The hottest Economic History Substack posts right now

And their main takeaways
Category
Top World Politics Topics

Slides for Tomorrow's (2025-02-24 Mo) "American Exceptionalism" American Economic History Lecture

Brad DeLong's Grasping Reality • 146 implied HN points • 23 Feb 25
🇺🇸 U.S. Politics Economic History Political theory Industrialization Immigration Policy
  1. The U.S. had the potential to become a primary product exporter like Australia and Argentina due to its abundance of natural resources and land. However, historical choices led to a different path of industrialization instead.
  2. The U.S. chose to focus on manufacturing, education, and infrastructure, thanks to policies from figures like Alexander Hamilton. These choices helped build a strong economy that could sustain growth and innovation.
  3. Specializing in primary products can be risky as it makes economies vulnerable to price changes and global demand shifts. The U.S. avoided these traps by diversifying into industrialization, which created a more robust and resilient economy.

HOISTED FROM THE ARCHIVES FROM 1998: Robber Barons

Brad DeLong's Grasping Reality • 207 implied HN points • 15 Feb 25
🇺🇸 U.S. Politics Wealth Inequality Capitalism Political Influence Economic History Corruption
  1. Wealth in the economy often concentrates in the hands of a few people, often called billionaires. Their success can depend on timing, connections, and sometimes political favors.
  2. Historically, periods of high wealth concentration have not always led to faster economic growth. Curbs on wealth accumulation can actually coexist with healthy economic performance.
  3. The past presence of 'robber barons' and their role in building infrastructure shows that their success often involved corruption and manipulation, but they also contributed significantly to the nation's development.

Trade: How Free is Too Free?

ChinaTalk • 533 implied HN points • 03 Feb 25
🇺🇸 U.S. Politics Trade policy Economic History Federal Government International relations
  1. US trade policy has evolved over 250 years, reflecting different political interests and economic conditions. This history shows that trade debates have always been intense and sometimes divisive.
  2. Tariffs serve three main purposes: to raise revenue, restrict imports to protect local jobs, and enable reciprocal trade agreements. Each of these has played a significant role in shaping the US trade landscape.
  3. Recent trade policies, especially under Trump, have likely created lasting changes in US-China relations. These changes may make it hard for future administrations to return to previous trade norms.

Wealth, war and worse: plague’s ubiquity across millennia of human conquest

Razib Khan's Unsupervised Learning • 343 implied HN points • 02 Feb 25
💾 History Economic History Human Evolution
  1. Plagues have played a big role in shaping human history, affecting everything from wars to economies. The Black Death, for example, changed Europe's structure and pushed it towards the Renaissance.
  2. Diseases have not only influenced cultures but also human genetics. They have forced our bodies to adapt, showing that sickness can drive evolution.
  3. Just like in the past, new diseases can lead to major shifts in society. When Europeans brought diseases like smallpox to the Americas, it weakened local populations and made them vulnerable to conquest.

To be young, perchance to dream

Global Inequality and More 3.0 • 951 implied HN points • 28 Dec 24
💾 History Political History Cultural History Economic History Social movements Nationalism
  1. The historical view of the assassination in Sarajevo changed over time depending on political climates. Initially, it was seen as justified but later viewed negatively as political perspectives shifted.
  2. The Young Bosnia movement was driven by a mix of national unity desires and social injustices. Many members came from impoverished backgrounds and sought change, inspired by various revolutionary ideas.
  3. Literature and poetry significantly influenced the Young Bosnia activists. They saw themselves as heroes and believed in dramatic actions because they felt the political system was against them.
Get a weekly roundup of the best Substack posts, by hacker news affinity:

5 Years Ago

Spilled Coffee • 32 implied HN points • 26 Feb 25
💰 Finance Investing Market Trends Economic History Stock Market Personal Finance
  1. The stock market can bounce back even after big drops like during the COVID-19 pandemic. If you had invested back when the market was at its highest before the crash, you would have seen a big gain over time.
  2. Missing just a few days in the market can really hurt your long-term investment returns. It's important to stay invested, even during uncertain times.
  3. Major world events can cause market crashes, but history shows that the stock market often continues to rise over time. This means it's wise to stick with your investments, no matter what happens.

Thinking About Teaching Economic History to the First-Year Economic History Graduate Students This Forthcoming Semester

Brad DeLong's Grasping Reality • 199 implied HN points • 02 Jan 25
🚌 Education Economic History Teaching Methods Historical Analysis Economic Theory
  1. Economic history helps us understand how preferences and market structures formed over time. Looking back can show us why things are the way they are today.
  2. It's important for economics students to learn about the historical context of economic principles. This context can enrich their understanding and practical applications in the real world.
  3. Questions about past economies can shed light on current issues, like inequality and technology progress. Exploring these questions can lead to valuable insights for today's economists.

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.

Ben Graham's Duplex

Neckar’s Notes • 117 implied HN points • 30 Dec 24
💰 Finance Investing Personal Finance Market Trends Wealth Management Economic History
  1. Money experiences often change suddenly, like climbing a ladder. It’s important to take time to adjust before making big choices.
  2. Ben Graham was a successful investor who once lived in a fancy duplex in New York City. He felt on top of the world after making a lot of money.
  3. However, he moved into this luxurious home just before a huge stock market crash. This teaches us that success can change quickly.

