DOCSLIB.ORG

2021 Investment Company Fact Book (Pdf)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2021 Investment Company Fact Book (Pdf) www.icifactbook.org 2021 Investment Company FACT BOOK A Review of Trends and Activities in the Investment Company Industry 2020 Facts at a Glance Total worldwide assets invested in regulated open-end funds:* $63.1 trillion United States Europe Asia-Pacific Rest of the world $29.3 trillion $21.8 trillion $8.8 trillion $3.2 trillion US-registered investment company total net assets: $29.7 trillion Mutual Exchange-traded Closed-end Unit investment funds funds funds trusts $23.9 trillion $5.4 trillion $279 billion $78 billion US-registered investment companies’ share of: US Treasury and US corporate US and foreign government agency US municipal Commercial equity corporate bonds securities securities paper 30% 23% 15% 29% 22% US household ownership of US-registered funds Number of Number of Percentage of Median mutual Median households individuals households fund assets of number of owning owning owning mutual fund–owning mutual funds funds funds funds households owned 60.9 million 106.3 million 47.4% $126,700 4 US retirement market Total retirement Percentage of households with DC plan and IRA assets market assets tax-advantaged retirement savings invested in mutual funds $34.9 trillion 64% $11.1 trillion * Regulated open-end funds include mutual funds, exchange-traded funds (ETFs), and institutional funds. 61st Edition 2021 Investment Company FACT BOOK A Review of Trends and Activities in the Investment Company Industry www.icifactbook.org 2021 Investment Company FACT BOOK A Review of Trends and Activities in the Investment Company Industry The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers. ICI carries out its international work through ICI Global, with offices in London, Brussels, Hong Kong, and Washington, DC. Sixty-first edition Copyright © 2021 by the Investment Company Institute. All rights reserved. Contents vi Letter from the Chief Economist ix ICI Research Staff and Publications PART ONE Analysis and Statistics 2 LIST OF FIGURES 92 CHAPTER FOUR US Exchange-Traded Funds 12 PREFACE The Spread and Impact of COVID-19 116 CHAPTER FIVE US Closed-End Funds 16 CHAPTER ONE Worldwide Regulated Open-End 130 CHAPTER SIX Funds US Fund Expenses and Fees 38 CHAPTER TWO 150 CHAPTER SEVEN US-Registered Investment Characteristics of US Mutual Fund Companies Owners 64 CHAPTER THREE 170 CHAPTER EIGHT US Mutual Funds US Retirement and Education Savings PART TWO Data Tables 210 SECTION ONE 251 SECTION FIVE US Mutual Fund Totals Additional Categories of US Mutual Funds 218 SECTION TWO US Closed-End Funds, Exchange- 269 SECTION SIX Traded Funds, and Unit Investment Institutional Investors in the US Mutual Trusts Fund Industry 224 SECTION THREE 272 SECTION SEVEN US Long-Term Mutual Funds Retirement Account Investing in US Mutual Funds 244 SECTION FOUR US Money Market Funds 274 SECTION EIGHT Worldwide Regulated Open-End Fund Totals 280 APPENDIX A How US-Registered Investment Companies Operate and the Core Principles Underlying Their Regulation 304 APPENDIX B Significant Events in Fund History 308 Glossary Letter from the Chief Economist Letter from the Chief Economist 2020. What a year. I’m writing this letter sitting in my basement, which has served as my office this past year. It’s March 15, 2021, almost one year to the day from March 13, 2020, when vast swathes of the US economy began shutting down because of the COVID-19 pandemic. How things have changed from that fateful Friday the 13th! Delivering in Extraordinary Circumstances Some things, of course, remain much the same. Throughout this challenging period, ICI’s Research Department—as with all ICI departments—maintained its intense focus on supporting registered investment companies and the more than 105 million shareholders they serve. As the crisis unfolded, market participants rightly became deeply concerned—and highly uncertain—about the effects of the economywide shutdown on businesses, households, and governments. In this environment, all types of investors around the world scrambled to raise cash, a development that quickly morphed into a liquidity crisis. During this time, ICI Research worked tirelessly to provide critical perspective and data to policymakers to help them navigate and respond to the rapidly moving events. vi Providing Important Analysis to the Discourse of Funds’ Experiences During the Crisis As the financial markets began to settle, we turned to providing more in-depth analyses of funds’ experiences during March 2020, in no small part to help ensure that emerging narratives were based on facts, not supposition. For example, in late May, I was invited to present a detailed analysis to the