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163-590: The Grandis was launched on 14 May 2003 and sold in Japan, Asia, Europe, Oceania , Mexico, Honduras , Jamaica and South America. The exterior styling was based loosely on designer Olivier Boulay 's earlier Mitsubishi Space Liner , a monobox four-seat concept vehicle with centre opening " suicide doors ", first exhibited at the Tokyo Motor Show in October 2001. It was the first all new vehicle featuring

326-498: A centrally planned economy , economic planning is the principal allocation mechanism between firms rather than markets, with the economy's means of production being owned and operated by a single organizational body. For market economies to function efficiently, governments must establish clearly defined and enforceable property rights for assets and capital goods. However, property rights do not specifically mean private property rights and market economies do not logically presuppose

489-821: A Spanish language segment of Oceania, and included the Desventuradas Islands, Easter Island, the Galápagos Islands, Guadalupe Island, the Juan Fernández Islands, the Revillagigedo Islands and Salas y Gómez. Cocos Island and Malpelo Island were not explicitly referenced in the book, despite being areas which would fall within this range. All other islands associated with Latin American countries were excluded, as they are continental in nature, unlike Guadalupe Island and

652-703: A U.S. state in 1947, and as such was part of the original UN definition of Oceania. The island states of Indonesia, Japan, the Philippines, Singapore and Taiwan, all located within the bounds of the Pacific or associated marginal seas, are excluded from the UN definition. The states of Hong Kong and Malaysia , located in both mainland Asia and marginal seas of the Pacific, are also excluded, as are Brunei , East Timor and Indonesian New Guinea/Western New Guinea . The CIA World Factbook also categorizes Oceania as one of

815-418: A chief Hotu Matuꞌa discovered the island in one or two large canoes with his wife and extended family. They are believed to have been Polynesian . Around 1200, Tahitian explorers discovered and began settling the area. This date range is based on glottochronological calculations and on three radiocarbon dates from charcoal that appears to have been produced during forest clearance activities. Moreover,

978-754: A connection between capitalism and Protestantism . The economist Jeffrey Sachs has stated that his work was inspired by the healing characteristics of Judaism. Chief Rabbi Lord Sacks of the United Synagogue draws a correlation between modern capitalism and the Jewish image of the Golden Calf . In the Christian faith, the liberation theology movement advocated involving the church in labor market capitalism. Many priests and nuns integrated themselves into labor organizations while others moved into

1141-596: A continent in the book, but did note that it was one of the six major divisions of the world. The Oxford Handbook of World History (2011) describes the areas encompassed in Oceania as being "afterthoughts in world history texts, lumped together and included at the end of global surveys as areas largely marginal to the main events of world history". The new terms Near Oceania and Remote Oceania were proposed in 1973 by anthropologists Roger Green and Andrew Pawley . By their definition, Near Oceania consists of New Guinea,

1304-603: A de facto labor market for conceptual workers. David McNally argues in the Marxist tradition that the logic of the market inherently produces inequitable outcomes and leads to unequal exchanges, arguing that Adam Smith 's moral intent and moral philosophy espousing equal exchange was undermined by the practice of the free markets he championed. The development of the market economy involved coercion, exploitation and violence that Smith's moral philosophy could not countenance. McNally also criticizes market socialists for believing in

1467-478: A dominant role in the allocation of capital and the factors of production . Market economies range from minimally regulated free market and laissez-faire systems where state activity is restricted to providing public goods and services and safeguarding private ownership, to interventionist forms where the government plays an active role in correcting market failures and promoting social welfare . State-directed or dirigist economies are those where

1630-750: A fifth grand division of the world." He also viewed Oceania as covering Australia, New Zealand, the Malay Archipelago and the islands of Melanesia, Micronesia, and Polynesia. In 1887, the Royal Asiatic Society of Great Britain and Ireland referred to Australia as the area's westernmost land, while in 1870, British Reverend Alexander Mackay identified the Bonin Islands as its northernmost point, and Macquarie Island as its southernmost point. The Bonin Islands at that time were

1793-731: A fuel cell stack to replenish an array of NiMH batteries from 117 litres of compressed hydrogen storage. The Grandis was launched in Malaysia on 28 July 2005 in conjunction with Mitsubishi's return to Malaysia. The Grandis was updated in Malaysia in September 2007, July 2009 and in August 2010. It won the Best MPV award at the Bangkok International Motor Show from 2005 to 2010. During March 2009, it saw

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1956-588: A large source of income for the Pacific island nations . Definitions of Oceania vary. The broadest definition encompasses the many islands between mainland Asia and the Americas . The island nation of Australia is the only piece of land in the area which is large enough to typically be considered a continent. The culture of the people who lived on these islands was often distinct from that of Asia and pre-Columbian America. Before Europeans arrived in

2119-429: A mix of roles of varying creativity, responsibility and empowerment) in a market economy, class divisions would arise, arguing: Without taking the argument that far, it is evident that in a market system with uneven distribution of empowering work, such as Economic Democracy, some workers will be more able than others to capture the benefits of economic gain. For example, if one worker designs cars and another builds them,

2282-506: A population of 70,000,000, and commented that, "brown and yellow races constitute the vast majority" and that the minority of whites were mainly "owners and rulers". Hutton Webster's 1919 book Medieval and Modern History also considered Oceania to encompass all islands in the Pacific, stating that, "the term Oceania, or Oceanica, in its widest sense applies to all the Pacific Islands." Webster broke Oceania up into two subdivisions;

2445-416: A population of around 44.4 million as of 2022. Oceania is the smallest continent in land area and the second-least populated after Antarctica . Oceania has a diverse mix of economies from the highly developed and globally competitive financial markets of Australia , French Polynesia , Hawaii , New Caledonia , and New Zealand , which rank high in quality of life and Human Development Index , to

2608-645: A possession of Britain; Macquarie Island, to the south of Tasmania , is a subantarctic island in the Pacific. It was politically associated with Australia and Tasmania by 1870. Alfred Russel Wallace believed in 1879 that Oceania extended to the Aleutian Islands , which are among the northernmost islands of the Pacific. The islands, now politically associated with Alaska , have historically had inhabitants that were related to Indigenous Americans , in addition to having non-tropical biogeography similar to that of Alaska and Siberia . Wallace insisted while

2771-541: A price system to signal market actors to adjust production and investment. Price formation relies on the interaction of supply and demand to reach or approximate an equilibrium where the unit price for a particular good or service is at a point where the quantity demanded equals the quantity supplied. The price data point where the supply and demand lines intersect is called the market-clearing price . Governments can intervene by establishing price ceilings or price floors in specific markets (such as minimum wage laws in

2934-579: A province of New Guinea) in the west to Galápagos Islands (Equador) and Easter Island (Chile) in the east." In a 1980 report on venereal diseases in the South Pacific, the British Journal of Venereal Diseases categorized the Desventuradas Islands, Easter Island, the Galápagos Islands and the Juan Fernández Islands as being in an eastern region of the South Pacific, along with areas such as Pitcairn Islands and French Polynesia, but noted that

3097-548: A recent study which included radiocarbon dates from what is thought to be very early material suggests that the island was discovered and settled as recently as 1200. Oceania was first explored by Europeans from the 16th century onwards. Portuguese navigators, between 1512 and 1526, reached the Maluku Islands (by António de Abreu and Francisco Serrão in 1512), Timor , the Aru Islands (Martim A. Melo Coutinho),

3260-574: A result, much evidence is based on linguistic analysis. The earliest archaeological traces of civilization have been found on the island of Saipan , dated to 1500 BCE or slightly before. The ancestors of the Micronesians settled there over 4,000 years ago. A decentralized chieftain-based system eventually evolved into a more centralized economic and religious culture centred on Yap and Pohnpei . The prehistories of many Micronesian islands such as Yap are not known very well. The first people of

