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In the same way females are susceptible to cancer of the breast, these are at the dangerous pertaining to developing prostate type of cancer. Cancer of prostate is actually most typical in men older than 55, yet it?s important to note which any kind of gentleman, regardless of age group can easily are afflicted by prostate type of cancer. This is why why official sources to be better it is very important for almost all males to get the appropriate screening process in terms of cancer of the prostate.
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Remedy: There are lots of treatment plans available for cancer of prostate. Simply no two these are as well and no two males answer the same way in terms of the prostate cancer heal. As an example, if you discover any tumour as well as your physician feels who?s may be cancer of the prostate, he or she might take the observing holding out tactic, and thus the actual growth will be supervised temporarly before a strategy is taken. Several adult men might answer properly for you to chemotherapy yet others flourish together with endocrine treatments.
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You will need to do not forget that virtually any prostate cancer heal is dependent upon your own case. A medical expert will assist you to locate a remedy which is good for you.
Minister of Finance of Greece Filippos Sachinidis, during the informal EU-meeting for EU Finance ministers, the ECOFIN Meeting, in Copenhagen, Denmark Friday, March 30 2012. (AP Photo/Gregers Tycho/POLFOTO) DENMARK OUT
Minister of Finance of Greece Filippos Sachinidis, during the informal EU-meeting for EU Finance ministers, the ECOFIN Meeting, in Copenhagen, Denmark Friday, March 30 2012. (AP Photo/Gregers Tycho/POLFOTO) DENMARK OUT
Danish Minister of Economics Margrethe Vestager talks to the press during the informal EU-meeting for EU finance ministers, the ECOFIN Meeting, in Copenhagen, Denmark Friday, March 30, 2012. (AP Photo/Joachim Adrian/Polfoto) DENMARK OUT
Danish Minister of Economics Margrethe Vestager talks to Britain's Chancellor of Exchequer George Osborne, right, during the informal EU-meeting for EU finance ministers, the ECOFIN Meeting, in Copenhagen, Denmark Friday, March 30, 2012. (AP Photo/Gregers Tycho, POLFOTO) DENMARK OUT
German Minister of Finance Wolfgang Schauble, right,talking to Minister of Economics of France Francois Baroin, during the informal EU-meeting for EU Finance Ministers, in Copenhagen, Denmark Friday, March 30 2012. (AP Photo/Gregers Tycho/POLFOTO) DENMARK OUT
COPENHAGEN, Denmark (AP) ? The 17 countries that use the euro have boosted their emergency funding for heavily indebted countries to ?800 billion ($1.1 trillion) ? an amount that falls short of what the currency union's international partners had said is needed to calm financial markets.
Of the ?800 billion limit eurozone finance ministers agreed to Friday, only some ?500 billion ($670 billion) is still available for new bailout loans. About ?300 billion ($400 billion) in loans have already been used to bail out Greece, Ireland and Portugal.
The International Monetary Fund and others have been calling for a financial "firewall" of more than ?1 trillion ($1.3 trillion) ? just in case the much larger economies of Spain and Italy need assistance. On Friday, IMF managing director Christine Lagarde congratulated European leaders on their agreement, but didn't say whether it went far enough to guarantee additional help from the IMF.
"I welcome the decision of euro area ministers to strengthen the European firewall," Lagarde said in a statement. "The IMF has long emphasized that enhanced European and global firewalls, together with the implementation of strong policy frameworks, are critical for ending the crisis and securing international financial stability."
The U.S. Treasury Department also didn't say whether the firewall was as large as it had hoped.
Friday's announcement "reinforces a trajectory of positive efforts to strengthen confidence in the euro area," Treasury Department spokeswoman Natalie Wyeth said. "Over the last several months, European leaders have made significant progress in addressing the crisis, and we welcome their unequivocal commitment to reinforcing their currency union."
Stock markets recovered some ground Friday after sharp losses this week. European stocks will end the month higher and still above the levels of last summer, when Europe's debt crisis flared up.
Germany's DAX closed 1.0 percent higher at 6,946.83 while the CAC-40 in France rose 1.3 percent to 3,423.81 and Britain's FTSE 100 gained 0.5 percent to 5,768.45.
Many economists fear that further trouble in Europe could smother a burgeoning economic recovery in other parts of the world. Together, Italy and Spain hold more than ?2.5 trillion in debt and a default ? or even the serious threat of a default ? could pummel banks across Europe and spread panic on global markets.
But putting up large amounts to save some of its members is not an easy task for the eurozone. Rich countries such as Germany and Finland face rising opposition against bailouts among their voters, while the finances of many other states are already overstretched.
