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Gabelle was a tax on salt imposed in France from 1286 until 1790. It was levied unequally and caused a lot of discontent.
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Gap analysis is a methodical tabulation of all the known requirements of consumers in a particular category of products, together with a cross- listing of all the features provided by existing products to satisfy these requirements. Such a chart shows up any gaps that exist and therefore provides a pointer to any new products that could supply an unfulfilled demand.
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A garnishee order is an order made by a judge on behalf of a judgment creditor restraining a third party (often a bank), called a garnishee, from paying money to the judgment debtor until sanctioned to do so by the court. The order may also specify that the garnishee must pay a stated sum to the judgment creditor, or to the court, from the funds belonging to the judgment debtor.
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The General Agreement on Tariffs and Trade (GATT) is a trade treaty that has been in operation since 1948, to which 95 nations are party and a further 28 nations apply its rules de facto; thus some 90% of world trade is governed by GATT regulations. Its objectives are to expand world trade and to provide a permanent forum for international trade problems. Special attention is given to the trade problems of developing countries. The Tokyo round, concluded in 1979, agreed many tariff reductions, non-tariff measures, and a revised anti-dumping code. The Uruguay round, begun in 1986, is conducting negotiations on non-tariff measures, subsidies, safeguards, etc. The GATT office is in Geneva.
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Gavelkind was a system of land tenure peculiar to Kent based on the payment of rent to the lord instead of the performance of services by the tenant.
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In business, a gearing adjustment is an adjustment in current-cost accounting to allow for the fact that in inflationary times profits may accrue to a company from its fixed-interest capital, so that the whole cost of capital maintenance need not fall on the profits available to the ordinary shareholders.
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Geld was the old English tax levied on land.
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A general strike is a strike (temporary withdrawal of labour) by all or most of the workers of a country, province or city. Such a strike took place in Britain in 1926.
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The George-noble was a British gold coin minted during the reign of Henry VIII and valued at six shillings and eight pence. It was called the
George-noble because on the reverse was a picture of St George slaying a dragon.
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The gerah was an ancient Jewish monetary unit. It was one twentieth of a shekel.
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A Giffen good is a good for which demand falls at the same time as its price falls (and vice versa). This upsets the usual relationship between price and demand; it is still hotly debated whether or not such goods exist. The usual example is that of potatoes during the Irish potato famine in the 19th century. At that time, potatoes were the main expenditure of a typical Irish family. As the price of potatoes rose, the demand also rose because no close substitutes were available. This meant that even less was spent on other forms of food, such as meat. Other examples are hard to find. The phenomenon was named by Sir Robert Giffen.
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A gilt-edged security (or gilt) is a fixed-interest security or stock issued by the British government in the form of Exchequer stocks or Treasury stocks. Gilts are among the safest of all investments, as the government is unlikely to default on interest or on principal repayments. They may be irredeemable or redeemable. Redeemable gilts are classified as: long-dated gilts or longs (not redeemable for fifteen years or more), medium-dated gilts or mediums (redeemable in five to fifteen years), or short-dated gilts or shorts (redeemable in less than five years). Like most fixed-interest securities, gilts are sensitive not only to interest rates but also inflation rates. This led the government to introduce index-linked gilts in the 1970s, with interest payments moving in a specified way relative to inflation. Most gilts are issued in units of œ100. If they pay a high rate of interest (i.e. higher than the current rate) a œ100 unit may be worth more than œ 100 for a period of its life, even though it will only pay œ100 on redemption.
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Gilts primary dealers are the 19 market makers approved and supervised by the Bank of England for dealing directly with the Bank of England in gilt- edged securities. They have to some extent taken over the role of the government broker.
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The gin act of 1735 laid an excise of five shillings per gallon of gin and was passed in July 1736 to combat the mania for cheap gin in Britain, resulting in a 75% drop in Gin consumption.
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Giro is a banking arrangement for settling debts that has been used in Europe for many years. In 1968 the Post Office set up the UK National Girobank (now Girobank plc) based on a central office in Bootle, Merseyside. Originally a system for settling debts between people who did not have bank accounts, it now offers many of the services provided by commercial banks, with the advantage that there are many more post offices, at which Girobank services are provided, than there are bank branches. Also the post offices are open for longer hours than banks.