3423-547: A significant non-indigenous European population, numbering around 71,000. Conversely, New Caledonia has still had a similar history to the rest of Melanesia, and their French -speaking Europeans make up only 27% of the total population. As such, it is not also culturally considered a part of the predominantly English-speaking Australasia. Some cultural and political definitions of Australasia include most or all of Melanesia, due to its geographical proximity to Australia and New Zealand, but these are rare. Australia, New Zealand and

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3586-1362: A substantial impact on supply and demand. Technological innovations may increase supply, while laws issued by governments could decrease it or even demand. Natural disasters have the ability to severely disrupt supply chains, creating shortages of key items that increase costs while simultaneously decreasing demand. Supply and demand play an indispensable role in any market economy by ensuring prices reflect market forces accurately, adapting accordingly as conditions shift between supply and demand situations, while producers adjust production according to price signals from consumers, fulfilling customers' requests while giving individuals freedom in making purchasing choices based on personal preferences or financial constraints. Thus supply and demand play an instrumental part in shaping and stabilizing economies governed by market forces. A sustainable market economy seeks to balance economic expansion and environmental preservation. It acknowledges that sustainable environmental protection and resource management are essential for long-term economic growth. To achieve this balance, implementing sustainable practices across sectors, such as lowering carbon emissions, developing renewable energy sources, and putting circular economy ideas into practice. Tax incentives, carbon trading programs, and environmental requirements are just

3749-491: A truly laissez-faire system would be anti-capitalist and socialist . Welfare capitalism is a capitalist economy that includes public policies favoring extensive provisions for social welfare services. The economic mechanism involves a free market and the predominance of privately owned enterprises in the economy, but public provision of universal welfare services aimed at enhancing individual autonomy and maximizing equality. Examples of contemporary welfare capitalism include

3912-403: A whole as opposed to private owners. The distinguishing feature between non-market socialism and market socialism is the existence of a market for factors of production and the criteria of profitability for enterprises. Profits derived from publicly owned enterprises can variously be used to reinvest in further production, to directly finance government and social services, or be distributed to

4075-415: Is neoliberalism or ordoliberalism . Market socialism is a form of market economy where the means of production are socially owned . In a market socialist economy, firms operate according to the rules of supply and demand and operate to maximize profit; the principal difference between market socialism and capitalism being that the profits accrue either directly to the workers of the company or society as

4238-580: Is a geographical region including Australasia , Melanesia , Micronesia , and Polynesia . Outside of the English-speaking world , Oceania is generally considered a continent , while Mainland Australia is regarded as its continental landmass . Spanning the Eastern and Western hemispheres, at the centre of the water hemisphere , Oceania is estimated to have a land area of about 9,000,000 square kilometres (3,500,000 sq mi) and

4401-450: Is a significant role for government intervention to boost the efficiency of markets and to address the pervasive market failures that exist in contemporary economies. A fair market economy is in fact a martingale or a Brownian motion model and for a participant competitor in such a model there is no more than 50% of success chances at any given moment. Due to the fractal nature of any fair market and being market participants subject to

4564-419: Is achieved through public ownership of equity in a market economy. A Bureau of Public Ownership would own controlling shares in publicly listed firms, so that the profits generated would be used for public finance and the provision of a basic income. Some anarchists and libertarian socialists promote a form of market socialism in which enterprises are owned and managed cooperatively by their workforce so that

4727-409: Is an economic system where prices for goods and services are set freely by the forces of supply and demand and are expected by its supporters to reach their point of equilibrium without intervention by government policy. It typically entails support for highly competitive markets, private ownership of productive enterprises. Laissez-faire is a more extensive form of free-market economy where the role of

4890-435: Is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure , destructive competition, concentration of economic power and the socially harmful effects of market processes. The aim of the social market economy is to realize greatest prosperity combined with best possible social security. One difference from

5053-524: Is certainly not necessary to consider the Hawaiian Islands and Australia as being in the same part of the world, it is however permissible to unite in one group all the islands which are scattered over the great ocean. It should be remarked that if we take the Malay Archipelago away from Oceania, as do generally the German geographers, the insular world contained in the great ocean is cut in two, and

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5216-468: Is defined as any increase in price leading to an increase in supply from producers; demand on the other hand means any drop leads to an increase in desired quantities from consumers; these two laws meet at equilibrium when provided quantity equals quantity demanded - known as equilibrium price/quantity equilibrium point. Prices play an extremely vital role in market economies by providing important information about commodity and service availability. When there

5379-672: Is estimated that 4% to 6% of the genome in Melanesians (e.g. Papua New Guinean and Bougainville Islander) derives from the Denisova hominin , an ancient human species discovered in 2010, while no Eurasians or Africans displayed contributions of the Denisovan genes. The original inhabitants of the group of islands now named Melanesia were likely the ancestors of the present-day Papuan -speaking people. Migrating from Southeast Asia, they appear to have occupied these islands as far east as

5542-497: Is evidence of genetic and linguistic interchange between Australians in the far north and the Austronesian peoples of modern-day New Guinea and the islands, but this may be the result of recent trade and intermarriage . They reached Tasmania c. 40,000 years ago by migrating across a land bridge from the mainland that existed during the last ice age . It is believed that the first early human migration to Australia

5705-476: Is frequently characterized as state capitalism instead of market socialism because there is no meaningful degree of employee self-management in firms, because the state enterprises retain their profits instead of distributing them to the workforce or government and because many function as de facto private enterprises. The profits neither finance a social dividend to benefit the population at large, nor do they accrue to their employees. In China, this economic model

5868-846: Is geologically a partially submerged volcanic extension of the Aleutian Range on the Alaskan mainland. He did not include the volcanic Kuril Islands and Ryukyu Islands, which similarly border both the Eurasian Plate and the Pacific Plate, nor did he include the neighbouring Kodiak archipelago in the North Pacific Ocean, which is firmly situated on the North American Plate. The Stockholm Journal of East Asian Studies stated in 1996 that Oceania

6031-577: Is geologically part of the Japanese Archipelago , but that has been administered by Russia since World War II . Hong Kong, partly located in another marginal sea of the Pacific (the South China Sea ) was also included in his definition. Australia and New Zealand were grouped together by Flick as Australasia, and categorized as being in the same area of the world as the islands of Oceania. Flick estimated this definition of Oceania had

6194-636: Is in spite of the geographical distance separating these areas from Hawaiʻi, which technically lies in the North Pacific. The 1985 edition of the South Pacific Handbook also groups the Galápagos Islands as being in Polynesia, while noting that they are not culturally a part of the subregion. The islands are typically grouped with others in the southeastern Pacific that were never inhabited by Polynesians. The Bonin Islands are in

6357-573: Is largely continental in character, New Zealand's are clearly insular; and neither Commonwealth realm has close ties with Asia." In his 2002 book Oceania: An Introduction to the Cultures and Identities of Pacific Islanders , Andrew Strathern excluded Okinawa and the rest of the Ryukyu Islands from his definition of Oceania, but noted that the islands and their indigenous inhabitants "show many parallels with Pacific island societies." In

6520-645: Is necessary for the government to provide protection from coercion and theft, maintaining peace and property rights and providing for basic public goods. Right-libertarian advocates of anarcho-capitalism see the state as morally illegitimate and economically unnecessary and destructive. Although laissez-faire has been commonly associated with capitalism, there is a similar left-wing laissez-faire system called free-market anarchism , also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism. Thus, critics of laissez-faire as commonly understood argues that

6683-406: Is presented as a preliminary stage of socialism to explain the dominance of capitalistic management practices and forms of enterprise organization in both the state and non-state sectors. A wide range of philosophers and theologians have linked market economies to concepts from monotheistic religions. Michael Novak described capitalism as being closely related to Catholicism, but Max Weber drew