Even reaching the overall ?800 billion capacity required a complicated patchwork of several old and new funds and loan programs. Ministers struggled to add up old commitments to reach a large figure to impress markets, only to quickly explain its components to calm down voters worried about their tax money.
Of the new total, only ?500 billion is fresh money and will have to be built up and cobbled together over time as the eurozone moves from its interim bailout fund, the European Financial Stability Facility, to its new rescue vehicle, the European Stability Mechanism.
The ESM, which will come into force in July, will initially only be able to give out some ?200 billion of its future ?500 billion loan capacity. By the middle of next year, that figure will rise to ?400 billion.
Until then, some ?240 billion remaining from the EFSF will act as a buffer, in case a large amount of financial aid is required.
Analysts said the agreement didn't come as much of a surprise, as it was closely modeled on a proposal made earlier this week by Europe's largest economy.
"Today's decision is a classical European compromise. It was as far as the German government was willing to go and it was the minimum most other eurozone countries were expecting," said Carsten Brzeski, senior economist at ING.
The big questions now are whether the new firewall will give investors the confidence to keep lending money to vulnerable euro countries and convince non-European economies to commit more resources to the IMF. The IMF says it needs an extra $500 billion to support governments around the world in case the crisis intensifies again.
The eurozone has already promised to provide ?150 billion ($200 billion) of that amount and other IMF members are expected to make a decision at a meeting in Washington in April.
The head of the EU's economic affairs unit, Olli Rehn, and Joerg Asmussen, a member of the executive board of the European Central Bank, were confident that Friday's decision would be enough to get other countries to participate, even though both institutions had pushed for a much bigger boost.
"I trust that today's decision will pave the way for an increase of the lending resources by the IMF's spring meeting next month," Rehn told journalists.
Earlier, Rehn, together with French Finance Minister Francois Baroin, had mounted a last-minute initiative to go beyond the ?800 billion, but that attempt was quickly smothered by Germany's finance chief Wolfgang Schaeuble.
After the meeting, Schaeuble couldn't resist a slight sting against those who had pushed for a bigger increase.
"My irritation over some stupid chitchat in recent days come from the pretense that the only thing that mattered was the firewall," he told reporters during a short break between talks.
___
Chris Rugaber contributed to this report from Washington.
suwaji.com Web Hosting Affiliate Program Here at Pure Energy, our web hosting service has always had two powerful things going for us, word of mouth advertising and extremely loyal customers. A very large chunk of our client base is made up of repeat customers, or people referred to us by existing happy customers. We?re happy to be able to take this to the next logical step, and start rewarding people who refer our service to others with cold hard cash. In addition, you can refer other webmasters to our affiliate program and receive commissions on *their* sales under our second tier program. In short, if someone you refer to us signs up for our affiliate program, you benefit each time they refer someone to our hosting service as well! Our Affiliate Program at a Glance Earn Two Ways ? You earn for each new hosting client you refer to Pure Energy. ? You earn for each new hosting client referred to Pure Energy by someone you referred to our affiliate program. 90 Day Cookies Some affiliate programs use cookies that expire almost overnight. Our browser cookies are kept on hand for 90 days, giving your referrals time to think about their purchase, come back later to signup, and you?ll still receive credit. Month to Month Service Some hosting affiliate programs only pay commissions on long term plans, in some cases requiring a person to prepay for an entire year before you get paid for the referral. All of our web hosting plans are offered on a month to month basis ?
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New claims for unemployment benefits dropped to a fresh four-year low, showing that the job market continues to strengthen.
The Labor Department said Thursday that jobless claims fell 5,000 to a seasonally-adjusted 359,000 in the week ended March 24, the lowest since April 2008, when the economy was in the depths of the recession. The four-week moving average dropped 3,500 to 368,500.
The department also made its annual revisions to the past five years of unemployment benefits data. The revisions increased the number of unemployment benefit applicants in recent months. But the downward trend remains intact.
When unemployment benefit applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate. The decline has coincided with the best three months of hiring in two years.
Employers added 227,000 jobs to their payrolls in February, taking the tally for the past three months to 734,000. A report on jobs growth during March is due on April 6. A Labor Department official said there was nothing unusual in the state-level data and only two states - Alaska and Hawaii - had been estimated.
The number of people still receiving benefits under regular state programs after an initial week of aid fell 41,000 to 3.34 million in the week ended March 17, the lowest since August 2008.
A total of 7.153 million people were claiming unemployment benefits during the week ended March 10 under all programs, down 131,488 from the prior week.
Reuters and The Associated Press contributed to this report.
