History of computing

The first use of the word "computer" was recorded in 1613, referring to a person who carried out calculations, or computations, and the word continued to be used in that sense until the middle of the 20th century. From the end of the 19th century onwards though, the word began to take on its more familiar meaning, describing a machine that carries out computations.^[3]

The history of the modern computer begins with two separate technologies—automated calculation and programmability—but no single device can be identified as the earliest computer, partly because of the inconsistent application of that term. Examples of early mechanical calculating devices include the abacus, the slide rule and arguably the astrolabe and the Antikythera mechanism (which dates from about 150–100 BC). Hero of Alexandria (c. 10–70 AD) built a mechanical theater which performed a play lasting 10 minutes and was operated by a complex system of ropes and drums that might be considered to be a means of deciding which parts of the mechanism performed which actions and when.^[4] This is the essence of programmability.

The "castle clock", an astronomical clock invented by Al-Jazari in 1206, is considered to be the earliest programmable analog computer.^[5] It displayed the zodiac, the solar and lunar orbits, a crescent moon-shaped pointer travelling across a gateway causing automatic doors to open every hour,^[6][7] and five robotic musicians who played music when struck by levers operated by a camshaft attached to a water wheel. The length of day and night could be re-programmed to compensate for the changing lengths of day and night throughout the year.^[5]

The Renaissance saw a re-invigoration of European mathematics and engineering. Wilhelm Schickard's 1623 device was the first of a number of mechanical calculators constructed by European engineers, but none fit the modern definition of a computer, because they could not be programmed.

In 1801, Joseph Marie Jacquard made an improvement to the textile loom by introducing a series of punched paper cards as a template which allowed his loom to weave intricate patterns automatically. The resulting Jacquard loom was an important step in the development of computers because the use of punched cards to define woven patterns can be viewed as an early, albeit limited, form of programmability.

It was the fusion of automatic calculation with programmability that produced the first recognizable computers. In 1837, Charles Babbage was the first to conceptualize and design a fully programmable mechanical computer, his analytical engine.^[8] Limited finances and Babbage's inability to resist tinkering with the design meant that the device was never completed.

In the late 1880s Herman Hollerith invented the recording of data on a machine readable medium. Prior uses of machine readable media, above, had been for control, not data. "After some initial trials with paper tape, he settled on punched cards ..."^[9] To process these punched cards he invented the tabulator, and the key punch machines. These three inventions were the foundation of the modern information processing industry. Large-scale automated data processing of punched cards was performed for the 1890 United States Census by Hollerith's company, which later became the core of IBM. By the end of the 19th century a number of technologies that would later prove useful in the realization of practical computers had begun to appear: the punched card, Boolean algebra, the vacuum tube (thermionic valve) and the teleprinter.

During the first half of the 20th century, many scientific computing needs were met by increasingly sophisticated analog computers, which used a direct mechanical or electrical model of the problem as a basis for computation. However, these were not programmable and generally lacked the versatility and accuracy of modern digital computers.

Alan Turing is widely regarded to be the father of modern computer science. In 1936 Turing provided an influential formalisation of the concept of the algorithm and computation with the Turing machine. Of his role in the modern computer, Time Magazine in naming Turing one of the 100 most influential people of the 20th century, states: "The fact remains that everyone who taps at a keyboard, opening a spreadsheet or a word-processing program, is working on an incarnation of a Turing machine." ^[10]

George Stibitz is internationally recognized as a father of the modern digital computer. While working at Bell Labs in November of 1937, Stibitz invented and built a relay-based calculator he dubbed the "Model K" (for "kitchen table", on which he had assembled it), which was the first to use binary circuits to perform an arithmetic operation. Later models added greater sophistication including complex arithmetic and programmability.^[11]

Computer

This article is about the machine. For other uses, see Computer (disambiguation).

"Computer technology" redirects here. For the company, see Computer Technology Limited.

A computer is a machine that manipulates data according to a set of instructions.

Although mechanical examples of computers have existed through much of recorded human history, the first electronic computers were developed in the mid-20th century (1940–1945). These were the size of a large room, consuming as much power as several hundred modern personal computers (PCs).^[1] Modern computers based on integrated circuits are millions to billions of times more capable than the early machines, and occupy a fraction of the space.^[2] Simple computers are small enough to fit into a wristwatch, and can be powered by a watch battery. Personal computers in their various forms are icons of the Information Age and are what most people think of as "computers". The embedded computers found in many devices from MP3 players to fighter aircraft and from toys to industrial robots are however the most numerous.

