Financial Times FT.com

Over a barrel

By Matthew Engel

Published: November 17 2007 02:00 | Last updated: November 17 2007 02:00

When I was first taught history at school, our teacher, Mr Healey, would turn round and chalk various numbered points on the blackboard: events leading up to the war (whichever war it happened to be); events of the war itself; and the consequences.

I know now that historical truth is more complex and elusive than Mr Healey made it sound. But most of the basics still seem right. He told us that taxation without representation helped cause the American War of Independence. And it did.

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