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The economy of Switzerland is one of the world's most stable economies. Its policy of long-term monetary security and political stability has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment.

Because of the country's small size and high labor specialization, industry and trade are the keys to Switzerland's economic livelihoodACER Aspire 4743 CPU Fan

. Switzerland has achieved one of the highest per capita incomes in the world with low unemployment rates and a balanced budget. The service sector has also come to play a significant economic role.

Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zurich and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and under-developed.HP Pavilion dv6-2170us CPU Fan

While a workshop system had been in existence throughout the early modern period, the production of machines began in 1801 in St. Gallen, with the third generation of machines imported from Great Britain. But in Switzerland, hydraulic power was often used instead of steam-engines because of the country's topography while there are no significant deposits of coal. Toshiba Satellite L675-S7018 CPU Fan

By 1814, hand weaving had been mostly replaced by the power loom. Both tourism and banking began to develop as an economic factor from about the same time.

Its industrial sector began to grow in the mid-19th century, but Switzerland's emergence as one of the most prosperous nations in Europe, sometimes termed the "Swiss miracle" was a development of the short 20th century, among other things tied to the role of Switzerland during the World Wars. ASUS F80Q CPU Fan

During World War I, Switzerland suffered an economic crisis. It was marked by a decrease in energy consumption, energy being mostly produced by coal in the 1910s, 1920s, 1930s and 1940s. The war tax[specify] was introduced. As imports were difficult, attempts were made to strengthen the Swiss economy. The cultivation of grain was promoted, and the Swiss railway became the first to use electric instead of coal-burning, steam-driven engines. ACER TravelMate 4200 CPU Fan

In the 1920s Switzerland's energy consumption increased.Throughout the 1930s Switzerland's energy consumption stagnated.In the 1940s, particularly during World War II the economy profited from the increased export and delivery of weapons to the German Reich, France, Great Britain, and other neighbouring and close countries. However, Switzerland's energy consumption decreased rapidly. HP 434678-001 CPU Fan

The conduct of the banks cooperating with the Nazis, but not exclusively, they also cooperated extensively with the British and French. and the commercial relations with the axis powers during the war became the subject of sharp criticism, resulting in a short period of international isolation of Switzerland from the world. After World War II, Switzerland's production facilities remained to a great extent undamaged which facilitated the country's swift economic resurgence.HP G70-120EA CPU Fan

In the 1950s, annual GDP growth averaged 5% and Switzerland's energy consumption doubled. Coal lost its rank as Switzerland's primary energy source, as other fossil fuels such as crude and refined oil and natural and refined gas imports increased. This decade also marked the transition from an industrial economy to a service economy. Since then the service sector has been growing faster than the agrarian and industrial sectors. Toshiba Satellite A300-034 CPU Fan

In the 1960s, annual GDP growth averaged 4% and Switzerland's energy consumption doubled. By the end of the decade oil was Switzerland's primary energy source

In the 1970s GDP growth rates gradually declined from a peak of 6.5% in 1970 until contracting 7.5% in 1975 and 1976. Switzerland became increasingly dependent on oil imported from its main supplier, the OPEC cartel. HP 606609-001 CPU Fan

The 1973 international oil crisis caused Switzerland's energy consumption to decrease from 1973 to 1977. In 1974 there were three nationwide car-free Sundays when private transport was prohibited as a result of the oil supply shock. From 1977 onwards GDP grew, however Switzerland was also affected by the 1979 energy crisis which resulted in a short term decrease of Switzerland's energy consumption[Compaq Presario CQ60-301sl CPU Fan

In the 1980s, Switzerland was affected by the hike in oil prices which resulted in a decrease of energy consumption until 1982 when the economy contracted by 1.3%. From 1983 on both GDP and energy consumption grew].

In the 1990s, Switzerland's economy was marred by slow growth, having the weakest economic growth in Western Europe. The economy was affected by a 3-year-recession from 1991 to 1993 when the economy contracted by 2%, TOSHIBA Satellite L300 CPU Fan

which also became apparent in Switzerland's energy consumption and export growth rates. Switzerland's economy averaged no appreciable increase (only 0.6% annually) in gross domestic product (GDP).

After having unemployment rates lower than 1% prior to 1990, the 3-year-recession also caused the unemployment rate to rise to its all-time-peak of 5.3% in 1997. And thus, as of 2008, ASUS Eee PC 701 CPU Fan

Switzerland is at the second place among European countries with populations above one million in terms of nominal and purchasing power parity Gross Domestic Product per capita, behind Norway (see list). On numerous occasions in the 1990s real wages decreased since nominal wages couldn't keep up with inflation. However, beginning in 1997, a global resurgence in currency movement provided the necessary stimulus to the Swiss economy. Compaq Presario CQ60-305sa CPU Fan

It slowly gained momentum and peaked in the year 2000 with 3.7% growth in real terms.

In the early 2000s recession, being so closely linked to the economies of Western Europe and the United States, Switzerland was not able to escape the slowdown felt in these countries. After the worldwide stock market crashes in the wake of the 9/11 terrorism attacks there were more announcements of false enterprise statistics and exaggerated managers' wages. HP 637607-001 CPU Fan

In 2001 the rate of growth dropped to 1.2%, to 0.4% in 2002 and in 2003 the real GDP contracted by 0.2%. That economic slowdown had a noticeable impact on the labour market.

Many companies announced mass dismissals and thus the unemployment rate rose from its low of 1.9% in June 2000 to its peak of 3.9% in October 2004, although well below the European Union (EU) unemployment average of 8.9%. HP Pavilion dv7-3067nr CPU Fan

The consumer mood worsened and domestic consumption decreased

The exports of goods and services in the EU and the USA decreased as a result of the Swiss Franc's appreciation in value which caused an increase in prices of exported goods and services. On the other hand Switzerland's tourism sector slumped and room occupation rates by foreign guests decreased. HP Pavilion dv5-1210ez CPU Fan

Besides that a deficit of market competition in many branches of Switzerland's economy persisted].

On the 10.11.2002 the economics magazine Cash published 5 measures which political and economic actors were suggested to implement so that Switzerland would once again experience an economic revival:

1. Private consumption should be promoted with decent wage increases. In addition to that families with children should get discounts on their health insurances. Compaq Presario CQ50-211nr CPU Fan

2. Switzerland's national bank should revive investments by lowering interest rates. Besides that monetary institutes should increasingly credit consumers and offer cheaper land zones which are to be built on.

3. Switzerland's national bank is asked to devalue the Swiss Franc, especially compared to the Euro.

4. The government should implement the anti-cyclical measure of increasing budget deficits. Government spending should increase in the infrastructural and educational sectors. HP G56-114SA CPU Fan

Lowering taxes would make sense in order to promote private household consumption.

5. Flexible work schedules should be instituted, thus avoiding low demand dismissals.

These measures were applied with successful results along with the government's policy of the Magical Hexagon which consists of full employment, social equality, economic growth, environmental quality, positive trade balance and price stability. SONY Vaio VGN-CR21Z/N CPU Fan

The rebound which started in mid-2003 saw growth rate growth rate averaging 3% (2004 and 2005 saw a GDP growth of 2.5% and 2.6% respectively; for 2006 and 2007, the rate was 3.6%). In 2008, GDP growth was modest in the first half of the year while declining in the last two quarters. Because of the base effect, real growth came to 1.9%. While it contacted 1.9% in 2009, the economy started to pick up in Q3 and by the second quarter of 2010, it had surpassed its previous peak. Growth for 2010 stood at 2.6%[11] HP Pavilion dv7-4060eo CPU Fan

The stock market collapse has deeply affected investment income earned abroad. This has translated to a substantial fall in the surplus of the current account balance. In 2006, Switzerland recorded a 15.1% per GDP surplus. It went down to 9.1% in 2007 and further dropped to 1.8% in 2008. It recovered in 2009 and 2010 with a surplus of 11.9% and 14.6% respectively. As of the first quarter 2010, Switzerland house prices are still edging up.[12] Toshiba Satellite M70-252 CPU Fan

This is a chart of trend of gross domestic product of Switzerland at market prices estimated[11] by the Swiss Government with figures in millions of Swiss Francs.

The Swiss economy follows the typical First World model with respect to the economic sectors. Only a small minority of the workers are involved in the Primary or Agricultural sector (1.3% of the population, in 2006) while a larger minority is involved in the Secondary or Manufacturing sector (27.7% in 2012). Toshiba Satellite A100-455 CPU Fan

The majority of the working population are involved in the Tertiary or Services sector of the economy (71.0% in 2012).[13]

While most of the Swiss economic practices have been brought largely into conformity with the European Union's policies, some trade protectionism remains, particularly for the small agricultural sector. HP Pavilion dv5-2112br CPU Fan

Switzerland is one of the leaders in exports of high-end watches as well as clocks, companies such as TAG-Heuer, Hublot, Zenith amongst others produce most of the world's high-end watches, in 2011, the exports of Switzerland reached nearly 19.3 billion CHF. Swiss watch manufacturers exceeded their previous annual result by 19.2%. The exports of those watches mainly go to Asia (55%), Europe (29%), America (14%), Africa and Oceania (both 1%).[DELL BFB0505HA CPU Fan

In USD, Switzerland has an export, in 2011, of over USD$20 billion, making it the country with the highest export value of watches, followed by Hong Kong, at under USD$10 billion.[15]

However, China export the most watches (all watches), at a total of 682.1+ units (in millions), followed by Hong Kong at 402.7, then Switzerland at 29.8 million units. HP Pavilion dv6-3299en CPU Fan

Switzerland has an extensive industrial sector, it is not very well known around the world but present with companies in different industrial sectors such as food processing like Nestlé, chemical for industrial and construction use like Sika AG, pharmaceutical like Novartis and Roche, roof coating Sarnafil, among many others. SONY Vaio VGN-NW11Z/T CPU Fan

Switzerland is extremely protective of its agricultural industry. High tariffs and extensive domestic subsidisations encourage domestic production, which currently produces about 60% of the food consumed in the country.

According to the Organisation for Economic Co-operation and Development (OECD), Switzerland is subsidising more than 70% of its agriculture compared to 35% in the EU. Toshiba Satellite L550-20W CPU Fan

The 2007 Agricultural Program, recently adopted by the Swiss Federal Assembly, will increase subsidies by CHF 63 million to CHF 14.092 billion.

Protectionism acts to promote domestic production, but not to reduce prices or the cost of production, and there is no guarantee the increased domestic production is actually consumed internally; it may simply be being exported, to the profit of the producers. HP Pavilion dv7-4183sf CPU Fan

90 to 100% of potatoes, pork, veal, cattle and most milk products, are produced in the country. Beyond that, Swiss agriculture meets sixty-five per cent of the domestic food demand.[16]

The first reform in agricultural policies was in 1993. Among other changes, since 1998 Switzerland has linked the attribution of farm subsidies with the strict observance of good environmental practice. HP Pavilion dv7-3190ev CPU Fan

Before farmers can apply for subsidies, they must obtain certificates of environmental management systems (EMS) proving that they: "make a balanced use of fertilizers; use at least 7% of their farmland as ecological compensation areas; regularly rotate crops; adopt appropriate measures to protect animals and soil; make limited and targeted use of pesticides."[17] HP KSB06105HA CPU Fan

1,500 farms are driven out of business each year. But the number of organic farms increased by 3.3 percent between 2003 and 2004, and organic sales increased by 7 percent to $979 million.[18] Moreover, Swiss consumers consider less important the drawback of higher prices for organic food compared to locally produced, conventional food.

The CIA World Factbook estimates Switzerland's 2011 exports at $308.3 billion and the 2010 exports at $258.5 billion. HP G62-244CA CPU Fan

Imports are estimated to be $299.6 billion in 2011 and $246.2 billion in 2010. According to the World Factbook numbers, Switzerland is the 20th largest exporter and the 18th largest importer.[14]

The United Nations Commodity Trade Statistics Database has lower numbers for Switzerland's exports and imports. The UN calculates exports at $223.5 billion in 2011 and $185.8 billion in 2010. HP Pavilion dv7-3190ei CPU Fan

The value of all imports in 2011 was $197.0 billion and in 2010 it was $166.9 billion.[19]

Switzerland's largest trading partner is Germany. In 2009, 21% of Switzerland's exports and 29% of its imports came from Germany. The United States was the second largest destination of exports (9.1% of total exports) and the fourth largest source of imports (6.7%).[20] HP G62-244CA CPU Fan

Switzerland's neighbors made up next largest group; Italy was third for exports (8.6%) and second for imports (10%), France was fourth for exports (8%) and third for imports (8.1%) and Austria was fifth for exports (4.6%) and sixth for imports (3.7%). Major non-European trading partners included; Japan (seventh for exports with 3.6% and twelfth for imports with 2%), ASUS A6000R CPU Fan

China (eighth for exports and imports with 3.1% and 2.5% respectively) and Turkey (sixteenth for exports with 1.2% and ninth for imports with 2.3%).[20]

As a first world country with a skilled labor force, the majority of Swiss exports are precision or 'high tech' finished products. Switzerland's largest specific SITC categories of exports include;medicaments, glycosides and vaccines, watches, orthopaedic appliances and precious jewellery. HP Pavilion dv7-6011sg CPU Fan

Some raw ores or metals are exported, but the majority of the exports in this category are finished jewellery or other finished products. Agricultural products that Switzerland is famous for, such as cheese (0.29%), wine (0.05%) and chocolate (0.39%) all make up only a small portion of Swiss exports and agricultural products make up only a small portion of all exports.[20] Toshiba Satellite L300D-01P CPU Fan

Switzerland's main imports include; medicaments, cars, precious jewellery and other unclassified transactions. While Switzerland has a long tradition of manufacturing cars,[21] there are currently no large-scale assembly line automobile manufacturers in the country.

Switzerland has a highly developed tourism infrastructure, especially in the mountainous regions and cities, making it a good market for tourism-related equipment and services. Compaq Presario CQ60-409CA CPU Fan

14% of hotels were in Grisons, 12% each in the Valais and Eastern Switzerland, 11% in Central Switzerland and 9% in theBernese Oberland. The ratio of lodging nights in relation to resident population ("tourism intensity", a measure for the relative importance of tourism to local economy) was largest in Grisons (8.3) and Bernese Oberland (5.3), compared to a Swiss average of 1.3. HP Mini 110-3010sf CPU Fan

56.4% of lodging nights were by visitors from abroad (broken down by nationality: 16.5% Germany, 6.3% UK, 4.8% USA, 3.6% France, 3.0% Italy) [22]

The total financial volume associated with tourism, including transportation, is estimated to CHF 35.5 billion (as of 2010) although some of this comes from fuel tax and sales of motorway vignettes. The total gross value added from tourism is 14.9 billion. Toshiba Satellite L645D-S4056 CPU Fan

Tourism provides a total of 144,838 full time equivalent jobs in the entire country. The total financial volume of tourist lodging is 5.19 billion CHF and eating at the lodging provides an additional 5.19 billion. The total gross value added of 14.9 billion is about 2.9% of Switzerland's 2010 nominal GDP of 550.57 billion CHF.

Tourists are drawn to Switzerland's Alpine climate and landscapes, in particular for skiing and mountaineering. Toshiba Satellite M70-142 CPU Fan

As of 2011, tourism accounted for an estimated 2.9% of Switzerland's gross domestic product.

Tourism begins with British mountaineers climbing the main peaks of the Bernese Alps in the early 19th century (Jungfrau1811, Finsteraarhorn 1812). The Alpine Club in London is founded in 1857. Reconvalescence in the Alpine climate, in particular from Tuberculosis, DELL Inspiron E1505 CPU Fan

is another important branch of tourism in the 19th and early 20th centuries for example inDavos, Graubünden. Because of the prominence of the Bernese Alps in British mountaineering, the Bernese Oberland was long especially known as a tourist destination. Meiringen's Reichenbach Falls achieved literary fame as the site of the fictional death of Sir Arthur Conan Doyle's Sherlock Holmes (1893). HP 532613-001 CPU Fan

The first organised tourist holidays to Switzerland were offered during the 19th century by the Thomas Cook and Lunn Travel companies.

Official statistics of tourism were planned since 1852, but were only realized from 1934, and continued until 2003. Since 2004, the Federal Statistical Office had discontinued its own statistics, but collaborates with Switzerland Tourism in the publication of yearly "Swiss Tourism Figures". HP Envy 14-1080eo CPU Fan

In the year 2011 as a total number of 4,967 registered hotels or hostels, offering a total of 240,000 beds in 128,000 rooms. This capacity was saturated to 41.7% (compared to 39.7% in 2005), amounting to a total of 38.8 million lodging nights. 14% of hotels were in Grisons, 12% each in the Valais and Eastern Switzerland, 11% in Central Switzerland and 9% in the Bernese Oberland. ACER TravelMate 5230 CPU Fan

The ratio of lodging nights in relation to resident population ("tourism intensity", a measure for the relative importance of tourism to local economy) was largest in Grisons (8.3) and Bernese Oberland (5.3), compared to a Swiss average of 1.3. 56.4% of lodging nights were by visitors from abroad (broken down by nationality: 16.5% Germany, 6.3% UK, 4.8% USA, 3.6% France, 3.0% Italy) [2] Lenovo 3000 G430 CPU Fan

The total financial volume associated with tourism, including transportation, is estimated to CHF 35.5 billion (as of 2010) although some of this comes from fuel tax and sales of motorway vignettes. The total gross value added from tourism is 14.9 billion. Tourism provides a total of 144,838 full time equivalent jobs in the entire country. The total financial volume of tourist lodging is 5.19 billion CHF and eating at the lodging provides an additional 5.19 billion. ASUS EEE PC 1215N CPU Fan

The total gross value added of 14.9 billion is about 2.9% of Switzerland's 2010 nominal GDP of 550.57 billion CHF.The major airport of Switzerland is at Zurich, main railway connections are to Geneva, Zurich and Basel. The main connection across the Alps is via the Gotthard tunnels (road and railway).The most visited Swiss tourist attractions are first, the Rhine Falls, second, the Berne Bear exhibit (both for free), and third, with over 1.8 million paid entries: Zoo Basel. Dell Vostro 3750 CPU Fan

In 2003, the financial sector comprised an estimated 11.6% of Switzerland's GDP and employed approximately 196,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce.[25]

Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Toshiba Satellite L500-018 CPU Fan

Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not even a member of the United Nations until 2002.[26][27]

Currently an estimated 28 percent of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland.[28] In 2009 Swiss banks managed 5.4 trillion Swiss Francs.[29] COMPAQ Presario CQ42-116TU CPU Fan

The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.[30] HP Pavilion dv6-2115eg CPU Fan

Foreign banks operating in Switzerland manage 870 billion Swiss francs worth of assets (as of May 2006).

Banking in Switzerland is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which derives its authority from a series of federal statutes. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in the Banking Law of 1934.[1] Toshiba Satellite L645D-S4056 CPU Fan

In 2011, banks represented 59.4% of the total value added of the Swiss financial sector, totalling CHF 35.0 billion representing 6.2% of the country's GDP.[2] UBS and Credit Suisse, the two largest banks in Switzerland, were ranked globally at #19 and #25 among banks, with assets of approximately US$1.375 trillion and US$1.090 trillion, respectively.[3] HP 646578-001 CPU Fan

As of 11 October 2008, the banking industry in Switzerland has an average leverage ratio (assets/networth) of 29 to 1, while the industry's short-term liabilities are equal to 260 percent of the Swiss GDP or 1,273 percent of the Swiss national debt.

Banking began in the eighteenth century by way of the riches of merchants. SONY VAIO PCG-6L2L CPU Fan

Wegelin & Co., established in 1741, was the oldest bank in Switzerland  until it restructured into a new legal entity in 2013.[8] Hentsch & Cie and Lombard Odier were both founded in 1796 in Geneva as private banks, and Pictet and Cie was established in 1805 as a merchant bank.Hentsch & Cie was a founding member of the Swiss National bank during 1852. Toshiba Satellite X205-S9349 CPU Fan

Switzerland is a prosperous nation with a per capita gross domestic product higher than that of most western Europeannations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared with that of othercurrencies.[15] In 2009, the financial sector comprised 11.6% of Switzerland's GDP and employed approximately 195,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. Furthermore, Swiss banks employ an estimated 103,000 people abroad.[16]

Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. HP Pavilion dv7-3020es CPU Fan

Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not a member of the United Nations until 2002.[17][18]

Currently an estimated one-third of all worldwide funds held outside their country of origin (sometimes called "offshore" funds) are kept in Switzerland. In 2001 Swiss banks managed US$2.6 trillion. HP G62-369TX CPU Fan

The following year they handled US$400 billion less which has been attributed to both a bear market and stricter regulations on Swiss banking.[19] By 2007 this figure has risen to roughly CHF6.7 trillion (US$6.4 trillion).]

The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. HP 13.V1.BJ195.F.GN CPU Fan

Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.[20]Foreign banks operating in Switzerland manage CHF870 billion Swiss worth of assets (as of May 2006).The Swiss Financial Market Supervisory Authority (FINMA) is a public law institution that supervises most banking-related activities as well as securities markets and investment funds.[22] Toshiba Satellite L675D-S7016 CPU Fan

Regulatory authority is derived from the Swiss Financial Market Supervision Act (FINMASA) and Article 98 of the Swiss Federal Constitution.

The office of the Swiss Banking Ombudsman, founded in 1993, is sponsored by the Swiss Banking Ombudsman Foundation, which was established by the Swiss Bankers Association. HP Pavilion dv7-1451nr CPU Fan

The ombudsman's services, which are offered free of charge, include mediation and assistance to persons searching for dormant assets. The ombudsman handles about 1,500 complaints raised against banks yearly.[23]

In October 2013, the Swiss government stated that it intended to sign an international agreement sponsored by the OECD that, if ratified by Parliament, will align Swiss bank practices with those of other countries and in effect end the special secrecy that clients of Swiss banks had enjoyed in the past. HP G62-a57SG CPU Fan

In 1934, the Swiss Federal Assembly passed the Federal Act on Banks and Savings Banks (colloquially known as the Banking Law of 1934), which mainly concerned administrative matters such as bank supervision. The provisions found in Article 47(b), were added before passage of the bill due to Nazi authorities' attempts to investigate the assets of Jews and "enemies of the state" held in Switzerland. SONY Vaio VGN-NR31S/S CPU Fan

Swiss banks, as well as the post office (which handles some financial transactions) use an electronic payments system known as Swiss Interbank Clearing (SIC). The system is supervised by the Swiss National Bank and is operated via a joint venture.[26] SIC handled over 250 million transactions in 2005, with a turnover value of 41 trillion Swiss francs. IBM 91P9252 CPU Fan

As of 2008, there are 327 authorized banks and securities dealers in Switzerland,[28] ranging from the "Two Big Banks" down to small banks serving the needs of a single community or a few special clients.

UBS and Credit Suisse are respectively the largest and second largest Swiss banks and account for over 50% of all deposits in Switzerland; each has extensive branch networks throughout the country and most international centres. Toshiba Satellite M70-122 CPU Fan

Due to their size and complexity, UBS and Credit Suisse are subject to an extra degree of supervision from the Federal Banking Commission.

UBS came into existence in June 1998, when Union Bank of Switzerland, founded in 1862, and Swiss Bank Corporation, founded in 1872,merged. Headquartered in Zurich and Basel, it is Switzerland's largest bank. SONY UDQFWPH22FQU CPU Fan

It maintains seven main offices around the world (four in the United States and one each in London, Tokyo, and Hong Kong) and branches on five continents.

Credit Suisse is the second-largest Swiss bank. Based in Zurich, it was founded in 1856; its market capitalization (as of 2007) is US$95.2 billion, and the company has about 40,000 employees. HP Pavilion dv6-2150ei CPU Fan

Credit Suisse Group offers private banking, investment banking and asset management services. It acquired The First Boston Corporation in 1988 and merged with the Winterthur insurance company in 1997; the latter was sold to AXA in 2006.[30] The asset management services were sold to Aberdeen Asset Management in 2008 during the GFC. HP G42-367TU CPU Fan

The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares.[31] Toshiba Satellite P100-238 CPU Fan

Although a central bank often has regulatory authority over the country's banking system, the SNB does not; regulation is solely the role of the Federal Banking Commission.

The term private bank refers to a bank that offers private banking services and in its legal form is a partnership. The first private banks were created in St. Gallen in the mid-18th century and in Geneva in the late 18th century as partnerships, and some are still in the hands of the original families such as Hottinger and Mirabaud. ACER Aspire 5739 CPU Fan

In Switzerland, such private banks are called private bankers (a protected term) to distinguish them from the other private banks which are typically shared corporations. Historically in Switzerland a minimum of CHF1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to CHF250,000 for private investors. IBM ThinkPad T40 2678 CPU Fan

There are, as of 2006, 24 cantonal banks; these banks are state-guaranteed semi-governmental organizations controlled by one of Switzerland's 26 cantons that engage in all banking businesses.[33] The largest cantonal bank, the Zurich Cantonal Bank, had a 2005 net income of CHF810 million.

Raiffeisen Switzerland "assumes the role of central bank" in providing treasury services, and is the third largest group consisting of 328 banks in 2011, 390 in 2012 with 1,155 branches.[35][36] During February 2012 P. Vincenz was chief executive.[37] During January an announcement was made that the non-U.S. businesses ofWegelin & Co, IBM Thinkpad T43 CPU Fan

the oldest Swiss bank, would be bought by the Raiffeisen group. The group has 3 million plus clients within Switzerland.Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries. IBM ThinkPad T43 2668 CPU Fan

While privacy is protected, in practice all bank accounts are linked to an identified individual. Moreover, the bank secrecy is not absolute: a prosecutor or judge may issue a "lifting order" in order to grant law enforcement access to information relevant to a criminal investigation.[38]

In October 2013, the Swiss government stated that it intended to sign an international agreement sponsored by the OECD that, if ratified by Parliament, IBM ThinkPad T43 1871 CPU Fan

will align Swiss bank practices with those of other countries and in effect end the special secrecy that clients of Swiss banks had enjoyed in the past.

Swiss law distinguishes between tax evasion (non-reporting of income) and tax fraud (active deception). International legal assistance used to be granted only with respect to tax fraud. Under pressure from the OECD and the G20, ACER Travelmate 8104WLMI CPU Fan

the Swiss government decided in March 2009 to abolish the distinction between tax evasion and tax fraud in dealings with foreign clients. Switzerland adheres to the international OECD standards with regard to administrative assistance in tax matters (decision to take over the OECD Model Tax Convention, in particular Article 26)[40] DELL Latitude E4300 CPU Fan

For Swiss taxpayers the distinction remains in place. Although not considered a crime and hence not prosecuted in a penal court, tax evasion is a serious offence under Swiss tax law and hefty financial penalties apply. In domestic prosecutions, banking secrecy may be lifted by court order in cases of tax fraud or particularly severe cases of tax evasion. ASUS F80S CPU Fan

Pressure on Switzerland has been applied by several states and international organizations attempting to alter the Swiss privacy policy. The European Union, whose member countries geographically surround Switzerland, has complained about member states' nationals using Swiss banks to avoid taxation in their home countries. The EU has long sought a harmonized tax regime among its member states, HP Pavilion dv5-1058eo CPU Fan

although many Swiss banking officials (and, according to some polls, the public) are resisting any such changes.[1]

However, Switzerland did not want to be seen as an obstacle to closer tax cooperation among EU-member states and decided to support the international efforts to adequately tax cross-border investment income. IBM 13N5182 CPU Fan

The retention tax agreed with the European Union (EU) in the taxation of savings income agreement is a suitable and efficient means of doing so. The EU is committed to eliminating existing loopholes in the system of taxation of savings income. Switzerland has expressed to the EU its willingness in principle to correspondingly adjust the taxation of savings income. IBM Thinkpad T30 2366-AA3 CPU Fan

Here it should be noted that Switzerland has adopted the OECD standard on administrative assistance and that the Federal Council rejects the automatic exchange of information.[43] Since July 1, 2005, Switzerland has charged a withholding tax on all interest earned in the personal Swiss accounts of European Union residents.

Switzerland is not a member of the European Union but, since December 2008, is a part of the Schengen agreement. IBM Thinkpad T30 CPU Fan

Swiss bank accounts cannot be opened without the holder signing a legal document asserting that they have no outstanding financial obligations to the IRS. Despite this, Swiss banks have been criticized for improperly shielding tax evaders.

In January 2003, the United States Department of Treasury announced a new information-sharing agreement under the already extant U.S.- HP 535438-001 CPU Fan

Swiss Income Tax Convention;[45] the agreement was intended to facilitate more effective tax information exchange between the two countries.[46] However, Swiss policy has continued to come under international criticism, and in March 2009 Switzerland agreed to renegotiate more effective tax cooperation with the United States and other countries.[47] DELL Inspiron N3010 CPU Fan

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Crops are not only for human consumption but also for animal consumption, which opens a new market such as canary seed. Cuniculture, or rabbit farming, is another livestock enterprise. Cannabis is an important crop in some areas, making up 5% of British Columbia's GDP. According to BC Business Magazine, the crop is worth $7.5 billion to the province annually, and gives employment to 250,000 people.[42] Québec produces an even bigger crop. ASUS G2P CPU Fan

The Department of Agriculture set out in the British North America Act (B.N.A.) of 1867 states each province may have jurisdiction over agricultural concerns, as well as the Dominion Government may also make law in regard to agriculture. Newfoundland agricultural affairs were dealt with by the Agricultural Division of the Department of Natural Resources at Confederation.[10] Compaq Presario CQ60-430SA CPU Fan

The B.N.A. Act states that the federal Government has sole authority in coastal and inland fishery matters. Provinces have rights over non-tidal waters and fishing practices there only.

Canadian farms, fisheries and ranches produce a wide variety of crops, livestock, food, feed, fibre, fuel and other goods by the systematic raising of plants and animals which are dependent upon the geography of the province. DELL BFB0505HA CPU Fan

In 2001 farms numbered only 246,923 at a size of 676 acres (2.74 km2) as the production of food and fibre for human or livestock sustenance has evolved into intensive and industrial practices.[44][45] As of 2002, wheat constituted the largest crop area at 12.6%. Canadian farmers received a record $36.3 billion in 2001 from livestock, crop sales and program payments.[46] HP Pavilion dv5-1272et CPU Fan

In 2001, the accrued net income of farm operators from farm production amounted to 1,633 million dollars, which amounts to 0.147% of Canada's gross domestic product at market prices which is 1,108,200 million dollars.[45] Fisheries are also playing an important role while forestry plays a secondary role. Canada's evolution has abandoned subsistence techniquesand now sees a mere 3% of Toshiba AB7005HX-SB3 CPU Fan

Canada's population employed as a mechanized industrial farmer who are able feed the rest of the nation's population of 30,689.0 thousand people (2001) as well as export to foreign markets.[47] (Canada's estimated population was 32,777,300 on 1 January 2007)

The marketing and economic movement of Canada's various agriculture commodities has been a challenge. Toshiba Satellite A500-18T CPU Fan

Domestic trade encompasses providing goods within Canada provincially and inter-provincial. Support agencies and services such as storage, railways, warehouses, stores, banking institutions all affect domestic trade. Trade of wheat from the Canada's prairies are monitored by the Canadian Wheat Board. Canada's depression of 1882–1897 brought a low of 64¼ cents per bushel ($24/t) as of 1893. HP Pavilion dv5-2135dx CPU Fan

This era during Laurier's administration saw thousands of homesteads cancelled. Wheat prices soared during World War I. In 1928, Canada exported high quantities of wheat, flour, and goods. The depression took its toll on Canada as exports sunk to approximately 40% of their 1928 amount. European markets stopped needing to import Canadian wheat as they started growing their own varieties, and then World War II events put a blockade on trade to European markets. ASUS EEE PC 1201NL CPU Fan

Canada became more of an industrial entity during the time of this industrial revolution, and less of an agricultural nation. Following World War II the United Kingdom entered into contract for a large amount of agricultural commodities such as bacon, cheese, wheat, oats and barley. After the United Kingdom, the United States is Canada's largest external trade partner. SONY Vaio VGN-NW240D/T CPU Fan

Between 1943 and 1953, the average export of Canadian wheat was 347,200,000 bushels (9,449,000 t).[49] The three year International Wheat Agreement of 1955, which really lasted 6 years, included exports of wheat or flour to 28 of 44 importing countries including Germany, Japan, Belgium, UK, and the Netherlands.

Agribusiness are activities of food and fibre production and processing which are not part of the farm operation. Compaq Presario CQ60-418DX CPU Fan

This would include the production of farm equipment and fertilizers to aid farm production.[50] Agribusiness also includes the firms that purchase the raw goods from the farm for further processing. The meat packing industry, flour mill, and canning industry would be included in the agribusiness sector processing farm products.[51] A recent growth area in agribusiness is the advent of organized farmland investment funds operating on the model of direct land ownership with rental back to farmers as operators. SONY Vaio VGN-NW240D CPU Fan

Agricultural science began developing new styles of farming and strains of wheat and crops so that farming could become a successful venture. Farming methods were developed at places such as Dominion Experimental Farm,[82] Rosthern Experimental Station,[83] and Bell Farm.[84] From 1914 to 1922, the Better Farming Traintravelled around rural of Saskatchewan areas educating pioneer farmers.[85] SONY VGN-BX197XP CPU Fan

The 1901 census showed 511,100 farms and the number of farms peaked in 1941 at a record 732,800 farms.[45] The industrial revolution modernised the farming industry as mechanized vehicles replaced the oxen ploughed land or the horse-drawn cart. Farms became much larger, and mechanized evolving towards industrial agriculture. Toshiba Satellite L645D-S4056 CPU Fan

Farming activities were very labour intensive before the industrial revolution and the advent of tractors, combines, balers, etc. From the late 19th century to mid-20th century, a great percentage of the Canadian labour force was engaged in high labour, smaller farming practices. After mechanization, scientific advancement, improved marketing practices farms became more efficient, larger and less labour intensive. Toshiba AB7805HX-GB3 CPU Fan

The labour population was freed up and went to industry, government, transportation, trade and finance.[86] Agriculture, stock raising and horticulture employed one-fourth of the Canadian population according to the 1951 census as well as providing products for exports and Canadian manufacturing concerns.

The Oliver Chilled Plow, which could cut through the prairie sod, was in use by 1896. Toshiba Satellite L500-208 CPU Fan

Binders which could cut and tie grain for the harvest season and grain elevators for storage were introduced in the late 19th century as well.[87] Plows, tractors, spreaders, combines to name a few are some mechanized implements for the grain crop or horticultural farmer which are labour saving devices. Many Canadian museums such as Reynolds-Alberta Museum will showcase the evolution and variety of farm machinery. HP 535441-001 CPU Fan

The depression and drought of the Dirty Thirties was devastating. This drought resulted in a mass exodus of population from the prairies, as well as new agricultural practices such as soil conservation, and crop rotation.[88]

Soil conservation practices such as crop rotation, cover crops, and windbreaks to name a few were massively developed and set in forth upon recovering from the drought experiences of the dirty thirties. Toshiba Satellite P100-444 CPU Fan

Literally layers and layers of topsoil would be blowing away during this time. Bow River Irrigation Project, Red Deer River Project and the St. Mary Irrigation project of Alberta, were a few of the major projects undertaken by the Prairie Farm Rehabilitation Act (P.F.R.A.) resulting in reservoirs, and distribution systems.[10] A current project is Liming (soil) soil liming at the Land Resource Research Institute.[89][90] HP Pavilion dv7-3114eo CPU Fan

Wheat diseases such as wheat bunt and stinking smut can be successfully treated with a fungicide. Disease of plants and animals can break an agricultural producer. Tuberculosis in animals was an early threat, and cattle needed to be tested, and areas accredited in 1956. The newer disease such as chronic wasting disease or transmissible spongiform encephalopathy (TSE) affects both elk and deer. HP Mini 110-1125SA CPU Fan


Elk and deer raising is a pioneer field of domestication, has had a setback with this disease.[91] Mad cow disease in cattle[92] and scrapie of sheep[93]are monitored by the Canadian Food Inspection Agency. The poultry sector was plagued by Pullorum disease, and by controlling the flock via poultry husbandry, this disease has been brought under control. Compaq Presario CQ60-210eo CPU Fan

Plants whose traits can be modified to survive a disease or insect have made inroads into Canadian agricultural practices. Cereal rusts which can destroy the majority of areas seeded to wheat, was controlled in 1938 by breeding strains which were rust-resistant. This strain was successful until around 1950, when again a new variety of rust broke out, and again a new species of wheat called Selkirk was developed which was rust resistant.[9HP Pavilion dv7-2250sf CPU Fan

Biotechnology is the center of new research and regulations affecting agriculture this century.

To increase the viability of agriculture as an economic lifestyle several improvements have been made by various nationwide educational facilities. Inroads and innovations have been made in the diverse fields of agricultural science, agricultural engineering, HP 434678-001 CPU Fan

agricultural soil science, Sustainable agriculture,Agricultural productivity, agronomy, biodiversity, bioengineering, irrigation and swine research for example. Canadian universities conducting agricultural research include McGill University, Nova Scotia University, Université Laval, Université de Montréal, University of Alberta, University of British Columbia, HP G60-230us CPU Fan

University of Calgary, University of Guelph, University of Manitoba, University of Saskatchewan and University of Prince Edward Island. The Ontario Veterinary College is located at the University of Guelph and the Western College of Veterinary Medicine is located at the University of Saskatchewan.[97] The Atlantic Veterinary College is located at the University of P.E.I.[98] and there are also faculties of veterinary medicine at the University of Calgary[99] and Université de Montréal. HP Pavilion dv6365us CPU Fan

Canada and the United States share a common trading relationship. Canada's job market continues to perform well along with the US, reaching a 30 year low in the unemployment rate in December 2006, following 14 consecutive years of employment growth.

The United States is by far Canada's largest trading partner, with more than $1.7 billion CAD in trade per day in 2005. HP 535439-001 CPU Fan

In 2009 73% of Canada's exports went to the United States, and 63% of Canada's imports were from the United States.[51]Trade with Canada makes up 23% of the United States' exports and 17% of its imports.[52] By comparison, in 2005 this was more than U.S. trade with all countries in the European Union combined,[53] and well over twice U.S. trade with all the countries of Latin America combined.[54] COMPAQ 6910c CPU Fan

Just the two-way trade that crosses the Ambassador Bridge between Michigan andOntario equals all U.S. exports to Japan. Canada's importance to the United States is not just a border-state phenomenon: Canada is the leading export market for 35 of 50 U.S. states, and is the United States' largest foreign supplier of energy.

Bilateral trade increased by 52% between 1989, when the U.S.-Canada Free Trade Agreement (FTA) went into effect, IBM Lenovo IdeaPad G510 CPU Fan

and 1994, when the North American Free Trade Agreement (NAFTA) superseded it.[citation needed] Trade has since increased by 40%. NAFTA continues the FTA's moves toward reducing trade barriers and establishing agreed-upon trade rules. It also resolves some long-standing bilateral irritants and liberalizes rules in several areas, including agriculture, services, energy, financial services, investment, and government procurement. NAFTA forms the largest trading area in the world, embracing the 405 million people of the three North American countries. HP G62-110SO CPU Fan

The largest component of U.S.-Canada trade is in the commodity sector.

The U.S. is Canada's largest agricultural export market, taking well over half of all Canadian food exports.[55]Similarly, Canada is the largest market for U.S. agricultural goods, with nearly 20% of American food exports going to its northern neighbour.[ DELL Precision M6400 CPU Fan

Nearly two-thirds of Canada's forest products, including pulp and paper, are exported to the United States; 72% of Canada's total newsprint production also is exported to the U.S.

At $73.6 billion in 2004, U.S.-Canada trade in energy is the largest U.S. energy trading relationship, with the overwhelming majority ($66.7 billion) being exports from Canada. SONY Vaio VPC-EB290X CPU Fan

The primary components of U.S. energy trade with Canada arepetroleum, natural gas, and electricity. Canada is the United States' largest oil supplier and the fifth-largest energy producing country in the world. Canada provides about 16% of U.S. oil imports and 14% of total U.S. consumption of natural gas. The United States and Canada's national electricity grids are linked, and both countries share hydropower facilities on the western borders. HP Envy 17-1090eo CPU Fan

While most of U.S.-Canada trade flows smoothly, there are occasionally bilateral trade disputes, particularly in the agricultural and cultural fields. Usually these issues are resolved through bilateral consultative forums or referral to World Trade Organization (WTO) or NAFTA dispute resolution. In May 1999, the U.S. and Canadian governments negotiated an agreement on magazines that provides increased access for the U.S. publishing industry to the Canadian market. Toshiba Satellite A210-1CF CPU Fan

The United States and Canada also have resolved several major issues involving fisheries. By common agreement, the two countries submitted a Gulf of Maine boundary dispute to the International Court of Justice in 1981; both accepted the court's 12 October 1984 ruling which demarcated the territorial sea boundary. A current issue between the United States and Canada is the ongoing softwood lumber dispute, as the U.S. alleges that Canada unfairly subsidizes its forestry industry.[ Dell Vostro 3450 CPU Fan

In 1990, the United States and Canada signed a bilateral Fisheries Enforcement Agreement, which has served to deter illegal fishing activity and reduce the risk of injury during fisheries enforcement incidents. The U.S. and Canada signed a Pacific Salmon Agreement in June 1999 that settled differences over implementation of the 1985 Pacific Salmon Treaty for the next decade.[ Toshiba Satellite A10-103 CPU Fan

Canada and the United States signed an aviation agreement during Bill Clinton's visit to Canada in February 1995, and air traffic between the two countries has increased dramatically as a result. The two countries also share in operation of the St. Lawrence Seaway, connecting the Great Lakes to the Atlantic Ocean.[56]

The U.S. is Canada's largest foreign investor and the most popular destination for Canadian foreign investments; Compaq Presario A900 CTO CPU Fan

at the end of 2007, the stock of U.S. direct investment in Canada was estimated at $293 billion, while Canadian direct investment (stock) in the United States was valued at $213 billion.[57][58] U.S. FDI accounts for 59.5% of total foreign direct investment in Canada while Canadian FDI in the U.S. accounts for 10% (5th largest foreign investor).[59] US investments are primarily directed at Canada's mining and smelting industries, ACER Aspire 4736ZG CPU Fan

Toshiba Satellite A10-103 CPU Fan

petroleum, chemicals, the manufacture of machinery and transportation equipment, and finance, while Canadian investment in the United States is concentrated in manufacturing, wholesale trade, real estate, petroleum, finance, and insurance and other services.

The United States and Canada have the largest trade relationship in the world.[1] SONY MCF-519PAM05 CPU Fan

In 2012, US merchandise trade with Canada consisted of $324.2 billion in imports and $292.4 billion in exports.[2] The trade relationship between the two countries crosses all industries and is vital to both nations’ success. Each country is the largest trade partner of the other. The trade across Ambassador Bridge between Windsor, Ontario and Detroit, Michigan alone is equal to all the trade between the United States and Japan. SONY Vaio VPC-EB290X CPU Fan

Since 1866, free trade has been a debated topic by Canadian politicians.[citation needed] Free trade was generally supported by the Liberal Party of Canada, and was a main topic in the 1911 Canadian Federal Election.[citation needed] After the Liberals lost that election, the topic was a non-issue for many years. Although there were many bilateral agreements reducing tariffs, HP Pavilion dv7-2043cl CPU Fan

a free trade agreement was not reached until the Canada-United States Free Trade Agreement in 1987. The agreement intended to promote a free market between the two nations, and encourage investments within that market.

