The latest issue of The Economist (Mar 13-19) has an extensive article on DNA testing, its background, forensic use and potential for describing individual characteristics. dnaPrint Genomics is mentioned in the concluding paragraphs: "The firm has also devised a test to predict eye color."

Weby:

Good analysis. I would have liked to ask a question about the complexity of the whole Trusted Computing effort and Wave's role in providing useful tools. SKS mentioned educating the market place and you follow with "As I've always said there is a need to build a better sales team --- even to educate the supply chain." To this education end is Wave providing any general literature to the market place on TC and Wave's role? Is there a book on the subject? I haven't googled it yet. I suspect that for now its all piece-meal, with a lot buried in the IHUB archive.

Let me point out one of the last things SKS said regarding WaveExpress:

It is "orders of magnitude" beyond anything else for transferring video.

As to current revenues, we now have a marker, and it will certainly be exceeded by next quarter and each following quarter.
Patience is what is needed now and the fortitude to pick up more on dips, if there be anymore.

I feel good... doodoodoodoodoodoodoo

Synchronicity!

I got mine from the used book section on Amazon.

OT: Cross-pollination!
Does anybody on this board follow the WAVX board?

From the Wave Systems Board

Posted by: Vacationhouse
In reply to: None Date:3/5/2004 9:45:51 PM
Post #of 32627


OT: Computer safety standard draft on way
By Liu Baijia (China Daily)
Updated: 2004-03-06 08:37

http://www.chinadaily.com.cn/english/doc/2004-03/06/content_312312.htm

China will draft a national standard for computer security chips and use them on computer mainboards, in another attempts at building the country's own standard system, said an industrial source on Friday.

David Wei, a research director with the Research Academy of Legend Group Ltd, said his company had been appointed by the Chinese Government as the organization responsible for the formulation of the country's personal computer security chip standard. The first draft is expected later this year.

The chips are expected to be used on computer mainboards and provide higher levels of security over current software information security measures like anti-virus software and firewalls.

"We are talking to many companies in the industry to form an alliance first to discuss the draft and promote the standardization process," said Wei yesterday on the sideline of the IDC Asia-Pacific Security Vision 2004 in Beijing.

He said Legend, the biggest Chinese computer maker, will manufacture trial chips in the second half of the year.

Wei believes that in 2006, about 60 per cent of personal computers will run main boards with security chips and the proportion in China will be similar, so security chips will become a huge market and Chinese companies should take the opportunity to enhance their competitiveness in formulating industrial standards.

In addition to market opportunities, China should also better protect its information security with a domestic standard. China has been working on its own standards to boost the competitiveness of domestic industries and protect national security. Examples include the TD-SCDMA standard for third generation mobile communications.

Wu Lianfeng, director of the cross product team of US-based information technology market research house International Data Corporation (IDC), also pointed out security hardware products will penetrate into every corner of information security in the future. IDC estimates that in 2007, more than 80 per cent of security products will be hardware-based, instead of current software-based tools like anti-virus and firewall software.

Ouch, my poor ears!

Initially posted by The PennyKing on BLYC board

Karl Polanyi: Some Observations

by Dr A. J. H. Latham, University College of Swansea

Introduction

This paper was originally given to the Global History Seminar at the Institute of Historical Research. To stimulate discussion on the Twentieth Century list, A. J. H. Latham has agreed to allow it to be the subject of debate on this list.

Karl Polanyi was born in 1886 and died at the age of 77 in 1964. At University he studied law and philosophy, and was called to the bar in Budapest in 1912. He was a cavalry office in the First World War. From 1924 to 1933 he was foreign affairs editor of Der Oesterreichische Volkswirt in Vienna. When the liberal traditions of this paper were threatened in the early 1930's he lost his job. He came to England in 1933 where he lectured for the Worker's Educational Association and the Extra Mural Departments of both Oxford and London Universities, giving classes in rural Kent and Sussex. From 1940 to 1943 he was resident scholar at Bennington College in the United States, and from 1947 to his retirement in 1953 he was Visiting Professor of Economics at Columbia University, New York. From 1953 to 1958 he and Conrad M. Arensberg were directors of a project at Columbia on the economic aspects of institutional growth (Polanyi et al 1957 v; Polanyi 1966 v-vi; Dalton 1971 ii; Polanyi 1977 xvi) The Columbia project had a profound impact on socio-economic thought in the United States, and in particular on economic history, economic anthropology and archaeology, but aroused little attention in Britain.

Yet it was in his time in England during the late 1930s that Polanyi became seriously interested in economic history and undertook the work on English economic history which was to be his major work, The Great Transformation (Polanyi 1944) published in Britain by Gollancz as Origins of Our Time: The Great Transformation (Polanyi 1945). His wife says of this period:-

'It is given to the best among men somewhere to let down the roots of a sacred hate in the course of their lives. This happened to Polanyi in England. At later stages, in the United States it merely grew in intensity. His hatred was directed against market society and its effects, which divested man of his human shape.' (Polanyi 1977 xvi)

Origins of Our Time: The Great Transformation did not appear until he was already 58. The principal theme was that the world market economy had effectively collapsed in the 1930s. Yet this familiar system was of very recent origin and had emerged fully formed like a butterfly from its chrysalis only as recently as the nineteenth century, in conjunction with industrialisation. Prior to the coming of industrialisation the market played no part in economic life. Even where market places could be seen to be operating, they were peripheral to the main economic organisation and activity of society (Polanyi 1945 41- 50).

His argument is that in modern market economies the needs of the market determine social behaviour, whereas in pre-industrial and primitive economies the needs of society determine economic behaviour. Drawing heavily on Malinowski and Thurnwald, he introduces the concepts of reciprocity and redistribution.

Reciprocity implies that people produced such goods and services for which they were best suited, and shared them with those around them. This was reciprocated by the others. There was an unspoken agreement that all would produce that which they could do best and mutually share and share alike. The motivation to produce and share was not personal profit, but fear of social contempt, ostracism, and loss of social prestige and standing. Presumably examples of this kind of behaviour would be village communities where men made hunting parties, and women grew vegetables. A contemporary observer would comment that examples of this kind of behaviour still exist, as in the traditional home where mother makes the dinner, father mends the car, the children run errands, and the dog barks at strangers. No money changes hands but all contribute according to their abilities to the common welfare, and all share according to their needs. Another example is British pub behaviour, where each buys a round of drinks in turn for the peer group, and failure to buy leads to social contempt, ostracism, and loss of social prestige and standing.

Redistribution is involved where a chief or leader gathers together a harvest or the kill of a hunting expedition into a safe storage place. Having made it safe he then redistributes it to members of his group by holding communal feasts and festivals. This serves both to share the communal wealth fairly, and also to reinforce the social structure, allocation (and indeed seating arrangements !) indicating status and importance. These festivals may also be used to reinforce relationships with neighbouring tribes, and the store may be used to supply the community's warriors if circumstances require (Polanyi 1945 50-56).

Polanyi recognised that market places existed in ancient times, and were present in primitive economies, but he argues their existence away by saying they were not important, and existed within a context of reciprocity. Money too was often present, but it was unimportant, and also operated within the context of reciprocity. These money using daily markets were merely convenient localised exchange places operating within the broad system of reciprocity. There were also market places for long distance trade, such as ports. But these were only for items which could not be obtained within the area, and therefore could not be provided within the local system of reciprocity. These ports of trade were specifically isolated from the prevailing reciprocity area and served to separate it from external influences. So local craft and provision markets were not linked to long distance markets and the ports of trade were controlled by the authorities to ensure the isolation was maintained (Polanyi 1945 64-69: See also Polanyi 1963 30- 45).

If ancient and primitive economies had market places but were not market economies, how does Polanyi define a market economy ? How is it different from a system of reciprocity ? According to Polanyi, a market economy is an economic system controlled by prices, these prices determining how much is produced, and how what is produced is distributed. Social considerations have no part in this system. Money exists, which serves as purchasing power and enables its possessors to acquire goods and services, which are priced in money terms. People are motivated to acquire money with which they can then purchase whatever they want (Polanyi 1945 74). Polanyi believes this monetary based market economy sprang suddenly into existence in the nineteenth century thrusting aside the old systems based on reciprocity and redistribution.

To return to Polanyi's basic point, he argues:-

'The outstanding discovery of recent historical and anthropological research is that man's economy, as a rule, is submerged in his social relationships. He does not act so as to safeguard his individual interests in the possession of material goods; he acts as to safeguard his social standing, his social claims, his social assets. He values material goods only in so far as they serve this end.' (Polanyi 1945 53)


In taking this position he specifically challenges Adam Smith who suggested that the division of labour depended upon the existence of the market, or as he put it, upon man's "propensity to barter, truck and exchange one thing for another" (Polanyi 1945 50). Polanyi says this was amazingly prophetic of Smith, because the market economy had not appeared to much extent in Smith's time. Even where it had appeared it was a subordinate feature of economic life (Polanyi 1945 51).

In 1947 Polanyi was appointed Visiting Professor of Economics at Columbia, where he taught economic history in the Graduate School. In 1948 he was given a grant by Columbia for a research project on economic institutions. When he retired in 1953 at the age of 67 he obtained another grant from the Ford Foundation to continue this work for another two years to 1955 (Polanyi et al 1957 v). This work resulted in Trade and Market in the Early Empires (Polanyi et al, 1957).

The introductory note to Trade and Market is revealing. It argues that most of us are accustomed to think that the hallmark of the economy is the market. But:-

'What is to be done, though, when it appears that some economies have operated on altogether different principles, showing a widespread use of money, and far-flung trading activities, yet no evidence of markets or gain made on buying or selling? It is then that we must re-examine our notions of the economy.' (Polanyi et al 1957 xvii).

