A generation mostly removed from conflict – the baby-boomers – had failed to learn the lesson that it is not unregulated networks that reduce inequality but wars, revolutions, hyperinflations and othe...
Autarky),
En Latinoamérica las constituciones se utilizan como instrumentos para subvertir el propio imperio de la ley
Trajectory, culminating in the Industrial Revolution.8 In their terms, England was the first country to move to having ‘inclusive’ or ‘pluralistic’ rather than ‘extractive’ political institutions. Not...
Those who live by the tort, die by the tort.
They were a sort of vermin like plague-rats that had to be exterminated.
The state of the future will need to function more like the human immune system
The creditor could draw a bill on the debtor and either use the bill as a means of payment in its own right or obtain cash for it at a discount from a banker willing to act as broker.
Technology has enormously empowered networks of all kinds relative to traditional hierarchical power structures – but that the consequences of that change will be determined by the structures, emergen...
Currency peg can mean higher volatility in short-term interest rates, as the central bank seeks to keep the price of its money steady in terms of the peg. It can mean deflation, if the supply of the p...
Bond markets have power because they’re the fundamental base for all markets. The cost of credit, the interest rate [on a benchmark bond], ultimately determines the value of stocks, homes, all asset c...
A chaos so great and so obscure that nothing about it can be known’.
The sequence is clear: first the Glorious Revolution, then agricultural improvement, then imperial expansion, then industrial revolution.
The rise of the West is, quite simply, the pre-eminent historical phenomenon of the second half of the second millennium after Christ. It is the story at the very heart of modern history. It is perhap...
The overwhelming impression is of professionals transformed into psychopaths – morally blinded, perhaps, by their narrow specialisms (that, at least, was the historian Friedrich Meinecke’s theory). Wh...
The limitation on this system was simply that the Exchange Bank maintained something close to a 100 per cent ratio between its deposits and its reserves of precious metal and coin. As late as 1760, wh...
The leaders of continental Europe would indeed plough relentlessly ahead with monetary union, so that by the beginning of 1999 the euro – a single European currency managed by an authentically federal...
The frenzy of the cheering at the Cow Palace was reminiscent of Nazi times. . . . They [the Goldwater supporters] are the middle class gone rampant: the technocrats, the white collar workers impelled...
The Portuguese did not arrive with many products of their own to offer Asian consumers (though they did bring some slaves and gold from their West African outposts). That was not the point. Nor did th...
The Armenian genocide, the massacres of the Pontic Greeks and the agreed ‘exchanges’ of Greek and Turkish populations after the sack of Smyrna illustrated with a terrible clarity the truth of the Arch...