The Real Raw Material Of Wealth
Poor countries export raw materials such as cocoa, iron ore, and raw diamonds. Rich countries export – often to those same poor countries – more
Economy
Analysis and debate on the European economy: growth and investment, fiscal and monetary policy, trade, industry and inequality.
The Increasing Irrelevance Of Corporate Nationality
“You shouldn’t get to call yourself an American company only when you want a handout from the American taxpayers,” President Obama said Thursday. He was
The Three Policy Changes Europe Needs
The European economy is still in crisis. Real incomes in the Euro area are below the level of 2008 and unemployment is in the double
Inequality is Falling Globally! (And Similar Nonsense)
I bet you think that the rich are getting richer and the poor poorer. A few well-known facts might lead you to this conclusion. For
Europe Must Escape A Savings Trap, Not A Liquidity Trap
The anti-austerity vote in the European elections reflected two different kinds of discontent. One is a feeling of frustration, which is invigorating nationalism: the vote
Rent-Seeking, Living Standards And Inequality
Rent-seeking is the activity of generating and allocating transfers between economic actors. It results in waste and inequality. The rise of rent-seeking, with its epicentre
Why Isn’t Europe More Keynesian?
It is little surprise that Europe continues to struggle to generate the economic and employment growth that would make the debt crisis more manageable. The
Real Business Leaders Want To Save Capitalism
A few weeks ago I was visited in my office by the chairman of one of the country’s biggest high-tech firms who wanted to talk
Why Banking Crises Happen In America But Not In Canada
Tim Geithner’s memoir, published last month, tells us of his life as a firefighter: constantly on call to extinguish a fresh blaze. His baptism of
Creating An Innovation Society
Citizens in the world’s richest countries have come to think of their economies as being based on innovation. But innovation has been part of the
Why Is Capital In The 21st Century (C21C) Such A Success?
About a month ago — this is a true story — after a meeting of Economists Against Austerity, I hailed a taxi in Westminster (the
Angry Economics Students Are Naive – And Mostly Right
Students of economics are in revolt – again. A few years ago, even before the crisis, they established an “autistic economics” network. After the crisis,
Secular Stagnation And The Road to Full Investment
A specter is haunting the treasuries and central banks of the West – the specter of secular stagnation. What if there is no sustainable recovery
The ECB’s Troubling Future Policy Conundrum
In the German Constitutional Court ruling on the Outright Monetary Transactions (OMT) programme by the European Central Bank (ECB), judges said they were “inclined to
Piketty And The Zeitgeist
I get the same question these days wherever I go and from whomever I meet: What do you think of Thomas Piketty? It’s really two
How To Combat Inequalities Produced By Global Capitalism
Rising inequality is one of the most salient issues in global and European politics. Guy Standing writes that what we have witnessed in recent decades