World Economics - Insight , Analysis and Data

World Economics - Measuring the World Economy
 

Release Schedule

Date / Time (UTC) Release
27 May 07:00 GMI: Global Marketing Index
13 Jun 07:00 WPI: Food Price Index
14 Jun 02:00 WPI: World Price Index
15 Jun 07:00 WPI: Durable Goods Price Index
16 Jun 07:00 WPI: Cost of Fun Price Index
17 Jun 07:00 WPI: Hospitality Price Index
20 Jun 07:00 WPI: Gasoline Price Index
21 Jun 12:00 SMI: United States
21 Jun 12:00 SMI: China
21 Jun 12:00 SMI: India
21 Jun 12:00 SMI: Mongolia
21 Jun 12:00 SMI: Nigeria
21 Jun 12:00 SMI: South Africa
21 Jun 12:00 SMI: Africa
21 Jun 12:00 SMI: Mexico
21 Jun 12:00 SMI: Latin America
21 Jun 12:00 SMI: Philippines
21 Jun 12:00 SMI: Global All-Sector
21 Jun 12:00 SMI: Global Services
21 Jun 12:00 SMI: Global Manufacturing
21 Jun 12:00 SMI: Asia
21 Jun 12:00 SMI: Americas
21 Jun 12:00 SMI: Growth Continents
21 Jun 12:00 SMI: NAFTA
30 Jun 07:00 GMI: Global Marketing Index

> View the full diary of release dates

Sales Managers' Indexes - By Country

New from World Economics: The Sales Managers' Index: United States


  May 2016
United States
The SMI Headline Index registered a value of 52.5 in May, up from the value in April. Business Confidence continued to ease while market growth improved due to improving sales growth.
New from World Economics: The Sales Managers' Index: China


  MAY 2016
China
The China Index brings together the collective wisdom of Sales Managers throughout China. The earliest source of understanding about what’s really happening in the China.
New from World Economics: The Sales Managers' Index: India


  MAY 2016
India
The Index signals that Indian economic activity remains very strong in May. The Index continued at a very high level of 68.7, up marginally from April. May saw continued signs of inflation after a long mild deflationary period.
New from World Economics: The Sales Managers' Index: Mongolia

  MAY 2016
Mongolia
The May Headline Index value of 36.9 indicates that the economy continues to contract but at a slightly slower rate with the business confidence index reporting deteriorating conditions on the previous month.
New from World Economics: The Sales Managers' Index: Nigeria


  MAY 2016
Nigeria
The only available monthly economic indicator which covers all sectors of the Nigerian economy. The SMI reported that Nigeria is entering a period of recession and high levels of price inflation.
New from World Economics: The Sales Managers' Index: South Africa

  MAY 2016
South Africa
The SMI decreased further in May after an eighth month increasing trend.  Sales and Market growth both slowed in May with staffing levels growing but at a slower pace.
New from World Economics: The Sales Managers' Index: Mexico


  MAY2016
Mexico
The Sales Managers’ Indexes, taken as a whole, shows that the Mexican economy contracted again in May with a headline SMI of 47.3, from 46.8 in April.
New from World Economics: The Sales Managers' Index: Philippines


  MAY 2016
Philippines
The Sales Managers’ Indexes, taken as a whole, show that economic growth in Philippines has been very strong. The headline SMI at 80.3 is congruent with strong rates of economic growth. 

Global Sales Managers Indexes

Global Sales Managers' Index

  MAY 2016
Global All-Sector SMI
The May Index value of 53.1 was up slightly on its value registered in April by 0.2 indicating a slight improvement in global economic growth.

Global Manufacturing Sales Managers' Index
  MAY 2016
Global Manufacturing Sector SMI
The World Economics Global Manufacturing Sales Managers’ Index is the earliest economic activity report covering manufacturers in 70 countries worldwide.
Global Services Sales Managers' Index

  MAY 2016
Global Services Sector SMI
The Index registered a value of 53.8 in May, up on the April figure. Panellists indicate that the global services sector continues to exhibit economic growth but has experienced a prolonged declining trend which may have now come to an end.