The Canada-United States Free Trade Agreement laid the groundwork for a multilateral agreement between, the United States, Mexico, and Canada, called the North American Free Trade Agreement. HP Pavilion dv7-2130ev CPU Fan

NAFTA has helped fuel the relations between the three nations. Although there are some discrepancies between the countries’ especially in the area of automobiles and agriculture, the trends are negligible as the agreement has arguably been a boon for none all nations involved.

There are several disputes arising from the bilateral trade between the two nations. HP 608772-001 CPU Fan

The United States has placed Canada on its Special 301 watch list overintellectual property rights enforcement (although under the mildest category of "rebuke"). Other products from Canada under dispute include softwood lumber, beef, tomatoes, and other agricultural products.[4]

The heightened border security as a result of the 2001 terrorist attacks has been an issue of concern for businesses in both countries. Toshiba Satellite A100-194 CPU Fan

The Issue has become less of a concern as technology, registration, training, and fewer rules. However a midpoint estimate of US $10.5 billion cost to businesses in delays and uncertain travel time.[1]

One ongoing and complex trade issue involves the importation of cheaper prescription drugs from Canada to the United States. Due to the Canadian government'sprice controls as part of their state-run medical system, HP Pavilion tx1205/ CT CPU Fan

prices for prescription drugs can be a fraction of the price paid by consumers in the unregulated U.S. market. While laws in the United States have been passed at the national level against such sales, specific state and local governments have passed their own legislation to allow the trade to continue. American drug companies—often supporters of political campaigns—have obviously come out against the practice. HP Pavilion dv6640ep CPU Fan

According to a 2007 study commissioned by the Canadian Embassy in the United States, Canada–U.S. trade supported 7.1 million U.S. jobs.

The Canada–United States softwood lumber dispute is one of the most significant and enduring trade disputes in modern history. The dispute has had its biggest effect on British Columbia, the major Canadian exporter of softwood lumber to the United States.COMPAQ Presario CQ42-401TU CPU Fan

The heart of the dispute is the claim that the Canadian lumber industry is unfairly subsidized by the federal and provincial governments. Specifically, most timber in Canada is owned by provincial governments. The price charged to harvest the timber (the "stumpage fee") is set administratively rather than through a competitive auction, as is often the practice in the United States.Toshiba Satellite A300D CPU Fan

The United States claims that the provision of government timber at below market prices constitutes an unfair subsidy. Under U.S. trade remedy laws, foreign goods benefiting from subsidies can be subject to a countervailing duty tariff to offset the subsidy and bring the price of the product back up to market rates.

Since the September 11th attacks, there has been debate on whether there should be further North American integration. HP Pavilion dv8397ea CPU  Fan

Some have proposed the adoption of the Amero under the North American Currency Union as the official currency of North America.While these discussions are more prevalent in Canada, studies have shown that United States citizens would not object to economic integration. According to Former U.S. Ambassador Paul Cellucci however, “Security trumps trade” in the United States, HP Pavilion dv9821ea CPU Fan

and so as long as Canada is considered a possible point of entry for terrorists, such integration seems unfeasible.

The strength of the Canada-U.S. relationship is demonstrated by impressive bilateral trade of approximately $1.9 billion a day, along the world’s longest undefended border. Energy trade is the largest component of this cross-border commerce. Canada has the third-largest oil reserves, HP COMPAQ TC4200 CPU Fan

after Saudi Arabia and Venezuela, because of its oil-sands resources. The United States has historically been Canada’s only foreign market for natural gas, oil, and hydro power. In 2010, almost 100% of Canada’s exports in these commodity classes were destined for the United States. Canada is the largest foreign supplier of crude oil (25% of oil imports) and natural gas to the United States. SONY Vaio VGN-NW228F CPU Fan

In short, this energy relationship has enhanced U.S. energy security and provided Canada with security of demand for its energy exports. Yet, this highly integrated U.S.-Canada energy relationship may change dramatically in the near future. U.S. oil and natural gas production and reserves are expanding because of growing shale oil and gas developmentsHP G62-b16ST CPU Fan

. Furthermore, the U.S. Energy Information Administration (EIA) forecasts slower growth in U.S. oil and natural gas consumption in the coming decades to 2035. Consequently, the United States no longer appears to be an unlimited market for Canadian energy, leaving Canada seeking new destinations. In addition, imminent policy decisions in the United States, such as whether to approve Keystone XL, HP 580696-001 CPU Fan

may have profound effects on the U.S.-Canada energy relationship for decades and will have a significant impact on energy markets beyond North America. Both Canada and the U.S. are increasingly reliant on foreign investment to develop their resource sectors, and Asia has been an important source of capital. Asian investors initially focused on project investments as minority jointventure partners but are showing increasing interest in owning production companies. HP Pavilion dv6-3049tx CPU Fan

HP G42-380LA CPU Fan

Asian investors' objectives for investing in the North American energy sector include both attractive financial returns on investment as well as an interest in North America as an energy supply source for their economies. The expanding energy investment and trade between North America and Asia can be mutually beneficial. Toshiba Qosmio G30-167 CPU Fan

Because English is the majority language in both countries, and accents and dialects on both sides of the border are (relatively) similar (as compared to the British or Australian English), both high culture and mass media are easily traded between the two countries. Both countries have minority-language media, of course: Canada has a large francophone population and the United States a large hispanophone population, HP Pavilion dv7-1157cl CPU Fan

and both countries have other immigrant and indigenous language populations; however, cultural trade is mostly through the English-language media. The major difference is that America's English-language media market is more fifteen times as large, meaning that American producers of books, newspapers, magazines, radio programs, songs, films, and websites have an in-built advantage over their Canadian competitors. Compaq Presario CQ40-408AX CPU Fan

This has been the case since the nineteenth century when Canada was flooded with American books. It was also the case in the 1920s when Canada's radio market was dominated by American broadcasts, leading cultural nationalists to form the Canadian Radio League, a pressure group demanded that the Canadian government create a publicly funded broadcaster to compete with the American stations. HP Mini 110-1110ET CPU Fan


This was the beginning of a pattern Canadian cultural protectionism, which has caused frequent trade disputes between the two nations. During the 1950s, the pattern was repeated in television, with Canadian stations airing US programming and US stations broadcasting into Canada, leading to the creation of CBC Television in response. Since the 1970s, Canadian radio and television stations have been required to air a minimum percentage of Canadian Content. HP Pavilion dv7-1157cl CPU Fan

One source of tension is a difference in philosophy: the Canadian position is that Canada's culture must be protected to preserve Canada's nationhood and should therefore be excluded from free trade agreements, whereas Americans negotiators have claimed that media is a commodity like any other. This difference came light during the dispute over "split-run" magazine during the 1990s. HP Pavilion dv6-3163eo CPU Fan

Split-runs are American or other foreign magazines which produce a slightly modified Canadian edition and which re-sell much of the advertising space in the magazine to Canadian advertisers. Publishers of Canadian magazines argued that the Americans were poaching all their advertising revenue without producing substantial Canadian content. HP Pavilion dv9740us CPU Fan

The American publishers and the US government claimed that banning "split-runs" was illegal under international trade law. There have also been disputes over the generous tax credits that the Canadian federal and provincial governments give to television and film productions. This, combined with a weaker Canadian dollar caused American filmmakers to complain during the 1990s that "runaway productions" were hurting American employment in the film industry, especially in California. HP COMPAQ NX9420 CPU Fan

The economies of Canada and the United States are similar because they are both developed countries and are each other's largest trading partners. However, key differences in population makeup, geography, government policies and productivity all result in different economies.

In Canada total tax and non-tax revenue for every level of government equals about 38.4% of GDP,[1] compared to the U.S. rate of 28.2%.[2] HP Pavilion dv7-4150ec CPU Fan

A significant portion of this tax differential is due to spending differences between the two countries. While the US is running deficits of about 4% of GDP,[3] Canada's Federal government posted a budget surplus of around 1% of GDP per year from the mid-1990s until 2008, and is projected to enter back into a surplus by 2016.[4] The deficit patterns and indebtedness of Canada's individual provinces vary like they do in the US among different states. HP Pavilion dv5-1102tu CPU Fan

Considered in a revenue-neutral context, the differential is much smaller - Canada's total governmental spending was about 36% of GDP[5]vs. 31% in the US.[3] In addition, caution must be used when comparing taxes across countries, due to the different services each offers. Whereas the Canadian healthcare system is 70% government-funded, the US system is just under 50% government-funded (mostly via Medicare and Medicaid); SONY VGN-SZ220 CPU Fan

adding the additional healthcare-spending burden to the above figures to obtain comparable numbers (+3% for Canada, +7% for the US) gives adjusted expenditures of 38–39% of GDP for each of the two nations.

The taxes are applied the same as well. Canada's income tax system is more heavily biased against the highest income earners, thus while Canada's income tax rate is higher on average[, the bottom fifty percent of the population is roughly taxed the same on income as in the United States. HP Pavilion dv7-6011tx CPU Fan

However, Canada has a national goods and services tax (GST) of 5% on most purchases, while the U.S. federal government does not, increasing the tax burden on Canadian low-income earners due to the proportional nature of a sales tax. Canadian GST does not tax food and other essentials and a GST rebate for low-income earners mitigates regressiveness.[6] HP Pavilion dv5-1040eb CPU Fan

In addition to the 5% GST levied on most purchases, some Canadians also pay a provincial sales tax at a rate that varies by province and can be as high as 10%. In Ontario, for example, where the provincial sales tax (PST) is 8%, consumers must pay a total of 13% sales tax on top of the purchase price. (It should be noted that Ontario has eliminated both the PST and GST, ASUS F3Jv CPU Fan

replacing them with harmonized sales tax, or HST, of 13%, which changes the sales tax on some items.) There are some purchases which are PST exempt, such as children's clothing. In the U.S., most states impose a sales tax, and cities and counties are often permitted to levy taxes as well, which can exceed 10% on purchases but realistically average at about 6-8%. Five U.S. states do not have any sales tax imposed.[7] IBM ThinkPad R50p 2887 CPU Fan

The Canadian province of Alberta and all three territories have no provincial or territorial sales tax on top of the GST.

Government spending at all levels (federal, state/provincial and local) has traditionally been higher in Canada than the United States. In Canada, government spending as a percentage of GDP peaked at 53% in 1992. Since 1992 spending has steadily declined in Canada to just below 40 percent in 2008.[8] SONY VGN-CS36GJ/R CPU Fan

Spending in the United States fluctuated narrowly around 34-38 percent of GDP over the same period.[9] However, starting in 2008 US spending has turned sharply upwards to reach an estimated 42.7% of GDP in 2009[dated info] [10] from 39% in 2008. Spending is expected to reach 45% of GDP in 2011[dated info],[11] and stabilize at that level.

For its higher taxes Canada has a larger system of social programs than the United States. Toshiba Satellite A215-S4807 CPU Fan

This includes having a national broadcaster in the CBC, a largely government-funded health care system, and having all major universities receive partial government funding. The United States, however, does have most of its major universities subsidized by state government. The US also has two national public broadcasters which receive partial government funding, PBS (television) and NPR (radio).

The greatest difference in social programs is in health care. Toshiba Satellite Pro M10-SP405 CPU Fan

Contrary to popular belief, the U.S. Government spends as much on health care, 7% of GDP, as the Canadian government does,[12] and total healthcare spending is much higher - 14.6% of GDP in the US vs. 10% in Canada.[13] Canadians, however, receive comparable care to those Americans who receive treatment, and result measures. HP Pavilion dv4-1120us CPU Fan

The Canadian health care system is said by some also to be attractive to employers, as in Canada health care is mostly paid through employee income taxes, while in the United States most companies choose to extend health benefits to full-time employees. Many employers in Canada do offer employees some additional medical coverage, for non-necessary treatments, and for pharmaceuticals which are not universally covered by the government-paid health insurance system. Compaq Presario C550EM CPU Fan

The most common complaint regarding the Canadian system are the long lines and waiting periods that have appeared for minor and non-life threatening procedures over the last 15 years, since the introduction of widespread cuts to public funding. Separately, a number of medical tests and screenings are not covered (or due to increasing costs, are no longer covered) by the Canadian health system, forcing patients to pay for these services out of their own pockets. Toshiba Qosmio E15-AV101 CPU Fan

For these reasons, some relatively wealthy Canadians undergo treatment at private healthcare facilities at their own expense, either in Canada, in India, or in other nations[14] to avoid waiting for medical treatment, joining "medical tourists" from many nations, including the US.[14] Despite these sporadic problems, Canada's healthcare performance is generally on par with the US.[Toshiba Satellite L645D-S4056 CPU Fan

Efforts were made to reduce wait times by many provincial governments in the 1990s and 2000s, in an effort to improve care. Furthermore, healthcare coverage is universal for Canadians, and transferable outside a home province within Canada. In the United States, however, the most common complaint is that approximately 50 million people are uninsured, and thus do not have access to even the most basic healthcare services which Canadians have access to. Toshiba Satellite A305-S6837 CPU Fan

This puts a burden on the emergency room services in the States and causes increases in healthcare costs significantly.

The United States has since the Sherman Anti-Trust Act been strongly opposed to monopolies. In Canada this has been far less of an issue, and Canada has never had rigorously enforced rules against monopolization, and in certain situations the government has even encouraged monopolies. HP Pavilion dv7-4087cl CPU Fan

However, the Canadian government is more willing to interfere in the operations of large, integrated firms where they appear to be acting against the public interest, offsetting in part one reason that American law prevents large-scale monopolization. Historical transport policy led to the promotion of one railway operator & one dominant flag carrier and the promotion of bus carriers through the suppression of other bus-like services. HP Pavilion dv5-1118es CPU Fan

In telecommunications policy, oligopoly conditions are reinforced through the actions of the Canada Radio and Telecommunications (CRTC). Foreign ownership has been banned in Canada's cell phone market (Though one Egyptian-owned entrant, WIND mobile, has led to a possibility of a liberalization of telecommunications) Banking policy has been regulated through Bank Acts passed by Parliament. Toshiba Satellite A665-S6050 CPU Fan

Canada is generally forced to follow American monetary policy quite closely, any large difference in interest rates could quickly lead to large problems for the Canadian economy. The U.S. Federal Reserve and the Bank of Canada both staunchly believe in fighting inflation while neither aggressively pursue policies offull employment. HP Pavilion G72-259WM CPU Fan

One difference that has emerged recently is that while Canada is still hewing closely to the balanced budgets policies of the 1990s the United States has moved into a heavy deficit, a policy both countries followed in the 1970s and 1980s.

One of the most important differences historically between Canada and the United States was the size of the two markets. When both nations had high tariffs the two countries did not have a unified market. HP Pavilion dv6-3109ca  CPU  Fan

Canada's smaller market led to higher prices and greater inefficiency.

A good example of this is the automobile industry, which can be clearly demarcated into two periods: before and after the free trade creating Auto Pact of 1969. Before this, Canada had its own production lines creating each of the models that would be sold in Canada. HP Pavilion dv6782eg CPU Fan

These branch plant factories would only make small production runs of each vehicle, requiring frequent, and expensive retoolings. The factories would also generally be smaller. Fewer varieties were available to Canadian consumers and prices were generally higher. However, these cars were almost all still made by American companies. After the Auto Pact, the industry was transformed as a unified North American market was created. SONY UDQF2PH52CF0 CPU Fan

The Canadian factories were rebuilt to be much larger, but to make only one model that would be sold in both countries creating large economies of scale. The prices of cars fell in Canada as wages and total employment in the automobile sector increased.

After the Second World War tariffs between the two countries gradually fell, with full free trade being established by the 1988 Canada-United States Free Trade Agreement. Toshiba UDQFRPH33CCM CPU Fan

Some industries are still protected, however. These are mostly perceived as sensitive areas such as cultural industries including publishing, television, and newspapers, all of which have stringent foreign ownership rules. Other areas such as the transport industry are also protected with Canadian control of the airlines and trains being viewed as in the national interest. Toshiba Satellite A505-S6980 CPU Fan

This tends to create far more monopolies in Canada. For instance the air travel industry in Canada until recently was dominated by a single airline, Air Canada. Canada has long had to make a trade-off between monopolization and efficiency which the United States has not. The United States can support a number of airlines that are big enough to operate efficiently, and still have a competitive market (although in recent years the competitiveness of the major US airlines declined sharply). HP Pavilion dv7-2025es CPU Fan

Canadians are forced to choose between small inefficient airlines that would be competitive, or monopolistic airlines that will generate their own inefficiency.

Canada and the United States have long had very different banking systems. The United States' was copied from England, while Canada's was taken from Scotland. The United States traditionally has had a plethora of banks, some with very few branches.TOSHIBA Satellite L300 CPU Fan

The U.S. system continues to support the creation of numerous small banks through both government-sponsored institutions like the Federal Home Loan Banks and similar non-government entities like Bankers' bank, that does not exist in markets like Canada. This has led to a more competitive but less stable system, with many thousands of banks having collapsed during U.S. history. HP G62-a10EJ CPU Fan

TheGlass–Steagall Act and other laws and regulations prevented U.S. banks from growing beyond certain limits. Changes allowed U.S. banks to grow and the Glass–Steagall Act was repealed in 1999. Canada has always had far fewer banks per capita, but the banks have been larger and quickly expanded nationwide. Canadian banks have many branches and distributed assets. Canada has only had one major bank, the Home Bank, collapse in its history. Dell MF60100V1-Q000-G99 CPU Fan

This concentration of banks in Canada relative to the U.S. has continued to this day. In 2002, Canada's the six largest banks controlled 90 percent of Canadian domestic banking assets, while the five largest U.S. banks controlled only 9.7 percent of their domestic assets.

There are several subsidies in the U.S. system that do not exist in Canada. In terms of direct impact to consumers, DELL R859C CPU Fan

mortgage interest is a tax deductible in the U.S. (a market distortion designed to encourage home ownership), but is not in Canada. The U.S. also indirectly subsidizes mortgages through a plethora ofgovernment sponsored enterprises. The U.S. entities do much more than provide mortgage insurance, and use their own huge balance sheets to purchase mortgages. Toshiba Satellite A105-S2101 CPU Fan

The Canada Mortgage and Housing Corporation historically was mainly limited to providing mortgage insurance, although now facilitates funding of mortgages also through the Canada Mortgage Bond program, which has also grown to be quite large.

Canada's banks have traditionally been fierce competitors internationally, while America's largest banks have had a more significant presence overseas. SONY Vaio VGN-FW140E CPU Fan

In part, the history of this situation is rooted in Canada's smaller market. For Canadian banks, international exchange was always a central concern. For American banks, domestic banking was paramount. In the 1920s, Canadian banks dominated the international banking sector due to greater expertise and focus in the American economic centre of New York. Thus Canadian banks came to have a wider spread networks. ACER Aspire 5730Z CPU Fan

Much of the banking system in the West Indies is controlled by the Canadian banks. Canadian banks also have far more of a presence in the United States than American firms do in Canada. In part, this is because American firms cannot buy Canadian banks, but Canadian banks have, at times, been able to buy American ones. Since the large Canadian banks already operated nationwide chains of a thousand or more branches, SONY Vaio VPC-EB4S1E/WI CPU Fan

they find it relatively easy to integrate smaller chains of American banks into their systems.

In recent years this advantage has disappeared as American banks have also grown substantially in size and today have many branches, and the large American banks are now operating over 2000 branches each. In fact, the ten largest banks in North America today are all U.S.-based. HP Pavilion dv9580ed CPU Fan

Overseas, American banks have a larger presence than Canadian banks. Only Royal Bank of Canada's RBC Capital Markets division has a global scale that even approaches that of the U.S. investment banks.

Until recently, Canadian banks had historically been far less strictly regulated than their American counterparts. Canadian banks had, until the Gramm-Leach-Bliley Act in 1999, been freer to participate in the financial planning and insurance industries than their American counterparts. Toshiba Satellite L305D-S5934 CPU Fan

In the 1980s and 1990s, the large Canadian banks acquired almost all significant trust and brokerage companies in Canada. They also started their own mutual fund and insurance businesses. As a result, Canadian banks broadened out to become supermarkets of financial services, a trend that started later in the U.S. market. The average U.S. bank is a domestic banking operation. SONY Vaio VGN-CR31S/P CPU Fan

The large Canadian banks are financial conglomerates, with large domestic Canadian banking operations.

Bank regulation in the United States is highly fragmented compared to Canada which has only OSFI as the bank regulator (although credit unions are provincially regulated). In the U.S., a bank's primary regulator could be the Federal Reserve Board, the Office of the Comptroller of the Currency, HP Pavilion dv5-1210et CPU Fan

the Office of Thrift Supervision, or any one of 50 state regulatory bodies, depending on the charter of the bank. And within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. The U.S. is also one of the most highly regulated banking environments in the world; however, many of the regulations are not safety and soundness related, but are instead focused on privacy, SONY Vaio VGN-FW465J/B CPU Fan

disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usurylending, and promoting lending to lower-income segments. Even individual cities enact their own financial regulation laws (for example, for usury lending). Canadian banks have not faced laws against usury, or interest guarantees on deposits. Return on equity for Canadian banks were generally comparable to U.S. banks (with return on assets lower, but with Canadian banks using more leverage to compensate). HP Envy 15 CPU Fan

Credit unions in Canada are tax-paying entities, while they have been tax-exempt in the U.S. However, as restrictions on the size of credit unions in the U.S. have eased, the American Bankers Association has lobbied to have credit unions taxed to level the playing field.

In Canada prices have long tended to be higher. This is partly because of structural issues in Canada such as low population densityand harsher weather , HP Pavilion dv7-1190er CPU Fan

and partly due to Canada's tax system, which depends more heavily on sales taxes relative to income taxes than the US. This has contributed to phenomena such as cross-border shopping. Since the early 1990s this has not been the case[as the Canadian dollar had fallen low enough[vague] that it more than made up for price differences[Today prices are somewhat lower in Canada for at least one item: Toshiba Satellite A105-S4074 CPU Fan

the Big Mac Index shows that in January 2006 a Big Mac cost $3.15 in the States and only $3.01 in Canada [1] (both figures in USD). In October, 2007 a strong Canadian dollar rose to parity with a weak American dollar, benefiting Canadian travelers and consumers. However, this was not favorable to Canadian manufacturers and exporters who do most of their business south of the border.  IBM MCF-208AM05-1 CPU Fan

As the economic conditions decayed in 2008, a flight to safety in the American dollar and lower prices[quantify] for Canadian commodities[which?] reversed some of the growth in the Canadian dollar relative to the American dollar.

Fuel prices have always been higher in Canada, even though Canada is a net exporter of energy. This is because Canada, unlike many oil producers, does not heavily subsidize fuel. Prices are based on the world market price. IBM MCF-217PAM05 CPU Fan

Canadian workers are estimated to be 82% as productive per hour as their American counterparts.[15] The industries with the largest productivity advantages for the U.S. are the manufacturing (particularly electronics and computer), finance, and service sectors. Industries where Canada is more productive than the U.S. are the construction and natural resources sectors with Canadian workers achieving 129% relative productivity.[16]  HP GB0507PGV1-A CPU Fan

The productivity gap had been even larger in the 1950s but the difference has been narrowing, aided by the elimination of the smaller market problem through free trade. The gap was still closing somewhat in the 1980s but at a much slower pace than in the 1960s. From 1961 to 1973 labour productivity rose annually by 3.3 percent in Canada and 1.7 percent in the United States. IBM MCF-217PAM05 CPU Fan

From 1973 to 1995 productivity growth was 1.1% in Canada and 0.8% in the United States.[17]

The productivity gap began to widen again in the 1990s, particularly in the manufacturing sector. By 2000, this was called Canada's "Excellence Gap" by the Chief Economist of Canadian Manufacturers & Exporters.[18] The United States has the second-highest productivity of the G8 countries,[19] while Canada's is 5th based on the 1997 estimate.[20] HP Pavilion dv6-3385la CPU Fan

Five main reasons for the productivity gap: the lower capital intensity of economic activity in Canada; an innovation gap in Canada relative to the United States; Canada's relatively underdeveloped high-tech sector; less developed human capital in Canada in terms of proportionately fewer university graduates and scientists and engineers in research and development; and more limited economies of scale and scope in Canada. HP Pavilion tx2510us  CPU  Fan

Both Canada and the U.S. follow the Wagoner Act model of regulating trade unions and collective bargaining, though legislation regulating organized labor principally falls under provincial jurisdiction in Canada. That North American model differs significantly from patterns of organized labor found in other developed countries.

For several decades Canada typically had reported its unemployment rate as somewhat higher than the US rate. HP G62-b55EV CPU Fan

For example, in June 2008 the reported unemployment in the US was 5.5 percent and 6.1% in Canada. However, a closer examination reveals that the two countries measure the unemployment rate differently. Craig Riddell, a University of British Columbia economist, found th

at a 0.9% difference was caused by the differing measurement systems.[21] HP Pavilion dv6-2145sf CPU Fan

Statistics Canada has also acknowledged this, and it now publishes a second unemployment rate using the same methodology as the Americans. Using the American methodology, the June 2008 Canadian unemployment rate was 5.3%, which was 0.2% lower than the American rate.[22]

Prior to the identification of the difference in methodologies, some politicians claimed that higher income taxes, HP Pavilion dv7-1120ew CPU Fan

restrictive labour laws, unions, universal healthcare, and greater unemployment benefits in Canada were causing a higher actual unemployment rate. However, when unemployment insurance and welfare were sharply cut in many parts of Canada during the 1990s there was little gain in employment relative to the Americans. Others attempted to explain the reported difference in terms of the large number of seasonal workers in trades such as fishing and logging who are unemployed for a portion of the year. HP 538340-001 CPU Fan\

While the United States has in recent years had a large trade deficit, Canada had for several decades maintained a trade surplus, which turned to a deficit since 2006.[23] The Canadian surplus had been almost entirely due to trade with the United States. Canada has trade deficits with Europe and Asia, just as the Americans do. In 2005, Canada exported about $109 billion worth of goods more than they imported from the U.S. HP 535766-001 CPU Fan

With the rest of the world, Canada had a trade deficit of $47 billion creating an overall surplus of some $62 billion.

Although wealth is more highly concentrated in the U.S., the median (50th percentile) worker has essentially the same purchasing power in each nation. In terms of purchasing power parity, the most recent statistics from the IMF has Canada (US $35,494) lower than that in the United States (US $43,444).[25] HP 535442-001 CPU Fan

In the late 1990s, the GDP gap widened. In this period, GDP increased by 5% annually in the United States, and 2% in Canada. Earlier, it had been narrowing between 1961 and 1995. However, it was closing at a much faster rate in the 1960s than the early 1990s. From 1961 to 1973, real GDP grew at an average annual rate of 5.5% in Canada and 4.0% in the United States. From 1973 to 1995 it was 2.6% in Canada and 2.3% in the USA. [2HP 535441-001 CPU Fan

] Canada was not hit as hard by the economic downturn in 2001, however, so cumulative growth in real GDP has been almost exactly the same amount in each country over the last 15 years.

The United Nations Human Development Index ranks the United States (fourth) higher than Canada (eighth).[26] Other independent groups, such as the Economist have ranked each of Canada's four largest cities as better places to live than any American city. HP 535439-001 CPU Fan

In their 2005 ranking, Toronto, Montreal, Vancouver and Ottawa ranked within the top 10 livable cities while the highest-ranked American cities, Cleveland and Pittsburgh, were tied at 26th place.[27]

Canada ranks higher than the U.S. in statistics such as life expectancy (80.22 years in Canada versus 77.85 in the U.S.) and infant mortality (4.75 Canadian deaths per 1000 versus 6.50 in the States). HP 535438-001 CPU Fan

Both countries rank highly with 99% literacy rates. The United States has more major consumer goods per capita than Canada. For instance, while Canada had only 297 computers per 1000 people in 1996, the United States had 403.

Average income is slightly higher in the United States. However, as of 2009, Canada's median family income surpassed that of the USA by approximately 10%.HP 533736-001 CPU Fan

In terms of racial disparity, United States African-Americans and Hispanics have a lower standard of living than the rest of the population; in Canada, Aboriginal peoples and Black Canadians are disproportionately likely to live in poverty, although these groups represent 25% of the US population and only 6% of Canada's. In both countries, recent immigrants tend to have lower earnings than more established residents. IBM 13R2760 CPU Fan

Canada's French-Canadians also used to be a poorer group, but since the Quiet Revolution in the 1960s this has been partially remedied.The United States measures poverty, while Canada does not have an official measure (see Poverty in Canada#Measures of poverty in Canada), although Statistics Canada measures something called the Low-Income Cutoffs, ACER LU.S040A.067 CPU Fan

the statistical agency repeatedly states that this is not a poverty measure (it is an income dispersion measure like the Gini coefficient). In the United States the poverty line is set at triple the "minimum adequate food budget." When a common measure is used, such as that of the Luxembourg Income Study, the United States has higher rates. The LIS reports that Canada has a poverty rate of 15.4% and the United States 18.7%. [3] ACER LU.S050B.078 CPU Fan

In both countries lower incomes are found in those most affected by poverty include single-parent families and single elderly people.

It may be said the cost of absorbing lower skilled, poorer workers in the US skews comparison studies downward for the United States[28] (see also Economic impact of illegal immigrants in the United States). DELL Studio 1535 CPU Fan

In recent years, what otherwise would have been a reduction in the low-income cutoff, was more than offset by the impact of immigration. According to a 2003 study by Statistics Canada "The rise in the low-income rates in the three major Canadian cities, and in Ontario and B.C. during the 1990s in particular, was largely concentrated among the immigrant population. HP Pavilion dv6736nr CPU Fan

Basically, low-income rates have been falling over the past two decades among the Canadian born, and rising among immigrants."[29] A more recent January 2007 study by Statistics Canada explains that the low-income rates of new immigrants has deteriorated by yet another significant amount from 2000 to 2004[30] (see also Economic impact of immigration to Canada). HP Envy 15-1050ca CPU Fan,HP Pavilion dv7-6100et CPU Fan,APPLE 661-4951 CPU Fan

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Canada has the eleventh-largest economy in the world (measured in US dollars at market exchange rates), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development(OECD) and Group of Eight (G8). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.[ ACER Aspire 4743 CPU Fan

Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, centred in Central Canada, with the automobile industry and aircraft industry especially important. With a long coastal line, Canada has the 8th largest commercial fishing and seafood industry in the world.[ HP Pavilion dv6-2170us CPU Fan

Canada is one of the global leaders of the entertainment software industry.

Canada has a private to public (Crown) property ratio of 60:40 and one of the highest levels of economic freedomin the world. Today Canada closely resembles the U.S. in its market-oriented economic system and pattern of production.[17] Toshiba Satellite L675-S7018 CPU Fan

As of February 2013, Canada's national unemployment rate stood at 7.0%,[18] as the economy continues its recovery from the effects of the 2007-2010 global financial crisis. In May 2010, provincial unemployment rates varied from a low of 5.0% in Saskatchewan to a high of 13.8% in Newfoundland and Labrador.[19]According to the Forbes Global 2000 list of the world's largest companies in 2008, Canada had 69 companies in the list, ranking 5th next to France.[20] ASUS F80Q CPU Fan

International trade makes up a large part of the Canadian economy, particularly of its natural resources. In 2009, agricultural, energy, forestry and mining exports accounted for about 58% of Canada's total exports.[21]Machinery, equipment, automotive products and other manufactures accounted for a further 38% of exports in 2009.[21] In 2009, exports accounted for approximately 30% of Canada's GDP. ACER TravelMate 4200 CPU Fan

The United States is by far its largest trading partner, accounting for about 73% of exports and 63% of imports as of 2009.[22] Canada's combined exports and imports ranked 8th among all nations in 2006.[23]

These primary industries are increasingly becoming less important to the overall economy. Only some 4% of Canadians are employed in these fields, and they account for 6.2% of GDP.[24] HP 434678-001 CPU Fan

They are still paramount in many parts of the country. Many, if not most, towns in northern Canada, where agriculture is difficult, exist because of a nearby mine or source of timber. Canada is a world leader in the production of many natural resources such asgold, nickel, uranium, diamonds and lead. Several of Canada's largest companies are based in natural resource industries, such as EnCana, Cameco, Goldcorp, and Barrick Gold. HP G70-120EA CPU Fan

The vast majority of these products are exported, mainly to the United States. There are also many secondary and service industries that are directly linked to primary ones. For instance one of Canada's largest manufacturing industries is the pulp and paper sector, which is directly linked to the logging industry.

The reliance on natural resources has several effects on the Canadian economy and Canadian society. Toshiba Satellite A300-034 CPU Fan

While manufacturing and service industries are easy to standardize, natural resources vary greatly by region. This ensures that differing economic structures developed in each region of Canada, contributing to Canada's strong regionalism. At the same time the vast majority of these resources are exported, integrating Canada closely into the international economy. HP 606609-001 CPU Fan

Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes.[25]

Such industries also raise important questions of sustainability. Despite many decades as a leading producer, there is little risk of depletion. Large discoveries continue to be made, such as the massive nickel find atVoisey's Bay. Compaq Presario CQ60-301sl CPU Fan

Moreover the far north remains largely undeveloped as producers await higher prices or new technologies as many operations in this region are not yet cost effective. In recent decades Canadians have become less willing to accept the environmental destruction associated with exploiting natural resources. High wages and Aboriginal land claims have also curbed expansion.TOSHIBA Satellite L300 CPU Fan

Instead many Canadian companies have focused their exploration and expansion activities overseas where prices are lower and governments more accommodating. Canadian companies are increasingly playing important roles in Latin America, Southeast Asia, and Africa.

The exploitation of renewable resources have raised concerns in recent years. ASUS Eee PC 701 CPU Fan

After decades of escalatingoverexploitation the cod fishery all but collapsed in the 1990s, and the Pacific salmon industry also suffered greatly. The logging industry, after many years of activism, has in recent years moved to a more sustainable model.

Productivity measures are key indicators of economic performance and a key source of economic growth and competitiveness.Compaq Presario CQ60-305sa CPU Fan

The Organisation for Economic Co-operation and Development (OECD)[notes 1] The OECD Compendium of Productivity Indicators,[27] published annually, presents a broad overview of productivity levels and growth in member nations, highlighting key measurement issues. It analyses the role of "productivity as the main driver of economic growth and convergence" and the "contributions of labour, capital and MFP in driving economic growth."[27] HP 637607-001 CPU Fan

According to the definition above “MFP is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation” (OECD 2008,11). Measures of productivity include Gross Domestic Product (GDP)(OECD 2008,11) and Multifactor Productivity (MFP).

The OECD provides data for example comparing labour productivity levels in the total economy of each member nation. HP Pavilion dv7-3067nr CPU Fan

In their 2011 report Canada's Gross Domestic Product (GDP) was $CDN 1,720,748 million.

Another productivity measure, used by the OECD, is the long-term trend in multifactor productivity (MFP) also known as total factor productivity (TFP). This indicator assesses an economy’s "underlying productive capacity (“potential output”), HP Pavilion dv5-1210ez CPU Fan

itself an important measure of the growth possibilities of economies and of inflationary pressures." MFP measures the residual growth that cannot be explained by the rate of change in the services of labour, capital and intermediate outputs, and is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation. (OECD 2008,11) Compaq Presario CQ50-211nr CPU Fan

According to the OECD's annual economic survey of Canada in June 2012, Canada has experienced weak growth of multi-factor productivity (MFP) and has been declining further since 2002. One of the ways MFP growth is raised is by boosting innovation and Canada's innovation indicators such as business R&D and patenting rates were poor. Raising MFP growth, is "needed to sustain rising living standards, especially as the population ages." HP G56-114SA CPU Fan

The OECD reports the Central Government Debt as percentage of the GDP. In 2000 Canada's was 40.9 percent, in 2007 it was 25.2 percent, in 2008 it was 28.6 percent and by 2010 it was 36.1 percent.[30] The OECD reports net financial liabilities measure used by the OECD, reports the net number at 25.2%, as of 2008,[30] making Canada’s total government debt burden as the lowest in the G8. The gross number was 68%.[31] SONY Vaio VGN-CR21Z/N CPU Fan

The CIA World Factbook, updated weekly, measures financial liabilities by using gross general government debt, as opposed to net federal debt used by the OECD and the Canadian federal government. Gross general government debt includes both "intragovernmental debt and the debt of public entities at the sub-national level." For example, the CIA measured Canada's public debt as 84.1% of GDP in 2012 and 87.4% of GDP in 2011 making it 22nd in the world. HP Pavilion dv7-4060eo CPU Fan

Household debt, the amount of money that all adults in the household owe financial institutions, includes consumer debt and mortgage loans. Paul Krugman argued that by 2007 household debt in the United States, prior to the financial crisis, had reached 130 percent of household income. Krugman distinguished between the total domestic non-financial debt (public plus private) relative to GDP which is "money we owe to ourselves" and net foreign debt.[33][34Toshiba Satellite M70-252 CPU Fan

] Statistics Canada reported in March 2013 that "credit-market debt such as mortgages rose to 165% of disposable income, compared with 164.7% in the prior three-month period."[35]According to the IMF, "Housing-related debt (mortgages) comprises about 70 percent of gross household debt in advanced economies. The remainder consists mainly of credit card debt and auto loans." Toshiba Satellite A100-455 CPU Fan

On 13 June 2013, the Bank of Canada assessed "the health of Canada's financial system" as "relatively sound" <CBCovervaluedhousing13june2013 />but issued one of its starkest warnings that the "main domestic risk to financial stability" was Canada's elevated housing prices combined with high household debt levels. This has improved since December 2012 but the levels are too high.[37] HP Pavilion dv5-2112br CPU Fan

In June 2013 the OECD warned that Canada's housing market was the most overvalued of advanced economies and that housing prices continued to rise. The Bank of Canada warned specifically that Toronto's vulnerable condominium sector where there is a "high level of unsold units in the pre-construction and under construction phases."<CBCovervaluedhousing13june2013>The Canadian Press (13 June 2013). DELL BFB0505HA CPU Fan

The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and accounting for 78% of GDP.[38] The largest employer is the retail sector, employing almost 12% of Canadians.[39] The retail industry is mainly concentrated in a small number of chain stores clustered together in shopping malls. In recent years, there has been an increase in the number ofbig-box stores, HP Pavilion dv6-3299en CPU Fan

such as Wal-Mart (of the United States) and Future Shop (a subsidiary of the US based Best Buy) and Zellers (since most of their leases have been purchased by Target). This has led to fewer workers in this sector and a migration of retail jobs to the suburbs.

The second largest portion of the service sector is the business services, employing only a slightly smaller percentage of the population. SONY Vaio VGN-NW11Z/T CPU Fan

This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Toronto, Montreal and Vancouver (see Banking in Canada).

The education and health sectors are two of Canada's largest, but both are largely under the purview of the government. Toshiba Satellite L550-20W CPU Fan

The health care industry has been quickly growing, and is the third largest in Canada. Its rapid growth has led to problems for governments who must find money to fund it.

Canada has an important high tech industry, and also an entertainment industry creating content both for local and international consumption. HP Pavilion dv7-4183sf CPU Fan

Tourism is of ever increasing importance, with the vast majority of international visitors coming from the United States. Though the recent strength of the Canadian Dollar has hurt this sector, other nations such as China have increased tourism to Canada.

The general pattern of development for wealthy nations was a transition from a primary industry based economy to a manufacturing based one, and then to a service based economy. HP Pavilion dv7-3190ev CPU Fan

Canada did not escape this pattern - at its (abnormally high World War II) peak in 1944, manufacturing accounted for 29% of GDP,[40] declining to 15.6% in 2005. Canada has not suffered as greatly as most other rich, industrialized nations from the pains of the relative decline in the importance of manufacturing since the 1960s.[41] A 2009 study by Statistics Canada also found that, HP KSB06105HA CPU Fan

while manufacturing declined as a relative percentage of GDP from 24.3% in the 1960s to 15.6% in 2005, manufacturing volumes between 1961 and 2005 kept pace with the overall growth in the volume index of GDP.[42] Manufacturing in Canada was especially hard hit by the 2007-2010 global financial crisis. As of 2010, manufacturing accounts for 13% of Canada's GDP,[24] a relative decline of more than 2% of GDP since 2005. HP G62-244CA CPU Fan

Central Canada is home to branch plants to all the major American and Japanese automobile makers and many parts factories owned by Canadian firms such as Magna International and Linamar Corporation. Central Canada today produces more vehicles each year than the neighbouring U.S. state of Michigan, the heart of the American automobile industry. HP Pavilion dv7-3190ei CPU Fan

Manufacturers have been attracted to Canada due to the highly educated population with lower labour costs than the United States. Canada's publicly funded health care system is also an important attraction, as it exempts companies from the high health insurance costs they must pay in the United States.

Much of the Canadian manufacturing industry consists of branch plants of United States firms, though there are some important domestic manufacturers, HP G62-244CA CPU Fan

such as Bombardier Inc.. This has raised several concerns for Canadians. Branch plants provide mainlyblue collar jobs, with research and executive positions confined to the United States.

Canada is one of the few developed nations that is a net exporter of energy - in 2009 net exports of energy products amounted to 2.9% of GDP. ASUS A6000R CPU Fan

Most important are the large oil and gas resources centred in Alberta and the Northern Territories, but also present in neighbouringBritish Columbia and Saskatchewan. The vast Athabasca Oil Sands give Canada the world's third largest reserves of oil after Saudi Arabia and Venezuela according to USGS. In British Columbia and Quebec, as well as Ontario, HP Pavilion dv7-6011sg CPU Fan

Saskatchewan, Manitoba and the Labrador region, hydroelectric power is an inexpensive and relatively environmentally friendly source of abundant energy. In part because of this, Canada is also one of the world's highest per capita consumers of energy.[43][44] Cheap energy has enabled the creation of several important industries, such as the large aluminium industries in British Columbia [45] and Quebec [46] Toshiba Satellite L300D-01P CPU Fan

Historically, an important issue in Canadian politics is the interplay between the oil and energy industry in Western Canadaand the industrial heartland of Southern Ontario. Foreign investment in Western oil projects has fueled Canada's rising dollar. This has raised the price of Ontario's manufacturing exports and made them less competitive, a problem similar to the decline of the manufacturing sector in Holland.[47][48] Compaq Presario CQ60-409CA CPU Fan

Also, Ontario has relatively fewer native sources of power. However, it is cheaper for Alberta to ship its oil to the western United States than to eastern Canada. The eastern Canadian ports thus import significant quantities of oil from overseas, and Ontario makes significant use of nuclear power.[citation needed]

The National Energy Policy of the early 1980s attempted to force Alberta to sell low priced oil to eastern Canada. HP Mini 110-3010sf CPU Fan

This policy proved deeply divisive, and quickly lost its importance as oil prices collapsed in the mid-1980s. One of the most controversial sections of the Canada-United States Free Trade Agreement of 1988 was a promise that Canada would never charge the United States more for energy than fellow Canadians.

Petroleum production in Canada is a major industry which is important to the economy of North America. Toshiba Satellite L645D-S4056 CPU Fan

Canada is the sixth largest oil producing country in the world. In 2008 it produced an average of 438,000 cubic metres per day (2,750,000 bbl/d) ofcrude oil, bitumen and natural gas condensate. Of that amount, 45% was conventional crude oil, 49.5% was bitumen from oil sands, and 5.5% was condensate from natural gas wells.[1] Toshiba Satellite M70-142 CPU Fan

Most of Canadian petroleum production, approximately 283,000 cubic metres per day (1,780,000 bbl/d), is exported.[2] Canada is the largest single source of oil imports into the United States.