Securities and Exchange Commission’s Asset Management Advisory Committee on funds’ experiences in March. In addition, under the guidance and assistance of senior leaders from throughout the fund industry, ICI published the Report of the COVID-19 Market Impact Working Group—a series of papers discussing developments in the spring of 2020 in the financial markets broadly, as well as in ETFs, money market funds, and UCITS. We also produced a series of blog posts discussing the experiences of bond mutual funds in March 2020. The preface in this year’s Fact Book summarizes some of that work and provides a link to the full suite of COVID-19 papers and blog posts. The key theme of this work is that the March 2020 turmoil was driven not by the actions of individual market participants or market sectors, but by uncertainty about how the virus and the shuttering of world economies would play out. In light of the COVID-19 turmoil, regulators are now pondering reforms for many sectors of the financial markets, including ours. As they do so, they must keep the true drivers of the March 2020 turmoil at the forefront of their minds, and must remain cognizant of the benefits regulated funds provide to the world’s economies. Funds are an important source of financing—to businesses, consumers, and governments at all levels—and a chief way that tens of millions of investors save for long-term goals. ICI Research’s Solid Foundation All of this extraordinary work over the past year is built on the solid foundation ICI Research has built over decades, which is also reflected in the data and analysis we offer throughout the entire Fact Book. For example, Fact Book chapters 1 to 6 provide detail on the remarkable range of products our industry has created to help investors save for their goals, on how our industry is evolving (both in the United States and in other jurisdictions) to meet investors’ changing demands, and on the substantial declines in fund fees Main Street investors incur to gain exposure to stocks and bonds through pooled, professionally managed funds. The many figures, tables, and analyses you will find here reflect the efforts of Shelly Antoniewicz and her staff. Fact Book chapters 7 and 8 provide considerable detail, derived from ICI surveys and data collections, about the tens of millions of US households that use funds to save for their goals and how funds support them as they save for retirement and education. These data are collected by Sarah Holden and her staff, and are a key feature of ICI’s efforts to foster and reinforce the reputation of funds before policymakers, the media, and other stakeholders. As just one example, in the past year, a range of commentators voiced concerns that retirement savers were pulling back from 401(k) plans because of challenges related to COVID-19. Evidence provided by ICI Research, however, consistently demonstrated throughout the year that retirement savers were staying the course. The Fact Book also contains a wealth of information in the data tables, which immediately follow chapter 8. These summary tables, and the more detailed data underlying them, provide the backbone of ICI Research’s ability to accurately depict trends in the fund industry and to use facts to correct misimpressions or misinterpretations about the role and importance of funds to the US economy. The updated data tables are the culmination of a year’s worth of work by Judy Steenstra and her staff. In sum, on behalf of the entire Research Department, I hope you will find our 61stFact Book as helpful and enlightening as ever. And for those of you who want the printed version of the book, it will be available later this summer. Thank you, best wishes, and I hope that we in ICI Research will be able to see many of you—in person—in the coming year. Sean Collins ICI Chief Economist viii 2021 INVESTMENT COMPANY FACT BOOK ICI Research Staff and Publications ICI Research Staff and Publications ICI Senior Research Staff Chief Economist Sean Collins leads the Institute’s Research Department. He oversees statistical collections and research on US and global funds, financial markets, the US retirement market, financial stability, and investor demographics. Before joining ICI in 2000, Collins worked at the US Federal Reserve Board of Governors and the Reserve Bank of New Zealand. He is a member of the Group of Economic Advisers (GEA) to the European Securities and Markets Authority (ESMA). He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College. Senior Director of Industry and Financial Analysis Rochelle (Shelly) Antoniewicz leads the Institute’s research efforts on the structure and trends of the exchange-traded fund and mutual fund industries and on the financial markets in the United States and globally.
