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the imperial government deliberately exploited these guilds in the interests of public authority and social order. The government tried to restrict the membership of the guilds to a hereditary caste of skilled artisans, but the increasing financial demands made upon the guilds by the government in the waning days of the Roman Empire had reduced most guilds to a precarious position by the 4th century ce

Some historians have contended that the guilds of medieval Europe derived from the collegia of the Byzantine Empire, but no direct connections have been established between these different institutions

Guilds came to control the distribution and sale of food, cloth, and other staple goods and thereby achieved a monopoly over the local commerce. Such guilds compelled foreign merchants or traders to pay a fee if they wanted to participate in the local trade, and some outside merchants were prohibited altogether from participating in that trade.

The guild tended to be an extremely hierarchical body structured on the basis of the apprenticeship system. (See apprenticeship.) In this structure, the members of a guild were divided into a hierarchy of masters, journeymen, and apprentices.

Yet the guilds’ exclusivity, conservatism, monopolistic practices, and selective entrance policies eventually began to erode their economic utility. Apprenticeships became almost entirely hereditable, and masters set ridiculously high standards for apprentices to become journeymen and for journeymen to become masters. The guilds worked exclusively for their own interests and sought to monopolize trade in their own locality.

The essential characteristics of capitalism only become evident with an increase in scale - in two quite separate contexts. One is the formation of joint-stock companies, in which investors pool their resources for a major commercial undertaking. The other, not evident until the Industrial Revolution, is the development of factories in which large numbers of workers are employed in a single private enterprise.  

Speculative trading enterprises in the Middle Ages are undertaken by individual merchants, operating in family groups or partnerships but acting essentially on their own behalf.

In the 16th century, with the expanding energies of the Atlantic kingdoms in a new era of ocean voyages, the situation changes. In long expeditions to distant and dangerous places, both the risk and the potential profit are greatly increased. A new system is called for.

A charter, granted by the crown, gives the merchants in a company the monopoly on trade with a specific region for a given number of years - together with strong legal powers to enforce order in distant places while carrying out its business.  

The first joint-stock enterprise established in Britain is the Muscovy Company, which receives its royal charter in 1555.

Even the Bank of England, when founded in 1694, is organized at first on joint-stock lines. The merchants whose funds provide the bank's initial loan to the government acquire thereby a share in the stock of the new company.

The most immediate way in which the Reformation aids the capitalist is by removing the stigma which the Catholic church has traditionally attached to money-lending - or usury, in the pejorative Biblical term.

Speculation is an intrinsic part of capitalism, since the capitalist must risk money in the hope of making more

The first coffee house in London opens in 1652. Soon much of England's business is being conducted in these congenial establishments where merchants can gather to strike their bargains over a cup of the newly fashionable liquid.

Shares in such companies can be bought and sold at Jonathan's coffee house. The brokers who arrange the deals here call themselves (from 1773) the Stock Exchange.

Unlike store shelves that have to be physically rearranged, the online marketplace’s search engine surfaces what you want when you want it from a deep inventory of hundreds of millions of products. Meanwhile a big-box store can only carry approximately 100,000 different goods.

The marketplace model also helps Amazon shift more quickly to things people want to buy. Its hundreds of thousands of merchants scour search engine trends in real time to know which products they should be selling and when

Amazon’s revenue from third-party seller services—a category that includes commissions and fees for things like warehousing, packaging and delivery—increased 9% in the second quarter to $27.38 billion.

Another positive note was that subscription services revenue, which is mostly Prime memberships, grew 14% in the quarter, reversing three consecutive quarters of slowing growth—meaning shoppers still see value in the membership, despite a $20 price hike in February to $139 a year.

By 1890, a full 10 percent of China’s population smoked opium. In a bid to curb opium use, imperial China banned producing or consuming the drug, even executing dealers and forcing users to wear heavy wooden collars and endure beatings.

Astor wasn’t the only American to make his fortune in part through opium smuggling: Warren Delano, Franklin Delano Roosevelt’s father, made millions engaging in what he called a “fair, honorable and legitimate” trade.

