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<strong>Wage garnishment</strong> – The withholding of a portion of a borrower' s wages to repay a defaulted loan. (See also AWG.)
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<strong>Comaker</strong> – One of two married individuals who jointly consolidated their federal students loans before July 1, 2006. This term also applies to two parents who were joint borrowers of a PLUS Loan made prior to April 16, 1999.
managerial revolution (M1)<br />James Burnham's theory that after 1914 there was a transition from a capitalist to a managerial society with the class of managers dominant, operating most effectively where the state owns the means of production. Because managers became the ruling class, they exploited workers just as individual capitalists had done before, ensuring that there would be an unequal distribution of income. As managers without capital will not be guided by a profit motive, the economy they run will be less subject to cyclical fluctuations and crises and can be successfully planned; this planning will take a long-term view to encourage invention and innovation. Much of Burnham's argument is couched in Marxist terms as in his career as professor of philosophy at New York University (1932-54) his dominant concern was a socialist critique of contemporary society. GALBRAITH and others have viewed this revolution more loosely as a recognition of the transfer of power in corporations from shareholders to hired managers.<br /> <br /><em>Reference</em><br />Burnham, J. (1945) The Managerial Revolution, Harmondsworth: Penguin.
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