Many travelers prefer not to buy travel insurance. Travel budgets are typically stretched to the limit so the choice often comes down to leaving in some value add luxuries versus the cost of insurance. After all, insurance can be costly ? and nothing is likely to go wrong anyway, right?
I sold many tour packages in my day as a travel agent and it was not that hard to sell add ons such as wine tasting trips or elephant back rides. Unfortunately when it came to selling travel insurance it was near impossible. I would get answers like, my personal medical insurance covers me, or I have paid with my credit card and that covers me. I just could not get the message across to some that there were huge holes in the coverage offered by the above. Equally unfortunate, a handful of these clients got first hand experience into the depth of those holes when their ?insurances? left them high and dry.
It has become a major problem for travel providers when they host clients without insurance. Especially for clients who travel to out of the way places, such as a remote safari camp in the middle of Botswana?s Okavango Delta. Many of these camps are only accessible by small aircraft. If you are injured or become ill the only way out is by air and a medic evacuation will be ordered which costs an arm and a leg. It takes up to 9 airline seats worth of space to lie one stretcher down in a cabin. These destinations now insist that proof of medical insurance be produced prior to arrival.
Your personal health insurance will cover you for basic services when traveling but not for major emergencies such as medical evacuation and repatriation. Travel insurance will also save you from being exploited in a foreign medical facility. You will often be given the medical treatment you require but will not be permitted to leave without payment. Having an insurance advocate (as in the travel insurance company) on your side will be a welcoming asset in this situation.
When traveling away from home we can never be over insured. Anything can happen when we go on vacation. The airline can go bankrupt leaving us stranded, we have to cancel because of a family emergency or we fall ill before or during a vacation. Having insurance will ensure that we are refunded.
There are a multitude of scenarios that we can insure for and for most travelers this seems overwhelming. It is best to choose a fully comprehensive insurance policy with a company that specializes in travel insurance. Consider what is more important to you and where you are traveling to.
Some insurance scenarios:
Prescription medication
If the airline has lost your luggage or it has been stolen and your prescription medication went along with it then a good insurance will be invaluable to you. You can access the resources needed to refill your prescription in the foreign country or state.
No cash or identity documents
Having no financial means or documents could be the result of theft or loss but either way a travel insurance policy can be very useful. Once contacted the agency can wire you some money and help you locate the nearest consulate so that you can apply for a new identity document such as a passport.
Acts of God or terrorism
If there is a natural disaster or political uprising and it is necessary to go home early then your additional expenses can be covered.
Cancelled flights
This happens all the time, a flight is cancelled because of bad weather for instance. This can cause a domino effect on your vacation due to missed connections or lost hotel nights. You can get a refund for the paid portions lost on your vacation.
The list can go on and on about the benefits of travel and travel health insurance because the margin for error is greater when there are so many third parties involved in your R and R. It is always going to be a good idea to err on the side of caution and get coverage.
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General Information About The Different Types Of Cancer In The Human Body
There are more than hundred different types of cancer that affect various parts of the body. Each cancer type has its own extent of effect in the body, diagnosis method and treatment types. Some types of cancer are common among many people whereas some other types are rare. Cancer is an all-encompassing word which is related to many malignant diseases.
One of the most common types of cancer among the people is skin cancer.? A study has shown that this kind of cancer is the most diagnosed among both women and men. More than 1 million people are detected with this skin cancer disease every year. Cancer is the only disease that has the capability to affect any part of the body. This happens because the cancer cells are able to intrude on the neighboring cells and the organs; this makes the cancer cells to spread very easily throughout the body within a short period of time. In the later stages of the cancer, the tumors of the cancer can break and enter into the blood stream. When a person has reached this stage of cancer, then it is very difficult to treat it. The different types of cancer have different origins.
The spreading stage of the cancer through the blood stream to all other parts of the body is called as metastasis. Though the cancer has reached this metastasized stage, the disease will be referred to the origin organ of the body. For example, if the cancer is developed at the lungs and is metastasized to liver, the disease will be called as lung cancer only.
The cells in the bone marrow can get sometimes cancerous and it is called as blood cancer. This is one of the most dreadful cancer types.? The next type of cancer is called as bone cancer which is usually rare among the people. Children and teens are more vulnerable to this particular type of cancer. Brain cancer can be of both types namely, malignant and non-malignant. In most of the cases, malignant tumor does not spread to the other parts of the body. But it spread all over the regions of brain. Lung cancer is mostly caused by the smoking habit, though it has rare genetic causes. Eye cancer, endocrine cancer, breast cancer, respiratory cancer is some of the different types of cancer that occur in humans. The treatment differs for different types of cancer and also it differs according to the patient?s age, health and some other factors.