The ability to store and execute lists of instructions called programs makes computers extremely versatile, distinguishing them from calculators. The Church–Turing thesis is a mathematical statement of this versatility: any computer with a certain minimum capability is, in principle, capable of performing the same tasks that any other computer can perform. Therefore computers ranging from a mobile phone to a supercomputer are all able to perform the same computational tasks, given enough time and storage capacity.

CPI of insurance

Collateral protection insurance or CPI, insures property (primarily vehicles) held as collateral for loans made by lending institutions.
Defense Base Act Workers' compensation or DBA Insurance provides coverage for civilian workers hired by the government to perform contracts outside the U.S. and Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase coverage to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products provide a benefit to a third party (the "obligee") in the event the insured party (usually referred to as the "obligor") fails to perform its obligations under a contract with the obligee.
Kidnap and ransom insurance
Locked funds insurance is a little-known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required.
Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. See the Nuclear exclusion clause and for the United States the Price-Anderson Nuclear Industries Indemnity Act)
Pet insurance insures pets against accidents and illnesses - some companies cover routine/wellness care and burial, as well.
Pollution Insurance, which consists of first-party coverage for contamination of insured property either by external or on-site sources. Coverage for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.
Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, personal liabilities, etc.

Insurance financing vehicles

Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations.[13]
No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident.
Protected Self-Insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information.
Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium × tax multiplier. Numerous variations of this formula have been developed and are in use.
Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords.
Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.
Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others):
National Insurance
Social safety net
Social security
Social Security debate (United States)
Social Security (United States)
Social welfare provision
Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.

[edit] Closed community self-insurance
Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.
In the United Kingdom, The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether.

History

The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th century in the United States, other basic foodstuffs such as soybeans were only added quite recently in most markets.[citation needed] For a commodity market to be established, there must be very broad consensus on the variations in the product that make it acceptable for one purpose or another.
The economic impact of the development of commodity markets is hard to overestimate. Through the 19th century "the exchanges became effective spokesmen for, and innovators of, improvements in transportation, warehousing, and financing, which paved the way to expanded interstate and international trade."[citation needed]

Proliferation of contracts, terms, and derivatives

However, if there are two or more standards of risk or quality, as there seem to be for electricity or soybeans, it is relatively easy to establish two different contracts to trade in the more and less desirable deliverable separately. If the consumer acceptance and liability problems can be solved, the product can be made interchangeable, and trading in such units can begin.
Since the detailed concerns of industrial and consumer markets vary widely, so do the contracts, and "grades" tend to vary significantly from country to country. A proliferation of contract units, terms, and futures contracts have evolved, combined into an extremely sophisticated range of financial instruments.
These are more than one-to-one representations of units of a given type of commodity, and represent more than simple futures contracts for future deliveries. These serve a variety of purposes from simple gambling to price insurance.

[edit] Oil
Building on the infrastructure and credit and settlement networks established for food and precious metals, many such markets have proliferated drastically in the late 20th century. Oil was the first form of energy so widely traded, and the fluctuations in the oil markets are of particular political interest.
Some commodity market speculation is directly related to the stability of certain states, e.g. during the Persian Gulf War, speculation on the survival of the regime of Saddam Hussein in Iraq. Similar political stability concerns have from time to time driven the price of oil. Some argue that this is not so much a commodity market but more of an assassination market speculating on the survival (or not) of Saddam or other leaders whose personal decisions may cause oil supply to fluctuate by military action.
The oil market is an exception. Most markets are not so tied to the politics of volatile regions - even natural gas tends to be more stable, as it is not traded across oceans by tanker as extensively.

Commodity markets and protectionism

Developing countries (democratic or not) have been moved to harden their currencies, accept IMF rules, join the WTO, and submit to a broad regime of reforms that amount to a "hedge" against being isolated. China's entry into the WTO signalled the end of truly isolated nations entirely managing their own currency and affairs. The need for stable currency and predictable clearing and rules-based handling of trade disputes, has led to a global trade hegemony - many nations "hedging" on a global scale against each other's anticipated "protectionism", were they to fail to join the WTO.
There are signs, however, that this regime is far from perfect. U.S. trade sanctions against Canadian softwood lumber (within NAFTA) and foreign steel (except for NAFTA partners Canada and Mexico) in 2002 signalled a shift in policy towards a tougher regime perhaps more driven by political concerns - jobs, industrial policy, even sustainable forestry and logging practices.