulation in other aspects, the electricity industry being a prime example. For example, in banking, Cato Institute believes some deregulation allowed banks to compete across state lines, increasing consumer choice , while an actual increase in regulators and regulations forced banks to make loans to individuals incapable of repaying them, leading eventually to
10720-680: The 1992–93 European Exchange Rate Mechanism collapse, and in more recent times in Asia. Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases. Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with
10880-512: The 2019 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was $ 7.5 trillion in April 2022 (compared to $ 1.9 trillion in 2004). Of this $ 6.6 trillion , $ 2.1 trillion was spot transactions and $ 5.4 trillion was traded in outright forwards, swaps, and other derivatives . Foreign exchange is traded in an over-the-counter market where brokers/dealers negotiate directly with one another, so there
11040-452: The 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged US$ 7.5 trillion per day in April 2022. This is up from US$ 6.6 trillion in April 2019. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2022, at US$ 3.8 trillion per day, followed by spot trading at US$ 2.1 trillion . The $ 7.5 trillion break-down
11200-650: The Agreement unrealistic. As a result, it led to its discontinuation in March 1973. Afterwards, none of the major currencies (such as the US dollar, the British pound, the euro, or the Japanese yen) were maintained with a capacity for conversion to gold. Instead, organizations relied on reserves of currency to facilitate international trade and back the value of their own currency. From 1970 to 1973,
11360-581: The Babylonian Talmud may draw upon the Mishnah, the Jerusalem Talmud, midrash, and other sources. The traditions that the Gemara comments on are not limited to what is found in the Mishnah, but the Baraita as well (a term that broadly designates Oral Torah traditions that did not end up in the Mishnah). The baraitot cited in the Gemara are often quotations from the Tosefta (a tannaitic compendium of halakha parallel to
11520-538: The Babylonian opinion. Neither covers the entire Mishnah. For example, the Babylonian commentary only covers 37 of 63 Mishnaic tractates. In particular: The Babylonian Talmud records the opinions of the rabbis of the Ma'arava (the West, meaning Israel) as well as of those of Babylonia, while the Jerusalem Talmud seldom cites the Babylonian rabbis. The Babylonian version also contains the opinions of more generations because of its later date of completion. For both these reasons, it
11680-463: The Mishnah ( משנה , c. 200 CE), a written compendium of the Oral Torah ; and the Gemara ( גמרא , c. 500 CE), a commentary of the Mishnah and related Tannaitic writings whose greater goal is to systematically understand the Hebrew Bible . Sometimes, the term "Talmud" is only used for the Gemara. As a whole, the traditions of the Talmud emerged in a literary tradition that occurred between
11840-531: The Mishnah discusses individual subjects more thoroughly than the Midrash , and it includes a much broader selection of halakhic subjects than the Midrash. The Mishnah's topical organization thus became the framework of the Talmud as a whole. But not every tractate in the Mishnah has a corresponding Gemara. Also, the order of the tractates in the Talmud differs in some cases from that in the Mishnah . The Gemara constitutes
12000-409: The Mishnah) and the Midrash halakha (specifically Mekhilta, Sifra and Sifre ). Some baraitot , however, are known only through traditions cited in the Gemara, and are not part of any other collection. In addition to the six Orders, the Talmud contains a series of short treatises of a later date, usually printed at the end of Seder Nezikin. These are not divided into Mishnah and Gemara. The work
12160-563: The People's Plan campaign . Emmanuelle Auriol and Michel Benaim write about the "comparative benefits" of decentralization versus government regulation in the setting of standards. They find that while there may be a need for public regulation if public safety is at stake, private creation of standards usually is better because "regulators or 'experts' might misrepresent consumers' tastes and needs." As long as companies are averse to incompatible standards, standards will be created that satisfy needs of
12320-559: The Roman destruction of the Jewish commonwealth and the Second Temple in the year 70 and the consequent upheaval of Jewish social and legal norms. As the rabbis were required to face a new reality—mainly Judaism without a Temple (to serve as the center of teaching and study) and total Roman control over Judaea , without at least partial autonomy—there was a flurry of legal discourse and the old system of oral scholarship could not be maintained. It
12480-560: The Stone Age" through not just chiefdoms and states, but empires and today's "hegemonic core states". Christopher K. Chase-Dunn and Thomas D. Hall review other works that detail these cycles, including works which analyze the concept of core elites which compete with state accumulation of wealth and how their "intra-ruling-class competition accounts for the rise and fall of states" and their phases of centralization and decentralization. Rising government expenditures, poor economic performance and
