First crack in the wall | 35 comments (35 topical, editorial, 0 hidden)

Re: It is not growth that is impossible ... (none / 0)

Interest and international trade started in the 1200's (the fairs of Champagne) with the trade between the Netherlands and Italy, actually...

Un roi sans divertissement est un homme plein de misères

by linca (antonin POINT lucas AROBASE gmail.com) on Sat Jun 7th, 2008 at 06:59:53 AM EST
[ Parent ]

Re: It is not growth that is impossible ... (none / 1)

Yes, the new model existed before, but it could only take over because of the opening provided by the collapse. Just like rodents coexisted with dinosaurs for millions of years but only took over 65Myr ago.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Carrie (migeru at eurotrib dot com) on Sat Jun 7th, 2008 at 07:11:59 AM EST
[ Parent ]

Re: It is not growth that is impossible ... (none / 0)

Well, I'm not sure "growth" as a concept was part of many people's understanding of the world during the 16th century. People noticed the peasants were becoming numerous, but that's about all. I think the rise of capitalism, the development of interest, and the capital accumulation, happened because of the rise of overseas trade, an activity that had always been financed by interest on capital.

I'll have to reread Braudel...

Un roi sans divertissement est un homme plein de misères

by linca (antonin POINT lucas AROBASE gmail.com) on Sat Jun 7th, 2008 at 07:31:08 AM EST
[ Parent ]

Re: It is not growth that is impossible ... (none / 0)

No, "growth results from interest" is what people in the 18th and 19th century conceptualised looking back on the previous few hundred years. As opposed to "growth is required to make interest sustainable".

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Carrie (migeru at eurotrib dot com) on Sat Jun 7th, 2008 at 07:33:37 AM EST
[ Parent ]

First crack in the wall | 35 comments (35 topical, 0 editorial, 0 hidden)

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