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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 European conquest of the world was increasingly financed through credit rather than taxes, and was increasingly directed by capitalists whose main ambition was to receive maximum returns on their investments. The empires built by bankers and merchants in frock coats and top hats defeated the empires built by kings and noblemen in gold clothes and shining armour. The mercantile empires were simply much shrewder in financing their conquests. Nobody wants to pay taxes, but everyone is happy to invest.
Sapiens
Yuval Noah Harari
In the months before redistribution began, the Ministry of Agriculture estimated there were 250,000 cases of landlords attempting to retain their land by taking it back from their tenants. But the land committees, which were required to review all transfers that attempted to circumvent land reform, managed to reverse almost all of them. Despite this, only 110 incidents of violence between landlords and tenants were reported in the reform years 1947–8 and not one life was lost. The agricultural historian Ronald Dore remarks: ‘The very fact that it [the reform] was imposed from outside was a powerful factor in making the land reform a peaceful and orderly one. Tenants could take over the land, not with the light of revolution in their eyes but half-apologetically, as if it hurt them more than it hurt their landlords, for the cause was not in themselves but in a law for which they bore no responsibility either personally or collectively.’
How Asia Works
Joe Studwell
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