document_title: Gold standard

question_text: who took the united states off the gold standard

question_tokens: who took the united states off the gold standard

text: Gold standard

text: History

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text: Origin

text: The gold specie standard arose from the widespread acceptance of gold as currency.[5] Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[6] Chemically, gold is of all major metals the one most resistant to corrosion.[citation needed]

text: The use of gold as money began thousands of years ago in Asia Minor.[7]

text: During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean.  However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant.[8]  In its place, European territories chose silver as their currency over gold, leading to the development of silver standards.[citation needed]

text: Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa 757–796 CE.[9] Similar coins, including Italian denari, French deniers, and Spanish dineros, circulated in Europe. Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545.[10] International trade came to depend on coins such as the Spanish dollar, the Maria Theresa thaler, and, later, the United States trade dollar.[citation needed]

text: In modern times, the British West Indies was one of the first regions to adopt a gold specie standard. Following Queen Anne's proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. In 1717, Sir Isaac Newton, the master of the Royal Mint, established a new mint ratio between silver and gold that had the effect of driving silver out of circulation and putting Britain on a gold standard.[11][self-published source]

text: A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the gold sovereign by the new Royal Mint at Tower Hill in 1816. The United Province of Canada in 1854, Newfoundland in 1865, and the United States and Germany (de jure) in 1873 adopted gold.  The United States used the eagle as its unit, Germany introduced the new gold mark, while Canada adopted a dual system based on both the American gold eagle and the British gold sovereign.[12]

text: Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin.[13] Royal Mint branches were established in Sydney, Melbourne, and Perth for the purpose of minting gold sovereigns from Australia's rich gold deposits.[citation needed]

text: The gold specie standard came to an end in the United Kingdom and the rest of the British Empire with the outbreak of World War I.[citation needed]

text: Silver

text: From 1750 to 1870, wars within Europe as well as an ongoing trade deficit with China (which sold to Europe but had little use for European goods) drained silver from the economies of Western Europe and the United States.  Coins were struck in smaller and smaller numbers, and there was a proliferation of bank and stock notes used as money.

text: United Kingdom

text: In the 1790s, the United Kingdom suffered a silver shortage. It ceased to mint larger silver coins and instead issued "token" silver coins and overstruck foreign coins.  With the end of the Napoleonic Wars, the Bank of England began the massive recoinage programme that created standard gold sovereigns, circulating crowns, half-crowns and eventually copper farthings in 1821.  The recoinage of silver after a long drought produced a burst of coins. The United Kingdom struck nearly 40 million shillings between 1816 and 1820, 17 million half crowns and 1.3 million silver crowns.

text: The 1819 Act for the Resumption of Cash Payments set 1823 as the date for resumption of convertibility, which was reached by 1821. Throughout the 1820s, small notes were issued by regional banks. This was restricted in 1826, while the Bank of England was allowed to set up regional branches. In 1833 however, Bank of England notes were made legal tender and redemption by other banks was discouraged.  In 1844, the Bank Charter Act established that Bank of England notes were fully backed by gold and they became the legal standard.  According to the strict interpretation of the gold standard, this 1844 act marked the establishment of a full gold standard for British money.

text: United States

text: In the 1780s, Thomas Jefferson, Robert Morris and Alexander Hamilton recommended to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both.[14] The United States adopted a silver standard based on the Spanish milled dollar in 1785.

text: International

text: From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended.

text: The interaction between central banking and currency basis formed the primary source of monetary instability during this period. The combination of a restricted supply of notes, a government monopoly on note issuance and indirectly, a central bank and a single unit of value produced economic stability. Deviation from these conditions produced monetary crises.

text: Devalued notes or leaving silver as a store of value caused economic problems. Governments, demanding specie as payment, could drain the money out of the economy. Economic development expanded need for credit. The need for a solid basis in monetary affairs produced a rapid acceptance of the gold standard in the period that followed.

text: Japan

text: Following Germany's decision after the 1870–1871 Franco-Prussian War to extract reparations to facilitate a move to the gold standard, Japan gained the needed reserves after the Sino-Japanese War of 1894–1895. For Japan, moving to gold was considered vital for gaining access to Western capital markets.[15]

text: Bimetallic standard

text: US: Pre-Civil War

text: In 1792, Congress passed the Mint and Coinage Act. It authorized the federal government's use of the Bank of the United States to hold its reserves, as well as establish a fixed ratio of gold to the U.S. dollar. Gold and silver coins were legal tender, as was the Spanish real. In 1792 the market price of gold was about 15 times that of silver.[14] Silver coins left circulation, exported to pay for the debts taken on to finance the American Revolutionary War. In 1806 President Jefferson suspended the minting of silver coins. This resulted in a derivative silver standard, since the Bank of the United States was not required to fully back its currency with reserves. This began a long series of attempts by the United States to create a bi-metallic standard.

text: The intention was to use gold for large denominations, and silver for smaller denominations.  A problem with bimetallic standards was that the metals' absolute and relative market prices changed. The mint ratio (the rate at which the mint was obligated to pay/receive for gold relative to silver) remained fixed at 15 ounces of silver to 1 ounce of gold, whereas the market rate fluctuated from 15.5 to 1 to 16 to 1. With the Coinage Act of 1834, Congress passed an act that changed the mint ratio to approximately 16 to 1. Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.[16] Passage of the Independent Treasury Act of 1848 placed the U.S. on a strict hard-money standard. Doing business with the American government required gold or silver coins.

text: Government accounts were legally separated from the banking system. However, the mint ratio (the fixed exchange rate between gold and silver at the mint) continued to overvalue gold. In 1853, the US reduced the silver weight of coins to keep them in circulation and in 1857 removed legal tender status from foreign coinage. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system. Due to the inflationary finance measures undertaken to help pay for the US Civil War, the government found it difficult to pay its obligations in gold or silver and suspended  payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie. In 1862 paper money was made legal tender. It was a fiat money (not convertible on demand at a fixed rate into specie). These notes came to be called "greenbacks".[16]

text: US: Post-Civil War

text: After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates. The market price of gold in greenbacks was above the pre-War fixed price ($20.67 per ounce of gold) requiring deflation to achieve the pre-War price. This was accomplished by growing the stock of money less rapidly than real output. By 1879 the market price matched the mint price of gold. The coinage act of 1873 (also known as the Crime of ‘73) demonetized silver. This act removed the 412.5 grain silver dollar from circulation. Subsequently silver was only used in coins worth less than $1 (fractional currency). With the resumption of convertibility on June 30, 1879 the government again paid its debts in gold, accepted greenbacks for customs and redeemed greenbacks on demand in gold. Greenbacks were therefore perfect substitutes for gold coins. During the latter part of the nineteenth century the use of silver and a return to the bimetallic standard were recurrent political issues, raised especially by William Jennings Bryan, the People's Party and the  Free Silver movement. In 1900 the gold dollar was declared the standard unit of account and a gold reserve for government issued paper notes was established. Greenbacks, silver certificates, and silver dollars continued to be legal tender, all redeemable in gold.[16]

