Barack Obama became the President of the US amid the worst recession since the Great Depression. He took over from President Bush following the sub-prime mortgage crisis, with the economy contracting during his first quarter in office. Thus, his legacy came to be defined by his post-recession economic policies. Supporters and proponents of what hasContinue reading “The Economic legacy of the Obama administration”
Author Archives: Jamie Dean
A return to the Gold Standard
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”
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”
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