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& L (E4)<br />A measure of the US money supply consisting of M3 + non-bank public holdings of US savings bonds + short-term treasury securities + commercial paper + bankers' acceptances (net of money mutual market fund holdings of these assets).
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Donovan Commission (UK) (J5)<br />The Royal Commission on Trade Unions and Employers' Associations of 1965 - 68 chaired by Lord Donovan. It concluded that the UK had two systems of industrial relations: a formal system with industrywide collective agreements on pay, hours of work and other employment conditions; and an informal system at the factory level setting earnings supplements to national wage rates and causing WAGE DRIFT and unofficial strikes to enforce workers' demands. This dual system was partly the consequence of FULL EMPLOYMENT in the UK in the 1950s and 1960s. To remedy these faults in the INDUSTRIAL RELATIONS system, the Donovan Commission recommended the limitation of industry-wide agreements to matters which could be regulated effectively at the industry level and the introduction of factory agreements to replace informal understandings.<br /><em>See also:</em> shop steward <br /><em>Reference</em><br />Royal Commission on Trade Unions and
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