This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...

This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper...

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

Last century political class found out how difficult it was for a country like Colombia with such geographical obstacles and incipient technological developments available to conclude a viable and integrated transport network. Juan Bernardo Elbers a wealthy Danish migrant compromised his...

The political class at the turn of the century opposed to the creation of a Central Bank, responding to the argument that government credit control should not surpass what they considered a rational action. Onwards and not exempted of bloodshed the parties' political proposal included the...

The Colombian economy experienced during the first two decades of the present century a stage of rapid economic growth. The export sector encouraged by the coffee industry increased also domestic activity up to a point where aggregated demand traduced into the creation of a whole national...