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Principles of Economics 2e
31.4 Fiscal Policy, Investment, and Economic Growth
Principles of Economics 2e31.4 Fiscal Policy, Investment, and Economic Growth
1.4 How To Organize Economies: An Overview of Economic Systems
3.5 Demand, Supply, and Efficiency
6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
7 Production, Costs, and Industry Structure
Introduction to Production, Costs, and Industry Structure
7.2 Production in the Short Run
7.3 Costs in the Short Run
7.4 Production in the Long Run
7.5 Costs in the Long Run
13.1 Why the Private Sector Underinvests in Innovation
14 Labor Markets and Income
Introduction to Labor Markets and Income
14.1 The Theory of Labor Markets
14.2 Wages and Employment in an Imperfectly Competitive Labor Market
14.3 Market Power on the Supply Side of Labor Markets: Unions
14.4 Bilateral Monopoly
19 The Macroeconomic Perspective
Introduction to the Macroeconomic Perspective
19.1 Measuring the Size of the Economy: Gross Domestic Product
19.2 Adjusting Nominal Values to Real Values
19.3 Tracking Real GDP over Time
19.4 Comparing GDP among Countries
19.5 How Well GDP Measures the Well-Being of Society
20 Economic Growth
Introduction to Economic Growth
20.1 The Relatively Recent Arrival of Economic Growth
20.2 Labor Productivity and Economic Growth
20.3 Components of Economic Growth
20.4 Economic Convergence
21 Unemployment
Introduction to Unemployment
21.1 How Economists Define and Compute Unemployment Rate
21.2 Patterns of Unemployment
21.3 What Causes Changes in Unemployment over the Short Run
21.4 What Causes Changes in Unemployment over the Long Run
22 Inflation
Introduction to Inflation
22.1 Tracking Inflation
22.2 How to Measure Changes in the Cost of Living
22.3 How the U.S. and Other Countries Experience Inflation
22.4 The Confusion Over Inflation
22.5 Indexing and Its Limitations
23 The International Trade and Capital Flows
Introduction to the International Trade and Capital Flows
23.1 Measuring Trade Balances
23.2 Trade Balances in Historical and International Context
23.3 Trade Balances and Flows of Financial Capital
23.4 The National Saving and Investment Identity
23.5 The Pros and Cons of Trade Deficits and Surpluses
23.6 The Difference between Level of Trade and the Trade Balance
24 The Aggregate Demand/Aggregate Supply Model
Introduction to the Aggregate Supply–Aggregate Demand Model
24.1 Macroeconomic Perspectives on Demand and Supply
24.2 Building a Model of Aggregate Demand and Aggregate Supply
24.3 Shifts in Aggregate Supply
24.4 Shifts in Aggregate Demand
24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
24.6 Keynes' Law and Say's Law in the AD/AS Model
25 The Keynesian Perspective
Introduction to the Keynesian Perspective
25.1 Aggregate Demand in Keynesian Analysis
25.2 The Building Blocks of Keynesian Analysis
25.3 The Phillips Curve
25.4 The Keynesian Perspective on Market Forces
26 The Neoclassical Perspective
Introduction to the Neoclassical Perspective
26.1 The Building Blocks of Neoclassical Analysis
26.2 The Policy Implications of the Neoclassical Perspective
26.3 Balancing Keynesian and Neoclassical Models
27 Money and Banking
Introduction to Money and Banking
27.1 Defining Money by Its Functions
27.2 Measuring Money: Currency, M1, and M2
27.3 The Role of Banks
27.4 How Banks Create Money
28 Monetary Policy and Bank Regulation
Introduction to Monetary Policy and Bank Regulation
28.1 The Federal Reserve Banking System and Central Banks
28.2 Bank Regulation
28.3 How a Central Bank Executes Monetary Policy
28.4 Monetary Policy and Economic Outcomes
28.5 Pitfalls for Monetary Policy
29 Exchange Rates and International Capital Flows
Introduction to Exchange Rates and International Capital Flows
29.1 How the Foreign Exchange Market Works
29.2 Demand and Supply Shifts in Foreign Exchange Markets
29.3 Macroeconomic Effects of Exchange Rates
29.4 Exchange Rate Policies
30 Government Budgets and Fiscal Policy
Introduction to Government Budgets and Fiscal Policy
30.1 Government Spending
30.2 Taxation
30.3 Federal Deficits and the National Debt
30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
30.5 Automatic Stabilizers
30.6 Practical Problems with Discretionary Fiscal Policy
30.7 The Question of a Balanced Budget
31 The Impacts of Government Borrowing
Introduction to the Impacts of Government Borrowing
31.1 How Government Borrowing Affects Investment and the Trade Balance
31.2 Fiscal Policy and the Trade Balance
31.3 How Government Borrowing Affects Private Saving
32 Macroeconomic Policy Around the World
Introduction to Macroeconomic Policy around the World
32.1 The Diversity of Countries and Economies across the World
32.2 Improving Countries' Standards of Living
32.3 Causes of Unemployment around the World
32.4 Causes of Inflation in Various Countries and Regions
32.5 Balance of Trade Concerns
34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
D | The Expenditure-Output Model
Explain crowding out and its effect on physical capital investment
Explain the relationship between budget deficits and interest rates
Identify why economic growth is tied to investments in physical capital, human capital, and technology
The underpinnings of economic growth are investments in physical capital, human capital, and technology, all set in an economic environment where firms and individuals can react to the incentives provided by well-functioning markets and flexible prices. Government borrowing can reduce the financial capital available for private firms to invest in physical capital. However, government spending can also encourage certain elements of long-term growth, such as spending on roads or water systems, on education, or on research and development that creates new technology.
Crowding Out Physical Capital Investment
A larger budget deficit will increase demand for financial capital. If private saving and the trade balance remain the same, then less financial capital will be available for private investment in physical capital. When government borrowing soaks up available financial capital and leaves less for private investment in physical capital, economists call the result crowding out.
To understand the potential impact of crowding out, consider the U.S. economy's situation before the exceptional circumstances of the recession that started in late 2007. In 2005, for example, the budget deficit was roughly 4% of GDP. Private investment by firms in the U.S. economy has hovered in the range of 14% to 18% of GDP in recent decades. However, in any given year, roughly half of U.S. investment in physical capital just replaces machinery and equipment that has worn out or become technologically obsolete. Only about half represents an increase in the total quantity of physical capital in the economy. Investment in new physical capital in any year is about 7% to 9% of GDP. In this situation, even U.S. budget deficits in the range of 4% of GDP can potentially crowd out a substantial share of new investment spending. Conversely, a smaller budget deficit (or an increased budget surplus) increases the pool of financial capital available for private investment.
Link It Up
Visit this website to view the "U.S. Debt Clock."
Figure 31.7 shows the patterns of U.S. budget deficits and private investment since 1980. If greater government deficits lead to less private investment in physical capital, and reduced government deficits or budget surpluses lead to more investment in physical capital, these two lines should move up and down simultaneously. This pattern occurred in the late 1990s and early 2000s. The U.S. federal budget went from a deficit of 2.2% of GDP in 1995 to a budget surplus of 2.4% of GDP in 2000—a swing of 4.6% of GDP. From 1995 to 2000, private investment in physical capital rose from 15% to 18% of GDP—a rise of 3% of GDP. Then, when the U.S. government again started running budget deficits in the early 2000s, less financial capital became available for private investment, and the rate of private investment fell back to about 15% of GDP by 2003.
Figure 31.7 U.S. Budget Deficits/Surpluses and Private Investment The connection between private savings and flows of international capital plays a role in budget deficits and surpluses. Consequently, government borrowing and private investment sometimes rise and fall together. For example, the 1990s show a pattern in which reduced government borrowing helped to reduce crowding out so that more funds were available for private investment.
This argument does not claim that a government's budget deficits will exactly shadow its national rate of private investment; after all, we must account for private saving and inflows of foreign financial investment. In the mid-1980s, for example, government budget deficits increased substantially without a corresponding drop off in private investment. In 2009, nonresidential private fixed investment dropped by $300 billion from its previous level of $1,941 billion in 2008, primarily because, during a recession, firms lack both the funds and the incentive to invest. Investment growth between 2009 and 2014 averaged approximately 5.9% to $2,210.5 billion—only slightly above its 2008 level, according to the Bureau of Economic Analysis. During that same period, interest rates dropped from 3.94% to less than a quarter percent as the Federal Reserve took dramatic action to prevent a depression by increasing the money supply through lowering short-term interest rates. The "crowding out" of private investment due to government borrowing to finance expenditures appears to have been suspended during the Great Recession. However, as the economy improves and interest rates rise, government borrowing may potentially create pressure on interest rates.
The Interest Rate Connection
Assume that government borrowing of substantial amounts will have an effect on the quantity of private investment. How will this affect interest rates in financial markets? In Figure 31.8, the original equilibrium (E0) where the demand curve (D0) for financial capital intersects with the supply curve (S0) occurs at an interest rate of 5% and an equilibrium quantity equal to 20% of GDP. However, as the government budget deficit increases, the demand curve for financial capital shifts from D0 to D1. The new equilibrium (E1) occurs at an interest rate of 6% and an equilibrium quantity of 21% of GDP.
Figure 31.8 Budget Deficits and Interest Rates In the financial market, an increase in government borrowing can shift the demand curve for financial capital to the right from D0 to D1. As the equilibrium interest rate shifts from E0 to E1, the interest rate rises from 5% to 6% in this example. The higher interest rate is one economic mechanism by which government borrowing can crowd out private investment.
A survey of economic studies on the connection between government borrowing and interest rates in the U.S. economy suggests that an increase of 1% in the budget deficit will lead to a rise in interest rates of between 0.5 and 1.0%, other factors held equal. In turn, a higher interest rate tends to discourage firms from making physical capital investments. One reason government budget deficits crowd out private investment, therefore, is the increase in interest rates. There are, however, economic studies that show a limited connection between the two (at least in the United States), but as the budget deficit grows, the dangers of rising interest rates become more real.
