Source: The Daily Economy
by Daniel J Smith
“In 1895, Greek journalist Vlasis Gavriilidis traveled to Cambridge University seeking advice from three leading economists — Alfred Marshall, Henry Sidgwick, and John Neville Keynes — on the most urgent economic problem facing his country: a collapsing market for currants (Corinthian raisins), which then accounted for roughly half of all Greek exports. \Overproduction, fueled by earlier government policies and a temporary export boom, threatened widespread rural unemployment and poverty. The economists offered divided counsel. That ambiguity gave organized currant growers the opening they needed to lobby successfully for a price-support system — a ‘temporary’ intervention that promised stable incomes for growers while shifting costs onto taxpayers and distorting the broader economy. … The measure was anything but temporary.” (04/21/26)