12640-746: The Talmud after the end of the Amoraic period, known as the Savoraim or Rabbanan Savora'e (meaning "reasoners" or "considerers"). Unlike the Western Aramaic dialect of the Jerusalm Talmud, the Babylonian Talmud has a Babylonian Aramaic dialect. The Jerusalem is also more fragmentary (and difficult to read) due to a less complete redactional process . Legally, the two differ minimally. The Babylonian Talmud has received significantly more interest and coverage from commentators. This significantly greater influence
12800-502: The Talmud could contain no redundancy or contradiction whatsoever. New categories and distinctions ( hillukim ) were therefore created, resolving seeming contradictions within the Talmud by novel logical means. In the Ashkenazi world the founders of pilpul are generally considered to be Jacob Pollak (1460–1541) and Shalom Shachna . This kind of study reached its height in the 16th and 17th centuries when expertise in pilpulistic analysis
12960-597: The Talmud was compiled appears to have been forgotten at least by the second half of the Middle Ages, when estimates between the 3rd century BCE to the 9th century CE are suggested in the Wikkuah , a text that records the debates that took place in the Disputation of Paris (also known as the "Trial of the Talmud") which took place in 1240. A wide range of dates have been proposed for the Babylonian Talmud by historians. The text
13120-526: The Talmud was the centerpiece of Jewish cultural life and was foundational to "all Jewish thought and aspirations", serving also as "the guide for the daily life" of Jews. Above all, the Talmud is a commentary on the Mishnah , primarily written in Jewish Babylonian Aramaic . It contains the teachings and opinions of thousands of rabbis on a variety of subjects, including halakha , Jewish ethics , philosophy , customs , history , and folklore , and many other topics. The term Talmud normally refers to
13280-402: The Talmud were written by Paltoi Gaon, Sherira , Hai Gaon , and Saadya (though in this case, Saadiya is not likely to be the true author). Of these, the commentary of Paltoi ben Abaye ( c. 840) is the earliest. His son, Zemah ben Paltoi paraphrased and explained the passages which he quoted; and he composed, as an aid to the study of the Talmud, a lexicon which Abraham Zacuto consulted in
13440-460: The Talmud, has become a classic. Sections in the commentary covering a few tractates (Pes, BB and Mak) were completed by his students, especially Judah ben Nathan , and a sections dealing with specific tractates (Ned, Naz, Hor and MQ) of the commentary that appear in some print editions of Rashi's commentary today were not composed by him. In the twelfth and thirteenth centuries, a genre of rabbinic literature emerged surrounding Rashi's commentary, with
13600-626: The US by the Commodity Futures Trading Commission and National Futures Association , have previously been subjected to periodic foreign exchange fraud . To deal with the issue, in 2010 the NFA required its members that deal in the Forex markets to register as such (i.e., Forex CTA instead of a CTA). Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex. A number of
13760-516: The United Kingdom (slightly over one quarter). The United States had the second highest involvement in trading. During 1991, Iran changed international agreements with some countries from oil-barter to foreign exchange. The foreign exchange market is the most liquid financial market in the world. Traders include governments and central banks, commercial banks, other institutional investors and financial institutions, currency speculators , other commercial corporations, and individuals. According to
13920-775: The United Kingdom's Labour Party appealed to Scottish constituents by creating a semi-autonomous Scottish Parliament in order to neutralize the threat from the increasingly popular Scottish National Party at the national level. In addition to increasing the administrative efficacy of government and endowing citizens with more power, there are many projected advantages to political decentralization. Individuals who take advantage of their right to elect local and regional authorities have been shown to have more positive attitudes toward politics, and increased opportunities for civic decision-making through participatory democracy mechanisms like public consultations and participatory budgeting are believed to help legitimize government institutions in
14080-427: The aim of generating profits as well as limiting risk. While the number of this type of specialist firms is quite small, many have a large value of assets under management and can, therefore, generate large trades. Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated in
14240-449: The appropriate population and geographical size. While in earlier years small towns were considered appropriate, by the 1960s, 60,000 inhabitants was considered the size necessary to support a diversified job market and an adequate shopping center and array of services and entertainment. Appropriate size of governmental units for revenue raising also is a consideration. Even in bioregionalism , which seeks to reorder many functions and even