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6846-500: Is strong demand but limited supply, prices increase, signaling to producers that there may be opportunities to increase profits by producing more of that product. Conversely, when there is low demand with increased supply then prices reduce, showing manufacturers they must either reduce output or find methods of cutting costs in order to stay competitive and remain profitable. External factors, including shifting technological standards, new government laws, and natural catastrophes can have

7009-544: The Bonin Islands , a politically integral part of Japan; Hawaii , a state of the United States ; Clipperton Island, a possession of France ; the Juan Fernández Islands , belonging to Chile; and Macquarie Island , belonging to Australia. The United Nations (UN) has used its own geopolitical definition of Oceania since its foundation in 1947, which utilizes four of the five subregions from

7172-721: The Farallones off California, and the Chinchas off Peru are—to all intents and purposes, only detached bits of the adjoining shores. But in the case of the Galápagos, at least, this is different." The Juan Fernández Islands and the neighbouring Desventuradas Islands are today seen as the easternmost extension of the Indo-West Pacific biogeographic region. The islands lie on the Nazca Plate with Easter Island and

7335-555: The French expression Terres océaniques (Oceanic lands) c. 1804. In 1814 another French cartographer, Adrien-Hubert Brué, coined from this expression the shorter "Océanie", which derives from the Latin word oceanus , and this from the Greek word ὠκεανός ( ōkeanós ), "ocean". The term Oceania is used because, unlike the other continental groupings, it is the ocean that links

7498-667: The Nordic model of capitalism predominant in Northern Europe. Anglo-Saxon capitalism is the form of capitalism predominant in Anglophone countries and typified by the economy of the United States . It is contrasted with European models of capitalism such as the continental social market model and the Nordic model . Anglo-Saxon capitalism refers to a macroeconomic policy regime and capital market structure common to

7661-637: The Tanimbar Islands , some of the Caroline Islands (by Gomes de Sequeira in 1525), and west Papua New Guinea (by Jorge de Menezes in 1526). In 1519, a Spanish expedition led by Ferdinand Magellan sailed down the east coast of South America, found and sailed through the strait that bears his name and on 28 November 1520 entered the ocean which he named "Pacific". The three remaining ships, led by Magellan and his captains Duarte Barbosa and João Serrão , then sailed north and caught

7824-485: The U.S. military ). This is due to their location in the centre of the Pacific, their biogeography and their oceanic geology. Less isolated oceanic islands that were once uninhabited, such as the Bonin Islands, the Galápagos Islands and the Juan Fernández Islands, have since been sparsely populated by citizens of their political administrators. Archaeological evidence suggests that Micronesians may have lived on

7987-530: The east coast of Australia for the first time. The arrival of European settlers in subsequent centuries resulted in a significant alteration in the social and political landscape of Oceania. The Pacific theatre saw major action during the First and Second World Wars . The rock art of Aboriginal Australians is the longest continuously practiced artistic tradition in the world. Most Oceanian countries are parliamentary democracies , with tourism serving as

8150-563: The equator , such as Chiloé Island, Macquarie Island, Tasmania, and the southern portions of mainland Australia and New Zealand, were not included in this category. According to the 1998 book Encyclopedia of Earth and Physical Sciences , Oceania refers to Australasia, Melanesia, Micronesia, Polynesia, and more than 10,000 islands scattered across the Pacific Ocean. It notes that, "the term [has] also come under scrutiny by many geographers. Some experts insist that Oceania encompasses even

8313-548: The trade winds which carried them across the Pacific to the Philippines where Magellan was killed. One surviving ship led by Juan Sebastián Elcano returned west across the Indian Ocean and the other went north in the hope of finding the westerlies and reaching Mexico. Unable to find the right winds, it was forced to return to the East Indies. The Magellan-Elcano expedition achieved the first circumnavigation of

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8476-512: The 19th century: Australasia, Melanesia, Micronesia, and Polynesia. This definition consists of discrete political entities, and so excludes the Bonin Islands, Hawaii, Clipperton Island and the Juan Fernández Islands, along with Easter Island — which was annexed by Chile in 1888. It is used in statistical reports, by the International Olympic Committee , and by many atlases. The UN categorizes Oceania, and by extension

8639-422: The 2006 book Extinction and Biogeography of Tropical Pacific Birds , American paleontologist David Steadman wrote, "no place on earth is as perplexing as the 25,000 islands that make Oceania." Steadman viewed Oceania as encompassing Melanesia, Micronesia and Polynesia (including Easter Island and Hawaii). He excluded from his definition the larger islands of New Guinea and New Zealand, and argued that Cocos Island,

8802-773: The 2013 book The Environments of the Poor in Southeast Asia, East Asia and the Pacific , Paul Bullen critiqued the definition of Oceania in Encyclopedia of Islands , and wrote that since Koppers included areas such as Vancouver Island, it is "not clear what the referents of 'Pacific Region', 'Oceania' or 'Pacific Islands' are." Bullen added that, "Asia, Europe and the Maritime Continent are not literal geographic continents. The ' Asia–Pacific region' would comprise two quasi-continents. 'The Pacific' would not refer to

8965-741: The Aleutian Islands, Japan's Izu Islands , the Kuril Islands, the Ryukyu Islands and most of the Solomon Islands, were also excluded from his definition. Unlike the United Nations, the World Factbook defines the still-uninhabited Clipperton Island as being a discrete political entity, and they categorize it as part of North America, presumably due to its relative proximity (situated 1,200 kilometres off Mexico on

9128-557: The Aleutian Islands, the Bonin Islands, the Japanese archipelago, the Juan Fernández Islands, the Kuril Islands, the Ryukyu Islands, Taiwan, California 's Channel Islands and Farallon Islands , Canada 's Vancouver Island and Queen Charlotte Islands (now known as Haida Gwaii), Chile's Chiloé Island , Ecuador's Galápagos Islands, Mexico's Guadalupe Island , Revillagigedo Islands , San Benito Islands and Tres Marías Islands , and Peru's Chincha Islands . Islands in marginal seas of

9291-513: The Anglophone economies. Among these characteristics are low rates of taxation, more open international markets, lower labor market protections and a less generous welfare state eschewing collective bargaining schemes found in the continental and northern European models of capitalism. The East Asian model of capitalism involves a strong role for state investment and in some instances involves state-owned enterprises. The state takes an active role in promoting economic development through subsidies,

9454-554: The Asian continent. They are now often referred to as Maritime Southeast Asia , with Indonesia, Malaysia, the Philippines and Singapore being founding members of the ASEAN regional organization for Southeast Asia in 1967 (Brunei and East Timor did not exist as independent nations at that point). Brown also categorized Japan and Taiwan as being in the same part of the world as the islands of Oceania, and excluded them from The Countries of

9617-566: The Asian mainland, as well as the Aleutians and the small island groups situated near the Americas. Thus, Oceania most commonly refers to the land areas of the South and Central Pacific. Kennedy defined Oceania as including Australasia, Melanesia, Micronesia, and Polynesia. The U.S. Government Publishing Office 's Area Handbook for Oceania from 1971 states that Australia and New Zealand are

9780-472: The Australian Plate and have been geographically associated with Southeast Asia, due to their proximity to western Indonesia. Both were uninhabited when discovered by Europeans during the 17th century. Approximately half of the population on these islands are European Australian mainlanders (with smaller numbers being European New Zealanders ), while the other half are immigrants from China or

9943-587: The Bismarck Archipelago and the Solomon Islands, with the exception of the Santa Cruz Islands . They are designed to dispel the outdated categories of Melanesia , Micronesia , and Polynesia ; many scholars now replace those categories with Green's terms since the early 1990s, but the old categories are still used in science, popular culture and general usage. Islands at the geographic extremes of Oceania are generally considered to be

