The hottest Economic History Substack posts right now

And their main takeaways
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The scum of England

Wrong Side of History • 223 implied HN points • 29 Jul 25
đź’ľ History Economic History
  1. The 1340s were a really tough time for Europe, with bad weather leading to hunger and misery. People were facing multiple disasters, making life extremely difficult.
  2. Natural disasters like earthquakes and crop failures contributed to the suffering of the population. There were also reports of unusual occurrences, like giant swarms of locusts.
  3. During this time, England was involved in the Hundred Years War, which brought more chaos to France. Many of the soldiers were from the worst backgrounds, as they were often people their communities wanted to get rid of.

Trade: How Free is Too Free?

ChinaTalk • 533 implied HN points • 03 Feb 25
🇺🇸 U.S. Politics Economic History
  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.

All Weather Portfolio

Market Sentiment • 432 implied HN points • 16 Apr 23
đź’° Finance Economic History
  1. Sticking to a long-term investment strategy is key for great returns.
  2. Stock-heavy portfolios can carry more risk than expected, especially during market downturns.
  3. Diversifying investments to balance across economic conditions can lead to stable returns.

Sunrise: Japan's Leap for Empire

Big Serge Thought • 3 implied HN points • 20 Feb 26
đź’ľ History Economic History
  1. The Pacific War was a uniquely vast and complex conflict fought across a contiguous oceanic theater, using air, submarine, surface, and amphibious forces and often resembling positional, continental-style warfare despite being fought from the sea.
  2. Japan had no single coherent grand strategy; the protracted war in China turned into a crippling resource sink that forced mobilization, worsened Army–Navy rivalry, and pushed Tokyo into desperate, contradictory choices that made southern expansion and confrontation more likely.
  3. U.S. policy of escalating economic pressure—most importantly the effective oil embargo after Japan’s move into Indochina—helped corner Japan and create the political will for war, and the eventual American victory relied not just on industrial overmatch but on decisive early battles and operational innovations like the fast carrier task force, amphibious doctrine, and submarine warfare.

History, Institutions and Economics

David Friedman’s Substack • 206 implied HN points • 17 Jul 25
đź’ľ History Economic History
  1. The British navy was very successful during the Napoleonic Wars because of its unique way of rewarding officers, like giving them prize money for capturing enemy ships. This made them motivated to take risks and perform well.
  2. Promotion in the navy was not just about being good at your job; it also depended on seniority and connections. An officer's family ties could significantly influence their career path more than their skills could.
  3. Systems of patronage in the premodern era helped control military and civil positions, but they relied heavily on trust. This meant that if an appointed officer didn't perform well, it could cost them their position, reflecting a mix of personal bonds and professional responsibilities.
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Does the Federal Reserve Deserve Deference as a Bank Regulator? Kevin Warsh Says "No"

Brad DeLong's Grasping Reality • 269 implied HN points • 29 May 25
🇺🇸 U.S. Politics Economic History
  1. Kevin Warsh believes the Federal Reserve should not have authority over bank regulation and should defer to the Treasury instead. This raises questions about what role the Fed really should play in the financial system.
  2. Historically, the U.S. economy has struggled during banking crises due to a lack of a strong central bank. Events like the Panic of 1907 highlighted the need for a central authority to manage financial stability.
  3. The effectiveness of the Federal Reserve hinges on its ability to monitor and regulate banks. Without this oversight, its role as a lender of last resort becomes less effective, suggesting bank regulation is crucial to the Fed's mission.

It’s a Mixed Credit-Fiat World

Building a New Economics • 196 implied HN points • 01 Feb 24
đź’° Finance 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.

DeFi Education's Holiday Book List

DeFi Education • 1079 implied HN points • 07 Dec 22
đź’° Finance Economic History
  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.

WEEK 2: The Practice & Scope of Economic History: Graduate Economic History :: Spring 2026 :: Econ 210a

Brad DeLong's Grasping Reality • 7 implied HN points • 05 Feb 26
đź’ľ History Economic History
  1. Over about 75,000 years humanity went from small bands of foragers to around 200 million farmers and then to billions of post‑industrial people.
  2. For most people between about 5000 BCE and 1500 CE life was harsh and short, because in the Malthusian agrarian world better technology mostly produced more people rather than better living standards.
  3. Switching from hunting and gathering to farming made people shorter, sicker, and increased inequality, even as it supported much larger populations.

The Decade of Greed

In My Tribe • 470 implied HN points • 30 Dec 24
đź’Ľ Business Economic History
  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.

