In September 2022 a new Conservative government led by Liz Truss embarked on a new path for economic policy, ostensibly challenging “Treasury orthodoxy”, leaving aside the fact that they never defined what Treasury orthodoxy was. The initiative did not start well! Chancellor Kwarteng’s statement in the UK parliament on Friday, September 23rd led to a...Read More

In January 2020, Christine Lagarde announced that the ECB would be conducting a year-long review process of its monetary policy and remit. Much has happened since its last review in 2004, and GPI has responded to Lagarde’s ambitious agenda. The report reviews the development of ECB monetary policy over the past 30 years and concludes...Read More

The Robber Barons are back. The British Academy’s ‘Principles for Purposeful Business’ report argues, ‘the purpose of business is to solve the problems of people and planet profitably, and not profit from causing problems’. This is taken by most economic commentators to be self-evident. In this paper Professor Pixley begs to differ. Corporate strategy is...Read More

It is becoming clear that China’s ambitious Belt & Road Initiative (BRI) linking Asia and Africa with Europe through a network of various transportation corridors could fundamentally reshape the geo-economics and geopolitics of the whole Eurasian region and beyond. As the initiative has huge implications for the EU and India; the paper has captured evolving...Read More

Weber’s writings on economic history, economic policy, and schools of economics, and his teaching of economics are outlined. His engagement with, and expertise in economics, are revealed to be more extensive than is generally appreciated. The full potential of his major work Economy and Society has yet to be exploited, and this requires a clearer...Read More

Aristotle warned against a ‘missing middle’ in logic (Gk Mesos – middle; intermediate). This paper submits that one of the reasons why there has been next no major breakthrough in macroeconomics since the financial crisis of 2007-2008 has been a missing middle in the micro-macro syntheses of mainstream economics, constrained by partial and general equilibrium premises. It...Read More

China’s massive, continent spanning OBOR project is attracting increasing support from Asian governments, including many that have long had poor relations with China.  This development has to be understood in terms of the regions’ enormous infrastructure deficit, the lack of alternative funding, and the changing reality of Asian geopolitics and economic relations.   China has become the principal...Read More

Brexit is the source of a great deal of uncertainty as far as the exit agreement is concerned. The British government has announced that it will trigger the procedure provided for by article 50 TEU on 29th March, but the commercial aspect of the negotiations is still subject to several strategic factors. Moreover, Theresa May’s...Read More

The collapse of the Shanghai stock market at the end of August (a downward correction of 37% since 12th June) has brought back to the fore the inherent weaknesses in China’s current economic development. The country’s decreasing growth to 7% over the first six months of the year (with an annual forecast of 6.7% for...Read More

This paper utilises long term data series on short-term Japanese interest rates to identify historical changes in interest rate behaviour. Japanese trajectories are then compared to those of key foreign short-term rates and their relationship examined using cointegration analysis to assess the impact of international financial integration. The findings suggest that lasting changes began in...Read More