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10106-504: The Bonin Islands c.  2,000 years ago, but they were uninhabited at the time of European discovery in the 16th century. Depending on the definition, New Zealand could be part of Polynesia, or part of Australasia with Australia. New Zealand was originally settled by the Polynesian Māori , and has long maintained a political influence over the subregion. Through immigration and high Māori birth rates, New Zealand has attained

10269-422: The Desventuradas Islands and the Juan Fernández Islands as being part of a region titled Insular Chile . They further include in this region Salas y Gómez, a small uninhabited island to the east of Easter Island. PLOS One describe Insular Chile as having "cultural and ecological connections to the broader insular Pacific." In her 1997 book Australia and Oceania , Australian historian Kate Darian-Smith defined

10432-726: The Galápagos Islands were not a member of the South Pacific Commission , like other islands in the South Pacific. The South Pacific Commission is a developmental organization formed in 1947 and is currently known as the Pacific Community; its members include Australia and other Pacific Islands Forum members. In a 1947 article on the formation of the South Pacific Commission for the Pacific Affairs journal, author Roy E. James stated

10595-422: The Galápagos Islands, and have a significant south central Pacific component to their marine fauna. According to scientific journal PLOS One , the Humboldt Current helps create a biogeographic barrier between the marine fauna of these islands and South America. Chile's government have occasionally considered them to be within Oceania along with Easter Island. Chile's government also categorize Easter Island,

10758-415: The Galápagos Islands, the Juan Fernández Islands, Costa Rica 's Cocos Island and Colombia 's Malpelo Island (all oceanic) as making up a Spanish language segment of Oceania. Cocos Island and Malpelo Island are the only landmasses located on the Cocos Plate , which is to the north of the Nazca Plate. The book observed that a native Polynesian language was still understood on Easter Island, unlike with

10921-446: The Galápagos Islands, the Revillagigedo Islands and other oceanic islands nearing the Americas were not part of Oceania, due to their biogeographical affinities with that area and lack of prehistoric indigenous populations. In his 2018 book Regionalism in South Pacific , Chinese author Yu Changsen wrote that some "stress a narrow vision of the Pacific as those Pacific Islands excluding Australia and even sometimes New Zealand", adding that

11084-522: The Hawaiian and Galápagos ." In 1876, French geographer Élisée Reclus labelled Australia's flora as "one of the most characteristic on the globe", adding that "the Hawaiian archipelago also constitutes a separate vegetation zone; of all tropical insular groups it possesses the relatively largest number of endemic plants. In the Galápagos group also more than half of the species are of local origin." Rand McNally & Company , an American publisher of maps and atlases, claimed in 1892 that, "Oceania comprises

11247-506: The Malay Archipelago, not the modern country of Malaysia ) and Polynesia (which included both the Polynesian and Micronesian islands in her definition). Aside from mainland Australia, areas that she identified as of high importance were Borneo, Hawaii, Indonesia's Java and Sumatra , New Guinea, New Zealand, the Philippines, French Polynesia's Society Islands , Tasmania, and Tonga. American geographer Jesse Olney 's 1845 book A Practical System of Modern Geography stated that it "comprises

11410-645: The Marshall Islands during the 2nd millennium BC E, with inter-island navigation made possible using traditional stick charts . The Polynesian people are considered to be by linguistic, archaeological and human genetic ancestry a subset of the sea-migrating Austronesian people and tracing Polynesian languages places their prehistoric origins in the Malay Archipelago , and ultimately, in Taiwan . Between c. 3000 and 1000 BCE, speakers of Austronesian languages began spreading from Taiwan into Island Southeast Asia , as tribes whose natives were thought to have arrived through South China c. 8,000 years ago to

11573-420: The Melanesian, Micronesian, and Polynesian subdivisions, but not with the Indonesian or non-tropical subdivisions. The Pacific Islands Handbook (1945), by Robert William Robson, stated that, "Pacific Islands generally are regarded as Pacific islands lying within the tropics. There are a considerable number of Pacific Islands outside the tropics. Most of them have little economic or political importance." He noted

11736-627: The Northern Mariana Islands navigated to the islands and discovered it at some period between 4000 BCE to 2000 BCE from Southeast Asia . They became known as the Chamorros . Their language was named after them. The ancient Chamorro left a number of megalithic ruins, including Latte stone . The Refaluwasch or Carolinian people came to the Marianas in the 1800s from the Caroline Islands . Micronesian colonists gradually settled

11899-502: The Pacific , by Richard W. Casteel and Jean-Claude Passeron, states that, "for the purpose of anthropology , Oceania has long been a continent like Africa, Asia and America." Scottish geographer John Bartholomew wrote in 1873 that, "the New World consists of North America , and the peninsula of South America attached to it. These divisions [are] generally themselves spoken as continents, and to them has been added another, embracing

12062-622: The Pacific Ocean and everything in it e.g., the Philippines." The Concise Oxford Dictionary of World Place Names (2017), by John Everett-Heath, states that Oceania is "a collective name for more than 10,000 islands in the Pacific Ocean" and that "it is generally accepted that Indonesia, Japan, the Philippines, Taiwan, and the islands north of Japan (the Kurils and Aleutians) are excluded." In his 1993 book A New Oceania: Rediscovering Our Sea of Islands , New Guinea-born Fijian scholar Epeli Hauʻofa wrote that, "Pacific Ocean islands from Japan, through

12225-508: The Pacific Plate). Clipperton is not politically associated with the Americas, as is the case with other oceanic islands nearing the Americas, having had almost no interaction with the continent throughout its history. From the early 20th century to 2007, the island was administratively part of French Polynesia, which itself was known as French Oceania up until 1957. In terms of marine fauna, Clipperton shares similarities with areas of

12388-669: The Pacific area, as one of the major continental divisions of the world, along with Africa, Asia, Europe and the Americas. Their definition includes American Samoa , Australia and their external territories , the Cook Islands , Federated States of Micronesia , French Polynesia , Fiji, Guam , Kiribati , the Marshall Islands, Nauru , New Caledonia, New Zealand, Niue , the Northern Mariana Islands , Palau , Papua New Guinea, Pitcairn Islands , Samoa ,

12551-478: The Pacific such as those of Japan or the Channel Islands off the southern California coast are not typically considered Oceania as the indigenous populations of these places do not share a common ancestry with Oceanic groups, except for a time far before humans sailed Pacific waters." It has been theorized that the indigenous Jōmon people of the Japanese archipelago are related to Austronesians, along with

12714-698: The Pacific were also covered in the book, including Alaska's Pribilof Islands and China's Hainan . Tyler additionally profiled the Anson Archipelago , which during the 19th century was a designation for a widely scattered group of purported islands in the Northwestern Pacific Ocean between Japan and Hawaii. The Anson archipelago included phantom islands such as Ganges Island and Los Jardines which were proven to not exist, as well as real islands such as Marcus Island and Wake Island. Tyler described Australia as "the leviathan of

12877-504: The Pacific which are much farther removed from the Americas. Scottish author Robert Hope Moncrieff considered Clipperton to be the easternmost point of Oceania in 1907, while Ian Todd also included it in his definition of Oceania in Island Realm: A Pacific Panorama . Other uninhabited Pacific Ocean landmasses have been explicitly associated with Oceania, including the highly remote Baker Island and Wake Island (now administered by

13040-463: The Philippines and Indonesia, which are adjacent to the Asian mainland, do not have oceanic cultures, and are therefore not part of Oceania." The Oxford Handbook of Prehistoric Oceania (2018) defined Oceania as only covering Austronesian-speaking islands in Melanesia, Micronesia and Polynesia, with this definition including New Guinea and New Zealand. Other Austronesian areas such as Indonesia and

13203-501: The Philippines were not included, due to their closer cultural proximity to mainland Asia. Australia was also not included, as it was settled several thousands of years before the arrival of Austronesian-speaking peoples in Melanesia, Micronesia and Polynesia. The book stated, "this definition of Oceania might seem too restrictive: Why not include Australia, for example, or even too broad, for what does Highland New Guinea have to do with Hawai'i?", further noting that, "a few other islands in