14400-404: The bank created the nostro (from Italian, this translates to "ours") account book which contained two columned entries showing amounts of foreign and local currencies; information pertaining to the keeping of an account with a foreign bank. During the 17th (or 18th) century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of
14560-407: The basis of decentralization that can lead to local efficiency, equity and development." Columbia University 's Earth Institute identified one of three major trends relating to decentralization: "increased involvement of local jurisdictions and civil society in the management of their affairs, with new forms of participation, consultation, and partnerships." Decentralization has been described as
14720-474: The bid and ask prices widens (for example from 0 to 1 pip to 1–2 pips for currencies such as the EUR) as you go down the levels of access. This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by
14880-412: The books in a later interview, Toffler said that industrial-style, centralized, top-down bureaucratic planning would be replaced by a more open, democratic, decentralized style which he called "anticipatory democracy". Futurist John Naisbitt 's 1982 book "Megatrends" was on The New York Times Best Seller list for more than two years and sold 14 million copies. Naisbitt's book outlines 10 "megatrends",
15040-414: The boundaries of governments according to physical and environmental features, including watershed boundaries and soil and terrain characteristics, appropriate size must be considered. The unit may be larger than many decentralist-bioregionalists prefer. Decentralization ideally happens as a careful, rational, and orderly process, but it often takes place during times of economic and political crisis,
15200-985: The capital Helsinki to the provinces. The centre supports substantial subsidies that limit potential economic and political centralization to Helsinki. Political decentralization does not come without its drawbacks. A study by Fan concludes that there is an increase in corruption and rent-seeking when there are more vertical tiers in the government, as well as when there are higher levels of subnational government employment. Other studies warn of high-level politicians that may intentionally deprive regional and local authorities of power and resources when conflicts arise. In order to combat these negative forces, experts believe that political decentralization should be supplemented with other conflict management mechanisms like power-sharing , particularly in regions with ethnic tensions. Four major forms of administrative decentralization have been described. Fiscal decentralization means decentralizing revenue raising and/or expenditure of moneys to
15360-575: The centers of authority (" top-down ") or from individuals, localities or regions (" bottom-up "), or from a "mutually desired" combination of authorities and localities working together. Bottom-up decentralization usually stresses political values like local responsiveness and increased participation and tends to increase political stability. Top-down decentralization may be motivated by the desire to "shift deficits downwards" and find more resources to pay for services or pay off government debt. Some hold that decentralization should not be imposed, but done in
15520-480: The collection of writings named specifically the Babylonian Talmud ( Talmud Bavli ), compiled in the 5th century by Rav Ashi and Ravina II . There is also an earlier collection known as the Jerusalem Talmud ( Talmud Yerushalmi ). It may also traditionally be called Shas ( ש״ס ), a Hebrew abbreviation of shisha sedarim , or the "six orders" of the Mishnah . The Talmud has two components:
15680-504: The commentary portion of the Talmud. The Mishnah, and its commentary (the Gemara), together constitute the Talmud. This commentary arises from a longstanding tradition of rabbis analyzing, debating, and discussing the Mishnah ever since it had been published. The rabbis who participated in the process that produced this commentarial tradition are known as the Amoraim . Each discussion is presented in
15840-428: The community level as the entry point at which holistic definitions of development goals are from the people themselves and where it is most practical to support them. It involves seeing multi-level frameworks and continuous, synergistic processes of interaction and iteration of cycles as critical for achieving wholeness in a decentralized system and for sustaining its development." However, it has been seen as part of
16000-409: The correct biblical basis for a given law in the Mishnah as well as the logical process that connects the biblical to the Mishnaic tradition. This process was known as talmud , long before the "Talmud" itself became a text. In addition, the Gemara contains a wide range of narratives, homiletical or exegetical passages, sayings, and other non-legal content, termed aggadah . A story told in a sugya of
16160-478: The creation of local political units, and encouragement of advocacy groups . A national government may decide to decentralize its authority and responsibilities for a variety of reasons. Decentralization reforms may occur for administrative reasons, when government officials decide that certain responsibilities and decisions would be handled best at the regional or local level. In democracies, traditionally conservative parties include political decentralization as