Sales Managers' Indexes - By Region

New from World Economics: The Sales Managers' Index: Africa

  MAY 2016
Africa
The SMI registered 52.9 in May, down 2.2 from it's April level. Business Confidence continued at a high level, monthly sales declined further and inflation continued to increase. 
The Sales Managers' Index: Latin America

  MAY 2016
Latin America 
The SMI registered 45.2 in May indicating that economic activity in the region is continuing in recession. Business confidence continues to weaken and monthly product sales registered further negative growth.
New from World Economics: The Sales Managers' Index: Americas
  MAY 2016
Americas
This Index brings together the collective wisdom of Sales Managers throughout the entire continent of The Americas to produce the earliest and only source of understanding about what’s really happening throughout the continents.
New from World Economics: The Sales Managers' Index: Asia

  MAY 2016
Asia
Confidence among Sales Managers grew and remains solid; meaning business conditions are to remain positive in the coming months for economic development although the declining trend lead by China appears to have come to an end.
New from World Economics: The Sales Managers' Index: Growth Continents

  MAY 2016
Growth Continents
The Headline Index is designed to reflect overall economic growth, bringing together the average movement of Confidence, Market Expansion, Product Sales, Prices Charged and the Staffing Indices.
New from World Economics: The Sales Managers' Index: NAFTA

  MAY 2016
NAFTA
The composite NAFTA Sales Managers’ Index is the best source of understanding about what’s really happening throughout the entire trading bloc.

The Sales Managers' Index Archive


  MAY 2016
All Countries and Regions
The full archive of Sales Managers' Indexes cover: Africa, Americas, Asia, Growth Continents, Latin America, NAFTA along with the United States, China, India and Mongolia. 




Global Marketing Index

Global Marketing Index


  April 2016
Global Marketing Index
The GMI for March shows that Global Marketing Budgets have expanded for the 38th successive month. Europe has seen an increase in budgets while the Americas and Asia have registered continued declines in April.

Growth Trackers

United States  Growth Tracker


  MAY 2016
United States
US. GDP rose at an annualised rate of 0.5% in Q1 2016, compared to 0.5% in Q1 2015. Data from the U.S. Labour Department showed that 215,000 jobs were added in March.
China Growth Tracker


  MAY 2016
China
China’s official data show GDP grew at annual rate of 6.7% in Q1 2016. Total exports rose 11.5% in the year to March compared to a decline of 25.4% in the previous month.
India Growth Tracker


  MAY 2016
India
Leading indicators showed faster growth, with the SMI at 68.3 in April down from March. Domestic passenger car sales declined 0.3% to 175.73 units in March from 176.26 units in the same month last year.
Global Growth Tracker


  ANNUAL UPDATE: 2016
Global Growth Tracker
World Economics research shows that the global economy grew for 54 out of the past 55 years. The World Economy grew at 3.8% per year between 1961-2015.
Eurozone Growth Tracker


  May 2016
Eurozone
Euro area economy grew at annual rate of 1.6% in Q1 2016, compared to 1.3% in the same quarter last year. The jobless rate was at at 10.2% in March, down from 10.4% in February, and from 11.2% in March 2015.
Commonwealth Growth Tracker


  March 2016
Commonwealth
The World Economics Commonwealth Growth Monitor contrasts the accelerating economic growth of the Commonwealth, with the 5 decade long decline in the rate of growth of the EU.

Latest Index Data Trends

Sort by:

