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Encyclopedia > Rationing
Gasoline ration stamps being printed as a result of the 1973 oil crisis
Gasoline ration stamps being printed as a result of the 1973 oil crisis

Rationing is the controlled distribution of resources and scarce goods or services. Rationing controls the size of the ration, one's allotted portion of the resources being distributed on a particular day or at a particular time. Image File history File links Download high-resolution version (991x666, 78 KB) [edit] Summary [edit] Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): 1973 oil crisis ... Image File history File links Download high-resolution version (991x666, 78 KB) [edit] Summary [edit] Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): 1973 oil crisis ... The 1973 oil crisis began in earnest on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship petroleum... In economics, scarcity is defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants. ...

Contents

In economics

In economics, it is often common to use the word "rationing" to refer to one of the roles that prices play in markets, while rationing (as the word is usually used) is called "non-price rationing." Using prices to ration means that those with the most money (or other assets) and who want a product the most are first to receive it. Such rationing happens daily in a market economy. Non-price rationing follows other principles of distribution. Below, we discuss only the latter, dropping the "non-price" qualifier, to refer only to marketing done by an authority of some sort (often the government). Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Look up Market in Wiktionary, the free dictionary. ...


In market economics, rationing artificially restricts demand. It is done to keep price below the equilibrium (market-clearing) price determined by the process of supply and demand in an unfettered market. Thus, rationing can be complementary to price controls. An example of rationing in the face of rising prices took place in the Netherlands, where there was rationing of gasoline in the 1973 energy crisis. Face-to-face trading interactions on the New York Stock Exchange trading floor. ... In economics, market clearing refers to either a simplifying assumption made by the new classical school that markets always go to where the quantity supplied equals the quantity demanded; or the process of getting there via price adjustment. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... In economics, incomes policies are wage and price controls used to fight inflation. ... (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ...


A reason for setting the price lower than would clear the market may be that there is a shortage, which would drive the market price very high. High prices, especially in the case of necessities, are unacceptable with regard to those who cannot afford them. Traditionalist economists argue, however, that high prices act to reduce waste of the scarce resource while also providing incentive to produce more (this approach requires assuming no horizontal inequality).


In wartime, it is usually imperative for a government to maintain the support of this part of the population, to maintain "equality" especially since in most countries, the working-class and poor families contribute most of the soldiers.


Rationing using coupons is only one kind of non-price rationing. For example, scarce products can be rationed using queues. This is seen, for example, at amusement parks, where one pays a price to get in and then need not pay any price to go on the rides. Similarly, in the absence of road pricing, access to roads is rationed in a first come, first serve queueing process, leading to congestion. In economics, scarcity is defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants. ... Theme park redirects here. ... Road pricing is a term that refers to the charging for the use of streets and roads. ... First come, first served (sometimes first-come, first-served or simply FCFS) is a service policy whereby the requests of customers or clients are attended to in the order that they arrived, without other biases or preferences. ... Queue at US Air Force station in Iraq, for food at a birthday celebration. Queue areas are areas in which people queue (first in, first out), that is they wait in line for something. ... This article needs additional references or sources to facilitate its verification. ...


Authorities which introduce rationing often have to deal with the rationed goods being sold illegally on the black market. It has been suggested that this article or section be merged into underground economy. ...


Credit rationing

The concept in economics and banking of credit rationing describes the situation when a bank limits the supply of loans, although it has enough funds to loan out, and the supply of loans has not yet equalled the demand of prospective borrowers. Changing the price of the loans (interest rate) does not equilibrate the demand and supply of the loans. The bank finds that raising the interest rate beyond a certain level actually reduces its profitability. Face-to-face trading interactions on the New York Stock Exchange trading floor. ... For other uses, see Bank (disambiguation). ... Look up supply in Wiktionary, the free dictionary. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ...


Joseph E. Stiglitz and Andrew Weiss's 1981 paper was one of the early papers to explain why the bank (or any lending institution for that matter) may credit ration its borrower if 1) the bank was unable to perfectly distinguish the risky borrowers from the safe ones 2) the loan contracts were subject to limited liability (if projects returns were less than the debt obligation, the borrower bears no responsibility to pay out her pocket). Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. ...


Raising the interest rate may cause adverse selection which would lead to increases in the number of 'risky' borrowers in the pool of aspiring borrowers. With higher debt obligations (due to higher interest rate) only the risky borrowers with higher returns would be ready to take up the banks contract. Recall, that with limited liability, the borrowers repay the loan if successful, but escape the consequence of failure of the project. Thus, only borrowers with riskier projects would be ready to take high interest rate loans. Thus, raising the interest rate increases the proportion of the risky borrowers in the project and reduces the overall profitability of the bank. Adverse selection or anti-selection is a term used in economics and insurance. ...