At this point, you may wonder about the Federal Reserve. After all, can the Federal Reserve not use expansionary monetary policy to reduce interest rates, or in this case, to prevent interest rates from rising? This useful question emphasizes the importance of considering how fiscal and monetary policies work in relation to each other. Imagine a central bank faced with a government that is running large budget deficits, causing a rise in interest rates and crowding out private investment. If the budget deficits are increasing aggregate demand when the economy is already producing near potential GDP, threatening an inflationary increase in price levels, the central bank may react with a contractionary monetary policy. In this situation, the higher interest rates from the government borrowing would be made even higher by contractionary monetary policy, and the government borrowing might crowd out a great deal of private investment.
Alternatively, if the budget deficits are increasing aggregate demand when the economy is producing substantially less than potential GDP, an inflationary increase in the price level is not much of a danger and the central bank might react with expansionary monetary policy. In this situation, higher interest rates from government borrowing would be largely offset by lower interest rates from expansionary monetary policy, and there would be little crowding out of private investment.
However, even a central bank cannot erase the overall message of the national savings and investment identity. If government borrowing rises, then private investment must fall, or private saving must rise, or the trade deficit must rise. By reacting with contractionary or expansionary monetary policy, the central bank can only help to determine which of these outcomes is likely.
Public Investment in Physical Capital
Government can invest in physical capital directly: roads and bridges; water supply and sewers; seaports and airports; schools and hospitals; plants that generate electricity, like hydroelectric dams or windmills; telecommunications facilities; and military weapons. In 2014, the U.S. federal government budget for Fiscal Year 2014 shows that the United States spent about $92 billion on transportation, including highways, mass transit, and airports. Table 31.1 shows the federal government's total outlay for 2014 for major public physical capital investment in the United States. We have omitted physical capital related to the military or to residences where people live from this table, because the focus here is on public investments that have a direct effect on raising output in the private sector.
Type of Public Physical Capital
Federal Outlays 2014 ($ millions)
Transportation $91,915
Community and regional development $20,670
Natural resources and the environment $36,171
Education, training, employment, and social services $90,615
Other $37,282
Total $276,653
Table 31.1 Grants for Major Physical Capital Investment, 2014
Public physical capital investment of this sort can increase the economy's output and productivity. An economy with reliable roads and electricity will be able to produce more. However, it is hard to quantify how much government investment in physical capital will benefit the economy, because government responds to political as well as economic incentives. When a firm makes an investment in physical capital, it is subject to the discipline of the market: If it does not receive a positive return on investment, the firm may lose money or even go out of business.
In some cases, lawmakers make investments in physical capital as a way of spending money in key politicians' districts. The result may be unnecessary roads or office buildings. Even if a project is useful and necessary, it might be done in a way that is excessively costly, because local contractors who make campaign contributions to politicians appreciate the extra business. Alternatively, governments sometimes do not make the investments they should because a decision to spend on infrastructure does not need to just make economic sense. It must be politically popular as well. Managing public investment cost-effectively can be difficult.
If a government decides to finance an investment in public physical capital with higher taxes or lower government spending in other areas, it need not worry that it is directly crowding out private investment. Indirectly however, higher household taxes could cut down on the level of private savings available and have a similar effect. If a government decides to finance an investment in public physical capital by borrowing, it may end up increasing the quantity of public physical capital at the cost of crowding out investment in private physical capital, which could be more beneficial to the economy.
Public Investment in Human Capital
In most countries, the government plays a large role in society's investment in human capital through the education system. A highly educated and skilled workforce contributes to a higher rate of economic growth. For the low-income nations of the world, additional investment in human capital seems likely to increase productivity and growth. For the United States, critics have raised tough questions about how much increases in government spending on education will improve the actual level of education.
Among economists, discussions of education reform often begin with some uncomfortable facts. As Figure 31.9 shows, spending per student for kindergarten through grade 12 (K–12) increased substantially in real dollars through 2010. The U.S. Census Bureau reports that current spending per pupil for elementary and secondary education rose from $5,001 in 1998 to $10,608 in 2012. However, as measured by standardized tests like the SAT, the level of student academic achievement has barely budged in recent decades. On international tests, U.S. students lag behind students from many other countries. (Of course, test scores are an imperfect measure of education for a variety of reasons. It would be difficult, however, to argue that there are not real problems in the U.S. education system and that the tests are just inaccurate.)
Figure 31.9 Total Spending for Elementary, Secondary, and Vocational Education (1998–2014) in the United States The graph shows that government spending on education was continually increasing up until 2006 where it leveled off until 2008 when it increased dramatically. Since 2010, spending has steadily decreased. (Source: Office of Management and Budget)
The fact that increased financial resources have not brought greater measurable gains in student performance has led some education experts to question whether the problems may be due to structure, not just to the resources spent.
Other government programs seek to increase human capital either before or after the K–12 education system. Programs for early childhood education, like the federal Head Start program, are directed at families where the parents may have limited educational and financial resources. Government also offers substantial support for universities and colleges. For example, in the United States about 60% of students take at least a few college or university classes beyond the high school level. In Germany and Japan, about half of all students take classes beyond the comparable high school level. In the countries of Latin America, only about one student in four takes classes beyond the high school level, and in the nations of sub-Saharan Africa, only about one student in 20.
Not all spending on educational human capital needs to happen through the government: many college students in the United States pay a substantial share of the cost of their education. If low-income countries of the world are going to experience a widespread increase in their education levels for grade-school children, government spending seems likely to play a substantial role. For the U.S. economy, and for other high-income countries, the primary focus at this time is more on how to get a bigger return from existing spending on education and how to improve the performance of the average high school graduate, rather than dramatic increases in education spending.
How Fiscal Policy Can Improve Technology
Research and development (R&D) efforts are the lifeblood of new technology. According to the National Science Foundation, federal outlays for research, development, and physical plant improvements to various governmental agencies have remained at an average of 8.8% of GDP. About one-fifth of U.S. R&D spending goes to defense and space-oriented research. Although defense-oriented R&D spending may sometimes produce consumer-oriented spinoffs, R&D that is aimed at producing new weapons is less likely to benefit the civilian economy than direct civilian R&D spending.
Fiscal policy can encourage R&D using either direct spending or tax policy. Government could spend more on the R&D that it carries out in government laboratories, as well as expanding federal R&D grants to universities and colleges, nonprofit organizations, and the private sector. By 2014, the federal share of R&D outlays totaled $135.5 billion, or about 4% of the federal government's total budget outlays, according to data from the National Science Foundation. Fiscal policy can also support R&D through tax incentives, which allow firms to reduce their tax bill as they increase spending on research and development.
Summary of Fiscal Policy, Investment, and Economic Growth
Investment in physical capital, human capital, and new technology is essential for long-term economic growth, as Table 31.2 summarizes. In a market-oriented economy, private firms will undertake most of the investment in physical capital, and fiscal policy should seek to avoid a long series of outsized budget deficits that might crowd out such investment. We will see the effects of many growth-oriented policies very gradually over time, as students are better educated, we make physical capital investments, and man invents and implements new technologies.
Physical Capital
Private Sector New investment in property and equipment On-the-job training Research and development
Public Sector Public infrastructure Public education Job training Research and development encouraged through private sector incentives and direct spending.
Table 31.2 Investment Role of Public and Private Sector in a Market Economy
Bring It Home
Financing Higher Education
Between 1982 and 2012, the increases in the cost of a college education had far outpaced that of the income of the typical American family. According to President Obama's research staff, the cost of education at a four-year public college increased by 257% compared to an increase in family incomes of only 16% over the prior 30 years. The ongoing debate over a balanced budget and proposed cutbacks accentuated the need to increase investment in human capital to grow the economy versus deepening the already significant debt levels of the U.S. government. In summer 2013, President Obama presented a plan to make college more affordable that included increasing Pell Grant awards and the number of recipients, caps on interest rates for student loans, and providing education tax credits. In addition, the plan includes an accountability method for institutions of higher education that focuses on completion rates and creates a College Scorecard. Whether or not all these initiatives come to fruition remains to be seen, but they are indicative of creative approaches that government can take to meet its obligation from both a public and fiscal policy perspective.
Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
Authors: Steven A. Greenlaw, David Shapiro
Book title: Principles of Economics 2e
Book URL: https://openstax.org/books/principles-economics-2e/pages/1-introduction
Section URL: https://openstax.org/books/principles-economics-2e/pages/31-4-fiscal-policy-investment-and-economic-growth