Astor’s reputation didn’t suffer from the trade—though it was illegal in China, Astor conducted his drug deals openly. But by participating in the opium trade in the early 1800s, he helped create a system that fueled addiction worldwide—and made millions while he was at it

This meant that Kaunatjike's homeland was controlled by descendants of Dutch and British colonists—white rulers who, in 1948, made apartheid the law of the land. Its shadow stretched from the Indian Ocean to the Atlantic, covering an area larger than Britain, France, and Germany combined.

“Our fight was against the regime of South Africa,” says Kaunatjike, now a 68-year-old resident of Berlin. “We were labeled terrorists.”

During the 1960s, hundreds of anti-apartheid protesters were killed, and thousands more were thrown in jail. As the South African government tightened its fist, many activists decided to flee. “I left Namibia illegally in 1964,” says Kaunatjike. “I couldn't go back.”

Germans first reached the arid shores of southwestern Africa in the mid-1800s. Travelers had been stopping along the coast for centuries, but this was the start of an unprecedented wave of European intervention in Africa. Today we know it as the Scramble for Africa.

The German flag soon became a beacon for thousands of colonists in southern Africa—and a symbol of fear for local tribes, who had lived there for millennia. Missionaries were followed by merchants, who were followed by soldiers.

Indigenous people didn't accept all this willingly. Some German merchants did trade peacefully with locals. But like Belgians in the Congo and the British in Australia, the official German policy was to seize territory that Europeans considered empty, when it most definitely was not.

During apartheid, he explains, blacks were forcibly displaced to poorer neighborhoods, and friendships with whites were impossible. Apartheid translates to “apartness” in Afrikaans. But many African women worked in German households. “Germans of course had relationships in secret with African women,” says Kaunatjike. “Some were raped.” He isn't sure what happened to his own grandmothers.

they’re also used as talking points by politicians who are working to make it more difficult for the EPA and other federal agencies to use science in their regulatory decision-making, under the guise of basing policy on “sound science.” Science’s virtues are being wielded against it.

The sound science tactic exploits a fundamental feature of the scientific process: Science does not produce absolute certainty. Contrary to how it’s sometimes represented to the public, science is not a magic wand that turns everything it touches to truth. Instead, it’s a process of uncertainty reduction, much like a game of 20 Questions.

“Our criticisms are founded in a confidence in science,” said Steven Goodman, co-director of the Meta-Research Innovation Center at Stanford and a proponent of open science. “That’s a fundamental difference — we’re critiquing science to make it better. Others are critiquing it to devalue the approach itself.”

alls to base public policy on “sound science” seem unassailable if you don’t know the term’s history. The phrase was adopted by the tobacco industry in the 1990s to counteract mounting evidence linking secondhand smoke to cancer.

What distinguishes the two calls for transparency is intent: Whereas the “open science” movement aims to make science more reliable, reproducible and robust, proponents of “sound science” have historically worked to amplify uncertainty, create doubt and undermine scientific discoveries that threaten their interests.

Delay is a time-tested strategy. “Gridlock is the greatest friend a global warming skeptic has,” said Marc Morano, a prominent critic of global warming research

While insisting that they merely wanted to ensure that public policy was based on sound science, tobacco companies defined the term in a way that ensured that no science could ever be sound enough. The only sound science was certain science, which is an impossible standard to achieve.

“Doubt is our product,” wrote one employee of the Brown & Williamson tobacco company in a 1969 internal memo. The note went on to say that doubt “is the best means of competing with the ‘body of fact’” and “establishing a controversy.” These strategies for undermining inconvenient science were so effective that they’ve served as a sort of playbook for industry interests ever since

Doubt merchants aren’t pushing for knowledge, they’re practicing what Proctor has dubbed “agnogenesis” — the intentional manufacture of ignorance. This ignorance isn’t simply the absence of knowing something; it’s a lack of comprehension deliberately created by agents who don’t want you to know,

In the hands of doubt-makers, transparency becomes a rhetorical move. “It’s really difficult as a scientist or policy maker to make a stand against transparency and openness, because well, who would be against it?

