Commercial contracts calling for the purchase or sale of specified quantities of a good at specified future dates. The good in question may be grain, livestock, precious metals, or financial instruments such as treasury bills. Up until the time the contract calls for the delivery of the good, the contract is subject to speculation. Futures contracts originated in the trade in agricultural commodities; for example, American grain farmers were able to sell their harvest in advance on the Chicago Board of Trade, a commodity exchange.
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Failed industrialization campaign undertaken by the Chinese communists between 1958 and early 1960. Mao Zedong hoped to develop labour-intensive methods of industrialization that would emphasize manpower rather than the gradual purchase of heavy machinery, thereby putting to use China's dense population and obviating the need to accumulate capital. Rather than building large new factories, he proposed developing backyard steel furnaces in every village. Rural people were organized into communes where agricultural and political decisions emphasized ideological purity rather than expertise. The program was implemented so hastily and zealously that many errors occurred; these were exacerbated by a series of natural disasters and the withdrawal of Soviet technical personnel. China's agriculture was severely disrupted, causing widespread famine in 1958–62. By early 1960 the government had begun to repeal the Great Leap Forward; private plots were returned to peasants, and expertise began to be emphasized again.
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