Girobank also offers banking services to businesses, including an automatic debit transfer system, enabling businesses to collect money from a large number of customers at regular intervals for a small charge.
The Bank Giro is a giro system operated in the UK, independently of Girobank, by the clearing banks. It has no central organization, being run by bank branches. The service enables customers to make payments from their accounts by credit transfer to others who may or may not have bank accounts. Bancogiro is a giro system in operation in Europe, enabling customers of the same bank to make payments to each other by immediate book entry.
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A global product is a product that is marketed throughout the world with the same brand name, such as Coca Cola, Guinness, Levi, and McDonalds. The advantage of a global product is that it usually enables an advertisement or image to be used worldwide. However, one drawback is that some advertising slogans do not travel well. For example, things come alive with Pepsi, when translated into Chinese, led the populace to believe that their ancestors would be brought back from the dead; the Vauxhall Nova encountered similar problems in Spain, where Nova means no go!
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Globalization is the process that has enabled investment in financial markets to be carried out on an international basis. It has come about as a result of changes in technology and deregulation (the removal of government control in the public interest and its replacement by business control in the shareholders interest); as a result of globalization, for example, investors in London can buy shares or bonds directly from Japanese brokers in Tokyo rather than passing through intermediaries. Globalization has also enabled a smal number of companies to purchase electricity, water and oil rights from many state ownership in many countries - those that resist are invaded, sanctioned or their leaders murdered - leading to virtual bankruptcy in many of the countries involved. A typical globalization scenario involves the World Bank and IMF offering financial 'aid' to a third world country in exchange for the privatisation of that country's water and electricity which are then given to American corporations to run at vast profits. Recipients of the globalization 'aid' are also required to reduce workers rights, reduce wages and reduce pensions. Globalization was first started by the British primeminister, Margaret Thatcher, and was further built upon by President Reagan of the USA and subsequent US and British leaders, irrespective of claimed political persuasion. Opponents to the concept of globalization have been for the most part silenced, by murder, intimidation, bribery, indictment of libel or a media propaganda campaign claiming oponents of globalization to be 'tree hugging hippies' or 'anarchists'.
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A Godless florin is a British florin minted in 1849 which, due to an error or lack of room, ommits the letters F.D. from the legend. The florins were issued by Sheil, Master of the Mint who was a Catholic, and so great an outcry was made against them that they were recalled in the same year.
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A gold card is a credit card that entitles its holder to various benefits (e. g. an unsecured overdraft, some insurance cover, a higher limit) in addition to those offered to standard card holders.
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A gold clause is a clause in a loan agreement between governments stipulating that repayments must be made in the gold equivalent of the currency involved at the time either the agreement or the loan was made. The purpose is to protect the lender against a fall in the borrower's currency, especially in countries suffering high rates of inflation.
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The first law affecting the coinage of gold into lawful money in the United States was enacted on April the 2nd, 1792. By this law any person could have gold bullion converted into coin eleven parts pure to one part alloy. Its ratio to silver was fifteen to one, and gold coins were legal tender to any amount. In March, 1795, a charge of four cents per ounce was made for coining gold bullion below the standard. Under the law of April the 21st, 1800, a sum was retained for coining gold below the standard. On January the 18th, 1837, the standard gold coin was made nine-tenths pure and one-tenth alloy. On February the 21st, 1853, it was enacted that gold coins were to be exchanged for silver coins at par in sums not exceeding $100, and a charge of one-half per cent was made for refining. On February the 12th, 1873, it was enacted that one-fifth of one per cent was to be charged for coining standard gold. By the law of January the 14th, 1875, no charge was to be made for converting standard gold bullion into coin.
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The gold pool was an organization of eight countries (Belgium, France, Italy, Netherlands, Switzerland, UK, USA, and West Germany) that between 1961 and 1968 joined together in an attempt to stabilize the price of gold.
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The gold standard was a former monetary system in which a country's currency unit was fixed in terms of gold. In this system currency was freely convertible into gold and free import and export of gold was permitted. The UK was on the gold standard from the early 19th century until it finally withdrew in 1931. Most other countries withdrew soon after.
