The Gold Standard was first introduced in the UK during the early 19th century. This monetary system directly linked the value of the pound to a stock of gold reserves, defining a pound to be equal to a certain weight of gold. The UK eventually left the gold standard in 1931, citing the inability toContinue reading “A return to the Gold Standard”
Monthly Archives: September 2021
Are Central banks necessary?
The Bank of England was established in 1694, following successive English defeats to France during the Nine Years’ War. Its purpose was to finance the construction of naval ships. Due to the lack of credit at the time, the government couldn’t borrow the required £1.2 million to build them. In this way, a Central BankContinue reading “Are Central banks necessary?”
The Greek Economic crisis
To say the Greek economy has struggled over the past decade would be an understatement. Following the Great Recession of 2007-8, the state of the Greek economy was in calamity and by 2009 their budget deficit had exceeded 15% of GDP. The previous government had deficits that were greater than had initially been stated withContinue reading “The Greek Economic crisis”
Do trade deficits matter?
Economists have long considered free trade as mutually beneficial for all countries involved. With this said, during the 2016 US Presidential Campaign, free trade received criticism from the Republican nominee Donald Trump, who touted the decline in manufacturing jobs in the midwestern states as a consequence of trade liberalisation. The US has had a tradeContinue reading “Do trade deficits matter?”
Free Marketeer 