text: Fluctuations in the US gold stock, 1862–1877

text:
US gold stock

1862
59 tons

1866
81 tons

1875
50 tons

1878
78 tons

text: The US had a gold stock of 1.9 million ounces (59 t) in 1862. Stocks rose to 2.6 million ounces (81 t) in 1866, declined in 1875 to 1.6 million ounces (50 t) and rose to 2.5 million ounces (78 t) in 1878. Net exports did not mirror that pattern. In the decade before the Civil War net exports were roughly constant; postwar they varied erratically around pre-war levels, but fell significantly in 1877 and became negative in 1878 and 1879. The net import of gold meant that the foreign demand for American currency to purchase goods, services, and investments exceeded the corresponding American demands for foreign currencies. In the final years of the greenback period (1862–1879), gold production increased while gold exports decreased.  The decrease in gold exports was considered by some to be a result of changing monetary conditions. The demands for gold during this period were as a speculative vehicle, and for its primary use in the foreign exchange markets financing international trade. The major effect of the increase in gold demand by the public and Treasury was to reduce exports of gold and increase the Greenback price of gold relative to purchasing power.[17]

text: Gold exchange standard

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text: Towards the end of the 19th century, some silver standard countries began to peg their silver coin units to the gold standards of the United Kingdom or the United States. In 1898, British India pegged the silver rupee to the pound sterling at a fixed rate of 1s 4d, while in 1906, the Straits Settlements adopted a gold exchange standard against sterling, fixing the silver Straits dollar at 2s 4d.

text: Around the start of the 20th century, the Philippines pegged the silver peso/dollar to the U.S. dollar at 50 cents. This move was assisted by the passage of the Philippines Coinage Act by the United States Congress on March 3, 1903.[18] Around the same time Mexico and Japan pegged their currencies to the dollar. When Siam adopted a gold exchange standard in 1908, only China and Hong Kong remained on the silver standard.

text: When adopting the gold standard, many European nations changed the name of their currency, for instance from Daler (Sweden and Denmark) or Gulden (Austria-Hungary) to Crown, since the former names were traditionally associated with silver coins and the latter with gold coins.

text: Impact of World War I

text: Governments with insufficient tax revenue suspended convertibility repeatedly in the 19th century. The real test, however, came in the form of World War I, a test which "it failed utterly" according to economist Richard Lipsey.[5]

text: By the end of 1913, the classical gold standard was at its peak but World War I caused many countries to suspend or abandon it.[19] According to Lawrence Officer the main cause of the gold standard’s failure to resume its previous position after World War I was “the Bank of England's precarious liquidity position and the gold-exchange standard.” A run on sterling caused Britain to impose exchange controls that fatally weakened the standard; convertibility was not legally suspended, but gold prices no longer played the role that they did before.[20] In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates changed less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between August 1914 and spring of 1915, the dollar value of US exports tripled and its trade surplus exceeded $1 billion for the first time.[21]

text: Ultimately, the system could not deal quickly enough with the large balance of payments deficits and surpluses; this was previously attributed to downward wage rigidity brought about by the advent of unionized labor, but is now considered as an inherent fault of the system that arose under the pressures of war and rapid technological change. In any case, prices had not reached equilibrium by the time of the Great Depression, which served to kill off the system completely.[5]

text: For example, Germany had gone off the gold standard in 1914, and could not effectively return to it because War reparations had cost it much of its gold reserves. During the Occupation of the Ruhr the German central bank (Reichsbank) issued enormous sums of non-convertible marks to support workers who were on strike against the French occupation and to buy foreign currency for reparations; this led to the German hyperinflation of the early 1920s and the decimation of the German middle class.

text: The US did not suspend the gold standard during the war.  The newly created Federal Reserve intervened in currency markets and sold bonds to “sterilize” some of the gold imports that would have otherwise increased the stock of money.[citation needed] By 1927 many countries had returned to the gold standard.[16] As a result of World War I the United States, which had been a net debtor country, had become a net creditor by 1919.[22]

text: Abandonment of the gold standard

text: The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I, when Treasury notes replaced the circulation of gold sovereigns and gold half sovereigns.  Legally, the gold specie standard was not repealed. The end of the gold standard was successfully effected by the Bank of England through appeals to patriotism urging citizens not to redeem paper money for gold specie. It was only in 1925, when Britain returned to the gold standard in conjunction with Australia and South Africa that the gold specie standard was officially ended.

text: The British Gold Standard Act 1925 both introduced the gold bullion standard and simultaneously repealed the gold specie standard. The new standard ended the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price, but "only in the form of bars containing approximately four hundred ounces troy [12 kg] of fine gold".[23][24] John Maynard Keynes, citing deflationary dangers, argued against resumption of the gold standard.[25] By fixing the price at the pre-war rate of $4.86,[clarification needed] Churchill is argued to have made an error that led to depression, unemployment and the 1926 general strike. The decision was described by Andrew Turnbull as a "historic mistake".[26]

text: Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[27] This state of affairs lasted until the Great Depression (1929–1939) forced countries off the gold standard. In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard. Loans from American and French Central Banks of £50,000,000 were insufficient and exhausted in a matter of weeks, due to large gold outflows across the Atlantic.[28][29][30] The British benefited from this departure. They could now use monetary policy to stimulate the economy. Australia and New Zealand had already left the standard and Canada quickly followed suit.

text: The interwar partially backed gold standard was inherently unstable, because of the conflict between the expansion of liabilities to foreign central banks and the resulting deterioration in the Bank of England's reserve ratio. France was then attempting to make Paris a world class financial center, and it received large gold flows as well.[31]

text: In May 1931 a run on Austria's largest commercial bank caused it to fail. The run spread to Germany, where the central bank also collapsed. International financial assistance was too late and in July 1931 Germany adopted exchange controls, followed by Austria in October. The Austrian and German experiences, as well as British budgetary and political difficulties, were among the factors that destroyed confidence in sterling, which occurred in mid-July 1931. Runs ensued and the Bank of England lost much of its reserves.