The introduction also suggests that there are only a few ways of organising man's livelihood, and that the book provided the tools for examining non-market economies. These tools were to be demonstrated in the book in a series of empirical researches `although the underlying theory transcends them.' (Polanyi et al 1957 xvii-xviii).
Link to the seminar index (full details) or use the quick links below to select a seminar:

The Bishops' Census of 1563: A Re-examination of its Reliability


John Dee and the English Calendar: Science, Religion and Empire


Karl Polanyi: Some Observations (this page)


The Role of the Individual in Educational Reform


Deconstructing History


Forced Labour, Workhouse- Prisons and the Early Modern State: A Case Study


The Pattern of Distribution of the Lords Lieutenant and Custodes Rotulorum


Public and Private Schooling in Australia - Historical and Contemporary Considerations


Jung and Antisemintism


Voluntary Societies and Urban Elites in XIXth Century Italy


Domestic State Violence - Repression from the Croquants to the Commune


The Scottish Contribution to the Enlightenment


The Place and Space of Illness: Climate and Garden as Metaphors in the Robben Island Medical Institutions


Institution and Ideology: The Scottish Estates and Resistance Theory


The Policing of Politics in Bologna, 1898-1914


Naturalisations in France, 1927-1939: The example of the Alpes de Haute Provence (formerly the Basses-Alpes)


Tory Tergiversation in the House of Lords, 1714-1760


Regional Distinctions in the Consumption of Films and Stars in mid-1930s Britain


Management or Semi- Independence? The government of Scotland from 1707-1832


Some Ambiguities of Late Medieval Religion in England


"In the Presence of Mine Enemies": Face-to Face Killing in Twentieth Century Warfare


'I am no longer human. I am a Titan. A god!' The fascist quest to regenerate time


The Socratics' Sparta and Rousseau's


Feeding Medieval European Cities, 700-1500


Yet despite this apparent commitment to empirical research there was another agenda.

'In the receding rule of the market in the modern world, shapes reminiscent of the economic organisation of earlier times make their appearance. Of course we stand firmly committed to the progress and freedoms which are the promise of modern society. *But a purposeful use of the past may help us to meet our present over concern with economic matters and to achieve a level of human integration, that comprises the economy, without being absorbed in it.'* (Polanyi et al. 1957 xviii). (My emphasis).

So Trade and Market consists of a collection of papers on ancient or primitive economies, including Ancient Greece, Babylon, Mesopotamia, Egypt, the Aztecs and Mayas, the Berbers, India and Dahomey. These are used to show how these societies operated their economies in accordance with Polanyi's principles.

Polanyi himself writes a chapter on 'The Economy as Instituted Process', which is a restatement of the principles enunciated in Origins of Our Time: The Great Transformation. In it he adds a section on the formal and substantive meanings of the term 'economic'. This distinguishes the methodology of economics from that of economic anthropology. He argues that economics as we know it depends on formal principles. Thus a set of self-evident assumptions are made, which become premisses used as the basis for a sequence of logical deductions to a set of irrefutable conclusions. Thus one can take Smith's statement about man's `propensity to barter, truck and exchange one thing for another' and develop it to show how money and markets came into being, and how they led in turn to specialisation of function, and increased productivity. But the method of economic anthropology was substantive and depended upon empirical observation from which principles of economic behaviour were induced from perceived evidence. Societies are first observed and the principles of their economic activity recognised from their actual behaviour. Polanyi's claim is that the empirical observations of the substantivists reveal economic life in archaic and primitive economies to be entirely different from that assumed by the formalists. (Polanyi et al 243-44).

Trade and Market together with the Columbia seminars had an enormous impact on United States economic history and economic anthropology. Names associated with the project were David Landes, Margaret Mead, Marshall Sahlins, Moses Finlay, Walter Neale, Harry Pearson and many others, together with outright disciples like Paul Bohannan and George Dalton. One might say that beneath the surface of an American social scientist of that generation, you will find a Polanyist, just as beneath the surface of a British social scientist of that period you will find a Marxist. Perhaps this is because the McCarthy Era and the Marxist witch-hunt left an intellectual gap which Polanyi conveniently filled because of his broadly socialist perspective. In the same way, and for the same reasons, American children were banned from watching Chaplin, and instead were brought up on Laurel and Hardy. In Britain, where Karl Marx held sway, Karl Polanyi attracted little attention.

Polanyi's last book Dahomey and the Slave Trade (Polanyi 1966) was researched in the British Museum when he was in study leave in London during the winter term 1949-50, and was published after his death (Polanyi et al 1957 x). Based largely on secondary sources, the book amplifies his concept of the port of trade previously dealt with in Origins of Our Time: The Great Transformation (Polanyi 1945 64-69), and his 1963 paper in The Journal of Economic History (Polanyi 1963). These ports of trade were for long distance trade through which things could be obtained which were not available within the local reciprocity system. They were exchange places strictly administered and controlled by the local authorities who ensured that they were isolated from the domestic reciprocity network. Deals were done by the authorities with the outsiders, and they were done at set rates, and not by price. Money did not change hands (Polanyi 1966 xxiv, 99).

Money was another issue. Although Polanyi had always maintained that there was no market activity in primitive and archaic economies of which this West African state was an example, he was confronted by an economy in which there were numerous market places, and widespread use of money. This use of money would seem to contradict his views on reciprocity. Money is not required if exchange is based on unspoken social obligation, but if it is required and widely used, surely reciprocal obligations do not apply ? To get over this hurdle, Polanyi argues that the money was not being used for exchange, but to reinforce the social structure by allocating and rationing status. To illustrate his point, he quotes the Arab explorer Ibn Battuta who he credits with discovering such status money in the fourteenth century Niger empires, where thin and thick copper wires were used as money.

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'Thin wires, in which wages were paid, bought only firewood and coarse millet, while the thick ones bought anything, not excluding elite goods. Limitations of consumption thus were set up for the poor, while the higher standard of life of the leisure classes was automatically safeguarded. Without unfairness one can here speak of "poor man's money" as an instrument of maintaining upper-class privileges.' (Polanyi 1966 174-75).

But Polanyi's interpretation seems to have been based on a misreading of the text. A scrutiny reveals that it does not mention wages at all, and states that firewood and *meat* were obtainable with thin rods, not firewood and coarse millet. Millet, wheat, butter, and elite goods such as slaves were all bought with the thick wires. Both thin and thick rods could be changed into gold, so they were actually interchangeable, and the tiers of exchange were therefore linked not isolated. They were in fact a general purpose currency (Battuta 1929 336).

Copper rod currencies seem to have held a fascination for Polanyi and his disciples. Rods still operated in the eastern areas of Nigeria until the end of the Second World War. Paul Bohannan, a student of Polanyi's, did research among the Tiv, and produced two papers about this rod monetary system. The first was in The American Anthropologist (Bohannan 1955) and the second in The Journal of Economic History (Bohannan 1959). Using information gathered among the Tiv from the 1930s onwards, Bohannan distinguished three levels of exchange in the Tiv economic system. At the lowest level, everyday consumer goods such as chickens, goats, sheep, baskets, calabashes, pots, chairs, beds, grindstones and tools were exchanges for each other. Completely separated from this level of exchange was the middle level in which status conferring items like guns, trade cloth, slaves, horses, cattle, magic, medicine, ritual offices and copper rods were exchanged. Above this, and again completely separate for it, was the highest level where rights over women were exchanged. A wife could only be obtained in exchange for a girl of one's one lineage. Only in the most exceptional circumstances was it possible to obtain goods of a higher level of exchange for goods of a lower level. Because copper rods were valuable and not divisible, they could not be used for petty transactions of the lowest level. Buying a yam with a rod would be like buying a cup of coffee with a =A350 note. The indivisibility of the rod kept the levels of exchange separate, and ensured status conferring items were kept out of the hands of the lower orders (Bohannan 1955 60-70; Bohannan 1959 492-99; Bohannan and Bohannan 1968 228-37).

But the Tiv were not the only people to use the copper rod as currency. Directly to the south is the Cross River basin, with its chief town of Calabar. There too the rod currency remained in use until just after the Second World War. Here the use of the rod is well documented from the seventeenth century. The economy was based on the interchange of basic commodities along approximately 150 miles of the Cross River. Yams from the north, palm oil for cooking from the west, and salt and fish from the estuary to the south were distributed through the local network of markets. Vegetables, and things like chickens, goats and slaves, were also distributed through these markets, and so were craft goods like twine, ropes, nets, baskets, and raffia cloth. Itinerant blacksmiths operated at market places and made weapons and tools. Pottery could only be made at specific places where there was suitable clay, but the finished products were sent to the markets. Canoes could only be made at the few places where the trees grew big enough, but they were freely available at the markets, and these major capital goods were essential to the carrying trade of the region. Several different tribes, the Efik, the Ibibio, the Ibo, the Ekoi, the Efut, speaking different languages, participated jointly in this market system. The common currency was the copper rod, which served all the functions of a modern currency. It was a medium of exchange accepted by all, it was a unit of account, it was a standard of deferred payment essential for credit, and it was a store of wealth. Prices fluctuated according to shortages caused by harvest failure or war, and the price of a good increased the further it was carried from its place of origin incorporating the cost of transport. During the nineteenth century the currency suffered from inflation due to an increase in the supply of rods, indicating it was subject to the quantity theory. There were no restrictions on the ownership of rods. Even slaves could aquire them and use them to buy other slaves, and they could buy offices in the secret society which controlled the community. In Calabar the rod was a general purpose currency and the economy was a market economy. This was not an economy based on reciprocity (Latham 1971, 1973, 1986).

Crucial to this view that the rod in Calabar was a general purpose currency is the question of divisibility. Bohannan argued that rods could not be divided into small change, and this prevented them being used for petty transactions. This ensured that the circulation of elite goods was separated from the circulation of everyday goods. Thus rods operated as a privilege rationing system, as possession of rods made it possible to acquire elite goods which conferred and confirmed status. But in Calabar this was not the case. The Rev. Hugh Goldie's dictionary, published in 1874 and based on over twenty years experience of Calabar, states that copper rods, known okuk, were commonly made by the blacksmiths into wires. They were known as obubit okuk, or black rods, obubit being the word for black, the colour the wires were after they had been split by the Ibo blacksmiths (Goldie 1874 255). These wires were freely obtainable by all, and were essentially small change used for everyday purchases. They could also be saved up and exchanged for the big rods. Thus the concept that the isolation of transaction levels was maintained by the indivisibility of the copper rod is not true. Perhaps things were different in Tiv, just a few miles to the north of the Cross River basin and part of the same currency area. But Malherbe's 1931 dictionary of the Tiv language suggests the situation in Tiv was the same as in Calabar. He gives the word akpo`A thin brass wire, a trading commodity' which was distinct from the rod which was called bashi (Malherbe 1931 10, 22). It seems that Bohannan was either mistaken in his analysis, or misled by his informants, who were speaking after the rod had gone out of circulation. Nevertheless the fact that rods were divisible completely wrecks the status rationing hypothesis. There is also ample photographic evidence to prove the existence of the wires.