The petroleum industry in Canada is also referred to as the Canadian "Oil Patch"; the term refers especially to upstreamoperations (exploration and production of oil and gas), DELL Inspiron E1505 CPU Fan

and to a lesser degree to downstream operations (refining, distribution, and selling of oil and gas products). In 2005, almost 25,000 new oil wells were spudded (drilled) in Canada. Daily, over 100 new wells are spudded in the province of Alberta alone.

The Canadian petroleum industry developed in parallel with that one of the United States. HP 532613-001 CPU Fan

The first oil well in Canada was dug by hand (rather than drilled) in 1858 by James Miller Williams near his asphalt plant at Oil Springs, Ontario. At a depth of 20 metres (66 ft) he struck oil, one year before "Colonel" Edwin Drake drilled the first oil well in the United States.[4] Williams later went on to found "The Canadian Oil Company" which qualified as the world’s firstintegrated oil company. HP Envy 14-1080eo CPU Fan

Petroleum production in Ontario expanded rapidly, and practically every significant producer became his own refiner. By 1864, 20 refineries were operating in Oil Springs and seven in Petrolia, Ontario. However, Ontario's status as an important oil producer did not last long. By 1880 Canada was a net importer of oil from the United States. ACER TravelMate 5230 CPU Fan

Canada's unique geography, geology, resources and patterns of settlement have been key factors in the history of Canada. The development of the petroleum sector helps illustrate how they have helped make the nation quite distinct from the United States.

At its recent peak in 1973, over 78 per cent of Canadian oil and gas production was under foreign ownership and over 90 per cent of oil and gas production companies were under foreign control, mostly American. Lenovo 3000 G430 CPU Fan

It spurred the National Energy Program under the Trudeau government.

The country's three largest integrated refiners are Imperial Oil, Husky Energy, Suncor Energy. While Petro Canada is considered by some as its own entity and fourth key refiner, it's actually owned by Suncor Energy. In 2007 Canada's three biggest oil companies brought in record profits of $11.75 billion, up 10 percent from $10.72 billion in 2006. ASUS EEE PC 1215N CPU Fan

Revenues for the Big Three climbed to $80 billion from about $72 billion in 2006. The numbers exclude Shell Canada and ConocoPhillips Canada, two private subsidiaries that produced almost 500,000 barrels per day in 2006.

Alberta is the largest producer of conventional crude oil, synthetic crude, natural gas and gas products in Canada. Two of the largest producers of petrochemicals in North America are located in central and north central Alberta. Dell Vostro 3750 CPU Fan

In both Red Deer and Edmonton, world class polyethyleneand vinyl manufacturers produce products shipped all over the world, and Edmonton's oil refineries provide the raw materials for a large petrochemical industry to the east of Edmonton. There are hundreds of small companies in Alberta dedicated to providing various services to this industry—from drilling to well maintenance, pipeline maintenance to seismicexploration. Toshiba Satellite L500-018 CPU Fan

The Athabasca Oil Sands have estimated oil reserves in excess of that of the rest of the world, estimated to be 1.6 trillion barrels (250×109 m3). With the advancement of extraction methods, bitumen and economical synthetic crude are produced at costs nearing that of conventional crude. This technology grew and developed in Alberta. Many companies employ both conventional strip mining and non-conventional methods to extract the bitumen from the Athabasca deposit. COMPAQ Presario CQ42-116TU CPU Fan

With current technology, only 315 billion barrels (50.1×109 m3) are recoverable. Entire towns, like Fort McMurray, have developed because large multinational corporations have taken on the task of oil production.

While Edmonton is considered the pipeline junction, manufacturing, chemical processing, research and refining centre of the province, Calgary is known for its senior and junior oil company head offices. HP Pavilion dv6-2115eg CPU Fan

Major oil fields are found in southeast Alberta (Brooks, Medicine Hat, Lethbridge), northwest (Grande Prairie, High Level, Rainbow Lake, Zama), central (Caroline, Red Deer), and northeast (Athabasca Oil Sands).

The upstream oil sector is also commonly known as the exploration and production (E&P) sector.

The upstream sector includes the searching for potential underground or underwater crude oil and natural gas fields, Toshiba Satellite L645D-S4056 CPU Fan

drilling of exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil and/or raw natural gas to the surface. With the development of methods for extracting methane from coal seams,[13] there has been a significant shift toward including unconventional gas as a part of the upstream sector, and corresponding developments in liquified natural gas (LNG) processing and transport. HP 646578-001 CPU Fan

The upstream sector of the petroleum industry includes Extraction of petroleum, Oil production plant, Oil refinery and Oil well.

The midstream sector involves the transportation (by pipeline, rail, barge, or truck), storage, and wholesale marketing of crude or refined petroleum products. SONY VAIO PCG-6L2L CPU Fan

Pipelines and other transport systems can be used to move crude oil from production sites to refineries and deliver the various refined products to downstream distributors.Natural gas pipeline networks aggregate gas from natural gas purification plants and deliver it to downstream customers, such as local utilities. The midstream operations are often taken to include some elements of the upstream and downstream sectors. Toshiba Satellite X205-S9349 CPU Fan

For example, the midstream sector may include natural gas processing plants which purify the raw natural gas as well as removing and producing elemental sulfur and natural gas liquids (NGL) as finished end-products. Midstream service providers in Canada refer to Barge companies, Railroad companies, Trucking and hauling companies, Pipeline transportcompanies, Logistics and technology companies, HP Pavilion dv7-3020es CPU Fan

Transloading companies and Terminal developers and operators. Development of the massive oil sand reserves in Alberta would be facilitated by development of a North American pipeline network which would transport dilbit to refineries or export facilities.

Canada's oil sands for example are landlocked and it is crucial to the petroleum industry that transportation of petroleum products keeps pace with production. HP G62-369TX CPU Fan

Currently landlocked Canadian oil sands petroleum products suffer huge losses on price differentials. Until Canadian crude oil, Western Canadian Select, accesses international prices like LLS or Maya crude oil by getting to tidewater (south to the US Gulf ports via Keystone XL for example, west to the BC Pacific coast via the proposed Northern Gateway line to ports at Kitimat, HP 13.V1.BJ195.F.GN CPU Fan

BC or north via the northern hamlet of Tuktoyaktuk, near the Beaufort Sea.,[15] the Alberta government (and to some extent, the Canadian government) is losing from $4 – 30 billion [16] in tax and royalty revenues as the primary product of the oil sands, Western Canadian Select (WCS), the bitumen crude oil basket, is discounted so heavily against West Texas Intermediate (WTI) while Maya crude oil, a similar product close to tidewater, is reaching peak prices.[16] Toshiba Satellite L675D-S7016 CPU Fan

Calgary-based Canada West Foundation warned in April 2013, that Alberta is "running up against a [pipeline capacity] wall around 2016, when we will have barrels of oil we can’t move."[15]

Frustrated by delays in getting approval for Keystone XL (via the US Gulf of Mexico), the Enbridge Northern Gateway Pipelines (via Kitimat, BC) and the expansion of the existing TransMountain line to Vancouver, HP Pavilion dv7-1451nr CPU Fan

British Columbia, Alberta has intensified exploration of two northern projects "to help the province get its oil to tidewater, making it available for export to overseas markets." [15] Canadian Prime Minister Stephen Harper, spent $9 million by May, 2012 and $16.5 million by May, 2013 to promote Keystone XL.[17]

In the United States, Democrats are concerned that Keystone XL would simply facilitate getting Alberta oil sands products to tidewater for export to China and other countries via the American Gulf Coast of Mexico.[17] HP G62-a57SG CPU Fan

Port Metro Vancouver has a number of petroleum terminals including: Suncor's Burrard Products Terminal, Imperial Oil Limited'a Ioco in Burrard Inlet East, Kinder Morgan Westridge Kinder Morgan Westridge in Burnaby, Shell Canada's Shellburn, Chevron Canada Ltd.'s Stanovan in Burnaby.

The downstream sector commonly refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas,[10][11][12] SONY Vaio VGN-NR31S/S CPU Fan

as well as the marketing and distribution of products derived from crude oil and natural gas. The downstream sector touches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquified petroleum gas (LPG) as well as hundreds of petrochemicals. Midstream operations are often included in the downstream category and considered to be a part of the downstream sector. IBM 91P9252 CPU Fan

Crude oil, for example, Western Canadian Select (WCS) is a mixture of many varieties of hydrocarbons and most usually has many sulfur-containing compounds. The refining process converts most of that sulfur into gaseous hydrogen sulfide. Raw natural gas also may contain gaseous hydrogen sulfide and sulfur-containingmercaptans, Toshiba Satellite M70-122 CPU Fan

which are removed in natural gas processing plants before the gas is distributed to consumers. The hydrogen sulfide removed in the refining and processing of crude oil and natural gas is subsequently converted into byproduct elemental sulfur. In fact, the vast majority of the 64,000,000 metric tons of sulfur produced worldwide in 2005 was byproduct sulfur from refineries and natural gas processing plants. SONY UDQFWPH22FQU CPU Fan

The jurisdiction over the petroleum industry in Canada, which includes energy policies regulating the petroleum industry, is shared between the federal andprovincial and territorial governments. Provincial governments have jurisdiction over the exploration, development, conservation, and management of non-renewable resources such as petroleum products. HP Pavilion dv6-2150ei CPU Fan

Federal jurisdiction in energy is primarily concerned with regulation of inter-provincial and international trade (which included pipelines) and commerce, and the management of non-renewable resources such as petroleum products on federal lands.

The petroleum industry is also regulated by the National Energy Board (NEB), an independent federal regulatory agency. HP G42-367TU CPU Fan

The NEB regulates inter-provincial and international oil and gas pipelines and power lines; the export and import of natural gas under long-term licenses and short-term orders, oil exports under long-term licenses and short-term orders (no applications for long-term exports have been filed in recent years), and frontier lands and offshore

In 1985, the federal government and the provincial governments in Alberta, areas not covered by provincial/federal management agreements. Toshiba Satellite P100-238 CPU Fan

British Columbia and Saskatchewan agreed to deregulate the prices of crude oil and natural gas. Offshore oil Atlantic Canada is administered under joint federal and provincial responsibility in Nova Scotia and Newfoundland and Labrador.

There were few regulations in the early years of the petroleum industry. ACER Aspire 5739 CPU Fan

In Turner Valley, Alberta for example, where the first significant field of petroleum was found in 1914, it was common to extract a small amount of petroleum liquids by flaring off about 90% of the natural gas. According to a 2001 report that amount of gas that would have been worth billions. In 1938 the Alberta provincial government responded to the conspicuous and wasteful burning of natural gas. IBM ThinkPad T40 2678 CPU Fan

By the time crude oil was discovered in the Turner Valley field, in 1930, most of the free gas cap had been flared off.[23] The Alberta Petroleum and Natural Gas Conservation Board (today known as the Energy Resources Conservation Board) was established in 1931 to initiate conservation measures but by that time the Depression caused a waning of interest in petroleum production in Turner Valley which was revived from 1939-1945. IBM Thinkpad T43 CPU Fan

Canada is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains.[49]Canada is a major exporter of agricultural products, to the United States and Asia. As with all other developed nations the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century. IBM ThinkPad T43 2668 CPU Fan

As with other developed nations, the Canadian agriculture industry receives significant government subsidies and supports. However, Canada has been a strong supporter of reducing market influencing subsidies through the World Trade Organization. In 2000, Canada spent approximately CDN$4.6 billion on supports for the industry. Of this, $2.32 billion was classified under the WTO designation of "green box" support, IBM ThinkPad T43 1871 CPU Fan

meaning it did not directly influence the market, such as money for research or disaster relief. All but $848.2 million were subsidies worth less than 5% of the value of the crops they were provided for, which is the WTO.

Canada is one of the largest agricultural producers and exporters in the world. As with other developed nations, the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century but it remains an important element of the Canadian economy. ACER Travelmate 8104WLMI CPU Fan

A wide range of agriculture is practised in Canada, from sprawling wheat fields of the prairies to summer produce of theOkanagan valley. In the federal government, overview of Canadian agriculture is the responsibility of the department of Agriculture and Agri-Food.

In the 17th century Samuel de Champlain and Gabriel Sagard recorded that the Iroquois and Huron cultivated the soil for maize or "Indian corn".[2] DELL Latitude E4300 CPU Fan

Maize (Zea mays), potatoes (Solanum tuberosum), beans (phaseolus), squash (Cucurbita) and the sunflower(Helianthus annus) were grown throughout agricultural lands in North America by the 16th century. As early as 2300 BC evidence of squash was introduced to the northeastern woodlands region. Archaeological findings from 500 AD have shown corn cultivation in southern Ontario.[3] ASUS F80S CPU Fan

Eastern Canada was settled well before the West. Immigration and trading posts came later to Rupert's Land and the Northwest Territories. The early immigrants combined European agricultural and domestication procedures with the indigenous knowledge of the land and animals of the area.As early as 1605, the French Acadians built dikes in the Maritimes for wheat, flax, vegetables, pasturage and marshlandfarming.HP Pavilion dv5-1058eo CPU Fan

Dairy production is the main contribution of New Brunswick, Nova Scotia, and Prince Edward Island, along with livestock and mixed farming ventures. A small percentage of land is put into use in fruit farming as well along Nova Scotia's northwest coastal areas. The American Revolution, 1775–1783, and its attendant food decline resulted in 3100 hectares cleared in Newfoundland. IBM 13N5182 CPU Fan

In the early 19th century Irish immigrants began arriving who cultivated the land in Newfoundland.[5] A very small percentage of the land is suitable in Newfoundland and Labrador for horticultural or crop production because there is a lot of forested and tundra geography. The province has some dairy production and farming concerns. Following World War II, farm training was available at the Government Demonstration Farm. IBM Thinkpad T30 2366-AA3 CPU Fan

Bonuses were paid for such things as the purchase of pure-bred sires, land clearing, and agriculture exhibition assistance to name a few. The industry of fish processing for food is the largest agricultural contribution from Newfoundland. Newfoundland fisheries, supply cod for the most part, followed closely by herring, haddock, lobster, rose fish, seals, and whales. IBM Thinkpad T30 CPU Fan

The fishing industry depends very heavily upon exports and world conditions.

Agriculture in the West started with Peter Pond gardening plots at Lake Athabasca in 1778. Although large-scale agriculture was still many years off, Hudson's Bay Company traders, gold rush miners, and missionaries cultivated crops, gardens and raised livestock.[7] HP 535438-001 CPU Fan

The Northwest Territories, Yukon, and Nunavut are covered with the Canadian Shield, and rocky outcrops, sub Arctic forest soils, and stony phases make up most of the geography. It is an area of comparatively smaller population and not commercially exploited for the most part. Whaling, prawns, and trapping food processing contribute to agricultural food production here.[8]DELL Inspiron N3010 CPU Fan

In New France hops, hemp and livestock were introduced in 1663. The seigneurial system of farming was adopted in Quebec.[9]Quebec's agricultural sector relies heavily on its fruit and vegetable production. In 1890, a competition began to encourage farmers to improve their farms to achieve the Agricultural Merit Order. County farm improvement contests were begun about 1930 involving over 5,000 farms and their evolution over five years. HP Pavilion dv6-3070tx CPU Fan

They have some interests in livestock and mixed farming and diary as well. St. Hyacinthe operated an artificial insemination station from 1951 for breeders clubs.[10][11]

The British enforced Corn (Cereal grains) laws, 1794–1846, protected the British agricultural sector from imports of British North American wheat. IBM 41W5269 CPU Fan

TheReciprocity Treaty, 6 June 1854, developed a trade agreement between Canada and the United States which affected trade of wheat grown in Ontario.[12] NorthernOntario is mainly tundra and forested area, whereas southern Ontario has lands suitable for livestock and general farming as well as geography suitable for pasture and dairying industries. Fruit farming and tobacco farms can also be found in southern Ontario. ASUS A8H CPU Fan

Ontario is the largest producer of mixed grains,soybeans and shelled corn in the country.

Lord Selkirk, founder of the Red River Colony, harvested the first wheat crop in the western prairies in 1814. Red Fife wheat was introduced in 1868. Swine were brought to the Red River colony as early as 1819. The frontier land of southwest Albertaand southeast Saskatchewan were opened to ranching in the 19th century.[14] SONY UDQFRZH13CF0 CPU Fan

Manitoba has a combination of mixed grain, livestock, and mixed farming industries in its southernmost areas. Cattle ranching around Lake Manitoba is also quite successful. Northern Manitoba consists of extensive lakes and forested geographical areas.[15] The Dominion Land Act of 1872offered agricultural pioneers an opportunity to "prove up" a quarter section of land (160 acres/65 hectares) HP COMPAQ 2510P CPU Fan

in western Canada for a $10.00 filing fee and three years of improvements combined with residence on the land.[16] Saskatchewan still has cattle ranching along its southwestern corner; grain farming and crops such as wheat, oats, flax, alfalfa, and rapeseed(especially canola) dominate the parkland area. Mixed grain farming, dairy farms, mixed livestock and grazing lands dot thecentral lowlands region of this prairie province. APPLE 661-4951 CPU Fan

Alberta is renowned still for its stampedes, and cattle ranching is a main industry. The agricultural industry is supplemented by livestock and mixed farming and wheat crops. Alberta is the second largest producer of wheat in Canada. Grain and dairying also play a role in the livelihoods of Alberta farmers.[18]

The open parkland area extends across the three prairie provinces: Manitoba, Saskatchewan and Alberta. HP Pavilion dv6-3034ca CPU Fan

Canada's production of wheat, oats, flaxseed, and barley come mainly from this area. Meat processing is the largest industry here, followed by dairy production, breweries, and the subsidiary industry of agricultural implements.[19]

British Columbia is covered in highlands; its eastern boundary is the Rocky Mountains. Livestock, cattle ranches, fruit farming and dairying dot the province. HP G56-126NR CPU Fan

Agriculture and fisheries are a small contribution industry over shadowed by construction and forestry.[20]

Agricultural production in British Columbia supplied the gold rush industry, mining and logging industries. Agricultural producers relied on these local markets, following the economic boom and bust of each enterprise respectively. Compaq Presario C556CA CPU Fan

The British Columbia Fruit-Growers' Association was established in 1889 to foster an export market of this commodity.[21] The Canada Agriculture Museum preserves Canadian agricultural history.

In 1925, Saskatchewan produced over half of the wheat in the Dominion of Canada, threshing in excess of 240,000,000 bushels(6,500,000 metric tons) of wheat.[25] Rapeseed, alfalfa, barley, canola, flax, rye, and oats are other popularly grown grain crops. SONY Vaio VGN-NR360E CPU Fan

Wheat is a staple crop from Canada. To help homesteaders attain an abundance harvest in a foreshortened growing season, varieties of wheat were developed at the beginning of the twentieth century. Red Fife was the first strain; it was a wheat which could be seeded in the fall and sprout in the early spring. Red Fife ripened nearly two weeks sooner and was a harder wheat than other spring wheats. Dr. C. HP Pavilion dv5170us CPU Fan

Saunders, experimented further with Red Fife, and developed Marquis Wheat, which was resistant to rust and came to maturity within 100 days. Some other types of wheat grown are durum, spelt, and winter wheat. In recent years Canadian farmers have also began to grow rice due to the increase in the Asian population in Canada.[26] SONY Vaio VPC-EE3WFX/WI CPU Fan

The Prairie Farm Rehabilitation Administration (PFRA) was established in 1935 to provide Federal financial assistance in regard to the global economical crisis. The PFRA provides farmers with land and water resources such as irrigation, soil drifting conservation and small farm water development. The Farm credit program has established the Canadian Farm Loan Act to provide stock bonds and farm improvement loans. HP G56-126NR CPU Fan

Horticulture which includes nursery and floral crops, and fruits became easier to grow with the development of plant hardiness zones.[28] Apples, pears, plums and prunes, peaches, apricots, cherries,strawberries, raspberries, loganberries and fruit orchards are numerous and reach commercial size in the Annapolis Valley of Nova Scotia, New Brunswick, Quebec, Niagara Peninsula and Norfolk County of Ontario and Okanagan Valley[29] of British Columbia. HP 3MLX8TATP20 CPU Fan

Hazelnuts are harvested in Eastern Canada and British Columbia.[30] Maple syrup and maple sugar, maple butter, and maple taffy are products of Quebec along the St. Lawrence River. The main market for Canadian maple syrup and sugar is the United States[31] Potatoes are an abundant harvest of the Maritime provinces.[32] Sugar beets and beet root sugar are harvested in Quebec, Ontario, Manitoba, and Alberta. SONY Vaio VGN-NW240F/S CPU Fan

115,000 cattle roamed the southern prairies by 1900. Livestock can include the raising of cows, also commonly called cattle. Recently domestication of the buffalo[35] and elk[36] has initiated a new food industry. Sheep have been raised for both wool and meat.[37] Bovine or pig barns have been a part of livestock culture.[38] Scientists have been making forward steps in swine research giving rise to intensive pig farming. SONY Vaio VPC-EB1Z0E/B CPU Fan

The domestication of various farm animals meant that corresponding industries such as feedlots, animal husbandry and meat processing have also been studied, and developed.

In recent years farmers have been producing alternative crops which are economically viable, and amongst these are organic farm crops. Hemp and wool from sheep are the main areas of fibre production of Canada. Compaq Presario CQ60-514NR CPU Fan

Wool production was on average 16,022,000 pounds (7,267 t) in the 1930s and 9,835,000 pounds (4,461 t) in 1949.[10] Fibre flax from flaxseed has been exported to the United Kingdom. Crop growers may supplement their income with beeswax and honey and learn beekeeping. Enterprising land owners have had success growing as well as packaging and marketing the sunflower seed. Toshiba Satellite X205-S9800 CPU Fan

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Growing government spending, large wage raises, and inefficient production created a chronic inflation that rose through the 1980s, when it briefly exceeded an annual rate of 1,000%.[7] Successive regimes tried to control inflation through wage and price controls, HP Pavilion dv6365us CPU Fan

cuts in public spending, and restriction of the money supply.[7] Efforts to stem the problems came to naught when in 1982 Argentina came into conflict with the United Kingdom over the Falkland Islands.

In August 1982, after Mexico had announced its inability to service its debt, Argentina approached the International Monetary Fund (IMF) for financial assistance, as it too was in serious difficulties.HP 535439-001 CPU Fan

While developments looked positive for a while, an IMF staff team visiting Buenos Aires in August 1983 discovered a variety of problems, particularly a loss of control over wages affecting both the budget and external competitiveness, and the programme failed.[107] With the peso quickly losing value to inflation, a new peso was introduced in 1983, with 10,000 old pesos exchanged for each new peso.[7] COMPAQ 6910c CPU Fan

In December 1983 Raúl Alfonsin was elected President of Argentina, bringing to an end to the military dictatorship.[107] Under Alfonsin, negotiations started on a new programme with the IMF, but they led to nothing.[107] In March 1984, Brazil, Colombia, Mexico and Venezuela lent Argentina $300 million for three months, followed by a similar amount by the United States, IBM Lenovo IdeaPad G510 CPU Fan

providing some breathing space as it was not before late September 1984 that an agreement was reached between the IMF and Argentina.

In 1985 the currency was redenominated again, with the Austral substituting the discredited peso.[107] HP G62-110SO CPU Fan

In 1986, Argentina failed to pay the debt for several months until ultimately the debt was renegotiated with the creditor banks.[111] During 1986 and 1987 the Austral Plan faded away, as fiscal policy was undermined by large off-budget spending and a loose monetary policy, again falling out of compliance with an IMF programme.[107] DELL Precision M6400 CPU Fan

A new IMF arrangement was reached in July 1987, only to collapse in March 1988.[107]

The next move by the authorities was to launch the Plan Primavera in August 1988, consisting of a package of economically heterodox measures that foresaw little fiscal adjustment, and this time the IMF, in the absence of firm policies, refused to resume lending to Argentina.[107] SONY Vaio VPC-EB290X CPU Fan

Six months after its introduction the Plan Primavera collapsed, leading to hyperinflation,[107] and riots.

The Peronist Carlos Menem was elected president in May 1989.[107] He immediately announced a new shock programme, this time with more fiscal adjustment in view of a government deficit of 16% of GDP.[107] HP Envy 17-1090eo CPU Fan

In November 1989 agreement was reached on yet another standby with the IMF, but again the arrangement was ended prematurely, followed by another bout of hyper-inflation, which reached 12,000% per year.[107]

After the collapse of public enterprises during the late 1980s, privatisation became strongly popular.[112] Toshiba Satellite A210-1CF CPU Fan

Menem privatised almost everything the state owned, except for a couple of banks.[80] In terms of service there were indisputable improvements. For example, before the telephone privatisation, to get a new line it was not unusual to wait more than ten years, and apartments with telephone lines carried a big premium in the market. Dell Vostro 3450 CPU Fan

After privatisation the wait was reduced to less than a week.[112] Productivity increased as investment modernised farms, factories and ports.[80] However, in all cases, there were large outlays of employees.[112] In addition, the process of privatisation was suspected of corruption in many cases.[112] Toshiba Satellite A10-103 CPU Fan

Ultimately, the privatised enterprises became private (rather than public) monopolies.[80] Their tariffs on long-term contracts were raised in line with American inflation, even though prices in Argentina were falling.[80]

In 1991, economy minister Domingo Cavallo set out to reverse Argentina's decline through free-market reforms such as open trade.[80] Compaq Presario A900 CTO CPU Fan

On 1 January 1992, a monetary reform replaced the austral with the peso at a rate of 10,000 australs for 1 peso.[113] The cornerstone of the reform process was a currency board, under which the peso was fixed by law at par to the dollar, and the money supply restricted to the level of hard-currencyreserves.[80] ACER Aspire 4736ZG CPU Fan

After a lag, inflation was tamed. With risk of devaluation apparently removed, capital poured in from abroad.[80] GDP growth increased significantly and total employment rose steadily until mid-1993.[79] During the second half of 1994, the economy slowed down and unemployment increased from 10% to 12.2%.[79] Toshiba Satellite A10-103 CPU Fan

Although the economy was already in a mild recession at this point, conditions worsened substantially after the devaluation of the Mexican peso during December 1994.[79] The economy shrank by 4%, and a dozen banks collapsed.[80] With the labour force continuing to expand and employment falling sharply along with aggregate demand, unemployment rose by over 6% in 6 months.[79] SONY MCF-519PAM05 CPU Fan

But the government responded effectively: it tightened bank regulation and capital requirements, and encouraged foreign banks to take over weaker local ones.[80] The economy soon recovered and, between 1996 and 1998, both output and employment grew rapidly and unemployment declined substantially.[79] SONY Vaio VPC-EB290X CPU Fan

However, at the beginning of 1999, the Brazilian currency underwent a strong depreciation. The Argentine economy contracted 4% in 1999, and unemployment increased again.[79]

Exports grew from $12 billion in 1991 to $27 billion in 2001, but many industries could not compete abroad, especially after Brazil's devaluation.[80] HP Pavilion dv7-2043cl CPU Fan

The strong, fixed exchange rate turned the trade balance to a cumulative US$22 billion in deficits between 1992 and 1999.[114] Unable to devalue, Argentina could only become more competitive if prices fell.[80] Deflation came from recession, falling wages and rising unemployment.[80] Interest rates remained high, with banks lending dollars at 25%.[80] HP Pavilion dv7-2130ev CPU Fan

The share of public spending in GDP increased from 27% in 1995 to 30% in 2000.[80] Some poorer provinces had depended on state enterprises or on inefficient industries, such as sugar, which could not compete when trade was opened.[80] To quell social unrest, provincial governors padded their payrolls.[80] HP 608772-001 CPU Fan

The government had embarked on a pension reform with costs reaching 3% of GDP in 2000, as it still had to pay pensioners but no longer received contributions.

Argentina fell into a deep recession in the second half of 1998, triggered and then compounded by a series of adverse external shocks, which included low prices for agricultural commodities,[115] Toshiba Satellite A100-194 CPU Fan

the appreciation of the US dollar, to which the peso was pegged at par,[115] the 1998 Russian financial crisis, the LTCM crisis and the devaluation of the Brazilian real in January 1999.[116] Argentina did not enjoy a rapid recovery, and the sluggishness of GDP growth fuelled concerns about the sustainability of public debt.[116] HP Pavilion tx1205/ CT CPU Fan

In December 1999 Fernando de la Rúa was inaugurated President, seeking assistance from the IMF shortly thereafter.[117] In March 2000, the IMF agreed to a three-year $7.2 billion stand-by arrangement with Argentina, conditioned on a strict fiscal adjustment and the assumption of 3.5% GDP growth in 2000 (actual growth was 0.5%).[117] HP Pavilion dv6640ep CPU Fan

In late 2000, Argentina began to experience severely diminished access to capital markets, as reflected in a sharp and sustained rise in spreads on Argentine bonds over U.S. Treasuries.[116] In December, The de la Rua government announced a $40 billion multilateral assistance package organized by IMF.[117] COMPAQ Presario CQ42-401TU CPU Fan

The uneven implementation of fiscal adjustments and reforms, a worsening global macroeconomic environment, and political instability led to the complete loss of market access and intensified capital flight by the second quarter of 2001.[116] Argentine debt, held mostly in bonds, was massively sold short and the government found itself unable to borrow or meet debt payments.[118] Toshiba Satellite A300D CPU Fan

In December 2001, a series of deposit runs began to have a severe impact on the health of the banking system, leading the Argentine authorities to impose a partial deposit freeze.[116] With Argentina no longer in compliance with the conditions of the expanded IMF-supported program, the IMF decided to suspend disbursements.[116] HP Pavilion dv8397ea CPU  Fan

At the end of December, in a climate of severe political and social unrest, the country partially defaulted on its international obligations; in January 2002, it formally abandoned the convertibility regime.[116]

The ensuing economic and political crisis was arguably the worst since the country's independence.[70HP Pavilion dv9821ea CPU Fan

] By the end of 2002, the economy had contracted by 20% since 1998.[116] Over the course of two years, output fell by more than 15%, the Argentine peso lost three-quarters of its value, and registered unemployment exceeded 25%.[70] Income poverty in Argentina grew from an already high 35.4% in October 2001 to a peak of 54.3% in October 2002.[119] HP COMPAQ TC4200 CPU Fan

Critics of the policy of economic liberalization pursued during the Menem Presidency argued that Argentina's economic woes were caused by neoliberalism, which had been actively promoted by the U.S. government and the IMF under the Washington Consensus.[70] Others have stressed that the main shortcoming of economic policy-making during the 1990s was that economic reform was not pursued with enough determination.[70SONY Vaio VGN-NW228F CPU Fan

] A 2004 report by the IMF's Independent Evaluation Officecriticised the IMF's conduct prior to Argentina's economic collapse of 2001, saying the IMF had supported the country's fixed exchange rate for too long, and was too lenient towards fiscal deficits.

In January 2002 Eduardo Duhalde was appointed president, becoming Argentina's fifth president in two weeks.[123] HP G62-b16ST CPU Fan

Roberto Lavagna, who became Minister of the Economy in April 2002, was credited for the ensuing recovery of the economy, having stabilised prices and the exchange rate in a moment when Argentina was at risk of hyperinflation.[124] Since the default in 2001, growth has resumed, with the Argentine economy growing by over 6% a year for seven of the eight years to 2011.[125] HP 580696-001 CPU Fan

This was achieved in part because of a commodity price boom, and also because the government managed to keep the value of the currency low, boosting industrial exports.

Néstor Kirchner became president in May 2003. In the mid-2000s, export of unprocessed soybeans and of soybean oil and mealgenerated more than 20% of Argentina's export revenue, triple the joint share of the traditional exports, beef and wheat.[122HP Pavilion dv6-3049tx CPU Fan

] Export taxes comprised 8% to 11% of the Kirchner government's total tax receipts, around two-thirds of which came from soy exports.[126] Taxes on imports and exports increased government spending from 14% to 25% of GDP.[125] However, the import and export taxes have discouraged foreign investment, while high spending has pushed inflation over 20%.[125] HP G42-380LA CPU Fan

An attempt by the Kirchner administration to impose price controls in 2005 failed as the items most in demand went out of stock and the mandatory prices were in most cases not observed.[127] Various sectors of the economy were re-nationalised, including the national postal service (2003), the San Martín Railway line(2004), Toshiba Qosmio G30-167 CPU Fan

the water utility serving the Province of Buenos Aires (2006)[128] and Aerolíneas Argentinas (2009).[129]

In December 2005, Kirchner decided to liquidate the Argentine debt to the IMF in a single payment, without refinancing, for a total of $9.8 billion.[130] The payment was partly financed by Venezuela, who bought Argentine bonds for US$1.6 billion.[130]HP Pavilion dv7-1157cl CPU Fan

As of mid-2008 Venezuela hold an estimated US$6 billion in Argentine debt.[131] In 2006, Argentina re-entered international debt markets selling US$500 million of its Bonar V five-year dollar denominated bonds, with a yield of 8.36%, mostly to foreign banks and Moody's boosted Argentina's debt rating to B from B-.In early 2007 the administration began interfering with inflation estimates. Compaq Presario CQ40-408AX CPU Fan

In December 2007 Fernández de Kirchner became president. In 2008 the rural sector mobilized against a resolution that would have increased the export tax rate on soybean exports from 35% to 44.1%.[135] Ultimately, after the narrow defeat in the Senate of the bill, the president abandoned the new taxation regime.[135] HP Mini 110-1110ET CPU Fan

Official Argentine statistics are believed to have significantly underreported inflation since 2007, and independent economists publishing their own estimates of Argentine inflation have been threatened with fines and prosecution.[136]

In October 2008 President Fernández de Kirchner nationalised private pension funds for almost $30 billion, HP Pavilion dv7-1157cl CPU Fan

ostensibly to protect the pensions from falling stock prices around the world, although critics said the government simply wanted to add the money to its budget.[137] The plan left contributors the freedom to invest in private pension funds, which the central bank would purchase a minority stake in.[138] HP Pavilion dv6-3163eo CPU Fan

Private pension funds, which were first licensed in 1994, suffered large losses during the 1998–2002 crisis and by 2008, the state subsidized 77% of the funds' beneficiaries.[138] The plan's congressional passage a month later was accompanied by a package of incentives designed to make credit more accessible and to stimulate slowing domestic growth, HP Pavilion dv9740us CPU Fan

as well as expanded export and loan subsidies and a US$32 billion public works program for 2009–2010 (a record).The late-2000s recession hit the country in 2009 with GDP growth slowing to 0.8%.[140] In the year to July 2009 private sector demand fell by around 4%.[141] High GDP growth resumed in 2010, and the economy expanded by 8.5%.[142] HP COMPAQ NX9420 CPU Fan

In April 2010, Economy Minister Amado Boudouprepared a debt swap package for the holders of over US$18 billion in bonds who did not participate in the 2005 Argentine debt restructuring.Theseholdouts indirectly reduced Argentine access to international credit markets.[ HP Pavilion dv7-4150ec CPU Fan

In late 2010, the largest new natural gas deposits in 35 years were discovered in Neuquén Province.[146] The unemployment rate in the third quarter of 2011 was 7.3%.[147]

In November 2011, the government laid a plan to cut utilities subsidies to higher income households.[148] HP Pavilion dv5-1102tu CPU Fan

By mid-2011, credit was outpacing GDP by a wide margin, raising concerns that the economy was overheating.[149] Argentina began a period of fiscal austerity in 2012.[150][151] In April 2012, the government announced plans to expropriate YPF, despite the opposition of energy experts. SONY VGN-SZ220 CPU Fan

The unique condition of Argentina, as a country which had achieved advanced development in the early 20th century but experienced a reversal, has inspired a wealth of literature and analyses on the causes of this progressive decline.[1]

According to Di Tella and Zymelman (1967), HP Pavilion dv7-6011tx CPU Fan

the main difference between Argentina and other settler societies such as Australia and Canada was its failure to seek adequate alternatives to compensate for the end of geographical expansion with the definitive closing of the frontier.[153] Solberg (1985) noted the differences between the land distribution in Canada, HP Pavilion dv5-1040eb CPU Fan

which led to a rising number of small farmers, and the small number of landowners each with large areas of land in Argentina.[153]

Duncan and Fogarty (1984) argued that the key difference lies in the contrast between the stable, flexible government of Australia and the poor governance of Argentina.[153] ASUS F3Jv CPU Fan

According to Platt and Di Tella (1985) the political tradition and immigration from different regions were the key factors, while Díaz Alejandro (1985) suggested that a restrictive immigration policy, similar to Australia’s, would have increased productivity encouraged by the relative scarcity of labour.[153] IBM ThinkPad R50p 2887 CPU Fan

More recently, Taylor (1992) pointed that the relatively high dependency ratio and the slow demographic transition in Argentina led to a reliance on foreign capital to offset the resulting low savings rate.[153] From the 1930s onwards, the accumulation of capital was hampered by the relatively high prices of (mostly imported) capital goods, SONY VGN-CS36GJ/R CPU Fan

which was caused by the industrial policy of import substitution, in contrast with the export-led growth favoured by Canada.[153] Other distorting factors behind the high relative prices of capital goods include the multiple exchange rates, the black market for foreign currencies, the depreciation of the national currency and high customs tariffs.[153] This resulted in a lower capital intensity, which led to lower rates of labour productivity.[153] Toshiba Satellite A215-S4807 CPU Fan

Toshiba Satellite Pro M10-SP405 CPU Fan

The ultimate cause of Argentina’s historical backwardness appears to be its institutional framework.[153] In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable.

Argentina is one of the world's major agricultural producers, ranking among the top producers and, HP Pavilion dv4-1120us CPU Fan

in most of the following, exporters of beef, citrus fruit, grapes, honey, maize, sorghum, soybeans, squash, sunflower seeds, wheat, and yerba mate.[44] Agriculture accounted for 9% of GDP in 2010, and around one fifth of all exports (not including processed food and feed, which are another third). Compaq Presario C550EM CPU Fan

Commercial harvests reached 103 million tons in 2010, of which over 54 million were oilseeds (mainly soy and sunflower), and over 46 million were cereals (mainly maize, wheat, and sorghum).[45] Soy and its byproducts, mainly animal feed and vegetable oils, are major exportcommodities with one fourth of the total; Toshiba Qosmio E15-AV101 CPU Fan

cereals added another 10%. Cattle-raising is also a major industry, though mostly for domestic consumption; beef, leather and dairy were 5% of total exports.[9] Sheep-raising andwool are important in Patagonia, though these activities have declined by half since 1990.[3] Biodiesel, however, has become one of the fastest growing agro-industrial activities, with over US$2 billion in exports in 2011.[9] Toshiba Satellite L645D-S4056 CPU Fan

Fruits and vegetables made up 4% of exports: apples and pears in the Río Negro valley; rice, oranges and othercitrus in the northwest and Mesopotamia; grapes and strawberries in Cuyo (the west), and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco, sugarcane and chile peppers in the northwest, and olives and garlic in the west. Toshiba Satellite A305-S6837 CPU Fan

Yerba mate tea (Misiones), tomatoes (Salta) and peaches (Mendoza) are grown for domestic consumption. Organic farming is growing in Argentina, and the nearly 3 million hectares (7.5 million acres) of organic cultivation is second only to Australia.[46] Argentina is the world's fifth-largest wine producer, and fine wine production has taken major leaps in quality. HP Pavilion dv7-4087cl CPU Fan

A growing export, total viticulture potential is far from having been met. Mendoza is the largest wine region, followed by San Juan.[47]

Government policy towards the lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. HP Pavilion dv5-1118es CPU Fan

A grain embargo by farmers protesting an increase in export taxes for their products began in March 2008,[48] and, following a series of failed negotiations, strikes and lockouts largely subsided only with the July 16, defeat of the export tax-hike in the Senate.[49]

Argentine fisheries bring in about a million tons of catch annually,[3] and are centered around Argentine hake, which makes up 50% of the catch; Toshiba Satellite A665-S6050 CPU Fan

pollock, squid, and centolla crab are also widely harvested. Forestry has long history in every Argentine region, apart from the pampas, accounting for almost 14 million m³ of roundwoodharvests.[50] Eucalyptus, pine, and elm (for cellulose) are also grown, mainly for domestic furniture, as well as paper products (1.5 million tons). Fisheries and logging each account for 2% of exports. HP Pavilion G72-259WM CPU Fan

Mining is a growing industry, increasing from 2% of GDP in 1980 to nearly 4% today. The northwest and San Juan Province are the main regions of activity. Coal is mined in Santa Cruz Province. Metals and minerals mined includeborate, copper, lead, magnesium, sulfur, tungsten, uranium, zinc, silver, and gold, whose production was boosted after 1997 by the HP Pavilion dv6-3109ca  CPU  Fan

Bajo de Alumbrera mine in Catamarca Province and Barrick Gold investments a decade later in San Juan. Metal ore exports soared from US$ 200 million in 1996 to US$ 1.2 billion in 2004,[51] and to over US$ 3 billion in 2010.[9]

Around 35 million m³ each of petroleum and petroleum fuels are produced, as well as 50 billion m³ of natural gas, making the nation self-sufficient in these staples, HP Pavilion dv6782eg CPU Fan

and generating around 10% of exports. The most important oil fields lie in Patagoniaand Cuyo. A network of pipelines (next to Mexico's, the second-longest in Latin America) send raw product to Bahía Blanca, center of the petrochemical industry, and to the La Plata-Buenos Aires-Rosario industrial belt. SONY UDQF2PH52CF0 CPU Fan

Manufacturing is the largest single sector in the nation's economy (19% of GDP), and is well-integrated into Argentine agriculture, with half the nation's industrial exports being agricultural in nature.[3] Based on food processing and textiles during its early development in the first half of the 20th century, industrial production has become highly diversified in Argentina.[52] Toshiba UDQFRPH33CCM CPU Fan

Leading sectors by production value are: Food processing and beverages; motor vehicles and auto parts;refinery products, and biodiesel; chemicals and pharmaceuticals; steel and aluminum; and industrial and farm machinery;electronics and home appliances. These latter include over three million big ticket items, Toshiba Satellite A505-S6980 CPU Fan

as well as an array of electronics, kitchen appliances and cellular phones, among others.[2] The country's auto industry produced 829,000 motor vehicles in 2011, and exported 507,000 (mainly to Brazil, which in turn exported a somewhat larger number to Argentina).[53]Beverages are another significant sector, HP Pavilion dv7-2025es CPU Fan

and Argentina has long been among the top five wine producing countries in the world; beer overtook wine production in 2000, and today leads by nearly two billion liters a year to one.[2]

Other manufactured goods include: glass and cement; plastics and tires; lumber products; textiles; tobacco products;recording and print media; furniture; apparel and leather.[2] TOSHIBA Satellite L300 CPU Fan

Most manufacturing is organized in the 314 industrial parksoperating nationwide as of 2012, a fourfold increase over the past decade.[54] Nearly half the industries are based in theGreater Buenos Aires area, although Córdoba, Rosario, and Ushuaia are also significant industrial centers; the latter city became the nation's leading center ofelectronics production during the 1980s.[55] HP G62-a10EJ CPU Fan

The production of computers, laptops, and servers grew by 160% in 2011, to nearly 3.4 million units, and covered two-thirds of local demand.[56] Another important rubric historically dominated by imports - farm machinery - will likewise mainly be manufactured domestically by 2014.[57]

Construction permits nationwide covered nearly 19 million m² (205 million ft²) in 2008. Dell MF60100V1-Q000-G99 CPU Fan

The construction sector accounts for over 5% of GDP, and two-thirds of the construction was for residential buildings.[3]

Argentine electric output totaled over 122 billion Kwh in 2009.[58] This was generated in large part through well developed natural gas and hydroelectricresources. DELL R859C CPU Fan

Nuclear energy is also of high importance,[59] and the country is one of the largest producers and exporters, alongside Canada and Russia of cobalt-60, a radioactive isotope widely used in cancer therapy.