But at the same time, “you can couch everything in the language of transparency and it becomes a powerful weapon.” For instance, when the EPA was preparing to set new limits on particulate pollution in the 1990s, industry groups pushed back against the research and demanded access to primary data (including records that researchers had promised participants would remain confidential) and a reanalysis of the evidence. Their calls succeeded and a new analysis was performed. The reanalysis essentially confirmed the original conclusions, but the process of conducting it delayed the implementation of regulations and cost researchers time and money.

Any given study can rarely answer more than one question at a time, and each study usually raises a bunch of new questions in the process of answering old ones. “Science is a process rather than an answer,” said psychologist Alison Ledgerwood of the University of California, Davis. Every answer is provisional and subject to change in the face of new evidence. It’s not entirely correct to say that “this study proves this fact,” Ledgerwood said. “We should be talking instead about how science increases or decreases our confidence in something.”

which has received funding from the oil and gas industry. “We’re the negative force. We’re just trying to stop stuff.”

these ploys are getting a fresh boost from Congress. The Data Quality Act (also known as the Information Quality Act) was reportedly written by an industry lobbyist and quietly passed as part of an appropriations bill in 2000. The rule mandates that federal agencies ensure the “quality, objectivity, utility, and integrity of information” that they disseminate, though it does little to define what these terms mean. The law also provides a mechanism for citizens and groups to challenge information that they deem inaccurate, including science that they disagree with. “It was passed in this very quiet way with no explicit debate about it — that should tell you a lot about the real goals,” Levy said.

in the 20 months following its implementation, the act was repeatedly used by industry groups to push back against proposed regulations and bog down the decision-making process. Instead of deploying transparency as a fundamental principle that applies to all science, these interests have used transparency as a weapon to attack very particular findings that they would like to eradicate.

Now Congress is considering another way to legislate how science is used. The Honest Act, a bill sponsored by Rep. Lamar Smith of Texas,3The bill has been passed by the House but still awaits a vote in the Senate. is another example of what Levy calls a “Trojan horse” law that uses the language of transparency as a cover to achieve other political goals. Smith’s legislation would severely limit the kind of evidence the EPA could use for decision-making. Only studies whose raw data and computer codes were publicly available would be allowed for consideration.

It might seem like an easy task to sort good science from bad, but in reality it’s not so simple. “There’s a misplaced idea that we can definitively distinguish the good from the not-good science, but it’s all a matter of degree,” said Brian Nosek, executive director of the Center for Open Science. “There is no perfect study.” Requiring regulators to wait until they have (nonexistent) perfect evidence is essentially “a way of saying, ‘We don’t want to use evidence for our decision-making,’

ost scientific controversies aren’t about science at all, and once the sides are drawn, more data is unlikely to bring opponents into agreement.

objective knowledge is not enough to resolve environmental controversies. “While these controversies may appear on the surface to rest on disputed questions of fact, beneath often reside differing positions of value; values that can give shape to differing understandings of what ‘the facts’ are.” What’s needed in these cases isn’t more or better science, but mechanisms to bring those hidden values to the forefront of the discussion so that they can be debated transparently. “As long as we continue down this unabashedly naive road about what science is, and what it is capable of doing, we will continue to fail to reach any sort of meaningful consensus on these matters,”

The dispute over tobacco was never about the science of cigarettes’ link to cancer. It was about whether companies have the right to sell dangerous products and, if so, what obligations they have to the consumers who purchased them.

Similarly, the debate over climate change isn’t about whether our planet is heating, but about how much responsibility each country and person bears for stopping it

While researching her book “Merchants of Doubt,” science historian Naomi Oreskes found that some of the same people who were defending the tobacco industry as scientific experts were also receiving industry money to deny the role of human activity in global warming. What these issues had in common, she realized, was that they all involved the need for government action. “None of this is about the science. All of this is a political debate about the role of government,”

These controversies are really about values, not scientific facts, and acknowledging that would allow us to have more truthful and productive debates. What would that look like in practice? Instead of cherry-picking evidence to support a particular view (and insisting that the science points to a desired action), the various sides could lay out the values they are using to assess the evidence.

