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<strong>Federal Reserve</strong> – The Federal Reserve Act established 12 banks for holding government reserve funds. The banking industry uses the Federal Reserve system for transferring funds electronically via an overnight process. (See also ACH.)
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altruism (DO, L3, PO)<br />Seeking the good of others. This alternative to SELF-INTEREST can be a major motive for economic activity. Many schemes of idealistic socialism rest on this principle. Adam SMITH used the concept of the INVISIBLE HAND to show that unconscious altruism can occur in an economy based on the principle of self-interest.<br /><em>See also:</em> non-profit enterprise; utopia <br /><em>Reference</em><br />Collard, D.A. (1978) Altruism and Economy, Oxford: Martin Robertson; New York: Oxford University Press.
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