Load more

Recommended publications
  • Energy and Environmental Implications of Hybrid and Electric Vehicles in China
    Energies 2013, 6, 2663-2685; doi:10.3390/en6052663 OPEN ACCESS energies ISSN 1996-1073 www.mdpi.com/journal/energies Article Energy and Environmental Implications of Hybrid and Electric Vehicles in China Jianlei Lang 1, Shuiyuan Cheng 1,*, Ying Zhou 1, Beibei Zhao 1, Haiyan Wang 1 and Shujing Zhang 2 1 College of Environmental and Energy Engineering, Beijing University of Technology, Beijing 100124, China; E-Mails: [email protected] (J.L.); [email protected] (Y.Z.); [email protected] (B.Z.); [email protected] (H.W.) 2 Beijing Municipal Institute of Labour Protection, Beijing 100054 China; E-Mail: [email protected] * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +86-10-6739-1656; Fax: +86-10-6739-1983. Received: 14 December 2012; in revised form: 4 April 2013 / Accepted: 12 April 2013 / Published: 22 May 2013 Abstract: The promotion of hybrid and electric vehicles (EVs) has been proposed as one promising solution for reducing transport energy consumption and mitigating vehicular emissions in China. In this study, the energy and environmental impacts of hybrid and EVs during 2010–2020 were evaluated through an energy conversion analysis and a life cycle assessment (LCA), and the per-kilometer energy consumptions of gasoline, coal, natural gas (NG), oil, biomass, garbage and electricity for EVs and HEVs were estimated. Results show that the EVs and HEVs can reduce the energy consumption of vehicles by national average ratios of 17%–19% and 30%–33%, respectively. The study also calculated the detailed emission factors of SO2, NOX, VOC, CO, NH3, PM10, PM2.5, OC, EC, CO2, N2O, CH4, Pb and Hg.
    [Show full text]
  • Energy in China: Coping with Increasing Demand
    FOI-R--1435--SE November 2004 FOI ISSN 1650-1942 SWEDISH DEFENCE RESEARCH AGENCY User report Kristina Sandklef Energy in China: Coping with increasing demand Defence Analysis SE-172 90 Stockholm FOI-R--1435--SE November 2004 ISSN 1650-1942 User report Kristina Sandklef Energy in China: Coping with increasing demand Defence Analysis SE-172 90 Stockholm SWEDISH DEFENCE RESEARCH AGENCY FOI-R--1435--SE Defence Analysis November 2004 SE-172 90 Stockholm ISSN 1650-1942 User report Kristina Sandklef Energy in China: Coping with increasing demand Issuing organization Report number, ISRN Report type FOI – Swedish Defence Research Agency FOI-R--1435--SE User report Defence Analysis Research area code SE-172 90 Stockholm 1. Security, safety and vulnerability Month year Project no. November 2004 A 1104 Sub area code 11 Policy Support to the Government (Defence) Sub area code 2 Author/s (editor/s) Project manager Kristina Sandklef Ingolf Kiesow Approved by Maria Hedvall Sponsoring agency Department of Defense Scientifically and technically responsible Report title Energy in China: Coping with increasing demand Abstract (not more than 200 words) Sustaining the increasing energy consumption is crucial to future economic growth in China. This report focuses on the current and future situation of energy production and consumption in China and how China is coping with its increasing domestic energy demand. Today, coal is the most important energy resource, followed by oil and hydropower. Most energy resources are located in the inland, whereas the main demand for energy is in the coastal areas, which makes transportation and transmission of energy vital. The industrial sector is the main driver of the energy consumption in China, but the transport sector and the residential sector will increase their share of consumption by 2020.
    [Show full text]
  • Merchants and the Origins of Capitalism
    Merchants and the Origins of Capitalism Sophus A. Reinert Robert Fredona Working Paper 18-021 Merchants and the Origins of Capitalism Sophus A. Reinert Harvard Business School Robert Fredona Harvard Business School Working Paper 18-021 Copyright © 2017 by Sophus A. Reinert and Robert Fredona Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Merchants and the Origins of Capitalism Sophus A. Reinert and Robert Fredona ABSTRACT: N.S.B. Gras, the father of Business History in the United States, argued that the era of mercantile capitalism was defined by the figure of the “sedentary merchant,” who managed his business from home, using correspondence and intermediaries, in contrast to the earlier “traveling merchant,” who accompanied his own goods to trade fairs. Taking this concept as its point of departure, this essay focuses on the predominantly Italian merchants who controlled the long‐distance East‐West trade of the Mediterranean during the Middle Ages and Renaissance. Until the opening of the Atlantic trade, the Mediterranean was Europe’s most important commercial zone and its trade enriched European civilization and its merchants developed the most important premodern mercantile innovations, from maritime insurance contracts and partnership agreements to the bill of exchange and double‐entry bookkeeping. Emerging from literate and numerate cultures, these merchants left behind an abundance of records that allows us to understand how their companies, especially the largest of them, were organized and managed.
