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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
China’s agrarian system is unjust in the extreme. Speaking of general conditions, landlords and rich peasants who make up less than 10 per cent of the rural population hold approximately 70 to 80 per cent of the land, cruelly exploiting the peasantry. Farm labourers, poor peasants, middle peasants, and other people however, who make up over 90 per cent of the rural population, hold a total of approximately only 20 to 30 per cent of the land, toiling throughout the whole year, knowing neither warmth nor full stomach. These grave conditions are the root of our country’s being the victim of aggression, oppression, poverty, backwardness, and the basic obstacles to our country’s democratisation, industrialisation, independence, unity, strength and prosperity. In order to change these conditions, it is necessary, on the basis of the demands of the peasantry, to wipe out the agrarian system of feudal and semi-feudal exploitation, and realise the system of ‘land to the tillers’.
How Asia Works
Joe Studwell
“What you choose to work on, and who you choose to work with, are far more important than how hard you work.”
Tools of Titans
Timothy Ferriss
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