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
QATAR. The RMB share of global trade finance has risen swiftly from 2% in January 2012 to 8% currently, overtaking the Yen and the Euro to become the second most-widely used currency for trade finance after the US dollar (which accounts for 80%).
INTERNATIONAL. World leaders demanded an international investigation into the shooting down of a Malaysian airliner with 298 people on board over eastern Ukraine, as Kiev and Moscow blamed each other for a tragedy that stoked tensions between Russia and the West.