For instance, in Europe, many decisions are guided by the precautionary principle — a system that values caution in the face of uncertainty and says that when the risks are unclear, it should be up to industries to show that their products and processes are not harmful, rather than requiring the government to prove that they are harmful before they can be regulated. By contrast, U.S. agencies tend to wait for strong evidence of harm before issuing regulations

the difference between them comes down to priorities: Is it better to exercise caution at the risk of burdening companies and perhaps the economy, or is it more important to avoid potential economic downsides even if it means that sometimes a harmful product or industrial process goes unregulated?

But science can’t tell us how risky is too risky to allow products like cigarettes or potentially harmful pesticides to be sold — those are value judgements that only humans can make.

The untouchables are also known as dalits or harijans.

Samurai, the warriors; Farmers; Artisans; and finally Merchants.

As with India's untouchables, some Japanese people fell below the four-tier system. These were the burakumin and hinin.

The burakumin served essentially the same purpose as untouchables in India; they did butchering, leather tanning, and other unclean jobs, but also prepared human burials.

The hinin were actors, wandering musicians, and convicted criminals.

India's caste system arose out of the Hindu belief in reincarnation. A soul's behavior in its previous life determined the status it would have in its next life. Castes were hereditary and fairly inflexible; the only way to escape a low caste was to be very virtuous in this life, and hope to be reborn in a higher station the next time.

In the feudal Japanese social system, the shogun and the imperial family were above the class system. Nobody was above the Indian caste system, though. In fact, kings and warriors were lumped together in the second caste - the Kshatriyas.

Japan's four-tier social system came out of Confucian philosophy, rather than religion. According to Confucian principles, everyone in a well-ordered society knew their place and paid respect to those stationed above them. Men were higher than women; elders were higher than young people. Farmers ranked just after the ruling samurai class because they produced the food that everyone else depended upon.

India's four castes were actually sub-divided into literally thousands of sub-castes, each with a very specific job description. The Japanese classes were not divided in this way, perhaps because Japan's population was smaller and much less ethnically and religiously diverse.

In Japan's class system, Buddhist monks and nuns were outside of the social structure. They were not considered lowly or unclean, just detached from the social ladder.

In the Indian caste system, in contrast, the Hindu priestly class were the highest caste - the Brahmins.

farmers were on the second tier of Japan's four-tier system,

In the Indian caste system, however, merchants and land-holding farmers were lumped together in the Vaisya caste,

In both the Japanese and Indian social structures, the warriors and rulers were one and the same.

Both the Indian caste system and Japanese feudal social structure had unclean people who were below the lowest rung on the social ladder.

there continues to be discrimination against people who are perceived as belonging to these "outcast" groups.

In other words, the space between the first and second rungs on the social ladder was much wider than that between the second and third rungs.

Finally, both the Indian caste system and Japan's four-tiered social structure served the same purpose: they imposed order and controlled the social interactions among people in two complex societies.

The supposed humiliation of attending the sack of Liege by the Burgundian army cost him little; and he avoided the second condition imposed by Charles—the award of Champagne and Brie to Charles de France—by persuading his brother to accept the more remote province of Guyenne in their place

Yet Philip the Good felt himself increasingly isolated by French negotiations with Frederick III and the Swiss cantons. The opportune arrival of the Dauphin allowed him to reassert his influence at the French court and to arbitrate between father and son

Louis XI appeared to represent all the forces of feudal and Burgundian reaction

The independent duchy of Brittany possessed its own governmental institutions, and its ruler, Francis II, refused anything but simple homage to both Charles VII and his successor

If his royal connections and foreign ambitions had induced this capricious and luxury-loving prince to avoid open conflict with the crown, his impetuous son, John of Calabria, was foremost in every plot and affray

Louis XI might dismiss his father’s favourites; but he could not afford to reverse his policy. He refused support for John of Calabria’s ill-fated venture in Italy, quarrelled with Philip the Good, and disputed the right of Francis II to control the church in Brittany.