Name Speed & Direction      
SMI: USA - SMI Slow, Increasing
SMI: USA - Staffing Levels Slow, Falling
SMI: USA - Market Growth Medium, Increasing
SMI: USA - Prices Charged Slow, Rising
SMI: USA - New Sales Slow, Increasing
SMI: USA - Business Confidence Slow, Falling
SMI: China - SMI Slow, Increasing
SMI: China - Prices Charged Stable, Rising
SMI: China - Market Growth Slow, Falling
SMI: China - Business Confidence Slow, Increasing
SMI: China - New Sales Slow, Increasing
SMI: China - Staffing Levels Stable, Increasing
SMI: India - SMI Fast, Increasing
SMI: India - Prices Charged Stable, Rising
SMI: India - Staffing Levels Fast, Falling
SMI: India - New Sales Very Fast, Increasing
SMI: India - Business Confidence Very Fast, Increasing
SMI: India - Market Growth Medium, Falling
SMI: Mongolia - SMI Rapid, Increasing
SMI: Mongolia - Prices Charged Rapid, Rising
SMI: Mongolia - Future Confidence Moderate, Increasing
SMI: Mongolia - Staffing Levels Rapid, Increasing
SMI: Mongolia - New Sales Rapid, Increasing
SMI: Mongolia - Market Growth Rapid, Increasing
SMI: Africa - SMI Slow, Falling
SMI: Africa - New Sales Slow, Falling
SMI: Africa - Business Confidence Fast, Falling
SMI: Africa - Prices Charged Medium, Falling
SMI: Africa - Market Growth Stable, Falling
SMI: Africa - Staffing Levels Slow, Falling
SMI: Nigeria - SMI Medium, Falling
SMI: Nigeria - Market Growth Slow, Falling
SMI: Nigeria - Prices Charged Fast, Falling
SMI: Nigeria - Staffing Levels Moderate, Falling
SMI: Nigeria - Business Confidence Very Fast, Falling
SMI: Nigeria - New Sales Moderate, Falling
SMI: South Africa - SMI Slow, Falling
SMI: South Africa - Business Confidence Slow, Falling
SMI: South Africa - Market Growth Slow, Falling
SMI: South Africa - Staffing Levels Slow, Falling
SMI: South Africa - New Sales Slow, Falling
SMI: South Africa - Prices Charged Medium, Falling
SMI: Mexico - SMI Slow, Increasing
SMI: Mexico - Business Confidence Slow, Falling
SMI: Mexico - Staffing Levels Stable, Increasing
SMI: Mexico - Market Growth Slow, Falling
SMI: Mexico - New Sales Slow, Increasing
SMI: Mexico - Prices Charged Slow, Rising
SMI: LatAm - SMI Slow, Falling
SMI: LatAm - Staffing Levels Moderate, Increasing
SMI: LatAm - New Sales Slow, Falling
SMI: LatAm - Business Confidence Rapid, Falling
SMI: LatAm - Prices Charged Slow, Falling
SMI: LatAm - Market Growth Slow, Falling
SMI: Philippines - SMI Very Fast, Stable
SMI: Philippines - Staffing Levels Very Fast, Increasing
SMI: Philippines - Market Growth Very Fast, Stable
SMI: Philippines - Prices Charged Fast, Rising
SMI: Philippines - New Sales Very Fast, Falling
SMI: Philippines - Confidence Very Fast, Stable
SMI: Global - Man - SMI Slow, Increasing
SMI: Global - Man - Market Stable, Increasing
SMI: Global - Man - Prices Slow, Increasing
SMI: Global - Man - Sales Slow, Increasing
SMI: Global - Man - Staffing Slow, Falling
SMI: Global - Man - Confidence Slow, Falling
SMI: Global - Non-Man - SMI Slow, Increasing
SMI: Global - Non-Man - Sales Medium, Increasing
SMI: Global - Non-Man - Confidence Medium, Increasing
SMI: Global - Non-Man - Prices Slow, Increasing
SMI: Global - Non-Man - Staffing Stable, Increasing
SMI: Global - Non-Man - Market Slow, Falling
SMI: Global - SMI Slow, Increasing
SMI: Global - Market Growth Slow, Falling
SMI: Global - Staffing Levels Stable, Falling
SMI: Global - New Sales Slow, Increasing
SMI: Global - Future Confidence Medium, Falling
SMI: Global - Prices Charged Slow, Rising
SMI: Asia - SMI Medium, Increasing
SMI: Asia - New Sales Fast, Increasing
SMI: Asia - Market Growth Slow, Falling
SMI: Asia - Staffing Levels Medium, Increasing
SMI: Asia - Future Confidence Fast, Increasing
SMI: Asia - Prices Charged Stable, Rising
SMI: Americas - SMI Stable, Increasing
SMI: Americas - Future Confidence Slow, Falling
SMI: Americas - New Sales Slow, Increasing
SMI: Americas - Prices Charged Slow, Rising
SMI: Americas - Market Growth Slow, Stable
SMI: Americas - Staffing Levels Slow, Falling
SMI: Growth Conts. - SMI Slow, Increasing
SMI: Growth Conts. - Prices Charged Slow, Rising
SMI: Growth Conts. - Market Growth Slow, Falling
SMI: Growth Conts. - New Sales Medium, Increasing
SMI: Growth Conts. - Confidence Medium, Increasing
SMI: Growth Conts. - Staffing Levels Slow, Increasing
SMI: NAFTA - SMI Stable, Increasing
SMI: NAFTA - Future Confidence Slow, Falling
SMI: NAFTA - New Sales Slow, Increasing
SMI: NAFTA - Staffing Levels Slow, Falling
SMI: NAFTA - Market Growth Slow, Increasing
SMI: NAFTA - Prices Charged Stable, Rising
GPI: Global - Gas Price Index Rising
GPI: United States Rising
GPI: China Rising
GPI: Japan Rising
GPI: India Rising
GPI: Germany Rising
GPI: United Kingdom Rising
GPI: Russia Rising
GPI: France Rising
GPI: Brazil Falling
GPI: Italy Rising
HPI: Global - Hospitality Index Rising
HPI: United States Rising
HPI: China Rising
HPI: Japan Rising
HPI: India Falling
HPI: Germany Falling
HPI: United Kingdom Rising