13366-558: The Revillagigedo Islands (both situated on the Pacific Plate) and the oceanic islands situated on the Cocos Plate and Nazca Plate. Todd defined the oceanic Bonin Islands as making up a Japanese language segment of Oceania, and excluded the main Japanese archipelago. Todd further included the Aleutian Islands in his definition of Oceania. The island chain borders both the Pacific Plate and the North American Plate , and

13529-567: The Ryukyu Islands. He added that, "besides the proceeding, the Pacific contains many other islands, of which the most important are Hainan and Formosa, on the coast of China, the Japan isles, the Kuriles, the Aleutian Islands (stretching from the New World to the Old), Vancouver Island, the Galápagos, Juan Fernández and Chiloé." Scottish academic John Merry Ross in 1879 considered Polynesia to cover

13692-516: The Solomon Islands, Tokelau , Tonga , Tuvalu , Vanuatu , Wallis and Futuna , and the United States Minor Outlying Islands ( Baker Island , Howland Island , Jarvis Island , Midway Atoll , Palmyra Atoll , and Wake Island ). The original UN definition of Oceania from 1947 included these same countries and semi-independent territories, which were mostly still colonies at that point. Hawaii had not yet become

13855-471: The Solomon Islands, New Caledonia, and New Zealand and the oceanic islands of Polynesia, Micronesia, and Melanesia." He went on to write that his preferred definition of Oceania emphasis islands with oceanic geology, stating that oceanic islands are, "islands with no past connections to a continental landmass" and that, "these boundaries encompass the Hawaiian and Bonin Islands in the north and Easter Island in

14018-524: The Western world since the end of mercantilism . However, it is argued that the term mixed economies more precisely describes most contemporary economies due to their containing both private-owned and state-owned enterprises. In capitalism, prices determine the demand-supply scale. Higher demand for certain goods and services leads to higher prices and lower demand for certain goods lead to lower prices, in relation to supply. A capitalist free-market economy

14181-504: The World: Volume 5 , which covered mainland Asia and Hong Kong. However, Brown did not explicitly associate Japan or Taiwan with the term Oceania. He divided Oceania into two subregions: Eastern Oceania, which included the islands of Melanesia, Micronesia and Polynesia, and Southwestern Oceania, which included Australia and New Zealand. The Galápagos Islands, the Juan Fernández Islands and the Revillagigedo Islands were identified as

14344-537: The [Malay] archipelago." In a 1972 article for the Music Educators Journal titled Musics of Oceania , author Raymond F. Kennedy wrote: many meanings have been given to the word Oceania. The most inclusive–but not always the most useful–embraces about 25,000 land areas between Asia and the Americas. A more popular and practical definition excludes Indonesia, East Malaysia (Borneo), the Philippines, Taiwan, Japan and other islands closely related to

14507-667: The area as covering Australia, New Zealand and the islands of the Melanesia, Micronesia and Polynesia. She excluded Hawaii from her definition, but not Easter Island. The International Union for Conservation of Nature stated in a 1986 report that they include Easter Island in their definition of Oceania "on the basis of its Polynesian and biogeographic affinities even though it is politically apart", further noting that other oceanic islands administered by Latin American countries had been included in definitions of Oceania. In 1987, The Journal of Australasian Cave Research described Oceania as being "the region from Irian Jaya (Western New Guinea,

14670-491: The area, the sea shielded Australia and south central Pacific islands from cultural influences that spread through large continental landmasses and adjacent islands. The islands of the Malay Archipelago , north of Australia, mainly lie on the continental shelf of Asia, and their inhabitants had more exposure to mainland Asian culture as a result of this closer proximity. The geographer Conrad Malte-Brun coined

14833-490: The book adds that Hawaii is still within Oceania, despite being politically integrated into the U.S., and that the Pacific Ocean "gives unity to the whole" since "all these varied lands emerge from or border upon the Pacific." The 1876 book The Countries of the World , by British scientist and explorer Robert Brown , labelled the Malay Archipelago as Northwestern Oceania, but Brown still noted that these islands belonged more to

14996-605: The book. Hainan, which neighbours Taiwan, also has Austronesian ethnolinguistic origins, although it was not included in the book. The book defined Oceania's major subregions as being Australia, Indonesia (which included all areas associated with the Malay Archipelago), Melanesia, Micronesia, and Polynesia. In 2010, Australian historian Bronwen Douglas claimed in The Journal of Pacific History that "a strong case could be made for extending Oceania to at least Taiwan,

15159-517: The cancellation of this model in the Japanese market. For 2011, it was discontinued globally. Engines available were a 2.4-litre four-cylinder and a Europe-only Volkswagen sourced 2.0-litre turbodiesel , badged DI-D rather than TDI as Volkswagen denotes it. The diesel model arrived in conjunction with the Grandis' European launch in 2004. It originally used the 136 PS (100 kW) BSY version of Volkswagen's Pumpe Düse diesel engine; in 2008 it

15322-568: The church. The Buddhist approach to the market economy was dealt with in E. F. Schumacher ’s 1966 essay "Buddhist Economics". Schumacher asserted that a market economy guided by Buddhist principles would more successfully meet the needs of its people. He emphasized the importance or pursuing occupations that adhered to Buddhist teachings. The essay would later become required reading for a course that Clair Brown offered at University of California, Berkeley . The economist Joseph Stiglitz argues that markets suffer from informational inefficiency and

15485-538: The cold Aleutian Islands and the islands of Japan. Disagreement also exists over whether or not Indonesia, the Philippines and Taiwan should be included in Oceania." The Japanese Archipelago, the Malay Archipelago and Taiwan and other islands near China are often deemed as a geological extension of Asia, since they do not have oceanic geology , instead being detached fragments of the Eurasian continent that were once physiologically connected. Certain Japanese islands off

15648-600: The company's new common "face", comprising a curved lower grille edge and a sharp crease rising up the leading edge of the bonnet from the prominent corporate badge. It shared its platform with the Mitsubishi Airtrek , minus the increased ground clearance. The Grandis was also the basis for the Mitsubishi FCV (Fuel Cell Vehicle) concept, powered by a fuel cell technology developed by then controlling shareholder DaimlerChrysler . DCX's "FC System" uses

15811-518: The continental group, which included Australia, the Japanese archipelago, the Malay Archipelago and Taiwan, and the oceanic group, which included New Zealand and the islands of Melanesia, Micronesia and Polynesia. Charles Marion Tyler's 1885 book The Island World of the Pacific Ocean considered Oceania to ethnographically encompass Australia, New Zealand, the Malay Archipelago, and the islands of Melanesia, Micronesia, and Polynesia. However, Tyler included other Pacific islands in his book as well, such as

15974-481: The designer will use his cognitive skills more frequently than the builder. In the long term, the designer will become more adept at conceptual work than the builder, giving the former greater bargaining power in a firm over the distribution of income. A conceptual worker who is not satisfied with his income can threaten to work for a company that will pay him more. The effect is a class division between conceptual and manual laborers, and ultimately managers and workers, and

16137-466: The easternmost areas of Oceania in the book. Brown wrote, "they lie nearest the American continent of all oceanic islands, and though rarely associated with Polynesia, and never appearing to have been inhabited by any aboriginal races, are, in many ways, remarkable and interesting." Brown went on to add, "the small islands lying off the continent, like the Queen Charlotte's in the North Pacific,

16300-478: The edges of western Micronesia and on into Melanesia. In the archaeological record there are well-defined traces of this expansion which allow the path it took to be followed and dated with some certainty. It is thought that by roughly 1400 BCE, " Lapita Peoples", so-named after their pottery tradition, appeared in the Bismarck Archipelago of north-west Melanesia. Easter Islanders claimed that