This entry was posted in Cancer, Types Of Cancer. Bookmark the permalink.
Duran Duran are hitting the road in support of their new album, All You Need Is Now and will make a stop at Durham Performing Arts Center, DPAC, on August 21, 2012.
Tickets go on sale to the public beginning March 30th at 10am: Online at DPACnc.com DPAC Ticket Center: 919.680.2787, 123 Vivian Street, Durham, NC Ticketmaster.com / Ticketmaster Charge by phone at 800.745.3000 Ticketmaster outlets including Crabtree Valley Mall
Friends of DPAC members may place their orders on Wednesday, March 28th. Joining the Friends of DPAC is free, and you can register at www.DPACnc.com/friendofdpac.
?The year was 1984 and I was producing my first sold-out Arena show ever. The show was?Duran Duran. It?s incredible to think that 28 years later, this same act is as vibrant and exciting as ever. To host them in a theater setting is a very special opportunity for their fans in North Carolina. The closeness of the seats to the stage, DPAC?s acoustics, it?s another once-in-a-lifetime event at DPAC,? said Bob Klaus, GM of DPAC.
Duran Duran were part of the New Wave music explosion in the early 1980s, as well as a popular band on the newly-emerged MTV. Their iconic music videos helped catapult MTV, and they have sold over 70 million records, with twenty-one singles in the Billboard Hot 100 chart, and thirty in the Top 40 of the UK Singles Chart.? Their major hits in the 1980s included ?Planet Earth?, ?Rio?, ?Hungry Like The Wolf?, ?Save A Prayer?, and the James Bond theme ?A View To A Kill,? and their work in the 90?s gave us ?Ordinary World? and ?Come Undone.?
Their latest album All You Need Is Now, is scheduled for release this March and their forthcoming DVD, A Diamond in the Mind, which was directed by Gavin Elder, is to be released in early Summer, 2012. For further information please visit www.duranduran.com.
About DPAC Since its opening in 2008, DPAC, the Durham Performing Arts Center, has become the center for live entertainment in the Triangle. Recognized for its contemporary design, DPAC features 2,700 seats, intimate sightlines and state-of-the art sound and video. Listed three times in the top 50 in Pollstar magazine?s worldwide theater attendance rankings, in 2011 DPAC was the #4 ranked U.S. Theater and is the #1 U.S. Theater in the listing with a capacity under 4,000.
What?s up next at DPAC?? Public radio icon, Ira Glass (March 24), classic rockers, the Moody Blues (March 25) and new-swing band, Pink Martini (March 30). For more information please go to www.DPACnc.com.
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WASHINGTON -- North Korea has added sophisticated cyber attack capabilities to its arsenal of threatening weapons and this year is rife with opportunities for military provocations from Pyongyang, senior U.S. defense officials said on Wednesday.
The officials told the House of Representatives Armed Services Committee that North Korea's large conventional military, nuclear weapons programs, ballistic missiles and newer capabilities in cyber warfare were all threats to the United States and its allies in the Asia-Pacific region.
Army Gen. James Thurman, the commander of U.S. Forces Korea, told the panel that a skilled team of hackers was the newest addition to North Korea's arsenal of weapons that also includes chemical and biological weapons.
"Such attacks are ideal for North Korea, providing the regime a means to attack South Korean and U.S. interests without attribution, and have been increasingly employed against a variety of targets including military, governmental, educational and commercial institutions," he said in prepared comments.
Thurman, who leads the 28,000 U.S. troops in South Korea, told the panel that the power transfer following the death in December of leader Kim Jong Il "appears to be proceeding without discernible internal challenges and with significant Chinese political and economic support."
Kim's untested son, Kim Jong Un, estimated to be 28 years old, has eased into power surrounded by allies of his father with so far "no indications the regime will depart significantly from Kim Jong Il's policies," said Thurman.
Peter Lavoy, acting assistant secretary of defense for Asia and Pacific Security Affairs, told the panel the potential for provocations from North Korea in 2012 was a "major concern" of the Pentagon.
From the U.S. perspective, the first provocation will be a North Korean ballistic missile launch slated for between April 12-16. But South Korean elections in April and December might also tempt Pyongyang to take actions to influence Seoul's domestic politics, he said.
Pyongyang says the rocket to be launched to mark what would have been the 100th birthday of deceased state founder Kim Il Sung will carry a weather satellite into orbit. But most outsiders say it is a disguised test of a long-range missile that violates key U.N. Security Council resolutions that ban any such launches.
Food aid suspended "This planned launch is highly provocative because it manifests North Korea's desire to test and expand its long-range missile capability," said Lavoy. He said the announcement of the launch also broke a missile moratorium North Korea agreed to on Feb. 29 with Washington in exchange for food aid.
