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143-632: Before the High Dam was built, even with the old dam in place, the annual flooding of the Nile during late summer had continued to pass largely unimpeded down the valley from its East African drainage basin . These floods brought high water with natural nutrients and minerals that annually enriched the fertile soil along its floodplain and delta ; this predictability had made the Nile valley ideal for farming since ancient times . However, this natural flooding varied, since high-water years could destroy

286-489: A financial infrastructure of money and investment that makes possible credit and debt , entrepreneurship , commodification , voluntary exchange , wage labor , production of commodities and services , and a strong emphasis on innovation and economic growth . In a market economy , decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets —whereas prices and

429-477: A broader and expanding money-based economy. The system put pressure on both landlords and tenants to increase the productivity of agriculture to make profit; the weakened coercive power of the aristocracy to extract peasant surpluses encouraged them to try better methods, and the tenants also had incentive to improve their methods in order to flourish in a competitive labor market . Terms of rent for land were becoming subject to economic market forces rather than to

572-676: A deferred payment of Egyptian grain and cotton. On 27 September 1955, Nasser announced an arms deal , with Czechoslovakia acting as a middleman for the Soviet support. Instead of attacking Nasser for turning to the Soviets, Dulles sought to improve relations with him. In December 1955, the US and the UK pledged $ 56 and $ 14 million, respectively, toward construction of the High Aswan Dam. Though

715-585: A formal property system where ownership and transactions are clearly recorded. According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the inclosure acts in England and similar legislation elsewhere were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to

858-444: A growing period of almost one year. The high dam at Aswan releases, on average, 55 cubic kilometres (45,000,000 acre⋅ft) water per year, of which some 46 cubic kilometres (37,000,000 acre⋅ft) are diverted into the irrigation canals. In the Nile valley and delta, almost 336,000 square kilometres (130,000 sq mi) benefit from these waters producing on average 1.8 crops per year. The annual crop consumptive use of water

1001-423: A large middle class were good for democracy. He also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism. In his book The Road to Serfdom (1944), Friedrich Hayek (1899–1992) asserted that the free-market understanding of economic freedom as present in capitalism is a requisite of political freedom . He argued that

1144-505: A large number of sellers nor to a market in final equilibrium . Competition is widespread throughout the market process . It is a condition where "buyers tend to compete with other buyers, and sellers tend to compete with other sellers". In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods. Similarly, sellers bid against other sellers in offering goods on

1287-591: A large quantity of it into the irrigation canals) and in spite of opening the sluice gates during the flooding in order to flush the sediments, the reservoir is assumed to have lost about a third of its storage capacity. In 1966, the Roseires Dam was added to help irrigating the Gezira Scheme. The Jebel Aulia Dam on the White Nile south of Khartoum was completed in 1937 in order to compensate for

1430-631: A less protectionist policy, with the 1846 repeal of the Corn Laws and the 1849 repeal of the Navigation Acts . Britain reduced tariffs and quotas , in line with David Ricardo's advocacy of free trade . Broader processes of globalization carried capitalism across the world. By the beginning of the nineteenth century, a series of loosely connected market systems had come together as a relatively integrated global system, in turn intensifying processes of economic and other globalization. Late in

1573-697: A million families were settled on these new lands. In particular the area under rice and sugar cane cultivation increased. In addition, about 1 million feddan (420,000 hectares), mostly in Upper Egypt, were converted from flood irrigation with only one crop per year to perennial irrigation allowing two or more crops per year. On other previously irrigated land, yields increased because water could be made available at critical low-flow periods. For example, wheat yields in Egypt tripled between 1952 and 1991 and better availability of water contributed to this increase. Most of

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1716-534: A natural leader of an anticommunist procapitalist Arab League . America and the United Kingdom offered to help finance construction of the High Dam, with a loan of $ 270 million, in return for Nasser's leadership in resolving the Arab-Israeli conflict. While opposed to communism, capitalism, and imperialism , Nasser identified as a tactical neutralist , and sought to work with both the U.S. and

1859-516: A puzzle to scientists." A concern before the construction of the High Dam had been the potential drop in river-bed level downstream of the Dam as the result of erosion caused by the flow of sediment-free water. Estimates by various national and international experts put this drop at between and 2 and 10 meters (6.6 and 32.8 ft). However, the actual drop has been measured at 0.3–0.7 meters (0.98–2.30 ft), much less than expected. Flooding of

2002-474: A result of the Industrial Revolution. The accumulation of capital is the primary mechanism through which capitalist economies promote economic growth . However, it is a characteristic of such economies that they experience a business cycle of economic growth followed by recessions. The term "capitalist", meaning an owner of capital , appears earlier than the term "capitalism" and dates to

2145-576: A safe environment for investment and capitalism. Similarly, Suharto 's authoritarian reign and extirpation of the Communist Party of Indonesia allowed for the expansion of capitalism in Indonesia . The term "capitalism" in its modern sense is often attributed to Karl Marx . In his Das Kapital , Marx analyzed the " capitalist mode of production " using a method of understanding today known as Marxism . However, Marx himself rarely used

2288-686: A small scale for centuries in the form of merchant, renting and lending activities and occasionally as small-scale industry with some wage labor. Simple commodity exchange and consequently simple commodity production, which is the initial basis for the growth of capital from trade, have a very long history. During the Islamic Golden Age , Arabs promulgated capitalist economic policies such as free trade and banking. Their use of Indo-Arabic numerals facilitated bookkeeping . These innovations migrated to Europe through trade partners in cities such as Venice and Pisa. Italian mathematicians traveled

2431-528: A social system cannot be said to have existed before that date". England began a large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). A systematic and coherent explanation of balance of trade was made public through Thomas Mun 's argument England's Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure. It was written in

2574-674: A subsurface drainage system and approximately 7.2 square kilometres (2.8 sq mi) of water is drained annually from areas with these systems. The total investment cost in agricultural drainage over 27 years from 1973 to 2002 was about $ 3.1 billion covering the cost of design, construction, maintenance, research and training. During this period 11 large-scale projects were implemented with financial support from World Bank and other donors. The High Dam has resulted in protection from floods and droughts , an increase in agricultural production and employment, electricity production, and improved navigation that also benefits tourism. Conversely,