16320-696: The customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or "mark-up" in addition to the price obtained in the market. Dealers or market makers , by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at. Non-bank foreign exchange companies offer currency exchange and international payments to private individuals and companies. These are also known as "foreign exchange brokers" but are distinct in that they do not offer speculative trading but rather currency exchange with payments (i.e., there
16480-400: The decentralization of Ancient Greece . Since the 1980s a number of scholars have written about cycles of centralization and decentralization. Stephen K. Sanderson wrote that over the last 4000 years chiefdoms and actual states have gone through sequences of centralization and decentralization of economic, political and social power. Yildiz Atasoy writes this process has been going on "since
16640-421: The demands of minorities for a greater say in local governance, the general weakening legitimacy of the public sector and global and international pressure on countries with inefficient, undemocratic, overly centralized systems. The following four goals or objectives are frequently stated in various analyses of decentralization. In decentralization, the principle of subsidiarity is often invoked. It holds that
16800-497: The destruction of the Second Temple in 70 CE and the Arab conquest in the early seventh century. In all, the Talmud is divided into 63 tractates , with each tractate systematically discussing one general subject or theme. In the standard print of the Talmud (the Vilna Shas ), the Talmud runs to a length of 2,711 double-sided folios . Talmud translates as "instruction, learning", from
16960-536: The early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overall size”. Central banks also participate in the foreign exchange market to align currencies to their economic needs. An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have
17120-508: The end of 1913, nearly half of the world's foreign exchange was conducted using the pound sterling . The number of foreign banks operating within the boundaries of London increased from 3 in 1860, to 71 in 1913. In 1902, there were just two London foreign exchange brokers. At the start of the 20th century, trades in currencies was most active in Paris , New York City and Berlin ; Britain remained largely uninvolved until 1914. Between 1919 and 1922,
17280-543: The end, an extension of centralization." In 1863, retired French bureaucrat Maurice Block wrote an article called "Decentralization" for a French journal that reviewed the dynamics of government and bureaucratic centralization and recent French efforts at decentralization of government functions. Ideas of liberty and decentralization were carried to their logical conclusions during the 19th and 20th centuries by anti-state political activists calling themselves " anarchists ", " libertarians ", and even decentralists. Tocqueville
17440-720: The entry of online Foreign Exchange Companies the market is steadily growing. Around 25% of currency transfers/payments in India are made via non-bank Foreign Exchange Companies. Most of these companies use the USP of better exchange rates than the banks. They are regulated by FEDAI and any transaction in foreign Exchange is governed by the Foreign Exchange Management Act, 1999 (FEMA). Money transfer companies /remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country. In 2007,
17600-404: The entry of peers is not regulated. Any peer can enter or leave the system at any time ... Decentralization in any area is a response to the problems of centralized systems. Decentralization in government, the topic most studied, has been seen as a solution to problems like economic decline, government inability to fund services and their general decline in performance of overloaded services,
17760-461: The explanations of Tosafot differ from those of Rashi. Among the founders of the Tosafist school were Rabbeinu Tam , who was a grandson of Rashi, and, Rabbenu Tam's nephew, Isaac ben Samuel . The Tosafot commentaries were collected in different editions in the various schools. The benchmark collection of Tosafot for Northern France was that of Eliezer of Touques . The standard collection for Spain
17920-453: The eyes of marginalized groups. Moreover, political decentralization is perceived as a valid means of protecting marginalized communities at a local level from the detrimental aspects of development and globalization driven by the state, like the degradation of local customs, codes, and beliefs. In his 2013 book, Democracy and Political Ignorance , George Mason University law professor Ilya Somin argued that political decentralization in
18080-425: The fall of a regime and the resultant power struggles. Even when it happens slowly, there is a need for experimentation, testing, adjusting, and replicating successful experiments in other contexts. There is no one blueprint for decentralization since it depends on the initial state of a country and the power and views of political interests and whether they support or oppose decentralization. Decentralization usually
