Origins and Early Influence of Banking

Free Market Rates of Interest vs. Controlled Rates of Interest	Comparison between interest rates determined by supply and demand (free market) and those set by authorities or regulations (controlled), central to debates on economic policy and government's role in financial markets.
Hypothecation	Practice of pledging assets as collateral for a loan without transferring ownership or possession, fundamental in secured lending and dating back to ancient financial transactions.
Usury	Charging of excessive or unreasonably high interest rates on loans, historically condemned or regulated in many societies, central to ethical discussions in finance.
Annuities	Financial products providing regular payments in exchange for an initial lump sum, used since medieval times for personal and government financing, including life and fixed-term annuities.
Perpetual Annuities	Annuities with no end date, paying interest indefinitely with the principal never repaid, such as British consols, used by governments to finance debt.
High-Grade Loans	Loans extended to borrowers with strong creditworthiness and low risk of default, offering lower interest rates due to reduced risk, important in credit markets.
Bond Averages	Statistical averages of bond yields or prices, reflecting the performance of a segment of the bond market, used by investors to gauge market trends and compare options.
Optional Redemption Features	Provisions in bonds allowing issuers to repay the principal before maturity, often at a premium, affecting bond valuation and investor decisions due to call risk.
Perpetual Debt of Italian Cities	Long-term debts issued by Italian city-states during the Middle Ages and Renaissance as perpetual bonds or annuities, early municipal finance with regular interest payments.
French Rentes	Government-issued annuities in France providing fixed payments to holders, used extensively from the 16th century onward to finance public debt.
Marketable Securities vs. Nonmarketable Loans	Distinction between financial instruments that can be easily traded in secondary markets (marketable securities) and loans that cannot be transferred or sold (nonmarketable loans), impacting liquidity and investment strategies.
Nominal Rates and Market Yields	Concepts where the nominal rate is the stated interest rate without adjustment, and market yield is the actual return considering current market price, important for evaluating investments.
Barter Proper	Direct exchange of goods and services without money, typical in pre-currency economies.
An Agio	A fee or premium added to exchange rates in currency conversion, an early form of currency exchange fee.
Long-Term Productive Loans	Loans for funding projects that generate returns over time, such as agriculture or infrastructure.
Short-Term Working Capital Loans	Loans to finance immediate operational needs, repaid from short-term revenue.
Nonproductive Consumption Loans	Loans for personal consumption, such as food or emergencies, often financially burdensome.
Loans to Governments	Loans issued to governments for public projects or war financing, often compulsory in ancient systems.
Ingot	A block of metal, typically silver or gold, cast in a shape suitable for storage or trade, used as a form of currency in early economies.
Mina	A unit of weight and currency used in the ancient Near East, roughly equivalent to 500 grams of silver, which was significant for trade and transactions.
Shekel	Ancient unit of currency and weight used throughout Mesopotamia and the Levant, typically around 8-10 grams, important in trade and taxation.
Talent of Silver	A large unit of weight (approximately 25-30 kilograms), used in the ancient Mediterranean, especially in Athens, as a major measure of wealth.
Electrum	A naturally occurring alloy of gold and silver, used in the earliest coinage by the Lydians in the 7th century BCE.
Athenian “Owls”	Silver coins minted in Athens with the image of Athena and her owl, widely used in the 5th century BCE as a trusted currency in the Mediterranean.
Iron Spits/Obols	Iron rods used as currency in early Greece (c. 6th century BCE), with six obols making a drachma, symbolizing early forms of money.
Sea Loans / “Bottomry Loans”	Loans given to merchants to finance sea voyages; repayment was contingent on the safe return of the vessel, reducing risk for lenders.
“Foreloaners” / “Underwriters”	Financial backers in Ancient Greece who assumed risk on behalf of others in business ventures, an early form of insurance.
Unsecured Loans	Loans issued without collateral, relying solely on the borrower’s reputation and creditworthiness.
Formation of Peabody, Morgan & Co. (1854)	A defining moment that solidified the Morgan family’s presence in the banking world.
Crimean War (1853–1856)	A conflict involving European powers and the Ottoman Empire; it had financial implications as banks supported war efforts through loans.
Civil War Financing (1861–1865)	Early in J.P. Morgan’s career, he played a significant role in financing efforts related to the Civil War.
