State Higher Education Loan Promissory Note University Of: Fill & Download for Free

Checkout the videos below for more information on education loans:-SecuredUnsecuredAlthough a number of scholarships and other financial aid options are present for overseas education, not all students become eligible to claim them. This is why education loans become really helpful over the course of studying abroad journey of a student.A Comprehensive Educational Loan scheme has been framed by the Government of India in consultation with the Reserve Bank of India (RBI) and Indian Bankers' Association (IBA) that covers all type of courses, including professional courses in schools and colleges in India and abroad.Almost all the major banks in India like the State Bank of India, Axis Bank, HDFC, Punjab National Bank, Canara Bank etc. provide education loans to students for overseas education.Before approaching different banks for educational loans following points should be kept in mind:A co-applicant is a must (could be parents, a sibling or a spouse)For loans between Rs 4- 7.5 lakhs a third party guarantor is requiredCollateral needs to be provided for student loans above Rs. 7.5 lakhsLoan repayment commences 6 to 12 months after course completionIf a student is unable to pay, lender recovers the remainder from co-applicantDocuments Required:Mark sheet of qualifying examination of school and collegesProof of admission to the courseSchedule of expenses for the courseCopy of letter confirming scholarship, if anyCopy of Foreign Exchange permit (if available)Two passport size photographsBank statement of borrowers for last six monthsBrief statement of borrower's assets and liabilitiesProcedure of applying for educational loan1. Filling of loan application form: An online application is to be filled that may ask about educational details, contact details etc. It is important to write accurate information.2. Personal Discussion: A round of discussion may follow up with the bank staff where questions related to academics, income source, personal profile, the college/university one has selected.3. Providing validated supporting documents: For educational loan documents relating to academics and admission are mandatory even before the banks consider the loan application.4. State of loan approval or denial: For an education loan, a guarantor is mandatory. The guarantor could be an applicant's parents or guardians. The bank will run a thorough check of the guarantor and his/her credit history before sanctioning the loan. After completion of the process the loan may be sanctioned or denied.5. Borrower's signature on a promissory note: While there are guarantors, the student is the actual borrower of the loan. The student has to sign a promissory note to the bank, once the loan is sanctioned.6. Disbursal of the loan: After the completion of the formalities, the bank will disburse the loan. The bank may disburse the college/university fee directly to the concerned institute.Students can even approach Non Banking Financial Companies (NBFCs) to get a collateral free education loans. NBFCs are private entities and can extend collateral free loans to a higher amount. The rate of interest charged is higher than what the banks charge and the repayment may start quite early and the student may be asked to pay the installments even while pursuing the course. The education loans taken from NBFCs, except one, do not qualify for sizable tax benefits under section 80E.I would also recommend you to approach GyanDhan which is a education loan startup by IIT alumni and has partnerships with other banks and NBFCs across India. You can fill the loan eligibility form on the website and the loan counsellor will get back to you to evaluate your profile and suggest the best loan options available for you. Moreover, GyanDhan do not charge its students for any kind of services.Good luck!

1 Introduction Throughout all of the economic history of the last millennia, improved infrastructure in the form of better roads, better ports, better shipping and (most recently) better airports and better merchant shipping aeroplanes have distributed new knowledge, transported new goods, and improved relationships between peoples through their greater contact with one another. A few examples may help make this issue much more clear.1.1 Economic Effects of the B&RI The B&RI is in my view the first in a series of very large Chinese initiatives which will accelerate the world’s and China’s rate of economic development. In the second half of this Answer (in paragraphs 3,54, and 5) I propose to outline these economic effects, to suggest what further phases of the B&RI may develop, and to make a first preliminary estimate of their total costs.2 Background Nearly All World Empires and Economic Miracles have Depended Upon Effective Transport Systems There are many historical events where this appears be obviously true.2.1 Empires Held Together By Transport Systems2.1.1 The Song and The Yongle Empires I have tried to cover the size of these empires elsewhere most notably perhaps atGeorge Tait Edwards's answer to Which was the world's richest empire in ancient times by GDP (nominal) (300 BC to 1800 AD)?The geography of China was previously very difficult. SeeAnswer Notes To Quora Question "How was China's development affected by its geography?"China has ranges of mountains, historically with few passes, and although its large rivers could provide some goods transport which was improved by canal-building, these rivers appear to have been difficult to cross for much of the monsoon year and for hundreds of miles. These two empires did their level best within the technology of their