HPI: Russia Rising
HPI: France Rising
HPI: Brazil Falling
HPI: Italy Rising
CFPI: Global - Cost of Fun Index Rising
CFPI: United States Rising
CFPI: China Falling
CFPI: Japan Falling
CFPI: India Falling
CFPI: Germany Rising
CFPI: United Kingdom Stable
CFPI: Russia Rising
CFPI: France Rising
CFPI: Brazil Rising
CFPI: Italy Falling
DPI: Global - Durables Price Index Rising
DPI: United States Rising
DPI: China Rising
DPI: Japan Rising
DPI: India Falling
DPI: Germany Falling
DPI: United Kingdom Rising
DPI: Russia Rising
DPI: France Falling
DPI: Brazil Rising
DPI: Italy Rising
WPI: China Stable
WPI: Japan Rising
WPI: India Falling
WPI: Germany Stable
WPI: United Kingdom Stable
WPI: Russia Falling
WPI: Brazil Rising
WPI: Italy Stable
WPI: Argentina Rising
WPI: Mexico Stable
WPI: South Korea Rising
WPI: Canada Stable
WPI: France Stable
WPI: Spain Stable
WPI: Turkey Stable
FPI: Global - Food Price Index Rising
FPI: United States Falling
FPI: China Rising
FPI: Japan Falling
FPI: India Falling
FPI: Germany Rising
FPI: United Kingdom Falling
FPI: Russia Rising
FPI: France Rising
FPI: Brazil Rising
FPI: Italy Falling
SMI: NAFTA - SMI Stable, Stable
SMI: NAFTA - New Sales Stable, Increasing
SMI: NAFTA - Prices Charged Slow, Rising
SMI: NAFTA - Future Confidence Slow, Falling
SMI: NAFTA - Staffing Levels Slow, Falling
SMI: NAFTA - Market Growth Slow, Increasing
SMI: Growth Conts. - SMI Slow, Falling
SMI: Growth Conts. - Staffing Levels Slow, Increasing
SMI: Growth Conts. - Confidence Medium, Falling
SMI: Growth Conts. - New Sales Medium, Falling
SMI: Growth Conts. - Prices Charged Slow, Falling
SMI: Growth Conts. - Market Growth Slow, Falling
SMI: Americas - SMI Stable, Falling
SMI: Americas - Staffing Levels Slow, Falling
SMI: Americas - Future Confidence Slow, Falling
SMI: Americas - New Sales Stable, Increasing
SMI: Americas - Prices Charged Slow, Rising
SMI: Americas - Market Growth Slow, Increasing
SMI: Asia - SMI Medium, Increasing
SMI: Asia - Market Growth Medium, Falling
SMI: Asia - Prices Charged Stable, Stable
SMI: Asia - New Sales Fast, Increasing
SMI: Asia - Future Confidence Fast, Increasing
SMI: Asia - Staffing Levels Medium, Increasing
SMI: Global - SMI Slow, Falling
SMI: Global - Staffing Levels Stable, Falling
SMI: Global - New Sales Slow, Increasing
SMI: Global - Future Confidence Medium, Falling
SMI: Global - Prices Charged Slow, Stable
SMI: Global - Market Growth Slow, Increasing
SMI: Global - Non-Man - SMI Slow, Falling
SMI: Global - Non-Man - Confidence Medium, Falling
SMI: Global - Non-Man - Sales Slow, Falling
SMI: Global - Non-Man - Market Slow, Increasing
SMI: Global - Non-Man - Staffing Stable, Falling
SMI: Global - Non-Man - Prices Slow, Stable
SMI: Global - Man - SMI Slow, Falling
SMI: Global - Man - Sales Slow, Increasing
SMI: Global - Man - Market Stable, Increasing
SMI: Global - Man - Staffing Stable, Falling
SMI: Global - Man - Prices Slow, Increasing
SMI: Global - Man - Confidence Slow, Falling
GMI: Global - Trading conditions Slow, Increasing
GMI: Americas - Marketing Index Slow, Increasing
GMI: Asia Pacific - Marketing Index Slow, Falling
GMI: European - Marketing Index Medium, Falling
GMI: Global - Marketing Index Medium, Falling
GMI: Global - Marketing budgets Slow, Falling
GMI: Global - Staffing Medium, Falling
SMI: Philippines - SMI Very Fast, Stable
SMI: Philippines - Staffing Levels Very Fast, Increasing
SMI: Philippines - Prices Charged Fast, Rising
SMI: Philippines - Market Growth Very Fast, Falling
SMI: Philippines - New Sales Very Fast, Falling
SMI: Philippines - Confidence Very Fast, Increasing
SMI: LatAm - SMI Slow, Falling
SMI: LatAm - Business Confidence Rapid, Falling
SMI: LatAm - New Sales Slow, Falling
SMI: LatAm - Prices Charged Slow, Falling
SMI: LatAm - Staffing Levels Moderate, Increasing
SMI: LatAm - Market Growth Slow, Stable
SMI: Mexico - SMI Slow, Falling
SMI: Mexico - Market Growth Slow, Falling
SMI: Mexico - Staffing Levels Slow, Increasing
SMI: Mexico - New Sales Slow, Increasing
SMI: Mexico - Prices Charged Slow, Falling
SMI: Mexico - Business Confidence Slow, Falling
SMI: Africa - SMI Medium, Falling
SMI: Africa - Staffing Levels Stable, Falling
SMI: Africa - New Sales Stable, Falling
SMI: Africa - Prices Charged Medium, Rising
SMI: Africa - Business Confidence Fast, Falling
SMI: Africa - Market Growth Slow, Falling
SMI: South Africa - SMI Medium, Falling
SMI: South Africa - New Sales Slow, Falling
SMI: South Africa - Business Confidence Medium, Falling
SMI: South Africa - Prices Charged Fast, Falling
SMI: South Africa - Staffing Levels Slow, Falling
SMI: South Africa - Market Growth Medium, Falling
SMI: Nigeria - SMI Medium, Falling
SMI: Nigeria - Business Confidence Very Fast, Falling
SMI: Nigeria - Prices Charged Fast, Falling
SMI: Nigeria - New Sales Slow, Falling
SMI: Nigeria - Staffing Levels Slow, Falling
SMI: Nigeria - Market Growth Slow, Falling


















