The King did indeed learn much from the League of the Common Weal

He took advantage of a misunderstanding between his ineffective brother and Francis II to recover Normandy, and at the same time distracted Burgundy by encouraging the revolt of the cities of Dinant and Liege. Having bought off Brittany and Charles de France, he sought to detach them from their Burgundian alliance by revealing the details of their defection

Louis XI also anticipated later methods of economic warfare. He deprived his Burgundian enemy of specie and procured the withdrawal of the support afforded him by the Medici bank. His concessions to English, Swiss and Hanseatic merchants were designed to detach them from Burgundian commerce

In these years Louis XI was conducting equally complex negotiations in Aragon and England

Charles VII exiled him to his government in Dauphiné. The nine years he spent there were occupied with strengthening the provincial administration and resisting the authority of the Crown

Pot-bellied and spindle-shanked, Louis XI was an unlikely figure, either as a monster of vice or, as he described himself, as the restorer of the splendours of Charlemagne and St. Louis

Louis employed the agents of the former financier, Jacques Coeur, whose condemnation under Charles VII he declared invalid. From Tours he drew the merchant financiers of the Beaune and Briçonnet families, and from Berry the Bochetels, who founded a notable line of royal secretaries

It is doubtful whether Louis XI had any general plan to transform the social order, but he found the middle classes his most convenient allies against the forces of disorder from above and below

In the towns Louis XI accelerated the trend to the formation of urban patriciates. He widened the special form of ennoblement available to municipal councillors.

From the number of national assemblies convoked by Louis XI it is sometimes conjectured that his government proceeded by consultative methods. But of the twelve such bodies convened by the King only one was a full Estates General, the others being merely assemblies of notables

The Estates General of Tours in 1468 was skilfully won over to the royal cause, and persuaded that to grant Normandy to the King’s brother would be to detach it from France and expose it to English and Burgundian influence

Trade prospered under Louis XI, but the recovery of agriculture was slow in the aftermath of the Hundred Years War. Choisnet had written in the Rosier des Guerres that “the King should see for himself the condition of his people, and should watch over them as a good gardener does his garden.”

While Louis won over Warwick, and reconciled the King-Maker with Margaret of Anjou to secure the brief Lancastrian restoration of 1470, the Burgundian Duke responded by publicly welcoming the return of Henry VI, and secredy promoting the triumph of his Yorkist brother-in-law, Edward IV.

As Charles VII had promoted the trade fairs of Lyon to ruin Geneva, so Louis established fairs at Caen and Rouen to challenge those of Bruges and Antwerp

Charles the Rash pursued chimerical schemes in Alsace, and clashed with the German Emperor. His preoccupation with affairs in the electorate of Cologne prevented him from supporting an English invasion of France in 1475, and Louis bought off Edward IV with the Treaty of Picquigny

Maximilian, the son of Frederick III, married the Burgundian heiress, Mary, and defended her lands against France until the Treaty of Arras brought peace in 1482. In all his calculations the Spider King could not have foreseen that Philip, the issue of this match, would marry the daughter and heiress of Ferdinand of Aragon and Isabella of Castile— an alliance which itself was in part a response to Louis’ policy in Catalonia

A new France had been nurtured by measures that seem at times not merely generations but centuries in advance of their age. Yet for all the surprising modernity of his policies, the manner in which Louis died revealed the extent to which he was still in thrall to the forces of the past.

The arcana of kingship which he bad penetrated were not of this kind. The first of modern national rulers went to his death surrounded by all the trappings of magic

Already around 2500 BC, merchants were setting out from what is now Iraq, the seat of the ancient Sumerian civilization, carrying silver ingots to India

En route, they acquired copper from Oman and brought precious objects such as carnelian and lapis lazuli from India. Accumulating and re-investing profits, they were the first capitalists. The Indian Ocean became one of the great channels of trade between nations. Greek merchants from Egypt exploited the monsoon winds to ensure a swift passage to south India.

