Terry Smith

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EuropaUnión EuropeaUE a debate

In deciding whether we want to be part of the EU we should ask ourselves whether or not it is advantageous to the UK to be part of that trading bloc. A trading bloc is advantageous if it enables us to access a larger free market for our goods and services. Economic theory from Adam Smith to David Ricardo shows that our prosperity is enhanced when we are able to focus on those goods and services that we are best at, and trade them with others who have different skills.

How is that going with our EU partners? Not very well judging by last year's Office for National Statistics figures.…  Seguir leyendo »

InternacionalEconomía

There are a couple of unpalatable facts which it is vital for the leaders assembling in London this week to understand if they are to tackle this financial crisis effectively.

The first is the cause of the crisis (no doctor would attempt to treat a patient without first trying to diagnose the cause of the illness). That's easy. The crisis was caused by bankers' greed, and the evils of the bonus system. This led to banks lending too much to subprime borrowers and trading in an alphabet soup of derivative and structured credit instruments such as CDOs, CLOs and CDS. So all governments have to do is recapitalise the banks, get them lending again, pillory some bankers, and the problem's solved.…  Seguir leyendo »