2717-506: A total of 2.1 gigawatts (2,800,000 hp). Power generation began in 1967. When the High Dam first reached peak output in 1970, it produced around half of Egypt's production of electric power (about 15 percent by 1998), and it gave most Egyptian villages the use of electricity for the first time. The High Dam has also improved the efficiency and the extension of the Old Aswan Hydropower stations by regulating upstream flows. At

2860-403: Is 500 km (310 mi) long and 35 km (22 mi) at its widest, with a surface area of 5,250 square kilometres (2,030 sq mi). It holds 132 cubic kilometres (1.73 × 10 cu yd) of water. Due to the absence of appreciable rainfall, Egypt's agriculture depends entirely on irrigation . With irrigation, two harvests per year are possible, except for sugar cane which has

3003-416: Is a fundamental threat to repressive political leaders and greatly diminishes their power to coerce. Some of Friedman's views were shared by John Maynard Keynes , who believed that capitalism was vital for freedom to survive and thrive. Freedom House , an American think-tank that conducts international research on, and advocates for, democracy, political freedom and human rights , has argued that "there

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3146-649: Is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal/Heritage Foundation survey ". In Capital in the Twenty-First Century (2013), Thomas Piketty of the Paris School of Economics asserted that inequality is the inevitable consequence of economic growth in a capitalist economy and

3289-425: Is about 38 cubic kilometres (31,000,000 acre⋅ft). Hence, the overall irrigation efficiency is 38/46 = 0.826 or 83%. This is a relatively high irrigation efficiency. The field irrigation efficiencies are much less, but the losses are reused downstream. This continuous reuse accounts for the high overall efficiency. The following table shows the distribution of irrigation water over the branch canals taking off from

3432-542: Is essential to prevent a deterioration of crop yields from soil salinization and waterlogging. By 2003, more than 2 million hectares have been equipped with a subsurface drainage system at a cost from 1973 to 2002 of about $ 3.1 billion. Contrary to many predictions made prior to the Aswan High Dam construction and publications that followed, that the prevalence of schistosomiasis (bilharzia) would increase, it did not. This assumption did not take into account

3575-588: Is governed by stable economic laws of its own. In the English language , the term "capitalism" first appears, according to the Oxford English Dictionary (OED), in 1854, in the novel The Newcomes by novelist William Makepeace Thackeray , where the word meant "having ownership of capital". Also according to the OED, Carl Adolph Douai , a German American socialist and abolitionist , used

3718-661: Is much lower. The Egyptian position changed completely after the overthrow of the monarchy , led by the Free Officers Movement including Gamal Abdel Nasser . The Free Officers were convinced that the Nile Waters had to be stored in Egypt for political reasons, and within two months, the plan of Daninos was accepted. Initially, both the United States and the USSR were interested in helping development of

3861-477: Is no competition. A monopoly occurs when a firm has exclusivity over a market. Hence, the firm can engage in rent seeking behaviors such as limiting output and raising prices because it has no fear of competition. Governments have implemented legislation for the purpose of preventing the creation of monopolies and cartels. In 1890, the Sherman Antitrust Act became the first legislation passed by

4004-422: Is no profit in making an article, it is a sign that the labor and capital devoted to its production are misdirected: the value of the resources that must be used up in making the article is greater than the value of the article itself". Socialist theorists note that, unlike mercantilists, capitalists accumulate their profits while expecting their profit rates to remain the same. This causes problems as earnings in

4147-588: Is to say the appropriation of capital by some to the exclusion of others") and Pierre-Joseph Proudhon in 1861 ("Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labor"). Karl Marx frequently referred to the " capital " and to the "capitalist mode of production" in Das Kapital (1867). Marx did not use the form capitalism but instead used capital , capitalist and capitalist mode of production , which appear frequently. Due to

4290-644: The Abu Simbel temples, were preserved by moving them to the shores of the lake under the UNESCO Nubia Campaign. Also moved were Philae , Kalabsha and Amada . These monuments were granted to countries that helped with the works: These items were removed to the garden area of the Sudan National Museum of Khartoum : The Temple of Ptah at Gerf Hussein had its free-standing section reconstructed at New Kalabsha , alongside

4433-523: The Ancient Egyptian religion , Hapi was the god of the Nile and the annual flooding of it. Both he and the pharaoh were thought to control the flooding. The annual flooding of the Nile occasionally was said to be the Arrival of Hapi . Since this flooding provided fertile soil in an area that was otherwise desert, Hapi symbolised fertility. The god Osiris was also closely associated with

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4576-704: The Assiut Barrage , both completed in 1902. However, they were still not able to retain sufficient water to cope with the driest summers, despite the Aswan Low Dam being raised twice, in 1907–1912 and in 1929–1933. During the 1920s, the Sennar Dam was constructed on the Blue Nile as a reservoir in order to supply water to the huge Gezira Scheme on a regular basis. It was the first dam on the Nile to retain large amounts of sedimentation (and to divert

4719-607: The Delta Barrages and wide systems of new canals were built, changing the irrigation system from the traditional basin irrigation to perennial irrigation whereby farmland could be irrigated throughout the year. Thereby, many crops could be harvested twice or even three times a year and agricultural output was increased dramatically. In 1873, Isma'il Pasha commissioned the construction of the Ibrahimiya Canal , thereby greatly extending perennial irrigation. Although

4862-547: The New Halfa Agricultural Development Scheme to grow cotton, grains, sugar cane and other crops. The Nubians were resettled in twenty five planned villages that included schools, medical facilities, and other services, including piped water and some electrification. In Egypt, the majority of the 50,000 Nubians were moved three to ten kilometers from the Nile near Edna and Kom Ombo , 45 kilometers (28 mi) downstream from Aswan in what

5005-590: The Temple of Kalabsha , Beit el-Wali , and the Kiosk of Qertassi . The remaining archaeological sites, including the Buhen fort and the cemetery of Fadrus have been flooded by Lake Nasser. Before the construction of the High Dam, the Nile deposited sediments of various particle size – consisting of fine sand, silt and clay – on fields in Upper Egypt through its annual flood, contributing to soil fertility. However,