day to build better roads and improved river ferry crossings and transport within China and to make China ”one market.” .The Yongle Emperor even established through the seven “Treasure Fleets” the sea roads which the OBOR/B&RI is re-establising today.2.1.2 The Mongol Empire under Genghis Khan was at first held together by the Silk Road. That road provided “fresh horse” way-stations for the Mongol Emperor’s postal service to receive news from and send messages to its armies. But the economic function of the Silk Road was not only to provide military information and tribute from the vassal states to Mongolia, but also to enable trade mainly between China and the West between all the connected countries.2.1.3 The Silk Road Transport of Chinese Inventions Which Spurred The European Renaissance This China to Europe transport route, as Joseph Needham has recorded in detail, enabled the transfer of what Needham regarded as the four fundamental outstanding Chinese inventions (gunpowder, the compass, paper and printing) which enabled the rise of the West by empowering the European Renaissance.In my view Needham missed two major innovations and it could be argued he should have perhaps have highlighted dozens.If we look at the second rank of his findings we discover some of these. What the Chinese did waswith Gunpowder they inventedthe pistol, the bazooka, iron bombs, the cannon and cannonball, and the rocketthe firearms (which ultimately drove the outcomes of the two world wars in the 20th century)Chinese rockets (which were taken forward by Germany in the V1 and V2 developments)and these through Operation Paperclip (see Operation Paperclip - Wikipedia) ultimately enabled the moon landingsthe first outstanding Chinese invention which Needham fails to identify appears to bethe invention of the process of no-cost productive credit creation by the state by the first investment credit creation economist Wang Anshi, former President of China and master economistWang Anshi’s fresh no-cost investment credit creation by the Chinese state enabled the great economic growth ofthe Song Empire, which traded with Europe using the land route that later became the Silk Roadthe Yongle Empire within the Ming Dynasty which sent out seven fleets of Treasure Ships to establish a sea road as well as the land onethe economic miracles of the Tokyo Consensus zone based on the understandings of the Asian Keynes Dr Osamu Shimomura (1910–1989) and particularly much of which partly depended on shipping exports to the USA and EuropeChinese rapid economic growth after 1975 and the creation of an excellent roads system and bridges which, for the first time, made China a more integrated state.The second Chinese invention which Needham fails to place in the first rank,  is the Chinese invention of the many-masted ocean-going sailing ships of the seven great Treasure Fleets - these shipshad raised and rear decks which made them more stable at seathese fleets were each of about 300 plus ships and over 25,000 men andthey opened up the same sea routes as OBOR/B&RI is re-establishing, re-strengthening and “up-capaciting” ports and shipping for tradeSee Chinese Inventions Not Correctly Understood In The West for more supporting information2.1.3 The First Industrial Revolution in Scotland The first industrial revolution in Scotland depended upon four major factors - these werethe Tobacco Lords’ use of promissory notes (essentially no-cost IOUs) to pay American farmers for the tobacco produced in the three slave states of Maryland, Virginia and North Carolina from 1702–1776 - these notes cost nothing for the acquisition of tobacco, which became very valuable after landing in Scotlandthese promissory notes became the tobacco-backed major currency of these three slave states, solidly supported (or “tobacco-backed”) by the 125 Tobacco Lord trading posts which exchanged promissory notes denominated in pounds of tobacco for the essential goods required for successful tobacco farming and many other goods (these notes were used, for example, for the purchase of slaves, wives and farm goods among much else)the American-constructed large tobacco trading ships which could only dock properly at Glasgow because no other British port at that time had large enough docks and fast adequate transfer facilities for unloading the hogsheads of tobacco and reloading these ships with Tobacco Lord trading post goods. John Glassford, the greatest of the Tobacco Lords, had 25 of these ships continuously at sea at the height of his activities. See John Glassford - WikipediaGlasgow was excellently sited to take advantage of the beginnings of American colony trading. These tobacco shipscould reach Glasgow about two to three weeks earlier than any other British port because that result was delivered by the trade windswere never used for slave trading because Scotland (while a major financial beneficiary of the slave trade) did not do that out of any moral scruple but because slave trading was an insanitary business which potentially degraded the quality of tobacco if carried on such shipsformed the foundation of the American and Scottish economic growth due to the superb rapid transport shipping links between Scotland and the American coloniesThis topic is one of the four in my ongoing researches for my PhD degree at the University of Southampton and I cannot prejudice that research by pre-publishing more of it here. See the excellent books on this subject written by the outstanding Scottish historian Tom Devine about the Tobacco Lords, and Scottish History, and Scotland’s part in the slave trade: see for exampleandThe Tobacco Lords of Glasgow andandTobacco trading was for many early