INTERNATIONAL. Classical political economists like Adam Smith or David Ricardo never used the term “economy” by itself. They always used the term “political economy.” For classical economists, it was impossible to understand politics without economics or economics without politics.
The two fields are certainly different but they are also intimately linked. The use of the term “economy” by itself did not begin until the late 19th century.
Smith understood that while an efficient market would emerge from individual choices, those choices were framed by the political system in whi
SAUDI ARABIA. The decision follows a Gulf foreign ministers meeting in Riyadh yesterday, which failed to convince Qatar to implement an accord that stops "support for anyone who threatens the security and stability of GCC countries."
INTERNATIONAL. "If the London gold dealers had consistently shorted gold as maintained then they would have incurred losses of such a colossal scale to render the economic crisis a sideshow in comparison."
INTERNATIONAL. "Already we are beginning to see the signs of this offshore activity in regions like the Gulf of Mexico, where spending will represent a third of all deepwater activity globally and the Middle East, where existing brownfield infrastructure needs to be replaced and new installed."
UAE. The passage of the draft Law through the FNC (which is an elected form of Parliamentary advisory body) is a key stage in the legislative process and it brings the draft Law one step closer to being enacted.
INTERNATIONAL. The Energy Information Agency has predicted that natural gas production in the US will continue to grow at an impressive pace. Right now output is close to 70 billion cubic feet a day and is expected to reach over 100 billion cubic feet per day by 2040.