Panic of 1873	A financial crisis in which Morgan’s bank played a stabilizing role, cementing its reputation as a central financial institution.
Creation of J.P. Morgan & Co. (1895)	The formal establishment of his own firm, which became one of the most powerful financial institutions.
Glass-Steagall Act (1933)	A U.S. law enacted to separate commercial and investment banking, aiming to prevent conflicts of interest and reduce financial risk after the Great Depression.
Latin American Debt Owned by Banks (1980s)	In the 1980s, major U.S. banks held large amounts of Latin American sovereign debt. When these countries defaulted, it led to a debt crisis, severely impacting U.S. banks.
Guinness Scandal (1980s)	A financial scandal involving Guinness, a British company, accused of manipulating its stock price during an acquisition, leading to convictions and reforms.
Black Monday (October 19, 1987)	A day when global stock markets crashed, losing significant value. The term usually refers to the day of the crash on the New York Stock Exchange.
Babylonia	Ancient state in Mesopotamia (c. 1895–539 BCE), significant for early developments in law and finance, including the Code of Hammurabi, influencing subsequent civilizations.
Assyria	Major Mesopotamian kingdom (c. 2500–609 BCE), advanced in commerce and finance, whose practices influenced neighboring regions and contributed to economic history.
Reformation	16th-century religious movement leading to Protestant churches separate from the Catholic Church, altering views on usury and interest, impacting financial regulations in Europe.
Hellenistic Greece	Period from 323 to 31 BCE between Alexander the Great's death and the rise of Rome, marked by the spread of Greek culture and economic practices including banking.
International Gold Standard	Monetary system in the late 19th and early 20th centuries where countries tied currencies to gold, facilitating international trade and investment until its collapse during World War I.
Bronze Age	Period in ancient history (c. 3300–1200 BCE) characterized by the use of bronze tools and weapons; significant for early trade and the emergence of complex societies in Mesopotamia and the Aegean.
Dorian Invasion and Barbaric Period that Followed	A hypothesized invasion by Dorians (c. 12th century BCE), leading to the decline of Mycenaean civilization and a period of decline in Greece known as the Dark Ages.
The Iron Age	The period following the Bronze Age (c. 1200–600 BCE), marked by the widespread use of iron for tools and weapons, advancing trade and military capabilities.
Europe’s Dark Ages	Period following the fall of the Mycenaean civilization (c. 1100–800 BCE) with limited written records and economic decline in Greece, preceding the Classical Period.
Hellenistic Period	Era following the conquests of Alexander the Great (c. 323–31 BCE) marked by the spread of Greek culture and influence throughout the Mediterranean and Near East.
Roman Period	Timeframe in which the Roman Empire controlled much of Europe, the Near East, and North Africa (c. 27 BCE–476 CE), significantly shaping finance, law, and culture.
Elijah Riggs	(1779–1853) An early American banker who helped establish Riggs Bank, one of the earliest major American financial institutions.
Daniel Webster	(1782–1852) An American statesman and lawyer known for his powerful oratory and political influence, especially regarding finance and policy.
James Buchanan	(1791–1868) 15th U.S. President (1857–1861), overseeing the country during a time of financial and political upheaval before the Civil War.
Commodore Vanderbilt	(1794–1877) A powerful American industrialist and financier who made his fortune in shipping and railroads, often working with banks to finance his ventures.
George Peabody	(1795–1869) American financier and philanthropist, early partner to Junius Morgan.
Charles C. Gooch	Dates not widely documented; early associate in finance, less commonly known.
Charles Dabney	Dates not widely documented; early banking associate in the Morgan networks.
Victor Hugo	(1802–1885) French author of Les Misérables, who spoke out against societal inequalities often perpetuated by the financial elite.
President Franklin Pierce	(1804–1869) 14th U.S. President (1853–1857), whose administration coincided with significant financial developments in the pre-Civil War U.S.
Junius Spencer Morgan	(1813–1890) J.P. Morgan’s father, instrumental in establishing the Morgan banking legacy.
Queen Victoria	(1819–1901) British monarch; her reign (1837–1901) saw significant changes in finance and industrialization.
Jay Cooke	(1821–1905) A major American banker known for financing the Union’s efforts in the Civil War, sometimes called the “financier of the Civil War.”
Edward Lamont	(1840–1908) Connected to the Morgan family, helped expand their financial influence.