decades of the 18th century a smuggling activity with part of these imports landing in Whitehaven docks in Cumbria and somehow often evading the poorly staffed customs and excise officers in Glasgow.More later.2.1.4 The English Industrial Revolution and The Post Roads The SME-associated local banks in England were mainly located on the English post roads - see this illustrative map relating to 1790Source: Page 14 of “Country Banks of England and Wales” Margaret Dawes and C N Ward Perkins, Volume 1, The Chartered Institute of Bankers, 2000.English industrial development depended upon communications between the “country banks” which funded the SME industrial revolution and which were nearly all located on (or close to) the high speed (for their 1790 day) Postal and goods communication roads of the horse-driven carriages of the British Post Office.2.1.5 The Railways and the Continuing English Industrial RevolutionThe railways and the large construction of inter-connecting canals assisted the economic development of 19th century England. That topic is far too large to be fully referenced here but is noted rather than illustrated.2.1.6 The South Manchurian Railway Company (SMRC)This company started out as the management company for a Japanese colony centred around one line of the raIlway system in Northern China.Due to Japanese-Goverrnment investment credit, this colony (which maxed out at a million Japanese people and perhaps about another 350,000 involved Chinese) developed intothe best passenger railway in the world at that time (the early 1940s) withperhaps the highest living standards in the world in 1944the most successful colony in terms of its financial transfer amounting to 25% of Japanese GDP during the 1920s andthe source of the repatriated Japanese “Manchurians’ ” knowledge about how to accelerate Japanese post-war economic growth because this colony was where they cut their teethSee The Japan Society’s Page aboutThe great economic development of the SMRC was based upon and around one railway line. A better illustration of the connection between economic development and a transport route seems hardly possible.2.1.7 The British Empire and the Royal Navy and Merchant MarineIn popular histories the gunboats of the Royal Navy allegedly held together the British Empire but that Empire was more securely founded upon the policy of Imperial Preference and the Merchant Navy. The theory of the free market let the British into foreign markets while the policy of imperial preference kept commercial intruders out of the British Empire. The best academic paper on the subject is probably Ben Cant’s 1972 paper at Manchester Business School, which Mr Cant Kindly gave me pernmisIon to review and quote in my book “The Role of Banks in Economic Development - the Economics of Industrial Resurgence” Foreword by Harold Lever, The Macmillan Press, London, 1987. Page 20 of that book looks like this:Ben Cant makes the fundamental point that other nations had become successful by analysing what had worked and understanding how to do better, and that Britain should not remain complacent in that changed situation.But after 1980 the Thatcher-Reagan Axis decided that the workers are the enemy, and their unions should be destroyed, because the only thing these leaders thought was important was governing their economy in the interests of the rich, so Britain and the USA declined economically as their manufacturing industries waned..But at the height of its power the British were utterly realistic, and ruthless with it. Page 21 points this out:Note that “The British had the most effective multi-tier monopolistic mercantile system the world had ever experienced.”And it was all based upon “the ascendancy of British Shipping and British merchants” and without those merchant ships, which carried factory manufactured British goods all over the globe, and the British merchants, who knew what was wanted abroad, and the Royal Navy, protecting these ships and trading interests, the British Empire would not have long existed.An Indian friend of mine in the early 1990s once told me a joke about how the three great world leaders of Reagan, Thatcher and Gorbachev planned to establish a world centre for economic understanding, national unity and compassion. Reagan would contribute his economic understanding, Gorbachev would contribute his knowledge about how to unify a country, and Thatcher would contribute her compassion for the suffering of the poor.Funny it isn’t.2.1.8 The American Empire and the US Navy and Air ForceThe dominance of the USA during the American hegemony from 1945 to 2014 was based upon the idea that a technologically advanced navy and air force could keep the USA’s ascendancy, despite a collapsing manufacturing economy produced by elevating, by government activity, the share of national income devoted to the rich.That works as well as Thatcherism.3 The Future of B&RI/OBORThis Chinese-initiative project contains the following featuresit is very large and historically unprecedented - the total “projects cost” is about $5tr. which exceeds the GDP of all but the largest five economiesit is partially (usually about 50%) funded by Chinese money and 50% funded by a soft low-interest rate loan from the PBoC to the benefitting countryit is ideologically opposed by the economically declining nations of the West for no sound reasons and often apparently because of the Western media assumption that all Chinese initiatives must be badit does not officially include India but it seems foolish for the second largest, potentially transAmerican, economy to deny itself access to the largest trading bloc in the world.3.1 The Economic Advantages