    [Show full text]
  • 489.108 Name. 1. the Name of a Limited Liability Company Must Contain the Words “Limited Liability Company” Or “Limited Company” Or the Abbreviation “L
    1 REVISED UNIFORM LIMITED LIABILITY COMPANY ACT, §489.108 489.108 Name. 1. The name of a limited liability company must contain the words “limited liability company” or “limited company” or the abbreviation “L. L. C.”, “LLC”, “L. C.”, or “LC”. “Limited” may be abbreviated as “Ltd.”, and “company” may be abbreviated as “Co.”. 2. Unless authorized by subsection 3, the name of a limited liability company must be distinguishable in the records of the secretary of state from all of the following: a. The name of each person that is not an individual and that is incorporated, organized, or authorized to transact business in this state. b. Each name reserved under section 489.109. 3. A limited liability company may apply to the secretary of state for authorization to use a name that does not comply with subsection 2. The secretary of state shall authorize use of the name applied for if either of the following applies: a. The present user, registrant, or owner of the noncomplying name consents in a signed record to the use and submits an undertaking in a form satisfactory to the secretary of state to change the noncomplying name to a name that complies with subsection 2 and is distinguishable in the records of the secretary of state from the name applied for. b. The applicant delivers to the secretary of state a certified copy of the final judgment of a court establishing the applicant’s right to use in this state the name applied for. 4. A limited liability company may use the name, including the fictitious name, of another entity that is used in this state if the other entity is formed under the law of this state or is authorized to transact business in this state and the proposed user limited liability company meets any of the following conditions: a.
    [Show full text]
  • COVID-19 Vaccination Strategy in China: a Case Study
    Article COVID-19 Vaccination Strategy in China: A Case Study Marjan Mohamadi 1,†, Yuling Lin 1,*,† ,Mélissa Vuillet Soit Vulliet 1,†, Antoine Flahault 1, Liudmila Rozanova 1 and Guilhem Fabre 2 1 Institute of Global Health, University of Geneva, 1211 Geneva, Switzerland; [email protected] (M.M.); [email protected] (M.V.S.V.); antoine.fl[email protected] (A.F.); [email protected] (L.R.) 2 Department of Chinese, UFR 2, Université Paul Valéry Montpellier 3, 34199 Montpellier, France; [email protected] * Correspondence: [email protected] † These authors contributed equally to this work. Abstract: The coronavirus disease 2019 (COVID-19) outbreak in China was first reported to the World Health Organization on 31 December 2019, after the first cases were officially identified around 8 December 2019. However, the case of an infected patient of 55 years old can probably be traced back on 17 November. The spreading has been rapid and heterogeneous. Economic, political and social impacts have not been long overdue. This paper, based on English, French and Chinese research in national and international databases, aims to study the COVID-19 situation in China through the management of the outbreak and the Chinese response to vaccination strategy. The coronavirus disease pandemic is under control in China through non-pharmaceutical interventions, and the mass vaccination program has been launched to further prevent the disease and progressed steadily with Citation: Mohamadi, M.; Lin, Y.; 483.34 million doses having been administered across the country by 21 May 2021. China is also Vulliet, M.V.S.; Flahault, A.; acting as an important player in the development and production of SARS-CoV-2 vaccines.
    [Show full text]
  • The Socialization of Investment, from Keynes to Minsky and Beyond
    Working Paper No. 822 The Socialization of Investment, from Keynes to Minsky and Beyond by Riccardo Bellofiore* University of Bergamo December 2014 * [email protected] This paper was prepared for the project “Financing Innovation: An Application of a Keynes-Schumpeter- Minsky Synthesis,” funded in part by the Institute for New Economic Thinking, INET grant no. IN012-00036, administered through the Levy Economics Institute of Bard College. Co-principal investigators: Mariana Mazzucato (Science Policy Research Unit, University of Sussex) and L. Randall Wray (Levy Institute). The author thanks INET and the Levy Institute for support of this research. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2014 All rights reserved ISSN 1547-366X Abstract An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves.