Global GDP Data

Data Quality Index

  Data Quality Index
The data quality index is designed to review the accuracy of GDP data worldwide. Most GDP data is flawed to an extent few realise. See just how misleading GDP data can be here.
Historical GDP Database

  Global GDP Database
Download the world’s most comprehensive GDP database. Covering over 130 countries with historical GDP PPP data from 1870-2014.

Global Price Indexes

The World Price Index

  May 2016
World Price Index
The WPI provides a monthly index of PPP exchange rates against the US Dollar across the world’s 15 largest economies.
Food Price Index

  May 2016
Food Price Index
The World Economics Food Price Index (FPI) is based on average end-user prices for a typical basket of grocery items in national currencies
Durable Goods Price Index

  May 2016
Durable Goods Price Index
Price Index for durable goods. e.g. Kettles and homeware.
Gasoline Price Index

  May 2016
Gasoline / Petrol Price Index
Analysis of the average end-user prices for RON-95 Petrol in indexed from national currencies.
Hospitality Goods Price Index

  May 2016
Hospitality Goods Price Index
Hospitality service prices for the 15 top global economies in comparable index form.
Cost of Fun Price Index

  May 2016
Cost of Fun Price Index
The cost of recreational goods and services from Golf Clubs, iPads, music downloads to holiday flights.

