The hottest Economic History Substack posts right now

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Top World Politics Topics

Money as Addiction

Altered States of Monetary Consciousness • 864 implied HN points • 15 Mar 24
💰 Finance Monetary Systems Economic History Currency
  1. Addiction can distort our sense of agency, making us act out of instinct rather than choice.
  2. Solutionism creates a narrative that presents our dependencies as voluntary choices, leading to a cycle of justification for those dependencies.
  3. Monetary systems, like addiction, can create a state of involuntary dependence presented as a state of voluntary choice, reshaping our societies and individual lives.

Quick Essay: The Federal Reserve and Critical Moments in U.S. Monetary Policy

Chamath Palihapitiya • 3871 implied HN points • 15 Nov 23
💰 Finance Monetary Policy Federal Reserve Economic History Inflation Financial Crisis
  1. Before the Federal Reserve, the U.S. had banking issues and crises, leading to the need for a central bank in 1913.
  2. The Great Depression prompted key reforms like the Banking Act of 1933 and the Gold Reserve Act of 1934.
  3. The end of the Bretton Woods system in 1971 marked a shift to Fiat currency and the decline of the gold standard.

Gunpowder-Empire Fiscal Legibility & State Development: Economic History/Political Economy Seminar

Brad DeLong's Grasping Reality • 222 implied HN points • 04 Mar 24
💾 History Economic History Political Economy
  1. The Viceroyalty of New Spain in 1550 was dominated by a gunpowder-empire machine with Castilians and indigenous populations, showcasing early forms of state development.
  2. The introduction of the Patio Process in 1554 for silver extraction revolutionized mining districts in Mexico, attracting workers and increasing prosperity due to the flow of mercury.
  3. Improved fiscal legibility in mining districts post-Patio Process led to accelerated political centralization, as viceroys had more confidence in transitioning areas from encomienda to corregimiento for better state control and revenue collection.

BRIEFLY NOTED: For 2024-03-07 Th

Brad DeLong's Grasping Reality • 107 implied HN points • 07 Mar 24
💼 Business Economics Economic History Public Reason Neofascism
  1. Elon Musk's actions are generating controversy and dividing opinions. His decisions are affecting his employees and leading to legal battles.
  2. Passive investing creates opportunities for active investors through analyzing fundamental news, noise trading, and security analysis.
  3. Peter Drucker viewed corporations as potential leaders for societal betterment by subordinating markets to social needs and environmental protection.

Chartbook 216: Heroic periodization: histories of Bretton Woods & the "New Washington Consensus"

Chartbook • 1745 implied HN points • 29 May 23
🌍 World Politics Monetary Policy Economic History Global Governance International relations
  1. The era of Bretton Woods had a complex history and its implications for today's economic policy are significant.
  2. Historical narratives like Bretton Woods can be used to legitimize and motivate action, but may not always align with reality.
  3. Understanding the continuous process of policy-making improvisation without succumbing to its complexities is crucial for shaping economic policy.
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It’s a Mixed Credit-Fiat World

Building a New Economics • 196 implied HN points • 01 Feb 24
💰 Finance Government debt Economic History
  1. Mainstream economics' focus on minimizing government debt while ignoring private debt may not be effective in understanding the full picture of the financial system.
  2. Government debt and deficits can actually play a vital role in creating money and increasing the net financial worth of the private sector.
  3. A government running surpluses while the private sector accumulates debt can lead to economic imbalances and potentially trigger financial crises.

BRIEFLY NOTED: For 2024-02-14 We

Brad DeLong's Grasping Reality • 123 implied HN points • 14 Feb 24
🌍 World Politics Economic History Economics Global Warming Moral Philosophy Public Reason
  1. The COVID-19 depression and subsequent reopening have not generated consistent lessons for the future given its unique nature
  2. There are significant macro distortions in the current economy, including massive consumer spending shifts, supply chain disruptions, and job market imbalances
  3. Global warming continues to progress, as evidenced by alarming images and reports

Econ 115 :: The World Economy in the 20th Century :: Lecture 6 :: Post-1870 Technological Acceleration

Brad DeLong's Grasping Reality • 115 implied HN points • 02 Feb 24
🚌 Education Economic History Globalization
  1. Technological advancements post-1870 were accelerated by globalization and the establishment of industrial research labs and modern corporations.
  2. Institutions like industrial research labs and modern corporations revolutionized the discovery, development, deployment, and diffusion of technologies, leading to modern economic growth.
  3. These institutions were successful because they were built on the foundations of systematic processes and sustained efforts, unlike earlier hit-or-miss approaches.

Reconsidering the "2020s as 1940s" Analogy

The Overshoot • 550 implied HN points • 08 Mar 23
💰 Finance Economic History Global Economy Government Response Debt crisis Forecasting
  1. The global economy faced crises in different time periods, revealing government responses can impact recovery.
  2. Excessive debts before a crisis can hinder growth post-crisis, affecting employment and national income.
  3. Governments borrowing and spending during emergencies can lead to positive outcomes, improving sectors and reducing debt burdens.

"Slouching Towards Utopia": The Sean Illing "Grey Area" Interview

Brad DeLong's Grasping Reality • 38 implied HN points • 22 Feb 24
🇺🇸 U.S. Politics Economic History Neoliberalism Political Ideologies
  1. The interview discusses economic growth and sustainable resource distribution, focusing on the perspectives of Friedrich von Hayek and Karl Polanyi.
  2. DeLong emphasizes the importance of historical perspective in understanding current economic and social challenges, advocating for a more inclusive and equitable economic model.
  3. The conversation explores the historical 'Long Twentieth Century' and its impact on human productivity, wealth creation, and the need for innovative solutions to address current existential challenges.

Economic Activity in Context

In My Tribe • 1 HN point • 05 Mar 24
💼 Business Economic Theory Human behavior Market Dynamics Economic History
  1. Human interdependence is a key aspect of economic activity, involving psychology, sociology, and anthropology in addition to traditional economic theory.
  2. Specialization and trade, unique to humans, play a vital role in economic activity evolution, with increasing complexity observed over time.
  3. In human interactions, balancing individual, group, and societal level incentives presents challenges, with markets often being efficient at the societal level.

The Ostrich: America’s Once and Future Bird

Bird History • 0 implied HN points • 29 Aug 23
💾 History American history Economic History
  1. In the late 1800s, there was a boom in ostrich farming in America due to high demand for ostrich feathers, which were a luxury accessory for women's fashion.
  2. Ostrich farming proved to be a profitable business, with each ostrich feather fetching up to $5, leading to a surge in ostrich farms and tourist attractions around them.
  3. The domestic ostrich industry saw a revival in the 1980s, but it eventually collapsed due to a speculative bubble, showing the cyclical nature of ostrich farming in America.

Why the Fed fears cutting interest rates too soon

Global Markets Investor • 0 implied HN points • 08 Feb 24
💰 Finance Monetary Policy Inflation Interest Rates Economic History
  1. The Fed fears cutting interest rates too soon due to concerns about a potential inflation resurgence similar to the 1970s.
  2. The Federal Reserve in the 1970s under Arthur Burns made a significant policy mistake by cutting interest rates too soon, leading to high inflation rates later.
  3. Lessons from history emphasize the importance of not cutting interest rates prematurely, and the Fed is cautious about considering rate cuts until more data is available to assess inflation and economic indicators.