[For] the first time in the history of humanity... you have just had a single empire [the United States of America], so dominant, whose military budget is higher than the military budgets of the next 15 countries put together, and whose military-industrial complex itself is the eleventh largest economic entity in the world. This is the reality we live in, and this is the reality which confronts us in different ways.
is, of course, a made-up word designed to call attention to the various functional elements of the work of a chief executive because "administration" and "management" have lost all specific content. POSDCORB is made up of the initials and stands for the following activities:
A sovereign government's budget is not like the budget of a household or firm. Governments issue the currency, whereas households and firms use the currency. As the chartalist, or modern money approach, explains, modern governments actually spend by crediting bank accounts. It really just amounts to a keystroke, pushing a key on a computer that generates an entry on someone’s balance sheet. Government can never run out of these keystrokes.