text: Depression and World War II

text: Great Depression

text: Some economic historians, such as Barry Eichengreen, blame the gold standard of the 1920s for prolonging the economic depression which started in 1929 and lasted for about a decade.[33] In the United States, adherence to the gold standard prevented the Federal Reserve from expanding the money supply to stimulate the economy, fund insolvent banks and fund government deficits that could "prime the pump" for an expansion. Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply. In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes.[34] Others including former Federal Reserve Chairman Ben Bernanke and Nobel Prize-winner Milton Friedman place the blame for the severity and length of the Great Depression at the feet of the Federal Reserve, mostly due to the deliberate tightening of monetary policy even after the gold standard.[35] They blamed the US major economic contraction in 1937 on tightening of monetary policy resulting in higher cost of capital, weaker securities markets, reduced net government contribution to income, the undistributed profits tax and higher labor costs.[36] The money supply peaked in March 1937, with a trough in May 1938.[37]

text: Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U.S. banks.  Commercial banks converted Federal Reserve Notes to gold in 1931, reducing its gold reserves and forcing a corresponding reduction in the amount of currency in circulation. This speculative attack created a panic in the U.S. banking system.  Fearing imminent devaluation many depositors withdrew funds from U.S. banks.[38] As bank runs grew, a reverse multiplier effect caused a contraction in the money supply.[39] Additionally the New York Fed had loaned over $150 million in gold (over 240 tons) to European Central Banks. This transfer contracted the US money supply. The foreign loans became questionable once Britain, Germany, Austria and other European countries went off the gold standard in 1931 and weakened confidence in the dollar.[40]

text: The forced contraction of the money supply resulted in deflation. Even as nominal interest rates dropped, inflation-adjusted real interest rates remained high, rewarding those who held onto money instead of spending it, further slowing the economy.[41] Recovery in the United States was slower than in Britain, in part due to Congressional reluctance to abandon the gold standard and float the U.S. currency as Britain had done.[42]

text: In the early 1930s, the Federal Reserve defended the dollar by raising interest rates, trying to increase the demand for dollars. This helped attract international investors who bought foreign assets with gold.[38]

text: Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes. The act also authorized the president to devalue the gold dollar. Under this authority the president, on 31 January 1934, changed the value of the dollar from $20.67 to the troy ounce to $35 to the troy ounce, a devaluation of over 40%.

text: Other factors in the prolongation of the Great Depression include trade wars and the reduction in international trade caused by barriers such as Smoot–Hawley Tariff in the US and the Imperial Preference policies of Great Britain,[43] the failure of central banks to act responsibly,[44] government policies designed to prevent wages from falling, such as the Davis–Bacon Act of 1931, during the deflationary period resulting in production costs dropping slower than sales prices, thereby injuring business profits[45] and increases in taxes to reduce budget deficits and to support new programs such as Social Security. The US top marginal income tax rate went from 25% to 63% in 1932 and to 79% in 1936,[46] while the bottom rate increased over tenfold, from .375% in 1929 to 4% in 1932.[47] The concurrent massive drought resulted in the US Dust Bowl.

text: The Austrian School asserted that the Great Depression was the result of a credit bust.[48] Alan Greenspan wrote that the bank failures of the 1930s were sparked by Great Britain dropping the gold standard in 1931. This act "tore asunder" any remaining confidence in the banking system.[49] Financial historian  Niall Ferguson wrote that what made the Great Depression truly 'great' was the European banking crisis of 1931.[50] According to Fed Chairman Marriner Eccles, the root cause was the concentration of wealth resulting in a stagnating or decreasing standard of living for the poor and middle class. These classes went into debt, producing the credit explosion of the 1920s. Eventually the debt load grew too heavy, resulting in the massive defaults and financial panics of the 1930s.[51]

text: World War II

text: Under the Bretton Woods international monetary agreement of 1944, the gold standard was kept without domestic convertibility. The role of gold was severely constrained, as other countries’ currencies were fixed in terms of the dollar. Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite. The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates. Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly. Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates. Therefore, most countries' currencies were still basically inconvertible. In the late 1950s, the exchange restrictions were dropped and gold became an important element in international financial settlements.[16]

text: Bretton Woods

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text: After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.[5]

text: Starting in the 1959–1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.S. President Richard Nixon to end international convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon Shock").

text: This was meant to be a temporary measure, with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the "Smithsonian Agreement" was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.

text: Production of gold

text: An estimated total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres (327,000 cu ft), or a cube 21 metres (69 ft) on a side. There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years. Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.[52]

text: World production for 2011 was circa 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth (i.e. a doubling in this period)[53] although it has lagged behind world economic growth (approximately 8-fold increase since the 1950s[54], and 4x since 1980[55]).

text: Theory

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text: Commodity money is inconvenient to store and transport in large amounts. Furthermore, it does not allow a government to manipulate the flow of commerce with the same ease that a fiat currency does. As such, commodity money gave way to representative money and gold and other specie were retained as its backing.

text: Gold was a preferred form of money due to its rarity, durability, divisibility, fungibility and ease of identification,[56] often in conjunction with silver. Silver was typically the main circulating medium, with gold as the monetary reserve. Commodity money was anonymous, as identifying marks can be removed. Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam, many refugees carried their wealth to the West in gold after the national currency became worthless.[citation needed]

text: Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie. A US silver certificate, for example, could be redeemed for an actual piece of silver.

text: Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries during the Great Depression. Commodity money conversely led to deflation and bank runs.

text: Countries that left the gold standard earlier than other countries recovered from the Great Depression sooner. For example, Great Britain and the Scandinavian countries, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a silver standard, almost entirely avoided the depression (due to the fact it was then barely integrated into the global economy). The connection between leaving the gold standard and the severity and duration of the depression was consistent for dozens of countries, including developing countries. This may explain why the experience and length of the depression differed between national economies.[57]

text: Variations

text: A full or 100%-reserve gold standard exists when the monetary authority holds sufficient gold to convert all the circulating representative money into gold at the promised exchange rate. It is sometimes referred to as the gold specie standard to more easily distinguish it. Opponents of a full standard consider it difficult to implement, saying that the quantity of gold in the world is too small to sustain worldwide economic activity at or near current gold prices; implementation would entail a many-fold increase in the price of gold.[citation needed] Gold standard proponents have said, "Once a money is established, any stock of money becomes compatible with any amount of employment and real income."[58] While prices would necessarily adjust to the supply of gold, the process may involve considerable economic disruption, as was experienced during earlier attempts to maintain gold standards.[59]

text: In an international gold-standard system (which is necessarily based on an internal gold standard in the countries concerned),[60] gold or a currency that is convertible into gold at a fixed price is used to make international payments. Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold, inflows or outflows occur until rates return to the official level. International gold standards often limit which entities have the right to redeem currency for gold.

