Gesellschaft für Erziehungswissenschaft und

We present an Information Systems Design Methodology with two goals in mind:- avoid deficiencies of pure object-orientation in the analysis and design process, without loosing the advantages of object oriented databases;- integrate data modeling and knowledge modeling in a natural manner.

und-Systemsoftware

Salana multivorans gen. nov., sp. nov., a novel actinobacterium isolated from an anaerobic bioreactor and capable of selenate reduction 1 Institut fu $ r Mikrobiologie und Hygiene,

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now available at www.ITACCS.com A team from the Air Zermatt medical rescue service in flight over a Swiss mountain range. (Photo copyright Air Zermatt)

together on the project „An economic security indicator for measuring security and the private security industry in Germany

• Counter terrorism financing has emerged as one of the main strategies to combat terrorism in the past decade. The notion that depriving insurgents of all funds could curb terrorism resonated in speeches by policy makers worldwide in the past decade. Numerous Anti mo-ney laundering laws, compliance and regulatory requirements and accountability initiatives have done much in the post 9/11 scenario to stem terrorist attacks. • There have been arguments proposing that terrorism, as most asymmetric warfare goes, is a cheap enterprise, and is therefore, unaffected by financial oversight which cannot trace amounts as small as those required in staging attacks. However, the terrorism financing machinery involves many costs that support terrorist organizations that ultimately stage attacks. The questions as to whether those finances can be traced and curbed remains to be answered. • Tighter financial scrutiny has seen the way terrorism financing machinery respond in vari-ous ways. The system has become more fragmented, and terrorists are constantly relying on locally funded units to fund and support their activities while they operate globally, now more than ever. Tighter financial scrutiny has also seen various substitution effects; terrorist organizations are now avoiding the formal banking system and using parallel channels that are far more difficult to monitor. Various mergers of the crime nexus, where terrorists are increasingly resorting to the channels used by for-profit crimes have also been observed. • As the terrorism financing methodology evolves, policy makers would have to develop a more comprehensive approach to combat the more evolved and fragmented system. At the same time, overregulation has caused significant reduction in efficiency of financial institu-tions worldwide. The past ten years have revealed that there is a need for better targeted compliance policy. BIGS Policy Paper No. 2 / February 20132

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The financial system that is described in economics textbooks is one that serves as an amenity for industry, commerce, government and hou-seholds. The prevailing view among economists is the Schumpeterian one that the financial system is essentially a passive supplier of credit to enterprise in other parts of the economy (the real economy), so that financial disturbances merely reflect disequilibrium in the real economy, or are the outcome of inapprapriate monetary policies.1 In my book The End of Finance I put forward an alternative hypothesis, in which the infla-tion of the market for long-term securities becomes the animating force of economic boom and crisis. In this paper I extend this argument by sho-wing how it is different fram the view of Marx and much contemporary finance theory. The paper then gives an outline of the theory of capital market inflation, and how it changes the end, or purpose of finance. It concludes by considering a possible way in which the capital market can be stabilised. 1. Marx on nnance Partly in response to earlier debates on the,Iaw of value ' and the neo-ricardian critique of it, as weil as claims of Keynesian economists to pra-viding a more up-to-date account of capitalism with sophisticated mone-tary and financial institutions, a literature has emerged focussing on Marx's own contributions to monetary analysis. This has been aimed at refuting criticisms that were based on a reduction of Marx's analysis to value relations, undisturbed by a monetary and financial superstructure. Examples may be found in the work of de Brunhoff (1976) or Itoh and Lapavitsas (1999). It is not my intention to enter into questions of Marx's monetary analysis and, for example, the role of the rate of interest in cri-sis. However, the nexus between money and industrial capital put for-