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In actual fact, however, in the years before the Civil War, there was no capitalism without slavery. The two were, in many ways, one and the same. At the end of the 18th century, slavery in the United States was a declining institution.... Wage labor was increasingly replacing slave labor in both the urban and the rural areas of the upper South. And then came cotton.... By the end of the 1830s, the Seminole, the Creek, the Chickasaw, the Choctaw and the Cherokee had all been "removed" to lands west of the Mississippi. Their expropriated land provided the foundation of the leading sector of the global economy in the first half of the 19th century.... Between 1820 and 1860 more than a million enslaved people were transported from the upper to the lower South, the vast majority by the venture-capitalist slave traders the slaves called "soul drivers." ...It is not simply that the labor of enslaved people underwrote 19th-century capitalism. Enslaved people were the capital: four million people worth at least $3 billion in 1860, which was more than all the capital invested in railroads and factories in the United States combined. Seen in this light, the conventional distinction between slavery and capitalism fades into meaninglessness.

>JimWallis: 'We urgently need a new social covenant between citizens, businesses, and government. Contracts have been broken, but a covenant adds a moral dimension to the solution that is now essential. By definition, this will require the engagement and collaboration of all the "stakeholders" - governments, businesses, civil society groups, people of faith, and especially young people. >Social covenants should all include shared principles and features - a value basis for new agreements, an emphasis on jobs that offer fair rewards for hard work and real contributions to society, security for financial assets and savings, a serious commitment to reduce inequality between the top and the bottom of society, stewardship of the environment, an awareness of future generations' needs, a stable and accountable financial sector, and the strengthening of both opportunity and social mobility. >Such a covenant promotes human flourishing, happiness, and well-being as social goals, and it elevates the movement from a shareholder model to a stakeholder model of corporate governance. Such new social covenants are already being discussed in a variety of settings and countries. The discussion itself will help produce the conversation leading to the results that we need. >A moral conversation about a social covenant could ask what a "moral economy" should look like and for whom it should exist. How can we do things differently, more responsibly, more equitably, and yes, more democratically? >Lack of trust is bad for politics, bad for business, and bad for overall public morale. It undermines people's sense of participation in society as well as their feelings of social responsibility, and makes them feel isolated and alone-more worried about survival than interested in solidarity. Because the "contract" was broken, a sense of "covenant" is now needed, fused with a sense of moral values and commitments. And the process of formulating new social covenants could be an important pa

In a globalized economy, the countries that pay the most and offer the greatest chance for advancement tend to get the top talent. South America's best soccer players generally migrate to Europe, where the salaries are high and the tournaments are glitzier than those in Brazil or Argentina. Many top high-tech workers from India and China move to the United States to work for American companies. And the United States, with its high salaries and technological innovation, is also the world's most powerful magnet for doctors, attracting more every year than Britain, Canada and Australia - the next most popular destinations for migrating doctors - combined.

[Since 1929], there was never a period when as much as 9 percent of American gross domestic product went to companies in the form of after-tax profits. Now the figure is over 10 percent. [And] there never was a quarter when wage and salary income amounted to less than 45 percent of the economy. Now the figure is below 44 percent.... Effective tax rates, both corporate and personal, are well below where they were during most of the post-World War II era.

"In a major encyclical addressing the economic questions raised by the upheaval in Eastern Europe in 1989, Pope John Paul II warned capitalist nations yesterday against letting the collapse of Communism blind them to the need to repair injustices in their own economic system. "The encyclical, "Centesimus Annus" ("The Hundredth Year"), includes the fullest, and in many ways the most positive, treatment of the market economy in any papal document. But praise is typically followed with qualifications and ringing reminders about economic failures in both developing and developed countries."

Peterson (Secretary of Commerce under Richard Nixon) argues that It's time for corporate leaders to step up with a Marshall Plan-type movement that takes an active role in the public interest.

In China, 42 high-speed rail lines have opened or are set to open by 2012; the U.S. hopes to build its first high-speed line by 2014. The Chinese bullet train, which has the world's fastest average speed, travels 664 miles from Guangzhouon the coast to Wuhan, deep in the interior. In a little more than three hours. Travelling the same distance from Boston to southern Virginia, the train takes less time than Amtrak's fastest train, the Acela, takes to go from Boston to New York. By comparison, the United States hopes to build its first high-speed rail line by 2014 - linking only the 84 miles between Tampa and Orlando, Fla.

The author discusses the current timeliness of the 1914 book, "Other People's Money," by Louis Brandeis (future Supreme Court Justice). Melvin A. Urofsky is a Brandeis scholar and professor at Virginia Commonwealth University.

On the stimulus, the correct story is the big story - the macroeconomic story. According to private forecasters -- not talking Obama administration folks, but private firms that are paid by other private companies to accurately analyze the market -- the stimulus worked.