18240-426: The fifteenth century. Saadia Gaon is said to have composed commentaries on the Talmud, aside from his Arabic commentaries on the Mishnah. The first surviving commentary on the entire Talmud is that of Chananel ben Chushiel . Many medieval authors also composed commentaries focusing on the content of specific tractates, including Nissim ben Jacob and Gershom ben Judah . The commentary of Rashi , covering most of
18400-402: The fifth of which is from centralization to decentralization. In 1996 David Osborne and Ted Gaebler had a best selling book Reinventing Government proposing decentralist public administration theories which became labeled the " New Public Management ". Stephen Cummings wrote that decentralization became a "revolutionary megatrend" in the 1980s. In 1983 Diana Conyers asked if decentralization
18560-426: The following factors as determinants of decentralization: Historians have described the history of governments and empires in terms of centralization and decentralization. In his 1910 The History of Nations Henry Cabot Lodge wrote that Persian king Darius I (550–486 BC) was a master of organization and "for the first time in history centralization becomes a political fact." He also noted that this contrasted with
18720-465: The foreign exchange brokers operate from the UK under Financial Services Authority regulations where foreign exchange trading using margin is part of the wider over-the-counter derivatives trading industry that includes contracts for difference and financial spread betting . There are two main types of retail FX brokers offering the opportunity for speculative currency trading: brokers and dealers or market makers . Brokers serve as an agent of
18880-407: The foreign exchange market. By 2010, retail trading was estimated to account for up to 10% of spot turnover, or $ 150 billion per day (see below: Retail foreign exchange traders ). Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the interbank foreign exchange market , which is made up of the largest commercial banks and securities dealers . Within
19040-805: The history of 1976 was when the West German government achieved an almost 3 billion dollar acquisition (a figure is given as 2.75 billion in total by The Statesman: Volume 18 1974). This event indicated the impossibility of balancing of exchange rates by the measures of control used at the time, and the monetary system and the foreign exchange markets in West Germany and other countries within Europe closed for two weeks (during February and, or, March 1973. Giersch, Paqué, & Schmieding state closed after purchase of "7.5 million Dmarks" Brawley states "... Exchange markets had to be closed. When they re-opened ... March 1 " that
19200-438: The increased trading activity of high-frequency traders , and the emergence of retail investors as an important market segment. The growth of electronic execution and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in
19360-470: The interbank market, spreads represent the gap between the bid (the highest price a buyer is willing to pay) and ask (the lowest price a seller is willing to accept) prices in trading. Relationships play a role in a bank's access to interbank market liquidity. Banks with reserve imbalances may prefer to borrow from banks with established relationships and can sometimes secure loans at more favorable interest rates compared to other sources. The difference between
19520-457: The larger urban areas, while rural areas are administered by the central government. Decentralization of responsibilities to provinces may be limited only to those provinces or states which want or are capable of handling responsibility. Some privatization may be more appropriate to an urban than a rural area; some types of privatization may be more appropriate for some states and provinces but not others. The academic literature frequently mentions
19680-409: The largest market in the world, followed by the credit market . The main participants in this market are the larger international banks . Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set
19840-455: The late 19th century another trend in Talmud study arose. Hayyim Soloveitchik (1853–1918) of Brisk (Brest-Litovsk) developed and refined this style of study. Brisker method involves a reductionistic analysis of rabbinic arguments within the Talmud or among the Rishonim , explaining the differing opinions by placing them within a categorical structure. The Brisker method is highly analytical and
20000-505: The local information make decisions and in a more timely fashion; that their taking responsibility frees upper management for long term strategics rather than day-to-day decision-making; that managers have hands on training to prepare them to move up the management hierarchy; that managers are motivated by having the freedom to exercise their own initiative and creativity; that managers and divisions are encouraged to prove that they are profitable, instead of allowing their failures to be masked by
20160-427: The lowest or least centralized authority that is capable of addressing an issue effectively should do so. According to one definition: "Decentralization, or decentralizing governance, refers to the restructuring or reorganization of authority so that there is a system of co-responsibility between institutions of governance at the central, regional and local levels according to the principle of subsidiarity, thus increasing