Introduction: Black men have a higher incidence of advanced stage at diagnosis and mortality from prostate cancer than do men in other racial groups. Given that androgen-deprivation therapy (ADT) is one of the mainstays of treatment for advanced prostate cancer, we investigated the development of biochemical failure, or recurrence of elevated prostate-specific antigen (PSA) levels, among different races in men receiving ADT.
Methods: Patients with prostate cancer who received ADT in the Kaiser Permanente Southern California Cancer Registry between January 2003 and December 2006 were eligible for inclusion in our study. Patients who had prior treatment for their cancer with surgery or radiation were excluded. Treatment failure was defined as an increase in PSA of >2 ng/mL from PSA nadir, with no subsequent decrease in PSA. We compared the biochemical failure rate in white patients to those in black, Hispanic, and Asian/other patients. The Cox proportional hazards regression model was used to estimate hazards ratios.
Results: Our study population consisted of 681 patients: 416 (61%) were white; 107 (16%) were black; 107 (16%) were Hispanic; and 51 (7%) were Asian or another race. After we controlled for all demographic variables and for variables related to prostate cancer, blacks were the only group with a lower risk of treatment failure compared with whites. The hazard ratios for treatment failure were as follows: black versus white, 0.66 (p = 0.03); Hispanic versus white, 1.00 (p = 0.8); Asian/other race versus white, 1.5 (p = 0.1). In this multivariate analysis, pretreatment PSA level and cancer stage were the only other variables associated with a higher risk of treatment failure.
Conclusion: Among patients receiving ADT as primary monotherapy for prostate cancer, blacks may have a lower rate of biochemical failure compared with whites. Although the etiology of this finding is unclear, it suggests the possibility that prostate cancer in black men may be more androgen sensitive than it is in white men.
Androgen-deprivation therapy (ADT) using luteinizing hormone–releasing hormone (LHRH) agonist is one of the mainstays of prostate cancer treatment. It is based on the castration of a hormonally sensitive prostate cancer.9 Although differences in prostate cancer incidence and mortality between black and white men are widely accepted, the existence of racial differences in treatment outcomes remains controversial.10 We conducted a study to determine the impact of race on the development of biochemical failure, or recurrence of elevated prostate-specific antigen (PSA) levels, after ADT therapy. Because Kaiser Permanente Southern California (KPSC) has a racially diverse patient population and all of the patients it serves have equal access to health care, our patient population was an ideal setting in which to evaluate the effectiveness of ADT among different racial groups. KPSC is a large multispecialty, managed-care organization that covers the area from Bakersfield to San Diego, CA. In 2006, KPSC had more than 3.2 million members from diverse racial groups.
After obtaining approval from our institutional review board, we performed a retrospective cohort study of patients with prostate cancer who received ADT and were part of the KPSC Cancer Registry; 1617 patients were considered for study participation. Inclusion criteria included receiving an initial diagnosis of prostate cancer between January 2003 and December 2006, receiving primary ADT monotherapy, and undergoing a minimum of two PSA tests after starting leuprolide. Exclusion criteria were: having an unknown treatment type, having an unknown baseline PSA level, and having an unknown baseline cancer stage. Patients who had undergone previous radical prostatectomy and/or radiation therapy for prostate cancer were also excluded. The remaining 681 patients who received primary ADT comprised our study participants and were grouped according to their respective race; white, black, Hispanic, and Asian/other.
ADT is achieved by using an LHRH agonist, leuprolide acetate (Lupron Depot). Patients were treated with the following dosing regimens: calendar-based, testosterone-based, and intermittent. Calendar-based therapy has long been the standard and is defined as redosing patients with an LHRH agonist according to a preset schedule determined by the manufacturer. In our study, doses were administered every three months. Testosterone-based therapy is a newer method of administering an LHRH agonist that we adopted in 2006 and is based on previously published results.11 Testosterone-based therapy is defined as redosing patients with an LHRH agonist whenever serum testosterone levels increase to >50 ng/dL. (The castrate level of testosterone, 50 ng/mL, in our study was based on the phase III study12 conducted to obtain approval from the US Food and Drug Administration for the 22.5-mg formulation of Lupron.) Intermittent dosing was defined as redosing patients with LHRH on the basis of their PSA level, without regard to testosterone levels or elapsed time.
Because no definition of biochemical failure currently exists, we sought a definition that could readily apply to any method of administering LHRH-agonist therapy. Therefore, we chose to define failure as an increase in PSA of >2 ng/mL from PSA nadir, with no subsequent decrease in PSA. Cox proportional hazards regression was used to perform a multivariate analysis and to calculate the hazard ratios for treatment failure for all groups.
Baseline characteristics were similar among groups with respect to pretreatment PSA level, Gleason score, pretreatment testosterone levels, and cancer stage. The racial composition of our population was as follows: white, 416 (61%); black, 107 (16%); Hispanic, 107 (16%); and Asian/other, 51 (7%). Prostate cancer was diagnosed at a younger age in black and Hispanic patients than in white patients (Table 1).
Cox proportional hazards regression was performed, controlling for all demographic variables and variables related to prostate cancer, to determine the hazard ratios for developing biochemical failure in each ethnic group compared with whites (reference group; Table 2): blacks versus whites, 0.66 (p = 0.03); Hispanics versus whites, 1.0 (p = 0.8); Asian/other versus whites, 1.50 (p = 0.1). The median number of days to PSA biochemical failure for each group was as follows (start time was the date of prostate cancer diagnosis): blacks, 942.5; whites, 781; Asians/other, 745; and Hispanics, 664.5 (Table 3).
In this multivariate analysis, as expected, pretreatment PSA and stage were also associated with higher rates of treatment failure (Table 2).
Tewari et al14 suggested that the lower prostate cancer survival rate for blacks can be explained by differences in socioeconomic status among races and by lower surgical treatment rates for blacks. Other studies have suggested that higher prostate cancer mortality in black men may be secondary to higher tumor grades, younger age at diagnosis, and higher cancer stage. Our population is unique in that all patients, regardless of their ethnicity, have equal access to all components of health care screening and treatments. Therefore, many of the potential confounding factors that have been proposed for racial differences in prostate cancer outcomes were not present in our study. Our findings confirmed that age at prostate-cancer diagnosis is lower in blacks than in other racial groups. However, we found no intergroup differences in Gleason grade or cancer stage at diagnosis. This may have been because of the aggressive screening and easier access to medical care with KPSC.