text: Advantages

text:
Long-term price stability has been described as one of the virtues of the gold standard.[61] The gold standard makes it difficult for governments to inflate prices through expanding the money supply. Under the gold standard, significant inflation is rare, and hyperinflation is essentially impossible because the money supply can only grow at the rate that the gold supply increases. High inflation under a gold standard is seen only when warfare destroys a large part of an economy, reducing the production of goods, or when a major new gold source becomes available.[62] In the U.S., inflation occurred during the Civil War, which destroyed the economy of the South.[63] Inflation also followed the California Gold Rush that made large amounts of gold available for minting.[64] Historical data shows that the magnitude of short run swings in prices were far higher under the gold standard.[65][61]
The gold standard provides fixed international exchange rates between participating countries and thus reduces uncertainty in international trade. Historically, imbalances between price levels were offset by a balance-of-payment adjustment mechanism called the "price–specie flow mechanism".[62] Gold used to pay for imports reduces the money supply of importing nations, causing deflation, which makes them more competitive, while the importation of gold by net exporters serves to increase their money supply, causing inflation, making them less competitive.[66]
A gold standard does not allow some types of financial repression.[67] Financial repression acts as a mechanism to transfer wealth from creditors to debtors, particularly the governments that practice it. Financial repression is most successful in reducing debt when accompanied by inflation and can be considered a form of taxation.[68][69] In 1966 Alan Greenspan wrote "Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."[70]

text: Disadvantages

text:
The unequal distribution of gold deposits makes the gold standard more advantageous for those countries that produce gold.[71] In 2010 the largest producers of gold, in order, were China, Australia, U.S., South Africa and Russia.[72] The country with the largest unmined gold deposits is Australia.[73]
Some economists believe that the gold standard acts as a limit on economic growth. "As an economy's productive capacity grows, then so should its money supply. Because a gold standard requires that money be backed in the metal, then the scarcity of the metal constrains the ability of the economy to produce more capital and grow."[74]
Mainstream economists believe that economic recessions can be largely mitigated by increasing the money supply during economic downturns.[75] A gold standard means that the money supply would be determined by the gold supply and hence monetary policy could no longer be used to stabilize the economy.[76] The gold standard is often blamed for prolonging the Great Depression, as under the gold standard, central banks could not expand credit at a fast enough rate to offset deflationary forces.[77]
Although the gold standard brings long-run price stability, it is historically associated with high short-run price volatility.[61][78] It has been argued by Schwartz, among others, that instability in short-term price levels can lead to financial instability as lenders and borrowers become uncertain about the value of debt.[78]
Deflation punishes debtors.[79][80] Real debt burdens therefore rise, causing borrowers to cut spending to service their debts or to default. Lenders become wealthier, but may choose to save some of the additional wealth, reducing GDP.[81]
The money supply would essentially be determined by the rate of gold production. When gold stocks increase more rapidly than the economy, there is inflation and the reverse is also true.[61][82] The consensus view is that the gold standard contributed to the severity and length of the Great Depression.[83][84]
Hamilton contended that the gold standard is susceptible to speculative attacks when a government's financial position appears weak. Conversely, this threat discourages governments from engaging in risky policy (see moral hazard). For example, the U.S. was forced to contract the money supply and raise interest rates in September 1931 to defend the dollar after speculators forced the UK off the gold standard.[84][85][86][87]
Devaluing a currency under a gold standard would generally produce sharper changes than the smooth declines seen in fiat currencies, depending on the method of devaluation.[88]
Most economists favor a low, positive rate of inflation of around 2%. This reflects fear of deflationary shocks and the belief that active monetary policy can dampen fluctuations in output and unemployment. Inflation gives them room to tighten policy without inducing deflation.[89]
A gold standard provides practical constraints against the measures that central banks might otherwise use to respond to economic crises.[90] Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[91]

text: Advocates

text: A return to the gold standard was considered by the US Gold Commission back in 1982, but found only minority support.[92] In 2001 Malaysian Prime Minister Mahathir bin Mohamad proposed a new currency that would be used initially for international trade among Muslim nations, using the Islamic gold dinar, defined as 4.25 grams of pure (24-carat) gold. Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.  This would purportedly reduce dependence on the US dollar and establish a non-debt-backed currency in accord with Sharia law that prohibited the charging of interest.[93] As of  2013[update] the global monetary system continued to rely on the US dollar as the main reserve currency.[94]

text: Former U.S. Federal Reserve Chairman, Alan Greenspan acknowledged he was one of "a small minority" within the central bank that had some positive view on the gold standard.[95] In a 1966 essay he contributed to a book by Ayn Rand, titled "Gold and Economic Freedom", Greenspan argued the case for returning to a 'pure' gold standard; in that essay he described supporters of fiat currencies as "welfare statists" intending to use monetary policy to finance deficit spending.[96] More recently he claimed that by focusing on targeting inflation "central bankers have behaved as though we were on the gold standard", rendering a return to the standard unnecessary.[97]

text: Similarly, economists like Robert Barro argued that whilst some form of "monetary constitution"  is essential for stable, depoliticized monetary policy, the form this constitution takes—for example, a gold standard, some other commodity-based standard, or a fiat currency with fixed rules for determining the quantity of money—is considerably less important.[98]

text: The gold standard is supported by many followers of the Austrian School of Economics, free-market libertarians and some supply-siders.[99]

text: US politics

text: In the United States, strict constitutionalists object to the government issuing fiat currency through central banks. Some gold-standard advocates also call for a mandated end to fractional-reserve banking. Many similar alternatives have been suggested, including energy-based currencies, collections of currencies or commodities, with gold as one component.

text: Former congressman Ron Paul is a long-term, high-profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy.[100]

text: In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.[101] As federally issued currency, the coins were already legal tender for taxes, although the market price of their metal content currently exceeds their monetary value. Similar legislation is under consideration in other US states.[102] The bill was initiated by newly elected Republican Party legislators associated with the Tea Party movement and was driven by anxiety over the policies of President Barack Obama.[103]

text: In 2013, the Arizona Legislature passed SB 1439, which would have made gold and silver coin a legal tender in payment of debt, but the bill was vetoed by the Governor.[104]

text: In 2015, some candidates for the 2016 presidential election advocated for a gold standard, based on concern that the Federal Reserve’s attempts to increase economic growth may create inflation. Economic historians did not agree with candidate's assertions that the gold standard would benefit the US economy.[105]