The service sector is the largest contributor to total GDP, accounting for over 60%. Argentina enjoys a diversified service sector,Toshiba Satellite A105-S2101 CPU Fan

which includes well-developed social, corporate, financial, insurance, real estate, transport, communication services, and tourism.

The telecommunications sector has been growing at a fast pace, and the economy benefits from widespread access to communications services. These include: mobile telephony, with 77% of the population having access to mobile phones;[60]SONY Vaio VGN-FW140E CPU Fan

Internet (over 27 million users, or two thirds of the population);[61] and broadbandservices (accounting for nearly all the 10 million accounts).[62] Regular telephone services, with 9.5 million lines,[63] and mail services are robust.

Trade in services remained in deficit, however, with US$15 billion in service exports in 2012 and US$19 billion in imports.[12ACER Aspire 5730Z CPU Fan

] Business Process Outsourcingbecame the leading Argentine service export, and reached US$3 billion.[64] Advertising revenues from contracts abroad were estimated at over US$1.2 billion.[65]

Tourism is an increasingly important sector and provided 4% of direct economic output (over US$17 billion) in 2012; around 70% of tourism sector activity by value is domestic. SONY Vaio VPC-EB4S1E/WI CPU Fan

Argentine banking, whose deposits exceeded US$120 billion in December 2012,[67] developed around public sector banks, but is now dominated by the private sector. The private sector banks account for most of the 80 active institutions (over 4,000 branches) and holds nearly 60% of deposits and loans, and as many foreign-owned banks as local ones operate in the country.[68]HP Pavilion dv9580ed CPU Fan

The largest bank in Argentina by far, however, has long been the public Banco de la Nación Argentina. Not to be confused with the Central Bank, this institution now accounts for 30% of total deposits and a fifth of its loan portfolio.

During the 1990s, Argentina's financial system was consolidated and strengthened. Toshiba Satellite L305D-S5934 CPU Fan

Deposits grew from less than US$15 billion in 1991 to over US$80 billion in 2000, while outstanding credit (70% of it to the private sector) tripled to nearly US$100 billion.[69]

The banks largely lent US dollars and took deposits in Argentine pesos, and when the peso lost most of its value in early 2002, many borrowers again found themselves hard pressed to keep up. SONY Vaio VGN-CR31S/P CPU Fan

Delinquencies tripled to about 37%.[69] Over a fifth of deposits had been withdrawn by December 2001, when Economy Minister Domingo Cavallo imposed a near freeze on cash withdrawals. The lifting of the restriction a year later was bittersweet, being greeted calmly, if with some umbrage, at not having these funds freed at their full U.S. dollar value.[70HP Pavilion dv5-1210et CPU Fan

] Some fared worse, as owners of the now-defunct Velox Bank defrauded their clients of up to US$800 million.[71]

Credit in Argentina is still relatively tight. Lending has been increasing 40% a year since 2004, and delinquencies are down to less than 2%.[67] Still, credit outstanding to the private sector is, in real terms, SONY Vaio VGN-FW465J/B CPU Fan

slightly below its 1998 peak, and as a percent of GDP (around 18%),[67] quite low by international standards. The prime rate, which had hovered around 10% in the 1990s, hit 67% in 2002. Although it returned to normal levels quickly, inflation, and more recently, global instability, have been affecting it again. HP Envy 15 CPU Fan

The prime rate was over 20% for much of 2009, and around 17% since the first half of 2010.[67]

Partly a function of this and past instability, Argentines have historically held more deposits overseas than domestically. The estimated US$173 billion in overseas accounts and investment exceeded the domestic monetary base (M3) by nearly US$10 billion in 2012. HP Pavilion dv7-1190er CPU Fan

The World Economic Forum estimated that, in 2012, tourism generated around US$17 billion in direct economic turnover, another US$30 billion in indirect turnover; the industry employed 650,000 directly and 1.1 million more indirectly.[66] Tourism from abroad contributed US$ 5.3 billion, having become the third largest source of foreign exchange in 2004.Toshiba Satellite A105-S4074 CPU Fan

Around 5.7 million foreign visitors arrived in 2012, reflecting a doubling in visitors since 2002 despite a relative appreciation of the peso.[66]

Argentines, who have long been active travelers within their own country,[72] accounted for over 80%, and international tourism has also seen healthy growth (nearly doubling since 2001).[66]  IBM MCF-208AM05-1 CPU Fan

Stagnant for over two decades, domestic travel increased strongly in the last few years,[73] and visitors are flocking to a country seen as affordable, exceptionally diverse, and safe.[74]

INDEC recorded 2.7 million foreign tourist arrivals in 2010 (a 28% increase) at Jorge Newbery and Ministro Pistarini International Airports, alone (over half the total); IBM MCF-217PAM05 CPU Fan

of these, 33% arrived from Brazil, 22% from Europe, 12% from the United States and Canada, 8% from Chile, 20% from the rest of the Western Hemisphere, and 5% from the rest of the World.

Electricity generation in Argentina totaled 122.3 billion Kwh in 2009,[58] and consumption, 129.9 billion Kwh in 2012.[2]  HP GB0507PGV1-A CPU Fan

The electricity sector in Argentina constitutes the third largest power market in Latin America. It relies mostly on natural gas power generation (51%), hydroelectricity (28%), and oil-fired generation (12%).[58] Reserves of shale gas and oil in the Vaca Muerta oil field and elsewhere are estimated to be the world's third-largest.[76] IBM MCF-217PAM05 CPU Fan

The first of the country's three nuclear reactors was inaugurated in 1974, and nuclear power generated 7% of the total in 2009.[58] New renewable energytechnologies are barely exploited, however, and the country still has a large untapped hydroelectric potential. Wind energy is the fastest growing among new renewable sources. HP Pavilion dv6-3385la CPU Fan

Fifteen wind farms have been developed since 1994 in Argentina, the only country in the region to produce wind turbines. The 55 MW ofinstalled capacity in these in 2010 will increase by 895 MW upon the completion of new wind farms begun that year.[77] Solar power is also being promoted with the goal of expanding installed solar capacity from 6 MW to 300, and total renewable energy capacity from 625 MW to 3,000 MW.[78] HP Pavilion tx2510us  CPU  Fan

Faced with rising electricity demand (over 5% annually) and declining reserve margins, the government of Argentina is in the process of commissioning large projects, both in the generation and transmission sectors. To keep up with rising demand, it is estimated that about 1,000 MW of new generation capacity are needed each year. HP G62-b55EV CPU Fan

An important number of these projects are being financed by the government through trust funds, while independent private initiative is still limited as it has not fully recovered yet from the effects of the Argentine economic crisis.

The electricity sector was unbundled in generation, transmission and distribution by the reforms carried out in the early 1990s.HP Pavilion dv6-2145sf CPU Fan

Generation occurs in a competitive and mostly liberalized market in which 75% of the generation capacity is owned by private utilities. In contrast, the transmission and distribution sectors are highly regulated and much less competitive than generation.

Argentina's transport infrastructure is relatively advanced.[79] HP Pavilion dv7-1120ew CPU Fan

There are over 230,000 km (144,000 mi) of roads (not including private rural roads) of which 72,000 km (45,000 mi) are paved,[80] and 2,643 kilometres (1,642 mi) are expressways, many of which are privatized tollways.[81] Having doubled in length in recent years, multilane expressways now connect several major cities with more under construction.[82] HP 538340-001 CPU Fan

Expressways are, however, currently inadequate to deal with local traffic,[82] as over 11.4 million motor vehicles were registered nationally as of 2011 (280 per 1000 population).[83]

The railway network has a total length of 37,856 kilometres (23,523 mi).[46] After decades of declining service and inadequate maintenance, most intercity passenger services shut down in 1992 when the state rail company was privatized, HP 535766-001 CPU Fan

and thousands of kilometers of track are now in disuse; outside Greater Buenos Aires most rail lines still in operation are freight related, carrying around 23 million tons a year.[2] The metropolitan rail lines in and around Buenos Aires remained in great demand owing in part to their easy access to the Buenos Aires subway, however; HP 535442-001 CPU Fan

the metro rail network of 833 kilometres (518 mi) carries around 400 million passengers yearly.[84] A similar number of automobiles commute from Greater Buenos Aires to the city proper, and four times that number commute by city bus.[2]

Inaugurated in 1913, the Buenos Aires Metro was the first subway system built in Latin America and the Southern Hemisphere.[85] HP 535441-001 CPU Fan

No longer the most extensive in South America, its 60 kilometres (37 mi) of track carry nearly a million passengers daily.Argentina has around 11,000 km (6,835 mi) of navigable waterways, and these carry more cargo than do the country's freight railways.[86] This includes an extensive network of canals, though Argentina is blessed with ample natural waterways, as well; HP 535439-001 CPU Fan

the most significant among these being the Río de la Plata, Paraná, Uruguay, Río Negro and Paraguay rivers.

Aerolíneas Argentinas is the country's main airline, providing both extensive domestic and international service. Austral Líneas Aéreas is Aerolíneas Argentinas' subsidiary, with a route system that covers almost all of the country. HP 535438-001 CPU Fan

LADE is a military-run commercial airline that flies extensive domestic services. The nation's 33 airports handled domestic air travel totaling 13 million passengers in 2012 and international departures totaling over 11.4 million.

Argentine exports are fairly well diversified. HP 533736-001 CPU Fan

However, although agricultural raw materials were over 20% of the total exports in 2011, agricultural goods including processed foods still account for over 50% of exports. Soy products alone (soybeans, vegetable oil) account for almost one fourth of the total. Cereals, mostly maize and wheat, which were Argentina's leading export during much of the twentieth century, make up less than one tenth now.[88] IBM 13R2760 CPU Fan

Industrial goods today account for over a third of Argentine exports. Motor vehicles and auto parts are the leading industrial export, and over 12% of the total merchandise exports. Chemicals, steel, aluminum, machinery, and plastics account for most of the remaining industrial exports. ACER LU.S040A.067 CPU Fan

Trade in manufactures has historically been in deficit for Argentina, however, and despite the nation's overall trade surplus, its manufacturing trade deficit exceeded US$30 billion in 2011.[89] Accordingly, the system of non-automatic import licensing was extended in 2011,[90] and regulations were enacted for the auto sector establishing a model by which a company's future imports would be determined by their exports (though not necessarily in the same rubric).[91] ACER LU.S050B.078 CPU Fan

A net energy importer until 1987, Argentina's fuel exports began increasing rapidly in the early 1990s and today account for about an eighth of the total. Refined fuels make up about half. Exports of crude petroleum and natural gas have recently been around US$3 billion a year.[88] DELL Studio 1535 CPU Fan

Rapidly growing domestic energy demand and a gradual decline in oil production, resulted in a US$1.5 billion energy trade deficit in 2011 (the first in 24 years).[92]

Argentine imports have historically been dominated by the need for industrial and technological supplies, machinery, and parts, which totaled US$50 billion in 2011 (two-thirds of total imports). HP Pavilion dv6736nr CPU Fan

Consumer goods including motor vehicles make up most of the rest.[88] Trade in services has historically in deficit for Argentina, and in 2012 this deficit widened to over US$3 billion with a record US$19 billion in service imports.[12] The nation's chronic current account deficitwas reversed during the 2002 crisis, and an average current account surplus of US$7 billion was logged between 2002 and 2009; HP Envy 15-1050ca CPU Fan

this surplus later narrowed considerably, but remained at US$3 billion in 2012.

Foreign direct investment in Argentina is divided nearly evenly between manufacturing (36%), natural resources (34%), and services (30%). The chemical and plastics sector (10%) and the automotive sector (6%) lead foreign investment in local manufacturing; HP Pavilion dv7-6100et CPU Fan

oil and gas (22%) and mining (5%), in natural resources; telecommunications (6%), finance (5%), and retail trade (4%), in services.[94] Spain was the leading source of foreign direct investment in Argentina, accounting for US$22 billion (28%) in 2009; the U.S. was the second leading source, with $13 billion (17%).[94] APPLE 661-4951 CPU Fan

Investments from the Netherlands, Brazil, Chile, and Canada have also been significant; in all, foreign nationals hold around US$100 billion in direct investment.[12]

Several bilateral agreements play an important role in promoting U.S. private investment. Argentina has an Overseas Private Investment Corporation (OPIC)agreement and an active program with the U.S. Export-Import Bank. IBM 42W2403 CPU Fan

Under the 1994 U.S.–Argentina Bilateral Investment Treaty, U.S. investors enjoy national treatment in all sectors except shipbuilding, fishing, nuclear-power generation, and uranium production. The treaty allows for international arbitration of investment disputes.

Foreign direct investment (FDI) in Argentina, which averaged US$5.7 billion from 1992 to 1998 and reached in US$24 billion in 1999 (reflecting the purchase of 98% of YPF stock by Repsol), ACER Aspire 9304WSMi CPU Fan

fell during the crisis to US$1.6 billion in 2003.[95] FDI then accelerated, reaching US$8 billion in 2008.[96] The global crisis cut this figure to US$4 billion in 2009; but inflows recovered to US$6.2 billion in 2010[97] and US$8.7 billion in 2011, with FDI in the first half of 2012 up by a further 42%.[98]

FDI volume remained below the regional average as a percent of GDP even as it recovered, however; HP 610773-001 CPU Fan

Kirchner Administration policies and difficulty in enforcing contractual obligations had been blamed for this modest performance.[99] The nature of foreign investment in Argentina nevertheless shifted significantly after 2000, and whereas over half of FDI during the 1990s consisted in privatizations and mergers and acquisitions, IBM ThinkPad R50p 1830 CPU Fan

foreign investment in Argentina became the most technologically oriented in the region – with 51% of FDI in the form of medium and high-tech investment (compared to 36% in Brazil and 3% en Chile).

The economy recovered strongly from the 2001–02 crisis, and was the 21st largest in purchasing power parityterms in 2011;IBM ThinkPad T61 8898 CPU Fan

it per capita income on a purchasing power basis was the highest in Latin America.[1] A lobby representing US creditors who refused to accept Argentina's debt-swap programmes has campaigned to have the country expelled from the G20.[101] These holdouts include numerous vulture funds which had rejected the 2005 offer, and had instead resorted to the courts in a bid for higher returns on their defaulted bonds. IBM ThinkPad R50p 2889 CPU Fan

These disputes had led to a number of liens against central bank accounts in New York and, indirectly, to reduced Argentine access to international credit markets.[102]

Argentina's economy grew by 9% in 2010, and officially, income poverty declined to 8% by 2011;[3] an alternative mesurement conducted by CONICET found that income poverty declined to 22.6%.[IBM ThinkPad R50p 1830 CPU Fan

Argentina's unemployment rate in the fourth quarter of 2011 was reportedly down to 6.7% from 8.4% in the fourth quarter of 2009, according to INDEC data. The jobless rate has declined from 25% in 2002 largely because of both growing global demand for Argentine commodities and strong growth in domestic activity.[105] IBM ThinkPad R50 1829 CPU Fan

Given its ongoing dispute with holdout bondholders, the government has become wary of sending assets to foreign countries (such as the presidential plane, or artworks sent to foreign exhibitions) in case they might be impounded by courts at the behest of holdouts.

Official CPI inflation figures released monthly by INDEC have been a subject of political controversy since 2007.[ IBM ThinkPad R50P CPU Fan

Official inflation data are disregarded by leading union leaders, even in the public sector, when negotiating pay rises.[109] Some private-sector estimates put inflation for 2010 at around 25%, much higher than the official 10.9% rate for 2010.[109] Inflation estimates from Argentina's provinces are also higher than the government's figures.[109IBM Thinkpad W500 CPU Fan

Compaq Presario CQ41-206TU CPU Fan

]The government stands by the validity of its data, but has called in the International Monetary Fund to help it design a new nationwide index to replace the current one.[109]

The government threatens inflation analysts with fine of up to 500,000 pesos if they don't report how they calculate their inflation estimates, which these economists consider as an attempt to limit the availability of independent estimates.  SONY Vaio VPC-EB4X1E/BQ CPU Fan

High inflation has been a weakness of the Argentine economy for decades.[110] Inflation was unofficially estimated to be running at more than 25% annually in December 2010, despite official statistics indicating less than half that figure; this would be the highest level since the 2002 devaluation.[ HP G62-374CA CPU Fan

A committee was established in 2010 in the Argentine Chamber of Deputies by opposition Deputies Patricia Bullrich, Ricardo Gil Lavedra, and others to publish an alternative index based on private estimates.[4] Food price increases, particularly that of beef, began to outstrip wage increases in 2010, leading Argentines to decrease beef consumption per capita from 69 kg (152 lb) to 57 kg (125 lb) annually and to increase consumption of other meats.[ HP Pavilion dv5-1203eg CPU Fan

President Cristina Kirchner insists inflation is not a problem.[110]

Consumer prices for 2011 are expected to rise by 20 to 30%, leading the national mint to buy banknotes of its highest denomination (100 pesos) from Brazil at the end of 2010 to keep up with demand. The central bank is expected to pump at least 1 billion pesos into the economy in this way during 2011. HP Pavilion dv7-3131ez CPU Fan

Argentina, in relation to other Latin American countries, has a moderate to low level of income inequality. Its Gini coefficient of about 0.368 (2011)[115] is reported to be the lowest among Latin American countries.[115] The social gap is worst in the suburbs of the capital, where beneficiaries of the economic rebound live in gated communities, Dell Vostro 3450 CPU Fan

and many of the poor (particularly undocumented immigrants) live in slums known as villas miserias.[116]In the mid-1970s, the most affluent 10% of Argentina's population had an income 12 times that of the poorest 10%. That figure had grown to 18 times by the mid-1990s, and by 2002, the peak of the crisis, the income of the richest segment of the population was 43 times that of the poorest.[116] SONY Vaio VGN-CR23/N CPU Fan

These heightened levels of inequality had improved to 26 times by 2006,[117] and to 16 times at the end of 2010.[118] Economic recovery after 2002 was thus accompanied by significant improvement in income distribution: in 2002, the richest 10% absorbed 40% of all income, compared to 1.1% for the poorest 10%;[119] by 2010, the former received 29% of income, and the latter, 1.8%.HP Pavilion dv6-3043tx CPU Fan

Argentina has an inequality-adjusted human development index of 0.641, compared to 0.519 and 0.652 for neighbouring Brazil and Chile, respectively.[120] The o

fficial, household survey income poverty rate was 8.3% in 2011.[5] The National Research Council, however, estimated income poverty in 2010 at 22.6%,[103] and private consulting firms estimated that in 2011 around 21% fell below the income poverty line.[121] HP Pavilion dv6-3163eo CPU Fan

The World Bank estimated that, in 2009, 2.4% subsisted on less than US$2 per person per day. HP Pavilion dv7-1003eo CPU Fan,Dell Vostro 3450 CPU Fan, HP Pavilion dv7-3067nr CPU Fan

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The economy of Argentina is an upper middle-income economy,[16] and Latin America's third-largest.[17]

The country benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector and a diversified industrial base. Historically, however, Argentina's economic performance has been very uneven, in which high economic growth alternated with severe recessions, ACER Aspire 4743 CPU Fan

particularly during the late twentieth century, and income maldistribution and poverty increased. Early in the twentieth century it was one of the richest countries in the world and the third largest in the Southern hemisphere.[18] Though now an upper-middle income economy, Argentina maintains a relatively high quality of life and GDP per capita.[19] HP Pavilion dv6-2170us CPU Fan

Argentina is considered an emerging market by the FTSE Global Equity Index, and is one of the G-20 major economies.

Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat, wool, leather, and hide industries for both the greater part of its foreign exchange and the generation of domestic income and profits. Toshiba Satellite L675-S7018 CPU Fan

The Argentine economy, however, began to experience swift growth after 1875 through the export of livestock and grain commodities,[20] as well as through British and French investment, marking the beginning of a significant era of economic expansion.[21]

During its most vigorous period, from 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP, averaging about 8% annually.[22] ASUS F80Q CPU Fan

One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period.[22] Growth then slowed considerably, though throughout the period from 1890 to 1939, the country's per capita income was similar to that of France, Germany and Canada[23] (although income in Argentina remained considerably less evenly distributed).[20] ACER TravelMate 4200 CPU Fan

The great depression caused Argentine GDP to fall by a fourth between 1929 and 1936[24] Having recovered its lost ground by the late 1930s partly through import substitution, the economy continued to grow modestly during World War II (in sharp contrast to what had happened in the previous World War). Indeed, the reduced availability of imports and the war's beneficial effects on both the quantity and price of Argentine exports combined to create a US$ 1.7 billion cumulative surplus during those years.[25] HP 434678-001 CPU Fan

Benefiting from innovative self-financing and government loans alike, value added in manufacturing surpassed that of agriculture for the first time in 1943, and employed over 1 million by 1947.[26]

The administration of Juan Perón nationalized strategic industries and services from 1945 to 1955. Inflation first became a chronic problem during this period[24] HP G70-120EA CPU Fan

(it averaged 26% annually from 1944 to 1974) and Argentina did not become "industrialized" or fully "developed"; but, from 1932 to 1974, Argentina's economy grew almost fivefold (or 3.8% in annual terms),[27] while its population only doubled. This expansion was well-distributed and resulted in several noteworthy changes in Argentine society. For example, Toshiba Satellite A300-034 CPU Fan

it led to the development of the largest proportional middle class (40% of the population by the 1960s) in Latin America[27] as well as the region's highest-paid, most unionized working class.[28]

The partial enactment of developmentalism after 1958 was followed by a promising fifteen years. The economy, however, declined during the military dictatorship from 1976 to 1983, and for some time afterwards.[29] HP 606609-001 CPU Fan

The dictatorship's chief economist, José Alfredo Martínez de Hoz, advanced a disorganized, corrupt, monetarist policy of financial liberalization that increased the debt burden and interrupted industrial development and upward social mobility;[30] over 400,000 companies of all sizes went bankrupt by 1982,[24] and economic decisions made from 1983 through 2001 failed to reverse the situation. Compaq Presario CQ60-301sl CPU Fan

Record foreign debt interest payments, tax evasion and capital flight resulted in a balance of payments crisis that plagued Argentina with severe stagflation from 1975 to 1990. Attempting to remedy this, economist Domingo Cavallo pegged the peso to the U.S. dollar in 1991 and limited the growth in the money supply. TOSHIBA Satellite L300 CPU Fan

His team then embarked on a path of trade liberalization, deregulation, and privatization. Inflation dropped to single digits and GDP grew by one third in four years;[2] but external economic shocks and failures of the system diluted benefits, causing the economy to crumble slowly from 1995 until the collapse in 2001. ASUS Eee PC 701 CPU Fan

That year and the next, the economy suffered its sharpest decline since 1930; by 2002, Argentina had defaulted on its debt, its GDP had declined by nearly 20% in four years, unemployment reached 25%, and the peso had depreciated 70% after beingdevalued and floated.[2]

Expansionary policies and commodity exports triggered a rebound in GDP from 2003 onwards. Compaq Presario CQ60-305sa CPU Fan

This trend has been largely maintained, creating over five million jobs and encouraging domestic consumption and fixed investment. A number of important firms privatized during the 1990s were renationalized beginning in 2003. These include thePostal service, AySA (the water utility serving Buenos Aires), HP 637607-001 CPU Fan

Pension funds (transferred to ANSES), Aerolíneas Argentinas, and the energy firm YPF.[31]

The socio-economic situation has been steadily improving and the economy grew around 9% annually for five consecutive years between 2003 and 2007, and 7% in 2008. The global recession of 2007–10 affected the economy in 2009, with growth slowing to 0.8%.[2] HP Pavilion dv7-3067nr CPU Fan

High economic growth resumed, and GDP expanded by around 9% in both 2010 and 2011.[2] Foreign exchange controls, austerity measures, persistent inflation, and downturns in Brazil, Europe, and other important trade partners, contributed to slower growth (1.9%) during 2012.[4] Broad-based recoveries in the agricultural, construction, auto, and energy sectors created better prospects for 2013.[32] HP Pavilion dv5-1210ez CPU Fan

The Argentine government bond market is based on GDP-linked bonds, and investors, both foreign and domestic, netted record yields amid renewed growth.[33] Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost $100 billion in defaulted bonds from 2001.[34] Compaq Presario CQ50-211nr CPU Fan

Some holdouts, including small investors, hedge funds, and vulture funds, rejected the 2005 and 2010 offers to exchange their defaulted bonds, resorting instead to lawsuits and attempts to seize Argentine government assets abroad – notably Central Bank deposits in the Federal Reserve Bank of New York,[35] the presidential airplane, and the ARA Libertad.[36][37HP G56-114SA CPU Fan

]Bondholders who instead accepted the 2005 offer of 30 cents on the dollar, had by 2012 received returns of about 90 percent according to estimates by Morgan Stanley.[38] An August 2013 appeals court ruling determined that holdouts should be repaid the full face value,[39] but on unequal terms to the 93% who had accepted the earlier swaps at a discount.[40] SONY Vaio VGN-CR21Z/N CPU Fan

Courts in Belgium, France, and Germany have backed Argentina on the basis of the equal terms clause, however.The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country which had achieved advanced development in the early 20th century but experienced a reversal, which inspired a wealth of literature and analyses on the causes of this decline.[1] HP Pavilion dv7-4060eo CPU Fan

Argentina possesses definite comparative advantages in agriculture, as the country is endowed with a vast amount of highly fertile land.[2] Before the arrival of Spanish explorers, present-day Argentina was populated by Indigenous peoples. Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth.[3] Toshiba Satellite M70-252 CPU Fan

During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income.[3] By 1913, Argentina was the world's 10th wealthiest nation per capita.[4]

Beginning in the 1930s, however, the Argentine economy deteriorated notably.[3] Toshiba Satellite A100-455 CPU Fan

The single most important factor in this decline has been political instability since 1930, when a military junta took power, ending seven decades of civilian constitutional government.[5] In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable.[6] HP Pavilion dv5-2112br CPU Fan

Successive governments from the 1930s to the 1970s pursued a strategy of import substitution to achieve industrial self-sufficiency, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatically.[7]

The era of import substitution ended in 1976, but the same time growing government spending, DELL BFB0505HA CPU Fan

large wage increases and inefficient production created a chronic inflation that rose through the 1980s.[7] The measures enacted in 1976 also produced a huge foreign debt by the late 1980s, which became equivalent to three-fourths of the GNP.[7]

In the early 1990s the government reined in inflation by making the peso equal in value to the U.S. dollar, HP Pavilion dv6-3299en CPU Fan

andprivatised numerous state-run companies, using part of the proceeds to reduce the national debt.[7] However, a sustained recession at the turn of the 21st century culminated in a default, and the government again devalued the peso.[7] By 2005 the economy had recovered: there was considerable GNP growth, renewed foreign investment, and a significant drop in the unemployment rate. SONY Vaio VGN-NW11Z/T CPU Fan

During the colonial period, present-day Argentina offered fewer economic advantages compared to other parts of the Spanish Empire such as Mexico or Peru, which caused it to assume a peripheral position within the Spanish colonial economy.[8] It lacked deposits of gold or other precious metals,[9] nor did it have established native civilizations to subject to the encomiendaToshiba Satellite L550-20W CPU Fan

Only two-thirds of its present territory were occupied during the colonial period, as the remaining third consisted of thePatagonian Plateau, which remains sparsely populated to this day.[9] The agricultural and livestock sector's output was principally consumed by the producers themselves and by the small local market, and only became associated with foreign trade towards the end of the 18th century.[8] HP Pavilion dv7-4183sf CPU Fan

The period between the 16th and the end of the 18th century was characterized by the existence of self-sufficient regional economies separated by considerable distances, a lack of road, maritime or river communications, and the hazards and hardship of land transport.[10] By the end of the 18th century, a significant national economy came into being, HP Pavilion dv7-3190ev CPU Fan

as Argentina developed a market in which reciprocal flows of capital, labour, and goods could take place on a significant scale between its different regions, which it had hitherto lacked.[10]

Historians like Milcíades Peña consider this historical period of the Americas as pre-capitalist, as most production of the coastal cities was destined to overseas markets.[11] HP KSB06105HA CPU Fan

Rodolfo Puiggrós consider it instead a feudalist society, based on work relations such as the encomienda or the slavery.[11] Norberto Galasso and Enrique Rivera consider that it was neither capitalist nor feudalist, but an hybrid system result of the interaction of the Spanish civilization, on the transition from feudalism to capitalism, and the natives, still living in the prehistory.[11] HP G62-244CA CPU Fan

The Argentine territories, held back by their closed economies, the lack of any activity closely linked to foreign trade, and the scant amounts of labour and capital they consequently received, fell far behind those of other areas of the colonial world that participated in foreign trade.[12] Only activities associated with a dynamic exporting centre enjoyed some degree of prosperity,HP Pavilion dv7-3190ei CPU Fan

as occurred in Tucuman, where cloth was manufactured, and in Córdoba and the Litoral, where livestock was raised to supply the mines ofUpper Peru.[12]

This trade was legally limited to Spain: the Spanish Crown enforced a monopsony which limited supplies and enabled Spanish merchants to mark up prices and increase profits.[13] HP G62-244CA CPU Fan

British and Portuguese merchants broke this monopsony by resorting to contraband trade.[14]

The British desire to trade with South America grew during the Industrial Revolution and the loss of their 13 colonies in North America during the American Revolution. To achieve their economic objectives, ASUS A6000R CPU Fan

Britain initially launched the British invasions of the Río de la Plata to conquer key cities in Spanish America.[15] When they allied to Spain during the Napoleonic Wars, they requested the Spanish authorities to open commerce to Britain in return.

The first Argentine historians, such as Bartolomé Mitre, attributed the free trade to the The Representation of the Hacendados economic report by Mariano Moreno, HP Pavilion dv7-6011sg CPU Fan

but is currently considered the result of a general negotiation between Britain and Spain, as reflected in the Apodaca-Canning treaty of 1809.[17] The actions of Baltasar Hidalgo de Cisneros in Buenos Aires reflected similar outcomes emanating from the other Spanish cities of South America.[17] Toshiba Satellite L300D-01P CPU Fan

Compared to other parts of Latin America, slavery played a much lesser role in the development of the Argentine economy, mostly because of the absence of gold mines and sugar plantations, which would have demanded huge numbers of slave workers.[18] Colonial Brazil, for example, imported as many as 2.5 million Africans in the 18th century.[18] Compaq Presario CQ60-409CA CPU Fan

By contrast, an estimated 100,000 African slaves arrived at the port of Buenos Aires in the 17th and 18th centuries, and many were destined for Paraguay, Chile and Bolivia.[18]

The colonial livestock ranches were established toward the middle of the 18th century.[9] The pace of growth in the region increased dramatically with the establishment in 1776 of the new Viceroyalty of Rio de la Plata with Buenos Aires as its capital,HP Mini 110-3010sf CPU Fan

and increased legal trading allowed by the Free Trade Act of 1778,[19] which allowed for "free and protected" trade between Spain and its colonies.[20] This trade system disintegrated during the Napoleonic era, and contraband became common again.

During the early post-independence period, an important share of Argentina's exports came from cattle and sheep production.[21Toshiba Satellite L645D-S4056 CPU Fan

] The livestock-raising economy was based upon the abundance of fertile land in the littoral provinces.[21] Cropping apparently lacked comparative advantage compared to livestock grazing.[21]

Exports rose 4% to 5% annually from 1810 to 1850 and 7% to 8% from 1850 to 1870.[22] This growth was achieved through the extension of the frontier and greater efficiency in livestock production.[23] Toshiba Satellite M70-142 CPU Fan

As a result of the diversification in markets and products, Argentina managed to escape the trap of a single-staple economy and sustained its economic growth over six decades.[23] The combined effect of declining prices of textiles and rising prices of livestock products produced dramatic improvements in the terms of trade, which rose 377% between 1810 and 1825 in local prices.[21] DELL Inspiron E1505 CPU Fan

Several governors waged campaigns against the natives to increase the available lands, fromJuan Manuel de Rosas to Julio Argentino Roca.

Most poor gauchos joined forces with the most powerful caudillos in the vicinity. As the Federal party, they opposed the policies implemented by Buenos Aires, and waged the Argentine Civil Wars.[24HP 532613-001 CPU Fan

] The federalist Manuel Dorrego became governor after the resignation of Rivadavia and the end of the "happy experience", but he was executed by the unitarian Juan Lavalle during a military coup.

After Argentina became independent in 1810, an era in which commerce was controlled by a small group of peninsular merchants came to an end.[21] HP Envy 14-1080eo CPU Fan

The Primera Junta, the first government established after the 1810 May Revolution, undertook aprotectionist policy until their fall from government.

The First Triumvirate (1811–1812), influenced by Bernardino Rivadavia and Manuel García, instead promoted unrestricted trade with Britain.[25] ACER TravelMate 5230 CPU Fan

The Second Triumvirate (1812–1814) and José Gervasio Artigas (who controlled the Liga Federal during the 1815–1820 period) sought to restore the initial protectionist policy, but the Supreme Director restored free trade once more.[26] Thus, the economy of the Río de la Plata became one of the most open economies in the world.[21] Lenovo 3000 G430 CPU Fan

Between 1812 and 1816 divisions developed between an Unitarist faction centred on Buenos Aires and a Federalist faction in the provinces, which eventually led to a series of civil wars that ended with the conquest of Buenos Aires by Federalistcaudillos at the Battle of Cepeda in 1820.[27]

Each province had its own money, and the same money had a different value from one province and another, and even among cities in the same province.[28] ASUS EEE PC 1215N CPU Fan

The government of Martín Rodríguez (1820–1824) and his minister Bernardino Rivadavia, then Las Heras and finally Rivadavia himself as the first president of Argentina from 1826 to 1827, developed an economic plan deemed as "The happy experience". This plan increased the British influence in the national politics. It was based on five main pillars: Dell Vostro 3750 CPU Fan

complete free trade and no protectionist policies against British imports, finance with a central bank managed by British investors, absolute control of the port of Buenos Aires as the sole source of income from national customs, British exploitation of the national natural resources, and an Unitarist national organization centred in Buenos Aires.[29] Toshiba Satellite L500-018 CPU Fan

COMPAQ Presario CQ42-116TU CPU Fan

The exports of gold, allowed by the free trade policies, soon depleted the national reserves. This posed a great problem, as gold was the medium of exchange of the local economy. Rivadavia sought to fix it by establishing the "Discount Bank", acentral bank for printing fiat money. Despite of the role as a central bank, this bank was not owned by the state, but by private British investors. HP Pavilion dv6-2115eg CPU Fan

The report of the American John Murray Forbes to John Quincy Adams, sixth President of the United States, in 1824 mentioned that Britain had a huge influence in the economic power of the country.

He mentioned that the government in Buenos Aires was so eager to be on good terms with Britain and gain recognition of thedeclaration of independence that most official institutions (as the Bank) were under British control, Toshiba Satellite L645D-S4056 CPU Fan

and that Britain had similar control over the Argentine economy to that metropole of a colony, without the financial, civil or military costs.[30]Even the lack of an Argentine merchant fleet allowed Britain to manage the maritime trade.[31] Forbes's testimony should be appraised in perspective of the contemporary Anglo-American commercial rivalry, HP 646578-001 CPU Fan

In light of the partial nature of the account and of his "jealousy, even antipathy" towards the English in Rio de la Plata.[32]

In the mid-1820s, when Manuel José García was Minister of Finance, the government borrowed heavily to finance new projects and to pay off war debts.[33] SONY VAIO PCG-6L2L CPU Fan

These loans were tendered at usurious rates: in one notorious loan, the government received credit for £570,000 from the Baring Brothers in exchange for a debt of £1,000,000.[33] In the 1820s, the peso papel began to lose value rapidly with respect to the peso fuerte, which was linked to the price of gold.[34] Toshiba Satellite X205-S9349 CPU Fan

In 1827 the peso papel was devalued by 33%, and was devalued again by 68% in 1829.

Juan Manuel de Rosas forced Lavalle to leave the province, and the federals ruled Buenos Aires until 1852.[35] Rosas modified a number of policies of the Rivadavian period but maintained others: he set a customs law with protectionist policies, HP Pavilion dv7-3020es CPU Fan

but kept the port under the exclusive control of Buenos Aires and refused to call a constituent assembly.[36]

The customs law set trade barriers to products produced in the country, and imposed high import tariffs on luxury goods, together with export quotas and tariffs on gold and silver. However, HP G62-369TX CPU Fan

the law was not completely effective because of the control of the port, which did not allow the provinces a steady financial income.[37] The exclusive control of the port was long resisted by federals from other provinces, and led to the conflict of Rosas and Justo José de Urquiza at the battle of Caseros.[38HP 13.V1.BJ195.F.GN CPU Fan

] Despite the financial obstacles, the economy of Entre Ríos has grew to a size near that of Buenos Aires, with the decline of saladeros and the growth of wool production.

In 1838 there was a new currency crisis, and the peso papel was devalued by 34%, and in 1839 when the peso papel lost 66% of its value.[34] It was again devalued by 95% in 1845, and by 40% in 1851.[34Toshiba Satellite L675D-S7016 CPU Fan

] The Alsina years, which coincided with the secession of Buenos Aires, saw an extremely poor economic performance.[40] Efforts to fund extraordinary expenditure on the conflict between Buenos Aires and the other provinces of the Confederation caused the fiscal deficit to skyrocket.[40] Similarly, the Confederation faced harsh economic conditions. HP Pavilion dv7-1451nr CPU Fan

Urquiza, president of the Confederation, issued the 'law of differential rights', benefiting the ships trading with the ports of the Confederation and but not with Buenos Aires.[41]

The end of the civil wars provided the political and legal stability necessary to assert property rights and cut transaction costs, contributing to the huge inflows of capital and labour resources that built modern Argentina.[42HP G62-a57SG CPU Fan

] In 1866 an attempt was made to stabilize the currency, by introducing a system of convertibility,[43] which restricted the monetary authorities to issue paper currency only if it was fully backed by gold or convertible foreign currency.[34] The decades of the 1860s and 1880s experienced the most favourable performance of the economy overall, SONY Vaio VGN-NR31S/S CPU Fan

setting the stage for the so-called Golden Age of Argentine history.[44]

In the 60 years after the founding of the farming colony at Esperanza in 1856, the base of Argentine agriculture gradually shifted from livestock to crops.

Argentina, which had been insignificant during the first half of the 19th century, IBM 91P9252 CPU Fan

showed growth from the 1860s up until 1930 that was so impressive that it was expected to eventually become the United States of South America.[46]This impressive and sustained economic performance was driven by the export of agricultural goods.[47]

During the second half of the 19th century, there was an intense process of colonization of the territory in the form of latifundia.[2Toshiba Satellite M70-122 CPU Fan

] Until 1875 wheat was imported as it was not grown in sufficient quantities to supply local demand;[48] by 1903 the country supplied all its own needs and exported 75,270,503 imperial bushels (2,737,491.8 m3) of wheat, enough to sustain 16,000,000 people.[49]

In the 1870s real wages in Argentina were around 76% relative to Britain, rising to 96% in the first decade of the 20th century.[50] SONY UDQFWPH22FQU CPU Fan

GDP per capita rose from 35% of the United States average in 1880 to about 80% in 1905,[51] similar to that of France, Germany and Canada.

n 1870, during Sarmiento's presidency, total debt amounted to 48 million gold pesos. A year later, it had almost doubled.[44] HP Pavilion dv6-2150ei CPU Fan

Avellaneda became president after winning the 1874 presidential election.[53] The coalition that supported his candidature became the Partido Autonomista Nacional, Argentina's first national party;[53] all the presidents until 1916 would come from this party.[54] Avellaneda undertook the tough actions needed to get the debt under control.[44] HP G42-367TU CPU Fan

In 1876 convertibility was suspended.[44] The inflation rate rose to almost 20% in the following year, but the ratio of debt to GDP plummeted.[44] Avellaneda's administration was the first to deliver a balance in the fiscal accounts since the mid-1850s.[44]Avellaneda passed on to his successor, Julio Argentino Roca, a much more manageable economic environment. Toshiba Satellite P100-238 CPU Fan

In 1881, a currency reform introduced a bimetallic standard, which went into effect in July 1883.[55] Unlike many precious metal standards the system was very decentralized: no national monetary authority existed and all control over convertibility rested with the five banks of issue.[55] ACER Aspire 5739 CPU Fan

The period of convertibility lasted only 17 months: from December 1884 the banks of issue refused to exchange gold at par for notes.[55] The suspension of convertibility was soon accommodated by the government, since, having no institutional power over the monetary system, there was little they could do to prevent it.[55] IBM ThinkPad T40 2678 CPU Fan

The profitability of the agricultural sector attracted foreign capital for railways and industries.[47] British capital investments went from just over £20 million in 1880 to £157 million in 1890.[56] During the 1880s, investment began to show some diversification as capital began to flow from other countries such as France, IBM Thinkpad T43 CPU Fan

Germany and Belgium, though British investment still accounted for two thirds of total foreign capital.[56] In 1890 Argentina was the destination of choice for British investment in Latin America, a position it held until World War I.[56] By then, Argentina had absorbed between 40% and 50% of all British investment outside the United Kingdom.[56] IBM ThinkPad T43 2668 CPU Fan

Despite its dependence on the British market, Argentina managed a 6.7% annual rate of growth of exports between 1870 and 1890 as a result of successful geographic and commodity diversification.[57]

The first Argentine railway, a ten-kilometre road, had been built in 1854.[58] By 1885, a total of 2,700 miles (4,300 km) of railways were open for traffic.[58] IBM ThinkPad T43 1871 CPU Fan

The new railways brought livestock to Buenos Aires from the vast pampas, for slaughter and processing in the (mainly English) meat-packing plants, and then for shipment around the world.[59] Some contemporary analysts lamented the export bias of the network configuration, while opposing the "monopoly" of private British companies on nationalist grounds.[60] ACER Travelmate 8104WLMI CPU Fan

Others have since argued that the initial layout of the system was mostly shaped by domestic interests, and that it was not, in fact, strictly focussed on the port of Buenos Aires.

The scarcity of labour and abundance of land induced a high marginal product of labour.[2] European immigrants (chiefly Italians, Spaniards, French and Germans),[59] DELL Latitude E4300 CPU Fan

tempted by the high wages,[47] arrived in droves. The government subsidized European immigration for a short time in the late 1880s, but immigrants arrived in massive numbers even with no subsidy.

