Glossary -- Algeria
- Self-management system. Originated in takeover of management functions by farm and
industrial workers after Algerian independence.
- barrels per day (bpd)
- Production of crude oil and petroleum products is frequently measured in barrels per day
and often abbreviated as bpd. A barrel is a volume measure of forty-two United States gallons.
Conversion of barrels to tons depends on the density of the specific product. About 17.3 barrels
of average crude oil weigh one ton. Light products such as gasoline and kerosene average close
to eighteen barrels per ton.
- dinar (DA)
- Unit of Algerian currency since 1964; divided into 100 centimes. The average exchange rate
was DA9.0 in 1990, DA18.5 in 1991, DA21.8 in 1992, DA24.5 in 1993, and DA40.7 in October
- European Community (EC)
- See European Union (EU).
- European Union (EU)
- Until November 1993, the EU was known as the European Community (EC). The EU
comprises three communities: the European Coal and Steel Community (ECSC), the European
Economic Community (EEC), and the European Atomic Energy Community (Euratom). Each
community is a legally distinct body, but since 1967 they have shared common governing
institutions. The EU forms more than a framework for free trade and economic cooperation: the
signatories to the treaties governing the communities have agreed in principle to integrate their
economies and ultimately to form a political union. Belgium, France, Italy, Luxembourg, the
Netherlands, and the Federal Republic of Germany (West Germany) were charter members of the
EU; Britain, Denmark, and Ireland joined on January 1, 1973; Greece became a member on
January 1, 1981; and Portugal and Spain entered on January 1, 1986.
- GDP (gross domestic product)
- A value measure of the flow of domestic goods and services produced by an economy over
a period of time, such as a year. Only output values of goods for final consumption and
investment are included because the values of primary and intermediate production are assumed
to be included in final prices. GDP is sometimes aggregated and shown at market prices, meaning
that indirect taxes and subsidies are included; when these have been eliminated, the result is GDP
at factor cost. The word gross indicates that deductions for depreciation of physical
assets have not been made. See also GNP.
- GNP (gross national product)
- The gross domestic product (q.v.) plus the net income or loss stemming from
transactions with foreign countries. GNP is the broadest measurement of the output of goods and
services by an economy. It can be calculated at market prices, which include indirect taxes and
subsidies. Because indirect taxes and subsidies are only transfer payments, GNP is often
calculated at factor cost by removing indirect taxes and subsidies.
- One of four major legal schools in Sunni (q.v.) Islam, the Hanafi school makes
substantial use of reason in legal opinions. Named for Ali Numan Abu Hanifa (ca. 700-67), a
leading theologian in Iraq.
- From Abu Allah ibn Ibad (ca. 660-ca. 715), a moderate Kharijite who spent considerable
time in Basra, Iraq. The Kharijites were members of the earliest sect in Islam that left the
followers of Ali or Shia (q.v.) because of Shia willingness to allow human arbitration
of Ali's dispute with the caliph, Uthman, rather than divine judgment.
- A word used in several senses. In general use, it means the leader of congregational prayers;
as such it implies no ordination or special spiritual powers beyond sufficient education to carry
out this function. It is also used figuratively by many Sunni (q.v.) Muslims to mean
the leader of the Islamic community. Among Shia (q.v.) the word takes on many
complex meanings; in general, however, and particularly when capitalized, it indicates that
particular descendant of the Party of Ali who is believed to have been God's designated
repository of the spiritual authority inherent in that line. The identity of this individual and the
means of ascertaining his identity have been major issues causing divisions among Shia.
- International Monetary Fund (IMF)
- Established along with the World Bank (q.v.) in 1945, the IMF is a specialized
agency affiliated with the United Nations and is responsible for stabilizing international exchange
rates and payments. The main business of the IMF is the provision of loans to its members
(including industrialized and developing countries) when they experience balance of payments
difficulties. These loans frequently carry conditions that require substantial internal economic
adjustments by the recipients, most of which are developing countries.
- London Club
- An informal group of commercial banks that come together to negotiate a debt rescheduling
agreement with a country. The group has two committees, an economics committee that develops
economic data projections and a negotiating committee. Committee members usually come from
the five principal banks that hold the largest amounts of a country's debt.
- The western Islamic world (northwest Africa); distinguished from the Mashriq, or eastern
Islamic world (the Middle East). Literally, "the time and place of the sunset--the west." For its
Arab conquerors, the region was the "island of the west" (jazirat al maghrib), the land
between the "sea of sand" (the Sahara) and the Mediterranean Sea. Traditionally includes
Morocco, Algeria, Tunisia, and Tripolitania (in Libya); more recently some sources have treated
Mauritania as part of the region. Also transliterated as Maghreb.
- Named for Malik ibn Anas (ca. 710-95), a leading jurist from Medina. The Maliki school
is one of four major legal schools in Sunni (q.v.) Islam, which recorded the Medina
consensus of opinion, using tradition as a guide.
- Paris Club
- The informal name for a consortium of Western creditor countries (Belgium, Britain,
Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United
States) that have made loans or have guaranteed export credits to developing nations and that
meet in Paris to discuss borrowers' ability to repay debts. Paris Club deliberations often result
in the tendering of emergency loans to countries in economic difficulty or in the rescheduling of
debts. Formed in October 1962, the organization has no formal or institutional existence. Its
secretariat is run by the French treasury. It has a close relationship with the International
Monetary Fund (q.v.), to which all of its members except Switzerland belong, as well
as with the World Bank (q.v.) and the United Nations Conference on Trade and
Development (UNCTAD). The Paris Club is also known as the Group of Ten (G-10).
- Shia (from Shiat Ali, the Party of Ali)
- A member of the smaller of the two great divisions of Islam. The Shia supported the claims
of Ali and his line to presumptive right to the caliphate and leadership of the Muslim community,
and on this issue they divided from the Sunni (q.v.) in the major schism within Islam.
Later schisms have produced further divisions among the Shia over the identity and number of
imams (q.v.). Most Shia revere Twelve Imams, the last of whom is believed to be
hidden from view.
- The larger of the two great divisions of Islam. The Sunni, who rejected the claims of Ali's
line, believe that they are the true followers of the sunna, the guide to proper behavior set forth
by Muhammad's personal deeds and utterances.
- World Bank
- Informal name used to designate a group of four affiliated international institutions: the
International Bank for Reconstruction and Development (IBRD), the International Development
Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment
Guarantee Agency (MIGA). The IBRD, established in 1945, has the primary purpose of providing
loans to developing countries for productive projects. The IDA, a legally separate loan fund but
administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest
developing countries on much easier terms than those of conventional IBRD loans. The IFC,
founded in 1956, supplements the activities of the IBRD through loans and assistance specifically
designed to encourage the growth of productive private enterprises in the less developed
countries. The MIGA, founded in 1988, insures private foreign investment in developing
countries against various noncommercial risks. The president and certain senior officers of the
IBRD hold the same positions in the IFC. The four institutions are owned by the governments
of the countries that subscribe their capital. To participate in the World Bank group, member
states must first belong to the International Monetary Fund (IMF--q.v.).