There’s a story economics textbooks have been telling for over two centuries. It goes like this: once upon a time, people bartered. A farmer traded wheat for shoes. A cobbler swapped boots for bread. But bartering was awkward — what if the shoemaker didn’t want wheat that day? So clever humans invented money. Gold coins….
Category: Restructuring the global economy
Thoughts on the UK’s “Day of Brexit”
Today, on 31 December 2020, at 23:00 local London time, the UK will formally leave the international socio-economic space created by European nation-states through a number of international treaties since the end of the second world war. It is a turning point in the sense that the UK deliberately diminishes its reach in the global…
Crisis (in) management
The global Corona pandemic has now resulted in a collapse of GDP in many countries. Recently, it was reported that UK GDP reduced by 20.4% in the month of April. What surprises is the reaction to this. Some economic commentators reacted in panicky terms to this news and talk about the economy dropping off a…
A missed opportunity: The Corona crisis and the reformation of the global economy
A number of recent videos uploaded on YouTube on the effects of the Corona crisis on the global economy and the state of political economy to deal with this crisis. Is the reaction to the corona crisis by the governments a missed opportunity for global economic reform? PS An interesting article on the missed opportunity…