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17

From "The origin of metallic currency and weight standards" By Sir William Ridgeway (Google books); University Press, 1892 ... We saw that the Arabs of the Soudan down to the present day prefer silver to gold whilst in the earlier part of the present century when Japan was opened to European commerce the Japanese eagerly exchanged gold for silver at the ...


17

This isn't quite accurate. After WWI Germany was saddled with two kinds of war debts. The first kind, reparations, were payable to the aggrieved parties. The value of this was set via the Treaty of Versailles in Gold Marks, which are gold backed, and thus cannot inflate or deflate relative to gold. The second kind was in loans the German government took ...


11

The USSR growth rate during the 50's was not exceptionally high. The claims of 5-10% growth, although certainly theoretically possible, were simply not true, but Soviet propaganda. Real growth rates during the 50's and 60's were rather 3-4%, with an average of 3.4%. This is lower than both average OECD and average global growth during the same period at4%. ...


10

While it is difficult to understand what the monks themselves thought on this matter, there is some material on whether they enjoyed their work, were actually put out of work and if there were protests against the printing press due to this. From: From Gutenberg to the Internet: A Sourcebook on the History of Information Technology, Volume 2 by Jeffrey M. ...


9

It was illegal to set up business by person or group during that time. The first license to individual business after cultural revolution was issued in 1980. Even in late 70s and early 80s (after the cultural revolution), trading goods by individual was still a crime called 投机倒把罪,meaning "crime of Speculation and profiteering". People relied on a nation-wide ...


9

Geoffrey Blainy, one of Australia's greatest historians, dedicated about 2 pages or so to a chapter entitled The Paradox of Isolation. He said that places like the USA or Australia advance slowly in the beginning because they are isolated: they don't trade with anyone, they don't share inovation with anyone, they don't even have the need to innovate, because ...


8

The question asked seems to presuppose that the Ottoman empire was a source of intellectual and technological progress in the Middle Ages and explicitly states that the Christian religion hindered intellectual progress in the West. This looks wrong to me on all counts. Turkish power only rose in the 14th century, at the very end of the Middle Ages, and the ...


7

Germany's economic rebuilding came mostly between 1924 to 1929. The economic policies that made this happen was the following: A return to the gold standard Up to 1924 the German government would simply print more money to pay its debts and this led to hyperinflation. A return to the gold-standard stopped this. Welfare capitalism A liberal ...


7

There are probably several reasons, and it's likely impossible to answer without writing a book, and most of the reasons are not political but has rather to do with economics. One of the major reasons is based in fundamental economics. The Bismarckian welfare state is based on social insurance, ie, the government pays for an insurance that the welfare ...


6

This happening is known as The Great Hanoi Rat Massacre. It took place in 1902 in Hanoi, which was a French colony at that time. At the beginning action was a success, but as the bounty was granted for every rat's tail, soon the town was occupied by rats with cut out tails, that were left alive for breeding, and there were more and more rat farms in the ...


6

The United States is one of the five largest countries in the world by area. The others are Russia, Canada, China, and Brazil. Of these five, the United States has the largest amount of land in temperate, agriculturally and industrially suitable climates. Russia and Canada are (mostly) two far north, China and Brazil have much larger proportions of deserts ...


6

Nearly all countries grew quickly in the 1950s and 1960s for pretty much the same reasons. That applies to the United States, Britain, Germany, Japan, most of the rest of Europe, major parts of Asia, certain (but not all) parts of Africa. World War II ravaged the industrial and production base of most of its participants (except those in North and South ...


6

The WWI reparations were set in gold marks, and the level of the reparations therefore was actually equivalent to a fixed amount of gold. It wasn't payable in paper marks, the actual currency at the time. It was only payable in currencies that had a fixed exchange rate to gold. The reason for the hyperinflation is that Germany decided to start printing ...


5

To add to the Lennart's answer, capital investment affects economic growth the most when the current capital level is low (see, e.g., Mankiw, "Macroeconomics", chapter 4, appendix). This is why all economies experience spectacular rates of growth during early stages of industrialization. USSR was devastated by WW2, so its capital investment paid handsomely - ...


5

You are badly confusing rate of progress with state of knowledge. Yes, the Turks in the Middle Ages had greater technological prowess than Europeans, but they were already woefully under-achieving in terms of progress. The origins for this state of affairs lies in the different progressions of collapse of the Roman Empire in the West and the East. In the ...


