Economic Theory
The economist Carl Menger claimed in 1891 that “in every conflict of interest between the rich and poor, the strong and weak, Smith sides without exception with the latter.” Menger’s claim has been vindicated by recent research. Adam Smith’s advocacy of the interests of the poor is of a piece with his advocacy of what ... Continue reading
Commenting on the speech, Dr Kristian Niemietz, Head of Political Economy at free market think tank the Institute of Economic Affairs, said: "Keir Starmer's speech was dominated by signals that he is different from his predecessor – both in what he said, and even more so in what he did not say. "He distanced himself ... Continue reading
Economic Theory

Alexander Hammond writes for CapX

In an article for CapX, IEA Policy Analyst and Director of the Initiative for African Trade and Prosperity, Alexander Hammond, cited new research released by the Fraser Institute, in conjunction with the IEA, which ranks the level of economic freedom for 165 nations. The UK ranks 12th, up one position from last year. Alexander argues ... Continue reading
Economic Theory
There seems to be a shortage of everything. Hauliers cannot recruit truck drivers; care homes cannot recruit enough care staff; there is a shortage of chefs; construction workers are in short supply as are many building supplies. Ikea is worried that it will not have stocks of many key items. It is quite possible that ... Continue reading
Economic Theory
If you ever talk to a civil servant, or even an MP, who knows something about economics, they are often keen to respond to free market arguments by citing the problem of ‘market failure’. They do this with no sense of irony or any apparent awareness of the failure of governments. Governments do not have ... Continue reading
In their 1992 book Ecocide in the USSR, Murray Feshbach and Alfred Friendly Jr. stated that “no other industrial civilisation so systematically and so long poisoned its land, air, and people.” A well-known example of the parlous and perilous state of environmental protection in the USSR is the Chernobyl nuclear disaster, which occurred on April ... Continue reading
There are 680 very happy steel workers in Sheffield right now. The nationalisation of Sheffield Forgemasters, with the promise of £400m of public investment, should secure their jobs for at least a decade. This is a win for them and their labour unions. Behind the scenes there are other winners. The current underwriters of Forgemasters ... Continue reading
Economic Theory
In the past 100 years, there have been attempts to build socialist societies in at least 24 countries around the world. Soviet socialism was different from the socialism in China, Yugoslavian socialism was different from socialism in Cuba, North Korea’s was different from Vietnam’s, and in Albania it was different from the GDR. Without exception, ... Continue reading

IEA research referenced in Washington Examiner

Research conducted by IEA Head of Political Economy, Dr Kristian Niemietz, was referenced in an article for the Washington Examiner. Kristian's book 'Socialism: The Failed Idea That Never Dies' was referenced as evidence that every socialist experiment has failed and contributed to appalling human rights atrocities and economic collapse. Read the full article here.... Continue reading

Mark Littlewood writes for The Times

Polling data from new IEA paper 'Left Turn Ahead' has revealed that support for socialism and anti-capitalist sentiment is at a remarkably high level among young people. Writing his biweekly column for The Times, IEA Director General Mark Littlewood argues that the drift away from support for capitalism may well continue until major businesses decide ... Continue reading