The principle of limited liability was implied: shareholders stood to lose only their investment in the company and no other assets in the event that it failed.15
The gold standard had its advantages, no doubt. Exchange rate stability made for predictable pricing in trade and reduced transaction costs, while the long-run stability of prices acted as an anchor f...
The Russian commander whose ship was torpedoed by SMS Emden off Penang on October 28, 1914, was certainly unprepared for the new age of global conflict. Only twelve rounds of ammunition were ready on...
The British welfare state, it seemed, had removed the incentives without which a capitalist economy simply could not function: the carrot of serious money for those who strove, the stick of hardship f...
The Amsterdam Exchange Bank (Wisselbank) was set up in 1609 to resolve the practical problems created for merchants by the circulation of multiple currencies in the United Provinces, where there were...
También explica por qué Gran Bretaña pudo superar a sus rivales ibéricos: precisamente porque, por ser una recién llegada a la carrera imperial, tuvo que dedicarse a colonizar los pocos prometedores p...
Systems can be fast, open, or secure, but only two of these three at a time.’51 The threat to world order can be summed up as ‘very fast networks x artificial intelligence x black boxes x the New Cast...
Since no country has had any experience with the tactical use of nuclear weapons, the possibility of miscalculation is considerable. The temptation to use the same target system as for conventional wa...
Sin embargo, todos estos recursos del Estado administrativo imponen sobre el sector privado unas cargas que acaban por reducir la tasa de crecimiento y la creación de empleo.[10] La desigualdad interg...
Rather than being a cause of the late twentieth-century crisis, the Internet appears to have been a consequence of the breakdown of hierarchical power.
Protection Certificate) to open a lemonade stand in New York City?12 This is the kind of debilitating red tape that development economists often blame for poverty in Africa or Latin America. The ratio...
President Franklin Roosevelt argued that all that Americans had to fear was ‘fear itself’.
Original Design.’ The bell curve that we encountered in Chapter 3 represents the normal distribution, in which 68.2 per cent of outcomes are within one standard deviation (plus or minus) of the mean.
Optimistic buyers of stocks are bulls, pessimistic sellers are bears.
Only general officers were entitled to know our true rank. To all others our standard reply to the inevitable question, What is your rank? was simply a firm, My rank is confidential, but at this momen...
Only by historical methods can we explain why, over the past thirty years, so many countries created forms of debt that, by design, cannot be inflated away; and why, as a result, the next generation w...
O atual debate entre os proponentes dos livres mercados e aqueles da intervenção estatal é, em essência, um debate entre escolas de pensamento notadamente ocidentais: os seguidores de Adam Smith e os...
Nowadays he is best remembered for the Fibonacci sequence of numbers (0, 1, 1, 2, 3, 5, 8, 13, 21 . . .), in which each successive number is the sum of the previous two, and the ratio between a number...
Mortgages were short-term, usually for three to five years, and they were not amortized. In other words, people paid interest, but did not repay the sum they had borrowed (the principal) until the end...
Marx era una persona odiosa. Vividor desaliñado y polemista virtulento le gustaba alardear que su espora era, por nacimiento, «la baronesa de Von Estphalen»(...). En consecuencia, durante casi toda su...