If World War I was the death knell of capitalism, the Great Depression was a punch in the face to anybody who had any doubts. Even with Keynes as the standard-bearer of Capitalism Viable, everybody was scouring old philosophers for new guidance. Karl Marx began to rear his ugly head as revolutionaries began a new [...]
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The Great Depression is the most catastrophic event of the 20th century, and you might be surprised to find that it is still poorly understood, despite the fact that it is by far the most well-studied part of history of the last century. Critics are quick to call it an inevitable consequence of capitalism, although [...] So when we left, capitalism and democracy as drivers for freedom were as dug through and shot up as northern France. It was simply impossible to reconcile these philosophies as the optimal setting for everlasting peace when ten million boys lay dead in the mud of Europe’s battlefields. The vacuum of enlightened government was being [...] Hundreds of millions of people will die and billions will suffer the consequences of war, depression, fascism, communism, and ethnic cleansing. You also have to cynically note that Serbia and Bosnia in 1914 were blood brothers willing to fight a hopeless war against the Great Powers together, but by 1999 they can’t co-exist in the [...] After the turning point of 1870, there was no looking back for the West. Communication and transportation became interdependent in creating global demand on an unprecedented scale. London could get news from any part of the globe, and this fed British demand for foreign goods, for everything from Chicago wheat to Chinese tea to Argentine [...] There is no disputing that China prior to the Industrial Revolution was the world’s biggest and most powerful state. At the turn of the millennium, it had distinct advantages in technology, government, and organizational ability. After the Mongol invasions of twelfth century, China began 750 years of decline, culminating in 1870 when Europe began the [...] The turning point in economic history is 1870. That is the focal point at which transportation, communication, and human invention were sparked in a way that totally revolutionized the economy. Some examples: -In 1870, Isambard Kingdom Brunel’s Great Eastern (the largest ship ever built until 1901) lay the undersea telegraph cable from Yemen to Bombay, [...] |
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