We found that blacks with prostate cancer have a 34% lower risk of treatment failure when treated with ADT as primary therapy, compared with whites. One possible explanation for this result is different levels of serum testosterone and androgen-receptor expression in blacks compared with whites. Ross et al15 reported 15% higher mean serum testosterone levels in young black men compared with white men. Determining whether this difference in testosterone level leads to better response to hormonal therapy requires further investigation. Our study did not show a difference in pretreatment testosterone levels between blacks and whites. This could be secondary to small sample size, as data on pretreatment testosterone levels were available for only 42% of patients in our study.
Multiple studies have investigated the racial differences in prostate cancer outcome after hormonal therapy. However, we are aware of only 5 studies16-20 that specifically addressed outcomes among blacks and whites. Three of those studies measured overall survival, 1 measured disease-free survival, and the other measured biochemical failure. Four studies showed no association between race and treatment outcome. A study by Thompson et al16 showed lower overall survival for blacks compared with whites. All patients in the 5 studies just mentioned had metastatic prostate cancer. The majority of reports on the studies did not comment on whether variables such as socioeconomic factors and access to health care were controlled for in the study. These factors have frequently been used to explain racial differences in prostate cancer. All members of our managed-care population have equal access to health care. Thus, we believe that our results are more reflective of the true biologic disease progression in the two populations. In addition, our black and Hispanic populations are younger than those for the 5 studies, reflecting the American Cancer Society guideline that PSA levels in blacks and Hispanics should be checked starting when these men reach age 40 years.21 Further, we believe that using our strict inclusion and exclusion criteria, particularly the fact that we included only those patients receiving primary monotherapy, allowed for a cleaner analysis of biochemical failure in this population.
In addition, higher androgen-receptor expression in black men may play an important role. Gaston et al22 analyzed androgen-receptor protein expression in prostatic tissue from 25 black men and 25 white men who underwent radical prostatectomy for clinically localized prostate cancer. Androgen-receptor expression was 81% higher in prostate cancer in black men than in white men. The higher expression of androgen receptors in blacks could explain the better response to ADT.
Additionally, recent evidence has demonstrated that castrate-resistant prostate cancer is still very much a hormone-dependent cancer.23 Racial differences have also been found among variants of the genes of the enzymes involved in androgen biosynthesis and metabolism.24 It is possible that there is delayed and/or less upregulation of the paracrine/autocrine steroidogenesis enzymes in black men receiving ADT.
One shortcoming of our study is the use of different dosing regimens in our patient population (calendar-based, testosterone-based, and intermittent). However, these three methods of administering LHRH agonists have thus far not shown any differences in outcomes. Furthermore, all three methods are employed by urologists in everyday clinical practice. Thus, our patient population may reflect more of a real-world scenario than other studies' populations. It is important to note as well that the definition we used as evidence for early development of biochemical failure is applicable to any dosing regimen.
What remains unclear is whether the lower rate of PSA biochemical failure in our black population will lead to decreased morbidity and mortality. With longer follow-up periods, we will be able to assess whether early biochemical failure is prognostic factor for developing metastatic disease.
Of patients receiving ADT primary monotherapy for prostate cancer, black men may have a lower rate of biochemical failure than white men. Although the etiology of this finding is unclear, it suggests the possibility that prostate cancer in black men may be more androgen-sensitive than in white men.
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13. Stanford JL, Stephenson RA, Coyle L, et al. Prostate cancer trends 1973–1995, SEER Program, National Cancer Institute [monograph on the Internet]. NIH Pub No. 99-4543. Bethesda, MD: National Institutes of Health; 1999 [cited 2011 Aug 1]. Available from: http://seer.cancer.gov/publications/prostate/.
14. Tewari A, Horninger W, Pelzer AE, et al. Factors contributing to the racial differences in prostate cancer mortality. BJU Int 2005 Dec;96(9):1247–52.
16. Thompson I, Tangen C, Tolcher D, Crawford E, Eisenberger M, Moinpour C. Association of African-American ethnic background with survival in men with metastatic prostate cancer. J Natl Cancer Inst 2001 Feb 7;93(3):219–25.
17. Matzkin H, Rangel MC, Soloway MS. Relapse on endocrine treatment in patients with stage D2 prostate cancer. Does second-line hormonal therapy affect survival? Urology 1993 Feb;41(2):144–8.
18. Bergan R, Walls R, Figg W, et al. Similar clinical outcomes in African-American and non-African-American males treated with suramin for metastatic prostate cancer. J Natl Med Assoc 1997 Sep;89(9):622–8.
19. Fowler JE, Bigler SA, Renfroe DL, Dabagia MD. Prostate specific antigen in black and white men after hormonal therapy for prostate cancer. J Urol 1997 Jul;158(1):150–4.
20. McLeod DG, Schellhammer PF, Vogelzang NJ, et al. Exploratory analysis on the effect of race on clinical outcome in patients with advanced prostate cancer receiving bicalutamide or flutamide, each in combination with LHRH analogues. The Casodex Combination Study Group. Prostate 1999 Sep 1;40(4):218–24.
21. American Cancer Society Guidelines for the Early Detection of Cancer [monograph on the Internet]. Atlanta, GA: American Cancer Society; revised 2011 Jun 23 [cited 2011 Aug 8]. Available from: www.cancer.org/Healthy/FindCancerEarly/CancerScreeningGuidelines/american-cancer-society-guidelines-for-the-early-detection-of-cancer.
22. Gaston KE, Kim D, Singh S, Ford OH 3rd, Mohler JL. Racial differences in androgen receptor protein expression in men with clinically localized prostate cancer. J Urol 2003 Sep;170(3):990–3.
23. Attard G, Reid AH, A'Hern R, et al. Selective inhibition of CYP17 with abiraterone acetate is highly active in the treatment of castration-resistant prostate cancer. J Clin Oncol 2009 Aug 10;27(23):3742–8.
24. Hatcher D, Daniels G, Osman I, Lee P. Molecular mechanisms involving prostate cancer racial disparity. Am J Transl Res 2009 Apr 20;1(3):235–48.