So Calabar had a market economy, not one based on reciprocity or redistribution. In many ways it was more of a market economy than our own. In Calabar you could buy slaves to use for sacrifices, or as canoe boys, farm hands or servants. But we have banned slaves from our market system. Labour services of course are marketable, but not the actual people who provide the services. Indeed slavery is another major problem for Polanyi's concept of reciprocity. How can slaves fit into a system of reciprocity ? How can a slave enjoy a reciprocal gain from the person who sells or sacrifices him ?

The rod currency was the principle Polanyist example of a status exchange unit operating within a system of reciprocity, and key to their interpretation of primitive and archaic societies. But if it turns out to have been a true general purpose currency operating within a market economy as appears to be the case, then the whole Polanyist interpretation is thrown into question. How many other systems have they misleadingly labelled as reciprocity based ? It must be emphasised that if a currency contains both large units, and small units which can be used as small change for petty transactions, then it is almost certainly a true general purpose currency. If it is a true general purpose currency, then it is operating in a market economy and not a reciprocity system. True general purpose currencies and market economies are synonymous. Money based market economies pervaded primitive and archaic societies, not systems based on reciprocity and redistribution. Harold Schneider, founder of the Society For Economic Anthropology (U.S.) and a leading anti-Polanyist, showed in a famous study that even an East African cattle currency was a general purpose currency, with the small change being calves and goats (Schneider 1970: See also Schneider 1974).

The specialisation of function which the coming of the market and general purpose economies facilitated seems to have marked the onset of the sustained economic development upon which we all now depend. Yet at the same time, in its own way the market is the ultimate form of reciprocity. Thus a salaried academic may sit at his desk writing a scholarly paper in the unspoken knowledge that others elsewhere are producing the food, clothing, shelter and transport that he needs. What is true for the academic applies equally to the judge, the plumber and that apostle of the market, the commodities trader. Presumably the tax system is the ultimate form of redistribution and indeed retribution!

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Returning to Polanyi, it seems clear that his and his disciples views are dangerously misleading, and apparently motivated by a desire to create a world in which the market has no part. In their desire to model a future devoid of market forces, they subconsciously interpret the past as having no market forces. These misleading views have been been widely adopted in the social sciences, particularly in the United States, and have even had a pernicious infiltration into `the new' archaeology. Peter Sawyer, the authority on the Vikings, has said:-

'Polanyi's analysis is not now widely accepted by economic historians or anthropologists, but it has been enthusiastically adopted by some archaeologists who think it provides a basis for reconstructing social, economic and even political phenomena in periods for which only material evidence survives. There has even been an attempt to interpret the development of early medieval Europe in this way. The resulting review of the archaeological evidence is a useful progress report but the classification of the towns, markets and fairs of post-Roman Europe according to anthropological models contributes little or nothing to our understanding of a period for which we have the welcome control of written evidence.' (Sawyer 1986 61).

Patty Jo Watson agrees with Sawyer that the new or processual archaeology of the 1960s and 1970s has a strong anthropological basis. But she points out in the December 1995 edition of The American Anthropologist that this has been succeeded by postmodernism or postprocessualism:-

'Hodder and other postprocessualists are also very concerned about the sociopolitical setting of contemporary archaeology. They urge archaeologists to be aware and self-critical about their biases and preconceptions, lest they unwittingly create a past in the image of their own present, a past that then helps to legitimate contemporary social or political themes.' (Watson 1995 688)

In conclusion it is necessary to return to Polanyi's concept of reciprocity and redistribution. Despite his and his disciples work, it is difficult to accept that primitive or archaic economies operated according to these principles. Market forces and true general purpose monies appear to have been present in societies at primitive levels and from early times, and at the onset of their sustained development. True general purpose currencies and market economies are synonymous. One must agree with Polanyi that the substantive methodology of observation and induction is the way to study primitive and archaic economies. However, when these societies are studied in this manner, the operation of their economic systems tend to confirm the deductions of the formalists, rather than confound them.

Finally, a word of caution. Marxism is today an unfashionable ethic. Are we therefore to see a flourishing of Marx surrogates ? Is this why there is a revival of interest in Polanyi ? Do those who now turn to Polanyi seek in him a new socialist figurehead ? For them there can only be this clear message:- Polanyi is baloney !


--------------------------------------------------------------------------------

Bibliography

Anderson, B. L. and Latham, A. J. H. (1986) The Market in History, London: Croom Helm.

Battuta, I. (1929) Travels in Africa and Asia, 1325- 1354, London: Routledge and Kegan Paul.

Bohannan, P. (1955) Some Principles of Exchange and Investment among the Tiv, American Anthropologist 57 60-70.

Bohannan, P. (1959) The Impact of Money on an African Subsistence Economy, Journal of Economic History 19 491-503

Dalton G. (ed) (1971) Primitive Archaic and Modern Economies: Essays of Karl Polanyi, Boston: Beacon Press.

Goldie, H. (1874) Dictionary of the Efik Language, Edinburgh.

Humphreys, S. C. (1978) Anthropology and the Greeks, London: Routledge and Kegan Paul.

Latham, A. J. H. (1971) Currency, Credit and Capitalism on the Cross River in the Pre-Colonial Era, Journal of African History 12 599-605

Latham, A. J. H. (1973) Old Calabar 1600-1891: The Impact of the International Economy upon a Traditional Society (Oxford: Clarendon Press.

Latham A. J. H. (1986) Palm Produce from Calabar, 1812- 1887, with a Note on the Formation of Palm Oil Prices to 1914, in Liesegang, Pasch and Jones (1986) 265-91

Liesegang, G. Pasch, H. and Jones, A.(eds) (1986) Figuring African Trade, Berlin: Dietrich Reimer Verlag.

McRobbie, K. (ed) (1994) Humanity, Society and Commitment: On Karl Polanyi, Montreal: Black Rose Books.

Polanyi K. (1944) The Great Transformation, New York: Rinehart and Co.

Polanyi K. (1945) Origins of Our Time: The Great Transformation, London: Gollancz.

Polanyi K. Arensberg C. H. and Pearson, H. W. (eds) (1957) Trade and Market in the Early Empires: Economies in History and Theory, Glencoe, Illinois: The Free Press.

Polanyi K. (1963) Ports of Trade in Early Societies The Journal of Economic History 23 30-45.

Polanyi K. (1966) Dahomey and the Slave Trade: An Analysis of an Archaic Economy, Seattle: University of Washington Press.

Polanyi K. (1977) The Livelihood of Man, New York: Academic Press.

Sawyer, P. (1986) Early Fairs and Markets in England and Scandinavia, in Anderson and Latham (1986) 59-77.

Schneider, H. K. (1970) The Wahi Wanyaturu: Economics in an African Society, Chicago: Aldine Atherton.

Schneider, H. K. (1974) Economic Man/, New York: The Free Press)

Watson, P. J. (1995) Archaeology and the Culture Concept, American Anthropologist 97 683-94

(IHUB-BLYC, #59, 2/20/04)

Initially posted by The PennyKing

Karl Polanyi: Some Observations

by Dr A. J. H. Latham, University College of Swansea

Introduction

This paper was originally given to the Global History Seminar at the Institute of Historical Research. To stimulate discussion on the Twentieth Century list, A. J. H. Latham has agreed to allow it to be the subject of debate on this list.

Karl Polanyi was born in 1886 and died at the age of 77 in 1964. At University he studied law and philosophy, and was called to the bar in Budapest in 1912. He was a cavalry office in the First World War. From 1924 to 1933 he was foreign affairs editor of Der Oesterreichische Volkswirt in Vienna. When the liberal traditions of this paper were threatened in the early 1930's he lost his job. He came to England in 1933 where he lectured for the Worker's Educational Association and the Extra Mural Departments of both Oxford and London Universities, giving classes in rural Kent and Sussex. From 1940 to 1943 he was resident scholar at Bennington College in the United States, and from 1947 to his retirement in 1953 he was Visiting Professor of Economics at Columbia University, New York. From 1953 to 1958 he and Conrad M. Arensberg were directors of a project at Columbia on the economic aspects of institutional growth (Polanyi et al 1957 v; Polanyi 1966 v-vi; Dalton 1971 ii; Polanyi 1977 xvi) The Columbia project had a profound impact on socio-economic thought in the United States, and in particular on economic history, economic anthropology and archaeology, but aroused little attention in Britain.

Yet it was in his time in England during the late 1930s that Polanyi became seriously interested in economic history and undertook the work on English economic history which was to be his major work, The Great Transformation (Polanyi 1944) published in Britain by Gollancz as Origins of Our Time: The Great Transformation (Polanyi 1945). His wife says of this period:-

'It is given to the best among men somewhere to let down the roots of a sacred hate in the course of their lives. This happened to Polanyi in England. At later stages, in the United States it merely grew in intensity. His hatred was directed against market society and its effects, which divested man of his human shape.' (Polanyi 1977 xvi)

Origins of Our Time: The Great Transformation did not appear until he was already 58. The principal theme was that the world market economy had effectively collapsed in the 1930s. Yet this familiar system was of very recent origin and had emerged fully formed like a butterfly from its chrysalis only as recently as the nineteenth century, in conjunction with industrialisation. Prior to the coming of industrialisation the market played no part in economic life. Even where market places could be seen to be operating, they were peripheral to the main economic organisation and activity of society (Polanyi 1945 41- 50).

His argument is that in modern market economies the needs of the market determine social behaviour, whereas in pre-industrial and primitive economies the needs of society determine economic behaviour. Drawing heavily on Malinowski and Thurnwald, he introduces the concepts of reciprocity and redistribution.

