Category Archives: Original Articles

Is Protectionism Incompatible With Its Own Aims?

Written By: Arshiya Chaudhary

“The philosophy of protectionism is a philosophy of war” – Ludwig Von Mises. Cited by a renowned libertarian economist, this quote communicates the popular perception behind trade protectionism. But, can protectionism ever be a good idea? Or does it always contradict its own purpose?

Simply put, Protectionism is a policy that restricts free trade. In terms of world trade, it restricts imports from other countries using control methods like tariffs, quotas, production standards and government regulations. Protectionism within a country can be implemented to protect small firms and businesses from competition, by regulating taxes and subsidies.

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Beware Environmental Evangelism

Written By: Andrew Gibson (04/10/2021)

In the past weeks, China hasn’t only been busy with concerns of financial delinquency contagion stemming from the liquidity problems of its second largest real estate developer (6). The world’s second largest economy is now struggling with an energy crisis. The cause? In part, its own environmental commitments (3). Naturally, the question arises: how could the environmental obligations be so short-sighted as to cause such a severe shortage? Of course, they aren’t, and they didn’t, right? Surely there’s something else afoot. But, does it matter? Not really. In a world of narrative economics, the story can sometimes be more compelling than the facts. Indeed, surging power demand, a cessation of Australian coal imports, lagging coal production and a resulting depletion of inventories (4) make it seem as though the energy problem is arising from market forces, not concerns for the environment. Yet, many Chinese are pointing the finger at government policy. Interestingly, they might not be wrong for doing so.

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United States’ Default On Its Debt

Written By: Niharika Sharma

US were to default on its debt on October 18, 2021, when Treasury Secretary Janet Yellen informed that the country was reaching its debt ceiling which currently stands around $28tn. Both the Republicans and Democrats were in conflict with each other as to how to resolve the issue by playing the blame game (1). As a result, on 15 October 2021, the Congress voted for short term bill to raise debt ceiling till December giving the government some room to act. At the US Senate, the constitution requires both majority and opposition parties vote to make changes to the debt ceiling. This means that even if there are 50 Democrats at the senate, yet it still requires at least 10 Republicans to vote for the measure to pass. As the US government cannot keep increasing its debt ceiling, the Republicans agreed to extend Biden’s government request for temporary increment of the debt ceiling which will be voted again on 3 December 2021(1).

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How The Great War Changed Canada – An Economic Perspective

Written By: Sumeet Singh Dhatt

June 28, 1914: Archduke Franz Ferdinand has been assassinated triggering the start of a four-year-long conflict unlike the world has ever seen before, the Great War (10). These next four years will see the death of millions, as well as the rise and fall of nations and empires.

The Dominion of Canada, under the rule of Great Britain, fought alongside the allied powers including France, Russia, and the United States (10). Over the next four years, the young nation will step into its own, showing to the rest of the world that it’s more than just a colony and that it deserves representation on the global stage.

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Reshuffle of the China’s Education System: The Double Reduction Policy

Written By: Yi Dong

The General office of China Central Committee of the CPC and the General Office of the State Council has jointly issued new educational guidelines named the Opinions on Further Reducing the Burdens of Homework and Off-campus Training for Students During the Period of Compulsory Education, or the “double reduction” policy for short on July 24, 2021 (7). The two main aims of this policy are to relieve the studying burden on the students and reduce the number of off-campus tutoring programs that feature curriculum subjects.

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