Briefings

An economic depression is a severe and prolonged downturn in economic activity that affects a country or even the global economy. It goes beyond a typical recession, which is a shorter period of economic decline. Depressions are marked by significant drops in production, widespread unemployment, falling prices, and a sharp reduction in consumer and business spending. This article explains what an economic depression is, its causes, effects, and how it differs from other economic downturns.

Stagflation is a rare and troubling economic condition that combines stagnant economic growth, high unemployment, and rising inflation. This mix creates a difficult environment for businesses, workers, and policymakers, as the usual tools to fix one issue often worsen the others. For everyday people, stagflation can mean higher prices for goods and services, fewer job opportunities, and a sense that the economy is stuck in a rut. This article breaks down what stagflation is, its causes, effects, and how it impacts daily life.

In the United Kingdom (UK), product labels such as “Made in UK,” “Produced in Scotland,” or “Packed in England” serve to indicate where and how a good was manufactured, processed, or packaged. These labels are important for ensuring transparency, enabling informed consumer choices, and supporting national and regional branding. Following Brexit, the UK has its own regulatory framework separate from the European Union, though many principles remain aligned with international practices governed by the Department for Business and Trade (DBT), Trading Standards, and Defra (Department for Environment, Food & Rural Affairs).

In the European Union (EU), labels such as “Made in EU,” “Product of Italy,” or “Packed in Germany” are governed by comprehensive regulations to protect consumer interests and support fair trade. These labels are important for indicating the origin, processing location, and production value of goods, particularly for agricultural, food, and manufactured products. The regulatory framework is built on principles established by EU legislation, including EU Regulation No 1169/2011 for food labeling and EU Customs Code for non-food goods.

In the United States, labels indicating a product’s country of origin, such as “Made in USA,” “Assembled in USA,” or “Manufactured in USA,” play an important role in informing consumer choice and maintaining transparency in commerce. These labels are governed by specific laws and regulations enforced by federal agencies, primarily the Federal Trade Commission (FTC) and the U.S. Customs and Border Protection (CBP).

Labels on goods sold in Canada serve a dual purpose: they inform consumers and help businesses comply with regulatory standards. Among the most visible of these labels are those that indicate the product’s origin, such as “Made in Canada,” “Product of Canada,” and “Packaged in Canada.” These phrases are not interchangeable. Each has a specific legal meaning defined by government guidelines, especially when it comes to food and consumer products. Understanding the differences is important for anyone trying to assess the authenticity, quality, and value of Canadian goods.

The United States began its journey with debt even before it was a fully established nation. During the American Revolutionary War, the Continental Congress, lacking the authority to levy taxes, relied on loans from foreign allies and issued paper currency to fund the war effort. These early debts set the stage for the new federal government to consider borrowing as a practical tool for managing national expenses.

Economic paradoxes represent fascinating contradictions where seemingly rational individual decisions lead to unexpected or counterintuitive outcomes at the collective level. These paradoxes challenge conventional wisdom and highlight the complex nature of economic systems. They often emerge from the disconnect between microeconomic behaviors and macroeconomic results, revealing how the economy functions in ways that can surprise even seasoned economists.

Tariffs have played a central role in shaping U.S. economic and political policy since the country’s founding. They’ve been used to generate revenue, protect domestic industries, retaliate against foreign competitors, and steer the country’s trade relationships. From early protectionist policies to modern debates over globalization, tariffs reflect shifting economic philosophies and political pressures.

The story of income tax in the United States reflects a changing relationship between government and citizen, shaped by war, economic development, political movements, and public needs. What began as a temporary wartime measure has become a permanent feature of the American fiscal system, influencing how the federal government funds its operations and shapes its policies.