5148-699: The World Bank and the IMF ), large institutional investors and a well-funded banking system . A significant managerial class has emerged and decides on a significant proportion of investments and other decisions. A different future than that envisioned by Marx has started to emerge—explored and described by Anthony Crosland in the United Kingdom in his 1956 book The Future of Socialism and by John Kenneth Galbraith in North America in his 1958 book The Affluent Society , 90 years after Marx's research on

5291-579: The gauge readings at Aswan to the lower parts of the kingdom where the data had to be converted to the local circumstances. The Egyptian year was divided into the three seasons of Akhet (Inundation), Peret (Growth), and Shemu (Harvest). Akhet covered the Egyptian flood cycle. This cycle was so consistent that the Egyptians timed its onset using the heliacal rising of Sirius , the key event used to set their calendar . The first indications of

5434-410: The neoliberal global economy would have been impossible without the fall of communism . Harvard Kennedy School economist Dani Rodrik distinguishes between three historical variants of capitalism: The relationship between democracy and capitalism is a contentious area in theory and in popular political movements. The extension of adult-male suffrage in 19th-century Britain occurred along with

5577-479: The transatlantic cable , the radiotelephone , the steamship and railways allowed goods and information to move around the world to an unprecedented degree. In the United States, the term "capitalist" primarily referred to powerful businessmen until the 1920s due to widespread societal skepticism and criticism of capitalism and its most ardent supporters. Contemporary capitalist societies developed in

5720-422: The 1620s and published in 1664. European merchants , backed by state controls, subsidies and monopolies , made most of their profits by buying and selling goods. In the words of Francis Bacon , the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of

5863-464: The 16th and 18th centuries. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production , characterized by factory work and a complex division of labor . Through the process of globalization , capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War. During the 19th century, capitalism

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6006-643: The 18th-century decisively shaped globalization. After the First and Second Opium Wars (1839–60) and the completion of the British conquest of India by 1858, vast populations of Asia became consumers of European exports. Europeans colonized areas of sub-Saharan Africa and the Pacific islands. Colonisation by Europeans, notably of sub-Saharan Africa, yielded valuable natural resources such as rubber , diamonds and coal and helped fuel trade and investment between

6149-402: The 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide, with the mixed economy as its dominant form in the industrialized Western world. Industrialization allowed cheap production of household items using economies of scale , while rapid population growth created sustained demand for commodities. The imperialism of

6292-558: The 32 km of freshwater, or almost 40 percent of the average flow of the Nile that were previously lost to the sea every year could be put to beneficial use. While about 10 km of the water saved is lost due to evaporation in Lake Nasser, the amount of water available for irrigation still increased by 22 km. Other estimates put evaporation from Lake Nasser at between 10 and 16 cubic km per year. The dam powers twelve generators each rated at 175 megawatts (235,000 hp), with

6435-540: The Blue Nile's low waters in winter, but it was still not possible to overcome a period of very low waters in the Nile and thus avoid occasional drought , which had plagued Egypt since ancient times. In order to overcome these problems, Harold Edwin Hurst , a British hydrologist in the Egyptian Public Works from 1906 until many years after his retirement age, studied the fluctuations of the water levels in

6578-462: The British, during their first period in Egypt , improved and extended this system, it was not able to store large amounts of water and to fully retain the annual flooding. In order to further improve irrigation, Sir William Willcocks , in his role as director general of reservoirs for Egypt, planned and supervised the construction of the Aswan Low Dam , the first true storage reservoir , and

6721-656: The British. This has changed. Large-scale treatment programmes in the 1990s using single-dose oral medication contributed greatly to reducing the prevalence and severity of S. mansoni in the Delta. Sediment deposited in the reservoir is lowering the water storage capacity of Lake Nasser. The reservoir storage capacity is 162 km, including 31 km dead storage at the bottom of the lake below 147 m (482 ft) above sea level, 90 km live storage, and 41 km of storage for high flood waters above 175 m (574 ft) above sea level. The annual sediment load of

6864-473: The Czech arms deal created an incentive for the US to invest at Aswan, the UK cited the deal as a reason for repealing its promise of dam funds. Dulles was angered more by Nasser's diplomatic recognition of China , which was in direct conflict with Dulles's policy of containment of communism. Several other factors contributed to the US deciding to withdraw its offer of funding for the dam. Dulles believed that

7007-425: The Egyptians. Egyptian participation in the venture has raised the construction industry's capacity and reputation significantly. On the Egyptian side, the project was led by Osman Ahmed Osman 's Arab Contractors . The relatively young Osman underbid his only competitor by one-half. The Aswan High Dam is 3,830 metres (12,570 ft) long, 980 m (3,220 ft) wide at the base, 40 m (130 ft) wide at

7150-527: The European imperial powers, their colonies and the United States: The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in

7293-495: The High Aswan Dam, the floods could be controlled and the water could be stored for later release over multiple years. The Aswan Dam was designed by Nikolai Aleksandrovich Malyshev of the Moscow-based Hydroproject Institute . Designed for both irrigation and power generation , the dam incorporates a number of relatively new features, including a very deep grout curtain below its base. Although

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7436-461: The High Dam has not created ecological problems as serious as some observers have charged, its construction has brought economic losses as well as gains. These losses derive largely from the settling in dam's lake of the rich silt traditionally borne by the Nile. To date (1971), the main impact has been on the fishing industry. Egypt's Mediterranean catch, which once averaged 35,000–40,000 tons annually, has shrunk to 20,000 tons or less, largely because

7579-706: The High Dam. When the Suez War broke out, the United Kingdom, France, and Israel seized the canal and the Sinai. But pressure from the U.S. and the USSR at the United Nations and elsewhere forced them to withdraw. In 1958, the USSR proceeded to provide support for the High Dam project. In the 1950s, archaeologists began raising concerns that several major historical sites, including the famous temple of Abu Simbel were about to be submerged by waters collected behind

7722-575: The Mediterranean talking to Arab traders and returned to popularize the use of Indo-Arabic numerals in Europe. The economic foundations of the feudal agricultural system began to shift substantially in 16th-century England as the manorial system had broken down and land began to become concentrated in the hands of fewer landlords with increasingly large estates. Instead of a serf -based system of labor, workers were increasingly employed as part of