16463-562: The entire 25,000 islands of the Pacific Ocean. In this book, he included the Aleutian Islands, the Galápagos Islands, the Japanese archipelago, the Kuril Islands and continental islands off the coast of the Americas such as the Channel Islands, the Farallon Islands and Vancouver Island; all of these islands lie in or close to the Pacific Ring of Fire , as is the case with New Guinea and New Zealand, which were also included. In

16626-494: The entire South and Central Pacific area, not just islands ethnographically within Polynesia. He wrote in The Globe Encyclopedia of Universal Information that, "literally interpreted, the name would include all the groups from Sumatra to the Galápagos, together with Australia." Ross further wrote, "and to this vast region the term Oceania has been applied. It is more usual at the present time, however, to exclude

16789-418: The existence of private ownership of the means of production . Market economies can and often do include various types of cooperatives or autonomous state-owned enterprises that acquire capital goods and raw materials in capital markets . These enterprises utilize a market-determined free price system to allocate capital goods and labor. In addition, there are many variations of market socialism where

16952-577: The facilitation of "national champions" and an export-based model of growth. The actual practice of this model varies by country. This designation has been applied to the economies of China , Japan , Singapore , South Korea , and Vietnam . A related concept in political science is the developmental state . The social market economy was implemented by Alfred Müller-Armack and Ludwig Erhard after World War II in West Germany . The social market economic model, sometimes called Rhine capitalism ,

17115-422: The free market economy is that the state is not passive, but instead takes active regulatory measures. The social policy objectives include employment, housing and education policies, as well as a socio-politically motivated balancing of the distribution of income growth. Characteristics of social market economies are a strong competition policy and a contractionary monetary policy . The philosophical background

17278-416: The great ocean itself." Conrad Malte-Brun in 1824 defined Oceania as covering Australia, New Zealand, the islands of Polynesia (which then included all the Pacific islands) and the Malay Archipelago. American lexicographer Joseph Emerson Worcester wrote in 1840 that Oceania is "a term applied to a vast number of islands which are widely dispersed in the Pacific Ocean [...] they are considered as forming

17441-572: The homeland of the Austronesian language family whose speakers colonized significant parts of the region about 6,000 years ago." For political reasons, Taiwan was a member of the Oceania Football Confederation during the 1970s and 1980s, rather than the Asian Football Confederation . Ian Todd's 1974 book Island Realm: A Pacific Panorama also defines oceanic Latin American islands as making up

17604-554: The indigenous inhabitants of the Ryukyu Islands. Some also theorize that Indigenous Australians are related to the Ainu people , who are the original inhabitants of Japan's Hokkaido , the Kuril Islands and the southern part of Sakhalin. In their 2019 book Women and Violence: Global Lives in Focus , Kathleen Nadeau and Sangita Rayamajhi wrote: the Philippines, Malaysia, Brunei, and most of Indonesia are not usually considered to be part of

17767-471: The island groups of the world". In his 1857 book A Treatise on Physical Geography , Francis B. Fogg commented that "the Pacific and its dependencies may be said to contain that portion of the globe termed Oceanica or 'the Maritime World', which is divided into Australasia, Malesia and Polynesia." Fogg defined Polynesia as covering the combined islands of Melanesia, Micronesia and Polynesia, as well as

17930-492: The islands in the [Malay] archipelago, to which certain writers have given the name of Malesia ." It added there was controversy over the exact limits of Oceania, saying that, "scarcely any two geographers appear to be quite agreed upon the subject". British physician and ethnologist James Cowles Prichard claimed in 1847 that the Aleutian Islands and the Kuril Islands form "the northern boundary of this fifth region of

18093-469: The islands of Melanesia are more commonly grouped together as part of the Australasian biogeographical realm . Papua New Guinea is geographically the closest country to Australia, and is often geologically associated with Australia as it was once physiologically connected. Australia's Indian Ocean external territories of Christmas Island and Cocos (Keeling) Islands are situated within the bounds of

18256-399: The islands of the Malay Archipelago, while the non-tropical islands were categorized as being North Pacific islands such as Alaska's Kodiak archipelago , the Aleutian Islands, Japan, the Kuril Islands and Sakhalin. Japan's Bonin and Ryukyu Islands are also considered to be subtropical islands , with the main Japanese archipelago being non-tropical. The journal associated the term Oceania with

18419-433: The labor market), or use fiscal policy to discourage certain consumer behavior or to address market externalities generated by certain transactions ( Pigovian taxes ). Different perspectives exist on the role of government in both regulating and guiding market economies and in addressing social inequalities produced by markets. Fundamentally, a market economy requires that a price system affected by supply and demand exists as

18582-420: The large island of Australia and numerous others in the [Pacific] Ocean, under the name of Oceania. There are thus six great divisions of the earth — Europe , Asia, Africa , North America, South America and Oceania." American author Samuel Griswold Goodrich wrote in his 1854 book History of All Nations that, "geographers have agreed to consider the island world of the Pacific Ocean as a third continent, under

18745-426: The large island of Australia and the innumerable islands of the Pacific Ocean" and also that the islands of the Malay Archipelago "should be grouped in with Asia." British linguist Robert Needham Cust argued in 1887 that the Malay Archipelago should be excluded since it had participated in Asian civilization. Cust considered Oceania's four subregions to be Australasia, Melanesia, Micronesia and Polynesia. New Zealand

18908-470: The largest population of Polynesians in the world, while Australia has the third largest Polynesian population (consisting entirely of immigrants). Modern-day Indigenous Australians are loosely related to Melanesians, and Australia maintains political influence over Melanesia, which is mostly located on the same tectonic plate. Despite this, Australia is rarely seen as a part of the subregion. As with Australia and New Zealand, Melanesia's New Caledonia has

19071-468: The late 20th century, some scholars theorized a long period of interaction, which resulted in many complex changes in genetics, languages, and culture among the peoples. Micronesia began to be settled several millennia ago, although there are competing theories about the origin and arrival of the first settlers. There are numerous difficulties with conducting archaeological excavations in the islands, due to their size, settlement patterns and storm damage. As

19234-471: The law of competition which impose reinvesting an increasing part of profits, the mean statistical chance of bankruptcy within the half life of any participant is also 50% and 100% whether an infinite sample of time is considered. Robin Hahnel and Michael Albert claim that "markets inherently produce class division ". Albert states that even if everyone started out with a balanced job complex (doing

19397-403: The least populated of the five parts of the world is diminished in order to increase the number of inhabitants of the most densely populated continent. Regarding Australia and the Pacific, Chambers's New Handy Volume American Encyclopædia observed in 1885 that, "the whole region has sometimes been called Oceania, and sometimes Australasia—generally, however, in modern times, to the exclusion of

19560-526: The main archipelago are not geologically associated with Asia. The book The World and Its Peoples: Australia, New Zealand, Oceania (1966) asserts that, "Japan, Taiwan, the Aleutian Islands, Indonesia, the Philippines and Malaysia [and] the Pacific archipelagos bordering upon the Far East Asian mainland are excluded from Oceania", and that "all the islands lying between Australia and the Americas, including Australia, are part of Oceania." Furthermore,

19723-531: The main islands in the Solomon Islands archipelago , including Makira and possibly the smaller islands farther to the east. Particularly along the north coast of New Guinea and in the islands north and east of New Guinea, the Austronesian people , who had migrated into the area somewhat more than 3,000 years ago, came into contact with these pre-existing populations of Papuan-speaking peoples. In

19886-546: The major continental divisions of the world, but the name "Australia and Oceania" is used. Their definition does not include all of Australia's external territories, but is otherwise the same as the UN's definition, and is also used for statistical purposes. The Pacific Islands Forum expanded during the early 2010s, and areas that were already included in the UN definition of Oceania, such as French Polynesia, gained membership. French writer Gustave d'Eichthal remarked in 1844 that, "the boundaries of Oceania are in reality those of

