George M. Georgiou* “Something is rotten in the state of Denmark” –Marcellus “That one may smile and smile and be a villain” –Hamlet (Act 1, Hamlet) Some Very British (and not so British) Scandals All imperial powers eventually wither away. Some through war, some through economic decline, some as...
George M. Georgiou* Introduction Transparency International’s Corruption Perceptions Index (CPI) is the most widely cited indicator of corruption. The CPI, which currently covers 180 countries, is published annually and is given prominence by journalists, anti-corruption campaigners, academics and politicians. The CPI uses a variety of surveys, primarily on business...
George M. Georgiou* In 2021 the World Bank became embroiled in a scandal involving its flagship publication Doing Business. An independent investigation by the law firm WilmerHale, published in September 2021, found that staff working on the 2018 edition of the report had been pressured by the then president...
George M. Georgiou* Debates about central bank independence have traditionally focused on monetary policy, specifically the setting of interest rates. A central bank, it is argued, should be free of government influence when setting interest rates, thus allowing it to maintain price stability. However, the temptation to meddle with...
George M. Georgiou* Although the phrase “lies, damned lies, and statistics” is often attributed to Mark Twain, no one can say with certainty where it originated from. What we can say with certainty is that societies around the world have become accustomed to being lied to by their governments. Although...
George M. Georgiou* According to Eurostat’s data browser, Cyprus’ real per capita GDP in 2020 was €23.050, which is about 87% of the EU-27 average. One could be forgiven for thinking that with so much conspicuous consumption on display (everything from luxury cars to high end villas and apartments), perhaps...
George M. Georgiou* The financial crisis of 2007—2009, referred to as the Great Recession, which afflicted most of the advanced capitalist economies and beyond, triggered a debate among commentators, economists, and policy makers about the relevance of academic economics. Critics were drawn from across the ideological spectrum. For example, heterodox...