Reciprocity implies that people produced such goods and services for which they were best suited, and shared them with those around them. This was reciprocated by the others. There was an unspoken agreement that all would produce that which they could do best and mutually share and share alike. The motivation to produce and share was not personal profit, but fear of social contempt, ostracism, and loss of social prestige and standing. Presumably examples of this kind of behaviour would be village communities where men made hunting parties, and women grew vegetables. A contemporary observer would comment that examples of this kind of behaviour still exist, as in the traditional home where mother makes the dinner, father mends the car, the children run errands, and the dog barks at strangers. No money changes hands but all contribute according to their abilities to the common welfare, and all share according to their needs. Another example is British pub behaviour, where each buys a round of drinks in turn for the peer group, and failure to buy leads to social contempt, ostracism, and loss of social prestige and standing.

Redistribution is involved where a chief or leader gathers together a harvest or the kill of a hunting expedition into a safe storage place. Having made it safe he then redistributes it to members of his group by holding communal feasts and festivals. This serves both to share the communal wealth fairly, and also to reinforce the social structure, allocation (and indeed seating arrangements !) indicating status and importance. These festivals may also be used to reinforce relationships with neighbouring tribes, and the store may be used to supply the community's warriors if circumstances require (Polanyi 1945 50-56).

Polanyi recognised that market places existed in ancient times, and were present in primitive economies, but he argues their existence away by saying they were not important, and existed within a context of reciprocity. Money too was often present, but it was unimportant, and also operated within the context of reciprocity. These money using daily markets were merely convenient localised exchange places operating within the broad system of reciprocity. There were also market places for long distance trade, such as ports. But these were only for items which could not be obtained within the area, and therefore could not be provided within the local system of reciprocity. These ports of trade were specifically isolated from the prevailing reciprocity area and served to separate it from external influences. So local craft and provision markets were not linked to long distance markets and the ports of trade were controlled by the authorities to ensure the isolation was maintained (Polanyi 1945 64-69: See also Polanyi 1963 30- 45).

If ancient and primitive economies had market places but were not market economies, how does Polanyi define a market economy ? How is it different from a system of reciprocity ? According to Polanyi, a market economy is an economic system controlled by prices, these prices determining how much is produced, and how what is produced is distributed. Social considerations have no part in this system. Money exists, which serves as purchasing power and enables its possessors to acquire goods and services, which are priced in money terms. People are motivated to acquire money with which they can then purchase whatever they want (Polanyi 1945 74). Polanyi believes this monetary based market economy sprang suddenly into existence in the nineteenth century thrusting aside the old systems based on reciprocity and redistribution.

To return to Polanyi's basic point, he argues:-

'The outstanding discovery of recent historical and anthropological research is that man's economy, as a rule, is submerged in his social relationships. He does not act so as to safeguard his individual interests in the possession of material goods; he acts as to safeguard his social standing, his social claims, his social assets. He values material goods only in so far as they serve this end.' (Polanyi 1945 53)


In taking this position he specifically challenges Adam Smith who suggested that the division of labour depended upon the existence of the market, or as he put it, upon man's "propensity to barter, truck and exchange one thing for another" (Polanyi 1945 50). Polanyi says this was amazingly prophetic of Smith, because the market economy had not appeared to much extent in Smith's time. Even where it had appeared it was a subordinate feature of economic life (Polanyi 1945 51).

In 1947 Polanyi was appointed Visiting Professor of Economics at Columbia, where he taught economic history in the Graduate School. In 1948 he was given a grant by Columbia for a research project on economic institutions. When he retired in 1953 at the age of 67 he obtained another grant from the Ford Foundation to continue this work for another two years to 1955 (Polanyi et al 1957 v). This work resulted in Trade and Market in the Early Empires (Polanyi et al, 1957).

The introductory note to Trade and Market is revealing. It argues that most of us are accustomed to think that the hallmark of the economy is the market. But:-

'What is to be done, though, when it appears that some economies have operated on altogether different principles, showing a widespread use of money, and far-flung trading activities, yet no evidence of markets or gain made on buying or selling? It is then that we must re-examine our notions of the economy.' (Polanyi et al 1957 xvii).

The introduction also suggests that there are only a few ways of organising man's livelihood, and that the book provided the tools for examining non-market economies. These tools were to be demonstrated in the book in a series of empirical researches `although the underlying theory transcends them.' (Polanyi et al 1957 xvii-xviii).
Link to the seminar index (full details) or use the quick links below to select a seminar:

The Bishops' Census of 1563: A Re-examination of its Reliability


John Dee and the English Calendar: Science, Religion and Empire


Karl Polanyi: Some Observations (this page)


The Role of the Individual in Educational Reform


Deconstructing History


Forced Labour, Workhouse- Prisons and the Early Modern State: A Case Study


The Pattern of Distribution of the Lords Lieutenant and Custodes Rotulorum


Public and Private Schooling in Australia - Historical and Contemporary Considerations


Jung and Antisemintism


Voluntary Societies and Urban Elites in XIXth Century Italy


Domestic State Violence - Repression from the Croquants to the Commune


The Scottish Contribution to the Enlightenment


The Place and Space of Illness: Climate and Garden as Metaphors in the Robben Island Medical Institutions


Institution and Ideology: The Scottish Estates and Resistance Theory


The Policing of Politics in Bologna, 1898-1914


Naturalisations in France, 1927-1939: The example of the Alpes de Haute Provence (formerly the Basses-Alpes)


Tory Tergiversation in the House of Lords, 1714-1760


Regional Distinctions in the Consumption of Films and Stars in mid-1930s Britain


Management or Semi- Independence? The government of Scotland from 1707-1832


Some Ambiguities of Late Medieval Religion in England


"In the Presence of Mine Enemies": Face-to Face Killing in Twentieth Century Warfare


'I am no longer human. I am a Titan. A god!' The fascist quest to regenerate time


The Socratics' Sparta and Rousseau's


Feeding Medieval European Cities, 700-1500


Yet despite this apparent commitment to empirical research there was another agenda.

'In the receding rule of the market in the modern world, shapes reminiscent of the economic organisation of earlier times make their appearance. Of course we stand firmly committed to the progress and freedoms which are the promise of modern society. *But a purposeful use of the past may help us to meet our present over concern with economic matters and to achieve a level of human integration, that comprises the economy, without being absorbed in it.'* (Polanyi et al. 1957 xviii). (My emphasis).

So Trade and Market consists of a collection of papers on ancient or primitive economies, including Ancient Greece, Babylon, Mesopotamia, Egypt, the Aztecs and Mayas, the Berbers, India and Dahomey. These are used to show how these societies operated their economies in accordance with Polanyi's principles.

Polanyi himself writes a chapter on 'The Economy as Instituted Process', which is a restatement of the principles enunciated in Origins of Our Time: The Great Transformation. In it he adds a section on the formal and substantive meanings of the term 'economic'. This distinguishes the methodology of economics from that of economic anthropology. He argues that economics as we know it depends on formal principles. Thus a set of self-evident assumptions are made, which become premisses used as the basis for a sequence of logical deductions to a set of irrefutable conclusions. Thus one can take Smith's statement about man's `propensity to barter, truck and exchange one thing for another' and develop it to show how money and markets came into being, and how they led in turn to specialisation of function, and increased productivity. But the method of economic anthropology was substantive and depended upon empirical observation from which principles of economic behaviour were induced from perceived evidence. Societies are first observed and the principles of their economic activity recognised from their actual behaviour. Polanyi's claim is that the empirical observations of the substantivists reveal economic life in archaic and primitive economies to be entirely different from that assumed by the formalists. (Polanyi et al 243-44).

Trade and Market together with the Columbia seminars had an enormous impact on United States economic history and economic anthropology. Names associated with the project were David Landes, Margaret Mead, Marshall Sahlins, Moses Finlay, Walter Neale, Harry Pearson and many others, together with outright disciples like Paul Bohannan and George Dalton. One might say that beneath the surface of an American social scientist of that generation, you will find a Polanyist, just as beneath the surface of a British social scientist of that period you will find a Marxist. Perhaps this is because the McCarthy Era and the Marxist witch-hunt left an intellectual gap which Polanyi conveniently filled because of his broadly socialist perspective. In the same way, and for the same reasons, American children were banned from watching Chaplin, and instead were brought up on Laurel and Hardy. In Britain, where Karl Marx held sway, Karl Polanyi attracted little attention.

Polanyi's last book Dahomey and the Slave Trade (Polanyi 1966) was researched in the British Museum when he was in study leave in London during the winter term 1949-50, and was published after his death (Polanyi et al 1957 x). Based largely on secondary sources, the book amplifies his concept of the port of trade previously dealt with in Origins of Our Time: The Great Transformation (Polanyi 1945 64-69), and his 1963 paper in The Journal of Economic History (Polanyi 1963). These ports of trade were for long distance trade through which things could be obtained which were not available within the local reciprocity system. They were exchange places strictly administered and controlled by the local authorities who ensured that they were isolated from the domestic reciprocity network. Deals were done by the authorities with the outsiders, and they were done at set rates, and not by price. Money did not change hands (Polanyi 1966 xxiv, 99).

Money was another issue. Although Polanyi had always maintained that there was no market activity in primitive and archaic economies of which this West African state was an example, he was confronted by an economy in which there were numerous market places, and widespread use of money. This use of money would seem to contradict his views on reciprocity. Money is not required if exchange is based on unspoken social obligation, but if it is required and widely used, surely reciprocal obligations do not apply ? To get over this hurdle, Polanyi argues that the money was not being used for exchange, but to reinforce the social structure by allocating and rationing status. To illustrate his point, he quotes the Arab explorer Ibn Battuta who he credits with discovering such status money in the fourteenth century Niger empires, where thin and thick copper wires were used as money.

back to the top

'Thin wires, in which wages were paid, bought only firewood and coarse millet, while the thick ones bought anything, not excluding elite goods. Limitations of consumption thus were set up for the poor, while the higher standard of life of the leisure classes was automatically safeguarded. Without unfairness one can here speak of "poor man's money" as an instrument of maintaining upper-class privileges.' (Polanyi 1966 174-75).