S. Parker Gilbert	(1892–1936) A senior Morgan partner who played a central role in leading Morgan banks through crises and governmental negotiations, especially during the Diplomatic Age.
Homer	Ancient Greek poet (c. 8th century BCE) traditionally said to be the author of the epic poems The Iliad and The Odyssey, which provide insight into early Greek culture and values.
King Gyges	King of Lydia (reigned c. 687–652 BCE), credited with establishing the power of the Lydian Kingdom and an early adopter of coinage.
King Croesus of Lydia	Last king of Lydia (reigned c. 595–546 BCE), famous for his wealth and credited with minting the first coins made of pure gold and silver.
Thucydides	Ancient Greek historian (c. 460–400 BCE) known for his work History of the Peloponnesian War, which provides valuable historical insights into 5th-century BCE Greece.
Socrates	Classical Greek philosopher (c. 470–399 BCE) who founded Western philosophy; his life and teachings were chronicled by his student Plato.
Hesiod	Greek poet (c. 8th century BCE), author of Works and Days and Theogony, which provide early insights into Greek agrarian life, justice, and the gods.
Demosthenes	Athenian statesman and orator (384–322 BCE), known for his speeches that give insight into the political and economic issues of Athens.
Hammurabi	King of the First Dynasty of Babylon (c. 1810–1750 BCE), known for the Code of Hammurabi, which included some of the earliest laws regulating interest rates and lending practices in ancient Babylonia.
Solon	Athenian statesman (c. 638–558 BCE) who enacted the Laws of Solon, reforming the economy by abolishing debt slavery and adjusting laws on debt and interest, significantly influencing Athenian financial practices.
Charlemagne	King of the Franks and Lombards, later Emperor of the Romans (c. 742–814), who issued the Capitularies of Charlemagne including economic reforms impacting medieval financial practices.
Demosthenes	Prominent Greek statesman and orator (384–322 BCE), whose speeches provide insights into ancient Greek financial and lending practices, highlighting the economic environment of his time.
Julius Caesar	Roman general and statesman (100–44 BCE), whose debts and financial policies affected Roman economics, illustrating lending and borrowing practices in ancient Rome.
Brutus	Marcus Junius Brutus (85–42 BCE), Roman politician and one of Julius Caesar's assassins, known for engaging in money lending, exemplifying financial practices among Roman elites.
Cicero	Roman statesman and orator (106–43 BCE), whose writings offer valuable information on Roman laws and attitudes towards usury and lending, influencing legal and ethical standards.
Theophrastus	Greek philosopher (c. 371–287 BCE), successor to Aristotle, who wrote about ethics and character types, including those involved in financial practices, reflecting moral views on finance.
Baldwin II of Jerusalem	King of Jerusalem (c. 1110–1187), whose reign involved financial dealings related to the Crusades, reflecting economic challenges of maintaining the kingdom.
Baldwin II of Constantinople	Last Latin Emperor of Constantinople (1217–1273), known for selling holy relics like the Crown of Thorns to finance his empire, highlighting medieval rulers' financial difficulties.
King Louis IX of France	Also known as Saint Louis (1214–1270), who purchased the Crown of Thorns from Baldwin II, demonstrating the interplay between finance, religion, and politics in medieval Europe.
Frederick the Fair of Austria	Duke of Austria and King of the Romans (1289–1330), whose financial struggles exemplify the monetary issues faced by European nobility in the Middle Ages.
Charles VIII of France	King of France (1470–1498), whose military campaigns in Italy had significant financial implications, influencing European banking and lending practices.
Senator Carter Glass	American politician (1858–1946), co-sponsored the Glass-Steagall Act and was instrumental in creating the Federal Reserve System in 1913, significantly shaping modern U.S. banking regulation.
Eugen von Böhm-Bawerk	Austrian economist (1851–1914), a key figure in the Austrian School of economics who developed theories on capital and interest, influencing modern economic thought.
Sidney Homer	American bond market analyst and economic historian (1902–1983), co-authored "A History of Interest Rates," providing comprehensive data on historical interest rates and influencing financial analysis.
Hippocrates	Greek physician (c. 460–370 BCE), considered the "Father of Medicine," occasionally referenced in discussions of ancient Greek society to provide context for economic and social practices.