Why is it so easy, when we go to somewhere which the tourist industry would describe as very exotic, to get on with people? Part of the answer is that remote people are much less different than we might, at first, believe and that modern society is much less different than is often assumed. This argument will be illustrated by examples from Madagascar.


Today for Money Diaries Month: a learning and engagement officer who makes $23,927 per year, and spends some of it on dental floss and tickets to see Rise Against.
Editor's Note: All prices have been converted to the U.S. dollar using conversion figures at the time her diary was submitted. Some text has been adapted to U.S./American English.
Housing Costs: $371 for my half of the mortgage each month. My boyfriend and I have a 25-year mortgage on our two-bed flat in Manchester city centre. It's a beautiful place and we were extremely lucky to get it.
Student Loans: $20. This comes out of my paycheck.
Electricity: $51 for my half, which includes the water bill too. I split this evenly with my partner.
Netflix & Amazon Prime: None. I use my family's account.
Health Insurance: None. Free healthcare in the UK!
Charity: $19 — combined — to a shelter and to Arts Emergency, which supports young people from working class backgrounds who want to work in the arts, through mentors and specific programs.


On June 4, 2014, World War II and Korean War veteran Chester Nez, the last of the original Navajo Code Talkers, passed away in Albuquerque, New Mexico.
Chester Nez was born on January 23, 1921, in Chi Chil Tah, New Mexico to the Navajo "Black Sheep Clan." This was a difficult time for the Navajo Nation, and tensions were tough between the U.S. and those living on the reservations. Many children were taken off the reservations and placed into boarding schools, where they were forbidden from speaking their native language.
It was from one of these schools that Nez enlisted into the Marines. He lied about his age to meet the enlistment requirements, and initially kept his decision a secret from his family.
After enlisting, he was assigned to the 382nd Infantry and to Camp Pendleton in San Diego. He and 28 other enlisted Navajo were given the task of creating a communications code based on their native language. The code developers relied on everyday Navajo words to make the code easy to learn and understand between code talkers.
"I was very proud to say that the Japanese did everything in their power to break that code but they never did," Nez told Stars and Stripes last year before an awards ceremony held by the American Veterans Center.
Nez was eventually sent to Guadalcanal, and also fought in Palau and Guam. At the end of the war, he received an honorable discharge, but returned to active duty for two years during the Korean War.
After the Korean War, he attended the University of Kansas and studied commercial arts. Times were tough for many code talkers after leaving active duty, however. According to Stars and Stripes, many faced outward discrimination instead of being thanked for their service. Many suffered from post-traumatic stress and received little support, and some turned to alcohol and living on the streets.
In 2011, his memoir, Code Talker: The First and Only Memoir By One of the Original Navajo Code Talkers of WWII was published.
Nez died June 4, 2014 in Albuquerque, New Mexico from renal failure. He was 93 years old.
Tags 382nd Infantry, American Veterans Center, Camp Pendleton, Chester Nez, Guadalcanal, Guam, Japanese, Korean War, Marines, Navajo, Navajo Code Talkers.
I think anyone in the military should be given preferential treatment. I want to thank the military for doing what I see as a tough job and one I could not do. Thank you Code Talkers. I wish I had been able to tell you thank you in person.


National Memory Day celebrates the power of poetry and creative writing for people affected by memory loss. The benefits of written and spoken word to people with dementia and those who care for them will be celebrated at the launch of the first National Memory Day in London on 30th June.
On the day of the launch Director of The Poetry Archive Tracey Guiry spoke to BBC Radio 4's Today Show presenter John Humphries about her mother's dementia and how poetry had a positive effect on re-establishing a dialogue between her mother and family.
Ian Sherriff, Plymouth University's Academic Partnership Lead For Dementia talked about his experiences of working with Memory Cafés across the country and how recited poetry from the past can form an important part of reconnecting – not only with words but also in rebuilding relationships with loved ones.


text:
Benešov is de naam van meerdere gemeenten in Tsjechië:

 Benešov (okres Benešov), hoofdstad van okres Benešov
 Benešov (okres Blansko), gemeente in okres Blansko
 Benešov nad Ploučnicí, stad in okres Děčín
 Benešov nad Černou, gemeente in okres Český Krumlov
 Benešov u Semil, gemeente in okres Semily

Zie ook:
 Dolní Benešov, stad in okres Opava
 Horní Benešov, stad in okres Bruntál

