The European Union’s Capital Markets Union (CMU) was created with the goal to increase the depth of investor participation and the breadth of instruments deployed in capital markets across Europe. One key direction of these reforms, from the start of the CMU development and deployment, has been the need to reduce heavy reliance of European companies on the banking […]
In recent times, there has been a policy drive to increase the number of people undertaking apprenticeships in England and there are plans to dramatically change the post-16 system, which would include making apprenticeships a more important part of it. This raises the question as to how beneficial apprenticeships are to young people currently.
In our paper, we use administrative […]
The conventional image of an entrepreneur in Victorian Britain is a captain of industry, heading an engineering or steel factory employing hundreds of workers, and generally pictured with an impressive moustache. But men like that were only the tip of a very large, and much more diverse entrepreneurial iceberg. My research shows that close to 30 per cent of […]
The role of rail transport in shaping the geography of economic development by integrating markets and fostering trade is widely recognised. But such infrastructure also enables the movement of individuals and the ideas they carry. What is the effect of increased individual mobility on the spatial diffusion of socially and politically salient ideas?
Recent events have sparked great interest in […]
In January, Andy Burnham, mayor of Greater Manchester, made a bold announcement, to immediate opposition from established operators. He proposed Manchester have a system of bus operation that has existed in London all century. In fact, London’s buses are organised differently from those everywhere else in Britain. Transport for London specifies the routes and frequency and issues tenders on […]
The globalisation of research and development (R&D) has long lagged far behind the globalisation of production, but since the late 1990s, the distribution of US multinational R&D investment across countries and industries has undergone a dramatic shift towards unlikely R&D destinations like China, India, and Israel. Today’s leading US multinationals have developed a global innovation system that increasingly relies […]
On 18 April 2019, Amazon announced that, “We are notifying sellers we will no longer operate a marketplace on Amazon.cn [Amazon’s Chinese Site] and we will no longer be providing seller service on Amazon.cn effective July 18”. By closing its online store in China that allows the country’s consumers to buy from Chinese merchants, after being comprehensively defeated by domestic […]
The Brexit negotiations have been a prolonged and hopeless effort to achieve a privileged status for the UK as a non-member state – outside the EU, but half-inside. That has been a fantasy from the very beginning. It is politically and legally impossible.
As a member state, we are not part of the Schengen Agreement which allows border-free movement of […]
The economics of attractiveness: teenagers with acne do better in school and later in the labour market
Acne has been the scourge of teenage boys and girls for as long as there have been teenagers. Indeed, acne is the eighth most common disease among humans, affecting nearly 650 million people worldwide. But might acne have a silver lining?
Economists are increasingly interested in the economic returns to physical attractiveness, an interest largely ignited by Hamermesh and Biddle […]
Industrial policies, broadly defined as policies that shape a country’s or region’s industry structure by either promoting or limiting certain industries or sectors, have been widely used in developed and developing countries. Historic examples include the U.S. and Europe after World War II, Japan in the 1950s and 1960s, South Korea and Taiwan in the 1960s and 1970s. Today, […]
Like all things Brexit, Theresa May’s intention of building “Global Britain” outside the European Union has been controversial from the outset. Government ministers have expended a good deal of political capital championing “why Global Britain matters”, framing it as an exercise in creating an “outward-looking” country confidently meeting global challenges. For its advocates, Global Britain is about connecting with […]
For a long time, economists have known that rising globalisation can bring substantial aggregate gains, but also produce winners and losers. The source of this growing inequality may be heterogeneous effects on employment, wages, and prices. Trade barriers have been shrinking since the end of World War II, reaching its lowest levels in the years since the fall of […]
The African continental free trade area (AfCFTA) was signed in Kigali, Rwanda, on 18 March 2018. With Egypt’s parliamentary ratification, three weeks from the anniversary of the signing, 19 out of the required 22 ratifications are in hand, signalling that meeting the objective of ‘entry into force’ (30 days later) is within reach.
This is no mean feat given that […]
Between 1978 and 2015, China moved from a poor, underdeveloped country to the world’s leading emerging economy. Despite the decline in its share of world population, China’s share of world GDP increased from less than 3 per cent in 1978 to about 20 per cent by 2015 (see Figure 1). According to official statistics, real national income per adult […]
The venture and innovation worlds are focused on idea-based venture development. They spend money on incubators and very-early-stage venture capital (VC) seed funds in hopes of building giant ventures from seemingly promising ideas and technologies. But is this wasted capital? Can angels, incubators, venture developers and universities see potential before it is proven? Or can they show more results […]