Built In Stabilizers See
Built-in Stabilizers.' See Stabilization, Economic.
Bull, on the Stock Exchange a speculator who believes that the price of securities will rise and accordingly buys in the hope of selling later at a profit; in a more restricted sense a speculator who has bought shares in the hope that theft price will rise soon enough for him to take a profit before he is called on to pay. This is made possible by dealing within the Stock Exchange Account period or by carry-over transactions.
Bullion Broker. See Broker.
Bullion Market, a financial centre in which gold bullion is bought and sold. In Britain the business is conducted by five firms of bullion brokers which meet daily to fix an official price; other dealings are carried out between banks and authorized dealers. All business is done for cash.
Bureaucracy, rule by officials (or, literally, people in offices). Frequently used slightingly to label a system of administration as unwieldy, inefficient or corrupt. With a similar intention the word may be used in a concrete sense to denote a group of administrators. Bureaucracy is often equated exclusively with government al administrative work in advanced economies, which tends to grow with increasing Government intervention in economic affairs, but there are also bureaucratic' tendencies in very large firms. Schumpeter used the word to describe the giant industrial enterprises in which economic and technical change is 'routinized' and the importance of the individual entrepreneur has disappeared.
Burke, Edmund See Individualism. Business Cycles. See Trade Cycles.
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