text: Critics

text: In 2012 a poll of 40 U.S. economists in the IGM Economic Experts Panel found that none of them believed returning to the gold standard would result in "price-stability and employment outcomes [that] would be better for the average American." The panel of polled economists included past Nobel Prize winners, former economic advisers to both Republican and Democratic presidents, and senior faculty from Harvard, Chicago, Stanford, MIT, and other well-known research universities. (The specific statement with which the economists were asked to agree or disagree was as follows: "If the US replaced its discretionary monetary policy regime with a gold standard, defining a 'dollar' as a specific number of ounces of gold, the price-stability and employment outcomes would be better for the average American.")[3]

text: The economist Allan H. Meltzer of Carnegie Mellon University presented arguments against Ron Paul's advocacy of the gold standard from the 1970s onward.  He sometimes summarized his opposition by stating simply, "[W]e don’t have the gold standard. It’s not because we don’t know about the gold standard, it’s because we do."[106]


document_title: A Good Day to Die Hard

question_text: who played bruce willis's son in a good day to die hard

question_tokens: who played bruce willis 's son in a good day to die hard

root

text: A Good Day to Die Hard

text: Plot[edit]

text: In Moscow, Viktor Chagarin, a high-ranking, but corrupt, Russian official plans to incriminate former billionaire and government whistleblower Yuri Komarov in an imminent rigged trial unless Komarov hands over a secret file believed to contain evidence incriminating Chagarin. Separately, Jack McClane, who has been arrested after an assassination attempt, negotiates for a shorter sentence by offering to testify against Komarov. Meanwhile, Jack's father, NYPD Detective John McClane, who has not been in touch with his son for several years, has learned his son is in trouble and travels to Russia to help. As John arrives and approaches the courthouse where Komarov is on trial, a bomb explosion, orchestrated by Chagarin's henchman Alik, occurs in the courthouse and Jack breaks free with Komarov. Seeing his son, John confronts him, but their dispute is cut short as Alik and his men chase them in a US Cougar MRAP through the streets of Moscow. John, Jack, and Komarov manage to escape.

tag: p

text: Hiding in a safe house, John finds out that his son is a CIA officer and has been on an undercover operation for the past three years. Jack's partner, Collins, demands the file's location from Komarov so that the CIA can bring Chagarin down. Komarov eventually agrees on condition that he and his daughter are given safe passage out of Russia. Collins is eventually shot and killed while the McClanes and Komarov come under heavy gunfire from Chagarin's men, but they escape. They make their way to a hotel in the city to fetch the key to the vault containing the file. There they meet up with Komarov's daughter, Irina, as earlier planned. John grows suspicious of her shifty behavior, and is proven correct when Alik and his men burst in and tie John and Jack up, while Komarov is taken as a hostage, and Irina confesses to informing on them for the "millions of dollars" to be gained. Jack breaks free of his ties and kills the nearest guards using a Russian gun-knife, allowing the two to kill most of the men. Alik and Irina, with Komarov still their hostage, return in a Mil Mi-24 helicopter and try to kill them, but the two escape a second time.

text: That night, the two steal a car full of firearms and drive to Pripyat, Ukraine, where the vault with the file is located. However, Komarov, Irina, and Alik have preceded them. In a twist, the file is revealed never to have existed: the drawer with the file supposedly inside is in fact a secret passage to a Chernobyl vault containing €1 billion worth of weapons-grade uranium. Once inside the vault, Komarov kills Alik and calls Chagarin to gloat and to listen as Chagarin is killed by a henchman of Komarov's.

text: At this point, John and Jack enter the vault, discover Komarov's true plot, and capture him. Irina, with another henchman, comes to her father's aid. As they attempt to escape, Jack follows Komarov, while John goes after Irina, who is escaping on a Mil Mi-26 helicopter. Irina tries to protect her father by firing the helicopter's guns at Jack. John is able to bring the helicopter out of balance by driving a truck out of the hangar section, still shackled by a chain, via the open rear ramp; he is later thrown off into the building. Komarov remarks that Jack will get to watch his father die, prompting Jack to hurl him off the rooftop into the path of the spinning helicopter rotors, killing him. As Jack and John reunite inside the building, Irina tries to avenge her father by ramming the helicopter, now out of ammunition, into the building in a suicide attack. Father and son survive by leaping off the building into a large pool of water, as the helicopter crashes and explodes, killing Irina. In the end, the McClanes return home and reunite with Lucy McClane on the tarmac.

text: Cast[edit]

text:
Bruce Willis as John McClane, an NYPD detective in Russia to find his son, John McClane, Jr.
Jai Courtney as John "Jack" McClane, Jr., the son of the senior McClane and a CIA operative on a mission in Russia.
Sebastian Koch as Yuri Komarov, a powerful Russian terrorist who's a political prisoner and Irina's father.
Yuliya Snigir as Irina Komarova, Yuri's daughter
Sergei Kolesnikov as Viktor Chagarin, a corrupt, high-ranking Russian official.
Radivoje Bukvić as Alik, Chagarin's main enforcer.
Cole Hauser as Mike Collins, a CIA operative and Jack's partner.
Mary Elizabeth Winstead as Lucy McClane, McClane's oldest child and Jack's elder sister.
Amaury Nolasco as Murphy, an NYPD detective and McClane's friend.
Roman Luknár as Anton
Ganxsta Zolee as MRAP Driver

tag: ul

text: Production[edit]

text: Pre-production[edit]

text: Production was formally announced in 2010, with X-Men Origins: Wolverine and The A-Team writer Skip Woods confirmed as the film's screenwriter. Noam Murro was originally attached to direct the film but left production to direct the 300 prequel, 300: Rise of an Empire. John Moore was subsequently drafted in to replace him.[6]

text: The film was originally titled "Die Hard 24/7". The media speculated that the film would be a crossover between the Die Hard and 24 series, with Kiefer Sutherland to reprise his role as Jack Bauer alongside John McClane.[7] This was never confirmed by the studio, and the film's title was later revealed to be A Good Day to Die Hard—with no further mention of any involvement from the 24 series—with a release date of February 14, 2013.[8]

text: Casting[edit]

text: Bruce Willis returned as John McClane, and has expressed a desire to shoot A Good Day to Die Hard and a sixth installment in the series before retiring the character.[9]

text: When casting the role of Jack McClane, the studios considered several actors, including Liam Hemsworth and James Badge Dale,[10] before ultimately settling on Australian actor Jai Courtney.[11] Mary Elizabeth Winstead also appeared in the film, reprising her role as McClane's daughter Lucy.[12] However all her scenes were cut from the Extended release.[13]

