In Economics
Recently, in the 9th International Conference "Developments in Economic Theory and Policy" held in Bilbao, by the Department of Applied Economics V of the University of the Basque Country (Spain) and the Cambridge Centre for Economic and Public Policy, Department of Land Economy of the University of Cambridge (United Kingdom), the concept of Stockholm Syndrome was introduced in economics referring to governments that have been "kidnapped" by financial capital because of their need to refinance public debt. They are coerced into accepting high interest rates and conditions that compromise their sovereignty .
Read more about this topic: Stockholm Syndrome
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)