to China of the B&RI/OBORChina is the only country that can propose and help deliver an initiative of the B&RI scale.The project is based upon the no-cost creation of $5tr of credit creation at the Bank of China. That credit creation funds about $2.5tr. of soft low-interest loans and $2.5 tr. of credit to whoever wins the construction contracts.There is a clause in the B&RI project agreements which requires that Chinese construction companies (which have already built China’s high quality roads, railways, ports and airports and its HST rail tracks) should be considered as the contractor of B&RI projects. On current evidence it seems that 80% of contracts are being awarded to Chinese construction companies on the grounds of cost and their capacity to deliver.So the B&RIcosts nothing because it’s all effectively funded by no-cost PBoC Shimomuran investment credit creationproduces a $4bn surge in Chinese GDP over say six years - the contracts being done by Chinese companies increase Chinese GDP by about $0.67 tr. a year or say about about 3.0% of GDP a year declining to 2.5% a year as China continues to growthat surge in foreign earned income is likely to have a tax take of about 30%, so an increase in Chinese Government revenues of about $1.3 tr in total distributed over six yearsproduces an annual rate of return of about 30% on the total expenditure - so an increase on Asian GDPs of about $1.6 tr a year.is a kind of Chinese Construction Companies’ contract creation system.All in all, it’s a great economic advantage to China.3.2 Obvious Future Developments For The B&RI/OBOR ProjectThe construction companies of China have a massive capacity for implementing world-changing projects. The currently announced B&RI is probably just the first stage of a whole series of infrastructure improving projects.3.2.1 B&RICA: In AfricaThe massive continent of Africa has few navigable rivers and the African nations depend upon road and air transport for a large part of their economic development. The currently available roads, railways, ports and airports are obviously inadequate to spur the development which the African nations need.About $3tr of Belt and Road Investment in Continental Africa (B&RICA) investment is required.3.2.2 B&RISA: In South AmericaThe nations of South America lack the high quality roads now existing in China and a large investment in the upgrading of their roads, railways, ports and airports is required.About $2tr of Belt and Road Investment in South America (B&RISA) investment would be needed.3.2.3 B&RPO: In the Pacific Ocean Connections between the nations bordering on the Pacific Ocean are less adequate than those now required.That’s probably about another $2tr of BR&PO investment.3.2.4 B&RAO: In the South Atlantic OceanThe coastal cities of the South Atlantic do not have adequate ports to connect to with their transatlantic opposite numbers. The states of Western Africa and of the Eastern seaboard of South America need port upgradings to facilitate goods exports and imports. That might cost $1tr.3.2.5 The Total Estimated Costs Of Improving World CommunicationsThese look likely to be as follows:China is just getting started with the first two phases- the first part of the B&RI project completed in China and second part - the B&RI/OBOR - planned, agreed and underway.The rest is just conjecture on my part but it all seems a natural extension of the existing B&RI, Why not a general improvement of all the world’s infrastructure?The cost numbers indicating a further $8tr to complete these investments are only my best guesses, and could be wrong, but I think they are probably acceptable guidance approximations.5 Other Chinese Policy Possibilities5.1 Reversing Global WarmingIdeally much of the future B&RI should be linked to the future provision of energy by sustainable methods. The ice is melting rapidly around both poles and effective action should be taken by China to arrange the reversal of global warming through associated sustainable investments.Ideally the cement used for infrastructure projects should reduce global warming rather than increasing it. See Cement from CO 2 : A Concrete Cure for Global Warming? which is headedThat would be one of the most useful ways to link power plants to cement production with a 90% capture of CO2.5.2 Chinese Disaster Recovery ProjectsAfter the tsunami destruction of Bali, no adequately large-scale investments have restored the previous appearance of that location. The tornados which have destroyed the factories, businesses and housing in many of the island nations of the north central Atlantic have left a trial of disaster which could be remedied by sufficient investment. There have been dozens of such events. China has the economic intelligence, the funds and the construction capability to restore these disaster areas to better than their previous condition.Why not?5,2 CCCI: Chinese City Construction Investment in other parts of the worldThe Westernised world is planet of slums. The last four decades of the Washington Consensus Macroeconomics/Monetarism/Neoclassical economics/Neoliberalism/Austerity have utterly failed to reduce poverty and to improve the massive slums which have been a result of low rates of economic growth.The Chinese have constructed twenty new cities of a million people each annually since the year 2000 - by 2020 China will have rehoused 400 million of its people in “all-facilities provided” sparkling new cities.Why doesn’t China use its well developed new-city construction facilities to re-develop the Western world of slums into a new world of adequate cities nearly everywhere?China has the economic intelligence, the funds and the construction capability to convert these slums into shining new cities with vastly upgraded factories, better public buildings, schools, hospitals, and excellent internet and road connections.Why not?5.4 The Economic Education of the Rest of the WorldThe Economic Department of Beijing University could educate the economists of the rest of the world in how to grow more rapidly in a sustainable fashion. I have every hope they will.We’ll see.6 Conclusion The B&RI in its current and its likely future forms is a massive project which is entirely beneficiary to its involved national partners. There is no predatory downside. As this project provides the better physical inter-connections between all the connected countries, higher economic development will occur in all of these.

