The Political Economy Review 2017



2017 has so far been a turbulent year for both economics and politics.

Last year’s edition of the Political Economy Review was dominated by one topic – Brexit. This year, even though Article 50 has now been triggered and negotiations to leave the European Union have now begun, the articles submitted to this journal, rather refreshingly, show that there is more to the world of politics and economics than Brexit (although many boys did still choose to write about the subject). I am delighted that, through this journal, we are able to publish a wide variety of articles and essays which showcase the talents of the boys in the Remove. The majority of those submitting a piece to this journal will go on to study Economics or a related discipline at university; though it is also notable that many are applying for other subjects, and have still chosen to contribute out of their own academic interest. The major news story of this year to date (beyond the already-mentioned triggering of Article 50) is without doubt Theresa May’s failed election gamble. In an attempt to secure what polls had suggested might be an increased majority, a General Election was called for Thursday 8 th June. Three weeks down the line, and May is still in power, but now, in a result that few predicted, she is the head of only a minority government, having garnered only 318 seats in the House of Commons, short of the 326 needed for a majority. The Conservatives, having formed a minority government, with the support of the Democratic Unionist Party, now look shaky at best, but, for now at least, hang on, opposed by a re-invigorated Labour party led by Jeremy Corbyn. However, there is little public appetite for another election any time soon. Who knows whether May will still be in charge next year? Elsewhere, Donald Trump is now in the White House, having seen off Hillary Clinton in November 2016, and Emmanuel Macron, whose new party “En Marche!” won a record majority this month, is the now the French President. A passionate Europhile, Macron will look to espouse the continued relevance of the European Union during this crucial time in its history. Meanwhile, in Germany, Angela Merkel contests yet another election in September. In macroeconomic terms, Britain is yet to feel the full effects of Brexit. To date we are still experiencing positive economic growth, although inflation is approaching 3%, the MPC’s upper bound. Unemployment remains low at around 5%, yet real wage growth and labour productivity levels continue to stagnate. We continue to live in uncertain times!


The 2017 Political Economy Review offers a selection of articles written by the best of this year’s Remove economists. I hope that you enjoy reading…


My thanks go to Asher Laws, Ben Cudworth and Luke Walker Titley for their hard work in producing this publication.


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