2025 Book Club Hangout (Transcript)

Breaking Smart • 23 implied HN points • 24 Dec 25
đź’ľ History Economic History
  1. Modernity began earlier than commonly assumed—starting around 1200—and by about 1600 it had taken root in some places while remaining unevenly distributed across the world.
  2. Wider information flows—printing, trade, archives, and the ability to compare texts and ideas—were the main engines that made people more reality-focused and drove intellectual and institutional change.
  3. A new postmodern phase is emerging as complexity outpaces centralized control, producing bottom-up adaptations (underground economies, social media hacks, informal governance), and this may follow a multi-century cycle after modernity’s rise.

The globalisation of germs

Wrong Side of History • 142 implied HN points • 01 Aug 25
đź’ľ History Economic History
  1. Florence was a wealthy banking center in Europe and influenced the rise of a mercantile culture during the plague. This shift changed how people valued honor and status.
  2. Venice was the most glamorous city in Europe at the time, thriving as a trading empire with a unique connection to the sea, symbolized by its Doge.
  3. The canals of Venice were famous, but the city also struggled with a big rat population, which represented challenges to its infrastructure.

Econ 196 :: Quantitative Long-Run Global Economic History :: Experimental Seminar :: Spring 2026

Brad DeLong's Grasping Reality • 7 implied HN points • 04 Feb 26
đź’ľ History Economic History
  1. Lecture notes for Econ 196, an experimental seminar on quantitative long-run global economic history for Spring 2026, are available.
  2. Full content is paywalled and requires a subscription or signing in to view.
  3. A 7-day free trial is offered to access the full post and archives if you want to read more.

The Future that Never Was

Unpopular Front • 113 implied HN points • 13 Aug 25
đź•ą Technology Economic History
  1. Japan has a unique relationship with technology, often holding on to older gadgets like fax machines and cassette players while also producing new tech. This mix shows a charm in their culture that values both tradition and innovation.
  2. Many people in Japan feel nostalgic not just for old devices but for a lost future where technology brought beauty and quality into everyday life. They dream of a time when things were made to last and were special.
  3. There's a hope to combine the best of past and future, creating technology that enhances human connection instead of alienating people. This vision suggests a need for thoughtful design that brings back meaningful interactions with products.

DRAFT: Do Birds Do It Much Better? (Intelligence, That Is), & Other Topics Related to the Deep Substrate of Economic History

Brad DeLong's Grasping Reality • 184 implied HN points • 11 Jun 25
đź’ľ History Economic History
  1. The evolution of human intelligence is tied closely to our ability to learn and communicate as a group, not just the individual brain's development.
  2. Birds and some other animals have developed intelligence in their own ways, showing that complex thinking can exist in brains much smaller than humans.
  3. Different species can reach similar levels of intelligence using different brain structures, which suggests that intelligence can evolve independently in various forms.

The Continental Bait-and-Switch

QTR’s Fringe Finance • 23 implied HN points • 26 Dec 25
đź’° Finance Economic History
  1. Continentals were accepted at first because people believed they could be redeemed for gold or silver, so the paper acted like a claim to real money.
  2. But leaders kept printing Continentals, broke the redemption promise, and used price controls and legal tender laws to force acceptance, which caused severe inflation and effectively cheated people in a bait-and-switch.
  3. This episode shows paper money’s value often rests on expectations of specie redemption, not just on taxes or legal coercion, so a government declaration alone may not create lasting monetary value.

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

Razib Khan's Unsupervised Learning • 343 implied HN points • 02 Feb 25
đź’ľ History Economic History
  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.

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

Chartbook • 1745 implied HN points • 29 May 23
🌍 World Politics Economic History
  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.

The Gold Standard, Explained

QTR’s Fringe Finance • 30 implied HN points • 02 Dec 25
đź’° Finance Economic History
  1. The gold standard linked a country's money to a fixed weight of gold, which made currencies stable and predictable for trading. This helped nations cooperate and trade more easily.
  2. Supporters of the gold standard believe it prevents inflation and government overspending, while critics say it's too rigid for today's economy. It can limit how quickly countries respond to economic crises.
  3. The gold standard fell out of favor mainly due to the pressures of wars and economic changes, leading to modern money systems that are more flexible but can also cause inflation and debt issues.

Money as Addiction

Altered States of Monetary Consciousness • 864 implied HN points • 15 Mar 24
đź’° Finance Economic History
  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.