Juárez Celman's administration saw a substantial increase in the ratio of debt to GDP toward the end of his tenure and an increasing weakness in the fiscal situation.[40] ASUS F80S CPU Fan

TheBaring Brothers merchant bank had developed a close and profitable association with Argentina, and when Celman's government was unable to meet its payments to the House of Baring, a financial crisis ensued.[57] Argentina defaulted and suffered bank runs as the Baring Brothers faced failure.[62] HP Pavilion dv5-1058eo CPU Fan

The crisis was caused by the lack of co-ordination between monetary policy and fiscal policy, which ultimately led to the collapse of the banking system.[63] The financial crisis of 1890 left the government with no funds for its immigration subsidies programme, and it was abolished in 1891.[64] Loans to Argentina were severely curtailed, and imports had to be cut sharply.[57]IBM 13N5182 CPU Fan

Exports were less affected, but the value of Argentine exports did not surpass the 1889 peak until 1898.[57]

Celman's successor, Carlos Pellegrini, laid the foundations for a return to stability and growth after the restoration of convertibility in 1899.[65] He also reformed the banking sector in ways that were to restore stability in the medium term.[65IBM Thinkpad T30 2366-AA3 CPU Fan

]Rapid growth rates soon returned: in the period 1903–1913, GDP increased at an annual rate of 7.7%, and industry grew even faster, jumping by 9.6%.[66] By 1906, Argentina had cleared the last remnants of the 1890 default and a year later the country re-entered the international bond markets.[66]

All the same, between 1853 and the 1930s, fiscal instability was a transitory phenomenon.[44IBM Thinkpad T30 CPU Fan

] The depressions of 1873–77 and 1890–91 played a crucial role in fostering the rise of industry: timidly in the 1870s and more decisively in the 1890s, industry grew with each crisis in response to the need of a damaged economy to improve its trade balance through import-substitution.[67] By 1914, about 15% the Argentine labour force was involved in manufacturing, HP 535438-001 CPU Fan

compared to 20% involved in commercial activities.[68] In 1913, the country's income per head was on a par with that of France and Germany, and far ahead of Italy's or Spain's.[5] At the end of 1913, Argentina had a gold stock of £59 million, or 3.7% of the world's monetary gold, while representing 1.2% of the world's economic output. DELL Inspiron N3010 CPU Fan

Argentina, like many other countries, entered into a recession following the beginning of World War I as international flows of goods, capital and labour declined.[47] Foreign investment in Argentina came to a complete standstill from which it never fully recovered.[70] Great Britain had become heavily indebted to the United States during the war and would never again export capital at a comparable scale.[70] HP Pavilion dv6-3070tx CPU Fan

The United States, which came out of the war a political and financial superpower, showed no interest in Argentina, which it perceived as a potential rival on world markets.[70] Neither the Buenos Aires Stock Exchange nor the private domestic banks developed rapidly enough to fully replace British capital.[71] IBM 41W5269 CPU Fan

As a consequence, investable funds became increasingly concentrated in a single institution, the Banco de la Nacion Argentina(BNA), creating a financial system vulnerable to rent-seeking.[71] Rediscounting and non-performing loans grew steadily at the BNA after 1914, polluting its balance sheet.[72ASUS A8H CPU Fan

] This corrosion of balance sheets was a result of crony loans to the other banks and the private sector.[73] In its rediscounting actions the BNA was not engaged in pure lender of last resortactions, following Bagehot's principle of lending freely at a penalty rate.[73] Instead, the state bank allowed the private banks to shed their risks, SONY UDQFRZH13CF0 CPU Fan

with bad paper used as security, and lent them cash at 4.5%, below the rate the BNA offered its customers on time deposits.[73]

With the opening of the Panama canal in 1914, the importance of the Southern cone economies declined, as investors turned their attention to Asia.[74] The post-war recovery was short-lived and marked by scarcity of foreign investment.[70] HP COMPAQ 2510P CPU Fan

For all its success, by the 1920s Argentina was not an industrialised country by the standards of Britain, Germany or the United States.[75] A major hindrance to full industrialisation was the lack of energy sources such as coal or hydro power.[75] Experiments with oil, discovered in 1907, had poor results.[75] APPLE 661-4951 CPU Fan

Yacimientos Petrolíferos Fiscales, the first state-owned oil company in Latin America,[76] was founded in 1922 as a public company responsible for 51% of the oil production; the remaining 49% was in private hands.

The Great Depression had a comparatively mild effect on Argentina,[78] the unemployment rate never went above 10%,[79] and the country largely recovered by 1935.[78] However, the Depression permanently halted its economic expansion.[46] HP Pavilion dv6-3034ca CPU Fan

Argentina abandoned the gold standard in December 1929, earlier than most countries.[70]For much of the previous period, the country had operated a currency board, in which a body known as the caja de conversión was charged with maintaining the peso's value in gold.[80] The devaluation of the peso increased the competitiveness of its exports and protected domestic production.[47HP G56-126NR CPU Fan

] Argentina saw the value of its exports drop from $1,537 million in 1929 to $561 million in 1932, but this was by no means the most severe downturn in the region.[81]

In response to the Great Depression, successive governments pursued a strategy designed to transform Argentina into a country self-sufficient in industry as well as agriculture.[7] Compaq Presario C556CA CPU Fan

The strategy of growth was based on import substitution in which tariffs and quotas for final goods were raised.[47] The import-substitution process had progressively been adopted since the late 19th century, but the Great Depression intensified it.[67] The government's encouragement of industrial growth diverted investment from agriculture, and agricultural production fell dramatically.[7] SONY Vaio VGN-NR360E CPU Fan

In 1930 the armed forces forced the Radicals from power and improved economic conditions, but political turbulence intensified.[82] In 1932, Argentina required immigrants to have a labour contract prior to arrival, or proof of financial means of support.[83] The Roca-Runciman Treaty of 1933 gave Argentina a quota of the British market for exports of its primary products,HP Pavilion dv5170us CPU Fan

but the discriminatory British imperial tariffs and the effects of deflation in Britain actually led to a small decline of Argentine exports to Great Britain.[84]

Unemployment resulting from the Great Depression caused unrest.[82] The industrial growth spurt of the 1930s gradually slowed.[85] SONY Vaio VPC-EE3WFX/WI CPU Fan

The economic conditions of the 1930s contributed to the process of internal migration from the countryside and smaller towns to the cities, especially Buenos Aires, where there were greater opportunities for employment.[86] The urban working classes lead several unsuccessful uprisings prior to the 1937 presidential elections.[82] HP G56-126NR CPU Fan

Traditional export agriculture stagnated at the outbreak of World War II and remained sluggish.

After the 1943 Argentine coup d'état, Juan Perón, a member of the United Officers Group that engineered the plot,[87] became Minister of Labor.[82] Campaigning among workers with promises of land, higher wages, and social security, he won a decisive victory in the 1946 presidential elections.[82] HP 3MLX8TATP20 CPU Fan

Under Perón, the number of unionized workers expanded as he helped to establish the powerful General Confederation of Labor.[82] Perón turned Argentina into a corporatistcountry in which powerful organized interest groups negotiated for positions and resources.[82] During these years, Argentina developed the largest middle class on the South American continent.[88] SONY Vaio VGN-NW240F/S CPU Fan

Early Peronism was a period of macroeconomic shocks during which a strategy of import substitution industrialization was put into practice.[89] Bilateral trade, exchange controland multiple exchange rates were its most important characteristics.[89] The state's role in the economy increased, reflected in the increase in state-owned property, SONY Vaio VPC-EB1Z0E/B CPU Fan

interventionism(including control of rents and prices) and higher levels of public spending, mainly financed by the inflationary tax. The expansive macroeconomic policy, which aimed at the redistribution of wealth and the increase of spending to finance populist policies, led to inflation.[89] Compaq Presario CQ60-514NR CPU Fan

Perón used wartime reserves to pay off overseas debt, to nationalise foreign-owned enterprises, and established the IAPI to control the foreign trade in export commodities.[90] Perón erected a system of almost complete protection against imports, largely cutting off Argentina from the international market.[91] Toshiba Satellite X205-S9800 CPU Fan

In 1947, he announced his first Five-Year Plan based on growth of nationalized industries.[85] Protectionism also created a domestically oriented industry with high production costs, incapable of competing in international markets.[85] At the same time, output of beef and grain, the country's main export goods, stagnated.[91ASUS G2P CPU Fan

] The IAPI began shortchanging growers and, when world grain prices dropped in the late 1940s, it stifled agricultural production, exports and business sentiment, in general.[92]

During this period Argentina's economy continued to grow, on average, but more slowly than the world as a whole or than its neighbours, Brazil and Chile.[93] Compaq Presario CQ60-430SA CPU Fan

A suggested cause is that a multitude of frequently changed regulations, at times extended to ridiculous specifics (such as a 1947 decree setting prices and menus for restaurants), choked economic activity.[93] The long-term effect was to create pervasive disregard for the law, which Argentines came to view as a hindrance to earning a living rather than an aid to enforcing legitimate property rights.[93] DELL BFB0505HA CPU Fan

The combination of industrial protectionism, redistribution of income from the agrarian to the industrial sector, and growing state intervention in the economy sparked an inflationary process.[94] By 1950, Argentina's GDP per capita accounted just nearly half of the United States.[95] HP Pavilion dv5-1272et CPU Fan

Perón's second Five-Year Plan in 1952 favoured increased agricultural output over industrialization, but industrial growth and high wages in previous years had expanded the domestic demand for agrarian goods.[85] During the 1950s, output of beef and grain fell, and the economy suffered.[85] The policy shift toward agricultural production created a gap in income distribution,Toshiba AB7005HX-SB3 CPU Fan

as the majority of those who worked in agriculture laboured on tiny plots, while the majority of the land was in large estates.[88] Argentina signed trade agreements with Britain, the Soviet Union and Chile, slightly opening the market to international trade as Perón's second economic plan sought to capitalize on the country's comparative advantage in agriculture. Toshiba Satellite A500-18T CPU Fan

In the 1950s and part of the 1960s, the country had a slow rate of growth, while most of the rest of the world enjoyed a golden era.[46] With the exception of some years, stagnation prevailed during this period.In 1955 Peron was ousted in a coup known as Revolución Libertadora.Arturo Frondizi won the 1958 presidential election in a landslide.[97] HP Pavilion dv5-2135dx CPU Fan

In the same year he announced the beginning of the oil battle: a new attempt at import substitution which aimed to achieve self-sufficiency in oil production by signing several contract with foreign companies for the mining and exploitation of oil.[98] In 1960, Argentina joined the Latin American Free Trade Association.[91] ASUS EEE PC 1201NL CPU Fan

Wage growth in the early 1960s pushed prices up.[94] The inflation rate increased faster, and soon real wages fell.[94] High inflation prompted a stabilization plan that included tighter monetary policy, a cut in public expenditures, and increases in taxes and utility prices.[94]

Another coup in June 1966, the so-called Argentine Revolution, brought Juan Carlos Onganía to power. SONY Vaio VGN-NW240D/T CPU Fan

Ongania appointed Adalbert Krieger Vasena to head the Economy Ministry.[99] His strategy implied a very active role for the public sector in guiding the process of economic growth,[99] calling for state control over the money supply, wages and prices, and bank credit to the private sector. Compaq Presario CQ60-418DX CPU Fan

Krieger's tenure witnessed increased concentration and centralization of capital, coupled with privatisation of many important sectors of the economy.[99] The international financial community offered strong support for this program, and economic growth continued.[85] GDP expanded at an average annual rate of 5.2% between 1966 and 1970, compared to 3.2% during the 1950s.[101] SONY Vaio VGN-NW240D CPU Fan

After 1966, in a radical departure from past policies, the Ministry of Economy announced a programme to reduce rising inflation while promoting competition, efficiency, and foreign investment.[85] The anti-inflation programme focussed on controlling nominal wages and salaries.[102] Toshiba Satellite L645D-S4056 CPU Fan

Inflation decreased sharply, decreasing from an annual rate of about 30% in 1965–67 to 7.6% in 1969.[101] Unemployment remained low, but real wages fell.[101]

A gradual reversal in trade policy culminated in the military announcing import substitution as a failed experiment, lifting protectionist barriers and opening the economy to the world market.[91] Toshiba AB7805HX-GB3 CPU Fan

This new policy boosted some exports, but an overvalued currency meant certain imports were so cheap that local industry declined, and many exports were priced out of the market.[91] The Ministry of Economy put an end to the exchange rate policy of previous governments.[94] The currency underwent a 30% devaluation.[94] Toshiba Satellite L500-208 CPU Fan

In May 1969, discontent with Krieger's economic policies led to riots in the cities of Corrientes, Rosario and Córdoba.[103] Krieger was removed, but the Onganía administration was unable to agree on an alternative economic policy.[103] By 1970, the authorities were no longer capable of maintaining wage restraints, leading to a wage-price spiral.[100] HP 535441-001 CPU Fan

As the economy started to languish and import substitution industrialization ran out of steam, urban migration slowed.[88]Per capita income fell, and with it the standard of living.[88] Perón’s third term of office was characterized by an expansive monetary policy, which resulted in an uncontrolled rise in the level of inflation. Toshiba Satellite P100-444 CPU Fan

Between 1975 and 1990, real per capita income fell by more than 20%, wiping out almost three decades of economic development.[70] The manufacturing industry, which had experienced a period of uninterrupted growth until the mid-1970s, began a process of continuous decline.[104] The extreme dependence on state support of the many protected industries exacerbated the sharp fall of the industrial output.[105] HP Pavilion dv7-3114eo CPU Fan

The degree of industrialisation at the start of the 1990s was similar to its level in the 1940s.[104] In the early 1970s, per capita income in Argentina was twice as high as in Mexico and more than three times as high as in Chile and Brazil. By 1990, the difference in income between Argentina and the other Latin American countries was much smaller.[70] HP Mini 110-1125SA CPU Fan

Starting with the Rodrigazo in 1975, inflation accelerated sharply, reaching an average of more than 300% per year during the 1975–1991 period, increasing prices by a factor of 20 billion.[70]

When Martinez de Hoz assumed power as finance minister prices in the previous month had increased at an annual rate of 5,000% and output had declined sharply.[106] HP KSB06105HA CPU Fan

In 1976 the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies.[7] This opening exposed the fact that domestic firms could not compete with foreign imports, Compaq Presario CQ60-210eo CPU Fan

in part because of the overvalued currency, but also because of long-term structural problems.[105] A financial reform was implemented that aimed to liberalize capital markets and link Argentina more effectively with the world capital market.[106]

After the relatively stable years 1976–78, fiscal deficits started to climb again and the external debt trebled in three years.[10www.all-laptopfan.com/hp-pavilion-dv7-2250sf-cpu-fan.html">HP Pavilion dv7-2250sf CPU Fan

7] The increased debt burden interrupted industrial development and upward social mobility.[108] Beginning in 1979 the rate of exchange depreciation was pre-fixed with a tablita, an activecrawling peg based on a timetable which announced ahead of time a gradually declining rate of depreciation.[ HP 434678-001 CPU Fan

These announcements were repeated on a rolling basis so as to create an environment where economic agents could discern a government commitment to deflation.[106] Inflation responded to this policy and gradually fell throughout 1980 to below 100%.[106] But gradually, during 1978 and 1979, the real exchange rate appreciated because inflation consistently outpaced the rate of depreciation.[106] HP G60-230us CPU Fan

The overvaluation ultimately led to capital flight and collapse of the financial system.

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The austerity program imposed by the International Monetary Fund in late 1979 continued until 1984, Compaq Presario CQ60-514NR CPU Fan

but substantial trade surpluses were obtained only from 1983 on, largely as a delayed result of the import substitution industrialization programs of the 1970s and the reduction in imports brought about by economic decline. The austerity program enabled Brazil to meet interest payments on the debt, but at the price of economic decline and increasing inflation. Toshiba Satellite X205-S9800 CPU Fan

Inflation accelerated as a result of a combination of factors: the exchange-rate devaluations of the austerity program, a growing public deficit, and an increasing indexation of financial balances, wages, and other values for inflation. The first two factors are classical causes of inflation; the last became an important mechanism for propagating hyperinflation and in preventing the usual instruments of inflation control from operating. ASUS G2P CPU Fan

By the mid-1980s, domestic debt nearly displaced foreign debt as Brazil's main economic problem. During the high-growth 1970s, a significant portion of foreign borrowing had been by state enterprises, which were the main actors in the import substitution industrialization strategy. Initially, they borrowed to finance their investments. However, toward the end of the decade, with the acute shortage of foreign exchange, Compaq Presario CQ60-430SA CPU Fan

the government forced state enterprises to borrow unnecessarily, increasing their indebtedness markedly. Their situation worsened with the sharp rise in international interest rates in the late 1970s, the devaluations of the austerity program, and the decreasing real prices of goods and services provided by the public enterprises stemming from price controls. DELL BFB0505HA CPU Fan

Because the state enterprises were not allowed to go bankrupt, their debt burden was transferred gradually to the government, further increasing the public debt. This, and a growing disorganization of the public sector, transformed the public debt into a major economic problem. By the mid-1980s, the financial burden stemming from the debt was contributing decisively to its rapid expansion. HP Pavilion dv5-1272et CPU Fan

During the second half of the 1980s, it became increasingly clear that a large-scale fiscal reform, one that enabled noninflationary financing of the public sector, was needed not only to control inflation but also to restore the public sector's capacity to invest. Both were essential for an economic recovery. However, political obstacles prevented the reform from materializing. Toshiba AB7005HX-SB3 CPU Fan

And, because inflation had become the most visible symptom of the public-sector disequilibrium, there were several attempts to bring inflation under control through what came to be known as "heterodox economic shocks". The period saw three such shocks: the Cruzado Plan (1986), the Bresser Plan (1987), and the Summer Plan (1989).

The objective of the Cruzado Plan was to eliminate inflation with a dramatic blow. Toshiba Satellite A500-18T CPU Fan

Between 1980 and 1985, the rise in the CPI had escalated from 86.3% to 248.5% annually. Early in 1986, the situation became desperate, prodding the implementation of the plan. Its main measures were a general price freeze, a wage readjustment and freeze, readjustment and freeze on rents and mortgage payments, a ban on indexation, and a freeze on the exchange rate. HP Pavilion dv5-2135dx CPU Fan

The plan's immediate results were spectacular: the monthly rate of inflation fell close to zero, economic growth surged upward, and the foreign accounts remained under control. However, by the end of 1986 the plan was in trouble. The wage adjustments were too large, increasing aggregate demand excessively and creating inflationary pressures. ASUS EEE PC 1201NL CPU Fan

Moreover, the price freeze was maintained for too long, creating distortions and leading to shortages of a growing number of products. The plan could have been rescued if adjustments had been made at crucial moments. Instead, inflation accelerated again, and there was a return of indexation. The country imposed a moratorium on its foreign debt service on 20 February 1987.SONY Vaio VGN-NW240D/T CPU Fan

The two other stabilization plans amounted to renewed attempts at bringing inflation down from very high levels. It was soon clear that without a thorough reform of the public sector, controlling inflation would be impossible. Both plans introduced a price freeze and eliminated indexation, but there were differences between them, and with the Cruzado Plan. Neither was able to address the public-sector disequilibrium effectively. Compaq Presario CQ60-418DX CPU Fan

The objective of the Summer Plan, for instance, was mainly to avoid hyperinflation in an election year.

In fact, the public-sector disequilibrium became virtually locked in as a result of the 1988 constitution, which created advantages for various segments of society without indicating how these advantages would be paid for. Moreover, it transferred large portions of the tax revenues from the federal government to state and municipal governments, SONY Vaio VGN-NW240D CPU Fan

without requiring them to provide additional public services. With less revenue and more responsibility, the federal accounts experienced growing deficits. In addition, several subsidies were locked into the legislation. These factors and the financial burden of the public debt meant growing problems of public finance.

The 1980s ended with high and accelerating inflation and a stagnant economy, which never recovered after the demise of the Cruzado Plan. SONY VGN-BX197XP CPU Fan

The public debt was enormous, and the government was required to pay very high interest rates to persuade the public to continue to buy government debt instruments.

The first post-military-regime president elected by popular suffrage, Fernando Collor de Mello (1990–92), was sworn into office in March 1990. Facing imminenthyperinflation and a virtually bankrupt public sector, Toshiba Satellite L645D-S4056 CPU Fan

the new administration introduced a stabilization plan, together with a set of reforms, aimed at removing restrictions on free enterprise, increasing competition, privatizing public enterprises, and boosting productivity.

Heralded as a definitive blow to inflation, the stabilization plan was drastic. It imposed an eighteen-month freeze on all but a small portion of the private sector's financial assets, froze prices, and again abolished indexation. Toshiba AB7805HX-GB3 CPU Fan

The new administration also introduced provisional taxes to deal with the fiscal crisis, and took steps to reform the public sector by closing several public agencies and dismissing public servants.Collor also implemented a radical liquidity freeze, reducing the money stock by 80% by freezing bank accounts in excess of $1000.[2] These measures were expected not only to swiftly reduce inflation but also to lower inflationary expectations. Toshiba Satellite L500-208 CPU Fan

However, few of the new administration's programs succeeded. Major difficulties with the stabilization and reform programs were caused in part by the superficial nature of many of the administration's actions and by its inability to secure political support. Moreover, the stabilization plan failed because of management errors coupled with defensive actions by segments of society that would be most directly hurt by the plan. HP 535441-001 CPU Fan

Confidence in the government was also eroded as a result of the liquidity freeze combined with an alienated industrial sector who had not been consulted in the plan.[2] === 1990-93 period ===

After falling more than 80 percent in March 1990, the GPI's monthly rate of growth began increasing again. The best that could be achieved was to stabilize theGPI at a high and slowly rising level. Toshiba Satellite P100-444 CPU Fan

In January 1991, it rose by 19.9%, reaching 32% a month by July 1993. Simultaneously, political instability increased sharply, with negative impacts on the economy. The real GDP declined 4.0% in 1990, increased only 1.1% in 1991, and again declined 0.9% in 1992.

President Collor de Mello was impeached in September 1992 on charges of corruption. HP Pavilion dv7-3114eo CPU Fan

Vice President Itamar Franco was sworn in as president (1992–94), but he had to grapple to form a stable cabinet and to gather political support. The weakness of the interim administration prevented it from tackling inflation effectively. In 1993 the economy grew again, but with inflation rates higher than 30 percent a month, the chances of a durable recovery appeared to be very slim. HP Mini 110-1125SA CPU Fan

At the end of the year, it was widely acknowledged that without serious fiscal reform, inflation would remain high and the economy would not sustain growth. This acknowledgment and the pressure of rapidly accelerating inflation finally jolted the government into action. The president appointed a determined minister of finance, Fernando Henrique Cardoso, and a high-level team was put in place to develop a new stabilization plan. HP KSB06105HA CPU Fan

Implemented early in 1994, the plan met little public resistance because it was discussed widely and it avoided price freezes.The stabilization program, called Plano Real had three stages: the introduction of an equilibrium budget mandated by the National Congress a process of general indexation (prices, wages, taxes, contracts, and financial assets); and the introduction of a new currency, the Brazilian real, pegged to the dollar. Compaq Presario CQ60-210eo CPU Fan

The legally enforced balanced budget would remove expectations regarding inflationary behavior by the public sector. By allowing a realignment of relative prices, general indexation would pave the way for monetary reform. Once this realignment was achieved, the new currency would be introduced, accompanied by appropriate policies (especially the control of expenditures through high interest rates and the liberalization of trade to increase competition and thus prevent speculative behavior). HP Pavilion dv7-2250sf CPU Fan

By the end of the first quarter of 1994, the second stage of the stabilization plan was being implemented. Economists of different schools of thought considered the plan sound and technically consistent.

The Plano Real ("Real Plan"), instituted in the spring 1994, sought to break inflationary expectations by pegging the real to the U.S. dollar. Inflation was brought down to single digit annual figures, but not fast enough to avoid substantial real exchange rate appreciation during the transition phase of the Plano Real. HP 434678-001 CPU Fan

This appreciation meant that Brazilian goods were now more expensive relative to goods from other countries, which contributed to large current account deficits. However, no shortage of foreign currency ensued because of the financial community's renewed interest in Brazilian markets as inflation rates stabilized and memories of the debt crisis of the 1980s faded. HP G60-230us CPU Fan

The Real Plan successfully eliminated inflation, after many failed attempts to control it. Almost 25 million people turned into consumers.

The maintenance of large current account deficits via capital account surpluses became problematic as investors became more risk averse to emerging market exposure as a consequence of the Asian financial crisis in 1997 and the Russian bond default in August 1998. HP Pavilion dv6365us CPU Fan

After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a $41.5 billion IMF-led international support program in November 1998. In January 1999, the Brazilian Central Bank announced that the real would no longer be pegged to the U.S. dollar. This devaluation helped moderate the downturn in economic growth in 1999 that investors had expressed concerns about over the summer of 1998. HP 535439-001 CPU Fan

Brazil's debt to GDP ratio of 48% for 1999 beat the IMF target and helped reassure investors that Brazil will maintain tight fiscal and monetary policy even with a floating currency.The economy grew 4.4% in 2000, but problems in Argentina in 2001, and growing concerns that the presidential candidate considered most likely to win, leftistLuis Inácio Lula da Silva, would default on the debt, triggered a confidence crisis that caused the economy to decelerate. COMPAQ 6910c CPU Fan

Poverty was down to near 16%.

In 2002, Luis Inácio Lula da Silva won the presidential elections and was re-elected in 2006. During his government, the economy began to grow more rapidly. In 2004 Brazil saw a promising growth of 5.7% in GDP, following 2005 with a 3.2% growth, 2006 with a 4.0%, 2007 with a 6.1% and 2008 with a 5.1% growth. IBM Lenovo IdeaPad G510 CPU Fan

Due the 2008-2010 world financial crisis, Brazil's economy was expected to slow down in 2009 between a decline of -0.5% and a growth of 0.0%. In reality, economic growth has continued at a high rate with economic growth hitting 7.5% in 2010.

The service sector is the largest component of GDP at 67.0 percent, followed by the industrial sector at 27.5 percent. Agriculture represents 5.5 percent of GDP (2011). HP G62-110SO CPU Fan

Brazilian labor force is estimated at 100.77 million of which 10 percent is occupied in agriculture, 19 percent in the industry sector and 71 percent in the service sector.

A performance that puts agribusiness in a position of distinction in terms of Brazil’s trade balance, in spite of trade barriers and subsidizing policies adopted by the developed countries. DELL Precision M6400 CPU Fan

In the space of fifty five years (1950 to 2005), the population of Brazil grew from 51 million to approximately 187 million inhabitants,[24] an increase of over 2 percent per year. In order to meet this demand, it was necessary to take the development of cattle and crop raising activities a step further. Since then, an authentic green revolution has taken place, allowing the country to create and expand a complex agribusiness sector.[23] SONY Vaio VPC-EB290X CPU Fan

However, some of this is at the expense of the environment, including the Amazon.

The importance given to the rural producer takes place in the shape of the agricultural and cattle-raising plan and through another specific program geared towards family agriculture (Pronaf), which guarantee financing for equipment and cultivation and encourage the use of new technology, as shown by the use of agricultural land zoning. HP Envy 17-1090eo CPU Fan

With regards to family agriculture, over 800 thousand rural inhabitants are assisted by credit, research and extension programs. The special line of credit for women and young farmers is an innovation worth mentioning, providing an incentive towards the entrepreneurial spirit.[23]

With The Land Reform Program, on the other hand, the country's objective is to provide suitable living and working conditions for over one million families who live in areas allotted by the State, Toshiba Satellite A210-1CF CPU Fan

an initiative capable of generating two million jobs. Through partnerships, public policies and international partnerships, the government is working towards the guarantee of an infrastructure for the settlements, following the examples of schools and health outlets. The idea is that access to land represents just the first step towards the implementation of a quality land reform program.[23] Dell Vostro 3450 CPU Fan

Over 600,000 km² of land are divided into approximately five thousand areas of rural property; an agricultural area currently with three borders: the Central-western region (savanna), the Northern region (area of transition) and parts of the Northeastern region (semi-arid). At the forefront of grain crops, which produce over 110 million tonnes/year, is the soybean, yielding 50 million tonnes.[23] Toshiba Satellite A10-103 CPU Fan

In the bovine cattle-raising sector, the "green ox," which is raised in pastures, on a diet of hay and mineral salts, conquered markets in Asia, Europe and the Americas, particularly after the "mad cow disease" scare period. Brazil has the largest cattle herd in the world, with 198 million heads,[25] responsible for exports surpassing the mark of US$ 1 billion/year.[23] Compaq Presario A900 CTO CPU Fan

A pioneer and leader in the manufacture of short-fiber timber cellulose, Brazil has also achieved positive results within the packaging sector, in which it is the fifth largest world producer. In the foreign markets, it answers for 25 percent of global exports of raw cane and refined sugar; it is the world leader in soybean exports and is responsible for 80 percent of the planet's orange juice, and since 2003, has had the highest sales figures for beef and chicken, ACER Aspire 4736ZG CPU Fan

among the countries that deal in this sector.

Brazil is endowed with vast agricultural resources. There are two distinct agricultural areas. The first, composed of the southern one-half to two-thirds of the country, has a semitemperate climate, higher rainfall, more fertile soil, more advanced technology and input use, adequate infrastructure, and more experienced farmers. Toshiba Satellite A10-103 CPU Fan

This region produces most of Brazil's grains and oilseeds and export crops. The other, located in the drought-ridden northeast region and in the Amazon basin, lacks well-distributed rainfall, good soil, adequate infrastructure, and sufficient development capital. Although mostly occupied by subsistence farmers, both regions are increasingly important as exporters of forest products, cocoa, and tropical fruits. SONY MCF-519PAM05 CPU Fan

Central Brazil contains substantial areas of grassland with only scattered trees. The Brazilian grasslands are far less fertile than those of North America, and are generally more suited for grazing.

The history of agriculture in Brazil in the colonial period and beyond is intertwined with the history of slavery in Brazil. Since the abolition of slavery in 1888 by the Lei Áurea ("Golden Law"), the practice of forced labour (trabalho escravo) has remained commonplace in agriculture.[1][2] SONY Vaio VPC-EB290X CPU Fan

During the dictatorship period, agriculture was neglected and exploited as a means of resources for the industry sector and cheap food for the urban population. Until late 1980s, export and prices were controlled, with quotas on exports. This has changed since the early 1990s.

Brazilian agriculture is well diversified, and the country is largely self-sufficient in food. HP Pavilion dv7-2043cl CPU Fan

Agriculture accounts for 8% of the country's GDP, and employs about one-quarter of the labour force in more than 6 million agricultural enterprises. Brazil is the world's largest producer of sugarcane and coffee, and a net exporter of cocoa, soybeans, orange juice, tobacco, forest products, and other tropical fruits and nuts. Livestock production is important in many parts of the country, wHP Pavilion dv7-2130ev CPU Fan

ith rapid growth in the poultry, pork, and milk industries reflecting changes in consumer tastes. On a value basis, production is 60% field crops and 40% livestock. Brazil is a net exporter of agricultural and food products, which account for about 35% of the country's exports.

Half of Brazil is covered by forests, with the largest rain forest in the world located in the Amazon Basin. HP 608772-001 CPU Fan

Recent migrations into the Amazon and large-scale burning of forest areas have placed the international spotlight on the country and damaged Brazil's image. The government has reduced incentives for such activity and is beginning to implement an ambitious environmental plan - and has just adopted an Environmental Crimes Law that requires serious penalties for infractions. Toshiba Satellite A100-194 CPU Fan

Brazil is the biggest exporter of coffee, soybeans, beef, sugar cane, ethanol and frozen chickens.

Since the indigenous people with their primitive farming, there has been a gradual increase in the process of agriculture and exporting. Brazil has been expanding its agricultural role to the point where agriculture is one of the highlights of the economy, with potential to expand further by improving the quality of production. HP Pavilion tx1205/ CT CPU Fan

The natives of Brazil farmed cassava, peanuts, tobacco, sweet potatoes and maize, in addition to extracting the essence from other local plants such as the pequi and the babassu. Some were for food and others for different products such as straw ormadeira. They also cultivated local fruits such as jabuticaba, cashews, Spondias mombin, Goiabas and many others. HP Pavilion dv6640ep CPU Fan

With the arrival of the Europeans, the Indians did not just receive a stronger and more dominant culture. They also influenced the incomers. The Portuguese nourished themselves with wood-flour, slaughtered the big game to eat, packed their nets and imitated the rough, free life in the words of Pedro Calmon.[4]

Until crops began to be exported, the supply of Brazilian wood was the main reason for Portugal to try to gain the new territory.COMPAQ Presario CQ42-401TU CPU Fan

One of the practices used by the indigenous people was to open clearing for cultivation by the use of fire. In addition to rapid land clearance, this provided ashes for use as fertilizer and a covering for the soil.

Scholars such as Monteiro Lobato have considered this practice to be a harmful legacy of the Indians. However, burning had been part of agriculture in Brazil for 12,000 years before the Europeans arrived without disturbing the balance of nature. Toshiba Satellite A300D CPU Fan

It only became a problem when the Europeans adopted the practice aggressively around 1500, and also introduce the division of land into farms, the crop monoculture etc., and together these new farming methods decimated the native flora.[6]

The land management of the Indians wasn't based solely on fire. They also created garden areas in locations carefully selected to allow interaction with the surrounding nature. HP Pavilion dv8397ea CPU  Fan

They conserved the environment in exchange for hunting the animals and protecting themselves against pests. This has been lost, as Darcy Ribeiro says: Thus they passed millennia, until they came up against the armed agents of our civilisation, with their capacity to attack and mortally wound the miraculous balance achieved by those complex lifeforms. HP Pavilion dv9821ea CPU Fan

Brazil in 2005 slaughtered over 28 million head of cattle,[9] producing in the process around 8.7 million tonnes (19.1 billion pounds) of beef.[10] The country also became world leader in beef exports in 2003 after surpassing Australia.[11] The cattle herds are concentrated in the states of Mato Grosso, Mato Grosso do Sul, Goiás and Minas Gerais; together they account to over 46% of Brazilian cattle with more than 87 million head.[8] HP COMPAQ TC4200 CPU Fan

According to the Ministry of Agriculture, Brazilian beef production grew on average 6.1% a year from 1990 to 2003, and reached 7.6 million tonnes.[11] In 2003, Brazil exported over 1.4 million tonnes of beef, exports which earned the country around $1.5 billion.[11] Also that year, total exports of the leather complex passed the $1 billion mark. SONY Vaio VGN-NW228F CPU Fan

Seventy-five percent of Brazil's greenhouse gas emissions are the result of deforestation and changes in land use to pave the way for production of livestock and crops.[24] Brazil's greenhouse gas emissions from agriculture have increased 41 percent between 1990 and 2005.[25] Cattle are a major factor for these emissions. An estimate carried out by Friends of the Earth-Amazonia (Amigos da Terra - Amazônia Brasileira), HP G62-b16ST CPU Fan

the Brazilian National Institute for Space Research (INPE), and the University of Brasília concluded fully half of Brazil's greenhouse gas emissions between 2003 and 2008 came from the cattle sector.[26] If all parts of the "cattle chain" had been included, the researchers add, the proportion of greenhouse gases attributable to Brazil's cattle would have been even larger.[24]HP 580696-001 CPU Fan

Brazil's cattle and soy production are concentrated in the Legal Amazon and Cerrado grasslands regions, and have resulted in considerable biodiversity loss,deforestation, and water pollution.[27] As of 2007, about 74 million cattle, or 40 percent of Brazil's herd, were living in what is known as the "Legal Amazon."[28] Almost a million square km (386,000 sq mi), or nearly half of the Cerrado, HP Pavilion dv6-3049tx CPU Fan

have been burned and are now cattle pasture, or are cultivated for soybeans, corn (both primary ingredients in livestock feed), and sugarcane, for ethanol production.[29] According to Brazilian journalist Washington Novaes, "if we consider the viable fragments of the Cerrado, those with at least two continuous hectares (5 acres), only 5 percent of it is left. It's a very severe level of habitat loss."[30] At least one quarter of Brazil's grain is grown in the Cerrado region. HP G42-380LA CPU Fan

Brazil has the second biggest industrial sector in the Americas. Accounting for 28.5 percent of GDP, Brazil's diverse industries range from automobiles, steel and petrochemicals to computers, aircraft, and consumer durables. With increased economic stability provided by the Plano Real, Brazilian and multinational businesses have invested heavily in new equipment and technology, a large proportion of which has been purchased from U.S. firms. Toshiba Qosmio G30-167 CPU Fan

Brazil has a diverse and sophisticated services industry as well. During the early 1990s, the banking sector accounted for as much as 16 percent of the GDP. Although undergoing a major overhaul, Brazil's financial services industry provides local businesses with a wide range of products and is attracting numerous new entrants, including U.S. financial firms. HP Pavilion dv7-1157cl CPU Fan

On May 8, 2008, the São Paulo Stock Exchange (Bovespa) and the São Paulo-based Brazilian Mercantile and Futures Exchange (BM&F) merged, creating BM&FBOVESPA, one of the largest stock exchanges in the world. Also, the previously monopolistic reinsurance sector is being opened up to third party companies.[26]

As of 31 December 2007, there were an estimated 21,304,000 broadband lines in Brazil. Compaq Presario CQ40-408AX CPU Fan

Over 75 percent of the broadband lines were via DSL and 10 percent via cable modems.

Proven mineral resources are extensive. Large iron and manganese reserves are important sources of industrial raw materials and export earnings. Deposits of nickel, tin, chromite, uranium, bauxite, beryllium, copper, lead, tungsten, zinc, gold, and other minerals are exploited. HP Mini 110-1110ET CPU Fan

High-quality cooking-grade coal required in the steel industry is in short supply.

Brazilian industry has its earliest origin in workshops dating from the beginning of the 19th century. Most of the country's industrial establishments appeared in the Brazilian southeast (mainly in the provinces of Rio de Janeiro, Minas Gerais and, later, São Paulo), and, according to the Commerce, Agriculture, HP Pavilion dv7-1157cl CPU Fan

Factories and Navigation Joint, 77 establishments registered between 1808 and 1840 were classified as “factories” or “manufacturers”. However, most, about 56 establishments, would be considered workshops by today's standards, directed toward the production of soap and candles of tallow, snuff, spinning andweaving, foods, melting of iron and metals, wool and silk, amongst others. They used both slaves and free laborers.[1] HP Pavilion dv6-3163eo CPU Fan

There were twenty establishments that could be considered in fact manufacturers, and of this total, thirteen were created between the years 1831 and 1840. All were, however, of small size and more resembled large workshops than proper factories. Still, the manufactured goods were quite diverse: hats, combs, farriery and sawmills, spinning and weaving, soap and candles,glasses, carpets, oil, etc. HP Pavilion dv9740us CPU Fan

Probably because of the instability of the regency period, only nine of these establishments were still functioning in 1841, but these nine were of great size and could be considered to “presage a new era for manufactures”.[2]

The advent of real manufacturing before the 1840s was extremely limited, due to the self-sufficiency of the regions of the country (mainly farms producing coffee and sugar cane, which produced their own food, clothes, equipment, etc.), HP COMPAQ NX9420 CPU Fan

the lack of capital, and high costs of production that made it impossible for national manufactures to compete with foreign products. Costs were high because most of the raw materials were imported, even though some of the plants already used machines.

The promulgation of the Alves Branco tariff would modify this picture. HP Pavilion dv7-4150ec CPU Fan

This tariff succeeded in increasing State revenues and stimulating growth of national industry.[4][5] The sudden proliferation of capital was directed to investments in the areas of urban services, transports, commerce, banks, industries, etc.[6] Most of the capital invested in industries was directed toward textiles.[7] With unprecedented industrial growth, multiple manufacturing establishments appeared, HP Pavilion dv5-1102tu CPU Fan

dedicated to such diverse products as melting of iron and metal, machinery, soap and candles, glasses, beer, vinegar, gallons of gold and silver, shoes, hats and cotton fabric.[8]One of the main establishments created at this period was the metallurgical factory Ponta da Areia (In English: Sand Tip), in the city of Niterói, that also constructed steamships.[9] It is likely that the textile industry benefited most by the virtue of being the oldest in the country. SONY VGN-SZ220 CPU Fan

It first appeared in 1830, with the founding of the Santo Antonio do Queimado plant in the city of Salvador, capital of the province of Bahia. The textile sector was quite dynamic in the monarchic period and received large investments until 1890, when it entered into decline. Various modernizations occurred, principally between 1840 and 1860, when factories with a high level of technological capability were created, able to compete with other major international centers. HP Pavilion dv7-6011tx CPU Fan

Other improvements came with the establishment of factories and forges geared for the production of equipment and pieces for textile manufacture.[10] And now Brazil ranks second in the world’s largest producer of denim, the third – for the production of knitted fabrics, the fifth – for the manufacture of clothing and seventh – for the production of yarns and fibers.[ HP Pavilion dv5-1040eb CPU Fan

The concentration of industry that emerged in the province of Bahia considerably expanded its economic scope, reaching the south of Ceará, Piauí and even Minas Gerais.[11]

The extinction of the traffic in African slaves in 1850, contrary to what many authors allege, did not "liberate" credit for industrial development. That claim has no documentary basis whatever.[12] ASUS F3Jv CPU Fan

On the contrary, capital employed in the trade was had already been directed to sectors such as enterprises of urban services, transport, banking and trade. But it is possible that there was an indirect contribution to the growth of the industrial sector through banking loans.[13] In 1850, there were 50 factories with a capital of at least Rs 7.000:000$000.[14] IBM ThinkPad R50p 2887 CPU Fan

The imperial government created several incentives for the industrialization of the country. The earliest of these date from the reign of Dom Pedro I, through awards of government grants. The first establishment to receive such a grant was the Fábrica das Chitas (In English: Chitas Factory), devoted to paper and printing, by a decree of 26 June 1826.[15] The practice was resumed in the 1840s, when new industrial establishments received subsidies. SONY VGN-CS36GJ/R CPU Fan

in 1857, seven factories benefited from this practice of incentives, among them, the Ponta da Areia mentioned above and that was owned by Irineu Evangelista de Sousa (later Viscount of Mauá). One of the criteria for the granting of these subsidies was the exclusive employment of free workers.[16]

The goal, then, was not only the transition from the old colonial economic system to that of the modern capitalist, but also from slave labor to free. Toshiba Satellite A215-S4807 CPU Fan

Other incentives arose, such as the decree of 8 August 1846 that exempted manufactured products from certain transport taxes (internally as well as externally), shielded from military recruitament a determinate number of employees of industrial establishments and eliminated tariffs on parts and machinery imported for textile factories. Toshiba Satellite Pro M10-SP405 CPU Fan

The following year in June, a new decree stated that all industrial establishments on national soil would be free of taxes on imported raw materials.[9][17] Thus, production costs of domestic industry dropped considerably, allowing it to compete with foreign products. The Alves Branco tariff underwent modification in 1857, reducing to 15% the tax on imported products.[18][19]HP Pavilion dv4-1120us CPU Fan

Later, under the Rio Branco cabinet at the beginning of the 1870s, the tariff on foreign products was newly raised to 40%, and new raw materials were exempted from import taxes.