text: Sebastian Koch played the film's primary antagonist, Yuri Komarov,[14] while Yuliya Snigir and Cole Hauser featured as secondary characters Irina and Collins.[14][15] The cast was completed by actors Amaury Nolasco as a friend of McClane,[16] Pasha D. Lychnikoff as a taxi driver,[16] and Megalyn Echikunwoke, Anne Vyalitsyna, and Ivan Kamaras in smaller roles.[16][17]

text: Filming[edit]

text: Production began in Hungary in April 2012, with the capital Budapest standing in for Moscow.[18] A military shooting range near Hajmáskér was used for shooting live ammunition,[19][20] while vehicular stunts were shot at the Hungaroring, a Formula One racing circuit in Mogyoród.[21]

text: In July 2012, a fire broke out on the set while shooting an aerial stunt, though no one was injured and shooting resumed after a short delay.[22]

text: In creating the film's visual style, Moore wanted the camera work to be almost entirely handheld, using three 4 Perforation 35mm Arri[23] cameras equipped with long lenses to capture tight close-ups, for Moore explained, "McClane is in a strange world, with little or no initial control over his environment. He's unable to anticipate things as he normally might. He's caught off guard, and we want the camera to mimic that surprise and confusion."[24] Moore also chose to create as many of the film's effects on camera as possible, only using visual effects to enhance elements or paint in backgrounds.[24]

text: Post-production[edit]

text: A specially censored version was prepared for theatrical release in the United Kingdom, which was cut for language and violence in order to attain a 12A at the request of the distributors.[25] The U.S. version is rated R and is uncut. The film's audio was mixed in Dolby Atmos surround sound.[26] In February 2013, director Moore began work on a director's cut, which was later released on Blu-ray.[27]

text: Soundtrack[edit]

text:
A Good Day to Die Hard: Original Motion Picture Soundtrack

Soundtrack album by Marco Beltrami

Released
February 19, 2013 (2013-02-19)

Genre
Film score

Label
Sony Classical

Producer
Marco Beltrami

tag: table

text: Marco Beltrami, who had composed the soundtrack for the previous film, Live Free or Die Hard, returned to score A Good Day to Die Hard. Beltrami again incorporates Michael Kamen's material from the first three films into his score. Beltrami only had six weeks in which to write the music, and new scenes were still being shot as the music was being recorded. In the end, he wrote around 120 minutes of music, with 80 of those minutes making it into the final film.[28] The soundtrack album was released on February 14, 2013 digitally and in retailers by Sony Classical.[29] Five orchestrators were involved: Pete Anthony, Jon Kull, Dana Niu, Rossana Galante, Andrew Kinny. The orchestra was conducted by Pete Anthony.

text: The score was programmed by Buck Sanders, with additional music composed by Marcus Trumpp and Brandon Roberts.[30]

text: All music composed by Marco Beltrami.

text:
No.
Title
Length

1.
"Yuri Says, “привет”"
2:19

2.
"Getting Yuri to the Van"
2:14

3.
"Jack Makes the Call"
2:53

4.
"Everyone to the Courthouse"
3:09

5.
"Court Adjourned"
2:19

6.
"Truckzilla (Act 1)"
3:38

7.
"Yippie Kay Yay, Mother Russia!"
1:54

8.
"Truckzilla (Act 2)"
2:00

9.
"Father & Son"
1:24

10.
"To the Safe House"
1:51

11.
"Regroup"
2:30

12.
"Leaving the Safe House"
1:59

13.
"Getting to the Dance Floor"
1:34

14.
"Too Many Kolbasas on the Dance Floor"
3:53

15.
"What's So Funny?"
2:30

16.
"McClanes Get the Bird"
3:00

17.
"Scumbags"
2:05

18.
"Entering Chernobyl"
4:07

19.
"Into the Vault"
2:17

20.
"Rubbed Out at the Spa"
2:07

21.
"Sunshine Shootout"
1:37

22.
"Get to the Choppa!"
2:59

23.
"Chopper Takedown"
3:26

24.
"It's Hard to Kill a McClane"
2:59

25.
"Triple Vodka Rhapsody"
1:55

26.
"McClane's Brain"
2:00

text: Release[edit]

text: On January 31, 2013, 20th Century Fox held a special tribute to the 25th anniversary of the Die Hard series by unveiling a mural of a scene from Die Hard (1988) on Sound Stage 8 of the Fox Lot. Afterward, the premiere screening of A Good Day to Die Hard was shown.[2] Two additional premieres were held in Europe leading up to the film's commercial release: one in Berlin, Germany on February 4 and the second in London, England on February 7.[31][32] A Good Day to Die Hard was commercially released first in Indonesia on February 6, 2013, and then opened in certain East and Southeast Asian territories on February 7.

text: In the United States and Canada, the film was distributed to 2,328 theaters for night showings on February 13.[33] Select theaters also held a one-time special marathon of all Die Hard films to lead up to A Good Day to Die Hard's nationwide release,[34] with Bruce Willis making a personal appearance at one of these marathons in New York City to thank fans.[35] The film then expanded to a total of 3,553 theaters, including IMAX theaters, on February 14.[33]

text: Reception[edit]

text: On Rotten Tomatoes, the film has an approval rating of 14% based on 217 reviews, with an average rating of 3.9/10. The site's critical consensus reads, "A Good Day to Die Hard is the weakest entry in a storied franchise, and not even Bruce Willis' smirking demeanor can enliven a cliched, uninspired script."[4] On Metacritic, the film has a score of 28 out of 100, based on 40 critics, indicating "generally unfavorable reviews".[5] On both websites, the film ranked lowest among the Die Hard films. Audiences polled by CinemaScore gave the film an average grade of "B+" on an A+ to F scale, the lowest score of the franchise.[36]

text: A. O. Scott of The New York Times described A Good Day to Die Hard as "a handful of extended set pieces—each more elaborate and therefore somehow less exciting than the last—linked by a simple-minded plot and a handful of half-clever lines." Though complimenting the special effects, he criticizes the direction of John Moore, the lack of style, and writes that "everything that made the first Die Hard memorable—the nuances of character, the political subtext, the cowboy wit—has been dumbed down or scrubbed away entirely."[37] Todd McCarthy of The Hollywood Reporter expressed similar sentiments, particularly of the direction, for which he says that Moore "has directed these sequences in a way that makes the incidents look so far-fetched and essentially unsurvivable that you can only laugh".[38] Kenneth Turan of the Los Angeles Times gave the film a 2/5 and remarked that it lacked "inspiration", and that the onscreen rivalry of Willis and Courtney was "more irritant than enticement."[39] Richard Roeper, standing in for Roger Ebert on Ebert's website, rated the film one and a half stars out of four, criticizing the implausibility of the action sequences, as well as the film's lack of sufficient characterization for McClane and the villains as compared to the other films in the series. He says that "McClane has been stripped of any real traces of an actual three-dimensional character," and that the film "never giv[es] us a chance to get the least bit involved with any of these characters."[40]

