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CAPITAL ACCOUNT: One of two parts of a nation's balance of payments. The capital is a record of all purchases of physical and financial assets between a nation and the rest of the world in a given period, usually one year. On one side of the balance of payments ledger account are all of the foreign assets purchase by our domestic economy. On the other side of the ledger are all of our domestic assets purchased by foreign countries. The capital account is said to have a surplus if a nation's investments abroad are greater than foreign investments at home. In other words, if the good old U. S. of A. is buying up more assets in Mexico, Brazil, and Hungry, than Japanese, Germany, and Canada investors are buying up of good old U. S. assets, then we have a surplus. A deficit is the reverse.
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SOCIALISM In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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WIPO
World Intellectual Property Organization
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