redpajama_set_name: RedPajamaWikipedia


As Ronnie Coleman stockpiled Sandow after Sandow between 1998 and 2005, even the most casual fans became experts, boldly predicting the outcome of the Mr. Olympia contest year after year. Coleman's unbeatable. Coleman's untouchable. Coleman's the greatest ever, and he can collect as many titles as he wants until he grows bored and decides to saunter off into retirement.
In this, the Super Bowl of bodybuilding, long reigns of incredible athletes have become the norm, rather than the rare exception they are in other professional sports. From Lee Haney's 1984-91 run, to Dorian Yates' six years of glory, to Coleman's dominating streak, it seemed as if reigning champions could not be dethroned, both by virtue of their physiques and the air of confidence that seized the judges and the audience the moment any of these contenders took the hallowed O stage to defend their crowns. Step one: march out from behind the curtain and into the center spotlight. Step two: tighten every fiber into a raging maelstrom of muscle. Step three: game over.
Then, a funny thing happened on the way to the 2006 Olympia and Coleman's date with destiny — and his preordained potential record-breaking ninth O victory. In what could very well stand as the most shocking moment in bodybuilding contest history, Jay Cutler — his collection of four runner-up Olympia medals safely tucked away back at his Las Vegas residence, grim reminders of how close he had come previously — threw the metaphorical punch heard 'round the world. While Coleman ran his finger across his throat to his contingent of friends and family in the audience, Cutler was announced as the winner, and bedlam ensued.
Now, as we hurtle toward the 2007 Olympia on September 28-29, one thing becomes clear. By earning the title, Cutler didn't necessarily assert his own right to a dynasty. Instead, he just rattled the cages of some driven and hungry challengers. There's blood in the water, and the sharks are circling, sensing an opportunity not seen since 1998, 1992, or even the rough-and-tumble years of 1980 through 1984 when five different men ascended to the pinnacle of bodybuilding in a five-year span.
You think you can foresee the 2007 Olympia outcome? Here, we offer four of many possible scenarios, each a reporter's-eye vision of what may pass in that conclusive moment when the contenders are whittled down to the last man standing. Whether this fiction will turn to fact is anyone's guess, as the only fact we're truly sure of is one thing: this year's Olympia is perhaps the most unpredictable ever.
For those who thought Jay Cutler had his second title in the bag before he even stepped out on the Orleans Arena stage, it wasn't supposed to end like this. It wasn't supposed to be this close, with multiple callouts throwing the prejudging into a morass, as fans and competitors alike retreated and ruminated on the possible outcomes of the show.
Sure, everyone knew Jay Cutler would be this good. It's not like many of them didn't see Cutler about a million times before yesterday's prejudging, mingling with him as he passed through the Orleans Hotel lobby, or spotting him as he made a surprising impromptu appearance at the expo, or checking out the photos of him stripped down to his posing trunks and dialed in, snapshots that had been surreptitiously posted online and disseminated voraciously across the spectrum of bodybuilding Web sites hours before the contest began.
Even before he won last year's Mr. Olympia, Cutler was the hardest-working man in bodybuilding. For the past three or four years, he has scheduled appearance on top of appearance, putting in enough frequentflyer miles to earn a load of free trips to Bali or Antigua or Belize or some other exotic place that ends in a vowel. And, of course, at every appearance someone, or more accurately everyone, takes a digital photo or 20. And, of course, there's the Internet. At every appearance this past year, be it a guest posing or an autograph signing, the guy looked good. Real good. So good that you thought to yourself, Now that's what a Mr. Olympia should look like.
So as the shimmering heat of September 29 softens into a cool Las Vegas evening, Iron Jay is standing on the Orleans Arena stage, hands on hips, eyes glancing up at who-knows-what in the rafters, and he looks like Mr. O. Amazing, really. Better than 2006 in the legs, arms and even his already astonishing back. But that's no surprise. What is a surprise, however, is how good the guy to his left looks — the guy who stood side-by-side with him in callout after callout, who pulled off one of the most amazing posing routines in Olympia history for good measure about an hour ago, and who is defying every single one of his critics who came out of the woodwork in the past year like ash from a forest fire.
It's not that he was expected to place out of the money, mind you. After all, he's still, even at 43 years old, eight-time Mr. O Ronnie freakin' Coleman. Which is to say, arguably the best bodybuilder who has ever lived. But over the course of the year since Cutler dethroned him, Coleman's stock dropped a lot. He appeared more beatable than ever, thanks to the visual aids provided by all those guys with the digital cameras and the Net.
But really, even before last year's O, it appeared he did something bad to his left triceps and left lat. They were smaller than their right counterparts and everyone saw it, even as the man himself countered all those nagging injury questions with a dismissive "Nah" over and again until he was blue in the face.
Yet here he was, standing beside Jay Cutler for the sixth time, statue-still, waiting for emcee Bob Cicherillo to end the suspense and say the damn name (for the love of Christ) of the 2007 Mr. Olympia winner already.
And he's here because somehow, some way — maybe with the help of Jesus Christ himself, in whom he believes steadfastly and devoutly — Ronnie Coleman looks the best he's looked since 2003, which is to say, better than every other bodybuilder on the planet, by a long shot. Except for Jay Cutler. Maybe he's a little better than Cutler . . . but maybe not, because Cutler looks extremely good.
Talk about suspense. You know those times when it's so quiet you could hear a pin drop? Well, those times are deafening compared to now. Cicherillo cranes his neck to catch a glimpse of the faces of the two guys center stage, the better to capture the effect of what he's about to say. He leans into the mic and draws a breath.
With Cutler, you pretty much never know what's up: whether he's happy, contemplative or depressed, it all looks the same. But right now Cutler is smiling a big smile, and Coleman is not. Because right now, Cutler is the reigning two-time Mr. Olympia, and Coleman is a 43-year-old former eight-time Mr. O who did himself proud by looking the best he could, despite the rumored injuries, despite his age, and despite the fact that no one has ever reclaimed an Olympia title after being defeated. Ever.
Well, perhaps "ever" for now . . . but if Coleman looks this good at this age, there's no telling how good he could still look at 44. Uneasy will be the head that wears the crown, as tellingly, a rare emotion spreads across Cutler's face: utter relief.
For the past five years, the Olympia has been, for all intents and purposes, a twohorse race. It was widely believed that this year would be more of the same.
Apparently Victor Martinez had other plans.
With a stunning combination of size, shape and conditioning, Martinez left not one, but two former champions in his wake on his way to winning the 2007 Mr. Olympia in front of a recordbreaking crowd at Orleans Arena on Saturday night.
As ridiculous as it now sounds — after winning the two biggest contests on the planet, the Olympia and the Arnold Classic, in the same year — Martinez was once considered an underachiever, a competitor with monumental talent but one who was incapable of fulfilling his enormous potential. Now, Martinez has forever shaken free of that label, as winning the Sandow caps his impressive climb up the bodybuilding ranks.
Martinez's win did not come without controversy. As usual, Jay Cutler was at the center of the storm. Cutler, the defending champion, who took the stage at his all-time heaviest weight of 280 pounds, was the most massive competitor in the show, historically a recipe for success in the eyes of the Olympia judges. He had improved in almost every area since his win last year, and clearly possessed the most impressive legs and back in the show. It wasn't enough, however; a combination of symmetry and conditioning ruled this day.
At the end of the night, three points separated Martinez and Cutler, marking the second time Cutler has come up short at the O by that small a margin. In 2004, the third of his four runner-up finishes, Cutler lost to Ronnie Coleman by the same margin. Moments before the announcement was made, the two athletes were a study in contrast — Cutler with his hands on his hips, chin lifted high, staring out confidently at everyone and no one in the crowd; Martinez, hands hanging at his sides, head tilted down, eyes closed. And when it came, before the reality of what they had just witnessed had yet to set in, every single person in the crowd reacted the same as the two men standing side-by-side in front of them: with utter disbelief.
Whether the man who predicted this day would come for Martinez can say the same concerning his plans for next year is up for debate. Coleman, the eight-time champion, was once again denied in his quest for a record-breaking ninth Sandow. This time, however, it was four men, not one, who stood in his way. Last year's runner-up, Coleman dropped to fifth at the contest, behind Martinez, Cutler, Toney Freeman (third) and Gustavo Badell (fourth). Despite entering the show at 265 pounds and in much better condition than last year, Coleman's much-scrutinized injuries — specifically his left lat and his left triceps — were too much for the 43-year-old to overcome, proving that time does, indeed, catch up to us all. Even eight-time Olympia champions.
Ronnie Coleman for what the world assumed would be his merciful final curtain on the Mr. Olympia stage, on September 28-29, 2007. The lion of winter, they thought, would make his token appearance and go gently into a history that doesn't exist for most of his competitors. It ceased the moment they were born and was superseded by a virtual reality that rejects Coleman's anachronisms. Gone are the days when a bodybuilder had to buy his success with blood. Technology has asserted its potential to destroy bodybuilding by reducing the bodybuilder to another witless cog in a machine that does all of his work for him. Coleman and his big-as-Texas lifting don't belong in the new century.
Jay Cutler has been a worthy successor to Coleman by grabbing the baton of Coleman's free-weight work ethic. In 2006, Cutler deserved this title, but only because of Coleman's complacency.
"This year," says Coleman, "I did not take my usual three-month break, and I cut way down on my travel." That gave him more consistency and focus to revindicate himself. Cutler, consigned to second this time, is well on his way and closing the gap, but Coleman's superstructure exhibits a longer pedigree of toil, and no amount of Generation Next alchemy can make up for that.
Rising bigger than life from his traditional victory collapse, Coleman, the 2007 Mr. Olympia, made his way to the front of the stage. Then, as the cheers for the winner died, words would not come; only memories from 30 years of training beyond the capacity of any man in history, and nine Mr. Olympia titles. Tears filled his eyes, but they were tears that only an old man can cry. A young man's tears are from dreams unattained, but Coleman's were from wistfulness of the heart. He stood in the silence — the deafening silence of an audience in awe — then bowed his head, raised his hand in victory to thank the crowd, and walked offstage into the end of history.
It's like he was shot. It's like we all were — the jarring impact, the unsettling yet exhilarating sense that anything is possible because this happened. But we're still standing, some of us cheering, some of us booing, most of us just transfixed, waiting for him to rise. He fell to the center of the stage and hasn't moved.
Standing near him, hands on hips, glowering at no one, is Jay Cutler, the man whose reign was cut short after one year. At 284, 10 pounds heavier than 2006, but no better for the addition, his muscles looked hazy, separated but not striated. In the end, he was runner-up as he faded next to the gracile waistlines of the men deemed first and third.
Ronnie Coleman, who, at 282, was 15 pounds lighter than last year but still failed to uncover the crispness he displayed in abundance when at his best. Coleman is only two years older than the new Mr. O, but time stops for no man, including the greatest bodybuilder who ever lived.
Perhaps time paused for Toney Freeman. It seemed like it as we waited for the 12th Mr. Olympia to rise from his "stage dive" — the knee-crippling emotion overload which was once an annual rite for Coleman. When the 41-year-old finally stood, cheers drowned out the jeers. The X-man's thickening over the past two years has been like trading in an old Mazda for a new Maserati, and this weekend his chest, back and delts resembled mounds of soda straws. His dramatic leapfrogging from seventh in last year's O to king of the bodybuilding world mirrors Coleman's vault from ninth in '97 to first in '98. Last year was the first time Freeman even qualified for the Olympia, although he first posed on a stage 18 years ago.