    [Show full text]
  • Excess Mortality in Wuhan City and Other Parts of China ­During BMJ: First Published As 10.1136/Bmj.N415 on 24 February 2021
    RESEARCH Excess mortality in Wuhan city and other parts of China during BMJ: first published as 10.1136/bmj.n415 on 24 February 2021. Downloaded from the three months of the covid-19 outbreak: findings from nationwide mortality registries Jiangmei Liu,1 Lan Zhang,2 Yaqiong Yan,3 Yuchang Zhou,1 Peng Yin,1 Jinlei Qi,1 Lijun Wang,1 Jingju Pan,2 Jinling You,1 Jing Yang,1 Zhenping Zhao,1 Wei Wang,1 Yunning Liu,1 Lin Lin,1 Jing Wu,1 Xinhua Li,4 Zhengming Chen,5 Maigeng Zhou1 1The National Center for Chronic ABSTRACT 8.32, 5.19 to 17.02), mainly covid-19 related, but and Non-communicable Disease OBJECTIVE a more modest increase in deaths from certain Control and Prevention, Chinese To assess excess all cause and cause specific other diseases, including cardiovascular disease Center for Disease Control and Prevention (China CDC), Xicheng mortality during the three months (1 January to (n=2347; 408 v 316 per 100 000; 1.29, 1.05 to 1.65) District, 100050, Beijing, China 31 March 2020) of the coronavirus disease 2019 and diabetes (n=262; 46 v 25 per 100 000; 1.83, 2Hubei Provincial Center for (covid-19) outbreak in Wuhan city and other parts of 1.08 to 4.37). In Wuhan city (n=13 districts), 5954 Disease Control and Prevention, China. additional (4573 pneumonia) deaths occurred in Wuhan, Hubei, China 2020 compared with 2019, with excess risks greater 3Wuhan Center for Disease DESIGN Control and Prevention, Wuhan, Nationwide mortality registries. in central than in suburban districts (50% v 15%).
    [Show full text]
  • Shareholder Capitalism a System in Crisis New Economics Foundation Shareholder Capitalism
    SHAREHOLDER CAPITALISM A SYSTEM IN CRISIS NEW ECONOMICS FOUNDATION SHAREHOLDER CAPITALISM SUMMARY Our current, highly financialised, form of shareholder capitalism is not Shareholder capitalism just failing to provide new capital for – a system driven by investment, it is actively undermining the ability of listed companies to the interests of reinvest their own profits. The stock shareholder-backed market has become a vehicle for and market-fixated extracting value from companies, not companies – is broken. for injecting it. No wonder that Andy Haldane, Chief Economist of the Bank of England, recently suggested that shareholder capitalism is ‘eating itself.’1 Corporate governance has become dominated by the need to maximise short-term shareholder returns. At the same time, financial markets have grown more complex, highly intermediated, and similarly short- termist, with shares increasingly seen as paper assets to be traded rather than long-term investments in sound businesses. This kind of trading is a zero-sum game with no new wealth, let alone social value, created. For one person to win, another must lose – and increasingly, the only real winners appear to be the army of financial intermediaries who control and perpetuate the merry-go- round. There is nothing natural or inevitable about the shareholder-owned corporation as it currently exists. Like all economic institutions, it is a product of political and economic choices which can and should be remade if they no longer serve our economy, society, or environment. Here’s the impact
    [Show full text]
  • Outline of a Business Plan Plan Summary Company And
    APPENDIX B OUTLINE OF A BUSINESS PLAN A business plan is a description of your proposed or existing business and should include information on the business' products or services, markets, marketing strategies, manufacturing procedures, ownership, management structure, needs (organizational, personnel and financial) and projections. A well-prepared business plan serves two important functions. First, it is a basic management tool that helps guide the future direction of your company. Second, it is a mandatory document if you plan to seek business financing. How much detail should your business plan contain and in what order? What will help make it effective in communicating your proposed or existing company's strengths and potential? The purpose of this section of the handbook is to help you answer such questions. Not all plans need to be alike. Some sections of this outline may be more applicable to your company than others. You should make every effort to tailor your plan to your company's specific set of circumstances. PLAN SUMMARY A well-written business plan summary allows prospective lenders and investors to quickly decide if they want to examine the entire plan in detail. Therefore, your objective in the plan summary is to convince them to study the plan further. Although a plan summary appears first, it should be the last part you write. The summary should briefly highlight the key elements of your business plan and include the following points: - A brief history of your business or business concept; - A description of your products or services with emphasis on their distinguishing features, the market needs they will meet, the market potential and assessment of the competition: - How the products will be made, or services performed; - An outline of your management team's experience and talent; - A summary of your financial projections; and - How much money you are seeking, in what form, for what purpose and how it will be repaid.