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In business, a golden hello is a financial incentive paid by a firm to a newly employed specialist, who leaves another firm. Golden handcuffs are financial inducements used to persuade specialists to stay in a particular firm. Golden hellos and golden handcuffs became popular at the time of Big Bang, when the major stockbroking firms were attempting to gain a large share of the market by employing the leading specialists.
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A golden parachute is a clause in the employment contract of a senior executive in a company that provides for financial and other benefits if the executive is sacked or decides to leave as the result of a takeover or change of ownership.
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A golden share is a share in a company that controls at least 51% of the voting rights. A golden share has been retained by the British government in some privatization issues to ensure that the company does not fall into foreign or other unacceptable hands.
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Goodhart's Law is the law in economics that any attempt by a government to control an economic variable will distort that variable so as to render the government's control ineffective. Formulated by the monetary economist C A E Goodhart, it was first applied to measures of the money supply, such as M0, M1, and œM3, that monetarist governments attempted to control in order to reduce inflation. Goodhart's reasoning is that once the public become aware of the government's attempt to control an economic variable, it will attempt to evade the control, which will distort the government's plans.
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The gourde is the currency of Haiti.
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The Grain and Free Trade Association (GAFTA) is a commodity association that controls dealings in grain and other commodities on London's Baltic Exchange.
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The Granby Token was a private or unauthorized coinage issued in Connecticut in 1737 by John Higley, of Granby. It was made of copper. On the obverse was a deer and the legend, Value Me as You Please; Roman numerals III and a crescent. On the reverse were three hammers upon a triangular field, each bearing a crown and the legend: I Am Good Copper.
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Grandfather rights is a popular term for any right, privilege or condition that was historically available to members or employees of an organisation, or to the public under law, but which is no longer extended to new members or employees or the public due to a change in the conditions of membership, employment, or law etc, but which is still applicable to those members, employees or members of the public who were granted the right before the change occurred. The term also applies to holders of rights or privileges which are no longer granted, for example licensees who hold a license granting some rights which are no longer offered in subsequently issued licenses, or for example where planning permission is granted and then planning law changes which would prevent the subsequent granting of the same permission, the original permission stands because it was granted before the change in the law - that is the permission which was granted is a grandfather right.
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A granny bond is an index-linked savings certificate. They were formerly only available to persons over retirement age, hence the name.
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A grant-in-aid is any grant from central government to a local authority for particular services, other than the rate-support grant.
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Grassum or Gersome was a fine in money, paid by a lessee either on taking posession of his lease or no renewing it.
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Greenback was a name applied to the notes first issued in the USA in 1862 in demoninations of one dollar and upwards, on account of the colour of the ink used to print them.
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The Greenbriar Company was an American land company organized on October the 29th, 1757, in
opposition to the Ohio and Loyal Companies. The Greenbriar Company obtained a grant of 100,000 acres, chiefly along the Ohio River.
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Greenmail is the purchase of a large block of shares in a company, which are then sold back to the company at a premium over the market price in return for a promise not to launch a bid for the company. This practice is not uncommon in the USA, where companies are much freer than in Britain to buy their own shares. Although the morality of greenmail is dubious, it can be extremely profitable.
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Gresham's Law is the law of economics, usually attributed to the Elizabethan financier Thomas Gresham, that bad money will drive out good. For example, if there are gold coins in circulation and the government tries to save money by lowering the gold content of a new coinage, the old coins will fall out of circulation, as no one will exchange the good (old) for the bad (new). Instead the good coins will be melted down and sold for their gold value.
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In business, a grey knight is a counter bidder in a takeover battle whose ultimate intentions are undeclared. The original unwelcome bidder is the black knight, the welcome counter bidder for the target company is the white knight. The grey knight is an ambiguous intervener whose appearance is unwelcome to all.
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The Griwennick was a Russian small, silver coin equivalent to ten kopeks, and in circulation at the end of the 19th century.