At the end of the 1860s, came a new industrial surge caused by two armed conflicts: the American Civil War and the Paraguayan War. Because of the first, U.S. production of cotton was interrupted by the blockade of the Union forces against the Confederacy.Compaq Presario C550EM CPU Fan

The second resulted in the emission of currency and an increase in import tariffs to cover the costs of war. This resulted in a great stimulus not only for the textile industry, but also for other sector, such as chemicals, cigars, glass, paper, leather, and optical and nautical instruments.[12]

During the 1870s, thanks to the decline of the coffee region of the Paraíba Valley and some areas of sugar production, Toshiba Qosmio E15-AV101 CPU Fan

many owners of plantations invested not only in the cotton textile industry, but also in other manufacturing sectors. Deployment of a railway network throughout the national territory also stimulated the emergence of new industrial activities, mainly in São Paulo.[20] Industry also experienced a major impetus in this period. From the 1870s onward, the great expansion of industrialization became a constant in Brazil.[21] Toshiba Satellite L645D-S4056 CPU Fan

In 1866, there were 9 textile factories with 795 workers.[22] In 1881, there were 46 textile factories through the country: 12 in Bahia; 11 in Rio de Janeiro; 9 in São Paulo; 9 in Minas Gerais; and 5 in other provinces.[23] The number of establishments diminished a little by 1885 to 42 textile factories with 3,172 workers. However, it did not harm the overall growth in the sector up to 1889.[22] Toshiba Satellite A305-S6837 CPU Fan

In 1880 the Industrial Association was established, with its first board elected the following year. The Association supported new industrial incentives and propagandized against the defenders of an essentially agricultural Brazil.[24] 9.6% of the capital of the Brazilian economy was directed toward industry by 1884, and by 1885, 11.2%. HP Pavilion dv7-4087cl CPU Fan

This figure dropped sharply during the republican period, falling to 5% between 1895 and 1899, and improving slightly to 6% between 1900 and 1904. Still, it would take many years to return to the level that prevailed during the Empire.[25] At the time of its downfall in 1889, monarchical Brazil had 636 factories (representing an annual rate of increase of 6.74% from 1850) with a capital of Rs 401.630:600$000 (annual growth rate of 10.94% since 1850).[14] HP Pavilion dv5-1118es CPU Fan

Of this amount, 60% were employed in the textile sector, 15% in food, 10% in the chemical, 4% in timber, 3.5% in clothing and 3% in metallurgy.Most large industry is concentrated in the south and south east. The north east is traditionally the poorest part of Brazil, but it is beginning to attract new investment.Brazil has the third most advanced industrial sector in The Americas. Toshiba Satellite A665-S6050 CPU Fan

Accounting for one-third of GDP, Brazil's diverse industries range from automobiles, steel and petrochemicals to computers, aircraft, and consumer durables. With the increased economic stability provided by the Plano Real, Brazilian and multinational businesses have invested heavily in new equipment and technology, a large proportion of which has been purchased from U.S. firms. HP Pavilion G72-259WM CPU Fan

Brazil has a diverse and sophisticated services industry as well. During the early 1990s, the banking sector accounted for as much as 16% of GDP. Although undergoing a major overhaul, Brazil's financial services industry provides local businesses with a wide range of products and is attracting numerous new entrants, including U.S. financial firms. HP Pavilion dv6-3109ca  CPU  Fan

The São Paulo and Rio de Janeiro stock exchanges are undergoing a consolidation and the reinsurance sector is about to be privatized.

The Brazilian government has undertaken an ambitious program to reduce dependence on imported oil. Imports previously accounted for more than 70% of the country's oil needs but in 2006 Brazil has achieved oil self-sufficiency. HP Pavilion dv6782eg CPU Fan

Brazil is one of the world's leading producers of hydroelectric power, with a current capacity of about 58,000 megawatts. Existing hydroelectric power provides 92% of the nation's electricity. Two large hydroelectric projects, the 12,600 megawattItaipu Dam on the Paraná River—the world's largest dam—and the Tucurui Dam in Para in northern Brazil, are in operation. SONY UDQF2PH52CF0 CPU Fan

Brazil's first commercial nuclear reactor, Angra I, located near Rio de Janeiro, has been in operation for more than 10 years. Angra II is under construction and, after years of delays, is about to come on line. An Angra III is planned. The three reactors would have combined capacity of 3,000 megawatts when completed.

Proven mineral resources are extensive. Large iron and manganese reserves are important sources of industrial raw materials and export earnings. Toshiba UDQFRPH33CCM CPU Fan

Deposits of nickel, tin, chromite, bauxite, beryllium, copper, lead, tungsten, zinc, gold, and other minerals are exploited. High-quality coking-grade coal required in the steel industry is in short supply.The Brazilian government has undertaken an ambitious program to reduce dependence on imported petroleum. Imports previously accounted for more than 70% of the country's oil needs but Brazil became self-sufficient in oil in 2006-2007. Toshiba Satellite A505-S6980 CPU Fan

Brazil is one of the world's leading producers of hydroelectric power, with a current capacity of about 260,000 megawatts. Existing hydroelectric power provides 90 percent of the nation's electricity. Two large hydroelectric projects, the 19,900 megawatt Itaipu Dam on the Paraná River (the world's largest dam) and the Tucurui Dam in Pará in northern Brazil, are in operation. HP Pavilion dv7-2025es CPU Fan

Brazil's first commercialnuclear reactor, Angra I, located near Rio de Janeiro, has been in operation for more than 10 years. Angra II was completed in 2002 and is in operation too. AnAngra III has its planned inauguration scheduled for 2014. The three reactors would have combined capacity of 9,000 megawatts when completed. The government also plans to build 19 more nuclear plants by the year 2020. TOSHIBA Satellite L300 CPU Fan,HP G62-a10EJ CPU Fan,DELL R859C CPU Fan

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Brazil has the sixth largest economy by nominal GDP in the world, and seventh largest by purchasing power parity. The Brazilian economy is characterized by moderately free markets and an inward-oriented economy.

Brazil’s economy is the largest of the Latin American nations and the second largest in the western hemisphere.[14] ACER Aspire 4743 CPU Fan

Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent. In future decades, Brazil is expected to become one of the five largest economies in the world.[15][16]

According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies. HP Pavilion dv6-2170us CPU Fan

Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country’s competitiveness fundamentals, providing a better environment for private-sector development.[17]

In 2011 Forbes ranked Brazil as having the 8th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and even ahead of Japan.[18][19] Toshiba Satellite L675-S7018 CPU Fan

Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group.

When the Portuguese explorers arrived in the 15th century, the native tribes of current-day Brazil, totaling about 2.5 million people, had lived virtually unchanged since the Stone Age. ASUS F80Q CPU Fan

From Portugal's colonization of Brazil(1500-1822) until the late 1930s, the market elements of the Brazilian economy relied on the production of primary products for exports. Within the Portuguese Empire, Brazil was a colony subjected to an imperial mercantilepolicy, which had three main large-scale economic production cycles - sugar, gold and, from the early 19th century on, coffee. ACER TravelMate 4200 CPU Fan

The economy of Brazil was heavily dependent on African enslaved labour until the late 19th century (about 3 million imported African enslaved individuals in total). In that period Brazil was also the colony with the largest amount of European settlers (most of them being ethnic Portuguese, but also Dutch (see Dutch Brazil) and some Azoreans, Madeirans, HP 434678-001 CPU Fan

Spaniards, English, French, Germans, Flemish, Danish, Scottish refugees and sephardic Jews). Since then, Brazil experienced a period of strong economic and demographic growth accompanied by mass immigration from Europe (mainly from Portugal, Italy, the Azores, Spain, Germany, Poland, Ukraine,Switzerland, Madeira, Austria and Russia. But also from the Netherlands, France, HP G70-120EA CPU Fan

Finland, Iceland and theScandinavian countries, Lithuania, Belgium, Bulgaria, Hungary, Greece, Latvia, England, Ireland, Scotland,Croatia, Czech Republic, Malta, Macedonia and Luxembourg), the Middle East (mainly from Lebanon, Syria andArmenia), Japan, smaller amounts from the United States and some Afrikaners from South Africa) until the 1930s. Toshiba Satellite A300-034 CPU Fan

In the New World, the United States, Argentina, Brazil, Canada, Australia, Uruguay, New Zealand, Chile, Mexico, Cuba, Venezuela, Paraguay, Puerto Rico and Peru (in descending order) were the countries that received most immigrants. In Brazil's case, statistics show that 4.5 million people emigrated to the country between 1882 and 1934. HP 606609-001 CPU Fan

Currently, with a population of over 190 million and abundant natural resources, Brazil is one of the ten largest markets in the world, producing tens of millions of tons of steel, 26 million tons of cement, 3.5 million television sets, and 3 million refrigerators. In addition, about 70 million cubic meters of petroleum were being processed annually into fuels, lubricants, propane gas, and a wide range of hundred petrochemicals. Compaq Presario CQ60-301sl CPU Fan

Furthermore, Brazil has at least 161,500 kilometers of paved roads and more than 93 Gigawatts of installed electric power capacity.

Its real per capita GDP has surpassed US$ 10,500 in 2008, due to the strong and continued appreciation of the realfor the first time this decade. Its industrial sector accounts for three fifths of the Latin American economy's industrial production.[20]TOSHIBA Satellite L300 CPU Fan

The country’s scientific and technological development is argued to be attractive toforeign direct investment, which has averaged US$ 30 billion per year the last years, compared to only US$ 2 billion per year last decade,[20] thus showing a remarkable growth. The agricultural sector, locally called theagronegócio (agrobusiness), has also been remarkably dynamic:ASUS Eee PC 701 CPU Fan

for two decades this sector has kept Brazil amongst the most highly productive countries in areas related to the rural sector.[20] The agricultural sector and the mining sector also supported trade surpluses which allowed for massive currency gains (rebound) and external debt paydown. Due to downturn in Western economies Brazil found itself in 2010 trying to halt the appreciation of the real.[21] Compaq Presario CQ60-305sa CPU Fan

Data from the Asian Development Bank and the Tax Justice Network show the untaxed "shadow" economy of GDP for Brazil is 39%.

The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. HP 637607-001 CPU Fan

Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1889. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy. HP Pavilion dv7-3067nr CPU Fan

A socioeconomic transformation took place rapidly after World War II. In the 1940s, only 31.3% of Brazil's 41.2 million inhabitants resided in towns and cities; by 1991, of the country's 146.9 million inhabitants 75.5% lived in cities, and Brazil had two of the world's largest metropolitan centers – São Paulo and Rio de Janeiro. The share of the primary sector in the gross national product declined from 28% in 1947 to 11% in 1992. HP Pavilion dv5-1210ez CPU Fan

In the same 1947-92 period, the contribution of industry to GNP increased from less than 20% to 39%. The industrial sector produces a wide range of products for the domestic market and for export, including consumer goods, intermediate goods, and capital goods.

Through the 1980s and 1990s, the Brazilian economy suffered from rampant inflation that subdued economic growth. Compaq Presario CQ50-211nr CPU Fan

After several failed economic initiativescreated by the government, in 1994 the Plano Real was introduced. This plan brought stability and enabled Brazil to sustain economic growth over that of the global economy through the coming decade. Despite this rapid development the country still suffers from high levels of corruption, violent crime, functional illiteracy and poverty. HP G56-114SA CPU Fan

Portugal's exploitation of Brazil stemmed from the European commercial expansion of the fifteenth and sixteenth centuries. Blocked from the lucrative hinterland trade with the Far East, which was dominated by Italian cities, Portugal began in the early fifteenth century to search for other routes to the sources of goods valued in European markets. SONY Vaio VGN-CR21Z/N CPU Fan

Portugal discovered the maritime passage to the East Indies around the southern tip of Africa and established a network of trade outposts throughout Africa and Asia. After the discovery of America, it competed with Spain in occupying the New World.

Initially, the Portuguese did not find mineral riches in their American colony, but they never lost the hope of someday finding such riches there. HP Pavilion dv7-4060eo CPU Fan

Meanwhile, in order to settle and defend the colony from European intruders, the Portuguese established a pioneer colonial enterprise: the production of sugar in the Northeast. Beginning in about 1531, cattle began arriving in Brazil, and a cattle industry developed rapidly in response to the needs of the sugar industry for transportation and food for workers. Toshiba Satellite M70-252 CPU Fan

The discovery of precious metals in the colony's Center-South (Centro-Sul), a relatively undefined region encompassing the present-day Southeast (Sudeste) and South (Sul) regions, came only in the eighteenth century.

By the mid-sixteenth century, Portugal had succeeded in establishing a sugar economy in parts of the colony's northeastern coast. Toshiba Satellite A100-455 CPU Fan

Sugar production, the first large-scale colonial agricultural enterprise, was made possible by a series of favorable conditions. Portugal had the agricultural and manufacturing know-how from its Atlantic islands and manufactured its own equipment for extracting sugar from sugarcane. Furthermore, being involved in the African slave trade, it had access to the necessary manpower. HP Pavilion dv5-2112br CPU Fan

Finally, Portugal relied on the commercial skills of the Dutch and financing from Holland to enable a rapid penetration of sugar in Europe's markets.

Until the early seventeenth century, the Portuguese and the Dutch held a virtual monopoly on sugar exports to Europe. However, between 1580 and 1640 Portugal was incorporated into Spain, a country at war with Holland. DELL BFB0505HA CPU Fan

The Dutch occupied Brazil's sugar area in the Northeast from 1630 to 1654, establishing direct control of the world's sugar supply. When the Dutch were driven out in 1654, they had acquired the technical and organizational know-how for sugar production. Their involvement in the expansion of sugar in the Caribbean contributed to the downfall of the Portuguese monopoly. HP Pavilion dv6-3299en CPU Fan

The Caribbean sugar boom brought about a steady decline in world sugar prices. Unable to compete, Brazilian sugar exports, which had peaked by the mid-seventeenth century, declined sharply. Between the fourth quarter of the seventeenth century and the early eighteenth century, Portugal had difficulties in maintaining its American colony. The downfall of sugar revealed a fragile colonial economy, which had no commodity to replace sugar. SONY Vaio VGN-NW11Z/T CPU Fan

Paradoxically, however, the period of stagnation induced the settlement of substantial portions of the colony's territory. With the decline of sugar, the cattle sector, which had evolved to supply the sugar economy with animals for transport, meat, and hides, assimilated part of the resources made idle, becoming a subsistence economy. Because of extensive cattle production methods, large areas in the colony's interior were settled. Toshiba Satellite L550-20W CPU Fan

Realizing that it could maintain Brazil only if precious minerals were discovered, Portugal increased its exploratory efforts in the late seventeenth century. As a result, early in the eighteenth century gold and other precious minerals were found. The largest concentration of this gold was in the Southeastern Highlands, mainly in what is now Minas Gerais State. HP Pavilion dv7-4183sf CPU Fan

Despite Brazil's economic troubles, the early nineteenth century was a period of change. First, the Napoleonic Wars forced the Portuguese royal family to flee to Portugal's colony of Brazil in 1808, and for a short period the colony became the seat of the Portuguese empire. Moreover, in 1808 Britain persuaded Portugal to open the colony to trade with the rest of the world, and Portugal rescinded its prohibition against manufacturing (Strangford Treaty). HP Pavilion dv7-3190ev CPU Fan

Indeed, during this period, the Portuguese royal family and the noblemen who had established themselves in the territory, started many reforms which developed the educational, cultural and economical sectors of Brazil. By 1814, the Portuguese and their allies had defeated Napoleon's armies in the Peninsular War, after had been victorious in the war against the French invasion of Portugal by 1811. HP KSB06105HA CPU Fan

However, the King of Portugal remained in Brazil until the Liberal Revolution of 1820, which started in Porto, demanded his return to Lisbon in 1821, but his son Pedro remained in Rio de Janeiro as regent and governor of the newly created Kingdom of Brazil, a Portuguese possession within the new United Kingdom of Portugal, Brazil and the Algarves (1815–1822). These events paved the way for Brazil's independence on September 7, 1822. HP G62-244CA CPU Fan

Brazil's early years as an independent nation were extremely difficult. Exports declined, and the domestic economy was depressed. The only segment that expanded was the subsistence economy. Resources (land, slaves, and transport animals) made idle by the decline of the export economy were absorbed into mostly self-consumption activities.

In 1870 Brazil’s trade with America was valued at about 31 million dollars while the combined trade of all the South American countries was valued at about 29 million. HP Pavilion dv7-3190ei CPU Fan

Brazil was a significant producer of coffee and because of this the United States imported about four times as much as it exported to Brazil. In 1885 Brazil was producing more than one half of the world’s supply of coffee. Brazil’s trade in 1890 was more than 71 million while that of Argentina and Chile was $14 million and $6 million respectively. Soon after 1896, the production of coffee started to surpass consumption and prices began to fall in Brazil. HP G62-244CA CPU Fan

Brazil then stored their coffee instead of selling all of it, and when there was bad season of coffee production they would use what they had previously stored from the year before.

The Monroe Doctrine appeared to some South American states as a U.S attempt of preserving their control over that hemisphere. Brazil viewed this doctrine as a measure of protection against the interference of the United States and from European nations.ASUS A6000R CPU Fan

Brazil’s first ambassador to the United States, Joaquim Nabuco, 1905–1910, was a partisan of the Monroe Doctrine. Brazil borrowed money from many nations but it was not until after World War One that it actually borrowed substantial amounts from the U.S. With the outbreak of the First World War, Brazil continued to share the most significant trade with America with a trade that was valued at $154 million. HP Pavilion dv7-6011sg CPU Fan

The impact of coffee on the Brazilian economy was much stronger than that of sugar and gold. When the coffee surge began, Brazil was already free from the limitations of colonialism. Moreover, the substitution of slave labor for wage labor after 1870 (slavery was abolished in 1888) meant an increase in efficiency and the formation of a domestic market for wage goods. Toshiba Satellite L300D-01P CPU Fan

Finally, the greater complexity of coffee production and trade established important sectorial linkages within the Brazilian economy.Coffee was introduced in Brazil early in the eighteenth century, but initially it was planted only for domestic use. It took the high world prices of the late 1820s and early 1830s to turn coffee into a major export item. During the initial phase, production was concentrated in the mountainous region near Rio de Janeiro. Compaq Presario CQ60-409CA CPU Fan

This area was highly suitable for coffee cultivation, and it had access to fairly abundant slave labor. Moreover, the coffee could be transported easily on mule trains or on animal-drawn carts over short distances to the ports.

An entrepreneurial class established in Rio de Janeiro during the mining surge was able to induce the government to help create basic conditions for the expansion of coffee, such as removing transportation and labor bottlenecks. HP Mini 110-3010sf CPU Fan

From the area near Rio de Janeiro, coffee production moved along the Paraíba Valleytoward São Paulo State, which later became Brazil's largest exporting region. Coffee was cultivated with primitive techniques and with no regard to land conservation. Land was abundant, and production could expand easily through the incorporation of new areas. However, it soon became necessary to ease two basic constraints: the lack of transportation and the shortage of labor. Toshiba Satellite L645D-S4056 CPU Fan

The cultivation of coffee farther away from ports required the construction of railroads, first around Rio de Janeiro and into the Paraíba Valley, and later into the fertile highlands of São Paulo. In 1860 Brazil had only 223 kilometers (139 mi) of railroads; by 1885 this total had increased to 6,930 kilometers (4,310 mi). The main rail link between São Paulo's eastern highlands and the ocean port of Santos allowed for a rapid expansion of coffee into the center and northwest of the state. Toshiba Satellite M70-142 CPU Fan

After the initial coffee expansion, the availability of slaves dwindled, and further cultivation required additional slaves. However, by 1840 Brazil was already under pressure to abolish slavery, and a series of decrees were introduced, making it increasingly difficult to supply the new coffee areas with servile labor. In the 1870s, the shortage of labor became critical, leading to the gradual incorporation of free immigrant labor. DELL Inspiron E1505 CPU Fan

The coffee expansion in the west-northwest of São Paulo State after 1880 was made possible largely by immigrant labor. In 1880 São Paulo produced 1.2 million 60-kilogram coffee bags, or 25% of Brazil's total; by 1888 this proportion had jumped to 40% (2.6 million bags); and by 1902, to 60% (8 million bags). In turn, between 1884 and 1890 some 201,000 immigrants had entered São Paulo State, and this total jumped to more than 733,000 between 1891 and 1900. Slavery was abolished in 1888. HP 532613-001 CPU Fan

The Brazilian economy grew considerably in the second half of the nineteenth century. Coffee was the mainstay of the economy, accounting for 63% of the country's exports in 1891, and 51% between 1901 and 1910. However, sugar, cotton, tobacco, cocoa, and, during the turn-of-the-century rubber boom, rubber were also important. During the first three decades of the twentieth century, HP Envy 14-1080eo CPU Fan

the Brazilian economy went through periods of growth but also difficulties caused in part by World War I, the Great Depression, and an increasing trend toward coffee overproduction. The four-year gap between the time a coffee tree is planted and the time of the first harvest magnified cyclical fluctuations in coffee prices, which in turn led to the increasing use of government price supports during periods of excess production. ACER TravelMate 5230 CPU Fan

The price supports induced an exaggerated expansion of coffee cultivation in São Paulo, culminating in the huge overproduction of the early 1930s.The 1840 to 1930 period also saw an appreciable but irregular expansion of light industries, notably textiles, clothing, food products, beverages, and tobacco. This expansion was induced by the growth in income, by the availability of foreign exchange, by fiscal policies, and by external events, such as World War I. Lenovo 3000 G430 CPU Fan

Other important factors were the expansion of transportation, the installed capacity of electric energy, increased urbanization, and the formation of a dynamic entrepreneurial class. However, the manufacturing growth of the period did not generate significant structural transformations.

Economic growth in the nineteenth century was not shared equally by the regions. ASUS EEE PC 1215N CPU Fan

Development and growth were concentrated in the Southeast. The South Region also achieved considerable development based on coffee and other agricultural products. The Amazon Basin experienced a meteoric rise and fall of incomes from rubber exports. The Northeast continued to stagnate, with its population living close to the subsistence level. Dell Vostro 3750 CPU Fan

The decade of the 1930s was a period of interrelated political and economic changes. The decade started with the 1930 revolution, which abolished the Old Republic (1889–1930), a federation of semi-autonomous states. After a transitional period in which centralizing elements struggled with the old oligarchies for control, a coup in 1937 established the New State (Estado Novo) dictatorship (1937–45). Toshiba Satellite L500-018 CPU Fan

To a large extent, the revolution of 1930 reflected a dissatisfaction with the political control exercised by the old oligarchies. The political unrest of the first half of the 1930s and the 1937 coup were influenced strongly by the onset of economic problems in 1930. The coffee economy suffered from a severe decline in world demand caused by the Great Depression and an excess capacity of coffee production created in the 1920s. COMPAQ Presario CQ42-116TU CPU Fan

As a result, the price of coffee fell sharply and remained at very low levels. Brazil's terms of trade deteriorated significantly. These events, and a large foreign debt, led to an external crisis that took almost a decade to resolve.

The external difficulties had far-reaching consequences. The government was forced to suspend part of the country's debt payments and eventually to impose exchange controls. HP Pavilion dv6-2115eg CPU Fan

Excess coffee production led to increasing interventions in the coffee market. The state programs to support coffee prices went bankrupt in 1930. To avoid further decreases in coffee prices, the central government bought huge amounts of coffee, which was then destroyed. Central government intervention provided support to the coffee sector and, through its linkages, to the rest of the economy. Toshiba Satellite L645D-S4056 CPU Fan

Despite the economic difficulties, the income maintenance scheme of the coffee support program, coupled with the implicit protection provided by the external crisis, was responsible for greater industrial growth. Initially, this growth was based on increased utilization of the productive capacity and later on moderate spurts of investment. HP 646578-001 CPU Fan

The initial import substitution industrialization that occurred especially during World War I did not lead  to industrialization; it became a process of industrialization only in the 1930s.

The 1930s also saw a change in the role of government. Until then, the state acted primarily in response to the demands of the export sector. SONY VAIO PCG-6L2L CPU Fan

During the first half of the decade, it was forced to interfere swiftly in an attempt to control the external crisis and to avoid the collapse of the coffee economy; government leaders hoped that the crisis would pass soon and that another export boom would occur. However, with the magnitude and duration of the crisis it became clear that Brazil could no longer rely solely on exports of primary goods and that it was necessary to promote economic diversification. Toshiba Satellite X205-S9349 CPU Fan

During the Estado Novo, the government made initial attempts at economic planning, and in the late 1930s began to establish the first large government enterprise, an integrated steel mill,Companhia Siderúrgica Nacional.

The World War II period saw mixed achievements. By the late 1930s, coffee production capacity had been reduced drastically, the worst of the external crisis had passed, and the Brazilian economy was ready to grow. HP Pavilion dv7-3020es CPU Fan

However, the war interfered with development efforts. Output increased mainly through better utilization of the existing capacity but, except for the steel mill, there was little industrial and infrastructure investment. Thus, at the end of the war Brazil's industrial capacity was obsolete and the transportation infrastructure was inadequate and badly deteriorated. HP G62-369TX CPU Fan

A review of the evolution and structural changes of the industrial sector since the end of World War II reveals four broad periods. The postwar period to 1962 was a phase of intense import substitution, especially of consumer goods, with basic industries growing at significant but lower rates. The 1968 to 1973 period was one of very rapid industrial expansion and modernization (between 1962 and 1967, the industrial sector stagnated as a result of adverse macroeconomic conditions). HP 13.V1.BJ195.F.GN CPU Fan

The 1974 to 1985 phase was highlighted by import substitution of basic inputs and capital goods and by the expansion of manufactured goods exports. The period since 1987 has been a time of considerable difficulties.

At the end of World War II, political and economic liberalism were reintroduced in Brazil. Getúlio Dorneles Vargas (president, 1930–45, 1951–54) was overthrown, democratic rule was reestablished, and the foreign-exchange reserves accumulated during the war made possible a reduction of trade restrictions. Toshiba Satellite L675D-S7016 CPU Fan

However, trade liberalization was short-lived. The overvalued foreign-exchange rate, established in 1945, remained fixed until 1953. This, combined with persistent inflation and a repressed demand, meant sharp increases in imports and a sluggish performance of exports, which soon led again to a balance of payments crisis.

Pessimistic about the future of Brazil's exports, the government feared that the crisis would have a negative impact on inflation.HP Pavilion dv7-1451nr CPU Fan

Consequently, instead of devaluing the cruzeiro, it decided to deal with the crisis through exchange controls. In 1951 the newly elected government of Getúlio Vargas enforced a recently established system of import licensing, giving priority to imports of essential goods and inputs (fuels and machinery) and discouraging imports of consumer goods. HP G62-a57SG CPU Fan

These policies had the unanticipated effect of providing protection to the consumer goods industry. Early in the 1950s, however, convinced that the only hope for rapid growth was to change the structure of the Brazilian economy, the government adopted an explicit policy of import substitution industrialization. An important instrument of this policy was the use of Foreign exchange controls to protect selected segments of domestic industry and to facilitate the importation of equipment and inputs for them.SONY Vaio VGN-NR31S/S CPU Fan

However, the move to fixed exchange rates together with import licensing drastically curtailed exports, and the balance of payments problem became acute. The system became nearly unmanageable, and in 1953 a more flexible, multiple-exchange-rate system was introduced. Under the latter, imports considered essential were brought in at a favored rate; IBM 91P9252 CPU Fan

imports of goods that could be supplied domestically faced high rates and were allotted small portions of the available foreign exchange. Similarly, some exports were stimulated with a higher exchange rate than those of traditional exports. This system continued to be the main instrument for the promotion of import substitution industrialization, but the performance of the export sector improved only modestly. Toshiba Satellite M70-122 CPU Fan

Between 1957 and 1961, the government made several changes in the exchange-control system, most of which were attempts at reducing its awkwardness or at improving its performance with the advance of import substitution industrialization. For this same purpose, the government also introduced several complementary measures, including enacting the Tariff Law of 1957,SONY UDQFWPH22FQU CPU Fan

increasing and solidifying the protection extended to domestic industries, and offering strong inducements to direct foreign investment.

In the second half of the 1950s, the government enacted a series of special programs intended to better orient the industrialization process, to remove bottlenecks, and to promote vertical integration in certain industries. HP Pavilion dv6-2150ei CPU Fan

The government gave special attention to industries considered basic for growth, notably the automotive, cement, steel, aluminum, cellulose, heavy machinery, and chemical industries.

As a result of import substitution industrialization, the Brazilian economy experienced rapid growth and considerable diversification. Between 1950 and 1961, the average annual rate of growth of the gross domestic product exceeded 7%. Industry was the engine of growth. HP G42-367TU CPU Fan

It had an average annual growth rate of over 9 percent between 1950 and 1961, compared with 4.5% for agriculture. In addition, the structure of the manufacturing sector experienced considerable change. Traditional industries, such as textiles, food products, and clothing, declined, while the transport equipment, machinery, electric equipment and appliances, and chemical industries expanded. Toshiba Satellite P100-238 CPU Fan

However, the strategy also left a legacy of problems and distortions. The growth it promoted resulted in a substantial increase in imports, notably of inputs and machinery, and the foreign-exchange policies of the period meant inadequate export growth. Moreover, a large influx of foreign capital in the 1950s resulted in a large foreign debt. ACER Aspire 5739 CPU Fan

Import substitution industrialization can be assessed according to the contribution to value added by four main industrial subsectors: nondurable consumer goods, durable consumer goods, intermediate goods, and capital goods. Using data from the industrial censuses, the share of these groups in value added between 1949 and 1960 shows a considerable decline in the share of the nondurable goods industries, IBM ThinkPad T40 2678 CPU Fan

from nearly 60 percent to less than 43 percent, and a sharp increase in that of durable goods, from nearly 6 percent to more than 18 percent.

The intermediate and capital goods groups experienced moderate increases, from 32 to 36% and from 2.2 to 3.2%, respectively.IBM Thinkpad T43 CPU Fan

A representative component of the nondurable group is the textile industry, the leading sector before World War II. Between 1949 and 1960, its share in the value added by industry as a whole experienced a sharp decline, from 20.1% to 11.6%. In the durable goods group, the component with the most significant change was the transport equipment sector (automobiles and trucks), which increased from 2.3% to 10.5%.IBM ThinkPad T43 2668 CPU Fan

The lower increases in the shares of the intermediate and capital goods industries reflect the lesser priority attributed to them by the import substitution industrialization strategy. In the early 1960s, Brazil already had a fairly diversified industrial structure, but one in which vertical integration was only beginning. Thus, instead of alleviating the balance of payments problems, import substitution increased them dramatically. IBM ThinkPad T43 1871 CPU Fan

As a result of the problems associated with import substitution industrialization and the reforms introduced by the military regime after March 1964, the Brazilian economy lost much of its dynamism between 1962 and 1967. The average rate of growth of GDP in the period declined to 4.0 percent and that of industry to 3.9 percent. In part, stagnation resulted from distortions caused by the strategy. ACER Travelmate 8104WLMI CPU Fan

Moreover, political troubles negatively affected expectations fac and precluded the formation of a coalition to back the introduction of tough measures to control inflation and the balance of payments crisis. Political troubles also hindered the removal of obstacles to growth.

The 1964 coup dealt with the political obstacles by forcefully restraining opposition to the military agenda of change. DELL Latitude E4300 CPU Fan

With the objective of transforming Brazil into a modern capitalist economy and a military power, the regime implemented a series of reforms aimed at reducing inflation, at removing some of the distortions of import substitution industrialization, and at modernizing capital markets. The regime gradually introduced incentives to direct investment, domestic and foreign, ASUS F80S CPU Fan

and tackled balance of payments problems by reforming and simplifying the foreign-exchange system. In addition, the regime introduced a mechanism of periodic devaluations of the cruzeiro, taking into account inflation. Finally, the military government adopted measures to attract foreign capital and to promote exports. It took steps to expand public investment to improve the country's infrastructure and later to develop state-owned basic industries. HP Pavilion dv5-1058eo CPU Fan

The post-1964 reforms and other policies of the military government, together with the state of the world economy, created conditions for very rapid growth between 1968 and 1973. In that period, the average annual rate of growth of GDP jumped to 11.1%, led by industry with a 13.1% average. Within industry, the leading sectors were consumer durables, transportation equipment, and basic industries, such as steel, cement, and electricity generation. IBM 13N5182 CPU Fan

As a result of the post-1964 policies, external trade expanded substantially faster than the economy as a whole. There was a significant growth in exports, especially manufactured goods, but also commodities. Yet, imports grew considerably faster, rapidly increasing the trade deficit. This did not present a problem, however, because massive inflows of capital resulted in balance of payments surpluses. IBM Thinkpad T30 2366-AA3 CPU Fan

The external sector contributed substantially to high growth rates, as did the rapid expansion of investment, including a growing share of public investment and investment by state-controlled enterprises. In addition, increased demand for automobiles, durable and luxury goods, and housing resulted from a rapid growth in income for the upper income strata and from credit plans created for consumers and home-buyers by the capital-market reforms. IBM Thinkpad T30 2366-AA3 CPU Fan

The industrial sector generally experienced not only rapid growth but also considerable modernization. As a result, imports of capital goods and basic and semi-processed inputs increased sharply. The share of intermediate goods imports in total imports increased from 31.0% in the 1960-62 period to 42.7% in 1972, and that of capital goods, from 29.0 to 42.2%. The total value of imports rose from US$1.3 billion to US$4.4 billion. IBM Thinkpad T30 CPU Fan

A comparison of the 1960 and the 1975 shares of the various industrial sectors in total value added by industry reveals a continuation in the relative decline of nondurable industries, notably textiles, food products, and beverages, and an increase in machinery, from 3.2 to 10.3%. The relative shares of most of the remaining industries, however, did not change significantly in the period. HP 535438-001 CPU Fan

As a result of the period's outward-looking development strategy, Brazil's industrial exports increased from US$1.4 billion in 1963 to US$6.2 billion in 1973. The composition of exports shows that whereas in 1963 processed and semi-processed manufactured exports accounted for only 5% of total exports, in 1974 their share had reached 29%.DELL Inspiron N3010 CPU Fan

In the 1968-73 period, personal income became more concentrated and regional disparities became greater. Industrial expansion took place more vigorously in the Center-South Region, which had benefited most from the import substitution industrialization strategy. Its per capita income considerably exceeded the national average, its infrastructure was more developed, and it had an adequate supply of skilled workers and professionals. HP Pavilion dv6-3070tx CPU Fan

The region was therefore able to take advantage of the opportunities and incentives offered by the military regime. Although a special regional development strategy existed for the Northeast, it promoted a distorted industrialization that benefited only a few of that region's large cities; the Northeast's linkages with the Center-South were stronger than its linkages within the region.IBM 41W5269 CPU Fan

The combination of a harsh climate, a highly concentrated land-tenure system, and an elite that consistently resisted meaningful change prevented the Northeast from developing effectively.

Brazil suffered drastic reductions in its terms of trade as a result of the 1973 oil shock. In the early 1970s, the performance of the export sector was undermined by an overvalued currency. ASUS A8H CPU Fan

With the trade balance under pressure, the oil shock led to a sharply higher import bill. Brazil opted to continue a high-growth policy. Furthermore, it adopted renewed strategies of import substitution industrialization and of economic diversification. In the mid-1970s, the regime began implementing a development plan aimed at increasing self-sufficiency in many sectors and creating new comparative advantages. SONY UDQFRZH13CF0 CPU Fan

Its main components were to promote import substitution of basic industrial inputs (steel, aluminum, fertilizers, petrochemicals), to make large investments in the expansion of the economic infrastructure, and to promote exports.

This strategy was effective in promoting growth, but it also raised Brazil's import requirements markedly, increasing the already large current-account deficit. HP COMPAQ 2510P CPU Fan

The current account was financed by running up the foreign debt. The expectation was that the combined effects of import substitution industrialization and export expansion eventually would bring about growing trade surpluses, allowing the service and repayment of the foreign debt.

Thus, despite the world recession resulting from other countries' adjustments to the oil shock, Brazil was able to maintain a high growth rate. APPLE 661-4951 CPU Fan

Between 1974 and 1980, the average annual rate of growth of real GDP reached 6.9 percent and that of industry, 7.2 percent. However, the current-account deficit increased from US$1.7 billion in 1973 to US$12.8 billion in 1980. The foreign debt rose from US$6.4 billion in 1963 to nearly US$54 billion in 1980.

Brazil was able to raise its foreign debt because, at the time, the international financial system was awash in petrodollars and was eagerly offering low-interest loans. HP Pavilion dv6-3034ca CPU Fan

By the end of the 1970s, however, the foreign debt had reached high levels. Additionally, the marked increase of international interest rates raised the debt service, forcing the country to borrow more only to meet interest payments. Productive capacity, exports, and the substitution of imports in various sectors expanded and became more diversified. However, the expected impacts on Brazil's current account were not to materialize until the mid-1980s. HP G56-126NR CPU Fan

Another feature of the 1974-80 period was an acceleration of inflation. Between 1968 and 1974, the rate of inflation had declined steadily, but afterward the trend was reversed. From 16.2 percent a year in 1973, the growth rate of the general price index increased to 110.2 percent a year by 1980.

The effect of the 1974-85 period's industrialization on the balance of trade was significant. Compaq Presario C556CA CPU Fan

The balance of trade moved from an average deficit of US$3.4 billion in the 1974-76 period to an average surplus of US$10.7 billion in the 1983-85 period. In 1985 the share of manufactures (processed and semi-processed) of total exports reached 66 percent, and between 1971–75 and 1978-83 the share of basic input imports in total imports declined from 32.3% to 19.2%.SONY Vaio VGN-NR360E CPU Fan

The recession and stagnation of the early 1980s had a role in reducing imports. However, import substitution was also important, as demonstrated by the few years of the 1980s that experienced a significant growth in GDP while the trade surplus was maintained.

Between 1981 and 1992, the GDP increased at an average annual rate of only 2.9% and per capita income declined 6%. HP Pavilion dv5170us CPU Fan

Gross investment, as a proportion of GDP, fell from 21 to 16 percent, in part as a result of the fiscal crisis and the loss of public-sector investment capacity. The decline also reflected growing uncertainties regarding the future of the economy. The 1980s became known as the "lost decade," and its problems spilled over into the 1990s. Despite thestagnation of the 1981-92 period, inflation remained a major problem (see stagflation). SONY Vaio VPC-EE3WFX/WI CPU Fan

It stayed in the 100% level until the mid-80's and then grew to more than 1000% a year, reaching a record 5000% in 1993.

In 1979 a second oil shock nearly doubled the price of imported oil to Brazil and lowered the terms of trade further. The rise in world interest rates sharply increased Brazil's balance of payments problem and the size of the foreign debt. HP G56-126NR CPU Fan


Nevertheless, the government continued borrowing, mainly to face an increasing debt burden, while it tried vainly to maintain the high-growth strategy. At the beginning of the 1980s, however, the foreign-debt problem became acute, leading to the introduction of a program to generate growing trade surpluses in order to service the foreign debt. The program was achieved by reducing growth and, with it, imports, and by expanding exports. SONY Vaio VGN-NW240F/S CPU Fan

As a result, in 1981 real GDP declined by 4.4 percent. The 1982 Mexican debt crisis ended Brazil's access to international financial markets, increasing the pressure for economic adjustment.

Some unorthodox economists like Stephen Kanitz attribute the debt crisis not to the high Brazilian level of indebtedness nor to the disorganization of the country's economy. SONY Vaio VPC-EB1Z0E/B CPU Fan

They say that the cause of the crisis was rather a minor error in the U.S. government banking regulations which forbids its banks from lending over ten times the amount of their capital, a regulation that, when the inflation eroded their lending limits, forced them to cut the access of underdeveloped countries to international savings.[1]

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Furthermore, The river goddesses Ganga and Saraswati were both born from Brahma's pot, containing the celestial waters.[75]In her earliest depictions at temple entrances, the goddess Ganga appeared standing beneath the overhanging branch of a tree, as seen as well in the Udayagiri caves.[76] However, soon the tree cover had evolved into a chatra or parasol held by an attendant, for example, in the seventh-century Dasavatara temple at Deogarh.[76] DELL Latitude E5500 CPU FAN (The parasol can be clearly seen in frame 3 above; its stem can be seen in frame 4, but the rest has broken off.) The cover undergoes another transformation in the temple at Kharod, Bilaspur (ninth or tenth century), where the parasol is lotus-shaped,[76] and yet another at the Trimurti temple at Badoli where the parasol has been replaced entirely by a lotus.[76] DELL Latitude E6400 Series CPU FAN

As the iconography evolved, sculptors in the central India especially were producing animated scenes of the goddess, replete with an entourage and suggestive of a queen en route to a river to bathe.[77] A relief similar to the depiction in frame 4 above, is described in Pal 1997, p. 43 as follows:A typical relief of about the ninth century that once stood at the entrance of a temple, the river goddess Ganga is shown as a voluptuously endowed lady with a retinue. DELL Latitude E6410 CPU FAN
Following the iconographic prescription, she stands gracefully on her composite makara mount and holds a water pot. The dwarf attendant carries her cosmetic bag, and a ... female holds the stem of a giant lotus leaf that serves as her mistress's parasol. The fourth figure is a male guardian. Often in such reliefs the makara's tail is extended with great flourish into a scrolling design symbolizing both vegetation and water. DELL Latitude E6410 Series CPU FAN

Kumbh Mela is a mass Hindu pilgrimage in which Hindus gather at the Ganges river. The normal Kumbh Mela is celebrated every 3 years, the Ardh (half) Kumbh is celebrated every six years at Haridwar and Prayag,[78] the Purna (complete) Kumbh takes place every twelve years[79] at four places (Prayag (Allahabad), Haridwar, Ujjain, and Nashik). DELL Latitude E6420 CPU FAN

The Maha (great) Kumbh Mela which comes after 12 'Purna Kumbh Melas', or 144 years, is held at Prayag (Allahabad).[79]The major event of the festival is ritual bathing at the banks of the river. Other activities include religious discussions, devotional singing, mass feeding of holy men and women and the poor, and religious assemblies where doctrines are debated and standardized. DELL Latitude E6500 CPU FAN
Kumbh Mela is the most sacred of all the pilgrimages.[80][81] Thousands of holy men and women attend, and the auspiciousness of the festival is in part attributable to this. The sadhus are seen clad in saffron sheets with ashes and powder dabbed on their skin per the requirements of ancient traditions. Some, called naga sanyasis, may not wear any clothes. DELL Latitude E6500 Series CPU FAN

Megasthenes, a Greek ethnographer who visited India during third century BCE when Mauryans ruled India described the existence of canals in the gangetic plain. Kautilya (also known as Chanakya), an advisor to Chandragupta Maurya, the founder of Maurya empire, included the destruction of dams and levees as a strategy during war.[84DELL Latitude E6510 CPU FAN

] Firuz Shah Tughlaq had many canals built, the longest of which, 240 km (150 mi), was built in 1356 on the Yamuna River. Now known as the Western Yamuna Canal, it has fallen into disrepair and been restored several times. The Mughal emperor Shah Jahan built an irrigation canal on the Yamuna River in the early 17th century. It fell into disuse until 1830, when it was reopened as the Eastern Yamuna Canal, under British control. DELL Latitude E6510 Series CPU FAN
The reopened canal became a model for the Upper Ganges Canal and all following canal projects.