But Polanyi's interpretation seems to have been based on a misreading of the text. A scrutiny reveals that it does not mention wages at all, and states that firewood and *meat* were obtainable with thin rods, not firewood and coarse millet. Millet, wheat, butter, and elite goods such as slaves were all bought with the thick wires. Both thin and thick rods could be changed into gold, so they were actually interchangeable, and the tiers of exchange were therefore linked not isolated. They were in fact a general purpose currency (Battuta 1929 336).

Copper rod currencies seem to have held a fascination for Polanyi and his disciples. Rods still operated in the eastern areas of Nigeria until the end of the Second World War. Paul Bohannan, a student of Polanyi's, did research among the Tiv, and produced two papers about this rod monetary system. The first was in The American Anthropologist (Bohannan 1955) and the second in The Journal of Economic History (Bohannan 1959). Using information gathered among the Tiv from the 1930s onwards, Bohannan distinguished three levels of exchange in the Tiv economic system. At the lowest level, everyday consumer goods such as chickens, goats, sheep, baskets, calabashes, pots, chairs, beds, grindstones and tools were exchanges for each other. Completely separated from this level of exchange was the middle level in which status conferring items like guns, trade cloth, slaves, horses, cattle, magic, medicine, ritual offices and copper rods were exchanged. Above this, and again completely separate for it, was the highest level where rights over women were exchanged. A wife could only be obtained in exchange for a girl of one's one lineage. Only in the most exceptional circumstances was it possible to obtain goods of a higher level of exchange for goods of a lower level. Because copper rods were valuable and not divisible, they could not be used for petty transactions of the lowest level. Buying a yam with a rod would be like buying a cup of coffee with a =A350 note. The indivisibility of the rod kept the levels of exchange separate, and ensured status conferring items were kept out of the hands of the lower orders (Bohannan 1955 60-70; Bohannan 1959 492-99; Bohannan and Bohannan 1968 228-37).

But the Tiv were not the only people to use the copper rod as currency. Directly to the south is the Cross River basin, with its chief town of Calabar. There too the rod currency remained in use until just after the Second World War. Here the use of the rod is well documented from the seventeenth century. The economy was based on the interchange of basic commodities along approximately 150 miles of the Cross River. Yams from the north, palm oil for cooking from the west, and salt and fish from the estuary to the south were distributed through the local network of markets. Vegetables, and things like chickens, goats and slaves, were also distributed through these markets, and so were craft goods like twine, ropes, nets, baskets, and raffia cloth. Itinerant blacksmiths operated at market places and made weapons and tools. Pottery could only be made at specific places where there was suitable clay, but the finished products were sent to the markets. Canoes could only be made at the few places where the trees grew big enough, but they were freely available at the markets, and these major capital goods were essential to the carrying trade of the region. Several different tribes, the Efik, the Ibibio, the Ibo, the Ekoi, the Efut, speaking different languages, participated jointly in this market system. The common currency was the copper rod, which served all the functions of a modern currency. It was a medium of exchange accepted by all, it was a unit of account, it was a standard of deferred payment essential for credit, and it was a store of wealth. Prices fluctuated according to shortages caused by harvest failure or war, and the price of a good increased the further it was carried from its place of origin incorporating the cost of transport. During the nineteenth century the currency suffered from inflation due to an increase in the supply of rods, indicating it was subject to the quantity theory. There were no restrictions on the ownership of rods. Even slaves could aquire them and use them to buy other slaves, and they could buy offices in the secret society which controlled the community. In Calabar the rod was a general purpose currency and the economy was a market economy. This was not an economy based on reciprocity (Latham 1971, 1973, 1986).

Crucial to this view that the rod in Calabar was a general purpose currency is the question of divisibility. Bohannan argued that rods could not be divided into small change, and this prevented them being used for petty transactions. This ensured that the circulation of elite goods was separated from the circulation of everyday goods. Thus rods operated as a privilege rationing system, as possession of rods made it possible to acquire elite goods which conferred and confirmed status. But in Calabar this was not the case. The Rev. Hugh Goldie's dictionary, published in 1874 and based on over twenty years experience of Calabar, states that copper rods, known okuk, were commonly made by the blacksmiths into wires. They were known as obubit okuk, or black rods, obubit being the word for black, the colour the wires were after they had been split by the Ibo blacksmiths (Goldie 1874 255). These wires were freely obtainable by all, and were essentially small change used for everyday purchases. They could also be saved up and exchanged for the big rods. Thus the concept that the isolation of transaction levels was maintained by the indivisibility of the copper rod is not true. Perhaps things were different in Tiv, just a few miles to the north of the Cross River basin and part of the same currency area. But Malherbe's 1931 dictionary of the Tiv language suggests the situation in Tiv was the same as in Calabar. He gives the word akpo`A thin brass wire, a trading commodity' which was distinct from the rod which was called bashi (Malherbe 1931 10, 22). It seems that Bohannan was either mistaken in his analysis, or misled by his informants, who were speaking after the rod had gone out of circulation. Nevertheless the fact that rods were divisible completely wrecks the status rationing hypothesis. There is also ample photographic evidence to prove the existence of the wires.

So Calabar had a market economy, not one based on reciprocity or redistribution. In many ways it was more of a market economy than our own. In Calabar you could buy slaves to use for sacrifices, or as canoe boys, farm hands or servants. But we have banned slaves from our market system. Labour services of course are marketable, but not the actual people who provide the services. Indeed slavery is another major problem for Polanyi's concept of reciprocity. How can slaves fit into a system of reciprocity ? How can a slave enjoy a reciprocal gain from the person who sells or sacrifices him ?

The rod currency was the principle Polanyist example of a status exchange unit operating within a system of reciprocity, and key to their interpretation of primitive and archaic societies. But if it turns out to have been a true general purpose currency operating within a market economy as appears to be the case, then the whole Polanyist interpretation is thrown into question. How many other systems have they misleadingly labelled as reciprocity based ? It must be emphasised that if a currency contains both large units, and small units which can be used as small change for petty transactions, then it is almost certainly a true general purpose currency. If it is a true general purpose currency, then it is operating in a market economy and not a reciprocity system. True general purpose currencies and market economies are synonymous. Money based market economies pervaded primitive and archaic societies, not systems based on reciprocity and redistribution. Harold Schneider, founder of the Society For Economic Anthropology (U.S.) and a leading anti-Polanyist, showed in a famous study that even an East African cattle currency was a general purpose currency, with the small change being calves and goats (Schneider 1970: See also Schneider 1974).

The specialisation of function which the coming of the market and general purpose economies facilitated seems to have marked the onset of the sustained economic development upon which we all now depend. Yet at the same time, in its own way the market is the ultimate form of reciprocity. Thus a salaried academic may sit at his desk writing a scholarly paper in the unspoken knowledge that others elsewhere are producing the food, clothing, shelter and transport that he needs. What is true for the academic applies equally to the judge, the plumber and that apostle of the market, the commodities trader. Presumably the tax system is the ultimate form of redistribution and indeed retribution!

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Returning to Polanyi, it seems clear that his and his disciples views are dangerously misleading, and apparently motivated by a desire to create a world in which the market has no part. In their desire to model a future devoid of market forces, they subconsciously interpret the past as having no market forces. These misleading views have been been widely adopted in the social sciences, particularly in the United States, and have even had a pernicious infiltration into `the new' archaeology. Peter Sawyer, the authority on the Vikings, has said:-

'Polanyi's analysis is not now widely accepted by economic historians or anthropologists, but it has been enthusiastically adopted by some archaeologists who think it provides a basis for reconstructing social, economic and even political phenomena in periods for which only material evidence survives. There has even been an attempt to interpret the development of early medieval Europe in this way. The resulting review of the archaeological evidence is a useful progress report but the classification of the towns, markets and fairs of post-Roman Europe according to anthropological models contributes little or nothing to our understanding of a period for which we have the welcome control of written evidence.' (Sawyer 1986 61).

Patty Jo Watson agrees with Sawyer that the new or processual archaeology of the 1960s and 1970s has a strong anthropological basis. But she points out in the December 1995 edition of The American Anthropologist that this has been succeeded by postmodernism or postprocessualism:-

'Hodder and other postprocessualists are also very concerned about the sociopolitical setting of contemporary archaeology. They urge archaeologists to be aware and self-critical about their biases and preconceptions, lest they unwittingly create a past in the image of their own present, a past that then helps to legitimate contemporary social or political themes.' (Watson 1995 688)

In conclusion it is necessary to return to Polanyi's concept of reciprocity and redistribution. Despite his and his disciples work, it is difficult to accept that primitive or archaic economies operated according to these principles. Market forces and true general purpose monies appear to have been present in societies at primitive levels and from early times, and at the onset of their sustained development. True general purpose currencies and market economies are synonymous. One must agree with Polanyi that the substantive methodology of observation and induction is the way to study primitive and archaic economies. However, when these societies are studied in this manner, the operation of their economic systems tend to confirm the deductions of the formalists, rather than confound them.

Finally, a word of caution. Marxism is today an unfashionable ethic. Are we therefore to see a flourishing of Marx surrogates ? Is this why there is a revival of interest in Polanyi ? Do those who now turn to Polanyi seek in him a new socialist figurehead ? For them there can only be this clear message:- Polanyi is baloney !


--------------------------------------------------------------------------------

Bibliography

Anderson, B. L. and Latham, A. J. H. (1986) The Market in History, London: Croom Helm.

Battuta, I. (1929) Travels in Africa and Asia, 1325- 1354, London: Routledge and Kegan Paul.

Bohannan, P. (1955) Some Principles of Exchange and Investment among the Tiv, American Anthropologist 57 60-70.

Bohannan, P. (1959) The Impact of Money on an African Subsistence Economy, Journal of Economic History 19 491-503

Dalton G. (ed) (1971) Primitive Archaic and Modern Economies: Essays of Karl Polanyi, Boston: Beacon Press.

Goldie, H. (1874) Dictionary of the Efik Language, Edinburgh.

Humphreys, S. C. (1978) Anthropology and the Greeks, London: Routledge and Kegan Paul.

