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Labor Management Relations Act 1947 (J5) see Taft Hartley Act
conglomerate (M1)<br />A large firm, particularly in the USA, with many subsidiary firms producing unrelated goods and services so as to reduce risk. Famous US conglomerates include ITT, LTV, Litton, Textro and Gulf and Western. Their past growth was based on a simple mathematical truth that if a company with a high PRICE EARNINGS RATIO takes over one with a lower price-earnings ratio, the acquiring company's earnings per share will automatically rise, helping to finance further acquisitions. Their recent growth has been hampered by the opposition of the US Department of Justice and periods of falling stock market prices.
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median voter theorem (HO)<br />The proposition that the MEDIAN voter determines the outcome of an election in a majority vote, assuming that the distribution of preferences has a single peak.
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