The first British canal in India—with no Indian antecedents—was the Ganges Canal built between 1842 and 1854.[85] Contemplated first by Col. John Russell Colvin in 1836, it did not at first elicit much enthusiasm from its eventual architect Sir Proby Thomas Cautley, DELL Precision M4400 Series CPU FAN
who balked at idea of cutting a canal through extensive low-lying land in order to reach the drier upland destination. However, after the Agra famine of 1837–38, during which the East India Company's administration spent Rs.2,300,000 on famine relief, the idea of a canal became more attractive to the Company's budget-conscious Court of Directors. DELL Precision M4500 CPU FAN
In 1839, the Governor General of India, Lord Auckland, with the Court's assent, granted funds to Cautley for a full survey of the swath of land that underlay and fringed the projected course of the canal. The Court of Directors, moreover, considerably enlarged the scope of the projected canal, which, in consequence of the severity and geographical extent of the famine, they now deemed to be the entire Doab region.[ DELL Precision M6400 Series CPU FAN

The enthusiasm, however, proved to be short lived. Auckland's successor as Governor General, Lord Ellenborough, appeared less receptive to large-scale public works, and for the duration of his tenure, withheld major funds for the project. Only in 1844, when a new Governor-General, Lord Hardinge, was appointed, did official enthusiasm and funds return to the Ganges canal project.DELL Precision M65 CPU FAN
Although the intervening impasse had seemingly affected Cautley's health and required him to return to Britain in 1845 for recuperation, his European sojourn gave him an opportunity to study contemporary hydraulic works in the United Kingdom and Italy. By the time of his return to India even more supportive men were at the helm, both in the North-Western Provinces, DELL Precision M70 Series CPU FAN
withJames Thomason as Lt. Governor, and in British India with Lord Dalhousie as Governor-General. Canal construction, under Cautley's supervision, now went into full swing. A 350-mile long canal, with another 300 miles of branch lines, eventually stretched between the headworks in Hardwar, splitting into two branches below Aligarh, and its two confluences with the Yamuna(Jumna in map) mainstem in Etawah and the Ganges in Kanpur (Cawnpore in map). DELL Precision M90 CPU FAN
The Ganges Canal, which required a total capital outlay of £2.15 million, was officially opened in 1854 by Lord Dalhousie.[ According to historian Ian Stone:It was the largest canal ever attempted in the world, five times greater in its length than all the main irrigation lines of Lombardy and Egypt put together, and longer by a third than even the largest USA navigation canal, the Pennsylvania Canal. DELL Pricision M6300 CPU FAN

A major barrage at Farakka was opened on 21 April 1975,[86] It is located close to the point where the main flow of the river enters Bangladesh, and the tributary Hooghly (also known as Bhagirathi) continues in West Bengal past Kolkata. This barrage, which feeds the Hooghly branch of the river by a 26-mile (42 km) long feeder canal, and its water flow management has been a long-lingering source of dispute with Bangladesh.[87] DELL Studio 1435 CPU FAN
Indo-Bangladesh Ganges Water Treatysigned in December 1996 addressed some of the water sharing issues between India and Bangladesh.[86]Tehri Dam was constructed on Bhagirathi River, tributary of the Ganges. It's located 1.5 km downstream of Ganesh Prayag, the place where Bhilangana meets Bhagirathi. Bhagirathi is called Ganges after Devprayag.[88] Construction of the dam in an earthquake prone area[89] was controversial.[90] DELL Studio 1450 CPU FAN

Bansagar Dam was built on the Son River, a tributary of the Ganges, for both irrigation and hydroelectric power generation.

The Ganges Basin with its fertile soil is instrumental to the agricultural economies of India and Bangladesh. The Ganges and its tributaries provide a perennial source of irrigation to a large area. Chief crops cultivated in the area include rice,sugarcane, lentils, oil seeds, potatoes, and wheat. DELL Studio 1457 CPU FAN
Along the banks of the river, the presence of swamps and lakes provide a rich growing area for crops such as legumes, chillies, mustard, sesame, sugarcane, and jute. There are also many fishing opportunities to many along the river, though it remains highly polluted. Kanpur, largest leather producing city in the world is situated on the banks of this river.[ DELL Studio 1458 CPU FAN

Tourism is another related activity. Three towns holy to Hinduism – Haridwar, prayag (Allahabad), and Varanasi – attract thousands of pilgrims to its waters. Thousands of Hindu pilgrims arrive at these three towns to take a dip in the Ganges, which is believed to cleanse oneself of sins and help attain salvation. The rapids of the Ganges also are popular for river rafting, attracting hundreds of adventure seekers in the summer months. DELL Studio 1535 Series CPU FAN
Street vendors sell homemade bowls of flowers with tea light for visitors to set on the water at sunset.

The Ganges-Brahmaputra-Meghna basin has a huge hydroelectric potential, on the order of 200,000 to 250,000 megawatts, nearly half of which could be easily harnessed. As of 1999, India tapped about 12% of the hydroelectric potential of the Ganges and just 1% of the vast potential of the Brahmaputra. DELL Studio 1536 Series CPU FAN

The Ganges suffers from extreme pollution levels, which affect the 400 million people who live close to the river.[93][94] Sewage from many cities along the river's course, industrial waste and religious offerings wrapped in non-degradable plastics add large amounts of pollutants to the river as it flows through densely populated areas.[14][95] DELL Studio 1537 Series CPU FAN
The problem is exacerbated by the fact that many poorer people rely on the river on a daily basis for bathing, washing, and cooking.[95] The World Bank estimates that the health costs of water pollution in India equal three percent of India's GDP.[96] It has also been suggested that eighty percent of all illnesses in India and one-third of deaths can be attributed to water-borne diseases.[97] DELL Studio 1555 Series CPU FAN

Varanasi, a city of one million people that many pilgrims visit to take a "holy dip" in the Ganges, releases around 200 million litres of untreated human sewage into the river each day, leading to large concentrations of faecal coliform bacteria.[95]According to official standards, water safe for bathing should not contain more than 500 faecal coliforms per 100ml, DELL Studio 17 CPU FAN
yet upstream of Varanasi's ghats the river water already contains 120 times as much, 60,000 faecal coliform bacteria per 100 ml.After the cremation of the deceased at Varanasi's ghats the bones and ashes are thrown into the Ganges. However, in the past thousands of uncremated bodies were thrown into the Ganges during cholera epidemics, spreading the disease. DELL Studio 1735 CPU FAN
Even today, holy men, pregnant women, people with leprosy/chicken pox, people who had been bitten by snakes, people who had committed suicide, the poor, and children under 5 are not cremated at the ghats but are floated free to decompose in the waters. In addition, those who can not afford the large amount of wood needed to incinerate the entire body, leave behind a lot of half burned body parts.[99][100] DELL Studio 1736 CPU FAN

After passing through Varanasi, and receiving 32 streams of raw sewage from the city, the concentration of fecal coliforms in the river's waters rises from 60,000 to 1.5 million,[11][98] with observed peak values of 100 million per 100 ml.[95] Drinking and bathing in its waters therefore carries a high risk of infection.[95]

Between 1985 and 2000, Rs. 1,000 crore (Rs. 10 billion, around US$ 226 million, DELL Studio 1737 CPU FAN
or less than 4 cents per person per year were spent on the Ganga Action Plan,[14] an environmental initiative that was "the largest single attempt to clean up a polluted river anywhere in the world."[16] The Ganga Action Plan has been described variously as a "failure,"[101][102][103] a "major failure,[12] a "colossal failure,"[13] and a "widely recognized failure."[96] DELL Studio XPS 1340 CPU FAN
The Ganga Action Plan, which was taken on priority and with much enthusiasm, was delayed for two years. The expenditure was almost doubled. But the result was not very appreciable. Much expenditure was done over the political propaganda. The concerning governments and the related agencies were not very prompt to make it a success. DELL Studio XPS 1640 CPU FAN
The public of the areas was not taken into consideration. The releasing of urban and industrial wastes in the river was not controlled fully. The flowing of dirty water through drains and sewers were not adequately diverted. The continuing customs of burning dead bodies, throwing carcasses, washing of dirty clothes by washermen, and immersion of idols and cattle wallowing were not checked. DELL Studio XPS 1645 CPU FAN
Very little provision of public latrines was made and the open defecation of lakhs of people continued along the riverside. All these made the Action Plan a failure.The failure of the Ganga Action Plan, has also been variously attributed to "environmental planning without proper understanding of the human–environment interactions,"[16] Indian "traditions and beliefs,"[104] "corruption and a lack of technical knowledge"[15] and "lack of support from religious authorities."[17] DELL Studio XPS 1647 CPU FAN

In December 2009 the World Bank agreed to loan India US$ 1 billion over the next five years to help save the river.[105] According to 2010 Planning Commission estimates, an investment of almost Rs. 7,000 crore (Rs. 70 billion, approximately US$ 1.5 billion) is needed to clean up the river.[14]

In November 2008, the Ganges, alone among India's rivers, was declared a "National River",DELL Vostro 1000 Series CPU FAN

facilitating the formation of a National Ganga River Basin Authoritythat would have greater powers to plan, implement and monitor measures aimed at protecting the river.[106]

The incidence of water-borne and enteric diseases – such as gastrointestinal disease, cholera, dysentery, hepatitis A and typhoid – among people who use the river's waters for bathing, washing dishes and brushing teeth is high, at an estimated 66% per year.[95] DELL Vostro 1014 Series CPU FAN

Recent studies by ICMR say, It's so full of killer pollutants that those living along its banks in Uttar Pradesh, Bihar and Bengal are more prone to cancer than anywhere else in the country.

Conducted by the National Cancer Registry Programme under the Indian Council of Medical Research, the study throws up shocking findings. The river is thick with heavy metals and lethal chemicals that cause cancer, it says. DELL Vostro 1015 Series CPU FAN
"We know that the incidence of cancer was highest in the country in areas drained by the Ganga. We also know why. Now, we are going deeper into the problem. Hopefully, we'll be able to present a report to the health ministry in a month or two," NCRP head A Nandkumar said.

Human development, mostly agriculture, has replaced nearly all of the original natural vegetation of the Ganges basin. DELL Vostro 1018 Series CPU FAN

More than 95% of the upper Gangetic Plain has been degraded or converted to agriculture or urban areas. Only one large block of relatively intact habitat remains, running along the Himalayan foothills and including Rajaji National Park, Jim Corbett National Park, and Dudhwa National Park.[108] As recently as the 16th and 17th centuries the upper Gangetic Plain harbored impressive populations of wild Asian elephants (Elephas maximus), tigers (Panthera tigris), Indian Rhinoceros (Rhinoceros unicornis), gaurs (Bos gaurus), DELL Vostro 1088 Series CPU FAN

barasinghas (Rucervus duvaucelii), sloth Bears (Melursus ursinus) and Indian lions.[108] In the 21st century there are few large wild animals, mostly deer, boars, wildcats, and small numbers of wolves, jackals, and foxes. Bengal tigers survive only in the Sundarbans area of the Ganges Delta. Crocodiles and barasingha are also found in the Sundarbans.[18] The Sundarbands freshwater swamp ecoregion, however, is nearly extinct.[109] DELL Vostro 1310 CPU FAN

Threatened mammals in the upper Gangetic Plain include the tiger, elephant, sloth bear, and chousingha (Tetracerus quadricornis).

Fish are found in all the major rivers of the Ganges basin, and are a vital food source for many people. In the Bengal area common fish include featherbacks (Notopteridae family), barbs (Cyprinidae), walking catfish (Clarias batrachus), gouramis(Anabantidae), and milkfish (Chanos chanos).[18] DELL Vostro 1400 Series CPU FAN

The critically endangered Ganges shark (Glyphis gangeticus) is also found in the river and other places in south Asia.[110]

Many types of birds are found throughout the basin, such as myna, parrots, crows, kites, partridges, and fowls. Ducks and snipesmigrate across the Himalayas during the winter, attracted in large numbers to wetland areas.[18DELL Vostro 1510 CPU FAN

] There are no endemic birds in the upper Gangetic Plain. The Great Indian Bustard (Ardeotis nigriceps) and Lesser Florican (Sypheotides indicus) are considered globally threatened.[108]

The natural forest of the upper Gangetic Plain has been so thoroughly eliminated it is difficult to assign a natural vegetation type with certainty. DELL Vostro 1700 CPU FAN

There are a few small patches of forest left, and they suggest that much of the upper plains may have supported a tropical moist deciduous forest with sal (Shorea robusta) as a climax species.

The Ganges River itself supports the mugger crocodile (Crocodylus palustris) and the gharial (Gavialis gangeticus). The river's most famed fauna is the freshwater dolphin Platanista gangetica gangetica, the Ganges River dolphin,[108] recently declared India's national aquatic animal.[111] DELL Vostro 2510 CPU FAN
A similar situation is found in the lower Gangetic Plain, which includes the lower Brahmaputra River. The lower plains contain more open forests, which tend to be dominated by Bombax ceiba in association with Albizzia proceraDuabanga grandiflora, andSterculia vilosa. There are early seral forest communities that would eventually become dominated by the climax species sal (Shorea robusta), if forest succession was allowed to proceed. DELL Vostro 3300 CPU FAN

In most places forests fail to reach climax conditions due to human causes.[112] The forests of the lower Gangetic Plain, despite thousands of years of human settlement, remained largely intact until the early 20th century. Today only about 3% of the ecoregion is under natural forest and only one large block, south of Varanasi, remains. There are over forty protected areas in the ecoregion, but over half of these are less than 100 square kilometres (39 sq mi).[112DELL Vostro 3350 CPU FAN

] The fauna of the lower Gangetic Plain is similar to the upper plains, with the addition of a number of other species such as the Smooth-coated Otter (Lutrogale perspicillata) and the Large Indian Civet (Viverra zibetha).

The Ganges River Dolphin, which used to exist in large schools near to urban centres in both the Ganges and Brahmaputra rivers, is now seriously threatened by pollution and dam construction. DELL Vostro 3400 CPU FAN
Their numbers have now dwindled to a quarter of their numbers of fifteen years before, and they have become extinct in the Ganges's main tributaries.[113] A recent survey by the World Wildlife Fund found only 3,000 left in the water catchment of both river systems.[114]

The Ganges river dolphin is one of only four freshwater dolphins in the world. DELL Vostro 3450 CPU FAN
The other three are the baiji (Lipotes vexillifer) of the Yangtze River in China, now likely extinct, the bhulan of the Indus River in Pakistan, and the boto of the Amazon River in Brazil. There are several marine dolphines whose ranges include some freshwater habitats, but these four are the only dolphins who live only in freshwater rivers and lakes.

Along with ever-increasing pollution, water shortages are getting noticeably worse. Some sections of the river are already completely dry. DELL Vostro 3500 CPU FAN

Around Varanasi the river once had an average depth of 60 metres (200 ft), but in some places it is now only 10 metres (33 ft).[115]"To cope with its chronic water shortages, India employs electric groundwater pumps, diesel-powered tankers and coal-fed power plants. If the country increasingly relies on these energy-intensive short-term fixes, the whole planet's climate will bear the consequences. DELL Vostro 3700 CPU FAN
India is under enormous pressure to develop its economic potential while also protecting its environment—something few, if any, countries have accomplished. What India does with its water will be a test of whether that combination is possible."

The Tibetan Plateau contains the world's third-largest store of ice. DELL Vostro 3700 Series CPU FAN
Dahe, the former head of the China Meteorological Administration, said that the recent fast pace of melting and warmer temperatures will be good for agriculture and tourism in the short term; but issued a strong warning:

"Temperatures are rising four times faster than elsewhere in China, and the Tibetan glaciers are retreating at a higher speed than in any other part of the world.... DELL Vostro 3750 CPU FAN
In the short term, this will cause lakes to expand and bring floods and mudflows... In the long run, the glaciers are vital lifelines for Asian rivers, including the Indus and the Ganges. Once they vanish, water supplies in those regions will be in peril."

In 2007, the Intergovernmental Panel on Climate Change (IPCC), in its Fourth Report, stated that the Himalayan glaciers which feed the river, were at risk of melting by 2035.[118] DELL Vostro A840 CPU FAN
The IPCC has now withdrawn that prediction, as the original source admitted that it was speculative and the cited source was not a peer reviewed finding.[119] In its statement, the IPCC stands by its general findings relating to the Himalayan glaciers being at risk from global warming (with consequent risks to water flow into the Gangetic basin). DELL Vostro A860 CPU FAN

Illegal mining in the Ganges river bed for stones and sand for construction work has been a long problem in Haridwar district, Uttarakhand, where it touches the plains for the first time. This is despite the fact that quarrying has been banned in Kumbh Mela area zone covering 140 km2 area in Haridwar.[120] DELL XPS L501X CPU FAN
On 14 June,Swami Nigamanada, a 34-year-old monk who was fasting since 19 February 2011 against illegal mining and stone crushing along the Ganges near Haridwar, died at the Himalayan Hospital in Jollygrant in Dehradun, after prolonged coma in the hospital's intensive care unit.[120][121] His death put a spotlight on the activity and resulted in the intervention of the Union Environment minister. DELL XPS L502X CPU FAN

In Hinduism, the river Ganges is referred to as Ga (Sanskrit: गङ्गा, Hindi: गंगा Ga, Burmese: ဂင်္ဂါ,IPA: [ɡɪ́ɴɡà] Ginga; ഗംഗ in മലയാളം, gangkai Tamil: கங்கை kangkai, Thai: คงคา Khongkha) and is considered sacred. Personified as a goddess, Gaṅgā is worshiped by Hindus who believe that bathing in the river causes the remission of sins and facilitates liberation from the cycle of life and death. DELL XPS M1210 CPU FAN
Pilgrims travel long distances to immerse the ashes of their kin in the waters of the Ganges, bringing their spirits closer to moksha.Several places sacred to Hindus lie along the banks of the river Ganges, including Gangotri, Haridwar, Allahabad andVaranasi. During the Loy Krathong festival in Thailand, candlelit floats are released into waterways to honor the Buddhaand the goddess DELL XPS M1330 CPU FAN
Ganga (พระแม่คงคา, คงคาเทวี) for good fortune and washing away sins (pāpa in Sanskrit, used to describe actions that create negative karma by violating moral and ethical codes, which brings negative consequences.)

Bhagavata Purana depicts the birth of river Ganges. According to Bhagavata Purana, Lord Vishnu in one of his incarnations, appeared as Vamana in the sacrificial arena of Asura King Mahabali. DELL XPS M140 CPU FAN

DELL XPS M1710 CPU FANQin  Then in order to measure the universe, he extended his left foot to the end of the universe and pierced a hole in its covering with the nail of his big toe. Through the hole, the pure water of the Causal Ocean (Divine Brahm-Water) entered this universe as the Ganges River. Having washed the lotus feet of the Lord, which are covered with reddish saffron, the water of the Ganges acquired a very beautiful pink color.

Because the Ganges directly touches the lotus feet of Lord Vishnu (Narayana) before descending within this universe, Ganges is known as Bhagavat-Padi which means Emanating from the lotus feet of Bhagavan (God). It finally settles in Brahmaloka or Brahmapura, abode of Lord Brahma before descending to planet Earth at the request ofBhagiratha and held safely by Lord Shiva on his head to prevent destruction of Bhumi (Mother Earth).[1] DELL XPS M1530 CPU FAN

Then, the river Ganges was released from Lord Shiva 's hair to meet the needs of the country according to Hindu mythology.In other legends , Himavat fathered Parvati and Ganga .

Several years later, a king named Sagara magically acquired sixty thousand sons. One day,King Sagar performed a ritual of worship for the good of the kingdom. HP 052907A CPU FAN

One of the integral parts of the ritual was a horse, which was stolen by the jealous Indra. Sagara sent all his sons all over the earth to search for the horse. They found it in the nether-world (or Underworld) next to a meditating sage Kapila. Believing that the sage had stolen the horse, they hurled insults at him and caused his penance to be disturbed. HP 13.V1.B3403.GN CPU FAN

The sage opened his eyes for the first time in several years, and looked at the sons of Sagara. With this glance, all sixty thousand were burnt to death.[2]The souls of the sons of Sagara wandered as ghosts since their final rites had not been performed. When Bhagiratha, one of the descendants of Sagara, son of Dilip, learnt of this fate, he vowed to bring Ganga down to Earth so that her waters could cleanse their souls and release them to heaven. HP 13.V1.BJ195.F.GN CPU FAN

Bhagiratha prayed to Brahma that Ganga come down to Earth. Brahma agreed, and he ordered Ganga to go down to the Earth and then on to the nether regions so that the souls of Bhagiratha's ancestors would be able to go to heaven. Ganga felt that this was insulting and decided to sweep the whole Earth away as she fell from the heavens. Alarmed, Bhagiratha prayed to Shiva that he break up Ganga's descent. HP 344872-001 CPU FAN

Ganga arrogantly fell on Shiva's head. But Shiva calmly trapped her in his hair and let her out in small streams. The touch of Shiva further sanctified Ganga. As Ganga travelled to the nether-worlds, she created a different stream to remain on Earth to help purify unfortunate souls there. She is the only river to follow from all the three worlds – Swarga (heaven), Prithvi (Earth) and, Patala (netherworld or hell). HP 367795-001 CPU FAN

Thus is called "Tripathagā" (one who travels the three worlds) in Sanskrit language.

Because of Bhagiratha's efforts Ganga descended to Earth and hence the river is also known as Bhagirathi, and the term "Bhagirath prayatna" is used to describe valiant efforts or difficult achievements.

Another name that Ganga is known by is Jahnavi. HP 384622-001 CPU FAN

Story has it that once Ganga came down to Earth, on her way to Bhagiratha, her rushing waters created turbulence and destroyed the fields and the sadhana of a sage called Jahnu. He was angered by this and drank up all of Ganga's waters. Upon this, the Gods prayed to Jahnu to release Ganga so that she could proceed on her mission. Pleased with their prayers, Jahnu released Ganga (her waters) from his ears. HP 3MLX6TATPH0 CPU FAN

Hence the name "Jahnavi" (daughter of Jahnu) for Ganga.

It is sometime believed that the river will finally dry up at the end of Kali Yuga (the era of darkness, the current era) just as with the Sarasvati river, and this era will end. Next in (cyclic) order will be the Satya Yuga or the era of Truth.

The Ganges is mentioned in the Rigveda, the earliest and theoretically the holiest of the Hindu scriptures. HP 3MLX8TATP20 CPU FAN

The Ganges is mentioned in the nadistuti (Rigveda 10.75), which lists the rivers from east to west. In RV 6.45.31, the word Ganga is also mentioned, but it is not clear if the reference is to the river.

RV 3.58.6 says that "your ancient home, your auspicious friendship, O Heroes, your wealth is on the banks of the Jahnavi (JahnAvyAm)". This verse could possibly refer to the Ganges.[3] In RV 1.116.18–19, the Jahnavi and the Ganges River Dolphin occur in two adjacent verses. HP 3MLX8TATP40 CPU FAN

According to the Hindu scriptures like Skanda Purana, the goddess Ganga is foster-mother to Karttikeya (Murugan), who was actually a son of Shiva and Parvati.

Parvati who created an image of Ganesha (son of Shiva and Parvati) out of her bodily impurities but which became endowed with life after immersion in the sacred waters of the Ganges. HP 3MLX9TATP70 CPU FAN

Therefore Ganesha is said to have two mothers—Pārvati and Gangā and hence calledDvaimātura and also Gāngeya (the son of Ganga).[6]

The Hindu epic, Mahabharata tells that the Vasus, cursed by Vashishta had requested Ganga to be their mother. Ganga incarnated and became the wife of King Santanu on condition that at no stage shall he question her actions, or she would leave him. HP 407862-001 CPU FAN

As seven Vasus were born as their children, one after the other, Ganga drowned them in her own waters, freeing them from their punishment and the king made no opposition. Only when the eighth was born did the king finally oppose his wife, who therefore left him. So the eighth son, HP 414226-001 CPU FAN

Dyausincarnated, remained alive, imprisoned in mortal form, and later became known in his mortal incarnation as Bhishma (Devavrata), who is one of the most respected characters of the Mahābhārata. HP 418409-001 CPU FAN,HP 431312-001 CPU FAN,HP 434678-001 CPU FAN

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The Ganges (/ˈɡændʒiːz/ gan-jeez), also Ganga (Hindi: [ˈɡəŋɡaː]), is a trans-boundary river of India andBangladesh. The 2,525 km (1,569 mi) river rises in the western Himalayas in the Indian state of Uttarakhand, and flows south and east through the Gangetic Plain of North India into Bangladesh, where it empties into the Bay of Bengal. It is the second largest river in the World by discharge.[4] DELL Alienware m15x Series CPU FAN

The Ganges basin is the most heavily populated river basin in the world, with over 400 million people and a population density of about 1,000 inhabitants per square mile (390 /km2).[5]

The Ganges is the most sacred river to Hindus[6] and is also a lifeline to millions of Indians who live along its course and depend on it for their daily needs.[7] It is worshipped as the goddess Ganga in Hinduism.[8] DELL Alienware PR2H1 Series CPU FAN

It has also been important historically: many former provincial or imperial capitals (such as Patliputra,[9] Kannauj,[9]Kara, Kashi, Allahabad, Murshidabad, Munger, Baharampur, Kampilya and Kolkata) have been located on its banks.

The Ganges was ranked among the five most polluted rivers of the world in 2007,[10] with fecal coliform levels in the river near Varanasi more than one hundred times the official Indian government limits.[11DELL Inspiron 1100 Series CPU FAN

Pollution threatens not only humans, but also more than 140 fish species, 90 amphibian species and the endangered Ganges river dolphin.[10] The Ganga Action Plan, an environmental initiative to clean up the river, has been a major failure thus far,[12][13][14] due to corruption and lack of technical expertise,[15] lack of good environmental planning,[16] and lack of support from religious authorities. DELL Inspiron 1110 Series CPU FAN

The Ganges begins at the confluence of the Bhagirathi and Alaknanda rivers. The Bhagirathi is considered to be the true source in Hindu culture and mythology, although the Alaknanda is longer.[18][19] The headwaters of the Alakananda are formed by snowmelt from such peaks as Nanda Devi, Trisul, and Kamet. The Bhagirathi rises at the foot of Gangotri Glacier, at Gaumukh, at an elevation of 3,892 m (12,769 ft).[20] DELL Inspiron 1150 Series CPU FAN
Although many small streams comprise the headwaters of the Ganges, the six longest and their five confluences are considered sacred. The six headstreams are the Alaknanda, Dhauliganga, Nandakini, Pindar, Mandakini, andBhagirathi rivers. The five confluences, known as the Panch Prayag, are all along the Alaknanda. They are, in downstream order, Vishnuprayag, where the Dhauliganga joins the Alaknanda; DELL Inspiron 11Z Series CPU FAN

, where the Nandakini joins;Karnaprayag, where the Pindar joins, Rudraprayag, where the Mandakini joins; and finally, Devprayag, where the Bhagirathi joins the Alaknanda to form the Ganges River proper.[18]

After flowing 250 kilometres (160 mi)[20] through its narrow Himalayan valley, the Ganges emerges from the mountains atRishikesh, then debouches onto the Gangetic Plain at the pilgrimage town of Haridwar.[18] DELL Inspiron 1300 Series CPU FAN
At Haridwar, a dam diverts some of its waters into the Ganges Canal, which irrigates the Doab region of Uttar Pradesh, whereas the river, whose course has been roughly southwest until this point, now begins to flow southeast through the plains of northern India.

The Ganges follows an 800-kilometre (500 mi) arching course passing through the cities of Kannauj, DELL Inspiron 1318 CPU FAN
Farukhabad, and Kanpur. Along the way it is joined by the Ramganga, which contributes an average annual flow of about 500 m3/s (18,000 cu ft/s).[21] The Ganges joins the Yamuna at the Triveni Sangam at Allahabad, a holy confluence in Hinduism. At their confluence the Yamuna is larger than the Ganges, contributing about 2,950 m3/s (104,000 cu ft/s),[21] or about 58.5% of the combined flow.[22] DELL Inspiron 13R Series CPU FAN

Now flowing east, the river meets the Tamsa River (also called Tons), which flows north from the Kaimur Range and contributes an average flow of about 190 m3/s (6,700 cu ft/s). After the Tamsa the Gomti River joins, flowing south from the Himalayas. The Gomti contributes an average annual flow of about 234 m3/s (8,300 cu ft/s). Then the Ghaghara River(Karnali River), also flowing south from the Himalayas of Nepal, joins. DELL Inspiron 1405 CPU FAN
The Ghaghara(Karnali), with its average annual flow of about 2,990 m3/s (106,000 cu ft/s), is the largest tributary of the Ganges. After the Ghaghara(Karnali) confluence the Ganges is joined from the south by the Son River, contributing about 1,000 m3/s (35,000 cu ft/s). The Gandaki River, then the Kosi River, join from the north flowing from Nepal, contributing about 1,654 m3/s (58,400 cu ft/s) and 2,166 m3/s (76,500 cu ft/s), respectively. DELL Inspiron 1410 CPU FAN
The Kosi is the third largest tributary of the Ganges, after the Ghaghara(Karnali) and Yamuna.[21]

Along the way between Allahabad and Malda, West Bengal, the Ganges passes the towns of Chunar, Mirzapur, Varanasi, Ghazipur,Patna, Bhagalpur, Ballia, Buxar, Simaria, Sultanganj, and Saidpur. At Bhagalpur, the river begins to flow south-southeast and atPakur, DELL Inspiron 1420 Series CPU FAN
it begins its attrition with the branching away of its first distributary, the Bhāgirathi-Hooghly, which goes on to become the Hooghly River. Just before the border with Bangladesh the Farakka Barrage controls the flow of the Ganges, diverting some of the water into a feeder canal linked to the Hooghly for the purpose of keeping it relatively silt-free. DELL Inspiron 1421 CPU FAN
The Hooghly River is formed by the confluence of the Bhagirathi River and Jalangi River at Nabadwip, and Hooghly has a number of tributaries of its own. The largest is the Damodar River, which is 541 km (336 mi) long, with a drainage basin of 25,820 km2(9,970 sq mi).[23] The Hooghly River empties into the Bay of Bengal near Sagar Island.[24] DELL inspiron 1425 CPU FAN
Between Malda and the Bay of Bengal, the Hooghly river passes the towns and cities of Murshidabad, Nabadwip, Kolkata and Howrah.

After entering Bangladesh, the main branch of the Ganges is known as the Padma. The Padma is joined by the Jamuna River, the largest distributary of the Brahmaputra. DELL inspiron 1427 CPU FAN
Further downstream, the Padma joins the Meghna River, the second largest distributary of the Brahmaputra, and takes on the Meghna's name as it enters the Meghna Estuary, which empties into the Bay of Bengal.

The Ganges Delta, formed mainly by the large, sediment-laden flows of the Ganges and Brahmaputra rivers, is the world's largest delta, at about 59,000 km2 (23,000 sq mi).[3] It stretches 322 km (200 mi) along the Bay of Bengal.[5] DELL Inspiron 14R Series CPU FAN

Only the Amazon and Congo rivers have a greater average discharge than the combined flow of the Ganges, the Brahmaputra, and theSurma-Meghna river system.[5] In full flood only the Amazon is larger.

The Indian subcontinent lies atop the Indian tectonic plate, a minor plate within the Indo-Australian Plate.[26] Its defining geological processes commenced seventy-five million years ago, DELL Inspiron 1501 Series CPU FAN
when, as a part of the southern supercontinent Gondwana, it began a northeastwards drift—lasting fifty million years—across the then unformed Indian Ocean.[26] The subcontinent's subsequent collision with the Eurasian Plate and subduction under it, gave rise to the Himalayas, the planet's highest mountains.[26] In the former seabed immediately south of the emerging Himalayas,DELL Inspiron 1520 Series CPU FAN
plate movement created a vast trough, which, having gradually been filled with sediment borne by the Indus and its tributaries and the Ganges and its tributaries,[27] now forms the Indo-Gangetic Plain.[28]

The Indo-Gangetic Plain is geologically known as a foredeep or foreland basin.The hydrology of the Ganges River is very complicated, especially in the Ganges Delta region. One result is different ways to determine the river's length, its discharge, and the size of its drainage basin. DELL Inspiron 1521 Series CPU FAN

The name Ganges is used for the river between the confluence of the Bhagirathi and Alaknanda rivers, in the Himalayas, and the India-Bangladesh border, near the Farakka Barrage and the first bifurcation of the river. The length of the Ganges is frequently said to be slightly over 2,500 km (1,600 mi) long, about 2,505 km (1,557 mi),[30] to 2,525 km (1,569 mi),[1][22] DELL Inspiron 1525 Series CPU FAN
or perhaps 2,550 km (1,580 mi).[31] In these cases the river's source is usually assumed to be the source of the Bhagirathi River, Gangotri Glacier at Gomukh, and its mouth being the mouth of the Meghna River on the Bay of Bengal.[1][22][30][31] Sometimes the source of the Ganges is considered to be at Haridwar, where its Himalayan headwater streams debouch onto the Gangetic Plain.[23] DELL Inspiron 1526 Series CPU FAN

In some cases, the length of the Ganges is given for its Hooghly River distributary, which is longer than its main outlet via the Meghna River, resulting in a total length of about 2,620 km (1,630 mi), from the source of the Bhagirathi,[3] or 2,135 km (1,327 mi), from Haridwar to the Hooghly's mouth.[23] In other cases the length is said to be about 2,240 km (1,390 mi), from the source of the Bhagirathi to the Bangladesh border, where its name changes to Padma.[32] DELL Inspiron 1545 Series CPU FAN

For similar reasons, sources differ over the size of the river's drainage basin. The basin covers parts of four countries,India, Nepal, China, and Bangladesh; eleven Indian states, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Madhya Pradesh,Chhattisgarh, Bihar, Jharkhand, Punjab, Haryana, Rajasthan, West Bengal, and the Union Territory of Delhi.[33] DELL Inspiron 1546 Series CPU FAN
The Ganges basin, including the delta but not the Brahmaputra or Meghna basins, is about 1,080,000 km2 (420,000 sq mi), of which 861,000 km2(332,000 sq mi) are in India (about 80%), 140,000 km2 (54,000 sq mi) in Nepal (13%), 46,000 km2 (18,000 sq mi) in Bangladesh (4%), and 33,000 km2 (13,000 sq mi) in China (3%).[2] DELL Inspiron 1720 CPU FAN
Sometimes the Ganges and Brahmaputra–Meghna drainage basins are combined for a total of about 1,600,000 km2 (620,000 sq mi),[25] or 1,621,000 km2 (626,000 sq mi).[5] The combined Ganges-Brahmaputra-Meghna basin (abbreviated GBM or GMB) drainage basin is spread across Bangladesh, Bhutan, India, Nepal, and China.[34] DELL Inspiron 1721 CPU FAN

The Ganges basin ranges from the Himalaya and the Transhimalaya in the north, to the northern slopes of the Vindhya range in the south, from the eastern slopes of the Aravalli in the west to the Chota Nagpur plateau and the Sunderbans delta in the east. A significant portion of the discharge from the Ganges comes from the Himalayan mountain system. DELL Inspiron 2500 Series CPU FAN
Within the Himalaya, the Ganges basin spreads almost 1,200 km from the Yamuna-Satluj divide along the Simla ridge forming the boundary with the Indus basin in the west to the Singalila Ridge along the Nepal-Sikkim border forming the boundary with the Brahmaputra basin in the east. This section of the Himalaya contains 9 of the 14 highest peaks in the world over 8,000m in height, DELL Inspiron 2600 CPU FAN
including Mount Everest which is the high point of the Ganges basin. The other peaks over 8,000m in the basin are Kangchenjunga, Lhotse, Makalu, Cho Oyu,Dhaulagiri, Manaslu, Annapurna and Shishapangma. The Himalayan portion of the basin includes the south-eastern portion of the state of Himachal Pradesh, the entire state of Uttarakhand, the entire country of Nepal and the extreme north-western portion of the state of West Bengal.[cDELL Inspiron 2650 CPU FAN
The discharge of the Ganges also differs by source. Frequently, discharge is described for the mouth of the Meghna River, thus combining the Ganges with the Brahmaputra and Meghna. This results in a total average annual discharge of about 38,000 m3/s (1,300,000 cu ft/s),[5] or 42,470 m3/s (1,500,000 cu ft/s).[3] In other cases the average annual discharges of the Ganges, DELL Inspiron 4000 CPU FAN
Brahmaputra, and Meghna are given separately, at about 16,650 m3/s (588,000 cu ft/s) for the Ganges, about 19,820 m3/s (700,000 cu ft/s) for the Brahmaputra, and about 5,100 m3/s (180,000 cu ft/s) for the Meghna.

The maximum peak discharge of the Ganges, as recorded at Hardinge Bridge in Bangladesh, exceeded 70,000 m3/s (2,500,000 cu ft/s).[35] The minimum recorded at the same place was about 180 m3/s (6,400 cu ft/s), in 1997.[36] DELL Inspiron 4100 CPU FAN

The hydrologic cycle in the Ganges basin is governed by the Southwest Monsoon. About 84% of the total rainfall occurs in the monsoon from June to September. Consequently, streamflow in the Ganges is highly seasonal. The average dry season to monsoon discharge ratio is about 1:6, as measured at Hardinge Bridge. This strong seasonal variation underlies many problems of land and water resource development in the region.[32] DELL Inspiron 5100 Series CPU FAN
The seasonality of flow is so acute it can cause both drought and floods. Bangladesh, in particular, frequently experiences drought during the dry season and regularly suffers extreme floods during the monsoon.[37]

In the Ganges Delta many large rivers come together, both merging and bifurcating in a complicated network of channels. The two largest rivers, the Ganges and Brahmaputra, both split into distributary channels, the largest of which merge with other large rivers before themselves joining. DELL Inspiron 5150 CPU FAN
This current channel pattern was not always the case. Over time the rivers in Ganges Delta have changed course, sometimes altering the network of channels in significant ways.

Before the late 12th century the Bhagirathi-Hooghly distributary was the main channel of the Ganges and the Padma was only a minor spill-channel. DELL Inspiron 5160 CPU FAN
The main flow of the river reached the sea not via the modern Hooghly River but rather by the Adi Ganga. Between the 12th and 16th centuries the Bhagirathi-Hooghly and Padma channels were more or less equally significant. After the 16th century the Padma grew to become the main channel of the Ganges.[24] It is thought that the Bhagirathi-Hooghly became increasingly choked with silt, DELL Inspiron 6000 Series CPU FAN
causing the main flow of the Ganges to shift to the southeast and the Padma River. By the end of the 18th century the Padma had become the main distributary of the Ganges.[38] One result of this shift to the Padma was that the Ganges joined the Meghna and Brahmaputra rivers before emptying into the Bay of Bengal, together instead of separately. The present confluence of the Ganges and Meghna formed about 150 years ago.[39] DELL Inspiron 600m Series CPU FAN

Also near the end of the 18th century, the course of the lower Brahmaputra changed dramatically, altering its relationship with the Ganges. In 1787 there was a great flood on the Teesta River, which at the time was a tributary of the Ganges-Padma River. The flood of 1787 caused the Teesta to undergo a sudden change course (an avulsion), shifting east to join the Brahmaputra and causing the Brahmaputra to shift its course south, cutting a new channel. DELL Inspiron 630m CPU FAN
This new main channel of the Brahmaputra is called the Jamuna River. It flows south to join the Ganges-Padma. Since ancient times the main flow of the Brahmaputra was more easterly, passing by the city of Mymensingh and joining the Meghna River. Today this channel is a small distributary but retains the name Brahmaputra, sometimes Old Brahmaputra.[40] DELL Inspiron 6400 Series CPU FAN
The site of the old Brahmaputra-Meghna confluence, in the locality of Langalbandh, is still considered sacred by Hindus. Near the confluence is a major early historic site called Wari-Bateshwar.

The Late Harappan period, about 1900–1300 BCE, saw the spread of Harappan settlement eastward from the Indus River basin to the Ganges-Yamuna doab, although none crossed the Ganges to settle its eastern bank. DELL Inspiron 640m CPU FAN
The disintegration of the Harappan civilization, in the early 2nd millennium BC, mark the point when the center of Indian civilization shifted from the Indus basin to the Ganges basin.[41] There may be links between the Late Harappan settlement of the Ganges basin and the archaeological culture known as "Cemetery H", the Indo-Aryan people, and the Vedic period. DELL Inspiron 700M Series CPU FAN

This river is the longest in India.[42] During the early Vedic Age of the Rigveda, the Indus and the Sarasvati River were the major sacred rivers, not the Ganges. But the later three Vedas give much more importance to the Ganges.[43] The Gangetic Plain became the centre of successive powerful states, from the Maurya Empire to the Mughal Empire.[18][44]

The first European traveler to mention the Ganges was Megasthenes (ca. 350–290 BCE). DELL Inspiron 710M Series CPU FAN
He did so several times in his workIndica: "India, again, possesses many rivers both large and navigable, which, having their sources in the mountains which stretch along the northern frontier, traverse the level country, and not a few of these, after uniting with each other, fall into the river called the Ganges. Now this river, which at its source is 30 stadia broad, DELL Inspiron 8000 Series CPU FAN
flows from north to south, and empties its waters into the ocean forming the eastern boundary of the Gangaridai, a nation which possesses a vast force of the largest-sized elephants." (Diodorus II.37)[45] In the rainy season of 1809, the lower channel of the Bhagirathi, leading to Kolkata, had been entirely shut; but in the following year it opened again, and was nearly of the same size with the upper channel; both however suffered a considerable diminution, DELL Inspiron 8100 Series CPU FAN
owing probably to the new communication opened below the Jalanggi. On the upper channel.

In 1951 a water sharing dispute arose between India and Bangladesh (then East Pakistan), after India declared its intention to build the Farakka Barrage. The original purpose of the barrage, which was completed in 1975, DELL Inspiron 8500 Series CPU FAN
was to divert up to 40,000 cu ft/s (1,100 m3/s) of water from the Ganges to the Bhagirathi-Hooghly distributary in order to restore navigability at the Port of Kolkata. It was assumed that during the worst dry season the Ganges flow would be around 50,000 to 55,000 cu ft/s (1,400 to 1,600 m3/s), thus leaving 10,000 to 15,000 cu ft/s (280 to 420 m3/s) for East Pakistan.[36] DELL Inspiron 8600 Series CPU FAN
East Pakistan objected and a protracted dispute ensued. In 1996 a 30-year treaty was signed. The terms of the agreement are complicated, but in essence they state that if the Ganges flow at Farakka was less than 70,000 cu ft/s (2,000 m3/s) then India and Bangladesh would each receive 50% of the water, with each receiving at least 35,000 cu ft/s (990 m3/s) for alternating ten day periods. DELL Inspiron 9200 Series CPU FAN
However, within a year the flow at Farakka fell to levels far below the historic average, making it impossible to implement the guaranteed sharing of water. In March 1997, flow of the Ganges in Bangladesh dropped to its lowest ever, 6,500 cu ft/s (180 m3/s). Dry season flows returned to normal levels in the years following, but efforts were made to address the problem.DELL Inspiron 9300 Series CPU FAN
One plan is for another barrage to be built in Bangladesh at Pangsha, west of Dhaka. This barrage would help Bangladesh better utilize its share of the waters of the Ganges.