1 IntroductionI have so far spent 46 years and four months in researching the answers to that question and much of the Answer is in the two books co-authored with John Carrington or in the further five I’ve written on my own or in many of the 228 Answer-articles on Quora and the other 150 on a few other sites. I’ll attempt a brief and inevitably incomplete reply. I apologise for the brevity: I have about half a million words, much of it unpublished, on this topic and I must prioritise my University studies which I have estimated may be complete after 50 years, in 2021.2 My Quora Profile in November 2016This profile summarises part of my my lifescript about these issues:“Part of mylifescript has been my investigation over more than four decades into the mechanisms of explosive economic growth in the USA from 1938-45, in post-war Japan 1945-75, and in post-rapprochemont China 1975-now. Following articles (co-authored by Lord Harold Lever in the Sunday Times during November and December 1979) I tried to advise the Thatcher governments about these issues, lobbying parliament through the Grylls Group during the 1979-83 years, but I failed to have any positive effect due to well-funded Clearing Bank opposition to the interests of the British people. The titles of the seven books I have co-authored or written accurately reflect my interest in these issues. The first four titles were all published by Macmillan Academic (now the Palgrave Press) and are:John C Carrington and George T Edwards, Financing Industrial Investment, 1979.John C Carrington and George Edwards, Reversing Economic Decline, 1981.George T Edwards, How Economic Growth and Inflation Happen, 1984.George T Edwards, The Role of Banks in Economic Development, The Economics of Industrial Resurgence (Foreword by Harold Lever), 1987.A fifth book published in June 2014 ia about Dr Osamu Shimomura who was "Japan's most influential postwar economist" whose insights and policies lie at the root of the high growth of the Tokyo Consensus economies: Shimomuran Economics and The Rise of The Tokyo Consensus and a sixth book tells the story of the economic bomb Lucky Bastards of the 20th Century and a seventh deals with the gerrymandering of the right to vote by the Cameron-led Coalition using the 2013 Individual Registration and Administration Act - seeHow David Cameron Fixed the 2015 Election and Much Else: How They Plan To Fix The Next Election, and How We Could Restore a Prosperous Representative Democracy In Britain: Amazon.co.uk: Mr George Tait Edwards: 9781517060794: Books “I have also published 76 articles mainly about economics at https://medium.com/@georgetaitedwardsand a further 44 articles athttp://londonprogressivejournal.com/user/view/2285It is not accurate to add the 228 Quora Answer-articles to the 76 Medium-site articles and the 44 articles published in the London Progressive Journal to form an overall total of 348 published items because about 30 articles are duplicated and another 20 co-authored or authored have been published in newspapers and magazines prior to 1990 plus there are ten articles co-authored with Bryan Gould on the London Progressive Website and a scattering of about half a dozen articles on various American Web locations such as the Huffingdon Post. I have also authored half a dozen lengthy blogs on Quora and elsewhere and there is little point in listing pre-1990 articles because these are not currently available on the internet.If you wish to develop a detailed understanding of this issue you should perhaps consider buying a few of these above-listed books as well as reading articles like this one.3 Further Researches3.1 The Credit Creation Key All economic miracles began with a source of expansionary funding in the form of promissory notes. All bank notes (invented by the Chinese Tang Dynasty 618–907 AD) were and are promissory notes because they were initially promises to pay a specific value, usually of gold or silver, and as such became a medium of exchange to purchase goods or services and a store of value to the holder. That observation is valid for all the major economic miracle countries and colonies, fromThe Southern Song Empire in China 980–1279The Three Tobacco States of the USA 1650–1776Scotland 1700–1800England 1750–1880Germany 1778-present dayThe Mantetsu, or the Japanese Colony of the South Manchurian Railway Company, 1905–1944FDR’s Economic Miracle 1938–44The Japanese Economic Miracle 1945–73The South Korean Economic Miracle 1960–1980The Chinese Economic Miracle 1975-now.This is an incomplete list. It could include Taiwan and Singapore and a separate analysis of East and West Germany prior to their reintegration into a single state, but I must draw the line somewhere, and the above examples are adequately illustrative while the potential additions are often less clear.3.2 Brief Comments on Each Of These Economic Miracles Only the briefest of comments