20320-483: The most centralized regimes in the world (especially the Soviet Union) and the emerging separatist demands that seem to routinely pop up in one or another part of the world. The movement toward local accountability and greater control over one's destiny is, however, not solely the result of the negative attitude towards central government. Rather, these developments, as we have already noted, are principally being driven by
20480-572: The most important of the Jewish centres in Mesopotamia , a region called " Babylonia " in Jewish sources (see Talmudic academies in Babylonia ) and later known as Iraq , were Nehardea , Nisibis (modern Nusaybin ), Mahoza ( al-Mada'in , just to the south of what is now Baghdad ), Pumbedita (near present-day al Anbar Governorate ), and the Sura Academy , probably located about 60 km (37 mi) south of Baghdad. The Babylonian Talmud comprises
20640-672: The national level. Decentralization has been described as a response to demands for diversity. In business, decentralization leads to a management by results philosophy which focuses on definite objectives to be achieved by unit results. Decentralization of government programs is said to increase efficiency – and effectiveness – due to reduction of congestion in communications, quicker reaction to unanticipated problems, improved ability to deliver services, improved information about local conditions, and more support from beneficiaries of programs. Firms may prefer decentralization because it ensures efficiency by making sure that managers closest to
20800-455: The national politics of parliamentary democracies is also heavily associated with the implementation of decentralization reforms. Ethnic parties may endeavor to transfer more autonomy to their respective regions, and as a partisan strategy, ruling parties within the central government may cooperate by establishing regional assemblies in order to curb the rise of ethnic parties in national elections. This phenomenon famously occurred in 1999, when
20960-483: The need for decentralization and a "comprehensive overhaul of government structure to find the appropriate size and scope of units", as well as the need to detach functions from current state boundaries, creating regions based on functions like water, transport, education and economics which might have "different 'overlays' on the map." Alvin Toffler published Future Shock (1970) and The Third Wave (1980). Discussing
21120-478: The need to ascertain the Halakha (Jewish rabbinical law). Early commentators such as Isaac Alfasi (North Africa, 1013–1103) attempted to extract and determine the binding legal opinions from the vast corpus of the Talmud. Alfasi's work was highly influential, attracted several commentaries in its own right and later served as a basis for the creation of halakhic codes. Another influential medieval Halakhic work following
21280-474: The number of foreign exchange brokers in London increased to 17; and in 1924, there were 40 firms operating for the purposes of exchange. During the 1920s, the Kleinwort family were known as the leaders of the foreign exchange market, while Japheth, Montagu & Co. and Seligman still warrant recognition as significant FX traders. The trade in London began to resemble its modern manifestation. By 1928, Forex trade
21440-592: The order of the Babylonian Talmud, and to some extent modelled on Alfasi, was "the Mordechai ", a compilation by Mordechai ben Hillel ( c. 1250–1298). A third such work was that of Asher ben Yechiel (d. 1327). All these works and their commentaries are printed in the Vilna and many subsequent editions of the Talmud. A 15th-century Spanish rabbi, Jacob ibn Habib (d. 1516), compiled the Ein Yaakov , which extracts nearly all
21600-622: The overall profitability of the company. The same principles can be applied to the government. Decentralization promises to enhance efficiency through both inter-governmental competitions with market features and fiscal discipline which assigns tax and expenditure authority to the lowest level of government possible. It works best where members of the subnational government have strong traditions of democracy, accountability, and professionalism. Economic and/or political decentralization can help prevent or reduce conflict because they reduce actual or perceived inequities between various regions or between
21760-422: The overall quality and effectiveness of the system of governance while increasing the authority and capacities of sub-national levels." Decentralization is often linked to concepts of participation in decision-making, democracy, equality and liberty from a higher authority. Decentralization enhances the democratic voice. Theorists believe that local representative authorities with actual discretionary powers are
21920-587: The period of the Amoraim (rabbis cited in the Gemara) beginning around the year 200. A second Aramaic dialect is used in Nedarim , Nazir , Temurah , Keritot , and Me'ilah ; the second is closer in style to the Targum . The oldest full manuscript of the Talmud, known as the Munich Talmud (Codex Hebraicus 95), dates from 1342 and is available online. Manuscripts of the Talmud are as follows: The exact date at which
