Category: International

History, International

How Ancient Rome Shows That Price Controls Don’t Work

UK inflation is running away, currently at 7% (CPI), the highest rate for 30 years. News reports are full of apocalyptic stories expecting the worst fall in living standards since records began in 1956. This is causing anxiety for all but the wealthiest. A recent poll by Opinium suggests 71% of voters would support price controls on essential goods, like food, clothing and transport. I … Continue reading How Ancient Rome Shows That Price Controls Don’t Work

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International

An investigation into the finances of the Church of England

After Pope Clement VII refused to approve the annulment of Henry VII’s marriage to Catherine of Aragon, urged by the King, the English Parliament passed a series of acts that separated the English church from the Roman hierarchy. This was the first official establishment of the Church . Since then the Church of England has gone through many changes, its’ importance in the world fluctuating … Continue reading An investigation into the finances of the Church of England

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International

The IKEA Effect: When Creation Leads to Overvaluation

When instant cake mixes were introduced in the 1950’s as part of a broader trend to simplify the life of the American housewife, housewives were initially resistant: the simplicity of the mixes made women feel self-indulgent for using them, and as a result, women weren’t able to enjoy the feeling of accomplishment which comes with the manual labour of baking a cake. In subsequent years, … Continue reading The IKEA Effect: When Creation Leads to Overvaluation

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International, US

How can governments make economic sanctions more effective?

Less than five years after sanctions were lifted from Myanmar, army generals conducted a violent coup that shattered democracy in the region.  World leaders were shocked at this sudden turn of events and reinstated sanctions, which immediately received accusations of only being symbolic.  This has recently become a common criticism against sanctions: according to the Peterson Institute for International Economics, only 34% of sanctions are partially successful, … Continue reading How can governments make economic sanctions more effective?

Unknown's avatarSean TanLeave a comment
International, US

The future of the Penny

In a decimalised economy like the UK, one pence coins are often regarded as useless, and rarely spent on goods. Instead, they are given as change for products. In the 1950s, these pennies were important on a daily basis, providing the means for transactions such as buying milk and eggs, which roughly cost 3p and 8p respectively. This utility has been lost today due to … Continue reading The future of the Penny

Unknown's avatarAlliaume Chouteau1 Comment
International, US

Chaebols of South Korea

South Korea’s economy has a highly developed mixed economy. By nominal GDP, the country has the 4th largest economy in Asia and the 10th largest globally. However, there is something special about the South Korean economy that distinguishes it from others: it is dominated by chaebols. Understanding these chaebols is a necessity for anyone who aims to understand South Korean capitalism and society.  The word … Continue reading Chaebols of South Korea

Unknown's avatarAmeya PatkarLeave a comment
International, US

Marijuana: an economic high?

Weed? Pot? Ganja? These are familiar terms for some people, but less well known is the fact that marijuana sales account for more than $120 billion each year in tax revenue and create 1.6 million new jobs in the US alone. The legalisation of cannabis would see it officially become America’s largest cash crop and many people seem to be rooting for it, with only … Continue reading Marijuana: an economic high?

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International, US

Colombia’s Cocaine War: the industry that pays

Colombians earn more from the drug trade than any other nationality in the western hemisphere. Since 2000, the United States has devoted part of its $11.6 billion in Colombian aid to eradication programs in an attempt to reduce the amount of processed cocaine reaching US shores. Despite this, cocaine has been getting cheaper in the United States, coca fields keep expanding, violence continues to worsen, … Continue reading Colombia’s Cocaine War: the industry that pays

Unknown's avatarCharlie RolloLeave a comment
International, US

Does Free Trade Cause Unemployment?

The relationship between international free trade and employment has long been controversial.  Some economists argue free trade affects efficiency but has no effect on total employment in the medium and long term, whilst others argue that there are increased job opportunities due to a rise in exports.  There are several reasons why a country would want to participate in foreign trade. Most obviously, one may … Continue reading Does Free Trade Cause Unemployment?

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International

News Briefing – 30/05/22

We’ve summarised the top stories of the last week into an easily digestible briefing, so that you can stay up to date on what’s happening around the world. You can subscribe to receive the briefing in your inbox each week. UK Business & Economics The government has admitted that the £150 council tax rebate, announced in February, may not arrive for some households until late … Continue reading News Briefing – 30/05/22

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