Trade, Development, and Immigration
It was almost exactly 200 years ago that David Ricardo first outlined the principle of comparative advantage that helped lay the groundwork for repealing the corn laws here in Britain, and the free-trading consensus that later emerged. But free trade is coming under attack around the world - since the FC especially, tariffs and protectionism ... Continue reading
The idea of the “Entrepreneurial State” or the “state as investor” has taken off in recent years - following the release of an influential book by economist Mariana Mazzucato. This view that state investment weighs very heavily in economic growth, now forms the basis of contemporary public policy. Our government’s Industrial Strategy effectively proposes that ... Continue reading
Economic Theory
Socialists claim that previous versions of socialism went wrong because of external constraints, or because it happened in the wrong place, or because the wrong people took over, and so on. Fair enough. Let’s do a thought experiment, then, in which we just assume all those factors away. Let’s do a thought experiment of a ... Continue reading
It seems the likelihood of leaving the EU with no deal is increasing — in fact it’s now 60 per cent, according to Trade Minister Liam Fox. Also on the up in recent weeks has been the proliferation of apocalyptic scenarios about what this might mean. Planes won’t fly, we’re told, there will be shortages ... Continue reading
With power struggles within Parliament dominating the headlines, it’s all too easy to forget the bigger picture of our departure from the EU. Yet, with public consultations opening up about our first bilateral trade agreements, this debate is continuing - though perhaps not getting the attention it deserves. Today we’re joined by Shanker Singham, Director ... Continue reading
Society and Culture
You’re listening to Live from Lord North Street, a podcast from the Institute of Economic Affairs. Back in June, Press Secretary Sarah Sanders was kicked out of the Red Hen restaurant in Virginia, because the owner didn’t like her association with President Donald Trump’s administration. Is this an act of discrimination, perfectly within one’s right, ... Continue reading