According to the BBC, Lavoy said next month's planned rocket launch "reflects [North Korea's] lack of desire to follow through on their international commitments and so we've been forced to suspend our activities to provide nutritional assistance."
The US has not delivered food aid to North Korea since 2009, BBC reported, but it sent officials to the country's ally China earlier this month to finalize plans for renewed food deliveries totaling 240,000 tons.
North Korea relies on foreign aid to feed its people, BBC reported. The country has been struggling with food shortages since a famine in the 1990s.
Many of North Korea's neighbors are concerned about next month's launch of a rocket, which North Korea has said would travel southward toward the Philippines or Indonesia, said Lavoy.
"I don't know if we have any confidence on the stability of the missile or what the impact will be," he said.
The missile launch next month has put on hold diplomatic efforts to coax North Korea back into talks over its nuclear weapons programs that have been frozen for three years.
Pyongyang often shifts tactics between diplomacy and confrontation, said Thurman.
"History tells us that Pyongyang will shift from diplomatic to provocative behavior when conventional diplomacy has run its course and the North Korean leadership perceives coercive diplomacy offers a better chance to realize its objectives," he said.
Mass privatization put former communist countries on road to bankruptcy, corruptionPublic release date: 29-Mar-2012 [ | E-mail | Share ]
Contact: Daniel Fowler pubinfo@asanet.org 202-527-7885 American Sociological Association
Western economists advocated the policy after Soviet Union's Fall
WASHINGTON, DC -- A new analysis showing how the radical policies advocated by western economists helped to bankrupt Russia and other former Soviet countries after the Cold War has been released by researchers.
Authored by sociologists at the University of Cambridge and Harvard University, the study, which appears in the April issue of the American Sociological Review, is the first to trace a direct link between the mass privatization programs adopted by several former Soviet states, and the economic failure and corruption that followed.
Devised principally by western economists, mass privatization was a radical policy to rapidly privatize large parts of the economies of countries such as Russia during the early 1990s. The policy was pushed heavily by the International Monetary Fund, the World Bank, and the European Bank for Reconstruction and Development (EBRD). Its aim was to guarantee a swift transition to capitalism, before Soviet sympathizers could seize back the reins of power.
Instead of the predicted economic boom, what followed in many ex-Communist countries was a severe recession, on par with the Great Depression of the United States and Europe in the 1930s. The reasons for the economic collapse and skyrocketing poverty in eastern Europe, however, have never been fully understood. Nor have researchers been able to explain why this happened in some countries, like Russia, but not in others, such as Estonia.
Some economists argue that mass privatization would have worked if it had been implemented even more rapidly and extensively. Conversely, others argue that although mass privatization was the right policy, the initial conditions were not met to make it work well. Further still, some scholars suggest the real problem had more to do with political reform.
In their new study, Lawrence King, a Reader in sociology at the University of Cambridge, David Stuckler, a Lecturer in sociology at the University of Cambridge, and Patrick Hamm, a doctoral candidate in sociology at Harvard University, test for the first time the idea that implementing mass privatization was linked to worsening economic outcomes, both for individual firms, and entire economies. The more faithfully countries adopted the policy, the more they endured economic crime, corruption, and economic failure. This happened, the study argues, because the policy itself undermined the state's functioning and exposed swathes of the economy to corruption.
The report also carries a warning for the modern age: "Rapid and extensive privatization is being promoted by some economists to resolve the current debt crises in the West and to help achieve reform in Middle Eastern and North African economies," said King. "This paper shows that the most radical privatization program in history failed the countries it was meant to help. The lessons of unintended consequences in Russia suggest we should proceed with great caution when implementing untested economic reforms."
Mass privatization was adopted in about half of the former Communist countries after the Soviet Union's collapse. Sometimes known as "coupon privatization," it involved distributing vouchers to ordinary citizens which could then be redeemed as shares in national enterprises. In practice, few people understood the policy and most were desperately poor, so they sold their vouchers as quickly as possible. In countries like Russia, this enabled profiteers to buy up shares and take over large parts of the new private sector.
The researchers argue that mass privatization failed for two main reasons. First, it undermined the state by removing its revenue basethe profits from state-owned enterprises that had existed under Soviet ruleand its ability to regulate the emerging market economy. Second, mass privatization created enterprises devoid of strategic ownership and guidance by opening them up to corrupt owners who stripped assets and failed to develop their firms. "The result was a vicious cycle of a failing state and economy," King said.