Latham, A. J. H. (1971) Currency, Credit and Capitalism on the Cross River in the Pre-Colonial Era, Journal of African History 12 599-605

Latham, A. J. H. (1973) Old Calabar 1600-1891: The Impact of the International Economy upon a Traditional Society (Oxford: Clarendon Press.

Latham A. J. H. (1986) Palm Produce from Calabar, 1812- 1887, with a Note on the Formation of Palm Oil Prices to 1914, in Liesegang, Pasch and Jones (1986) 265-91

Liesegang, G. Pasch, H. and Jones, A.(eds) (1986) Figuring African Trade, Berlin: Dietrich Reimer Verlag.

McRobbie, K. (ed) (1994) Humanity, Society and Commitment: On Karl Polanyi, Montreal: Black Rose Books.

Polanyi K. (1944) The Great Transformation, New York: Rinehart and Co.

Polanyi K. (1945) Origins of Our Time: The Great Transformation, London: Gollancz.

Polanyi K. Arensberg C. H. and Pearson, H. W. (eds) (1957) Trade and Market in the Early Empires: Economies in History and Theory, Glencoe, Illinois: The Free Press.

Polanyi K. (1963) Ports of Trade in Early Societies The Journal of Economic History 23 30-45.

Polanyi K. (1966) Dahomey and the Slave Trade: An Analysis of an Archaic Economy, Seattle: University of Washington Press.

Polanyi K. (1977) The Livelihood of Man, New York: Academic Press.

Sawyer, P. (1986) Early Fairs and Markets in England and Scandinavia, in Anderson and Latham (1986) 59-77.

Schneider, H. K. (1970) The Wahi Wanyaturu: Economics in an African Society, Chicago: Aldine Atherton.

Schneider, H. K. (1974) Economic Man/, New York: The Free Press)

Watson, P. J. (1995) Archaeology and the Culture Concept, American Anthropologist 97 683-94

OT: For what its worth:
It would have taken you less time to do the survey than to write your post on having better things to do with your time.

On Leap Year

question: Why is it that: the year 1900 was not a leap year; the year 2000 will be a leap year; and the year 2100 will not be a leap year?

answer: A year that is evenly divisible by 100 is not a leap year unless it also is evenly divisible by 400.

explanation: The time required for Earth to make one lap around the sun -- to go from vernal equinox to vernal equinox -- is approximately 365.2422 days. Because the period of 365 days that our calendar assigns to the basic year falls approximately 0.2422 of a day short of the time it actually takes to orbit the sun, the calendar adds one day to every fourth year. This quadrennial "leap year" causes the average duration of a year to be approximately 365.2500 days. Because this quadrennial adjustment overshoots its goal by approximately 0.0078 of one day, the calendar "skips" the quadrennial adjustment at the turn of each century. This centennial "re-adjustment" causes the average duration of a year -- over the long run -- to be approximately 365.2400 days. Because this centennial readjustment overshoots its goal by approximately 0.0022 of one day, the calendar "un-skips" the centennial re-adjustment once every four centuries. This quadricentennial "re-re-adjustment" causes the average duration of a year -- over the very long run -- to be approximately 365.2425 days. All of this has the effect of reducing the difference between our calendar and our actual orbit around the sun to approximately 0.0003 of a day -- about 26 seconds.

(IHUB (WAVX-32153), 2/29/04)

Yes!

Waterhouse

I suspect that letters only went out to those who bought and sold during the "class period."

Did you sell in any of those 4 accounts during the "class period"?

Why not post it here?

OT
That's fine. It's not so much as what you say as how you say it.

Ouch, my poor ears.

Ouch, my ears!

OT
We are not home. At the tone please leave your message.
Beep!

WAVE Timeline update:

Wave news archive at www.wave.com

Wave Systems Corp.
480 Pleasant Street
Lee, MA 01238
tel: 413-243-1600
fax: 413-243-0045


1988 Wave Systems began developing interoperable trusted technologies combining security features for hardware and software. Peter Sprague founded Wave Systems.
(http://www.wave.com)(IHub, #23768, 12/21/03)

1990 Victor Shear founded InterTrust.
(IHub, #21309, 11/30/03)

1994 Aug 31, The original prospectus from the WAVX IPO was posted. The prospectus states there is no public market for WAVX Class A Common Stock prior to the IPO offering of 3,600,000 shares.
(IHub, #22477, 12/10/03)

1997 Aug 26, Nasdaq Stock Market, Inc. advised Wave that it no longer meets the Nasdaq Stock Market, Inc.'s listing requirements with respect to net tangible assets.
(www.wave.com)
1997 Oct 2, Nasdaq granted Wave a listing on The Nasdaq SmallCap Market following Wave's September 11th hearing before a Nasdaq Listing Qualifications Panel.
(www.wave.com)
1997 Dec 18, Wave Systems Corp announced an agreement with IBM Corporation to find ways to inexpensively incorporate Wave Systems' WaveMeter® chip into PC products.
(www.wave.com)

1998 Jun 11, Aladdin exercised a warrant to purchase 1,000,000 registered shares of Wave Systems Corp. Class A Common Stock, yielding gross proceeds of $2,550,000 to Wave.
(www.wave.com)
1998 Jun 15, Wave announced an agreement with Interactive Magic, a leading developer and publisher of interactive strategy and simulation games, to distribute Interactive Magic's software titles through Wave's innovative WaveSystem.
(www.wave.com)
1998 cJun, CRN article.
(JV, IHub, 11/29/03)

1999 May, Wavexpress, Inc., a joint venture formed by Wave Systems Corp. and Sarnoff Corporation, was founded to develop secure distribution channels for IP content over broadband networks.
(www.wavexpress.com)
1999 May, Relisting.
(JV, IHub, 11/29/03)
1999 Nov 23, Intel patent # 5,991,399. Method for securely distributing a conditional use private key to a trusted entity on a remote system.
(IHub, #20489, 11/24/03)
1999 Dec 13, Article on Wavoids: Danmny Hakim, Smartmoney.com. "Steven K. Sprague, the 36-year-old president and chief operating officer of Wave Systems..."
(IHub, #28868, 2/6/04)
1999 Compaq, Hewlett-Packard, IBM, Intel and Microsoft established the Trusted Computing Platform Alliance (TCPA) in an effort to define and promote the goal of trustworthy computing.
(http://www.unclever.com/wavx/DD.htm)

2000 Mar 21, Intel patent # 6,041,122. Method and apparatus for hiding crytographic keys utilizing autocorrelation timing encoding and computation.
(IHub, #20489, 11/24/03)
2000 Mar, AMD announcement.
(JV, IHub, 11/29/03)
2000 Jun 9, Wavexpress, a new technology company providing e-commerce and data broadcasting services to digital TV broadcasters, content providers and consumers, today announced the appointment of Andy Lippman, Associate Director and Senior Research Scientist at the Massachusetts Institute of Technology's Media Laboratory, to its Board of Directors.
(IHub, #26272, 1/14/04)
2000 Oct 24, Wave Patent # 6,138,239. "A method and system for secure transactions. The method and system comprise a security co-processor and an interface for interfacing the security co-processor to a host computer system." This may cover Microsoft's NGSCB architecture in its entirety
(IHub, #21260, 11/30/03)
2000 Dec 19, Wave Systems Corp. and InterTrust Technologies Corporation (ITRU) announced today that they are collaborating to create the industries' premier high-end digital rights management solution, using Wave's EMBASSY® Trusted Client programmable hardware system, as the newest platform in the recently announced InterTrust RightsChip family.
(IHub, #25184, 1/6/04)

2002 May 14, Wave Systems 1Q02 quarterly conference call.
(IHub, #22493, 12/11/03)
2002 Jun 4, Intel patent # 6,401,208. "Method for BIOS authentication prior to BIOS execution."
(IHub, #20489, 11/24/03)
2002 Jun 23, Leak on Palladium. The Microsoft infrastructure formerly known as Palladium and in 2003 called by the awkward acronym NGSCB (pronounced "ing-scub," short for Next-Generation Secure Computing Base).
(IHub, #21292, 11/30/03)(IHub #20416, 11/24/03)
2002 Jun 24, Wave Systems share holders meeting.
(IHub, #21292, 11/30/03)
2002 Jun 26, Palladium is the code name for a set of features in an upcoming version of Windows... It is a new breed of hardware with new capabilities in the operating system, and over time new applications and services... it will provide some very significant things in the way of security, personal privacy, and system integrity.
(IHub, #21307, 11/30/03)
2002 Aug 8, Wave Systems 2Q02 quarterly conference call.
(IHub, #22493, 12/11/03)
2002 Aug 19, Tarari, a start-up chip company that was spun out of semiconductor giant Intel, announced that it has received $13 million in its first round of venture funding. The San Diego company is developing so-called content processors, which are designed to speed up specific network-based software applications. The chips will help speed up software such as anti-viral programs that can dramatically slow down a corporate network.
(IHub, #21363, 11/30/03)
2002 Nov 11, Wave Systems 3Q02 quarterly conference call.
(IHub, #22493, 12/11/03)
2002 Nov 18, Wave Systems, a developer of hardware solutions and services for secure and trusted Internet commerce, announced a complete suite of secure EMBASSY™ services for National Semiconductor’s TCPA compliant SafeKeeper™ technology used in its PC21100 trusted platform module (TPM) and software stack. Wave’s solution, when combined with National’s SafeKeeper technology, provides servers, and desktop PC and mobile PC platforms, with a suite of secure services. This suite of services adds value and new revenue opportunities, through the sale of the suite of service solutions, to the PC platform, while providing enhanced security and privacy options for consumers.
(IHub, #22302, 12/8/03)

2003 Feb 18, Wave Systems Corp., a developer of solutions and services for secure Internet commerce, is demonstrating its suite of secure EMBASSY®-based services at the Intel Developer Forum, Feb. 18 - Feb. 21, 2003, at the San Jose Convention Center.
(IHUB, #29965, 2/13/04)