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A groat was an English coin first issued by Edward III in 1351 with a value of one penny and last struck in 1887, by when it was valued at four pennies. A new issue was made by Henry VII, but the groat was discontinued in 1662. It was revived as a silver four penny piece by William IV in 1836, and the fact that its issue having been advised by Joseph Hume gave it the popular name of the 'Joey'.
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Groschen was the currency of Germany until 1872. The first groschen were struck in Treves in 1104. In 1525 the groschen was divided into twelve pfennige. Later the groschen was a silver coin used in the North german states and equal to 1/30th of a thaler.
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The grosem was a Swiss silver coin in circulation during the 19th century.
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The gross domestic product (GDP) is the monetary value of all the goods and services produced by an economy over a specified period. It is measured in three ways: (1) on the basis of expenditure, i.e. the value of all goods and services bought, including consumption, capital expenditure, increase in the value of stocks, government expenditure, and exports less imports; (2) on the basis of income, i.e. income arising from employment, self-employment, rent, company profits (public and private), and stock appreciation; (3) on the basis of the value added by industry, i.e. the value of sales less the costs of raw materials. In Britain, statistics for GDP are published monthly by the government on all three bases, although there are large discrepancies between each measure. Economists are usually interested in the real rate of change of GDP to measure the performance of an economy, rather than the absolute level of GDP.
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Gross income is the income of a person or an organization before the deduction of the expenses incurred in earning it.
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The gross national product (GNP) is the gross domestic product (GDP) with the addition of interest, profits, and dividends received from abroad by British residents. The GNP better reflects the welfare of the population in monetary terms, although it is not as accurate a guide as to the productive performance of the economy as the GDP.
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The Group of Five (G5) are the five countries France, Japan, UK, USA, and Germany who have agreed to stabilize their exchange rates by acting together to overcome adverse market forces.
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The Group of Seven (G7) are the seven leading industrial nations outside the communist bloc: USA, Japan, Germany, France, Britain, Italy, and Canada. This group evolved from the first economic summit held in 1976 and is now an annual meeting attended by heads of state. The original aim was to discuss economic coordination but the agenda has since broadened to include political issues. However, increasing enthusiasm for international economic cooperation in the 1980s has led to collective action, for example on exchange rates as a result of meetings of G7 finance ministers. The Group of Ten and, more recently, the Group of Five have also been important forums for economic cooperation.
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The Group of Seventy Seven (G77) are the developing countries of the world.
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The Group of Ten (G10; The Paris Club) are the ten relatively prosperous industrial nations that agreed in 1962 to lend money to the International Monetary Fund (IMF). They are Belgium, Canada, France, Italy, Japan, Netherlands, Sweden, Germany, Britain, and the USA. They inaugurated Special Drawing Rights.
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The Group of Three (G3) are the three largest western industrialized economies, i.e. the USA, Germany, and Japan.
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In business, growth stocks are securities that are expected to offer the investor sustained capital growth. Investors and investment managers often distinguish between growth stocks and income stocks. The former are expected to provide capital gains; the latter, high income. The investor will usually expect a growth stock to be an ordinary share in a company whose products are selling well and whose sales are expected to expand, whose capital expenditure on new plant and equipment is high, whose earnings are growing, and whose management is strong, resourceful, and investing in product development and long-term research.
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The guarani is the currency of Paraguay.
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The guilder is the currency of the Netherlands.
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The Guinea was the first English gold coin, and was set at a value of 20 shillings when it was first struck, by the British government. Guineas were first minted in 1663 and later so named from the gold which came from the coast of Guinea and which was among the loot captured with 160 Dutch vessels in 1666. The value of the guinea was allowed to fluctuate between 20 and 30 shillings - due to fluctuations in the relative values of gold and silver throughout Europe - until it was fixed at 21 shillings in 1728, that value being based upon the value of the metal contained in the guinea - that is the gold of one guinea being equal in value to the silver in 21 shillings. The guinea withdrawn from circulation in 1817 after the issue of soverigns, but the term continued to be used for 21 shillings.
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The Gulden was a silver coin of Austria, Hungary and Holland.
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Gun money was brass coinage issued by James II in Ireland, and so called having been minted from old brass cannons.
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Abbreviations
Money
