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The Mississippi Bubble was one of history’s most spectacular financial crashes. The royal French financial system never recuperated fully from the blow. The way in which the Mississippi Company used its political clout to manipulate share prices and fuel the buying frenzy caused the public to lose faith in the French banking system and in the financial wisdom of the French king. Louis XV found it more and more difficult to raise credit. This became one of the chief reasons that the overseas French Empire fell into British hands. While the British could borrow money easily and at low interest rates, France had difficulties securing loans, and had to pay high interest on them. In order to finance his growing debts, the king of France borrowed more and more money at higher and higher interest rates. Eventually, in the 1780s, Louis XVI, who had ascended to the throne on his grandfather’s death, realised that half his annual budget was tied to servicing the interest on his loans, and that he was heading towards bankruptcy. Reluctantly, in 1789, Louis XVI convened the Estates General, the French parliament that had not met for a century and a half, in order to find a solution to the crisis. Thus began the French Revolution.
Sapiens
Yuval Noah Harari
American politicians and bureaucrats struggled to reach a consensus about how to respond. On the one hand, despite the longstanding legal right of Americans to claim homesteads, the mandatory redistribution of other people’s private property was decidedly un-American. On the other hand, Washington’s more liberal foreign policy specialists argued that land reform was necessary to make Asian societies fairer and – in the context of an incipient Cold War – less susceptible to the rising tide of communism. (There was no significant body of empirical evidence, as of 1945, to show that land reform would inevitably lead to faster economic growth.) The tensions between the property rights camp and those who viewed land reform as the key to stabilising US allies in Asia were never resolved; this led to a see-sawing of policy for several years, followed by a retreat from support for redistribution despite its manifest successes.
How Asia Works
Joe Studwell
Perhaps if more people were aware of the First Wave and Second Wave extinctions, they’d be less nonchalant about the Third Wave they are part of. If we knew how many species we’ve already eradicated, we might be more motivated to protect those that still survive.
Sapiens
Yuval Noah Harari
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