5

Monestary account records and feudal charter dues including land deeds. You might want to start with Bloch on feudalism or the encyclopaedia article on English economics in the Middle Ages. Also that previous answer of mine on urbanity in medieval periods and the lack of a market economy. How did cities operate in medieval times?


5

Is there any evidence for this statement? No. It is clearly falsifiable and falsified—see the experience of indigenous people in settler societies. (Think Canada, US, Australia, New Zealand, Argentina, Chile).


5

Here is a relevant example concerning the Jewish minority in late 19th-century Vienna, as recorded by Peter Gay in Freud: A Life for Our Time: Many of the immigrants from the miserable villages to the east dressed and spoke and gestured in ways alien and disagreeable to the Viennese; they were too exotic to be familiar and not exotic enough to be ...


5

I don't disagree with @T.E.D's answer, but I think there is an alternative explanation that is a bit more succinct. The short answer that my econ profs gave is that although in theory wages can be treated as a good (the price rises when in short supply, and falls when in surplus), wages are "sticky downward" - there are legal and practical reasons why the ...


5

Quite simple really, and basic economics: More money circulating in the economy, combined with no comparable increase in things to do with that money, leads to an increase in prices. And as the Spanish government used the bulk of that silver to coin money to pay for their wars, the amount of money in the hands of people in Spain increased dramatically. If ...


4

You are confusing money supply with inflation. Increasing the money supply can sometimes (but not always) increase prices right along with it - this is called inflation. Inflation devalues the currency, and if it devalues too much, smaller denominations, like the penny in the US, becomes an impractical medium of exchange. Increasing the money supply is a ...


4

I cannot offer definite proof right now, but I'm almost certain (von) Mises was an Austrian citizen at least sometimes before his forced emigration to Switzerland. Consider e.g. this: He was working for the national chamber of commerce and consulting for the Austrian government. Such roles are usually filled by citizens even today. Lots of people kept ...


4

Most of the reparations came from cash loans to Germany from New York bankers - whose own promissory notes were backed by a fractional reserve only (i.e. not much gold); especially prior to the 1929 stock market crash when the US money supply grew by 62%. Most of the remainder came from barter goods (coal, petrochemicals, equipment). Addendum: The bankers ...


4

Damascus steel, I think, should qualify: it's a product which was recognized by name regardless of the actual manufacturer. It is now defunct in the sense that the technology has been lost. Many other interesting products qualify, from wines (Burgundy and Champagne) to cheeses (Swiss and Dutch). These are active in the sense that one cannot sell a wine and ...


4

I think the loss of British Empire about that time had something to do with that. If you have fiat currency, valued primarily on the perception of your total assets, and you loose a large portion of those assets, you'd better voluntarily adjust your exchange rate or face devaluation due to loss of trust in your currency by other players.


4

@jwenting is correct. Inflation is defined as an increase in the money supply uncoupled from an increase in the means of production. One crucial distinction is important - you asked about an increase in "resources" - silver is specie/currency, not a simple resource. Adding specie to a market will always cause inflation. @lohoris argues that this is true ...


3

I appended the clause "but to a different degree" to your statement "The Ottomans' also had politics mixed with religion." And therein lies the heart of the issue. The Ottomans were "somewhat," although not totally tolerant of other religions. That is to say that the degree of religious intolerance, and its related drag on progress was "much less" in the ...


3

At the end of World War II not only the British and French colonial empires ended, but also France and Britain were dependent and had a huge economical debt towards USA. During the decades that followed, the United States offered good opportunities to skilled professionals in all the world, and also to not skilled ones. That includes researchers, engineers, ...


3

No. Ashoka went to great lengths to make sure that his new found ideals were spread to other countries/empires and preserved for posterity. It actually cost him(and his successors) a lot more to embrace peace than to continue warring. Though the debasement of silver coins is true, Ahoka had nothing to gain by giving up his military campaign. Besides, war ...


3

This is a fascinating question. There are short, simple answers: The great devaluation of 1949 - 30% Post war, Britain was heavily indebted to the USA. Despite a soft loan agreement with repayments over fifty years, the pound remained once again under intense pressure In 1949 Stafford Cripps devalued the pound by over 30%, giving a rate of $2.80 ...



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