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belief in the free market is as naïve as belief in Santa Claus. There simply is no such thing as a market free of all political bias. The most important economic resource is trust in the future, and this resource is constantly threatened by thieves and charlatans. Markets by themselves offer no protection against fraud, theft and violence. It is the job of political systems to ensure trust by legislating sanctions against cheats and to establish and support police forces, courts and jails which will enforce the law. When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession.
Sapiens
Yuval Noah Harari
The one-armed woman said, “There was a movie called Maple recently. I don’t know if you’ve seen it. At the end, an adult and a child stand in front of the grave of a Red Guard who had died during the faction civil wars. The child asks the adult, ‘Are they heroes?’ The adult says no. The child asks, ‘Are they enemies?’ The adult again says no. The child asks, ‘Then who are they?’ The adult says, ‘History.’” “Did you hear that?” The thickset woman waved an arm excitedly at Ye. “History! History! It’s a new age now. Who will remember us? Who will think of us, including you? Everyone will forget all this completely!” The three old Red Guards departed, leaving only Ye on the exercise grounds. More than a dozen years ago, on that rainy afternoon, she had stood alone here as well, gazing at her dead father. The old Red Guard’s final remark echoed endlessly in her mind.…
The Three-Body Problem
Cixin Liu and Ken Liu
The weather, for example, is a level one chaotic system. Though it is influenced by myriad factors, we can build computer models that take more and more of them into consideration, and produce better and better weather forecasts. Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system.
Sapiens
Yuval Noah Harari
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