7865-714: The Nile The flooding of the Nile (commonly referred to as the inundation) has been an important natural cycle in Nubia and Egypt since ancient times . It is celebrated by Egyptians as an annual holiday for two weeks starting August 15, known as Wafaa El-Nil . It is also celebrated in the Coptic Church by ceremonially throwing a martyr 's relic into the river, hence the name, The Martyr's Finger ( Coptic : ⲡⲓⲧⲏⲃ ⲛⲙⲁⲣⲧⲏⲣⲟⲥ , Arabic : Esba` al-shahīd ). The flooding of

8008-607: The Nile was poetically described in myth as Isis 's tears of sorrow for Osiris when killed by his brother Set . The flooding of the Nile is the result of the yearly monsoon between May and August causing enormous precipitations on the Ethiopian Highlands whose summits reach heights of up to 4,550 m (14,930 ft). Most of this rainwater is taken by the Blue Nile and by the Atbarah River into

8151-509: The Nile , a task requiring an early attempt at an Aswan Dam. His field work convinced him of the impracticality of this scheme. The British began construction of the first dam across the Nile in 1898. Construction lasted until 1902 and the dam was opened on 10 December 1902. The project was designed by Sir William Willcocks and involved several eminent engineers, including Sir Benjamin Baker and Sir John Aird , whose firm, John Aird & Co. ,

8294-473: The Nile Basin – most of which could have been predicted – it is a failure". Periodic floods and droughts have affected Egypt since ancient times. The dam mitigated the effects of floods, such as those in 1964, 1973, and 1988. Navigation along the river has been improved, both upstream and downstream of the dam. Sailing along the Nile is a favorite tourism activity, which is mainly done during the winter when

8437-526: The Nile Valley fluctuated 8–9 m (26–30 ft) per year with the water level of the Nile. During summer when evaporation was highest, the groundwater level was too deep to allow salts dissolved in the water to be pulled to the surface through capillary action . With the disappearance of the annual flood and heavy year-round irrigation, groundwater levels remained high with little fluctuation leading to waterlogging . Soil salinity also increased because

8580-621: The Nile and the fertility of the land. During inundation festivals, mud figures of Osiris were planted with barley. Capitalist This is an accepted version of this page Capitalism is an economic system based on the private ownership of the means of production and their operation for profit . The defining characteristics of capitalism include private property, capital accumulation , competitive markets , price systems , recognition of property rights , self-interest , economic freedom , meritocracy , work ethic , consumer sovereignty , economic efficiency , profit motive ,

8723-526: The Nile is about 134 million tons. This means that the dead storage volume would be filled up after 300–500 years if the sediment accumulated at the same rate throughout the area of the lake. Obviously sediment accumulates much faster at the upper reaches of the lake, where sedimentation has already affected the live storage zone. Before the construction of the High Dam, the 50,000 km (31,000 mi) of irrigation and drainage canals in Egypt had to be dredged regularly to remove sediments. After construction of

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8866-399: The Nile to the Mediterranean were trapped behind the dam. For example, the sardine catch off the Egyptian coast declined from 18,000 tons in 1962 to a mere 460 tons in 1968, but then gradually recovered to 8,590 tons in 1992. A scientific article in the mid-1990s noted that "the mismatch between low primary productivity and relatively high levels of fish production in the region still presents

9009-587: The Nile, and already in 1946 submitted an elaborate plan for how a "century storage" could be achieved to cope with exceptional dry seasons occurring statistically once in a hundred years. His ideas of further reservoirs using Lake Victoria , Lake Albert and Lake Tana and of reducing the evaporation in the Sudd by digging the Jonglei Canal were opposed by the states concerned. Eventually, Gamal Abdel Nasser , President of Egypt from 1956 to 1970, opted for

9152-484: The Nile, while a less important amount flows through the Sobat and the White Nile into the Nile. During this short period, those rivers contribute up to ninety percent of the water of the Nile and most of the sedimentation carried by it, but after the rainy season, dwindle to minor rivers. The flooding as such was foreseeable, although its exact dates and levels could be forecast only on a short-term basis, by transmitting

9295-408: The U.S. would supply him with weapons only if they were used for defensive purposes and if he accepted American military personnel for supervision and training. Nasser did not accept these conditions, and consulted the USSR for support. Although Dulles believed that Nasser was only bluffing and that the USSR would not aid Nasser, he was wrong: the USSR promised Nasser a quantity of arms in exchange for

9438-599: The USSR for Egyptian and Arab benefit. After the UN criticized a raid by Israel against Egyptian forces in Gaza in 1955, Nasser realized that he could not portray himself as the leader of pan-Arab nationalism if he could not defend his country militarily against Israel. In addition to his development plans, he looked to quickly modernize his military, and he turned first to the U.S. for aid. American Secretary of State John Foster Dulles and President Dwight Eisenhower told Nasser that

9581-521: The USSR would not fulfill its commitment of military aid. He was also irritated by Nasser's neutrality and attempts to play both sides of the Cold War . At the time, other Western allies in the Middle East, including Turkey and Iraq, were resentful that Egypt, a persistently neutral country, was being offered so much aid. In June 1956, the Soviets offered Nasser $ 1.12 billion at 2% interest for

9724-476: The United Kingdom (1979–1990). Public and political interest began shifting away from the so-called collectivist concerns of Keynes's managed capitalism to a focus on individual choice , called "remarketized capitalism". The end of the Cold War and the dissolution of the Soviet Union allowed for capitalism to become a truly global system in a way not seen since before World War I . The development of

9867-503: The United States Congress to limit monopolies. Wage labor, usually referred to as paid work, paid employment, or paid labor, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labor power under a formal or informal employment contract . These transactions usually occur in a labor market where wages or salaries are market-determined . In exchange for

10010-494: The United States, the United Kingdom, and the International Bank for Reconstruction and Development (IBRD) withdrew their support in 1956. The first Soviet loan of $ 100 million to cover construction of coffer dams for diversion of the Nile was extended in 1958. An additional $ 225 million was extended in 1960 to complete the dam and construct power-generating facilities, and subsequently about $ 100 million

10153-481: The West from 1950 to the present and this type of system continues throughout the world—relevant examples started in the United States after the 1950s , France after the 1960s , Spain after the 1970s , Poland after 2015 , and others. At this stage most capitalist markets are considered developed and characterized by developed private and public markets for equity and debt, a high standard of living (as characterized by