2003 Mar 28, Wave Systems and National Semiconductor Approve Licensing Agreement on Hardware and Software Solution for Trusted Computing Platforms.
(http://www.unclever.com/wavx/DD.htm)
2003 Mar 31, Wave Systems 4Q02 quarterly conference call.
(IHub, #22493, 12/11/03)
2003 Mar 31, Peter Sprague announced his resignation as a director of Wave Systems.
(IHub, #24522, 12/29/03)
2003 Apr 7, Nancy Sumrall at RSA 2003 said "Intel is pleased to demonstrate Wave’s suite of trusted services on TPM enabled Intel platforms. It is important that the OEMs and the industry in general begin to deliver these TPM based services which can interoperate amongst all of the secure platforms that will be deployed over the next few years. Wave’s insights in the development and delivery of these trusted services are just the beginning of bringing a whole new level of value to the PC platform," said Nancy Sumrall, safer computing initiative manager, Desktop Platforms Group at Intel.
(IHUB, #30528, 2/18/04)
2003 Apr 8, AMD, HP, IBM, Intel and Microsoft today announced the formation of a new industry group dedicated to embedding trust and security more broadly into computing platforms and devices. The Trusted Computing Group (TCG) will work to create open standards that can be adopted for use in products and solutions across the spectrum of computing, including PCs, PDAs, servers and digital phones, to enable secure and trusted computing that can protect data, privacy, and individual rights. Wave joined TCG. There were only 11 companies initally invited to TCG, WAVE, being one of them, of course.
(http://www.unclever.com/wavx/DD.htm)(IHub, #24287, 12/26/03)
2003 Apr 10, Wave Systems Announces Secure Services Support For IBM ThinkPad Notebooks and NetVista Desktops, the Industry’s First Trust Infrastructure Services for TCG Platforms Using EMBASSY® Trust Services to be Demonstrated at RSA Conference 2003.
(http://www.unclever.com/wavx/DD.htm)
2003 May 15, Wave Systems 1Q03 quarterly conference call.
(IHub, #22493, 12/11/03)
2003 May 27, After extending the due date on the loan in 2002, WAVX approved a bonus (to Feeney), "in an amount equal to Mr. Feeney's obligations with respect to such loan and accrued interest," according to Wave's 2003 Schedule 14(a) proxy filing. Feeney repaid the loan with the funds from the bonus." "Wave made a loan of $250,000 to the company's chief financial officer, Gerard Feeney, in 2001 so he could pay capital-gains taxes on exercised Wave stock options.
(IHub, #28955, 2/6/04)
2003 Jul 25, Wave closed at $.86.
(IHub, #23649, 12/19/03)
2003 Jul 30, Wave Systems Corp. and Cubic Defense Applications, the defense segment of Cubic Corporation (AMEX:CUB), announced a strategic partnership where Cubic will integrate Wave’s EMBASSY® technologies into a new line of versatile smart card readers. These readers will be offered in several form factors, such as standalone Universal Serial Bus (USB) devices, trusted computer keyboards, and proximity door access devices.
(IHub, #46 TCG, 2/15/04)
2003 Jul 31, Wave Systems announced an agreement with Intel Corporation that will help enable both companies to accelerate the development and deployment of trusted applications and services for safer computing on personal computer platforms.
(JV, IHub, 11/29/03)(http://www.unclever.com/wavx/DD.htm)
2003 Jul 31, After opening at $1.03 on July 31 it closed at $2.25 the same day, and went on to finish at a two-year high of $4.53 on Aug. 5.
(IHub, #23373, 12/19/03)
2003 Aug 4, Reuters said that Wave Systems said it had agreed to a deal with IBM to embed its software inside selected IBM notebook and desktop computers, marking the latest in a string of deals for the tiny company. (corrected by Reuters on Dec 19) "a deal with IBM in which its software would be compatible with selected IBM notebook and desktop computers."
(IHub, #23431, 12/19/03)(Reuters, 8/4/03)(IHub, #23685, 12/19/03)(Reuters, 12/19/03)
2003 Aug 4, Wave Systems' stock, among the most actively traded and top percentage gainers on Nasdaq, was up 28.8 percent, or $1.05 cents, at $4.70.
(IHub, #23416, 12/19/03)
2003 Aug 5, Wave Systems reached a high of 5.24.
(IHub, #23463, 12/19/03)
2003 Aug 5, Wave Systems Has Not Inked Deal With IBM. WAVX Wave Systems Corp. (WAVX) stated that its security software is compatible with International Business Machines Corp.'s (IBM) embedded security subsystem. (A story that ran at 1:04 p.m. EDT incorrectly stated that Wave Systems has an actual deal with IBM.)
(IHub, #23822, 12/21/03)
2003 Aug 5-6, Wave Systems has received $3.6 million in cash, with $1 million of that coming as a loan repayment from its former chair, Peter Sprague. The remainder came from shareholders who exercised options to buy 1.189 million shares at strike prices between $1.09 to $4.08 per share. Among those exercising options were CEO Steven Sprague, for 150,000 shares at a strike price of $2.01. He sold all of the underlying shares. Sprague had received options in 2002 with 252,500 underlying shares. CFO Gerard Feeney sold 100,000 shares, after receiving options with 150,000 underlying shares.
(IHub, #23472, 12/19/03)(IHub, #23681, 12/19/03)
2003 Aug 6, The share price of Wave (WAVX) slumped by nearly 31%, a drop of $1.39 on the day, and it's all being put down to a report by a US hack. According to Ellen Sheng of Dow Jones Newswires, its auditor KPMG said that it was doubtful it could continue as a going concern beyond the second quarter of 2003.
(IHub, #23470, 12/19/03)
2003 Aug 7, Wave Systems said it expected to receive $2.6 million from the exercise of share options by current and former employees, and another $1 million owed by Peter Sprague. The elder Sprague had been extended that amount in loans by Wave's board of directors in 2001, but had defaulted on the scheduled repayments.
(IHub, #23768, 12/21/03)
2003 Aug 8, Wave Systems 2Q03 quarterly conference call.
(IHub, #22493, 12/11/03)
2003 Aug 8, Wave Systems announced that Peter Sprague had repaid a loan of $1 million.
(IHub, #24522, 12/29/03)
2003 Aug 14, Wave Systems Corp., a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms, today announced the EMBASSY® Trust Suite of applications and services will be available for Atmel Corporation’s Trusted Platform Module (AT97SC3201) technology and software stack.
(IHub, #30351, 2/17/04)
2003 Aug 19, Wave Systems Corp., announced it has joined the RSA Secured® Partner Program to help provide trusted identity and access management between the Wave's eSign Transaction Management Suite™ (eTMS) and RSA Keon® digital certificate management software.
(IHub, #24522, 2/15/04)
2003 Oct 14, Intel patent # 6,633,981. Electronic system and method for controlling access through user authentication.
(IHub, #20489, 11/24/03)
2003 Oct 22, Wave Systems Corp. announced today that Wave’s bundled trusted applications and services software security suite for safer computing is now shipping.
(IHub, #24455, 12/28/03)
2003 Nov 13, Wave Systems 3Q03 quarterly conference call. The company reported net revenue from development service and license contracts of $80,000, compared to third-quarter 2002 revenue of $70,000. It reported a net loss to common shareholders for the quarter of $8.3 million. Net revenue for the first nine months was $130,000, compared to $393,000 in revenue during the same period last year. The net loss to common shareholders for the first nine months was $21 million, compared to $33.6 million last year, Wave reported. The company said it had $6 million in cash, enough to fund operating, sales, marketing and development activities until February.
(IHub, #22493, 12/11/03)(IHub, #23768, 12/21/03)
2003 Nov 19, Wave completed $7.1 million private placement financing with a group of institutional and accredited investors.
(www.wave.com)
2003 Nov 24, Wave Systems To Present Trusted Computing Strategy at Red Herring Fall 2003 Conference in Monterey, California.
(www.wave.com)

2003 Dec 1, Grantsdale chipset, scheduled for release in the first half of 2004, will allow users to run wireless networks from their PCs.
(IHub #21498, 12/1/03)

2003 Dec 8, Seoul-based content management company XMedia announced today that it has been selected by CyberKAIST to provide technology for delivery of online courseware. XMedia has chosen Wavexpress, majority owned by Wave Systems Corp. (WAVX:NASDAQ), as the technology platform provider to ensure secure broadband distribution of the courseware. Wavexpress delivers full-screen, DVD-quality digital content over broadband networks.
(IHub, #22213, 12/8/03)

2003 Dec 8-10, Wave Systems Corp. demonstrated a range of Trusted Computing security and business productivity solutions at the Inside ID Conference, Washington, D.C.
(IHub, #21707, 12/3/03)

2003 Dec 17-18, SEC said it had begun a formal probe of Wave Systems Corp., a maker of security software. Wave said the Securities and Exchange Commission had launched a formal investigation of the company. The probe by the U.S. financial watchdog relates to certain public statements the company made around August 2003, as well as certain trading in the companies securities around this time.
(Reuters, 12/18/03)

2003 Dec 19, Wave Systems closed at 1.50. Reuters issued correction of Aug 4 article. Original: Reuters said Wave Systems said it had agreed to a deal with IBM to embed its software inside selected IBM notebook and desktop computers, marking the latest in a string of deals for the tiny company. Corrected to: "a deal with IBM in which its software would be compatible with selected IBM notebook and desktop computers."
(IHub, #23431, 12/19/03)(Reuters, 8/4/03)(IHub, #23685, 12/19/03)(Reuters, 12/19/03)

2004 Jan 14, Wave Systems closed at 2.18.
(WSJ, 1/15/04)

2004 Jan 15, SSP Solutions, Inc. (NasdaqNM:SSPX), a leading provider of identity and information assurance products and services, today announced a strategic partnership with HID Corporation, the premier manufacturer of contactless access control readers and cards for the security industry. Wave had about 3.9 million shares of sspx.
(IHub, #26308, 1/15/04)(IHub, #26311, 1/15/04)