is possible here: please explore the subject in depth by digging down into the references to the extent you wish.3.2.1 The Southern Song Empire in China 980–1279 As Professor Fitzgerald has remarked in his brief History of China, the industrial revolution nearly began in the Chinese Southern Song Empire during the three centuries from 980–1279 (See Economy of the Song dynasty - Wikipedia) but its development was halted by the genocidally murderous Mongols, who probably halved the previous population of China. Song development is perhaps best illustrated by one statistic: by 1078 the steel melt in China was about 125 thousand tons a year. Most people in the West have a limited idea and minimal recognition of the fact that China almost started the industrial revolution about four centuries before it began in Scotland. Wang Anshi (1021-1086) was the first practitioner of investment credit creation for productive purposes. That Chinese economist was an innovator and friend of emperor Shenzong of the Northern Song Dynasty where Wang was Prime Minister and Chancellor. He created credit for productive purposes and established the first welfare state. He believed the state had a duty of care towards all its citizens and instituted New Economic Policies to bring that about. See How did Wang Anshi contribute to the economic world?3.2.2 The Three Tobacco States of the USA 1650–1776 The economic development of the three US East coast states - the colonies of Maryland Virginia, and North Carolina - was accelerated by the use of the promissory notes, initially used as payment for tobacco by the Scottish Tobacco Lords. These promissory notes were redeemable for goods at the 125 stores established by the Tobacco Lords in these states, and these notes became a large alternative currency used for the purchase of slaves, wives and goods. The value of all items was assessed for several decades in terms of pounds of tobacco. See two of the outstanding books written by Sir Thomas Devine The Scottish Nation 1700–1999 (Penguin books, 1999) and The Tobacco Lords: A Study of the Tobacco Merchants of Glasgow and their Trading Activities, c. 1740–90 ( John Donald, 1975; Edinburgh University Press, 1992).3.2.3 Scotland 1700–1800 As part of my PhD studies at the University of Southampton, I am currently continually rewriting and extending the article at The Scottish Industrial Revolution, or The Scottish First Industrial Miracle 1700–1800 .The fortunes of the Tobacco Lords were initially based upon tobacco smuggling, much of it through Whitehaven in the Lake District.The Tobacco Lords, along with the Scots who had made fortunes in the Jamaican sugar trade (as Sir Tom Devine meticulously points out) can be identified as 90 people who invested in 36 Scottish companies - in three leather companies, nine sugar processing companies, seven linen companies, ten pig iron firms and seven cotton mills. They also invested (usually alongside landowners) in fourteen coal mining companies, and in three breweries, three rope and sailcloth companies, two glassworks, two soapworks and a pottery and delphworks. Overseas profits helped establish and grow about 88 Scottish companies which later became the backbone of the Scottish industrial revolution. 78 local banks and their bank branches were established, beginning with the Tobacco-Lord banks established in and around Glasgow, and these banks provided funds to the companies in which their founders were engaged.3.2.4 England 1750–1880 The English Industrial Revolution happened because the English rich established about 800 local banks to fund local industry. Here’s a map of where these banks were.Source: The Country Banks of England and Wales, Margaret Dawes and C N Ward-Perkins, Financial World Press, 2004, p17.As you can see, England was covered by about 800 of these “Country Banks” established by local worthies who used these banks to provide funding, mainly for the SME companies in which they were involved. These banks funded the companies which formed the English industrial revolution. Two-thirds of these country banks were amalgamated into the English Clearing Banks, and a third of these went bankrupt. A similar map today would have four dots in London. The British Clearing Banks no longer provide the SME investment funds that the “Country Banks”once did.These Country Banks of England served as Adam Smith’s “hidden hand” of the industrial revolution, transforming local inventiveness into factory floor innovation and production in the way Schumpeter saw as fundamental to the process of economic growth.In 1979, Professor Glynn Davies (with whom I discussed this issue) told the Wilson Committee that“If we had the industrial revolution with the banking system we have today, that revolution would have ben stillborn.”in 1810, any industrial company could form their own bank by paying £20 “Stamp Duty” for a Banker’s Licence in England at a British Post Office. Here’s a copy of that licence:Source: Page 55 (illustration 74 “Licence to Issue Bank Notes, 1810) of “British Banks and Banking: a pictorial history” by R M Fitzmaurice, Bradford Barton, Truro, 1975.These licences enabled hundreds of industrial companies to issue their own banknotes.3.2.5 Germany 1778-present dayGermany has the most effective local public bank system in the world - the Sparkassen Banks - which were founded to assist the foundation and development of German SMEs.See German public bank - Wikipediawhich lets you know thatthe first such bank was founded in 1778 and “founders were rich merchants, clerks and academics. They intended to develop solutions for people with low income to save small sums of money and to support business