10296-477: The annual spread of sediment due to the Nile floods occurred along the banks of the Nile. Areas far from the river which never received the Nile floods before are now being irrigated. A more serious issue of trapping of sediment by the dam is that it has increased coastline erosion surrounding the Nile Delta. There is a lack of reliable statistics. Before the construction of the High Dam, groundwater levels in

10439-442: The basin irrigation method. Agricultural land was divided into large fields surrounded by dams and dykes and equipped with intake and exit canals. The basins were flooded and then closed for about 45 days to saturate the soil with moisture and allow the silt to deposit. Then the water was discharged to lower fields or back into the Nile. Immediately thereafter, sowing started, and harvesting followed some three or four months later. In

10582-529: The business of a third party by offering the most favourable terms". It was described by Adam Smith in The Wealth of Nations (1776) and later economists as allocating productive resources to their most highly valued uses and encouraging efficiency . Smith and other classical economists before Antoine Augustine Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to

10725-599: The change to perennial irrigation. The dams also protected Egypt from the droughts in 1972–1973 and 1983–1987 that devastated East and West Africa. The High Dam allowed Egypt to reclaim about 2.0 million feddan (840,000 hectares) in the Nile Delta and along the Nile Valley, increasing the country's irrigated area by a third. The increase was brought about both by irrigating what used to be desert and by bringing under cultivation of 385,000 hectares (950,000 acres) that were previously used as flood retention basins. About half

10868-475: The construction of the dam. On 19 July the U.S. State Department announced that American financial assistance for the High Dam was "not feasible in present circumstances." On 26 July 1956, with wide Egyptian acclaim, Nasser announced the nationalization of the Suez Canal that included fair compensation for the former owners. Nasser planned on the revenues generated by the canal to help fund construction of

11011-571: The crest and 111 m (364 ft) tall. It contains 43,000,000 cubic metres (56,000,000 cu yd) of material. At maximum, 11,000 cubic metres per second (390,000 cu ft/s) of water can pass through the dam. There are further emergency spillways for an extra 5,000 cubic metres per second (180,000 cu ft/s), and the Toshka Canal links the reservoir to the Toshka Depression. The reservoir, named Lake Nasser ,

11154-433: The dam flooded a large area, causing the relocation of over 100,000 people. Many archaeological sites were submerged while others were relocated. The dam is blamed for coastline erosion, soil salinity, and health problems. The assessment of the costs and benefits of the dam remains controversial decades after its completion. According to one estimate, the annual economic benefit of the High Dam immediately after its completion

11297-402: The dam should be torn down. Tearing it down would cost only a fraction of the funds required for "continually combating the dam's consequential damage" and 500,000 hectares (1,900 sq mi) of fertile land could be reclaimed from the layers of mud on the bed of the drained reservoir. Samuel C. Florman wrote about the dam: "As a structure it is a success. But in its effect on the ecology of

11440-416: The dam, aquatic weeds grew much faster in the clearer water, helped by fertilizer residues. The total length of the infested waterways was about 27,000 km (17,000 mi) in the mid-1990s. Weeds have been gradually brought under control by manual, mechanical and biological methods. Mediterranean fishing and brackish water lake fishery declined after the dam was finished because nutrients that flowed down

11583-491: The dam. A rescue operation began in 1960 under UNESCO (for details see below under Effects). Despite its size, the Aswan project has not materially hurt the Egyptian balance of payments . The three Soviet credits covered virtually all of the project's foreign exchange requirements, including the cost of technical services, imported power generating and transmission equipment and some imported equipment for land reclamation. Egypt

11726-493: The dam. Complications ensued due to their rivalry during the Cold War , as well as growing intra-Arab tensions . In 1955, Nasser was claiming to be the leader of Arab nationalism , in opposition to the traditional monarchies, especially the Hashemite Kingdom of Iraq following its signing of the 1955 Baghdad Pact . At that time the U.S. feared that communism would spread to the Middle East, and it saw Nasser as

11869-502: The damage inflicted on a main transformer station in 1968 by Israeli commandos has been repaired, and the Aswan plant is fully integrated with the power network in Lower Egypt. By 1971 estimation, power output at Aswan won't reach much more than half of the plant's theoretical capacity, because of limited water supplies and the differing seasonal water-use patterns for irrigation and power production. Agricultural demand for water in

12012-578: The development of capitalism. Private property rights are not absolute, as in many countries the state has the power to seize private property, typically for public use, under the powers of eminent domain . In capitalist economics, market competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share and sales volume by varying the elements of the marketing mix : price, product, distribution and promotion. Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure

12155-754: The development of industrial capitalism and representative democracy became widespread at the same time as capitalism, leading capitalists to posit a causal or mutual relationship between them. However, according to some authors in the 20th-century, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies and single-party states . Democratic peace theory asserts that democracies seldom fight other democracies, but others suggest this may be because of political similarity or stability, rather than because they are "democratic" or "capitalist". Critics argue that though economic growth under capitalism has led to democracy, it may not do so in

12298-502: The distance between the surface and the groundwater table was small enough (1–2 m depending on soil conditions and temperature) to allow water to be pulled up by evaporation so that the relatively small concentrations of salt in the groundwater accumulated on the soil surface over the years. Since most of the farmland did not have proper subsurface drainage to lower the groundwater table, salinization gradually affected crop yields. Drainage through sub-surface drains and drainage channels

12441-634: The distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism , anarcho-capitalism , state capitalism , and welfare capitalism . Different forms of capitalism feature varying degrees of free markets , public ownership , obstacles to free competition, and state-sanctioned social policies . The degree of competition in markets and

12584-409: The dry season thereafter, farming was not possible. Thus, all crops had to fit into this tight scheme of irrigation and timing. In case of a small flood, the upper basins could not be filled with water which could mean food shortages or even famine. If a flood was too large, it would damage villages, dykes and canals. The basin irrigation method did not exact too much of the soils, and their fertility

12727-461: The economic progress of man was that age which came to an end in August 1914. From the 1870s to the early 1920s, the global financial system was mainly tied to the gold standard . The United Kingdom first formally adopted this standard in 1821. Soon to follow were Canada in 1853, Newfoundland in 1865, the United States and Germany ( de jure ) in 1873. New technologies, such as the telegraph ,