Recent Papers

New on World Economics: Measuring GDP in North and South America


  MARCH 2016
Measuring GDP in North and South America
New on World Economics: Measuring GDP in Asia


  MARCH 2016
Measuring GDP in Asia
New on World Economics: Measuring GDP in Africa


  MARCH 2016
Measuring GDP in Africa
New on World Economics: Global Growth Tracker


  MARCH 2016
Global Growth Tracker
New on World Economics: Measuring GDP in Europe


  SEPTEMBER 2015
Measuring GDP in Europe
New on World Economics: How Errors in Seasonal Adjustment Factors for US GDP contributes to misleading National Accounts Data


  JULY 2015
How Errors in Seasonal Adjustment Factors for US GDP contributes to misleading National Accounts Data
New on World Economics: Sterling is the most debased currency


  MARCH 2015
Sterling is the most debased currency
New on World Economics: Tanzania’s GDP grows 31.4 percent after rebasing


  FEBRUARY 2015
Tanzania’s GDP grows 31.4 percent after rebasing
New on World Economics: Argentina’s Inflation Data Problems


  FEBRUARY 2014
Argentina’s Inflation Data Problems
New on World Economics: Measuring Argentina's GDP: Myths And Facts


  JANUARY 2014
Measuring Argentina's GDP: Myths And Facts
New on World Economics: China Becomes the Worlds largest Economy in 2013


  DECEMBER 2013
China Becomes the Worlds largest Economy in 2013
New on World Economics: How to create a British Sovereign Wealth Fund


  NOVEMBER 2013
How to create a British Sovereign Wealth Fund
New on World Economics: Understanding Commercial Property Price Indexes


  OCTOBER 2013
Understanding Commercial Property Price Indexes
New on World Economics: The Need to Improve Global Real Estate Data


  SEPTEMBER 2013
The Need to Improve Global Real Estate Data
New on World Economics: The Nutella Tax: patronising, protectionist and promoting poverty


  SEPTEMBER 2013
The Nutella Tax: patronising, protectionist and promoting poverty
New on World Economics: Emerging Market Economic Data Cannot be Trusted


  AUGUST 2013
Emerging Market Economic Data Cannot be Trusted
New on World Economics: Demystifying Youth Unemployment


  AUGUST 2013
Demystifying Youth Unemployment

Spotlight: When to Buy and When to Sell Equities?


When to Buy and When to Sell Equities?


Spotlight: Growing US trade imbalance with China


Growing US trade imbalance with China


Spotlight: The UK Bank Rate (1694 – 2016)


The Bank Rate (1694 – 2014)

Spotlight: Eurozone Inflation (1997 – 2016)


The Bank Rate (1694 – 2014)




Classic Papers from the Archive



  What do Economists Know?
Economists can be confident about quite a lot of what they do think they know, even when they are disbelieved by large parts of the public not to mention political leaders and policy makers. Sir Alan Budd revisits some fundamentals.


  How to Tackle Poverty
This article argues that, beyond the headline-grabbing generalities, development economists are building up a detailed body of empirical evidence specific to individual countries which will shape more effective policy interventions in the years ahead.


  The Economics of Epidemics
An analysis of the economic implications of the Great Plague in the fourteenth century, the 1918–19 influenza epidemic, the HIV/AIDS curse and SARS to demonstrate the short- and long-term effects of different kinds of epidemics.


  The Value of Vaccination
Despite advances during the twentieth century, immunization coverage is far from universal and faces significant obstacles in both developing and developed countries. The paper shows that the economic effects via improved health - have been underestimated, thereby causing the rate of return to be underestimated.



  How Many Wildebeest do You Need?
A close look at the Wildlife Act, by pandering to the welfare lobby, the act removes all remaining incentives for communities and landowners to keep wildlife on their land.


  The Economics of Copyright
A review of the economic issues behind copyright and how these are challenged by changes in technology and market structure


  The Case for Narrow Banking
The paper argues that regulatory reform should emphasise systemic resilience and robustness, not more detailed behaviour prescription.
 


  The Costs of Violent Crime
A review of a number of studies that have sought to estimate the economic costs of criminal offending and, more specifically, violent crime.


  An Economic Analysis of the Mafia
This paper reviews the current economic thinking on the Mafia phenomenon and distinguishes the Mafia from ordinary criminal gangs by the desire of the exclusive right to commit criminal acts.



  Weapons Exports - The Bogus Moral Dilemma
Samuel Brittan argues that "unaffordable" ethical arms exports arise from a failure to understand the circular flow of income, the fallacy of a "lump of labour" and a long discredited mercantilist view of trade.


  Measuring Global Drug Markets
The continuing demand for measures of the size of global drug revenues has produced a supply of numbers that consistently overstate international financial flows. This paper shows that, rather than $500 billion, the annual figure in trade terms may be about $25 billion.




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