ABSTRACT
You cannot make a lot sense of what goes on in the world without some knowledge of basic economics.
In my own lifetime, three major but little-understood upheavals have shaken the world order to its very roots: the oil price shocks of the 1970s, the collapse of the centrally planned economies at the end of the 1980s and now a widespread and long-lasting recession that has been depressing the incomes of billions of people around the globe.