12870-399: The era of merchant capitalism and mercantilism as the origin of modern capitalism, although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money. Accordingly, he argued that "not until 1834 was a competitive labor market established in England, hence industrial capitalism as

13013-493: The expense of another state. During the Industrial Revolution , industrialists replaced merchants as a dominant factor in the capitalist system and effected the decline of the traditional handicraft skills of artisans , guilds and journeymen . Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and

13156-404: The extent of perennial irrigation that was already present throughout Egypt decades before the high dam closure. By the 1950s only a small proportion of Upper Egypt had not been converted from basin (low transmission) to perennial (high transmission) irrigation. Expansion of perennial irrigation systems in Egypt did not depend on the high dam. In fact, within 15 years of the high dam closure there

13299-522: The following: In free market and laissez-faire forms of capitalism, markets are used most extensively with minimal or no regulation over the pricing mechanism. In mixed economies, which are almost universal today, markets continue to play a dominant role, but they are regulated to some extent by the state in order to correct market failures , promote social welfare , conserve natural resources , fund defense and public safety or other rationale. In state capitalist systems, markets are relied upon

13442-477: The future as authoritarian régimes have been able to manage economic growth using some of capitalism's competitive principles without making concessions to greater political freedom . Political scientists Torben Iversen and David Soskice see democracy and capitalism as mutually supportive. Robert Dahl argued in On Democracy that capitalism was beneficial for democracy because economic growth and

13585-569: The idea of the Aswan High Dam at Aswan in Egypt instead of having to deal with many foreign countries. The required size of the reservoir was calculated using Hurst's figures and mathematical methods . In 1970, with the completion of the Aswan High Dam which was able to store the highest floods, the annual flooding cycle in Egypt came to an end in Lake Nasser . The Nile was also an important part of ancient Egyptian spiritual life. In

13728-475: The idea that if all participants focus on their own goals, society's well-being will be water under the bridge, Smith maintains that despite the concerns of intellectuals, "global trends will hardly be altered if they refrain from pursuing their personal ends." He insisted that the actions of a few participants cannot alter the course of society. Instead, Smith maintained that they should focus on personal progress instead and that this will result in overall growth to

13871-403: The large number of subsurface drainage projects executed in the last decades to control the water table and soil salinity . Drainage through subsurface drains and drainage channels is essential to prevent a deterioration of crop yields from waterlogging and soil salinization caused by irrigation. By 2003, more than 20,000 square kilometres (7,700 sq mi) have been equipped with

14014-696: The least corrupt, operates largely under a one-party rule. Furthermore, it does not vigorously defend freedom of expression as evidenced by its government-regulated press , and its penchant for upholding laws protecting ethnic and religious harmony, judicial dignity and personal reputation. The private (capitalist) sector in the People's Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet 's rule in Chile led to economic growth and high levels of inequality by using authoritarian means to create

14157-406: The least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital. Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. Adherents of the capitalist theory believe that competition leads to innovation and more affordable prices. Monopolies or cartels can develop, especially if there

14300-593: The loss of plankton nourished by the silt has eliminated the sardine population in Egyptian waters. Fishing in high dam's lake may in time at least partly offset the loss of saltwater fish, but only the most optimistic estimates place the eventual catch as high as 15,000–20,000 tons. Lack of continuing silt deposits at the mouth of the river also has contributed to a serious erosion problem. Commercial fertilizer requirements and salination and drainage difficulties, already large in perennially irrigated areas of Lower and Middle Egypt, will be somewhat increased in Upper Egypt by

14443-403: The market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman and Ronald Reagan also promoted this view. Friedman claimed that centralized economic operations are always accompanied by political repression . In his view, transactions in a market economy are voluntary and the wide diversity that voluntary activity permits

14586-428: The market, competing for the attention and exchange resources of buyers. Competition results from scarcity , as it is not possible to satisfy all conceivable human wants, and occurs as people try to meet the criteria being used to determine allocation. In the works of Adam Smith, the idea of capitalism is made possible through competition which creates growth. Although capitalism had not entered mainstream economics at

14729-434: The mid-17th century. "Capitalism" is derived from capital , which evolved from capitale , a late Latin word based on caput , meaning "head"—which is also the origin of " chattel " and " cattle " in the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries to refer to funds, stock of merchandise, sum of money or money carrying interest. By 1283, it

14872-424: The money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage laborer is a person whose primary means of income is from the selling of their labor in this way. The profit motive , in the theory of capitalism, is the desire to earn income in the form of profit. Stated differently,

15015-440: The month of June, when it reached its lowest level again. Flooding reached Aswan about a week earlier than Cairo, and Luxor five to six days earlier than Cairo. Typical heights of flood were 45 feet (14 metres) at Aswan, 38 feet (12 metres) at Luxor (and Thebes) and 25 feet (7.6 metres) at Cairo. Whilst the earliest Egyptians simply laboured those areas which were inundated by the floods, some 7000 years ago, they started to develop

15158-473: The natural flow of the Nile would have been too low to allow navigation of cruise ships. A new fishing industry has been created around Lake Nasser, though it is struggling due to its distance from any significant markets. The annual production was about 35,000 tons in the mid-1990s. Factories for the fishing industry and packaging have been set up near the Lake. According to a 1971 CIA declassified report, although

15301-466: The negative environmental and social effects of the dam, its costs are thus estimated to have been recovered within only two years. One observer notes: "The impacts of the Aswan High Dam (...) have been overwhelmingly positive. Although the Dam has contributed to some environmental problems , these have proved to be significantly less severe than was generally expected, or currently believed by many people." Another observer disagreed and he recommended that

15444-430: The nutrient value of the sediment has often been overestimated. 88 percent of the sediment was carried to the sea before the construction of the High Dam. The nutrient value added to the land by the sediment was only 6,000 tons of potash , 7,000 tons of phosphorus pentoxide and 17,000 tons of nitrogen. These amounts are insignificant compared to what is needed to reach the yields achieved today in Egypt's irrigation. Also,