Eugen von Böhm-Bawerk	Austrian economist (1851–1914), developed theories on capital and interest, influencing modern economic thought, particularly regarding interest rate determination.
Theophrastus	Greek philosopher (c. 371–287 BCE), successor to Aristotle, wrote about ethics and character types including those involved in financial practices, reflecting moral views of finance in ancient times.
Hesiod	Greek poet whose works touch on justice, economy, and the daily lives of common people, providing an early socio-economic perspective.
Socrates	Athenian philosopher known for questioning social norms and ethics, influencing subsequent Greek thought on governance and civic duty.
Shamash of Sippar	Sun god worshipped in the ancient Sumerian city of Sippar; temples dedicated to Shamash served as economic centers managing loans and transactions in Mesopotamia.
The House of Morgan	Refers to the Morgan banking empire, which includes firms like J.P. Morgan & Co.
Peabody, Morgan & Co.	Early partnership between George Peabody and Junius Morgan, established the family’s foothold in finance.
Drexel, Morgan & Co.	A key precursor to J.P. Morgan & Co., marking the formal entry of J.P. Morgan into high finance.
London’s Financial Hub	Important location for early banking and financial deals, heavily influenced by American and European partnerships.
Federal Hall	A historic building in New York City where George Washington was inaugurated; once housed the U.S. Congress and was an early location for financial and governmental activities.
New York Stock Exchange	The world’s largest stock exchange by market capitalization, established in 1792, central to the trading of stocks and securities in the U.S.
Morgan Grenfell	A prominent British investment bank founded in London by George Peabody; it was later affiliated with the Morgan family through Junius Morgan.
Morgan et Compagnie (Paris)	The Morgan banking office in Paris, part of the Morgan family’s international banking network that expanded their influence in Europe.
First Boston	A prominent American investment bank, known for mergers, acquisitions, and securities underwriting. It later merged with Credit Suisse.
Exxon Building in NYC	Once a headquarters for the oil giant Exxon, the building also became significant as a symbol of corporate power and financial might.
House of Baring	A prominent British merchant bank founded in 1762, a rival to Morgan banks and instrumental in European finance.
Banque de France	The French central bank established in 1800, one of the first major central banks, setting the template for national financial stability.
German Universal Banks	German banks that combined commercial and investment functions, influential in global banking practices.
Peabody Institute (Baltimore)	A cultural institution established by George Peabody, emphasizing philanthropy and education, funded by the early financial partner of Morgan banks.
National Bureau of Economic Research (NBER)	American private nonprofit research organization founded in 1920, conducting economic research including studies on interest rates and business cycles, influencing economic policy.
Delian League	A coalition of Greek city-states initially formed to oppose Persian expansion, which developed into a major financial and political instrument for Athens.
Treasury of Athens of Pericles	Funds amassed by Athens under Pericles (c. 495–429 BCE), enabling the city to undertake grand architectural projects and military campaigns.
Code of Hammurabi	Ancient Babylonian code of law dating to about 1754 BCE, established by King Hammurabi, containing laws regulating interest rates, loans, and debts, laying foundations for legal financial practices.
Laws/Reforms of Solon	Economic and political reforms in Athens by Solon (c. 594 BCE) aimed at reducing the power of aristocracy, ending debt slavery, and restructuring Athenian society to empower the middle class.
Twelve Tables	The earliest attempt at a code of law in Rome, dating to around 450 BCE, establishing rights and procedures including those related to debt and property, forming the foundation of Roman law.
Capitularies of Charlemagne	Royal decrees issued during Charlemagne's reign in the 8th and 9th centuries, including economic regulations that influenced medieval financial practices and lending.
“Horoi”	Stone markers in Ancient Athens marking land or property used as collateral in loans, helping to formalize and secure lending practices.
“Eisphora” (Capital Levy)	A form of direct tax in Ancient Athens levied on the wealthy during times of war to fund military expenses, creating an early system of capital contribution by elites.
Central Bank vs. Private Bank	A central bank, like the Federal Reserve, is a national institution that controls a country’s currency, money supply, and interest rates. A private bank serves individuals or corporations and may operate outside of direct government control.
Commercial vs. Investment Bank	A commercial bank primarily offers services like loans, deposits, and basic financial products to the public. An investment bank focuses on capital markets, securities trading, and facilitating large financial transactions.