text: Among the rare positive reviews, Robbie Collin for The Telegraph remarked that "Yet even though the ride finally stalls, A Good Day To Die Hard has been thrustingly outrageous enough in its earlier moments to coast to the finish line on momentum.".[41] Chris Tookey of the Daily Mail tabloid paper described the film as "...as stupid in its way as The Expendables 1 and Taken 2, and nowhere near the quality of the first three Die Hards. But if you approach it as I did, in a mood for preposterous action and massive explosions, it does deliver escapist entertainment and it’s mercifully shorter than Die Hard 4. In a week as bad as this in the cinema, it is the only new movie I would have paid to see." Tookey then gave the final verdict as being "Entertaining, but dumb." along with a 3/5 star rating.[42] Daniel M. Kimmel, writing for the New England Movies Weekly, found the film to be better than Live Free or Die Hard and states that the car chase scene "is well worth the price of admission." With a 3.5/5 rating, Kimmel summed up his review saying, "it's probably a good day to end the series at last, but it's an action-packed and entertaining finale."[43] Rick Groen of The Globe and Mail criticized the action scenes as being "messy", but concluded his review saying that the film "continues the franchise without undue embarrassment."[44] Peter Howell of The Toronto Star remarked that Willis and Courtney made a strong estranged family duo and that the film had a nice drinking game routine going for it with how many times McClane exclaims "I'm on vacation!" during the running time.[45]

text: Box office[edit]

text: A Good Day to Die Hard grossed $67,349,198 in North America and $237,304,984 in other territories for a worldwide total of $304,654,182, roughly three times its $92 million budget.

text: In North America, A Good Day to Die Hard grossed an estimated $840,000 from its night showings at 2,328 locations on Wednesday, February 13, 2013.[33] The next day, at an additional 1,225 locations, the film managed to accumulate $8,239,116, opening at #2 behind Safe Haven.[1] However, for the whole 4-day Presidents' Day weekend, A Good Day to Die Hard opened in first place with $28,640,657, bringing its total at that point to $36,879,773.[46]

text: Overseas, A Good Day to Die Hard grossed $10,860,000 in its first weekend. Opening in seven Asian markets at 1,182 locations a week before North America's release (February 6–7) to take advantage of the Chinese New Year holiday, the majority of the film's gross came from South Korea, with the film also setting a Fox record in Indonesia and a series record in Hong Kong.[47]

text: Home media[edit]

text: A Good Day to Die Hard was released on DVD and Blu-ray on June 4, 2013.[48] There is an extended cut that is only available on the Blu-ray version. It features a longer car chase through Moscow and some other slightly extended scenes. It also completely removes Lucy from the film.


document_title: Jollibee

question_text: how many jollibee outlets are there in the philippines

text: Jollibee

text: History[edit]

text: In 1975, Tony Tan Caktiong and his family opened a Magnolia Ice Cream parlor in Cubao, Quezon City.[6][7] In 1978, he and his siblings engaged the services of a management consultant, Manuel C. Lumba, who shifted the business focus from ice cream to hot dogs after his studies showed a much larger market waiting to be served.[6] Lumba was Tan's last business and management mentor.

text: Jollibee experienced rapid growth. It was able to withstand the entry of McDonald's in the Philippines in 1981 by focusing on the specific tastes of the Filipino market, which differed from the American fast food company.[4]

text: The chain opened successful milestone stores in the following years: its 100th branch in Davao in 1991; its 200th store in Malolos, Bulacan in 1996; its 300th store in Balagtas, Bulacan in 1998; its 400th store in Intramuros, Manila in 2001; its 500th store in Basilan in 2004; its 600th store in Aparri in 2007;[7][8] its 700th store in Harrison Road, Baguio City in 2010;[9] its 800th store in Malaybalay City, Bukidnon on October 18, 2013,[10] its 900th store in Palo, Leyte on September 30, 2015; and its 1000th store in Triangle Drive, Bonifacio Global City, Taguig on July 4, 2017. [11]

text: Expansion and acquisitions[edit]

text: The company acquired 80% of Greenwich Pizza in 1994. From a 50-branch operation, Greenwich gradually established a strong presence in the food service industry. In early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash.[12] In 1996, Jollibee became the sole franchisee of Délifrance for Philippines, staying in operation in the country until late 2010. In 2000, the company acquired Chowking, a Chinese fast food restaurant, thus making Jollibee a part of the Asian quick service restaurant segment.[13][14]

text: In 2004, Jollibee acquired Chinese fast food chain Yonghe Dawang for $22.5 million. Jollibee entered into a joint-venture contract with US-based Chow Fun Holdings LLC, the developer and owner of Jinja Bar Bistro in New Mexico, in which Jollibee acquired a 12% stake for $950,000.[15][16][17] In 2005, Jollibee acquired Red Ribbon, a bakeshop business in the Philippines. In less than 5 years, Jollibee managed to nurture the business and transform it into a popular and rapidly growing bakeshop chain. In 2006, Jollibee purchased 70% of Taipei restaurant Lao Dong in June and Chun Shui Tang tea house. In 2007, Jollibee acquired the Chinese fast-food chain Hongzhuangyuan for $50.5 million (roughly P2 billion).[18]

text: On August 26, 2008, Jollibee formally signed a P2.5 billion ($55.5 million) deal with Beijing-based Hong Zhuang Yuan through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. The sale is subject to the approval of China's Ministry of Commerce. On October 19, 2010, Jollibee acquired 70% share of Mang Inasal, a Filipino food chain specializing in barbecued chicken, for P3 billion ($68.8 million).[19][20][21] The same month, Jollibee signed a deal to acquire 55 percent of China's Guangxi San Ping Wang Food and Beverage Management Co. Ltd., operators of the San Pin Wang beef noodle business for 30 million RMB.[22] On October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines.[23]

text: In 2011, Jollibee opened 260 new stores, of which 167 were in the Philippines led by Mang Inasal (86) and Jollibee (40). This brought the company's total number of stores to 2,001 as of the end of December 2011. The same year, Jollibee closed Manong Pepe foodchain in favor of Mang Inasal,[24] and sold Délifrance to CaféFrance.[25] Overseas, Jollibee opened 93 stores, led by Yonghe King in China (70) and Jollibee Vietnam (11). In 2013, Jollibee opened its first store in Virginia Beach, Virginia, as well as in Houston, Texas.[26] Both locations were chosen for their strong Filipino presence. A Chicago suburb, Skokie, Illinois, opened up in July 2016.[27] One year later, Jollibee opened its first Florida restaurant on March 18, 2017. It is located in Jacksonville, Florida.[28][29]