15587-551: The old town of Wadi Halfa and its surrounding villages. Some were moved to a newly created settlement on the shore of Lake Nasser called New Wadi Halfa, and some were resettled approximately 700 kilometres (430 mi) south to the semi-arid Butana plain near the town of Khashm el-Girba up the Atbara River . The climate there had a regular rainy season as opposed to their previous desert habitat in which virtually no rain fell. The government developed an irrigation project, called

15730-467: The one main irrigation canal, the Mansuriya Canal near Giza. The salt concentration of the water in the Aswan reservoir is about 0.25 kilograms per cubic metre (0.42 lb/cu yd), a very low salinity level. At an annual inflow of 55 cubic kilometres (45,000,000 acre⋅ft), the annual salt influx reaches 14 million tons. The average salt concentration of the drainage water evacuated into

15873-412: The population diminished accordingly; by 1800, Egypt had a population of some 2.5 million inhabitants. Muhammad Ali Pasha , Khedive of Egypt (r. 1805–1848), attempted to modernize various aspects of Egypt. He endeavoured to extend arable land and achieve additional revenue by introducing cotton cultivation, a crop with a longer growing season and requiring sufficient water at all times. To this end,

16016-484: The previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment . In the mid-18th century a group of economic theorists, led by David Hume (1711–1776) and Adam Smith (1723–1790), challenged fundamental mercantilist doctrines—such as the belief that the world's wealth remained constant and that a state could only increase its wealth at

16159-599: The previous stagnant system of custom and feudal obligation. The economic doctrine prevailing from the 16th to the 18th centuries is commonly called mercantilism . This period, the Age of Discovery , was associated with the geographic exploration of foreign lands by merchant traders, especially from England and the Low Countries . Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist methods. Most scholars consider

16302-491: The reason for a business's existence is to turn a profit. The profit motive functions according to rational choice theory , or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profit. In capitalist theoretics, the profit motive is said to ensure that resources are being allocated efficiently. For instance, Austrian economist Henry Hazlitt explains: "If there

16445-568: The reservoir will eventually silt in, even the most conservative estimates indicate the dam will give at least 200 years of service. The earliest recorded attempt to build a dam near Aswan was in the 11th century, when the Arab polymath and engineer Ibn al-Haytham (known as Alhazen in the West) was summoned to Egypt by the Fatimid Caliph , Al-Hakim bi-Amr Allah , to regulate the flooding of

16588-435: The rest of society do not increase in the same proportion. The relationship between the state , its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, with active discussion since the 19th century. Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in

16731-517: The resulting concentration of wealth can destabilize democratic societies and undermine the ideals of social justice upon which they are built. States with capitalistic economic systems have thrived under political regimes deemed to be authoritarian or oppressive. Singapore has a successful open market economy as a result of its competitive, business-friendly climate and robust rule of law. Nonetheless, it often comes under fire for its style of government which, though democratic and consistently one of

16874-516: The rise of the river could be seen at the first of the cataracts of the Nile (at Aswan) as early as the beginning of June, and a steady increase went on until the middle of July, when the increase of water became very great. The Nile continued to rise until the beginning of September, when the level remained stationary for a period of about three weeks, sometimes a little less. In October, it often rose again and reached its highest level. From this period, it began to subside and usually sank steadily until

17017-613: The role of intervention and regulation , as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning . Capitalism in its modern form emerged from agrarianism in England , as well as mercantilist practices by European countries between

17160-486: The routine of work tasks; and eventually established the domination of the capitalist mode of production . Industrial Britain eventually abandoned the protectionist policy formerly prescribed by mercantilism. In the 19th century, Richard Cobden (1804–1865) and John Bright (1811–1889), who based their beliefs on the Manchester School , initiated a movement to lower tariffs . In the 1840s Britain adopted

17303-489: The sea and the coastal lakes is 2.7 kilograms per cubic metre (4.6 lb/cu yd). At an annual discharge of 10 cubic kilometres (2.4 cu mi) (not counting the 2 kilograms per cubic metre [3.4 lb/cu yd] of salt intrusion from the sea and the lakes, see figure "Water balances"), the annual salt export reaches 27 million ton. In 1995, the output of salt was higher than the influx, and Egypt's agricultural lands were desalinizing . Part of this could be due to

17446-652: The soil; the regulation of prices...". After the period of the proto-industrialization , the British East India Company and the Dutch East India Company , after massive contributions from the Mughal Bengal , inaugurated an expansive era of commerce and trade. These companies were characterized by their colonial and expansionary powers given to them by nation-states. During this era, merchants, who had traded under

17589-440: The state of capitalism in 1867. The postwar boom ended in the late 1960s and early 1970s and the economic situation grew worse with the rise of stagflation . Monetarism , a modification of Keynesianism that is more compatible with laissez-faire analyses, gained increasing prominence in the capitalist world, especially under the years in office of Ronald Reagan in the United States (1981–1989) and of Margaret Thatcher in

17732-646: The summer far exceeds the amount needed to meet the comparatively low summer demand for electric power. Heavy summer irrigation use, however, will leave insufficient water under Egyptian control to permit hydroelectric power production at full capacity in the winter. Technical studies indicate that a maximum annual output of 5 billion kWh appears to be all that can be sustained due to fluctuations in Nile flows. Lake Nasser flooded much of lower Nubia and 100,000 to 120,000 people were resettled in Sudan and Egypt. In Sudan, 50,000 to 70,000 Sudanese Nubians were moved from

17875-420: The term "capitalism" by many authors as "mainly rhetorical, functioning less as an actual concept than as a gesture toward the need for a concept". Scholars who are uncritical of capitalism rarely actually use the term "capitalism". Some doubt that the term "capitalism" possesses valid scientific dignity, and it is generally not discussed in mainstream economics , with economist Daron Acemoglu suggesting that

18018-418: The term "capitalism" should be abandoned entirely. Consequently, understanding of the concept of capitalism tends to be heavily influenced by opponents of capitalism and by the followers and critics of Karl Marx. Capitalism, in its modern form, can be traced to the emergence of agrarian capitalism and mercantilism in the early Renaissance , in city-states like Florence . Capital has existed incipiently on

18161-525: The term "capitalism" while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels . In the 20th century, defenders of the capitalist system often replaced the term "capitalism" with phrases such as free enterprise and private enterprise and replaced "capitalist" with rentier and investor in reaction to the negative connotations associated with capitalism. In general, capitalism as an economic system and mode of production can be summarized by