Military rationing

Rationing has long been used in the military, especially the navy, to make supplies last for a defined duration, such as a voyage. To ration the supplies, they are divided up into equal portions for each person for each day, or even a meal, over the expected voyage period. Image File history File links This is a lossless scalable vector image. ... Naval redirects here. ...


Civilian rationing in the US

During the 1973 oil crisis, coupons for gasoline rationing were printed, but never used.
During the 1973 oil crisis, coupons for gasoline rationing were printed, but never used.

Rationing is often instituted during wartime for civilians as well. For example, each person may be given "ration coupons" allowing him or her to purchase a certain amount of a product each month. Rationing often includes food and other necessities for which there is a shortage, including materials needed for the war effort such as rubber tires, leather shoes, clothing and gasoline. Towards the end of the First World War, panic buying in the United Kingdom prompted rationing of first sugar, then meat, for the rest of the war. During World War II rationing existed in many countries including the United Kingdom and the United States. A gasoline rationing system was put in place in the United States. Gasoline shortages were especially acute in the Eastern states, because in the early Forties, most petroleum was carried by tanker. This conveyance became dangerous with U-Boats operating off the US coast. Accordingly, until the Big Inch and Little Big Inch pipelines started pumping petroleum from East Texas to the northeast states, gas supplies in the East were tight. A national speed limit of 35 miles per hour was imposed to save fuel and tires. Depending on need, civilians were issued one of a number of different classifications of gas cards, entitling them to different quantities of gasoline each week. When purchasing gas, one had to present a gas card along with a ration book. Coupons were made valid for only a set period, to forestall hoarding. Image File history File links Gasoline ration coupons were printed for emergency use (but never issued) during the energy crisis in 1979. ... Image File history File links Gasoline ration coupons were printed for emergency use (but never issued) during the energy crisis in 1979. ... The 1973 oil crisis began in earnest on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship petroleum... This does not cite any references or sources. ... Firestone tire This article is about pneumatic tires. ... For other uses, see Leather (disambiguation). ... For other uses, see Shoe (disambiguation). ... A baby wearing many items of winter clothing: headband, cap, fur-lined coat, shawl and sweater. ... Petrol redirects here. ... “The Great War ” redirects here. ... Panic buying is the act of people buying unusually large amounts of a product in the wake of a disaster or perceived disaster, or in anticipation of a large price increase or shortage, as before a blizzard or hurricane. ... This article is about sugar as food and as an important and widely-traded commodity. ... For other uses, see Meat (disambiguation). ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Events and trends Technology First nuclear bomb First cruise missile, the V1 flying bomb and the first ballistic missile, the V-2 rocket First transistor Colossus, the worlds first totally electronic computer. ...


To get a classification and rationing stamps, one had to appear before a local board to certify a need for gas and ownership of no more than five tires. All tires in excess of five per driver were confiscated by the government, because of rubber shortages. An A card was the lowest priority of gas rationing and entitled the holder to 3 to 4 gallons of gas per week. B cards were issued to workers in the military industry, entitling their holder up to 8 gallons of gas per week. C cards were granted to persons deemed very essential to the war effort, such as doctors. T rations were made available for truckers. Lastly, X cards entitled the holder to unlimited supplies and were the highest priority in the system. Ministers of Religion, police, volunteer firemen, and civil defense workers fell within this category. A scandal erupted when 200 Congressmen received these cards. Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political...

Civilian rationing outside the US

Ration stamp for a person in holiday/vacation during World War II (3-day-stamp)
Ration stamp for a person in holiday/vacation during World War II (3-day-stamp)
A shopkeeper cancels the coupons in a British housewife's ration book
A shopkeeper cancels the coupons in a British housewife's ration book