text: Its restaurants in mainland China are responsible for about 12% of the company's total sales, mostly through chains it acquired.[4]

text: Canada's first Jollibee location was opened on Thursday, December 15, 2016, in Winnipeg. CBC News (December 15, 2016). "Jollibee's 1st Canadian location opens in Winnipeg as hundreds wait in line". CBC Manitoba. Retrieved January 10, 2017. The restaurant plans to expand to Toronto in Canada,[30] Malaysia and Indonesia.[31] It also plans to expand throughout the Southern United States such as Atlanta, Charlotte, and Dallas, and Midwestern United States starting with Chicago.[30] Currently, aside from its flagship brand Jollibee, the group's other brands and acquisitions are Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King (China) and Hong Zhuang Yuan (China), as well as a majority stake in the firm that controls the Burger King franchise in the Philippines.[32][33]

text: In October 2015, Jollibee announced that it has acquired a 40-percent stake in Smashburger in a deal that values the American fast-casual burger chain at $335 million.[34]

text: In January 2016, the company announced it was participating in a joint venture to bring 1,400 Dunkin' Donuts stores to China over the next 20 years [4]

text: In October 2016, Jollibee and Cargill formed a joint venture, C-Joy Poultry Meats Production, and broke ground on a new poultry processing facility at Santo Tomas, Batangas in the Philippines. The facility will be expected to process 45 million chickens per year.[35]

text: Products[edit]

text: Jollibee is a Filipino-style fast food restaurant with American-influenced dishes specializing in burgers, spaghetti, chicken and some local Filipino dishes. In the Philippines, Jollibee serves Coca-Cola products for its beverages; in overseas markets, the chain serves Pepsi products.

text: Jollibee's core product is its fried chicken, which is branded as Chickenjoy.[36]

text: Branch locations[edit]

text: Jollibee started with five branches in 1978. The JFC has Jollibee branches outside the Philippines in locations in other countries in Southeast Asia, Hong Kong, the Middle East, and North America.

text: As of December 2016, Jollibee operates 1,100 stores, 950 of which are in the Philippines, its country of origin, and 150 are situated in foreign markets.[37]

text: JFC has publicly expressed plans to open its first Jollibee store in Europe due to popular demand, but stated at that time that such plans were not then prioritized.[38][39][40] However, it was later reported in March 2015 that Jollibee planned to expand to Europe through an unspecified country in 2017-2018.[41] Plans to enter the Australia[42] and Japan[42] markets were also entertained by the company.

text: Jollibee had branches in Taiwan,[43] Mainland China.[38] Jollibee's first branch in Taiwan, opened in 1986, was the first branch overseas. Jollibee launched its first branch in Dubai in 1995 but it was later closed.[43] Jollibee also previously had branches in Malaysia and Indonesia but were later closed down due to the 1997 Asian financial crisis.[31][44]

text: It also had former presence in Oceania, although one is set to open in Australia in 2017.[45] It had branches in the US territories of the Northern Mariana Islands.[46][47][48][49] and Guam,[49][50] as well as in Papua New Guinea.[51]

text: As of the end of September 2012, Jollibee Foods Corporation was operating 2,040 stores in the Philippines for all of its brands: 765 for Jollibee, 383 for Chowking, 201 for Greenwich, 209 for Red Ribbon, 457 for Mang Inasal and 25 for Burger King.

text: Marketing and advertising[edit]

text: Mascots[edit]

text: Jollibee, a large bee mascot dressed in a blazer, shirt, and chef's hat introduced by the brand in 1980, is probably the most widely recognized character in the Philippines.[52]

text: The mascot Jollibee was designed to epitomize Filipino optimism. Tony Tan, chairman and founder has compared the mascot's character to the Filipino working folk reasoning that the bee "hops around and produces sweet things for life, and is happy even though it is busy".[53]

text:
Mascots of Jollibee[citation needed]

Name
Year introduced
Represents

Jollibee
1980
Main franchise mascot

Chickee
1987, 1993 (discontinued)
Chickenjoy

Lady Moo
1985 (discontinued)
Milkshakes

Mico
1985 (discontinued)
Milkshakes

Champ
1984 (discontinued)
Champ Premium hamburger

Yum/Mr. Yum
1989 (Mr. Yum), 2008 (Yum)
Burgers

Twirlie
1988, 2008
Desserts

Popo
1985, 2008
French fries

Hetty
1984, 2008
Spaghetti

text: Jollitown[edit]

text: On April 13, 2008, a children's television program called Jollitown was launched. The timing was chosen to highlight Jollibee's 30th anniversary. Jollibee and his friends: Yum the scientist, Twirlie the star performer, Hetty the cheerleader and Popo the gym coach are the stars of the show, which airs Sundays, 9:30 a.m. or 8:00 on GMA Network.[55] On July 17, 2011, Jollitown moved to ABS-CBN for its 4th and 5th season every Sunday at 9 am (every Sunday). On July 20, 2013, the show moved back to GMA Network for The Jollitown Kids Show or Jollitown Season 6 until it ended on October 12, which spanned for almost 5 years.

text: Reception[edit]

text: Jollibee has won many accolades. It has consistently been mentioned as one of the Philippines' and Asia's most admired companies in surveys conducted by publications such as Asian Business Magazine and The Wall Street Journal Asia and has received other plaudits from Euromoney and Asia Money. In 2008, it was also the recipient of the FMCG and F & B Asia Pacific Supply Chain Excellence Award at the SCM Logistics Excellence Awards.[7][56][57]

text: Jollibee Foundation[edit]

text: In December 2004, as part of a corporate social responsibility initiative, the Jollibee Group Foundation, also known as the Jollibee Foundation, was established by Jollibee Foods Corporation (JFC) to make giving back an organized corporate commitment. The Foundation aims to invest in local people and help them succeed.

text: Busog, Lusog, Talino (BLT)[edit]

text: Busog, Lusog, Talino (BLT) is a school feeding program that addresses hunger among Grades 1 and 2 pupils and helps them to stay in school by keeping them fit and healthy. With nationwide operations, Jollibee store employees visit nearby schools and conduct orientation to teachers and parents on proper food preparation and food safety. They also work with the local government units, the Department of Education and private sector partners in monitoring the feeding activity and ensuring program sustainability. The presence of Jollibee stores all over the country and other partnerships enabled the Foundation to expand the program to 450 schools in school year 2011-2012, feeding more than 25,000 pupils since BLT started in 2007.