To test this hypothesis, King, Stuckler, and Hamm compared the fortunes, between 1990 and 2000, of 25 former Communist countries, among them states that mass-privatized and others that did not. World Bank survey data of managers from more than 3,500 firms in 24 post-communist countries were also examined.
The results show a direct and consistent link between mass privatization, declining state fiscal revenues, and worse economic growth across countries. Between 1990 and 2000, government spending was about 20% lower in mass privatizing countries than in those which underwent a steadier form of change. This was the case even after the researchers adjusted for political reforms, other economic reforms, the presence of oil, or other initial transition conditions. Similarly, mass privatizing states experienced an average dip in GDP per capita of more than 16% above that of non-mass privatizing countries after the program was implemented.
The analysis of individual firms revealed that that among mass-privatizing countries, firms privatized to domestic owners had greater risks of economic corruption. Private domestic companies were 78% more likely than state-owned companies to resort to barter rather than monetary transactions. This was revealed to be the case after the researchers had corrected the data for firm, market, and sector characteristics, as well as the possibility that the worst performing firms were the ones privatized.
The study also revealed that such privatized firms were less likely to pay taxesa critical factor in ensuring the failure of the policy, which western economists predicted would generate private wealth that could be taxed and ploughed back into the state. However, firms that were privatized to foreign owners were much less likely to engage in barter and accumulate tax arrears.
"Our analysis suggests that when designing economic reforms, especially aiming to develop the private sector, safeguarding government revenues and state capacity should be a priority," the authors said. "Counting on a future burst of productivity from a restructured, private economy to compensate for declining revenues is a risky proposition."
###
About the American Sociological Association and the American Sociological Review
The American Sociological Association (www.asanet.org), founded in 1905, is a non-profit membership association dedicated to serving sociologists in their work, advancing sociology as a science and profession, and promoting the contributions to and use of sociology by society. The American Sociological Review is the ASA's flagship journal.
The research article described above is available by request for members of the media. For a copy of the full study, contact Daniel Fowler, ASA's Media Relations and Public Affairs Officer, at 202-527-7885 or pubinfo@asanet.org.
For more information about the study, members of the media can also contact Tom Kirk, Office of Communications, University of Cambridge, at 01223-332300 (office); 07764-161923 (mobile); or thomas.kirk@admin.cam.ac.uk.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Mass privatization put former communist countries on road to bankruptcy, corruptionPublic release date: 29-Mar-2012 [ | E-mail | Share ]
Contact: Daniel Fowler pubinfo@asanet.org 202-527-7885 American Sociological Association
Western economists advocated the policy after Soviet Union's Fall
WASHINGTON, DC -- A new analysis showing how the radical policies advocated by western economists helped to bankrupt Russia and other former Soviet countries after the Cold War has been released by researchers.
Authored by sociologists at the University of Cambridge and Harvard University, the study, which appears in the April issue of the American Sociological Review, is the first to trace a direct link between the mass privatization programs adopted by several former Soviet states, and the economic failure and corruption that followed.
Devised principally by western economists, mass privatization was a radical policy to rapidly privatize large parts of the economies of countries such as Russia during the early 1990s. The policy was pushed heavily by the International Monetary Fund, the World Bank, and the European Bank for Reconstruction and Development (EBRD). Its aim was to guarantee a swift transition to capitalism, before Soviet sympathizers could seize back the reins of power.
Instead of the predicted economic boom, what followed in many ex-Communist countries was a severe recession, on par with the Great Depression of the United States and Europe in the 1930s. The reasons for the economic collapse and skyrocketing poverty in eastern Europe, however, have never been fully understood. Nor have researchers been able to explain why this happened in some countries, like Russia, but not in others, such as Estonia.
Some economists argue that mass privatization would have worked if it had been implemented even more rapidly and extensively. Conversely, others argue that although mass privatization was the right policy, the initial conditions were not met to make it work well. Further still, some scholars suggest the real problem had more to do with political reform.
In their new study, Lawrence King, a Reader in sociology at the University of Cambridge, David Stuckler, a Lecturer in sociology at the University of Cambridge, and Patrick Hamm, a doctoral candidate in sociology at Harvard University, test for the first time the idea that implementing mass privatization was linked to worsening economic outcomes, both for individual firms, and entire economies. The more faithfully countries adopted the policy, the more they endured economic crime, corruption, and economic failure. This happened, the study argues, because the policy itself undermined the state's functioning and exposed swathes of the economy to corruption.
The report also carries a warning for the modern age: "Rapid and extensive privatization is being promoted by some economists to resolve the current debt crises in the West and to help achieve reform in Middle Eastern and North African economies," said King. "This paper shows that the most radical privatization program in history failed the countries it was meant to help. The lessons of unintended consequences in Russia suggest we should proceed with great caution when implementing untested economic reforms."