Pre-Class Assignment for Next Tuesday: 2026-01-27 :: Econ 196 :: Population, Photons, & Prosperity

Brad DeLong's Grasping Reality • 7 implied HN points • 21 Jan 26
đź’ľ History Economic History
  1. Humanity escaped the Malthusian trap that once kept population growth tied to subsistence living, allowing sustained rises in living standards.
  2. Measuring light by its useful output (photons or lumens) instead of by the number of lamps changes how we see technological progress and actual human welfare gains.
  3. Putting the escape from Malthus together with better measures of energy and technology links population dynamics, energy use, and innovation to explain long‑run prosperity and frames the course's discussion.

HOISTED FROM THE ARCHIVES FROM 1998: Robber Barons

Brad DeLong's Grasping Reality • 207 implied HN points • 15 Feb 25
🇺🇸 U.S. Politics Economic History
  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.

Heblich, Redding, and Voth are Wrong!

Something to Consider • 19 implied HN points • 19 Jun 24
đź’ľ History Economic History
  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.

War and Peace: horse power, progress and prosperity

Razib Khan's Unsupervised Learning • 240 implied HN points • 05 Dec 24
đź’ľ History Economic 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.

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
  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.

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

Londonist: Time Machine • 39 implied HN points • 07 Apr 24
đź’ľ History 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.

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
  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.

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
  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
đź’ľ History Economic History
  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.

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

Brad DeLong's Grasping Reality • 130 implied HN points • 16 Dec 24
🚌 Education Economic History
  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.

Ben Graham's Duplex

Neckar’s Notes • 117 implied HN points • 30 Dec 24
đź’° Finance 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.

The Third Blow

Journal of Free Black Thought • 30 implied HN points • 11 Aug 25
🇺🇸 U.S. Politics Economic History
  1. Federal Urban Renewal projects in the 1950s and 1960s destroyed many Black neighborhoods, taking away homes and businesses. This led to a loss of generational wealth for Black families who had worked hard to build it.
  2. These projects often pushed Black residents into overcrowded and poorer areas, creating pockets of concentrated poverty. This makes it really hard for families to improve their situation and find better opportunities.
  3. The problems caused by Urban Renewal are still affecting Black communities today. Many people struggle with high poverty rates because of these policies, and economic growth hasn't helped everyone equally.

HOISTED FROM THE ARCHIVES: I Don't Fully Buy Stiglitz's Argument That Our Macro Problems Have Deep Structural Roots. But I Do See Its Coherence

Brad DeLong's Grasping Reality • 7 implied HN points • 09 Dec 25
đź’° Finance Economic History
  1. Rapid productivity-driven decline in a large sector can cut incomes, reduce both consumption and investment, and create a persistent aggregate demand shortfall that monetary policy may struggle to fix at the zero lower bound.
  2. Policy options include engineering expected inflation to lower real rates, using government loan or bank guarantees to shift risk and spur investment, or running large-scale public borrowing and spending to restore jobs and restructure the economy; some argue massive public investment is the most reliable route.
  3. Economists split on framing the problem — focusing on the savings-investment flow versus money supply and velocity — and resolving the crisis probably requires combining both perspectives.

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

Brad DeLong's Grasping Reality • 222 implied HN points • 04 Mar 24
đź’ľ History Economic History
  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.

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
đź’Ľ Business Economic History
  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.

Best of Economic Forces: 2025 Edition

Economic Forces • 4 implied HN points • 26 Dec 25
đź’° Finance Economic History
  1. Tariffs and trade policy were a major theme, with historical context and ongoing policy developments analyzed and questioned.
  2. Core economic ideas like price theory and GDP measurement were emphasized and defended against political distortion.
  3. Readers favored a mix of clear, accessible pieces: explanations of academic news, practical teaching advice, and policy deep-dives on topics like land taxes and dollar dominance.

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
  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.

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
đź“– 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.

BRIEFLY NOTED: For 2024-02-14 We

Brad DeLong's Grasping Reality • 123 implied HN points • 14 Feb 24
🌍 World Politics Economic History
  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

MMTers Love When Governments Burn Money

QTR’s Fringe Finance • 14 implied HN points • 29 Jul 25
đź’° Finance Economic History
  1. Historically, some governments have burned money they received in taxes instead of spending it. This shows a different approach to managing currency and taxes.
  2. Modern Monetary Theory (MMT) suggests that the way governments handle money matters differently than traditional views, claiming that taxes serve to create demand for fiat currencies.
  3. However, there are criticisms of MMT, particularly regarding its historical accuracy about how money is created and the role of taxes, suggesting that it may misinterpret past events.