Token

Token may refer to:

Currency

Computing

Token Racing

Token Racing was a short-lived Formula One team and constructor from the United Kingdom, participating in four Grands Prix of the 1974 Formula One season.

Token's history began in late 1973 when Rondel Racing, the successful Formula Two team founded by Ron Dennis and Neil Trundle, decided to enter F1. Dennis asked Ray Jessop to design the car, while backing was to come from the French oil company Motul, which had sponsored the team for the previous two years. But when the 1973 oil crisis hit, Motul withdrew, and Dennis was forced to close down the team. The F1 project was subsequently sold to shipbroker Tony Vlassopulo and Lloyd's underwriter Ken Grob, from whose first names the "Token" name was derived, while the car was called the RJ02 in honour of Jessop.

The team made its F1 debut in April 1974 at the non-Championship International Trophy race at Silverstone, with Welshman Tom Pryce at the wheel. Its first Championship race came the following month, at the Belgian Grand Prix, where Pryce qualified 20th but retired at three-quarter distance following a collision with Jody Scheckter's Tyrrell. The team entered the next race at Monaco but was forbidden from taking part on the basis of Pryce's supposed inexperience, prompting the Welshman to move to the Shadow team.

Token (railway signalling)

In railway signalling, a token is a physical object which a locomotive driver is required to have or see before entering onto a particular section of single track. The token is clearly endorsed with the name of the section it belongs to. A token system is used for single lines because of the very much greater risk of serious collision in the event of irregular working by signalmen or traincrews, than on double lines.

Principle

The operation of a bidirectional single track line has obvious problems, the most serious of which is the possibility of two trains traversing the line travelling towards each other, each driver unaware that the other is using the line. The simplest method of controlling such a line is to have only one engine operational, on the basis that a single train cannot collide with itself, and in the absence of another engine, there is nothing else for it to collide with. Such a system is known as "one engine in steam". Such schemes were used, and indeed still are used on some branches of rail networks, and on heritage railways. The main problem with such a scheme is that it is best suited to a completely isolated branch of single track line. Where the section has to be integrated into a larger railway system, it becomes exceptionally limiting in the level of operations that it allows, and the opportunity for a mistake to be made, and an ensuing accident to occur, is high.

Equity

Equity may refer to:

Finance, accounting and ownership

Fairness

Equity (law)

In jurisdictions following the English common law, equity is the set of maxims that "reign over all the law" and "from which flow all civil laws". The Chancery, the office of equity, was the "office that issued the writs that were the foundation of the common law system". Equity is wholly "unaffected by any state laws” (Pomeroy) and is "everything, even without law".

Equity is commonly said to "mitigate the rigour of common law", allowing courts to use their discretion and apply justice in accordance with natural law. In practice, modern equity is limited by substantive and procedural rules, and English and Australian legal writers tend to focus on technical aspects of equity. Twelve "vague ethical statements", known as the maxims of equity, guide the application of equity, and an additional five can be added.

A historical criticism of equity while it developed was that it lacked fixed rules, with the Lord Chancellor occasionally judging in the main according to his conscience. The rules of equity later lost much of their flexibility, and from the 17th century onwards, equity was rapidly consolidated into a system of precedents (or case law) much like its common-law cousin.

Equity (economics)

Equity or economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics. More specifically, it may refer to equal life chances regardless of identity, to provide all citizens with a basic and equal minimum of income, goods, and services or to increase funds and commitment for redistribution.

Overview

Inequality and inequities have significantly increased in recent decades, possibly driven by the worldwide economic processes of globalisation, economic liberalisation and integration. This has led to states ‘lagging behind’ on headline goals such as the Millennium Development Goals (MDGs) and different levels of inequity between states have been argued to have played a role in the impact of the global economic crisis of 2008–2009.

Equity is based on the idea of moral equality. Equity looks at the distribution of capital, goods and access to services throughout an economy and is often measured using tools such as the Gini index. Equity may be distinguished from economic efficiency in overall evaluation of social welfare. Although 'equity' has broader uses, it may be posed as a counterpart to economic inequality in yielding a "good" distribution of wealth. It has been studied in experimental economics as inequity aversion. Low levels of equity are associated with life chances based on inherited wealth, social exclusion and the resulting poor access to basic services and intergenerational poverty resulting in a negative effect on growth, financial instability, crime and increasing political instability.