    [Show full text]
  • Investment Interests Safe Harbor (42 C.F.R
    Investment Interests Safe Harbor (42 C.F.R. § 1001.952(a)) (a) As used in section 1128B of the Act, “remuneration” does not include any payment that is a return on an investment interest, such as a dividend or interest income, made to an investor as long as all of the applicable standards are met within one of the following three categories of entities: (1) If, within the previous fiscal year or previous 12 month period, the entity possesses more than $50,000,000 in undepreciated net tangible assets (based on the net acquisition cost of purchasing such assets from an unrelated entity) related to the furnishing of health care items and services, all of the following five standards must be met— (i) With respect to an investment interest that is an equity security, the equity security must be registered with the Securities and Exchange Commission under 15 U.S.C. 781 (b) or (g). (ii) The investment interest of an investor in a position to make or influence referrals to, furnish items or services to, or otherwise generate business for the entity must be obtained on terms (including any direct or indirect transferability restrictions) and at a price equally available to the public when trading on a registered securities exchange, such as the New York Stock Exchange or the American Stock Exchange, or in accordance with the National Association of Securities Dealers Automated Quotation System. (iii) The entity or any investor must not market or furnish the entity's items or services (or those of another entity as part of a cross referral agreement) to passive investors differently than to non-investors.
    [Show full text]
  • Analysis Based on China's Policy of Poverty Alleviation by Education
    Poverty Alleviation by Education: Exploration and Experience from China – Analysis Based on China’s Policy of Poverty Alleviation by Education Mengshu Yong,1 Yuxin Zhang2 1. Nanjing Niushoushan Cultural Tourism Group Co., Ltd., Nanjing, Jiang- su 210012, China 2. Nanjing Dianji Institute of Psychological Education, Nanjing, Jiangsu 210036, China Abstract: Improving the poor’s overall quality through education and promoting local economic development and social progress is an important way for China to alleviate poverty. At present, China has formed a policy system of poverty alleviation by education with its characteristics and has achieved remarkable results. This article first elaborates the definition and impact of poverty alleviation by education, and then through the use of literature review and other research methods, it combs the policies of China’s poverty allevia- tion by education in different historical periods. The aim is to sum- marize China’s poverty alleviation by education, analyze possible policy problems, and finally make constructive suggestions for its future development. Science Insights Education Frontiers 2021; 8(1):959-973. Doi: 10.15354/sief.21.re004 How to Cite: Yong, M. & Zhang, Y. (2021). Poverty alleviation by education: Exploration and experience from China – Analysis based on China’s policy of poverty alleviation by education. Science Insights Education Frontiers, 8(1):959-973. Keywords: Poverty Alleviation, Education, China, Policy, History and Development About Author : Mengshu Yong, Nanjing Niushoushan Cultural Tourism Group Co., Ltd., Nanjing, Jiangsu 210012, China. Email: [email protected] Yong & Zhang. China Experience in Poverty Alleviation by Education. OVERTY is a multifaceted economic phenomenon. Alleviating poverty has al- ways been an essential means to promote social equity.
    [Show full text]
  • Islamic Finance” After State-Sponsored Capitalist Islamism
    Working Paper ”Islamic Finance” After State-Sponsored Capitalist Islamism Mahmoud A. El-Gamal, Ph.D. Chair in Islamic Economics, Finance and Management, Rice University Rice Faculty Scholar, Baker Institute for Public Policy © 2017 by the James A. Baker III Institute for Public Policy of Rice University This material may be quoted or reproduced without prior permission, provided appropriate credit is given to the author and the James A. Baker III Institute for Public Policy. Wherever feasible, papers are reviewed by outside experts before they are released. However, the research and views expressed in this paper are those of the individual researcher(s) and do not necessarily represent the views of the James A. Baker III Institute for Public Policy. This paper is a work in progress and has not been submitted for editorial review. “Islamic Finance” after State-Sponsored Capitalist-Islamism Mahmoud A. El-Gamal Rice University December 2017 Abstract During the late part of the nineteenth century CE, nationalist-Islamism emerged as a theology of liberation from the realities of European colonialism under which most Muslims lived. This form of Islamism survived into the mid twentieth century, without significant thought being lent to the possibility or desirability of a so-called “Islamic finance.” Indeed, juristic developments during this period justified conventional financial practices, and many nationalist movements aimed merely to replace European financial institutions with indigenous ones focused on boosting domestic and re- gional economic development. Shortly after independence, and under the influence of global currents, the liberation theology of nationalist-Islamism mutated into a socialist-Islamism that focused on self reliance to defeat poverty and continued economic dependence of Muslim-majority countries.
    [Show full text]