Saved by sari and
How This All Happened
The ideology of frugality, the interests of factory owners, and the availability of surplus labor via immigration inevitably suppressed wages. With wages stagnant and production increasing, the system went out of balance and finally, in 1929, went into a deep crisis.
George Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
Seriously. In part that’s because the economics of the twentieth century was overwhelmingly about how best to share existing “pies” of human well-being, rather than how
Philip Auerswald • The Coming Prosperity: How Entrepreneurs Are Transforming the Global Economy
3. Pent-up demand for stuff fed by a credit boom and a hidden 1930s productivity boom led to an economic boom.
Morgan Housel • How This All Happened
Our modern development pattern – a continental-scale social experiment – was established during a period of unprecedented abundance after World War II. We were not only the sole economic superpower that wasn’t devastated by war; the biggest players in the world were indebted to us. We held the global reserve currency, we had the greatest amount of
... See more