The British Ministry of Food refined the rationing process in the early 1940s to ensure the population did not starve when food imports were severely restricted and local production limited due to the large number of men fighting the war. Rationing did not end in the United Kingdom until the 1950s – see also Rationing in the United Kingdom during and after World War II. Civilian peace time rationing of food may also occur, especially after natural disasters, during contingencies, or even after failed governmental economic policies regarding production or distribution, the latter happening especially in highly centralized planned economies. Examples of these situations include North Korea, China during the 1970s and 1980s, Communist Romania during the 1980's, the Soviet Union in 1990-1991, and Cuba today. This led to rationing in the Soviet Union, Rationing in Communist Romania, rationing in North Korea, rationing in Cuba, and austerity in Israel. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Image File history File links WWII_Food_Rationing. ... Image File history File links WWII_Food_Rationing. ... The Minister of Food was a British government job separated from that of the Minister of Agriculture from 1939 until 1954. ... The 1940s decade ran from 1940 to 1949. ... The 1950s decade refers to the years 1950 to 1959 inclusive. ... // Preface At the beginning of World War II Britain imported 55 million tons of foodstuffs per year, including more than 50% of its meat, 70% of its cheese and sugar, nearly 80% of fruits and about 90% of cereals and fats. ... A command economy is a political system in which government decisions are made by central state economic managers who determine what sorts of goods and services to produce and how they are to be priced and allocated, and may include state ownership of the means of production. ... Anthem Zdrobite cătuÅŸe (1947 - 1953) Te slăvim Românie (1953 - 1968) Trei Culori (1968-1989) Capital Bucharest Language(s) Romanian Government Socialist republic Head of State  - 1947–1965 Gheorghe Gheorghiu-Dej  - 1965-1989 Nicolae CeauÅŸescu Legislature Marea Adunare NaÅ£ionalÇŽ Historical era Cold War  - Monarchy abolished... Rationing in the Soviet Union was introduced several times, in periods of economical hardships. ... A street vendor in Havana Rationing in Cuba refers to the system of food distribution known in Cuba as the Libreta de Abastecimiento (Supplies booklet). The system establishes the rations each person is allowed to buy and the frequency of supplies. ... Main article: History of Israel Austerity in Israel: From 1949 to 1959, the state of Israel was, to a varying extent, under a regime of austerity (צנע tsena), during which rationing and similar measures were enforced. ...

French ration stamps for clothing, pasted on a card, 1945
French ration stamps for clothing, pasted on a card, 1945

Another form of rationing that was employed during World War II, called Ration Stamps. These were redeemable stamps or coupons. Every family was issued a set number of each kind of stamp based on the size of the family, ages of children and income. This allowed the Allies and mainly America to supply huge amounts of food to the troops and later provided a surplus to aid in the rebuilding of Europe with aid to Germany after food supplies were destroyed. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Ration Stamps refers to the method of Civilian Rationing employed during World War II. These were redeemable stamps or coupons. ...


Emergency rationing

Rationing of food and water may become necessary during an emergency, such as a natural disaster or terror attack. The Federal Emergency Management Agency (FEMA) has established guidelines for civilians on rationing food and water supplies when replacements are not available. According to FEMA standards, every person should have a minimum of one quart per day of water, and more for children, nursing mothers, and the ill. Water should not be rationed in an emergency. Food, on the other hand, can be rationed for many days. More information is available in FEMA's Are You Ready? guide. Mount Pinatubo eruption, 1991 A natural disaster is according to or provided by nature. ... Terrorist redirects here. ... FEMA redirects here. ...


Sources

  • Matt Gouras. "Frist Defends Flu Shots for Congress." Associated Press. October 21, 2004.

See also

10-in-1 food parcels were rations prepared for by the United States Army intended to provide one meal for 10 soldiers during and after the 1945 planned attack of Japan during World War II. The attack never took place, leaving an over-abundance of surplus food. ... 2007 Gas Rationing Plan in Iran was launched by president Mahmoud Ahmadinejads cabinet to reduce that countrys fuel consumption. ... The Combat Ration One Man, or CR1M is a self-contained, individual field ration in lightweight packaging procured by the Australian military for its members for use in combat or other field conditions where organised food facilities are not available. ... Juntas de Abastecimientos y Precios (JAP, literally Committees of Supplies and Prices) were local administrative units in Chile created in the last years of President Salvador Allendes government. ... Chileans marching in support of Allende Salvador Allende was the president of Chile from 1970 until 1973, and head of the Popular Unity government; he was the first Marxist ever to be elected to the national presidency of a democracy. ... An MRE packet, containing a main course or entrée of spaghetti with meat sauce. ... Civilian rationing: A shopkeeper cancels the coupons in a British housewifes ration book Rationing in the United Kingdom is the series of food rationing policies put in place by the government of the United Kingdom during certain wartime periods of the 20th Century. ... Belligerents Nazi Germany Finland[1][2][3] Soviet Union Commanders Wilhelm von Leeb Georg von Küchler Carl Gustaf Mannerheim[4][5][6] Kliment Voroshilov Georgiy Zhukov Leonid Govorov Strength 725,000 930,000 Casualties and losses Wehrmacht (est. ... From the Revolutionary War to World War I, the United States army ration, as decreed by the Continental Congress, was the garrison ration which consisted of meat (or salt fish), bread, vegetables and something to drink (which in 1775 was supposed to be milk but which, in practice, could be...

References


Stiglitz, J. & Weiss, A. (1981). "Credit Rationing in Markets with Imperfect Information," American Economic Review, vol. 71, pages 393-410.


External links

Look up ration, rationing in Wiktionary, the free dictionary.
Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 151 languages. ...

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