22080-481: The post- Revolution French Directory leadership created a new government structure. The word " décentralisation " came into usage in the 1820s. "Centralization" entered written English in the first third of the 1800s; mentions of decentralization also first appear during those years. In the mid-1800s Tocqueville would write that the French Revolution began with "a push towards decentralization" but became, "in
22240-477: The previous exchange rate regime , which remained fixed per the Bretton Woods system. The foreign exchange market is unique because of the following characteristics: As such, it has been referred to as the market closest to the ideal of perfect competition , notwithstanding currency intervention by central banks . According to the Bank for International Settlements , the preliminary global results from
22400-481: The principle of subsidiarity , which holds that decision-making should be made by the most local competent authority. The EU should decide only on enumerated issues that a local or member state authority cannot address themselves. Furthermore, enforcement is exclusively the domain of member states. In Finland, the Centre Party explicitly supports decentralization. For example, government departments have been moved from
22560-691: The purpose of supplementing it and addressing internal contradictions via the technique of pilpul . This genre of commentary is known as the Tosafot and focuses on specific passages instead of a running continuous commentary across the entire Talmud. Many Talmudic passages are difficult to understand, sometimes owing to the use of Greek or Persian loanwords whose meaning had become obscure. A major area of Talmudic scholarship developed to explain these passages and words. Some early commentators such as Rabbenu Gershom of Mainz (10th century) and Rabbenu Ḥananel (early 11th century) produced running commentaries to various tractates. These commentaries could be read with
22720-488: The rise of free market -influenced ideas have convinced governments to decentralize their operations, to induce competition within their services, to contract out to private firms operating in the market, and to privatize some functions and services entirely. Government decentralization has both political and administrative aspects. Its decentralization may be territorial, moving power from a central city to other localities, and it may be functional, moving decision-making from
22880-532: The silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021 (c.259/8 BC), shows the occurrences of exchange of coinage in Ancient Egypt . Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery , and raw materials. If
23040-523: The sixth century, the Babylonian Talmud was compiled. This later Talmud is usually what is being referred to when the word "Talmud" is used without qualification. The two Talmuds were likely written independently of one another. The Jerusalem Talmud ( Talmud Yerushalmi ) is known by several other names, including the Palestinian Talmud (which is more accurate, as it was not compiled in Jerusalem ), or
23200-608: The size of the "line" (the amount of money with which they are trading). The top-tier interbank market accounts for 51% of all transactions. After that, smaller banks, large multinational corporations (requiring risk hedging and cross-border payroll), major hedge funds, and even a few retail market makers come into play. According to Galati and Melvin, “ Pension funds , insurance companies , mutual funds , and other institutional investors have played an increasingly important role in financial markets in general, and in FX markets in particular, since
23360-444: The system is highly connected." University of California, Irvine 's Institute for Software Research's "PACE" project is creating an "architectural style for trust management in decentralized applications." It adopted Rohit Khare 's definition of decentralization: "A decentralized system is one which requires multiple parties to make their own independent decisions" and applies it to Peer-to-peer software creation, writing: In such
23520-476: The text likely trace to this time regardless of the date of the final redaction/compilation. Additional external evidence for a latest possible date for the composition of the Babylonian Talmud are the uses of it by external sources, including the Letter of Baboi (mid-8th century), Seder Tannaim veAmoraim (9th century) and a 10th-century letter by Sherira Gaon addressing the formation of the Babylonian Talmud. As for
23680-611: The text of the Talmud and would help explain the meaning of the text. Another important work is the Sefer ha-Mafteaḥ (Book of the Key) by Nissim Gaon , which contains a preface explaining the different forms of Talmudic argumentation and then explains abbreviated passages in the Talmud by cross-referring to parallel passages where the same thought is expressed in full. Commentaries ( ḥiddushim ) by Joseph ibn Migash on two tractates, Bava Batra and Shevuot, based on Ḥananel and Alfasi, also survive, as does
23840-457: The top administrator of any branch of government to lower level officials, or divesting of the function entirely through privatization. It has been called the " new public management " which has been described as decentralization, management by objectives, contracting out, competition within government and consumer orientation. Political decentralization signifies a reduction in the authority of national governments over policy-making. This process