18304-518: The term "private capitalism" in 1863. There is no universally agreed upon definition of capitalism; it is unclear whether or not capitalism characterizes an entire society, a specific type of social order, or crucial components or elements of a society. Societies officially founded in opposition to capitalism (such as the Soviet Union ) have sometimes been argued to actually exhibit characteristics of capitalism. Nancy Fraser describes usage of

18447-466: The term in his first work, What is Property? (1840), to refer to the owners of capital. Benjamin Disraeli used the term in his 1845 work Sybil . Alexander Hamilton used "capitalist" in his Report of Manufactures presented to the United States Congress in 1791. The initial use of the term "capitalism" in its modern sense is attributed to Louis Blanc in 1850 ("What I call 'capitalism' that

18590-414: The time of Smith, it is vital to the construction of his ideal society. One of the foundational blocks of capitalism is competition. Smith believed that a prosperous society is one where "everyone should be free to enter and leave the market and change trades as often as he pleases." He believed that the freedom to act in one's self-interest is essential for the success of a capitalist society. In response to

18733-638: The time of completion, it was the largest power station in Africa and the 6th largest hydroelectric power station in the world. All High Dam power facilities were completed ahead of schedule. Twelve turbines were installed and tested, giving the plant an installed capacity of 2,100 megawatts (MW), or more than twice the national total in 1960. With this capacity, the Aswan plant can produce 10 billion kWh of energy yearly. Two 500-kilovolt trunk lines to Cairo have been completed, and initial transmission problems, stemming mainly from poor insulators, were solved. Also,

18876-436: The whole crop , while low-water years could create widespread drought and consequently famine . Both these events had continued to occur periodically. As Egypt's population grew and technology increased, both a desire and the ability developed to completely control the flooding, and thus both protect and support farmland and its economically important cotton crop. With the greatly increased reservoir storage provided by

19019-410: The word being coined by socialist critics of capitalism, economist and historian Robert Hessen stated that the term "capitalism" itself is a term of disparagement and a misnomer for economic individualism . Bernard Harcourt agrees with the statement that the term is a misnomer, adding that it misleadingly suggests that there is such a thing as " capital " that inherently functions in certain ways and

19162-452: Was E£ 255 million , $ 587 million using the exchange rate in 1970 of $ 2.30 per E£1 : E£140 million from agricultural production, E£100 million from hydroelectric generation, E£10 million from flood protection, and E£5 million from improved navigation. At the time of its construction, total cost, including unspecified "subsidiary projects" and the extension of electric power lines, amounted to E£450 million . Not taking into account

19305-529: Was called "New Nubia". Housing and facilities were built for 47 village units whose relationship to each other approximated that in Old Nubia. Irrigated land was provided to grow mainly sugar cane. In 2019–20, Egypt started to compensate the Nubians who lost their homes following the dam impoundment. Twenty-two monuments and architectural complexes that were threatened by flooding from Lake Nasser, including

19448-425: Was designed by Nikolai Aleksandrovich Malyshev of the Moscow-based Hydroproject Institute , along with some Egyptian engineers. 25,000 Egyptian engineers and workers contributed to the construction of the dams. Originally designed by West German and French engineers in the early 1950s and slated for financing with Western credits, the Aswan High Dam became the USSR's largest and most famous foreign aid project after

19591-560: Was largely unregulated by the state, but became more regulated in the post– World War II period through Keynesianism , followed by a return of more unregulated capitalism starting in the 1980s through neoliberalism . The existence of market economies has been observed under many forms of government and across a vast array of historical periods , geographical locations , and cultural contexts. The modern industrial capitalist societies that exist today developed in Western Europe as

19734-495: Was made available for land reclamation. These credits of some $ 425 million covered only the foreign exchange costs of the project, including salaries of Soviet engineers who supervised the project and were responsible for the installation and testing of Soviet equipment. Actual construction, which began in 1960, was done by Egyptian companies on contract to the High Dam Authority, and all domestic costs were borne by

19877-621: Was not seriously burdened by payments on the credits, most of which were extended for 12 years with interest at the very low rate of 2-1/2%. Repayments to the USSR constituted only a small net drain during the first half of the 1960s, and increased export earnings derived from crops grown on newly reclaimed land have largely offset the modest debt service payments in recent years. During 1965–1970, these export earnings amounted to an estimated $ 126 million, compared with debt service payments of $ 113 million. The Soviets also provided technicians and heavy machinery. The enormous rock and clay dam

20020-434: Was solid evidence that bilharzia was declining in Upper Egypt. S. haematobium has since disappeared altogether. Suggested reasons for this include improvements in irrigation practice. In the Nile Delta, schistosomiasis had been highly endemic, with prevalence in the villages 50% or higher for almost a century before. This was a consequence of the conversion of the Delta to perennial irrigation to grow long staple cotton by

20163-431: Was sustained by the annual silt deposit. Salinisation did not occur, since, in summer, the groundwater level was well below the surface, and any salinity which might have accrued was washed away by the next flood. It is estimated that by this method, in ancient Egypt, some 2 million up to a maximum of 12 million inhabitants could be nourished. By the end of Late Antiquity , the methods and infrastructure slowly decayed, and

20306-651: Was the main contractor. In 1952, the Greek-Egyptian engineer Adrian Daninos began to develop the plan of the new Aswan Dam. Although the Low Dam was almost overtopped in 1946, the government of King Farouk showed no interest in Daninos's plans. Instead the Nile Valley Plan by the British hydrologist Harold Edwin Hurst was favored, which proposed to store water in Sudan and Ethiopia, where evaporation

20449-763: Was used in the sense of the capital assets of a trading firm and was often interchanged with other words—wealth, money, funds, goods, assets, property and so on. The Hollantse ( German : holländische ) Mercurius uses "capitalists" in 1633 and 1654 to refer to owners of capital. In French, Étienne Clavier referred to capitalistes in 1788, four years before its first recorded English usage by Arthur Young in his work Travels in France (1792). In his Principles of Political Economy and Taxation (1817), David Ricardo referred to "the capitalist" many times. English poet Samuel Taylor Coleridge used "capitalist" in his work Table Talk (1823). Pierre-Joseph Proudhon used

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