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European Bank for Reconstruction and Development (G2)<br />The development bank founded in 1991 and based in London which lends to the East European countries in order to ease their transition from centrally planned to market economies. Its capital was raised from EUROPEAN COMMUNITY institutions and forty-one countries. Its lending policy is to make 40 per cent of its loans for infra- structure investment and 60 per cent for private sector commercial investment.
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sacrifice theory (H2)<br />The assertion that taxation should be based on ABILITY TO PAY. This approach to taxation can be traced back to Adam SMITH and John Stuart MILL. It has been criticized for assuming that INTERPERSONAL UTILITY COMPARISONS are possible and for ignoring DISINCENTIVE EFFECTS of taxation.<br /> See also: canons of taxation saddle point (C7)<br />The determinate solution, in some games, in which all players follow a MAXIMIN STRATEGY.<br /> See also: game theory
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