start-ups. In 1801 the first savings bank with a municipal guarantor was founded in Göttingen to fight poverty” and“The 431 savings banks operate a network of over 15,600 branches and offices and employ over 250,000 people.”So out of the German labour force of 45.9 millions, about 0.54% (250,000) work for the Sparkassen Banking System. The Sparkassen Banks had total assets of $1.533tr. (or Euros 1.112tr) on 31 December 2013 and an operating profit of $10.68bn (Euros 8.9bn). See the Fitch Ratings of the 417 Sparkassen-Finanzgruppe by Google by searching for “Total Loan Assets of Sparkassen Banks” and selecting https://www.dsgv.de/_.../Fitch_SFG_Full_Report_30_April_2014_published.pdf.These Sparkassen Banks are responsible for German exports exceeding those of China.As Hermann Simon has argued in his book about the Sparkassen-assisted development of “Hidden Champions” in Germany, the above result has been brought about due to the commitment of local banks to the funding of the development of high-technology excellence in German SMEs.Furthermore, the development of world-beating innovators in Germany contrasts with the very low level of “Hidden Champions” in many other countries.Source: Calculated from the above table by me.There are four major groups in this tablethe fully or partially German-speaking European nations, with Sparkassen-like public banking systems- Austria’s 128 Champions for 8.8m people, so 14.5 champions per million - 90% of the German level-Switzerland -110 champions for 8.0 millions, so about 13.8 champions per million - about 85% as effective as GermanyFour countries that operate at between 1 to 1.2 Champions per million people, at about six to eight percent as effectively as Germany - the USA, the UK and Italy and France.China seems to performs very badly in the creation of SME world champions - only 68 champions in a nation of 1,374m people - about 20.2 million people per SME champion - about 0.3% as effectively, or about 330 times worse than Germany. But some Chinese SME are larger than Simon’s definition allows, so the number of Chinese champions may be definitionally understated.More recent (2016) data shows that Germany now has 1,600 “Hidden Champions” and that these champions do not grow beyond a medium size.That may be because the Sparkassen banks support the growth of SMEs to a medium size but the lack of major (Shimomuran) funds prevents German SME champions from becoming significant world producers.The underlying rate of innovation in Germany appears to indicate about 20 champions per million people (based on 1600 champions from about 80 million people). The real rate may be higher than that, because of two factors: first, East Germany has not yet arrived at the same innovation level as West Germany due to its lengthy rule by Russia, and second, the rationalisation of Sparkassen Banks into 413 banks from their 2,834 local banks in 1903 has reduced the availability of funding in those locations where the 15,600 or so local bank branches may lack the funding power and focus of a local Bank HQ.I provisionally calculate that the potential maximum rate of innovation may lie in the range of 25 to 30 champions per million people.Governments operating under the mistaken system of Neo-Liberal economics are failing more than 95% of the innovators in their countries due to the lack of local banks providing SME establishment and development funding.3.2.6 The Mantetsu, or the Japanese Colony of the South Manchurian Railway Company, 1905–1944The Mantetsu was funded by large amounts of investment credit creation agreed by the Bank of Japan. It was a very successful Japanese colony. SeeThe Comprehensive History of South Manchurian Railways Company [満鉄全史] - Japan Society of the UKfor brief information. Incidentally, Shinzo Abe’s grandfather managed the Mantetsu for a while.3.2.7 FDR’s Economic Miracle 1938–44 SeeFDR’s American Economic Miracle 1938-44, or the First Economic Bomb - The USA from 1938 to 1944 (Part 1)Part 2 has not so far been published, because I’m still working on it. The American single period of hegemonic dominance when the USA was the leading world economy lasted for 70 years from 1945 to 2015, and that resulted from FDR’s policy (assisted by John Kenneth Galbraith) of investment credit creation.The USA doubled the real size of its economy between 1938 and 1944, growing at an average rate of 12.2% pa. There were perhaps 26,000 local banks in the USA during that period and FED credit creation canalised funds to the millions of US SMEs,who played a crucial part in inventing and innovating the products required to win the war.The aircraft production lines in US factories during the period 1940–44 had to be continually stopped to instal the latest products of the SME factories producing plane components.3.2.8 The Japanese Economic Miracle 1945–73 SeeHow Japan Zoomed From War Devastation into Prosperity 1945–52Dr Osamu Shimomura was the great economic growth guru who helped PM Hayato Ikeda achieve the objective of the “Income-Doubling Plan”, which aimed to double the prosperity of the Japanese people during the decade 1960–1970. In fact the plan succeeded in 1966, after six years. SeeDr Osamu Shimomura (1910–89) — His Major Achievements andThe Rough Guide To Shimomuran Economics – George Tait Edwards – Medium andHow Long Will The West Lag Behind – George Tait Edwards – Medium3.2.9 The South Korean Economic Miracle 1960–1980President Park of South Korea copied the key Japanese economic-accelerating institutions and the South Korean economy performed the “Miracle on the Han River” growing at an average rate of 14% pa from 1960 to 1980. See sections 1.3 to 1.6 for an incomplete