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centuries. Marginal colonial economies grew into 13 small, independent farming economies, which joined together in 1776 to form the United States of America . In 230 years the United States grew to a huge, integrated, industrialized economy that makes up over a quarter of the world economy . The main causes were a large unified market, a supportive political-legal system, vast areas of highly productive farmlands, vast natural resources (especially timber, coal, iron, and oil), and an entrepreneurial spirit and commitment to investing in material and human capital. The economy has maintained high wages, attracting immigrants by ...
Crisis Economics, perhaps needless to say, presents no evidence to support any of its conclusions, assertions and judgments. It’s not an economics book, really; it’s a populist economic pamphlet that aims to promote and justify massive bouts of government spending, monetary madness and regulation . Death by Narrative Pete Wallison on how bad ideas destroyed ‘the most innovative and successful financial system the world has ever known’. As Kevin Hassett notes: It wasn’t a coincidence that equity markets posted their biggest drop in more than a year the ... Read More
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