BY: Murray N. Rothbard
Mercantilism in England
It was in the 16th century that England began its meteoric rise to the top of the economic and industrial heap. The English Crown in effect tried its best to hobble this development by mercantilist laws and regulations but was thwarted because, for various reasons, the interventionist edicts proved unenforceable.
Raw wool had for several centuries been England’s most important product, and hence its most important export. Wool was shipped largely to Flanders and to Florence to be made into fine cloth. By the early 14th century, the flourishing wool trade had reached a height of an average annual export of 35,000 sacks. The state naturally then entered the picture, taxing, regulating, and restricting.
BY: DEAN BAker
The world is suffering from the worst downturn since the Great Depression. The crisis has left tens of millions unemployed in the U.S., Europe, and elsewhere. The huge baby boomer generation in the United States, now on the edge of retirement, has seen much of its wealth destroyed with the collapse of the housing bubble.
It would be difficult to imagine a worse economic disaster. Prior periods of bad performance, like the inflation ridden seventies, look like mild flurries compared to the blizzard of bad economic news in which we are now enmeshed.
None of this is new. People don’t need economists to tell them that times are bad. However, what the public may not recognize is that the same people who caused this disaster are still calling the shots. Specifically, there has been little change in personnel and no acknowledgment of error at the central banks whose incompetence was responsible for the crisis.
DEATH OF THE EURO
BY: PADDY HEALY