War and Peace: horse power, progress and prosperity

Razib Khan's Unsupervised Learning • 240 implied HN points • 05 Dec 24
💾 History Military History Cultural History Economic History Political History Social history
  1. Horses played a key role in the success of the Mongolian invasions. Genghis Khan's ability to quickly mobilize large numbers of horses allowed him to surprise and defeat his enemies.
  2. The Mongol strategy relied on their horses for speed and endurance, which made long-distance raids and rapid attacks possible. This mobility changed how wars were fought.
  3. Horseback riding also enabled nomadic societies to effectively gather and transport resources needed for war. It gave them an advantage over foot soldiers in battles.

The High-Wage Thesis isn’t even wrong!

Something to Consider • 159 implied HN points • 26 Jul 24
💾 History Economic History Industrial Revolution Labor Economics Technological Change
  1. The High-Wage Thesis suggests that higher wages encourage investment in technology, but this idea is poorly supported by evidence. It means that just because wages are higher, it doesn't necessarily lead to faster innovation.
  2. Instead of focusing solely on labor costs, we should consider the absolute costs of resources like coal that made certain technologies more practical. This could explain some innovations without relying on the idea of higher labor costs.
  3. The assumptions behind the High-Wage Thesis might not hold true, and questioning these assumptions can lead to a deeper understanding of economic history and industrial innovations. It shows the need for careful examination of widely accepted theories.

What Had I Hoped to Teach This Just-Past Semester?

Brad DeLong's Grasping Reality • 130 implied HN points • 16 Dec 24
🚌 Education Teaching Methods Curriculum Development Economic History Cognitive Science Narrative Theory
  1. Understanding history is crucial for making sense of current and future human affairs. It helps us to see patterns and learn from past mistakes.
  2. Students should learn to think critically about economic issues. This includes analyzing how economic instability relates to political decisions and vice versa.
  3. History teaches us to look both backward and forward in time, which is a valuable skill. It allows us to make better decisions by using past examples to inform our understanding of present circumstances.

TWELVE SLIDES: The History of Economic Growth :: (Roughly) Seven Summary Bullet Points per Lecture

Brad DeLong's Grasping Reality • 192 implied HN points • 27 Nov 24
🚌 Education Economic History Social Dynamics Technological Change Globalization
  1. Economic growth means people's living standards and productivity improve over time. It's not just about having more money, but also how everyone shares those resources fairly.
  2. Before 1870, most economic progress was slow, and many people lived in poverty. After that, societies began to develop better ways of organizing and sharing wealth, leading to real improvements for many.
  3. Today, we face challenges like climate change and inequality that threaten our progress. We need to find new ways to support everyone and ensure that future generations can thrive.

ONE IMAGE: By My Authority & My Ego: The Long-Run Shape of Human Economic History, from -73000 to 2180

Brad DeLong's Grasping Reality • 153 implied HN points • 28 Nov 24
💾 History Economic History Cultural Evolution
  1. The human economic history is complicated and shaped by many factors over a long time. It's important to look back at our past to understand how we got to where we are.
  2. Calculating the true value of what people produced in the past is really tricky. Most production used to go towards basic needs, but now we have more technology and efficiency to create luxuries.
  3. Making predictions about the future is even more uncertain. We can only guess how things will continue to change and develop.

The Decade of Greed

In My Tribe • 470 implied HN points • 30 Dec 24
💼 Business Corporate Finance Investing Economic History Management Stock Market
  1. The 1980s was known as the 'decade of greed' where corporate competition and higher stock prices became the focus. Companies were often run for personal perks rather than to boost shareholder value.
  2. The leveraged buyout of RJR Nabisco showcased how investment strategies changed, with firms paying high prices for companies, anticipating future profits. This often led to restructuring that wasn't always kind to employees.
  3. Despite concerns about overpaying for stocks and creating economic instability, overall wealth has increased in America since the 1980s. What seemed excessive at the time might now look like a small correction in the grand scheme.

HOISTED FROM THE ARCHIVES: An Ur-Text by George Stigler for Dark Satanic Millian Liberalism, & Related Matters...

Brad DeLong's Grasping Reality • 76 implied HN points • 15 Dec 24
💼 Business Economics Market Theory Capitalism Economic History Liberalism
  1. The market economy is seen not just for creating wealth, but for shaping character and virtues like self-discipline and resilience. This suggests that economic struggles can help people become better individuals.
  2. Some economists argue that uncertainty and risk of poverty are necessary for a society to function well. They believe without these challenges, people might not push themselves to improve.
  3. Critics of this perspective think that focusing on the hardships of capitalism ignores the real needs and experiences of everyday people. They see value in prosperity and security, not just in struggle and sacrifice.