Merchant Banks	Banks focused on financing international trade and offering investment and financial services, including for governments and corporations.
High Finance	Large-scale financial transactions and investments involving major institutions and governments, rather than individual clients.
Pre-1913 Baronial Age	Era marked by Pierpont Morgan’s dominance in finance, characterized by personal power and influence over American and European banking.
1913-1945 Diplomatic Age	Led by J.P. Morgan Jr., during which Morgan banks transitioned to focus on government partnerships, especially during and after WWI.
Post-1945 Casino Age	Following WWII, finance saw a shift toward speculative investment and higher risk, with Morgan banks adapting to the changing financial landscape.
Laissez-Faire vs. State Control	Economic philosophies where laissez-faire advocates minimal government intervention and state control involves significant regulation; central debate affecting regulation of interest rates and financial markets.
Bourse Type of Market	Organized marketplace for securities trading, particularly in European countries, facilitating the development of capital markets and modern stock exchanges.
Federal Reserve System	Central banking system of the United States established in 1913, regulating the U.S. monetary and financial system, providing stability and influencing global finance.
London Market of 1752	Refers to the establishment of British consols (consolidated annuities) in 1752, introducing perpetual bonds that became a cornerstone of British government finance and influenced global bond markets.
Trapezitai	Greek money changers and bankers who operated in marketplaces, managing currency exchanges and providing loans to merchants.
Lending Clubs	Informal groups in Ancient Greece where members pooled resources to provide loans or financial support to one another, an early form of cooperative lending.
Delian League	Alliance of Greek city-states led by Athens (est. 478 BCE), pooling resources for defense against Persia; its treasury, initially on Delos, funded Athenian ambitions.
Tariffs	Taxes placed on goods as they entered city-states, which helped fund public projects and state expenses.
Corporate Raider	An investor who buys a large stake in a company to force changes in management or business direction, often associated with hostile takeovers.
American Commercial Class	The emerging class of businesspeople and entrepreneurs in 19th-century America, driving the economy and expansion.
Tombstone Ads	Simple newspaper ads that list the underwriting banks involved in a financial transaction. Commonly used in investment banking to announce new securities offerings.
“Bellwether”	A term for a leading indicator or predictor of future trends, often applied in finance to refer to stocks or markets that reflect broader economic conditions.
Gentrified Junk Bonds	A term referring to the shift in the perception of high-yield (junk) bonds from high-risk to more accepted investment products, often due to the influence of prominent bankers.
Forelock	A lock of hair on the forehead; historically, a sign of respect or humility to tug a forelock when addressing someone of higher rank.
Prepossessing	An adjective describing something that leaves a favorable impression, often used in the book to describe people with appealing or commanding presence.
Reprobate	A person with poor morals or character, often used in a historical context to describe financial or social misbehavior.
Pecuniary	Relating to or consisting of money; describes financial penalties or matters involving monetary transactions, significant in legal and financial contexts.
Apportion	To divide and allocate proportionally; relevant in finance when distributing costs, taxes, or payments among different parties, important for equitable financial management.
Concomitant	Something that naturally accompanies or is associated with something else, often describing secondary effects.
Amelioration	Improvement or betterment, particularly in economic or social contexts like debt relief.
Capital	Wealth in the form of money or assets that is used or invested to produce further wealth, essential in trade and financial transactions.
Sumerian	Refers to the ancient civilization of Sumer, which emerged in southern Mesopotamia around 4500 BCE, known for its advances in writing and trade.
Indo-Germanic	An older term used to refer to the Indo-European language family, which includes languages spoken in Europe and parts of Asia.
Semito-Hamitic	Historical term for a group of languages spoken in the Middle East and North Africa; today known as the Afro-Asiatic language family.
Town Culture	Social structure centered around urban life, trade, specialized professions, and governance, which allowed for complex economic interactions.
Ethnological	Related to the study of ethnic groups, customs, and social structures, often examining cultural and economic practices.
Wampum	Beads made from shells, used by Indigenous North American peoples as currency and for recording agreements.
Forced Loans	Loans that governments compelled wealthy citizens to provide, often during crises or wars, typically with no expectation of repayment.
Reductio ad Absurdum	A form of argument in which a proposition is disproven by showing it leads to an absurd or contradictory conclusion.