24000-742: The turnover recorded in April 2007). As of April 2022, exchange-traded currency derivatives represent 2% of OTC foreign exchange turnover. Foreign exchange futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are traded more than to most other futures contracts. Most developed countries permit the trading of derivative products (such as futures and options on futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of emerging markets do not allow foreign exchange derivative products on their exchanges because they have capital controls . The use of derivatives
24160-528: The ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close sometime during 1972 and March 1973. This was a result of the collapse of the Bretton Woods System, as major currencies began to float against each other, ultimately leading to the abandonment of the fixed exchange rate system. Meanwhile, the largest purchase of US dollars in
24320-420: The volume of trading in the market increased three-fold. At some time (according to Gandolfo during February–March 1973) some of the markets were "split", and a two-tier currency market was subsequently introduced, with dual currency rates . This was abolished in March 1974. Reuters introduced computer monitors during June 1973, replacing the telephones and telex used previously for trading quotes. Due to
24480-438: The words: agricultural-industrial federation. All my political ideas boil down to a similar formula: political federation or decentralization." In the early 20th century, America's response to the centralization of economic wealth and political power was a decentralist movement. It blamed large-scale industrial production for destroying middle-class shop keepers and small manufacturers and promoted increased property ownership and
24640-430: Was Rabbenu Asher 's Tosefot haRosh. The Tosafot that are printed in the standard Vilna edition of the Talmud are an edited version compiled from the various medieval collections, predominantly that of Touques. A recent project, Halacha Brura , founded by Abraham Isaac Kook , presents the Talmud and a summary of the halachic codes side by side, so as to enable the "collation" of Talmud with resultant Halacha. During
24800-620: Was an advocate, writing: "Decentralization has, not only an administrative value but also a civic dimension since it increases the opportunities for citizens to take interest in public affairs; it makes them get accustomed to using freedom. And from the accumulation of these local, active, persnickety freedoms, is born the most efficient counterweight against the claims of the central government, even if it were supported by an impersonal, collective will." Pierre-Joseph Proudhon (1809–1865), influential anarchist theorist wrote: "All my economic ideas as developed over twenty-five years can be summed up in
24960-665: Was considered an art form and became a goal in and of itself within the yeshivot of Poland and Lithuania. But the popular new method of Talmud study was not without critics; already in the 15th century, the ethical tract Orhot Zaddikim ("Paths of the Righteous" in Hebrew) criticized pilpul for an overemphasis on intellectual acuity. Many 16th- and 17th-century rabbis were also critical of pilpul. Among them are Judah Loew ben Bezalel (the Maharal of Prague), Isaiah Horowitz , and Yair Bacharach . By
25120-493: Was integral to the financial functioning of the city. However, during the 1930s, London's pursuit of widespread trade prosperity was hindered by continental exchange controls and additional factors in Europe and Latin America . Some of these additional factors include tariff rates and quota, protectionist policies, trade barriers and taxes, economic depression and agricultural overproduction, and impact of protection on trade. In 1944,
25280-435: Was most likely completed, however, in the 6th century, or prior to the early Muslim conquests in 643–636 CE at the latest, on the basis that the Talmud lacks loanwords or syntax deriving from Arabic . Recently, it has been extensively argued that Talmud is an expression and product of Sasanian culture, as well as other Greek - Roman , Middle Persian , and Syriac sources up to the same period of time. The contents of
25440-480: Was president of the Sura Academy from 375 to 427. The work begun by Rav Ashi was completed by Ravina, who is traditionally regarded as the final Amoraic expounder. Accordingly, traditionalists argue that Ravina's death in 475 is the latest possible date for the completion of the redaction of the Talmud. However, even on the most traditional view, a few passages are regarded as the work of a group of rabbis who edited
25600-410: Was the "latest fashion" in development administration. Cornell University 's project on Restructuring Local Government states that decentralization refers to the "global trend" of devolving responsibilities to regional or local governments. Robert J. Bennett's Decentralization, Intergovernmental Relations and Markets: Towards a Post-Welfare Agenda describes how after World War II governments pursued
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