Mass privatization was adopted in about half of the former Communist countries after the Soviet Union's collapse. Sometimes known as "coupon privatization," it involved distributing vouchers to ordinary citizens which could then be redeemed as shares in national enterprises. In practice, few people understood the policy and most were desperately poor, so they sold their vouchers as quickly as possible. In countries like Russia, this enabled profiteers to buy up shares and take over large parts of the new private sector.
The researchers argue that mass privatization failed for two main reasons. First, it undermined the state by removing its revenue basethe profits from state-owned enterprises that had existed under Soviet ruleand its ability to regulate the emerging market economy. Second, mass privatization created enterprises devoid of strategic ownership and guidance by opening them up to corrupt owners who stripped assets and failed to develop their firms. "The result was a vicious cycle of a failing state and economy," King said.
To test this hypothesis, King, Stuckler, and Hamm compared the fortunes, between 1990 and 2000, of 25 former Communist countries, among them states that mass-privatized and others that did not. World Bank survey data of managers from more than 3,500 firms in 24 post-communist countries were also examined.
The results show a direct and consistent link between mass privatization, declining state fiscal revenues, and worse economic growth across countries. Between 1990 and 2000, government spending was about 20% lower in mass privatizing countries than in those which underwent a steadier form of change. This was the case even after the researchers adjusted for political reforms, other economic reforms, the presence of oil, or other initial transition conditions. Similarly, mass privatizing states experienced an average dip in GDP per capita of more than 16% above that of non-mass privatizing countries after the program was implemented.
The analysis of individual firms revealed that that among mass-privatizing countries, firms privatized to domestic owners had greater risks of economic corruption. Private domestic companies were 78% more likely than state-owned companies to resort to barter rather than monetary transactions. This was revealed to be the case after the researchers had corrected the data for firm, market, and sector characteristics, as well as the possibility that the worst performing firms were the ones privatized.
The study also revealed that such privatized firms were less likely to pay taxesa critical factor in ensuring the failure of the policy, which western economists predicted would generate private wealth that could be taxed and ploughed back into the state. However, firms that were privatized to foreign owners were much less likely to engage in barter and accumulate tax arrears.
"Our analysis suggests that when designing economic reforms, especially aiming to develop the private sector, safeguarding government revenues and state capacity should be a priority," the authors said. "Counting on a future burst of productivity from a restructured, private economy to compensate for declining revenues is a risky proposition."
###
About the American Sociological Association and the American Sociological Review
The American Sociological Association (www.asanet.org), founded in 1905, is a non-profit membership association dedicated to serving sociologists in their work, advancing sociology as a science and profession, and promoting the contributions to and use of sociology by society. The American Sociological Review is the ASA's flagship journal.
The research article described above is available by request for members of the media. For a copy of the full study, contact Daniel Fowler, ASA's Media Relations and Public Affairs Officer, at 202-527-7885 or pubinfo@asanet.org.
For more information about the study, members of the media can also contact Tom Kirk, Office of Communications, University of Cambridge, at 01223-332300 (office); 07764-161923 (mobile); or thomas.kirk@admin.cam.ac.uk.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Developed by Boston Dynamics and Sandia National Labs, the Sand Flea reconnaissance robot can leap through a second-floor window.?
If you think that you might be safe from a robot uprising just because you live on the second floor, think again. A team of scientists have developed a reconnaissance robot that can jump 30 feet in the air and is precise enough to leap through a window two stories up. ?
Skip to next paragraph The 11-pound Sand Flea robot normally drives like a remote control car, but when it needs to, it can jump 30 feet into the air. An onboard stabilization system keeps it oriented during flight to improve the view from the video uplink and to control landings. Current development of Sand Flea is funded by the The US Army's Rapid Equipping Force.
Developed by Boston Dynamics, an engineering firm based in Waltham, Mass., with funding from?the Army's Rapid Equipping Force, the Sand Flea weighs 11 pounds and looks like a stripped-down RC car.?Before jumping, the Sand Flea stops, rears back, and then fires a piston that launches it into the air.
The piston is powered by a CO2 ?charge. The Sand Flea can jump 25 times before the charge needs to be replaced.
The Sand Flea is an updated version of the Precision Urban Hopper, which was developed by Sandia National Laboratories. The Sand Flea improves upon its predecessor with a gyroscopic?stabilization?system that keeps it oriented as it jumps, making for improved video in midflight.
The Sand Flea has been sent to?Army Test and Evaluation Command for?evaluation. CNET reports that, if it passes, the Army will ship nine of them to Afghanistan, where they will join the roughly 2,000 other robots currently deployed there.?