text:
Marelli Holdings Co., Ltd. ist ein japanisches Automobilzulieferunternehmen, das im Jahre 2019 aus dem Zusammenschluss von Calsonic Kansei und Magneti Marelli entstand.

Geschäftsbereiche

Antriebsstrang Verbrennungsantriebe
Marelli ist einer der größten Zulieferer von Kraftstoff-Einspritzsystemen für Verbrennungsmotoren. Die Entwicklung des PKW-Dieseldirekteinspritzers in den 1980er-Jahren und des Common-Rail-Einspritzsystems in den 1990er-Jahren entstanden jeweils unter Federführung des italienischen Unternehmensstamms Magneti Marelli. Der Fiat Croma mit Magneti-Marelli-Ausrüstung war 1987 – ein Jahr vor dem Audi 100 TDI – der erste PKW mit Diesel-Direkteinspritzung. Im Jahr 2009 trug diese Unternehmenssparte etwa 850 Millionen Euro zum Konzernumsatz bei.

Antriebsstrang Elektroantriebe
Das Segment der Elektroantriebe befindet sich seit der Unternehmensfusion zu Marelli im Aufbau.

Cockpit, Interieur
Für die Unternehmenssparte der Kombiinstrumente wurde einst das Unternehmen Veglia Borletti in den Konzernverbund mit eingegliedert. Es werden auch Instrumente unter dem Namen Jaeger vertrieben, einer Marke, die gemeinsame Wurzeln mit dem Luxusuhrenhersteller Jaeger-LeCoultre hat.

Ersatzteile, Zubehör
In der weltweiten Distribution von Ersatzteilen erwirtschaftete das Unternehmen im Jahr 2012 mit 585 Mitarbeitern in Südamerika, Europa und den USA einen Umsatz von 340 Millionen Euro.

Fahrzeugaußenbeleuchtung
Im Jahr 1999 legten Magneti Marelli und Bosch ihre Beleuchtungssparten in einem Joint Venture zusammen und gründeten dazu ihr gemeinsames Tochterunternehmen Automotive Lighting, an dem sie jeweils zu 50 % beteiligt waren. Nach zwei Jahren reduzierte Bosch seinen Anteil auf 25 % und verkaufte schließlich im Jahr 2003 auch seine restlichen Anteile an Magneti Marelli. Seitdem ist dieses Unternehmen mit Hauptniederlassung in Reutlingen die umsatzstärkste Sparte im Konzern und erzielte 2016 etwa 4 Milliarden Euro Umsatz. In weltweit 2 Entwicklungs-, 13 Applikationszentren und 23 Produktionsstätten werden hierfür rund 18.000 Mitarbeiter beschäftigt.

Motorsport
Marelli ist auch als Zulieferer im Motorsport tätig. Unter anderem rüstete das Unternehmen schon die Formel-1-Teams von Ferrari, Renault, Toyota, Red Bull Racing und BMW-Sauber aus und liefert seit 2016 die Einheitselektronik für die MotoGP-Klasse der Motorrad-Weltmeisterschaft.

Geschichte
Marelli entstand 2019 aus der Fusion der Vorgängerunternehmen Calsonic Kansei und Magneti Marelli. Für die Übernahme von Magneti Marelli zahlte Calsonic Kansei 5,8 Milliarden Euro an den vorherigen Eigentümer Fiat-Chrysler.

Calsonic Kansei
Calsonic Kansei (jap. ) ist ein japanischer Automobilzulieferer, der 2000 aus der Verschmelzung der Unternehmen Calsonic und Kansei entstand. Das Unternehmen produziert verschiedene Zulieferteile für die Automobilindustrie, darunter I-Tafeln, Abgas- und Klimasysteme sowie andere elektronische Komponenten. Calsonic Kansei war börsennotiert, bis es 2017 von KKR übernommen und dekotiert wurde. Der vormals größte Aktionär Nissan hatte seine Anteile zu diesem Zeitpunkt schon KKR angedient.

Magneti Marelli
Magneti Marelli war ein italienischer Automobilzulieferer, der 1919 gegründet wurde und zum Fiatkonzern bzw. dessen Nachfolger FiatChrysler gehörte. Das Unternehmen fertigte vornehmlich elektrische und elektronische Komponenten für die Automobilindustrie.

Der Name leitet sich von Magnetartikeln ab, die in Form von Zündanlagen, Zündspulen und Generatoren (Lichtmaschinen) in Automobile und Motorräder eingebaut wurden und werden.