2004 Jan 23, Class-action suit filed against WAVX by Marcello Trebitsch. News made public Feb 4.
(IHub, #28421, 2/5/04)

2004 Jan 26, Candy M. Sousa signed a complaint form with Milberg Weiss against WAVX.
(IHub, #29002, 2/7/04)

2004 Feb 4, Milberg Weiss class action suit against WAVX announced.
(IHub, #28316, 2/4/04)

2004 Feb 5, A third class-action suit was filed by Charles J. Piven against WAVX: "on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Wave Systems Corporation (NASDAQ: WAVX) between July 31, 2003 and February 2, 2004, inclusive (the "Class Period")."
(IHub, #28654, 2/5/04)(IHub, #28667, 2/5/04)

2004 Feb 6, The number of employees at WAVX is about 90.
(IHub, #28933, 2/6/04)

2004 Feb 7, Article by Buill Carey on 3 suits against WAVX.
(IHub, #29006, 2/7/04)

2004 Feb 10, A class action lawsuit was filed by Zimmerman, Levi & Korsinsky, LLP in the United States District Court for the Southern District of New Jersey on behalf of all purchasers of the securities of Wave Systems Corp. between July 31, 2003 and December 18, 2003.
(IHub, #29534, 2/10/04)
2004 Feb 10, A securities class action lawsuit was commenced in the United States District Court for the District of Massachusetts on behalf of all persons who purchased or acquired securities of Wave Systems Corporation. A copy of the Complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP.
(IHub, #29603, 2/10/04)

2004 Feb 11, Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all purchasers of the common stock of Wave Systems Corporation from July 31, 2003 through December 18, 2003, inclusive by the Law Firm of Schiffrin & Barroway, LLP.
(IHub, #29639, 2/11/04)
2004 Feb 11,The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Wave Systems, Inc. common stock during the period between July 31, 2003 and December 18, 2003.
(IHub, #29668, 2/11/04)

2004 Feb 13, Wave Systems Corp. announced its EMBASSY® Trust Suite software will be demonstrated within the Trusted Computing Group (TCG) Community exhibition area, Booth 152, at the Intel Developer Forum, February 17-19, at the Moscone Convention Center, SF.
(IHub, #30213, 2/15/04)
2004 Feb 13, Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the District of Massachusetts, on behalf of persons who purchased or otherwise acquired publicly traded securities of Wave Systems Inc. between July 31, 2003 and December 18, 2003, inclusive.
(IHUB, #29970, 2/13/04)

2004 Feb 20, Wechsler Harwood LLP today announced that it has filed a Federal Securities fraud class action on behalf of persons or entities who purchased or otherwise acquired the securities of Wave Systems Corporation (WAVX) between July 31, 2003 through February 2, 2004, inclusive.
(IHUB, #30906, 2/20/04)

2004 Feb 23, Wave Systems Corp. and NTRU today announced that they have teamed up to provide a cross-platform software solution for trusted personal computers. The secure software from the two companies is designed to work with multiple-vendor Trusted Computing Group (TCG)-compliant security chips now available for personal computers. By making available multiple-security chip software from each company, PC OEMs and chip manufacturers can have more options in the secure solutions they provide to customers.
(IHUB, #31187, 2/23/04)
2004 Feb 23, Suit # 10: Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on February 19, 2004 in the United States District Court for the District of Massachusetts, on behalf of persons who purchased or otherwise acquired publicly traded securities of Wave Systems Corporation between July 31, 2003 and February 2, 2004, inclusive. The lawsuit was filed against Wave, John E. Bagalay, Jr., Steven K. Sprague and Gerard T. Feeney.
(IHUB, #31208, 2/23/04)
2004 Feb 23, Law Offices Bernard M. Gross, P.C. announced that a class action lawsuit, numbered 04cv 30037, was commenced in the United States District Court for the District of Massachusetts, Springfield Division, against defendants Wave Systems Corp. (WAVX) , Steven K. Sprague (President & CEO), Gerald T. Feeney (COO) and John E. Bagalay, Jr. PhD (Chairman of the Board) on behalf of all persons who purchased the securities of Wave Systems Corporation between July 18, 2003 and December 18, 2003, seeking remedies under the Securities Exchange Act of 1934.
(IHUB, #31332, 2/23/04)


2004 Feb-Mar, Wave 4Q03 report expected.

2004 Q1, The new Pentium 4 processors code-named Prescott to be released. Intel will build LaGrande technology into chips beginning with the upcoming Prescott CPU and support chipset. LaGrande technology will provide capabilities such as protection of secure memory even from DMA (direct memory access) engines. LaGrande is a security engine that is built into Intel Prescott CPUs and chipsets, expected in the second half of the year. It aims to protect a system's data in ways software-based solutions currently can't offer. The technology will isolate data by setting up "virtual vaults" in hardware that are less vulnerable to viruses or hackers, while also separating applications so contaminations can't be spread from one software program to another.
(IHub #20416, 11/24/03)(IHub #22133, 12/7/03)

2005 Longhorn represents Microsoft's best assessment of how computing will evolve and may be ready about this time, though some say 2006-7. Longhorn w/ NGSCB could be a siginificant driver for the adoption of trusted computing.Longhorn has three major components: Avalon, which is the user interface; WinFS, the new file system that is based on metadata; and Indigo, the communications system that will include middleware to pass messages back and forth among different Web services, their objects and components. So a developer will no longer need to understand exactly how everything works.
(IHub, #21276, 11/30/03)(IHub, #21294, 11/30/03)(IHub, #22501, 12/11/03)

OT
I suspect it's rarely done well.

OT
How about that old dog corollary "Time takes things!"

No Yes! It is actually just bi-polar, two words with contrary definitions. The oxymoron would be a phrase such as: passively aggressive.

Not me. If Hrct is down, I'll buy more.

Nothing new or interesting. The sheer waste in paper and associated costs upsets me the most. No historical value here. They're in the recycle bin.

Unsolicited. They always seem to come that way.

Today I received packages from Schiffrin & Barroway concerning their suit against WAVX. My inclination is to throw it all away along with the 8 other expected packages from the other lawyer groups. Would anybody here argue against this?

OK,
Please enumerate the said laws of gravity.

I've heard that it was as many as 60-75,000. Were you there?

I've heard that Hell is in a black hole, so none of the laws apply.

After 9 months or so another "Oid" for sure.

OT:

See: http://www.investorshub.com/boards/read_msg.asp?message_id=2407907

I believe the Kennedy family had a little hand in liquor also.

1797 John Anderson, a Scottish farm manager, convinced George Washington that distilling whiskey would make money. In a six-week season each spring, Washington’s men netted about a million shad and herring from the Potomac River. The catch was then salted, packed in barrels, and exported. His diversified farming was less successful, largely because of his long absences from Mount Vernon.
(AM, 9/01, p.80)(HNQ, 8/30/02)
1799 Dec 14, The first president of the United States, George Washington, died at his Mount Vernon, Va., home at age 67. Richard Brookhiser authored "Founding Father: Rediscovering George Washington." The Washingtons at this time had 317 slaves. His 5 stills in Virginia turned out some 12,000 gallons of corn whiskey a year. In 1993 Richard Norton Smith authored "George Washington and the New American Nation."
(A&IP, ESM, p.16)(AP, 12/14/97)(WSJ, 11/6/98, p.W15)(SFEC, 5/2/99, Z1 p.8)(SFC, 12/11/99, p.B6)(WSJ, 2/22/00, p.A40)

OT:

That adjustment for constant dollars has always seemed a little artificial to me. Surely the real estate in the Kennedy family far outweighed Washington's holdings!

OT:

Thanks a lot.

I have an IHUB board titled Timelines of History. I would very much prefer to post historical stuff there rather than cluttering the HRCT and other DD stock boards. Posts often contain interesting historical info and then go into related threads that are often way OT, but the info works well on the T of H board. It also provides me with a good storage bin for later enry into my http://timelines.ws site.

See you there!

OT

George Washington, who wanted to free his slaves but for his widow’s sake didn’t, left…$530,000.
Thomas Jefferson, who held off death to expire on the Fourth of July...$200,000.
James Madison, who contrived to keep his high-spending widow, Dolley, from poverty…Less than $100,000.
James Monroe, the White House’s first heavy drinker left…an estate in bankruptcy.
Andrew Jackson, sick and senile, spent his final days singing “Auld Lang Syne.” Estate: $150,000.
Martin Van Buren sold off assets to keep his sons from fighting over them. Estate: $250,000.
William Henry Harrison’s two-hour inaugural address (the longest in history) lead to the shortest presidency (31 days). Estate value: None.
John Tyler, whose body lay for years in an unmarked grave, left...More than $100,000.
Franklin Pierce, who literally drank himself to death, left...$70,000.
Bachelor president James Buchanan (perhaps gay) left one of the largest estates up to his time: $310,000.
Abraham Lincoln, who had to be buried in six feet of solid concrete, left …$83,000.
Ulysses S. Grant died penniless, but assured his window a fortune. How?
James Garfield, shot by an assassin but killed by his doctors, left… $61,000.
Former hangman Grover Cleveland left ...$250,000.
Benjamin Harrison, who had the White House wired for electricity, left …$375,000.
Assassinated William McKinley, whose murdered body was decomposed with sulfuric acid, left ...$215,000.
Theodore Roosevelt wrote the first ‘modern’ will and left… $811,000.
Woodrow Wilson, whose wife usurped the presidency during his stork and prompted the 25th Amendment on ‘Disability and Succession,’ left……$600,000.
Warren Harding, who left his mistress and illegitimate daughter out of his will, left… $930,000.
Calvin Coolidge, the only president with Indian blood, left...$500,000.
Herbert Hoover, who repeatedly redrafting his will, left…...$8 Million.
Four-term President Franklin D. Roosevelt left……$1.9 Million.
Harry Truman left bequests of as little as $5 and an estate of……$610,000.
Dwight D. Eisenhower, whose surgery guaranteed his death, left…...$2.8 Million.
John F. Kennedy, the wealthiest president up to this time, put an upper limit on his widow’s spending and left...$10 Million.
Lyndon Johnson willed his wife nothing, but left an estate of……$10 million.
Richard N. Nixon, who resigned from office, left presidential papers and tapes valued at?…In excess of $10 million.

http://www.panatibooks.com/ends/ends.html

OT
Thanks.
Can you tell me your source for the info?

Thankyou. Your posts forced me look up the info and update my site.