A DRAFT Syllabus for Econ 113: American Economic History :: Spring 2025 :: UC Berkeley

Brad DeLong's Grasping Reality • 76 implied HN points • 09 Dec 24
🚌 Education Economic History American history Higher education Social Issues
  1. American exceptionalism is a key theme in understanding the country's economic history, exploring what makes it unique compared to other nations.
  2. The course examines significant historical events, like the rise of manufacturing and the impact of immigration, which shaped the American economy over the centuries.
  3. Inequality and economic mobility are crucial topics, focusing on how these issues have evolved from the 1940s to the present day.

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.

DRAFT: Five Afterthoughts on "Slouching Towards Utopia": Friedrich von Hayek, Michael Polanyi, & Company...

Brad DeLong's Grasping Reality • 84 implied HN points • 31 Oct 24
📖 Philosophy Political Economy Moral Philosophy Economic History
  1. The work in political economy and moral philosophy from the 1900s often comes from thinkers connected to the Vienna Circle. Their ideas shaped modern views in these fields.
  2. Natural issues like global warming and resource scarcity greatly impacted the economy throughout the 20th century. It's important to consider these environmental factors when studying economic history.
  3. Understanding different authors and theories, especially those related to socialism and welfare states, helps us grasp the changes in economic growth and social democracy since the late 19th century. Their insights remain relevant today.

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.

Thoughts on Inflation

America in Crisis • 139 implied HN points • 01 May 24
💰 Finance Inflation Interest Rates Government Policy Economic History
  1. The reduced-price model shows how cycles in prices correspond to inflation, especially during wartime when inflation tends to be higher due to deficit spending.
  2. The quantity theory of money explains the relationship between economic activity, money supply, and inflation, showcasing the importance of monetary factors in historical economic events.
  3. Analyzing the current inflation outlook using the money balance model highlights the potential for continued inflationary pressures and the challenges the Federal Reserve faces in managing inflation through interest rate adjustments.

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.

It’s a Mixed Credit-Fiat World

Building a New Economics • 196 implied HN points • 01 Feb 24
💰 Finance Government debt Economic History Financial Crises
  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.

DeFi Education's Holiday Book List

DeFi Education • 1079 implied HN points • 07 Dec 22
💰 Finance Investing Books Markets Economic History Venture Capital
  1. Reading is important for investors. It helps you understand new information and gain different viewpoints.
  2. The recommended book list includes diverse topics, not just crypto, to foster a well-rounded understanding of finance and business.
  3. Books like 'Digital Minimalism' and others help readers refine their focus and learn important historical lessons about money.

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.

Heblich, Redding, and Voth are Wrong!

Something to Consider • 19 implied HN points • 19 Jun 24
💾 History Economic History Industrial Revolution
  1. The paper argues that the benefits of slave ownership during the Industrial Revolution are overstated. The claims about the economic impacts should be viewed more critically.
  2. The costs of maintaining slave colonies, like the expenses of the Royal Navy and sugar tariffs, need to be considered when evaluating the profits from slavery. These costs affect the overall economic gain for Britain.
  3. There's a need for skepticism regarding how beneficial the sugar colonies were to Britain's economy. The evidence suggests they may not have contributed as positively as previously thought.

Five... Things about the History of Eels in London

Londonist: Time Machine • 39 implied HN points • 07 Apr 24
💾 History Food & Drink London Economic History
  1. Eels have played a significant role in London's history, from being a vital food source after the Great Fire to a currency and social indicator.
  2. The trading laws of Billingsgate Fish Market included a monopoly on trading eels for Dutch fishermen, showcasing the importance of eels for supplying food in London.
  3. Over time, the market for jellied eels in London has shrunk and moved towards the coast, reflecting wider social shifts.

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

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.

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.

All the Devils

Net Interest • 10 implied HN points • 01 Nov 24
💰 Finance Banking Investments Market Trends Economic History
  1. Credit Suisse faced many scandals over the years, with problems ranging from excessive leverage to internal fraud. Many employees engaged in unethical behavior, which contributed to the firm's reputation and difficulties.
  2. During the 2000s, Credit Suisse grew and achieved record earnings, but underlying issues were present. The firm made risky acquisitions and ignored warning signs that would later affect its stability.
  3. A historical perspective reveals a pattern of mismanagement and scandal within Credit Suisse. Key figures in the company made questionable decisions that ultimately led to its downfall.

"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.

History Extra for October 30, 2024

Letters from an American • 1 implied HN point • 01 Nov 24
💾 History Civil Rights Social justice U.S. History Economic History
  1. On February 1, 1968, two sanitation workers in Memphis tragically died due to a malfunction in their garbage truck.
  2. This event sparked outrage among the 1300 Black sanitation workers, leading them to take action for better working conditions.
  3. Their struggle highlighted the need for labor rights and social justice during a critical moment in history.

Selling Kelp

Street Smart Naturalist: Explorations of the Urban Kind • 19 implied HN points • 23 Sep 21
💾 History Economic History Environmental History Cultural History
  1. Kelp was once seen as a valuable resource in America for making potash, especially during a time when the country depended on imports from Germany.
  2. Despite initial excitement and plans for kelp processing plants in Puget Sound, they mostly failed to succeed due to stronger competition and external factors like the end of the war.
  3. Other ventures to use kelp, like creating a candy substitute, also did not meet success, showing that not all ideas for using local resources thrive.

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.