description of that miracle atMiracle on the Han River - WikipediaPresident Chung-He Park was assassinated on Friday, October 26, 1979 by his Head of Security Jae-Kyu Kim and the economic miracle ceased the following year as the new new government fell into line with Washington Consensus macroeconomics.3.2.10 The Chinese Economic Miracle 1975-now.SeeGeorge Tait Edwards's answer to How did China develop so quickly? When did it start to happen? How did the government manage to stay focused and executed plans so fast and efficiently as they aimed?How China Surpasses The EU and the USA, or The Seven Pre-Requisites for High-Growth Shimomuran… andGeorge Tait Edwards's answer to What did China get right in its economic and social development which the US got wrong?4 Conclusions and A Very Brief Answer4.1 The Need For An Intelligent and Benign GovernmentThere are only two kinds of governments in the world - there are those which rule in the interests all the people and those who act in the financial interests of the rich and privileged. China is in the first category and the previous hegemonic leaders of the UK and the USA are now in the second category.During the 1945–1978 Keynesian post-war period, both the UK and USA did act in the interests of all of their people. The establishment of the NHS and a welfare state in Britain and the widespread American prosperity illustrated that. Only governments maximising their economic development through local banking system support for SME development and introducing welfare state systems and thus acting in the interests all their people can have high growth and hegemonic leadership.But after the elections of Thatcher and Reagan in 1979 and 1980, the British and American Governments acted in the interests of their monied elites and a greater share of the annual growth of national income went to the already rich. Both countries had financial policies but no industrial policies so their manufacturing industries declined and large sections of it were often destroyed and their previously prosperous workforces experienced stagnant or reducing wage levels.See the mistaken IMF report about this at Drivers of Declining Labor Share of IncomeNaturally these IMF authors are not prepared to see neo-liberalism as the cause of the declining labour share in the western and westernised economies. But it is.Monetarism/ Washington Consensus Macroeconomics/Neoliberalism /Austerity is responsible for the decline of the West, because it prioritises tax cuts for the rich and produces many millionaires and billionaires but funds neither SMEs nor manufacturing industry nor rising worker incomes.Shimomuran macroeconomics is responsible for the rise of China, which is becoming a tremendous world power because it has involved nearly all of its people in its recent development. There is a declining wage share in China also but this does not matter when economic growth is so high and is being transferred to workers on a scale that results in continually increasing prosperity. The Tokyo Consensus economies have lifted over a billion people out of poverty during the last 40 years. The Washington Consensus (WC) economies have failed to improve similarly the lot of the rest of the world in the WC Zone. SeeWashington Consensus Macroeconomics Is Not The Best System For Increasing Prosperity and Economic…Which contains the table below which illustrates that point.Both South Korea (in 1981) and Japan (in 1991) adopted Washington Consensus policies and became low-growth economies (in Japan, 26 years of relative economic stagnation) and now have high percentages of poverty due to that near-to-useless WC set of government activities.4.2 The Importance Of SME DevelopmentIn every economy the Small and Medium Size Enterprises (SMEs) arethe most numerous enterprises, typically over 99% of all enterprisesthe source of most employment and most employment growththe wellsprings of invention and innovation within each nation.All economic miracles have begun with the funding of these local enterprises by local banks established by the rich and also through the direct involvement of local landowners and the privileged.It makes an enormous difference whether these banks exist or have been shut down. They are essential to bring about a high invention and innovation-based future development.5 A Short AnswerThe Answer to what makes GDP grow and stay high is that Governments can act toFund invention and innovation by creating and supporting local public banks to establish and develop local SMEsFund the conversion of Small Enterprises to Medium-sized Enterprises through regional banks dedicated to that purposeUnderstand and practise the no-cost Shimomuran investment CB credit creation system to produce continual high green economic growth and fund major world industriesAnd canalise that credit creation for all of its necessary aspects, for major industry investment, social overhead capital investments (eg new cities, roads, hospitals, educational facilities, public buildings, etc) and adding to demand in a demand deficient economy, funding new government projects, etc.See http://londonprogressivejournal.com/article/view/1685/the-many-major-uses-of-investment-credit-creation-a-brief-walk-through-the-observed-results-so-far-and-the-future-possibilities-made-available-through-shimomuran-economics6 A Short Personal StatementI have a single-minded and focused intention: I intend eventually to do for failing economies what Gordon Ramsey does for failing restaurants. Tenacity in the pursuit of personal objectives is, in my opinion, one of the keys to success in life, and I think I may have been blessed with that.More follows in due course.