Where will the next economic crisis come from? This might seem like a crazy question in the middle of an uncertain recovery from the Covid 19 pandemic, as cases in Europe rise and as economists everywhere ponder whether or not the “strategic competition” between China and the United States or Covid 19 will have a bigger impact on future economic growth. Yet it is a critical one if we are to learn any lessons at all from the last global finance crisis and to avoid turning a recession into a credit squeeze on a similar scale.
The Board of Trade’s full name is the ‘Lords of the Committee of the Privy Council appointed for the consideration of all matters related to Trade and Foreign Plantations’. It captures the essence of British Imperial history from 1660’s colonialism when it was established, through the expansion of the British Empire in the 19th Century (it features in Antony Trollope’s Phineas Finn, published in 1867-8, for example), through a period of “furlough” after the UK joined the European Community in the 1970s.