Tag: Mercantilism
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Four Keys to Modern Prosperity: Capital Markets (Part 2)
Renaissance to Enlightenment Most of Europe was a collection of feudal agrarian societies before the Renaissance. Serfs paid rent to a lord for the use of land. That lord paid rent to a higher lord, who paid rent to a King. Lack of clear title for land ownership made exchanges in real estate very difficult.…
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Adam Smith in 800 Words
The China Post: Adam Smith: Economics can set you free (HT: Gavin Kennedy) Gavin Kennedy brands this post as the best presentation of Adam Smith's contribution to the world in 800 words or less. I maintain that Smith is one of the most misunderstood figures in the social sciences and is usually only understood in…
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Theology and Economics: Captial Markets (Part 4)
Industrial Revolution to Present Over the last two centuries, we have seen exponential growth in capital markets and capital formation. The key to this growth has been the creation of mechanisms allowing large enterprises to aggregate enormous sums of capital. Besides the owner's personal equity, nearly all business financing was secured in debt until the…