Articles offering analysis of historical economic events.
Not nearly as famous as pirates, or as infamous as mercenaries, privateers have become a largely forgotten phenomenon of the pre-modern world. Of course, this is a debatable opinion, since most history students would agree that privateering constituted a major element of global trade and military conflicts for nearly 400 years.
The Hamiltonian banks The United States’ Federal Reserve is undoubtedly one of the most important economic and financial institutions in the US and like all institutions of such importance it is easy for mainstream discourse to take it for granted. To forget the history of central banking in the US however would entail a dangerous […]
While in contemporary Economics the notion of opportunity costs is usually a foregone conclusion in calculations of various economic scales, it is a surprisingly recent addition to the subject area.
William Phillips, a New Zealand economist, had studied records of unemployment and the percentage change in money wages in the UK between 1861 and 1957. His conclusion, published in 1958, was that a close inverse relationship between unemployment and percentage changes in average nominal wages existed.
The UK was burdened with unique problems which facilitated rapid deindustrialisation, however, economists and economic historians have identified a number of factors common to all industrialised countries which may explain the deindustrialisation trend.
In 1944 in the New Hampshire town of Bretton Woods, 44 allied nations agreed on a new system of international monetary management which, it was hoped, would promote stability and ultimately, peace.
The ideas, arguments and analysis contained within British economist John Maynard Keynes’ most famous treatise – ‘The General Theory of Employment and Money’ – have influenced the thoughts and actions of economists and politicians across the world since its publication in 1936. His theories, later to be known as ‘Keynesianism’, were a direct response to the […]