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...Open University's Economics courses. Transcript: Whether you think economies work best if they're left alone or that governments need to do something to get them working, the one thing that can’t be controlled is the rest of the world. Fear of foreign competition once led countries to try and produce everything they needed, and impose heavy taxes to keep out foreign...

...Open University's Economics courses. Transcript: Most countries trade with one another – which is usually pretty good for all involved – but it does mean it’s a bit harder for each to keep control of its own finances. There are three things that governments are particularly keen on. They like to keep the exchange rate stable so that import and export prices don’t...

...Open University's Economics courses. David Mitchell is waiting to explain six key economic concepts in sixty seconds apiece. Which is pretty economical in itself, if you think about it... Transcript: An economy is a tricky thing to control, and governments are always trying to figure out how to do it. Back in 1776 economist Adam Smith shocked everyone by saying that what...