by Joseph Evans L6P The year is 1660. The ‘Tenures Abolition Act’ has just been passed by the Convention Parliament. It abolishes feudalism, frees everyone from paying fees to the crown to live, frees men from forced conscription, and paves the way for the competition-driven Industrial Revolution. Now in 2024, feudalism is again rearing its ugly head, as inequalities in wealth widen the gap between rich and poor to such an extent as to return to the social conditions of the Middle Ages. Following the 2008/2009 financial crisis, the drop in interest rates to 0.5% should have encouraged borrowing and spending. Borrowing and spending cause growth, and therefore interest rates should have come back up. The best economists in the country predicted an interest rate rise in the next few years, maybe by 2014 at the latest. They remained below 1% for the next 14 years. But why? Surely people should have been spending? Surely growth should have been happening? No. Because the vast majority of th...
An Academic Blog for Watford Grammar School for Boys