20049-500: The majority of capital assets are socially owned with markets allocating resources between socially owned firms. These models range from systems based on employee-owned enterprises based on self-management to a combination of public ownership of the means of production with factor markets . Supply and demand supposedly work in tandem. The economic theory is that supply slopes upwards as people buy more and demand drops as prices rise and people buy less. Market economies rely upon

20212-400: The market to their favor, either in the form of monopoly and market power, or by utilizing their wealth and resources to legislate government policies that benefit their specific business interests. Additionally, Vaněk states that workers in a socialist economy based on cooperative and self-managed enterprises have stronger incentives to maximize productivity because they would receive a share of

20375-500: The much less developed economies of Kiribati , Papua New Guinea , Tuvalu , Vanuatu , and Western New Guinea . The largest and most populous country in Oceania is Australia, and the largest city is Sydney . Puncak Jaya in Indonesia is the highest peak in Oceania at 4,884 m (16,024 ft). The first settlers of Australia, New Guinea, and the large islands just to the east arrived more than 60,000 years ago. Oceania

20538-582: The name Oceania." In this book, the other two continents were categorized as being the New World (the Americas) and the Old World ( Afro-Eurasia ). In his 1879 book Australasia , British naturalist Alfred Russel Wallace commented that, "Oceania is the word often used by continental geographers to describe the great world of islands we are now entering upon" and that "Australia forms its central and most important feature." He did not explicitly label Oceania

20701-614: The nearby Malay Archipelago. Australia's Indian Ocean external territory Heard Island and McDonald Islands lie on the Antarctic Plate and are also thought of as being in Antarctica or no region at all, due to their extreme geographical isolation. The World Factbook define Heard Island and McDonald Islands as part of Antarctica, while placing Christmas Island and Cocos (Keeling) Islands as the westernmost extent of Oceania. Norfolk Island , an external territory of Australia,

20864-623: The numerous isles of the Pacific, lying south east of Asia." Olney divided up Oceania into three groups; Australasia (which included Australia, New Guinea, and New Zealand), Malesia and Polynesia (which included the combined islands of Melanesia, Micronesia, and Polynesia in his definition). Publication Missionary Review of the World claimed in 1895 that Oceania was divided up into five groups; Australasia, Malesia, Melanesia, Micronesia, and Polynesia. It did not consider Hawaii to be part of Polynesia, due to its geographic isolation, commenting that Oceania also included, "isolated groups and islands, such as

21027-572: The organization's scope encompassed all non-self governing islands below the equator to the east of Papua New Guinea (which itself was included in the scope and then known as Dutch New Guinea ). Easter Island and the Galápagos Islands were defined by James as falling within the organization's geographical parameters. The 2007 book Asia in the Pacific Islands: Replacing the West , by New Zealand Pacific scholar Ron Crocombe , defined

21190-426: The other islands, which were uninhabited when discovered by Europeans and mostly being used as prisons for convicts. Additionally, the book includes Taiwan and the entire Malay Archipelago as part of Oceania. While not oceanic in nature, Taiwan and Malay Archipelago countries like Indonesia and the Philippines share Austronesian ethnolinguistic origins with Melanesia, Micronesia and Polynesia, hence their inclusion in

21353-475: The parts of the region together. John Eperjesi's 2005 book The Imperialist Imaginary says that it has "been used by Western cartographers since the mid-19th century to give order to the complexities of the Pacific area." In the 19th century, many geographers divided Oceania into mostly racially based subdivisions: Australasia , Malesia (encompassing the Malay Archipelago ), Melanesia , Micronesia and Polynesia . The 2011 book Maritime Adaptations of

21516-572: The political significance of the Aleutian Islands, which were invaded by the Japanese military in World War II, and categorized New Zealand's Antipodes Islands , Auckland Islands , Bounty Islands , Campbell Islands , Chatham Island and Kermadec Islands as being non-tropical islands of the South Pacific, along with Australia's Lord Howe Island and Norfolk Island. The Kermadec Islands, Lord Howe Island and Norfolk Island are also considered to be subtropical islands. Other non-tropical areas below

21679-439: The possibility of fair markets based on equal exchanges to be achieved by purging parasitical elements from the market economy such as private ownership of the means of production . McNally argues that market socialism is an oxymoron when socialism is defined as an end to wage-based labor . Supply and demand play an instrumental role in driving market economies by setting both prices and quantities traded in markets. Supply

21842-578: The presumed efficiency of markets stems from the faulty assumptions of neoclassical welfare economics, particularly the assumption of perfect and costless information and related incentive problems. Neoclassical economics assumes static equilibrium and efficient markets require that there be no non- convexities , even though nonconvexities are pervasive in modern economies. Stiglitz's critique applies to both existing models of capitalism and to hypothetical models of market socialism. However, Stiglitz does not advocate replacing markets, but instead states that there

22005-691: The primary mechanism for allocating resources irrespective of the level of regulation. Capitalism is an economic system where the means of production are largely or entirely privately owned and operated for a profit , structured on the process of capital accumulation . In general, in capitalist systems investment, distribution, income and prices are determined by markets, whether regulated or unregulated. There are different variations of capitalism with different relationships to markets. In laissez-faire and free-market variations of capitalism, markets are utilized most extensively with minimal or no state intervention and minimal or no regulation over prices and

22168-403: The principal large sovereignties of the area. It further states: In its broadest definition Oceania embraces all islands and island groups of the Pacific Ocean that lie between Asia and the two American continents. In popular usage, however, the designation has a more restricted application. The islands of the North Pacific, such as the Aleutians and the Kuriles, usually are excluded. In addition,

22331-499: The profits (based on the overall performance of their enterprise) in addition to receiving their fixed wage or salary. The stronger incentives to maximize productivity that he conceives as possible in a socialist economy based on cooperative and self-managed enterprises might be accomplished in a free-market economy if cooperatives were the norm as envisioned by various thinkers including Louis O. Kelso and James S. Albus . Market socialism traces its roots to classical economics and

22494-491: The profits directly remunerate the employee-owners. These cooperative enterprises would compete with each other in the same way private companies compete with each other in a capitalist market. The first major elaboration of this type of market socialism was made by Pierre-Joseph Proudhon and was called mutualism. Self-managed market socialism was promoted in Yugoslavia by economists Branko Horvat and Jaroslav Vaněk . In

22657-454: The profits would be disbursed among the population in a social dividend. This model came to be referred to as market socialism because it involved the use of money, a price system and simulated capital markets, all of which were absent from traditional non-market socialism. A more contemporary model of market socialism is that put forth by the American economist John Roemer , referred to as economic democracy . In this model, social ownership

22820-415: The public at large through a social dividend or basic income system. Advocates of market socialism such as Jaroslav Vaněk argue that genuinely free markets are not possible under conditions of private ownership of productive property. Instead, he contends that the class differences and inequalities in income and power that result from private ownership enable the interests of the dominant class to skew

22983-531: The region of Oceania as it is understood today. These regions are usually considered to be part of Maritime Southeast Asia. Although these regions, as well as the large East Asian islands of Taiwan, Hainan and the Japanese archipelago, have varying degrees of cultural connections. In Reptiles and Amphibians of the Pacific Islands: A Comprehensive Guide (2013), George R. Zug claimed that "a standard definition of Oceania includes Australia, Papua New Guinea,

23146-698: The same biogeographical realm as the geographically adjacent Micronesia, and are often grouped in with the subregion because of this. Indigenous Australians are the original inhabitants of the Australian continent and nearby islands who migrated from Africa to Asia c. 70,000 years ago and arrived in Australia c. 50,000 years ago. They are believed to be among the earliest human migrations out of Africa . Although they likely migrated to Australia through Southeast Asia they are not demonstrably related to any known Asian or Polynesian population. There