Pledges and Sureties	A pledge is collateral given to secure a loan, while a surety is someone who takes responsibility for another's debt if they default.
Bronze Age	Defined by the use of bronze for tools and weapons, spanning c. 3300–1200 BCE, a period of early societal development and trade.
Ingot	A block of metal used for trade and currency in ancient economies, especially in early Greek trade.
Europe’s Dark Ages	Period in Greece (c. 1100–800 BCE) following the collapse of the Mycenaean civilization, characterized by economic and cultural decline.
“The End of the Moon”	Greek expression signifying the end of a financial period or deadline, indicating ancient time-keeping and payment cycles.
Colonnades	Rows of columns used in Greek and Roman architecture, often as part of marketplaces and temples.
Metropolis	A central city-state that influenced surrounding areas, significant in ancient Greek colonial and trade systems.
Black Sea	Large inland sea north of modern Turkey, vital for trade routes connecting Greece, Anatolia, and the Eurasian steppes.
Capital Levies	Taxes imposed on citizens’ wealth, especially during times of war, as seen in the Athenian system of voluntary taxes (liturgies).
Cyme	An ancient Greek city in Asia Minor known for its cultural and economic contributions during the Classical and Hellenistic periods.
Oreos	An ancient town on the island of Euboea, Greece, notable for political developments and economic ties within the Athenian sphere.
“Trapezitai”	Early Greek bankers and money-changers who provided currency exchange, deposits, and loans within Greek city-states.
Phormio	Noted Athenian general and possibly banker who played a role in managing Athens’ finances during the Peloponnesian War.
Unsecured Loans	Loans issued without collateral; common in ancient Greek society but riskier for lenders.
Temple of Arbela	Religious site in ancient Arbela (modern Erbil, Iraq), possibly involved in economic activities like lending, as temples often functioned as financial institutions in ancient times.
City of Salamis	Ancient city-state on the island of Cyprus, important trading center in antiquity, relevant in studies of ancient commerce and financial practices.
Temple of Marduk	Major religious temple in Babylon dedicated to the god Marduk, which also acted as a financial center, managing loans and wealth storage.
Aegean Sea	Sea between Greece and Turkey, central to trade and cultural exchange in the ancient world.
Crete	Mediterranean island, home of the Minoan civilization, one of the earliest advanced societies in Europe (c. 3000–1100 BCE).
Mycenaean Greece	Bronze Age Greek civilization (c. 1600–1100 BCE) known for its palaces and extensive trade networks, a precursor to Classical Greece.
Attica	Region in southeastern Greece that includes Athens, known for its silver mines and a hub of ancient trade and culture.
Silver Mines of Laureion	Athenian silver mines in Attica, whose output financed much of Athens' prosperity and the construction of the Athenian navy.
Bosphorus	Strategic waterway linking the Black Sea to the Sea of Marmara, crucial for trade and military movements in ancient and later empires.
Shrine at Delphi	Important religious and financial center, known as the “great banker of the Greek world,” where loans and deposits were often secured.
Piraeus	Major port of Athens, facilitating trade and the movement of goods, essential to the Athenian economy.
Rhodes, Antioch, Seleucia, Alexandria	Prominent cities during the Hellenistic Period, known for their trading hubs and cultural significance.
Delos	Sacred island in the Aegean Sea that served as the original treasury site of the Delian League, later an economic hub.
Patricians and Plebeians	Social classes in ancient Rome, with patricians as the elite aristocracy and plebeians as commoners; divisions affected access to wealth, credit, and influence over financial laws.
Loan Sharks	Individuals or entities offering loans at extremely high interest rates, often illegally or unethically; present throughout history where formal financial institutions were inaccessible, illustrating issues in lending practices.
Serfs	Laborers bound under the feudal system, similar to dependent laborers in ancient economies, who worked land in return for protection and sustenance.
Coerced Debtors	Individuals forced into debt or compelled to borrow, often resulting in debt servitude if they could not repay.
Homeric Greeks	Ancient Greeks of the era described by Homer, with a warrior-aristocracy and a culture based on honor, heroism, and hospitality.
Oligarchy	A political system in which power is held by a small group of wealthy and influential citizens, common in several Greek city-states.
Tenant Farmers	Farmers who rented land from wealthier landowners, often paying in crops or labor, representing the dependence of lower classes in ancient Greece.