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FILE - In this March 26, 2012, file photo, Rebook brand New York Jets football jerseys with the name and number of their new quarterback Tim Tebow hang on display at a Modell's store in New York. Nike Inc. claims in a lawsuit on Wednesday, March 28, 2012, in U.S. District Court that Reebok International Ltd. has used Tebow's name on Jets-related apparel without permission since it was announced last week that Tebow was traded from the Denver Broncos to New York. The Tebow trade occurred just before Nike replaces Reebok on Sunday as the supplier of NFL team uniforms. (AP Photo/Mary Altaffer, File)
FILE - In this March 26, 2012, file photo, Rebook brand New York Jets football jerseys with the name and number of their new quarterback Tim Tebow hang on display at a Modell's store in New York. Nike Inc. claims in a lawsuit on Wednesday, March 28, 2012, in U.S. District Court that Reebok International Ltd. has used Tebow's name on Jets-related apparel without permission since it was announced last week that Tebow was traded from the Denver Broncos to New York. The Tebow trade occurred just before Nike replaces Reebok on Sunday as the supplier of NFL team uniforms. (AP Photo/Mary Altaffer, File)
Tim Tebow holds his first news conference with the New York Jets, Monday, March 26, 2012, in Florham Park, N.J. Tebow, who led the Denver Broncos to the playoffs last year, was acquired in a trade Wednesday with Denver and will serve as the backup quarterback to Mark Sanchez. (AP Photo/Mark Lennihan)
NEW YORK (AP) ? Nike went to court Wednesday to prove that Reebok is no shoo-in to promote New York Jets quarterback Tim Tebow on apparel.
Nike Inc. claimed in a lawsuit in U.S. District Court that Reebok International Ltd. has used Tebow's name on Jets-related apparel without permission since it was announced last week that Tebow was traded from the Denver Broncos to New York. The Tebow trade occurred just before Nike replaces Reebok on Sunday as the supplier of NFL team uniforms.
Oregon-based Nike spokeswoman Mary Remuzzi said early Thursday that a temporary restraining order blocking further sales of the merchandise by Reebok was issued on Wednesday.
The lawsuit, which seeks unspecified damages, claims that Reebok misappropriated publicity rights, interfered with business relationships and unjustly enriched itself because it failed to get Tebow's permission before launching the new products.
Reebok, based in Canton, Mass., did not immediately respond to a request seeking comment on the restraining order. The lawsuit said Reebok did not respond to demands to cease Tebow apparel sales after a Tebow representative sent a letter to the company on Friday.
Reebok is a subsidiary of Adidas AG.
According to the lawsuit, new Nike-supplied uniforms for all 32 NFL teams will be unveiled next week in New York City, kicking off a five-year deal for Nike to be the league's exclusive provider of on-field apparel, including game uniforms and sideline apparel. Reebok had been the supplier for the last decade.
The lawsuit said demands for Tebow-related Jets apparel was intense last week during a normally subdued time for NFL merchandise sales.
It said Nike, based in Beaverton, Ore., believes Reebok was shipping large volumes of Tebow-related apparel products to retailers for sale to the public this week, damaging Nike's ability to capitalize on a "unique and short-lived opportunity."
The lawsuit added that it was unlikely that a consumer who buys an unauthorized Tebow jersey or T-shirt from Reebok this week will purchase an authorized Tebow item from Nike next week.
Old teenage stress: Getting caught by your mom stealing her credit card to go out and buy stuff. New teenage stress: Trying to convince your mother that she'd better stop buying stuff and getting so much plastic surgery.
Those are two of the stories being told on the reality series "My Mom is Obsessed," in which the children of mothers who just can't help themselves try to get some assistance. Two mother-daughter?pairs who appeared on the series joined TODAY's Savannah Guthrie Thursday, but as one pair proved, you can't help someone who doesn't realize she has a problem.
That would be mom Susan Pike, who insists that despite having one plastic surgery and three "procedures" on her face that she's not obsessed: "Some people might think that's a lot, some people might think that's not a lot. But I definitely take responsibility for being hypercritical of my appearance."
Meanwhile, Monica Krause did admit she had a problem with shopping "for decades" but not until she realized she was having an impact on her daughter Kayleigh did she "realize I had to do something about it."
Kayleigh said she got scared to open their mail thanks to the bills they were receiving, which is what led her to speak up to her mom and bring this TV show into their lives.
So did the show help? "Absolutely, just being here is testament to that," said Monica.
"My Mom is Obsessed" airs Thursday night at 10 p.m. ET on Discovery Fit & Health.