The Ganges is a sacred river to Hindus along every fragment of its length. All along its course, Hindus bathe in its waters,[47]paying homage to their ancestors and to their gods by cupping the water in their hands, lifting it and letting it fall back into the river; DELL Inspiron 9400 Series CPU FAN
they offer flowers and rose petals and float shallow clay dishes filled with oil and lit with wicks (diyas).[47] On the journey back home from the Ganges, they carry small quantities of river water with them for use in rituals (Ganga jal, literally water of the Ganga).[48] When a loved one dies, Hindus bring the ashes of the deceased person to the Ganges River.[48] DELL Inspiron B120 Series CPU FANThe Ganges is the embodiment of all sacred waters in Hindu mythology.[49] Local rivers are said to be like the Ganges, and are sometimes called the local Ganges (Ganga).[49] The Kaveri river of Karnataka and Tamil Nadu in Southern India is called the Ganges of the South; the Godavari, is the Ganges that was led by the sage Gautama to flow through Central India.[49] DELL Inspiron B130 Series CPU FAN
The Ganges is invoked whenever water is used in Hindu ritual, and is therefore present in all sacred waters.[49] In spite of this, nothing is more stirring for a Hindu than a dip in the actual river, especially at one of the famous tirthas such as Gangotri, Haridwar,Prayag, or Varanasi.[49] The symbolic and religious importance of the Ganges is one of the few things that Hindu India, even its skeptics, are agreed upon.[5DELL Inspiron E1405 CPU FAN
0] Jawaharlal Nehru, a religious iconoclast himself, asked for a handful of his ashes to be thrown into the Ganges.[50] "The Ganga," he wrote in his will, "is the river of India, beloved of her people, round which are intertwined her racial memories, her hopes and fears, her songs of triumph, her victories and her defeats. She has been a symbol of India's age-long culture and civilization, ever-changing, ever-flowing, and yet ever the same Ganga." DELL Inspiron E1501 Series CPU FAN

In late May or early June every year, Hindus celebrate the avatarana or descent of the Ganges from heaven to earth.[51] The day of the celebration, Ganga Dashahara, the dashami (tenth day) of the waxing moon of the Hindu calendar month Jyestha, brings throngs of bathers to the banks of the river.[51] A soak in the Ganges on this day is said to rid the bather of ten sins (dasha = Sanskrit "ten"; hara = to destroy) or alternatively, ten lifetimes of sins.[51DELL Inspiron E1505 Series CPU FAN] Those who cannot journey to the river, however, can achieve the same results by bathing in any nearby body of water, which, for the true believer, in the Hindu tradition, takes on all the attributes of the Ganges.[51]

The avatarana is an old theme in Hinduism with a number of different versions of the story.[51] In the Vedic version, Indra, the Lord of Svarga (Heaven) slays the celestial serpent, DELL Inspiron E1705 Series CPU FAN
Vritra, releasing the celestial liquid, the soma, or the nectar of the gods which then plunges to the earth and waters it with sustenance.[51]

In the Vaishnava version of the myth, Indra has been replaced by his former helper Vishnu.[51] The heavenly waters are now a river called Vishnupadi (padi: Skt. "from the foot of").[51DELL Inspiron m140 CPU FAN] As he completes his celebrated three strides—of earth, sky, and heaven—Vishnu as Vamana stubs his toe on the vault of heaven, punches open a hole, and releases the Vishnupadi, which until now had been circling around the cosmic egg within.[52] Flowing out of the vault, she plummets down to Indra's heaven, where she is received by Dhruva, the once steadfast worshipper of Vishnu, now fixed in the sky as the polestar.[52] DELL Inspiron N3010 Series CPU FAN
Next, she streams across the sky forming the Milky Way and arrives on the moon.[52] She then flows down earthwards to Brahma's realm, a divine lotus atopMount Meru, whose petals form the earthly continents.[52] There, the divine waters break up, with one stream, the Alaknanda, flowing down one petal into Bharatvarsha (India) as the Ganges.[52]
DELL Latitude D400 Series CPU FANNandprayag

It is Shiva, however, among the major deities of the Hindu pantheon, who appears in the most widely known version of theavatarana story.[53] Told and retold in the Ramayana, the Mahabharata and several Puranas, the story begins with a sage, Kapila, whose intense meditation has been disturbed by the sixty thousand sons of King Sagara. Livid at being disturbed,DELL Inspiron N4010 Series CPU FAN
sears them with his angry gaze, reduces them to ashes, and dispatches them to the netherworld. Only the waters of the Ganga, then in heaven, can bring the dead sons their salvation. A descendant of these sons, King Bhagiratha, anxious to restore his ancestors, undertakes rigorous penance and is eventually granted the prize of Ganga's descent from heaven. However, since her turbulent force would also shatter the earth,
DELL Latitude C840 Series CPU FANKapila Bhagiratha persuades Shiva in his abode on Mount Kailash to receive Ganga in the coils of his tangled hair and break her fall. Ganga descends, is tamed in Shiva's locks, and arrives in the Himalayas. She is then led by the waiting Bhagiratha down into the plains at Haridwar, across the plains first to the confluence with the Yamuna at Prayag and then to Varanasi, and eventually to Ganga Sagar, where she meets the ocean, sinks to the netherworld, and saves the sons of Sagara.[53] DELL Latitude 100L CPU FAN
honour of Bhagirath's pivotal role in the avatarana, the source stream of the Ganges in the Himalayas is namedBhagirathi, (Sanskrit, "of Bhagiratha").

Since Ganga had descended from heaven to earth, she is also the vehicle of ascent, from earth to heaven.[54] As the Triloka-patha-gamini, (Skt. triloka= "three worlds", patha = "road", gamini = "one who travels") of the Hindu tradition, she flows inheaven, DELL Latitude 120L Series CPU FAN
earth, and the netherworld, and, consequently, is a "tirtha," or crossing point of all beings, the living as well as the dead.[54] It is for this reason that the story of the avatarana is told at Shraddha ceremonies for the deceased in Hinduism, and Ganges water is used in Vedic rituals after death.[54] Among all hymns devoted to the Ganges, there are none more popular than the ones expressing the worshipers wish to breathe his last surrounded by her waters.
DELL Latitude C810 Series CPU FANIn

No place along her banks is more longed for at the moment of death by Hindus than Varanasi, the Great Cremation Ground, orMahashmshana.[54] Those who are lucky enough to die in Varanasi, are cremated on the banks of the Ganges, and are granted instant salvation.[56] If the death has occurred elsewhere, salvation can be achieved by immersing the ashes in the Ganges.[56]IDELL Latitude 131L Series CPU FAN
the ashes have been immersed in another body of water, a relative can still gain salvation for the deceased by journeying to the Ganges, if possible during the lunar "fortnight of the ancestors" in the Hindu calendar month of Ashwin (September or October), and performing the Shraddha rites.[56] DELL Latitude C500 CPU FAN

Hindus also perform pinda pradana, a rite for the dead, in which balls of rice and sesame seed are offered to the Ganges while the names of the deceased relatives are recited.[57] Every sesame seed in every ball thus offered, according to one story, assures a thousand years of heavenly salvation for the each relative.[57] Indeed, the Ganges is so important in the rituals after death that the Mahabharata, in one of its popular ślokas, says, "DELL Latitude C540 CPU FAN
If only (one) bone of a (deceased) person should touch the water of the Ganges, that person shall dwell honoured in heaven."[58] As if to illustrate this truism, the Kashi Khanda(Varanasi Chapter) of the Skanda Purana recounts the remarkable story of Vahika, a profligate and unrepentant sinner, who is killed by a tiger in the forest. His soul arrives before Yama, the Lord of Death, to be judged for the hereafter. DELL Latitude C600 CPU FAN
Having no compensating virtue, Vahika's soul is at once dispatched to hell. While this is happening, his body on earth, however, is being picked at by vultures, one of whom flies away with a foot bone. Another bird comes after the vulture, and in fighting him off, the vulture accidentally drops the bone into the Ganges below. Blessed by this happenstance, Vahika, on his way to hell, is rescued by a celestial chariot which takes him instead to heaven. DELL Latitude C610 CPU FAN

Hindus consider the waters of the Ganges to be both pure and purifying.[60] Nothing reclaims order from disorder more than the waters of the Ganges.[61] Moving water, as in a river, is considered purifying in Hindu culture because it is thought to both absorb impurities and take them away.[
DELL Latitude C800 Series CPU FANf] The swiftly moving Ganges, especially in its upper reaches, where a bather has to grasp an anchored chain in order to not be carried away, is considered especially purifying.[61] What the Ganges removes, however, is not necessarily physical dirt, but symbolic dirt; it wipes away the sins of the bather, not just of the present, but of a lifetime.[61] 61DELL Latitude C640 CPU FAN

A popular paean to the Ganges is the Ganga Lahiri composed by a seventeenth century poet Jagannatha who, legend has it, was turned out of his Hindu Brahmin caste for carrying on an affair with a Muslim woman. Having attempted futilely to be rehabilitated within the Hindu fold, the poet finally appeals to Ganga, the hope of the hopeless, and the comforter of last resort.DELL Latitude D410 Series CPU FAN
Along with his beloved, Jagannatha sits at the top of the flight of steps leading to the water at the famous PanchgangaGhat in Varanasi. As he recites each verse of the poem, the water of the Ganges rises up one step, until in the end it envelops the lovers and carry them away.

Ganga is a consort to all three major male deities of Hinduism.[63] DELL Latitude D420 CPU FAN As Brahma's partner she always travels with him in the form of water in his kamandalu (water-pot).[63] She is also Vishnu's consort.[63] Not only does she emanate from his foot as Vishnupadi in the avatarana story, but is also, with Sarasvati andLakshmi, one of his co-wives.[63] In one popular story, envious of being outdone by each other, the co-wives begin to quarrel. While Lakshmi attempts to mediate the quarrel, DELL Latitude D430 CPU FAN
Ganga and Sarasvati, heap misfortune on each other. They curse each other to become rivers, and to carry within them, by washing, the sins of their human worshippers. Soon their husband, Vishnu, arrives and decides to calm the situation by separating the goddesses. DELL Latitude D500 Series CPU FAN
He orders Sarasvati to become the wife of Brahma, Ganga to become the wife of Shiva, and Lakshmi, as the blameless conciliator, to remain as his own wife. Ganga and Sarasvati, however, are so distraught at this dispensation, and wail so loudly, that Vishnu is forced to take back his words. Consequently, in their lives as rivers they are still thought to be with him. DELL Latitude D505 Series CPU FAN
It is Shiva's relationship with Ganga, that is the best-known in Ganges mythology.[65] Her descent, the avatarana is not a one time event, but a continuously occurring one in which she is forever falling from heaven into his locks and being forever tamed.[65] Shiva, is depicted in Hindu iconography as Gangadhara, the "Bearer of the Ganga," with Ganga, shown as spout of water, rising from his hair.[65] DELL Latitude D510 Series CPU FAN
The Shiva-Ganga relationship is both perpetual and intimate.[65] Shiva is sometimes called Uma-Ganga-Patiswara ("Husband and Lord of Uma (Parvati) and Ganga"), and Ganga often arouses the jealousy of Shiva's better-known consort.[65]

Ganga is the shakti or the moving, restless, rolling energy in the form of which the otherwise recluse and unapproachable Shiva appears on earth.[63] DELL Latitude D531 CPU FAN
As water, this moving energy can be felt, tasted, and absorbed.[63] The war-god Skanda addresses the sageAgastya in the Kashi Khand of the Skanda Purana in these words:

One should not be amazed ... that this Ganges is really Power, for is she not the Supreme Shakti of the Eternal Shiva, taken in the form of water? DELL Latitude D600 Series CPU FAN

This Ganges, filled with the sweet wine of compassion, was sent out for the salvation of the world by Shiva, the Lord of the Lords.
Good people should not think this Triple-Pathed River to be like the thousand other earthly rivers, filled with water.

The Ganges is also the mother, the Ganga Mata (mata="mother") of Hindu worship and culture, accepting all and forgiving all.[62DELL Latitude D610 Series CPU FAN

]Unlike other goddesses, she has no destructive or fearsome aspect, destructive though she might be as a river in nature.[62] She is also a mother to other gods.[66] She accepts Shiva's incandescent seed from the fire-god Agni, which is too hot for this world, and cools it in her waters.[66] This union produces Skanda, or Kartikeya, the god of war.[66] In the Mahabharata, she is the wife of Shantanu, and the mother of heroic warrior-patriarch, Bhishma.[6DELL Latitude D620 CPU FAN
6] When Bhishma is mortally wounded in battle, Ganga comes out of the water in human form and weeps uncontrollably over his body.[66] Hence Ganga is not different from Parvati.

The Ganges is the distilled lifeblood of the Hindu tradition, of its divinities, holy books, and enlightenment.[63] As such, her worship does not require the usual rites of invocation (avahana) at the beginning and dismissal (visarjana) at the end, required in the worship of other gods.[63] DELL Latitude D630 CPU FAN
Her divinity is immediate and everlasting.

Early in ancient Indian culture, the river Ganges was associated with fecundity, its redeeming waters and its rich silt providing sustenance to all who lived along its banks.[67] A counterpoise to the dazzling heat of the Indian summer, the Ganges came to be imbued with magical qualities and to be revered in anthropomorphic form.[68] DELL Latitude D800 Series CPU FAN
By the 5th century CE, an elaborate mythology surrounded the Ganges, now a goddess in her own right, and a symbol for all rivers of India.[69] Hindu temples all over India had statues and reliefs of the goddess carved at their entrances, symbolically washing the sins of arriving worshippers and guarding the gods within.[70] As protector of the sanctum sanctorum, the goddess soon came to depicted with several characteristic accessories: DELL Latitude D810 Series CPU FAN
the makara (a crocodile-like undersea monster, often shown with an elephant-like trunk), the kumbha (an overfull vase), various overhead parasol-like coverings, and a gradually increasing retinue of humans.[71]

Central to the goddess's visual identification is the makara, which is also her vahana, or mount. An ancient symbol in India, it pre-dates all appearances of the goddess Ganga in art.[71] The makara has a dual symbolism. DELL Latitude D820 CPU FAN
On the one hand, it represents the life-affirming waters and plants of its environment; on the other, it represents fear, both fear of the unknown it elicits by lurking in those waters and real fear it instils by appearing in sight.[71] The earliest extant unambiguous pairing of the makara with Ganga is at Udayagiri Caves in Central India (circa 400 CE). DELL Latitude D830 CPU FAN
Here, in Cave V, flanking the main figure of Vishnu shown in his boar incarnation, two river goddesses, Ganga and Yamuna appear atop their respective mounts, makara and kurma (a turtle or tortoise).[71]

The makara is often accompanied by a gana, a small boy or child, near its mouth, as, for example, shown in the Gupta period relief from Besnagar, Central India, in the left-most frame above.[72] The gana represents both posterity and development (udbhava).[72] DELL Latitude E4200 Series CPU FAN

The pairing of the fearsome, life-destroying makara with the youthful, life-affirming gana speaks to two aspects of the Ganges herself. Although she has provided sustenance to millions, she has also brought hardship, injury, and death by causing major floods along her banks.[73] The goddess Ganga is also accompanied by a dwarf attendant, who carries a cosmetic bag, and on whom she sometimes leans, as if for support.[70] DELL Latitude E4300 Series CPU FAN
The purna kumbha or full pot of water is the second most discernible element of the Ganga iconography.[74] Appearing first also in the relief in Udayagiri Caves (5th century), it gradually appeared more frequently as the theme of the goddess matured.[74] By the seventh century it had become an established feature, as seen, for example, the Dashavatara temple, Deogarh, DELL LATITUDE E4310 Series CPU FAN
Uttar Pradesh (seventh century), the Trimurti temple, Badoli, Chittorgarh, Rajasthan, and at theLakshmaneshwar temple, Kharod, Bilaspur, Chhattisgarh,[74] (ninth or tenth century), and seen very clearly in frame 3 above and less clearly in the remaining frames. Worshipped even today, the full pot is emblematic of the formless Brahman, as well as of woman, of the womb, and of birth.[75DELL Latitude E5400 CPU FAN


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Palau (i/pəˈlaʊ/, sometimes spelled Belau or Pelew), officially the Republic of Palau (Palauan: Beluu er a Belau),[4] is an island country located in the western Pacific Ocean. It is geographically part of the larger island group of Micronesia. The country's population of around 21,000 is spread across 250 islands forming the western chain of the Caroline Islands. HP Pavilion dv7-1157cl CPU Fan 

The most populous island is Koror. The islands share maritime boundarieswith Indonesia, Philippines and the Federated States of Micronesia. The capital Ngerulmud is located in Melekeok State on the nearby island of Babeldaob.

The country was originally settled around 3,000 years ago by migrants from the Philippines and sustained a Negritopopulation until around 900 years ago. HP Pavilion dv6-3163eo CPU Fan

The islands were first visited by Europeans in the 18th century, and were made part of the Spanish East Indies in 1885. Following Spain's defeat in the Spanish–American War in 1898, the islands were sold to Imperial Germany in 1899 under the terms of the German–Spanish Treaty, where they were administered as part of German New Guinea. HP Pavilion dv9740us CPU Fan

The Imperial Japanese Navy conquered Palau during World War I, and the islands were later made a part of the Japanese-ruled South Pacific Mandate by the League of Nations. During World War II, skirmishes, including the major Battle of Peleliu, were fought between American and Japanese troops as part of the Mariana and Palau Islands campaign. HP COMPAQ NX9420 CPU Fan

Along with other Pacific Islands, Palau was made a part of the United States-governed Trust Territory of the Pacific Islands in 1947. Having voted against joining the Federated States of Micronesia in 1979, the islands gained full sovereignty in 1994 under a Compact of Free Association with the United States. HP Pavilion dv7-4150ec CPU Fan

Politically, Palau is a presidential republic in free association with the United States, which provides defense, funding, and access to social services. Legislative power is concentrated in the bicameral Palau National Congress.Palau's economy is based mainly on tourism, subsistence agriculture and fishing, HP Pavilion dv5-1102tu CPU Fan

with a significant portion ofGross National Product (GNP) derived from foreign aid. The country uses the United States dollar as its currency. The islands' culture mixes Japanese, Micronesian and Melanesian elements. The majority of citizens are of mixed Micronesian, Melanesian, and Austronesian descent, with significant groups descended from Japanese and Filipinosettlers. SONY VGN-SZ220 CPU Fan

The country's two official languages are Palauan (member of the wider Sunda–Sulawesi language group) andEnglish, with Japanese, Sonsorolese, and Tobian recognised as regional languages.

The name for the islands in the Palauan language, Belau, likely derives from either the Palauan word for "village",beluu,[5] or from aibebelau ("indirect replies"), relating to a creation myth.[6] HP Pavilion dv7-6011tx CPU Fan

The name "Palau" entered theEnglish language from the Spanish Los Palaos, via the German Palau. An archaic name for the islands in English was the "Pelew Islands".

Palau was originally settled between the 3rd and 2nd millennia BC, most likely from the Philippines orIndonesia.[8] HP Pavilion dv5-1040eb CPU Fan

The islands sustained a population of short-statured Negrito or Pygmy people until the 12th century, when they were replaced.The modern population, judging by its language, may have come from the Sunda Islands.

Sonsorol, part of the Southwest Islands, an island chain approximately 600 kilometres (370 mi) from the main island chain of Palau, ASUS F3Jv CPU Fan

was sighted by Europeans as early as 1522, when the Trinidad, the flagship of Ferdinand Magellan's voyage of circumnavigation, sighted two small islands around the 5th parallel north, naming them "San Juan".[9]

British traders became prominent visitors in the 18th century, followed by expanding Spanish influence in the 19th century. IBM ThinkPad R50p 2887 CPU Fan

Following its defeat in the Spanish-American War, Spain sold Palau and most of the rest of the Caroline Islands to Germany in 1899. Control passed to Japan in 1914 and during World War II the islands were taken by the United States in 1944, with the costly Battle of Peleliu between 15 September and 25 November when more than 2,000 Americans and 10,000 Japanese were killed. SONY VGN-CS36GJ/R CPU Fan

The islands passed formally to the United States under United Nations auspices in 1947 as part of the Trust Territory of the Pacific Islands.

Four of the Trust Territory districts formed a single federated Micronesian state in 1979, but the districts of Palau and the Marshall Islands declined to participate. Toshiba Satellite A215-S4807 CPU Fan

Palau, the westernmost cluster of the Carolines, instead opted for independent status in 1978. It approved a new constitution and became the Republic of Palau in 1981.[10] It signed a Compact of Free Association with the United States in 1982. After eight referenda and an amendment to the Palauan constitution, the Compact was ratified in 1993. Toshiba Satellite Pro M10-SP405 CPU Fan

The Compact went into effect on 1 October 1994,[11] marking Palau de jure independent, although it had been de facto independent since 25 May 1994, when the trusteeship ended.

Legislation making Palau an "offshore" financial center was passed by the Senate in 1998. In 2001, Palau passed its first bank regulation and anti-money laundering laws. HP Pavilion dv4-1120us CPU Fan

Palau is a multi-party democratic republic. The President of Palau is both head of state and head of government. Executive power is exercised by the government, while legislative power is vested in both the government and the Palau National Congress. The judiciary is independent of the executive and the legislature. The capital is Ngerulmud. Palau adopted its own constitution in 1981. Compaq Presario C550EM CPU Fan

The governments of the United States and Palau concluded a Compact of Free Association in 1986, similar to compacts that the United States had entered into with the Federated States of Micronesia and the Republic of the Marshall Islands.[12] The compact entered into force on 1 October 1994, Toshiba Qosmio E15-AV101 CPU Fan

concluding Palau's transition from trusteeship to independence[12] as the last portion of the Trust Territory of the Pacific Islands to secure its independence.

The Compact of Free Association between the United States and Palau[13] sets forth the free and voluntary association of their governments. Toshiba Satellite L645D-S4056 CPU Fan

It primarily focuses on the issues of government, economic, security and defense relations.[14] Palau has no independent military, relying on the United States for its defense. Under the compact, the American military was granted access to the islands for 50 years. The US Navy role is minimal, limited to a handful of Navy Seabees(construction engineers.) Toshiba Satellite A305-S6837 CPU Fan

The United States Coast Guard patrols in national waters.

As a sovereign nation, Palau conducts its own foreign relations.[12] Since independence, Palau has established diplomatic relations with a number of nations, including many of its Pacific neighbors. Palau was admitted to the United Nations on 15 December 1994 and has since joined several other international organizations. HP Pavilion dv7-4087cl CPU Fan

In September 2006, Palau hosted the first Taiwan-Pacific Allies Summit. Its President has made official visits to other Pacific countries, including the Taiwan.

The United States maintains a diplomatic delegation and an embassy in Palau, but most aspects of the countries' relationship have to do with Compact-funded projects, HP Pavilion dv5-1118es CPU Fan

which are the responsibility of the U.S. Department of the Interior's Office of Insular Affairs.[15] This has led to some ambiguity in the official status of Palau.

Since 2004, Palau has joined the United States and Israel as the only nations voting consistently against an annual U.N. resolution condemning the United States embargo against Toshiba Satellite A665-S6050 CPU Fan

Cuba which has been in place since 1962. In international politics, Palau often votes with the United States with respect to United Nations General Assembly resolutions.[16]

Palau is a member of the Parties to the Nauru Agreement.

In 1981, Palau voted for the world's first nuclear-free constitution. This constitution banned the use, storage and disposal of nuclear, toxic chemical, gas andbiological weapons without first being approved by a 3/4 majority in a referendum.[18] HP Pavilion G72-259WM CPU Fan

This ban delayed Palau's transition to independence, because while negotiating the Compact, the U.S. insisted on the option to operate nuclear propelled vessels and store nuclear weapons within the territory.[19] After several referendums that failed to achieve a 3/4 majority, the people of Palau finally approved the Compact in 1994. HP Pavilion dv6-3109ca  CPU  Fan

On 10 June 2009, Palau announced that it would accept up to all 17 of the remaining Uyghurs detained in Guantanamo "as a humanitarian gesture”. Five Uyghur captives were released without being prosecuted in 2004 and transferred to Albania in 2006. The remaining seventeen were released due to lack of evidence in 2008.[ HP Pavilion dv6782eg CPU Fan

Stuart Beck, Palau's representative to the United Nations, published an op-ed in the New York Times disputing the widely distributed report that Palau's agreement to accept the Uyghurs was tied to Palau's receipt of US$200 million in foreign aid.Beck asserted that Palau had received funds from the USA connected with accepting the Uyghurs, but it was $90,000 per Uyghur, not "$12 million". SONY UDQF2PH52CF0 CPU Fan

Beck asserted that the $90,000 was to compensate Palau for its "relocation costs" and was "to cover transportation, food, housing and medical help until the men can get oriented and get jobs"ABC Newsconfirmed that the United States would be paying Palau for each captive who was resettled and quoted a senior official who described the amount as "not very substantial".Toshiba UDQFRPH33CCM CPU Fan

"The detainee transfer deal comes at a time when generous U.S. financial aid and economic development grants to Palau under a 15 year old treaty of free association between the two nations have expired. Palauan leaders apparently wanted to demonstrate their commitment to sharing mutual interests and burdens with the U.S., as they make the case for renewal of U.S. grant assistance. Toshiba Satellite A505-S6980 CPU Fan\

However, Cleary also described the assertions that the captive resettlement was a straight quid pro quo as "misleading".[30]

He listed the USA's desire to continue to be able to base U.S. military personnel on Palau, to balance the growing military force of the People's Republic of China, as one complicating factor. HP Pavilion dv7-2025es CPU Fan

He also listed Palau's desire for an exemption from proposed restrictions on immigration from former protectorates like Palau.An official "technical working group" from Palau traveled to Guantanamo to meet with the Uyghurs in mid-June 2009.On 23 June, the Palau government published a press release which said only eight of the thirteen Uyghurs agreed to meet with the delegation.TOSHIBA Satellite L300 CPU Fan

Their report stated: "The team advised President Toribiong that in their opinion only a few of the detainees that were interviewed had any real interest in being relocated to Palau." On 30 June, Radio New Zealand International reported only one Uyghur agreed to be temporarily resettled in Palau.[33] On 10 September, HP G62-a10EJ CPU Fan

The Times reported that three of the Uyghurs have accepted the invitation to be transferred to asylum in Palau.[34] On 19 September, Fox News reported that in the week since the first announcement three further Uyghurs agreed to be transferred to Palau.[35] Fox reported that five of the other Uyghurs had refused to speak with Palau officials. Dell MF60100V1-Q000-G99 CPU Fan

On 31 October, six Uyghurs were reported to have been transferred to Palau. Twelve of the thirteen remaining Uyghurs were offered asylum. The thirteenth man was not offered asylum because his mental health had deteriorated beyond the nation's mental health resources to care for him.

The United States agreed to give Palau additional aid in January 2010.[41] DELL R859C CPU Fan

Palau had rejected an earlier aid package of US$156 million. The new aid package was for US$250 million. President Toribiong asserted that the increase in aid was unrelated to Palau agreement to host the Uyghurs.

Palau's most populous islands are Angaur, Babeldaob, Koror and Peleliu. Toshiba Satellite A105-S2101 CPU Fan

The latter three lie together within the same barrier reef, while Angaur is an oceanic island several miles to the south. About two-thirds of the population live on Koror. Thecoral atoll of Kayangel is north of these islands, while the uninhabited Rock Islands (about 200) are west of the main island group. SONY Vaio VGN-FW140E CPU Fan

A remote group of six islands, known as the Southwest Islands, some 375 miles (604 km) from the main islands, make up the states of Hatohobei and Sonsorol.

Palau has a tropical climate with an annual mean temperature of 82 °F (28 °C). Rainfall is heavy throughout the year, averaging 150 inches (3,800 mm). ACER Aspire 5730Z CPU Fan

The average humidity is 82% and although rain falls more frequently between July and October, there is still much sunshine. Typhoons are rare, as Palau is outside the main typhoon zone.

While much of Palau remains free of environmental degradation, areas of concern include illegal dynamite fishing, inadequate solid waste disposal facilities in Koror and extensive sand and coral dredging in the Palau lagoon. SONY Vaio VPC-EB4S1E/WI CPU Fan

As with other Pacific island nations, rising sea level presents a major environmental threat. Inundation of low-lying areas threatens coastal vegetation, agriculture and already-insufficient water supply. Wastewatertreatment is a problem, along with the handling of toxic waste from fertilizers and biocides. HP Pavilion dv9580ed CPU Fan

Saltwater crocodiles are also residents of Palau and occur in varying numbers throughout the various mangroves and even in parts of the beautiful rock islands. Although this species is generally considered extremely dangerous, there has only been one fatal human attack in Palau within modern history, and that was in the 1960s. Toshiba Satellite L305D-S5934 CPU Fan

In Palau the largest crocodile measured in at 4.5 metres (15 ft). The nation is also vulnerable to earthquakes, volcanic activity, and tropical storms. Palau already has a problem with inadequate water supply and limited agricultural areas to support its population.

On 5 November 2005, President Tommy E. Remengesau Jr. took the lead on a regional environmental initiative called the Micronesia challenge, SONY Vaio VGN-CR31S/P CPU Fan

which would conserve 30% of near shore coastal waters and 20% of forest land by 2020. Following Palau, the initiative was joined by the Federated States of Micronesia and Marshall Islands, and theU.S. territories of Guam and Northern Mariana Islands. Together, this combined region represents nearly 5% of the marine area of the Pacific Ocean and 7% of its coastline. HP Pavilion dv5-1210et CPU Fan

On 25 September 2009, Palau announced that it would create the world's first shark sanctuary.[43] Palau banned all commercial shark fishing within its EEZ waters. The sanctuary protects about 600,000 square kilometres (230,000 sq mi) of ocean, a similar size to France.President Johnson Toribiong announced the sanctuary at a meeting of the United Nations. SONY Vaio VGN-FW465J/B CPU Fan

Palau's economy consists primarily of tourism, subsistence agriculture and fishing. Tourist activity focuses on scuba divingand snorkeling in the islands' rich marine environment, including its barrier reefs walls and World War II wrecks. The government is the major employer, relying heavily on US financial assistance. HP Envy 15 CPU Fan

Business and tourist arrivals numbered some 50,000 in financial year 2000/2001. The population enjoys a per capita income twice that of Micronesia as a whole. Long-term prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries and the willingness of foreigners to finance infrastructure development. HP Pavilion dv7-1190er CPU Fan

Air service has remained spotty. Palau Micronesia Air, Asian Spirit and Pacific Flier provided service to the Philippines and other destinations at various times during the 2000s, but all suspended service.[51]

In November 2006, Palau Saving Bank officially announced bankruptcy. On 13 December of the same year the Palau Horizonreported that 641 depositors had been affected. Toshiba Satellite A105-S4074 CPU Fan

Among them 398 held less than $5000 USD, with the remainder ranging from $5000 to 2 million USD. On 12 December 79 affected people received compensation. Mr. Toribiong said, "The fund for the payout came from the balance of Palau government's loan from Taiwan." From a total of $1 million USD, which originally was for assisting Palau's development,  IBM MCF-208AM05-1 CPU Fan

$955,000 USD was left at the time of bankruptcy. Toribiong requested the Taiwanese government use the balance to repay its loans. Taiwan agreed to the request. The compensation would include those who held less than $4,000 USD in an account.[52]

President Toribiong proposed a worldwide ban on fishing for sharks.[45] IBM MCF-217PAM05 CPU Fan

In 2012, Palau received the Future Policy Award from World Future Council, because "Palau is a global leader in protecting marine ecosystems".

The population of Palau is approximately 21,000, of whom 70% are native Palauans of mixedMelanesian, Micronesian, and Austronesian descent.  HP GB0507PGV1-A CPU Fan

Many Palauans also have some Asian ancestry, from intermarriage between settlers and Palauans beginning in the 19th and 20th centuries. Palauans with mixed Japanese ancestry accounted for the largest group. Some also had some Chineseor Korean ancestry. Filipinos form the second largest ethnic group. IBM MCF-217PAM05 CPU Fan

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The official languages of Palau are Palauan and English, except for two states (Sonsorol and Hatohobei) where the local language, along with Palauan, is official. Japanese is spoken widely amongst older Palauans and is an official language in the State of Angaur.[53][54] Tagalog is not official in Palau, but is the fourth-largest spoken language. HP Pavilion tx2510us  CPU  Fan

The German and Japanese occupations of Palau both subsidized missionaries to follow the Spanish. Three quarters of the population are Christians (mainly Roman Catholics and Protestants), while Modekngei (a combination of Christianity, traditional Palauan religion and fortune telling) and the ancient Palauan religion are commonly observed. HP G62-b55EV CPU Fan

Japanese rule brought Mahayana Buddhism and Shinto to Palau, which were the majority religions among Japanese settlers. However, following Japan's World War II defeat, the remaining Japanese largely converted to Christianity, while the remainder continued to observe Buddhism, but stopped practicing Shinto rites.[55] HP Pavilion dv6-2145sf CPU Fan

According to the 2005 census[56] 49.4% of the population is Roman Catholic, 21.3% Protestant, 8.7% Modekngei and 5.3% Seventh-day Adventist. Only 1% of the population was estimated to be Buddhist in 2010, with the Chinese community also practicing Chinese folk religion as well.[57] The small Jewish community in 2009 sent 3 members to the 18th Maccabiah Games.HP Pavilion dv7-1120ew CPU Fan

A branch of the Church of Jesus Christ of Latter-day Saints holds services in Kororand operates a Family History Center there. There are also approximately 400 Bengali Muslims in Palau.

Palauan society, much like the island's language, has always been unique to the islands. Palauan society follows a very strict matrilineal system. HP 538340-001 CPU Fan

Matrilineal practices are seen in nearly every aspect of Palauan traditions, especially in funeral, marriage, inheritance and the passing of traditional titles.

The cuisine includes local foods such as cassava, taro, yam, potato, fish and pork. Western cuisine is favored among young Palauans and the locals are joined by foreign tourists. HP 535766-001 CPU Fan

Restaurants on the main island of Koror consist mainly of Korean food, as well as Chinese, burgers, pizza and pasta. Indigenous cuisine consists mainly of root vegetables, fish, pigs and chicken. The rest of Micronesia is similar with much less tourism, leading to fewer restaurants. HP 535442-001 CPU Fan

Tourists eat mainly at their hotels on such islands. Some local foods include an alcoholic drink made from coconut on the tree; the drink made from the roots of the kava; and the chewing of betel nuts. The Filipino presence in the islands supports the presence of that cuisine.

The Palauan people respect their traditions. HP 535441-001 CPU Fan

The traditional government system still influences the nation's affairs, leading the federal government to repeatedly attempt to limit its power. Many of these attempts took the form of amendments to the constitution that were supported by the corporate sector to protect what they deemed should be free economic zones. HP 535439-001 CPU Fan

One such example occurred in early 2010, where the Idid clan, the ruling clan of the Southern Federation, under the leadership of Bilung, the Southern Federation's queen, raised a civil suit against the Koror State Public Lands Authority (KSPLA). The Idid clan laid claim over Malakal Island, a major economic zone and Palau's most important port, citing documents from the German Era.HP 535438-001 CPU Fan

The verdict held that the Island belonged to the KSPLA.

The present day "traditional" government of Palau is a continuation of its ancestor, composed of practices that span thousands of years. Traditionally, Palau was organized hierarchically. The lowest level is the village or hamlet, then the chiefdom (now politically referred to as a state) and finally alliances of chiefdoms. HP 533736-001 CPU Fan

In ancient times, numerous federations divided power, but upon the 17th century introduction of firearms by the British, an imbalance of power occurred. Palau became divided into northern and southern federations. The Northern Federation is headed by the high chief and chiefess of the ruling clan Uudes of Melekeok state, the Reklai and Ebilreklai. IBM 13R2760 CPU Fan

They are commonly referred to as the king and queen of the Northern Federation. This northern federation comprises the state of Kayangel, Ngerchelong, Ngardmau, Ngiwal, Ngaraard, Ngatpang, Ngeremlengui, Melekok, Aimeliik, Ngchesar and Airai. The Southern Federation is likewise represented by the high chief and chiefess of the ruling Idid of Koror state. ACER LU.S040A.067 CPU Fan

The Southern Federation comprises the states of Koror, Peleliu and Angaur. However, fewer and fewer Palauans have knowledge of the concept of federations, and the term is slowly dying out. Federations were established as a way of safeguarding states and hamlets who shared economic, ACER LU.S050B.078 CPU Fan

social, and political interests, but with the advent a federal government, safeguards are less meaningful. It is interesting to note however, that in international relations, the king of Palau is synonymous with the Ibedul of Koror. This is because Koror is the industrial capital of the nation, elevating his position over the Reklai of Melekeok. DELL Studio 1535 CPU Fan

It is a misconception that the king and queen of Palau, or any chief and his female counterpart for that matter are married. Traditional leaders and their female counterparts have always been related and unmarried (marrying relatives was a traditional taboo). Usually, a chief and his female counterpart are brother and sister, or close cousins, and have their own spouses. HP Pavilion dv6736nr CPU Fan

Palauan cuisine includes local foods such as cassava, taro, yam, potato, fish and pork. Western cuisine is favored among young Palauans.

Restaurants on the main island of Koror consist mainly of Korean food, as well as Chinese, burgers, pizza, pasta, etc. Indigenous cuisine consists mainly of root vegetables, fish, pigs and chicken. HP Envy 15-1050ca CPU Fan

The rest of Micronesia has a similar cuisine except that the rest of Micronesia has less tourism and fewer restaurants. Tourists eat mainly at their hotels on less visited islands. Some local foods include an alcoholic drink made from coconut on the tree, the drink made from the roots of the Kava Plant, and the chewing of betel nuts. HP Pavilion dv7-6100et CPU Fan

Palau International Airport provides scheduled direct flights to Guam, Manila, Seoul and Taipei and since December 2010, Tokyo-Narita. In addition, the states of Angaur and Peleliu have regular service to international destinations.

Freight, military and cruise ships often call at Malakal Harbor, on Malakal Island outside Koror. The country has no railways, and of the 61 km or 38 mi of highways, only 36 km or 22 mi are paved. Driving is on the right and the speed limit is 40 km/h (25 mph).APPLE 661-4951 CPU Fan

Taxis are available in Koror. They are not metered and fares are negotiable. Only Koror offers bus service. Transportation between islands mostly relies on private boats and domestic air services.

Palau was initially settled over 3,000 years ago, and perhaps 4,500 years ago, probably by migrants from the Philippines. British traders became prominent visitors in the 18th century, IBM 42W2403 CPU Fan

followed by expanding Spanish influence in the 19th century. Following its defeat in the Spanish-American War, Spain sold Palau and most of the rest of the Caroline Islands to Germany in 1899. Control passed to Japan in 1914 and during World War II the islands were taken by the United States in 1944, ACER Aspire 9304WSMi CPU Fan

with the costly Battle of Peleliu between September 15 and November 25 with more than 2,000 Americans and 10,000 Japanese killed. The islands passed formally to the United States under United Nations auspices in 1947 as part of the Trust Territory of the Pacific Islands. HP 610773-001 CPU Fan

Four of the Trust Territory districts formed a single federated Micronesian state in 1979, but the districts of Palau and the Marshall Islands declined to participate. Palau, the westernmost cluster of the Caroline Islands, instead opted for independent status in 1978, approved a new constitution and became the Republic of Palau in 1981, IBM ThinkPad R50p 1830 CPU Fan

and signed a Compact of Free Association with the United States in 1982. After eight referendums and an amendment to the Palauan constitution, the Compact was ratified in 1993 and went into effect on October 1, 1994, marking Palau independent de jure (after Palau was independent de factosince May 25, 1994, when the trusteeship cancelled). IBM ThinkPad T61 8898 CPU Fan

Legislation making Palau an "offshore" financial center was passed by the Senate in 1998. In 2001, Palau passed its first bank regulation and anti-money laundering laws.

The Palauan language is an outlier among the Austronesian languages, and so does not shed much light on the origins of the modern population. IBM ThinkPad R50p 2889 CPU Fan

However, there are some indications that it may derive from the Sunda Islands (modern Indonesia).

For thousands of years, Palauans have had a well established matrilineal society, believed to have descended from Javanese precedents.Traditionally land, money, and titles passed through the female line. IBM ThinkPad R50p 1830 CPU Fan

Clan lands continue to be passed through titled women and first daughters[2] but there is also a modern patrilineal sentiment introduced by imperial Japan. The Japanese government attempted to confiscate and redistribute tribal land into personal ownership during World War II, and there has been little attempt to restore the old order. IBM ThinkPad R50 1829 CPU Fan

Legal entanglements continue amongst the various clans.

Historians take note of the early navigational routes of European explorers in the Pacific. There is disagreement as to whether Spaniard Ruy López de Villalobos, who landed in several Caroline Islands, spotted the Palau archipelago in 1543. IBM ThinkPad R50P CPU Fan

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No conclusive evidence exists, but some believe he could have seen the tip of a southernmost island in the group.Palau had limited relations before the 18th century, mainly with Yap and Java. Had it not been for shipwrecked islanders who took refuge in the Philippines, Europeans likely would not have found Palau until much later. Compaq Presario CQ41-206TU CPU Fan

EnglishmanHenry Wilson, captain of the East India Company's packet Antelope, was shipwrecked off the island of Ulong in 1783. The King of Palau allowed Captain Wilson to take his son, Prince Lee Boo, to England, where he arrived in 1784. However, the prince died soon after of smallpox. The East India Company erected a monument over his grave in St Mary's Churchyard, Rotherhithe.  SONY Vaio VPC-EB4X1E/BQ CPU Fan

It was Wilson who gave the archipelago the name "Pelew Islands".

In the late 19th century, possession of the islands was claimed by Britain, Spain, and Imperial Germany. In 1885, the matter was brought to Pope Leo XIII for a decision. The Pope recognized the Spanish claim, but granted economic concessions to Britain and Germany. HP G62-374CA CPU Fan

Palau then became part of the Spanish East Indies, along with the Mariana Islands, the Marshall Islands. and the rest of theCaroline Islands. They were all administered from the Philippines.

Under the Spanish administration, Palau underwent its first forms of extreme foreign influence. Catholicism is the most highlighted amongst all these forms, HP Pavilion dv5-1203eg CPU Fan

having been introduced to the native population and accepted rather easily, despite the fact that Palauans were ardent followers of their traditional faith. Elements from the Spanish language were also integrated into the Palauan lexicon; the Palauan word for hammer, "martiliong", is derived from the Spanish "martillo". HP Pavilion dv7-3131ez CPU Fan

Even with these forms of influence, Palau has predominantly very little influence from the Spanish occupation compared to other islands within the region, such as Guam. This is partly due to the reason that, aside from Spanish Jesuit missionaries, Spain had very little economic and colonization activity on the islands. Dell Vostro 3450 CPU Fan

After being defeated in 1898 in the Spanish-American War and losing possession of the Philippine Islands, Spain sold the Palau archipelago to Imperial Germany in the 1899 German-Spanish Treaty.

Palau was administered from German New Guinea, and a period of economic development began. SONY Vaio VGN-CR23/N CPU Fan

German engineers began exploiting the islands' deposits of bauxite and phosphate, and a rich harvest in copra was made.

Although the German occupation had lasted a mere 15 years, major changes in Palauan society had occurred. Many traditional practices among the natives had been outlawed by German administrators, specifically the acts of tattooing and mengolHP Pavilion dv6-3043tx CPU Fan

Tattooing had been a practice reserved for members of higher castes, and the Spanish had tried on numerous occasions to banish the practice. Unlike the Spanish, the Germans had a major foothold on the local traditional government, given the economic benefits many clan heads were gaining. The art of tattooing was banished completely by the late 19th century, and the last tattooed native died in the early 1960s. HP Pavilion dv6-3163eo CPU Fan

The practice of mengol is one very unique to the islands, and one that was greatly discouraged by all foreign administrations. In mengol young unmarried women from one village are sent to male clubhouses in another or other villages, whether enemy or ally, as a sign of peace or friendship. HP Pavilion dv7-1003eo CPU Fan

The actions of these mengol ranged from simple companionship of the men of the clubhouse, much like the Japanese geisha, to sexual favors. However, the mengol were not prostitutes, as even the unmarried daughters of clan heads could be sent off as mengol.

Under the terms of the Anglo-Japanese Alliance, the Empire of Japan declared war on the German Empire in 1914 and invaded German overseas territories in the Pacific Ocean. Dell Vostro 3450 CPU Fan

Palau was seized by ships of the Japanese navy. After the war, the League of Nations awarded Palau to Japan as a Class C League of Nations Mandate.[5]

Japan incorporated the islands as an integral part of its empire, establishing the Nanyo-cho government with Koror Island as the capital.[6]  HP Pavilion dv7-3067nr CPU Fan

From 1914 to 1922, the Japanese Imperial Navy had been in control. Civilian control was introduced from 1922, and Palau was one of six administrative districts within the Mandate. Japan mounted an aggressiveeconomic development program and promoted large scale immigration by Japanese, Okinawans and Koreans. SONY Vaio VGN-CR23/N CPU Fan

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