Weblinks

 Website der Magneti Marelli S.p.A. (italienisch, deutsch, englisch, chinesisch, portugiesisch)

Einzelnachweise

Automobilzulieferer
Motorsportunternehmen
Unternehmen (Präfektur Saitama)
Unternehmen (Metropolitanstadt Mailand)
Organisation (Saitama)
Corbetta (Lombardei)
Gegründet 2019
Ehemals börsennotiertes Unternehmen
Produzierendes Unternehmen (Italien)
Produzierendes Unternehmen (Japan)


We have been working with wood for over 100 years now. Ever since our company was first founded, we have kept it in the family. And we have always taken care to pass our special relationship with this unique material down through the generations. Looking back at our history, our very own blend of hard work, pragmatism and innovation has shaped our actions every step of the way. Whilst we can look back at the past with pride, we have always got our sights firmly set on the future.
Sure, experience is crucial. But what is even more important is the ability to question what we already know and try out new approaches. This way, we will never stop getting better.
Our roots and our future are in wood.
Johann Schütt founds a carpentry workshop in St. Margarethen; in the same year, the company moves to its present location upon completion of the railway station in Flethsee.
Sons Johann and Carsten take over operations, and the company name becomes 'Gebrüder Schütt' (Schütt Bros).
Johann leaves the company and his brother Hinrich joins to help the family company.
Hinrich's son Martin joins the company as an engineer.
Martin Schütt takes over operations. In addition to carpentry, the company now works with coal and briquettes.
His son Claus returns to the company to work with his father upon completing his training as an architect and master carpenter.
The company obtains certification for glued timber ('Leimgenehmigung') and begins production of glued laminated timber.
Claus Schütt takes over the family company and brings it to its fourth generation. Under his leadership, the company grows into a transregional construction enterprise, with production facilities constantly being expanded.
Claus' older brother Hans Schütt, an engineer, joins the company and sets up the engineering office.
The company has grown to over one hundred employees and constructs halls and structures all over the country.
Hans Schütt retires. Claus Schütt's nephew Tillmann Schütt, also an engineer, joins the company and then takes over the management of the company from his uncle two years later.
The company obtains certification for the Danish market; as the only German manufacturer, Gebr. Schütt KG delivers curved glued laminated timber to Denmark.
Claus Schütt hands over the family company to his nephew Tillmann Schütt, bringing the company to its fifth generation. The new fully automatic joinery machine is commissioned.
The company achieves pre-qualification status for proof of suitable for public building contracts and joins the PQ list of the Verein für die Präqualifikation von Bauunternehmen e.V. (association of pre-qualified construction companies).
The annex to the joinery hall opens for business to expand the company's prefabrication capacity.
Glued laminated timber production undergoes extensive modernisation.
Gebr. Schütt marks 125 years of existence in a fitting celebration. The company obtains its PEFC certificate.
The new heating system and new chip silo are installed. The employee lounge/visitors' area is extensively modernised.
The company gets a new image.
A new production hall for element-based construction is completed.
In 1889, then 42-year-old master carpenter Johann Schütt founded a carpenter's workshop in St. Margarethen. In the same year, upon completion of the railway station four kilometres away in Flethsee, the company moved to its present location 'Am Bahnhof'. Thanks to the railway, Johann Schütt had the most modern infrastructure of the time at his disposal.


One thing I learned from the last Sock Summit is that, for me at least, having knitting classes 4 straight days in a row is a recipe for being really really exhausted by Sunday afternoon. This time, I planned for that and allowed myself a day of no classes whatsoever on Friday. It worked out pretty well.
Then I had the most delicious brown rice bowl for lunch from a food cart, which I ate too fast to be able to take a picture of it, visited a cupcake place and scarfed down a life-changing chocolate ganache cupcake, and hit Powell's later with some fellow knitters. (Powell's were ready for the knitters).
And, oh yes – I finished the crochet bind-off on my Peacock Feathers shawl and then BLOCKED IT. (Thank you, hotel bed). I do indeed get to wear it as my birthday shawl today.
Today for my birthday I get to take knitting classes all day, shop with knitters, then have dinner with knitters. Looking forward to all of it!
Hooray for birthday wishes coming true! I hope you have a wonderful day and get celebrated just as you desire and deserve.
happy birthday!! hope you have a wonderful day with all the knitters! keep up the blogging because i love lookin at what you are working on! you give me tons of inspiration! hopefully i can knit like that one day!
Happy birthday, Glenna! I enjoy your blog so much. Have a lovely birthday and a lovely Summit!
Sounds like a phenomenal birthday 😀 And the shawl is just gorgeous!
You are definitely a girl who knows how best to spend a birthday. Have a great one and many, many more.
Oooooo, happy birthday GlennaC! How fabulous that you will wear your very beautiful shawl today. BTW, today is also my daughter's birthday, who is also an avid knitter and fan of your designs. I hope that your stash budget is holding up well enough to treat yourself that that extra special skein today.
Yarp! That's a great, great shawl. Happy BD (again)!
Happy Birthday! The shawl is gorgeous. Hope you have a wonderfully knitterly day!
Happy Birthday Glenna, you are in a wonderful place for a birthday celebration for sure.
Happy Birthday. What a great place to celebrate a birthday. Thank you for the pictures, they are wonderful. Remember I'm attending Sock Summit vicariously through, so the updates and pictures are greatly appreciated.
Blocking on a hotel bed – now that's a new one!! Happy birthday Glenna.
I can't think of a better way to celebrate a birthday. Have a happy one!
Happy Birthday! Have fun wearing that beautiful shawl!
Have a great birthday, and enjoy that gorgeous shawl!
Happy birthday! I was in Franklin's class today and noticed your shawl – gorgeous, and awesome timing on the finishing!
Hope your entire birthday weekend is the best!
What a beautiful shawl! Sounds like a fantastic way to spend a birthday.
Glenna, would you mind sending me the pic you took of Jack and me at the market? (I'm the one in the pink hair :)) – I'm at amynharrison (at) mac (dot) com. Thanks!
I'm so glad you met Baby Jack and his Mom! They were in one of my classes and I know she just bought your Viper Pilot Sock pattern and I was hoping she'd meet you!
I didn't came here like a week or so, and now seeing your posts about an event that is every knitters' dream and all those beautiful photos I feel like in a candy shop. Thanks for sharing it with us, less fortunate ones.
I'm so sorry for saying this late : Happy Birthday Glenna!
PS: Thanks for encouraging me to start a Pi shawl, I did and I'm very happy knitting it.


Land a lion wild in the middle of a reel and it expands out to fill all available stops, helping you complete those all-important winning combinations and giving you a shot at some of the biggest wins available from Hot Safari.
There's a sixth reel available on Hot Safari stacked with multipliers. Land a win and it will automatically be pumped up by the number on the reel. However if you hit the super wild symbol then this gives you a massive boost by adding a single wild to every reel. If a wild symbol lands in the middle of each reel then it will still expand to fill the whole reel.
Stop in 3 scatters anywhere in view to earn yourself 10 free spins with the multiplier reel still in full effect, giving you prize boosts and access to the super wild feature. Stop in 3 more scatters to earn a further 10 free spins in the bonus round with a chance to earn unlimited re-triggers.


Many late nights and long hours went into the preparation of our stand at the BNI Members Day on Friday the 25th of June. I hope it was a success – our stand was certainly very well visited and we met Dr Ivan Misner (the founder of BNI) and shook his hand. Now I have nearly finished writing my follow-up emails, am starting to arrange some 121s and then – let's hope the BNI magic will lead to some lovely new projects for us.