23309-413: The self-managed model of socialism, firms would be directly owned by their employees and the management board would be elected by employees. These cooperative firms would compete with each other in a market for both capital goods and for selling consumer goods. Following the 1978 reforms , China developed what it calls a socialist market economy in which most of the economy is under state ownership, with

23472-474: The series of sovereign island nations fringing Asia (Japan, Taiwan, the Philippines, East Malaysia, the Republic of Indonesia) are not ordinarily considered to be part of the area. In 1948, American military journal Armed Forces Talk broke the islands of the Pacific up into five major subdivisions; Indonesia, Melanesia, Micronesia, Polynesia and the non-tropical Islands. The Indonesia subdivision consisted of

23635-489: The slums to live among the poor. The Holy Trinity was interpreted as a call for social equality and the elimination of poverty. However, the Pope John Paul II was highly active in his criticism of liberation theology. He was particularly concerned about the increased fusion between Christianity and Marxism . He closed Catholic institutions that taught liberation theology and dismissed some of its activists from

23798-495: The south, and the Palau Islands in the west to the Galápagos Islands in the east." Australia, New Guinea, New Zealand and New Caledonia (which is geologically associated with New Zealand) were all excluded, as these areas are descendants of the ancient Pangaea supercontinent, along with landmasses such as the Americas and Afro-Eurasia . Volcanic islands which are geologically associated with continental landmasses, such as

23961-489: The state enterprises organized as joint-stock companies with various government agencies owning controlling shares through a shareholder system. Prices are set by a largely free-price system and the state-owned enterprises are not subjected to micromanagement by a government planning agency. A similar system called socialist-oriented market economy has emerged in Vietnam following the Đổi Mới reforms in 1986. This system

24124-592: The state is limited to protecting property rights and enforcing contracts . Laissez-faire is synonymous with what was referred to as strict free-market economy during the early and mid-19th century as a classical liberal ideal to achieve. It is generally understood that the necessary components for the functioning of an idealized free market include the complete absence of government regulation, subsidies, artificial price pressures and government-granted monopolies (usually classified as coercive monopoly by free market advocates) and no taxes or tariffs other than what

24287-423: The state plays a directive role in guiding the overall development of the market through industrial policies or indicative planning —which guides yet does not substitute the market for economic planning —a form sometimes referred to as a mixed economy . Market economies are contrasted with planned economies where investment and production decisions are embodied in an integrated economy-wide economic plan. In

24450-484: The supply of goods and services. In interventionist , welfare capitalism and mixed economies , markets continue to play a dominant role, but they are regulated to some extent by the government in order to correct market failures or to promote social welfare. In state capitalist systems, markets are relied upon the least, with the state relying heavily on either indicative planning and/or state-owned enterprises to accumulate capital. Capitalism has been dominant in

24613-519: The surface area of this wide definition was greater than that of Asia and Europe combined, the land area was only a little greater than that of Europe. American geographer Sophia S. Cornell claimed that the Aleutian Islands were not part of Oceania in 1857. She stated that Oceania was divided up into three groups; Australasia (which included Australia, New Zealand, and the Melanesian islands), Malesia (which included all present-day countries within

24776-554: The term "Pacific Islands" as being islands in the South Pacific Commission, and stated that such a definition "does not include Galápagos and other [oceanic] islands off the Pacific coast of the Americas; these were uninhabited when Europeans arrived, then integrated with a South American country and have almost no contact with other Pacific Islands." He adds, "Easter Island still participates in some Pacific Island affairs because its people are Polynesian." Thomas Sebeok 's two volume 1971 book Linguistics in Oceania defines Easter Island,

24939-577: The term Oceania "promotes a broader concept that has room for Australia and New Zealand." American marine geologist Anthony A. P. Koppers wrote in the 2009 book Encyclopedia of Islands that, "as a whole, the islands of the Pacific Region are referred to as Oceania, the tenth continent on earth. Inherent to their remoteness and because of the wide variety of island types, the Pacific Islands have developed unique social, biological and geological characteristics." Koppers considered Oceania to encompass

25102-639: The works of Adam Smith , the Ricardian socialists and mutualist philosophers. In the 1930s, the economists Oskar Lange and Abba Lerner developed a model of socialism that posited that a public body (dubbed the Central Planning Board) could set prices through a trial-and-error approach until they equaled the marginal cost of production in order to achieve perfect competition and pareto optimality . In this model of socialism, firms would be state-owned and managed by their employees and

25265-554: The world and reached the Philippines , the Mariana Islands , and other islands of Oceania. Market economy A market economy is an economic system in which the decisions regarding investment , production , and distribution to the consumers are guided by the price signals created by the forces of supply and demand . The major characteristic of a market economy is the existence of factor markets that play

25428-408: The world, and with the coasts of Asia and America completing its literal termination." However, he wrote that these islands "are not usually reckoned as belonging to it, because they are known to be inhabited by races of people who came immediately from the adjacent continents and are unconnected with those tribes of the human race who peopled the remote islands of this great ocean." He added that Hawaii

25591-404: Was first explored by Europeans from the 16th century onward. Portuguese explorers, between 1512 and 1526, reached the Tanimbar Islands , some of the Caroline Islands and west New Guinea . Spanish and Dutch explorers followed, then British and French. On his first voyage in the 18th century, James Cook , who later arrived at the highly developed Hawaiian Islands , went to Tahiti and followed

25754-539: Was achieved when this landmass formed part of the Sahul continent , connected to the island of New Guinea via a land bridge. The Torres Strait Islanders are indigenous to the Torres Strait Islands, which are at the northernmost tip of Queensland near Papua New Guinea . The earliest definite human remains found in Australia are that of Mungo Man , which have been dated at c. 40,000 years old. It

25917-511: Was categorized by him as being in Polynesia; and the only country in his definition of Australasia was Australia. His definition of Polynesia included both Easter Island and Hawaii, which had not yet been annexed by either Chile or the United States. The Journal of the Royal Statistical Society stated in 1892 that Australia was a large island within Oceania rather than a small continent. It additionally commented: it

26080-461: Was changed to the 140 PS (103 kW) BWC variant of the same with no declared performance changes. (source: Facts & Figures 2008 , Facts & Figures 2009 , Mitsubishi Motors website) Oceania Oceania ( UK : / ˌ oʊ s i ˈ ɑː n i ə , ˌ oʊ ʃ i -, - ˈ eɪ n -/ OH -s(h)ee- AH -nee-ə, -⁠ AY - , US : / ˌ oʊ ʃ i ˈ æ n i ə , - ˈ ɑː n -/ OH -shee- A(H)N -ee-ə )

26243-707: Was defined as Australia and an ensemble of various Pacific Islands, "particularly those in the central and south Pacific [but] never those in the extreme north, for example the Aleutian chain." In the Pacific Ocean Handbook (1945), author Eliot Grinnell Mears claimed, "it is customary to exclude the Aleutians of the North Pacific, the American coastal islands and the Netherlands East Indies ", and that he included Australia and New Zealand in Oceania for "scientific reasons; Australia's fauna

26406-487: Was inhabited in prehistoric times by either Melanesians or Polynesians, and is geographically adjacent to the islands of Melanesia. The current inhabitants are mostly European Australians, and the UN categorize it as being in the Australasia subregion. The 1982 edition of the South Pacific Handbook , by David Stanley, groups Australia, New Zealand, Norfolk Island, and Hawaiʻi together under an "Anglonesia" category. This

26569-472: Was the most northerly area to be inhabited by races associated with Oceania. The 1926 book Modern World History, 1776–1926 , by Alexander Clarence Flick, considered Oceania to include all islands in the Pacific, and associated the term with the Malay Archipelago, the islands of Melanesia, Micronesia, and Polynesia, the Aleutian Islands, Japan's Ryukyu Islands , Taiwan and the Kuril Islands. He further included in his definition Sakhalin , an island which

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