The Chinese emperors tended to discourage uncontrolled trade, though prohibitions often did more to provoke traders into finding ways around the rules. Early compasses were used for feng shui, not navigation. But in the 12th century AD, when the coasts of China were open to the world, Hangzhou was at the peak of its prosperity.

in the open Pacific, hundreds of scattered islands from Hawaii to Easter Island were settled over many centuries — the Polynesians only reached New Zealand around AD 1300. Even without written records, the Polynesians transmitted exact knowledge of how to sail these apparently boundless waters from generation to generation.

By 1500 AD, the Portuguese had begun to show interest in what the Atlantic might offer. That interest had resulted in the settlement of uninhabited islands including Madeira, which began to export phenomenal quantities of sugar.

When European sailors — from Portugal, Spain, Holland, England, Denmark and France — entered the Pacific and the Indian Ocean starting in the 16th century, they found a lively maritime world that they could never truly dominate. They still depended on the resources and supply lines of the inhabitants of the lands they visited, even as they created routes across the entire globe

Since then, the oceans have only continued to tie the world together — most dramatically when new routes were literally carved out, with the building of the Suez Canal in the 19th century and the opening of the Panama Canal in 1914. The first goods to pass through the Panama Canal consisted of a cargo of tinned pineapples from Hawaii. The Pacific and the Atlantic were more closely tied together than ever before.

In the 21st century, however, new factors have changed entirely the way goods are carried across the seas, even though over 90% of world trade is carried on ships

Business is conducted on a scale that utterly dwarfs that of even 20 years ago, transforming a familiar world. And yet, through trade and cultural exchange, the seas continue to connect even the most distant lands.

An abundance of goods traveled along the Silk Road. Merchants carried silk from China to Europe, where it dressed royalty and wealthy patrons.  Other favorite commodities from Asia included jade and other precious stones, porcelain, tea, and spices. In exchange, horses, glassware, textiles, and manufactured goods traveled eastward.

One of the most famous travelers of the Silk Road was Marco Polo

The horses introduced to China contributed to the might of the Mongol Empire, while gunpowder from China changed the very nature of war in Europe and beyond.  Diseases also traveled along the Silk Road. Some research suggests that the Black Death, which devastated Europe in the late 1340s C.E., likely spread from Asia along the Silk Road

The Age of Exploration gave rise to faster routes between the East and West, but parts of the Silk Road continued to be critical pathways among varied cultures

A disturbance in a remote corner of the world market leads to chaos and panic at the very center of the system (and these symptoms are given a multiplier effect when the pangs begin at the center itself), and John Micklethwait and Adrian Wooldridge, doughty champions of capitalism at The Economist, admit straightforwardly in their book on the advantages of globalization that Marx, “as a prophet of the ‘universal interdependence of nations,’ as he called globalization … can still seem startlingly relevant … His description of globalization remains as sharp today as it was 150 years ago.

The falling rate of profit, the tendency to monopoly … how wrong could that old reading-room attendant have been?

Marx is so embedded in our Western cast of thought that few people are even aware of their debt to him. Everybody I know now believes that their attitudes are to an extent a creation of their material circumstances … “that, on the contrary, their social being determines their consciousness”, as Marx wrote—and that changes in the way things are produced profoundly affect the affairs of humanity even outside the workshop or factory.

“It’s the economy, stupid.”

What he postulated, and what made him different from any previous theorist of materialism whether historical or dialectical, was a sharp distinction between the forces and the relations of production. Within the integument of one system of exploitation, in other words, was contained a systemic conflict that, if not resolved, would lead to stagnation and decline but, if properly confronted, might lead to a higher synthesis of abundance and equality.

(War between competitive capitalist states, for example, would be an instance of the negative. Seizure of power by an educated working class that understood and could transcend the logic of private ownership would be an example of human progress.

In my opinion, therefore, the most powerful Marxist book of the past four decades was Rudolf Bahro’s The Alternative, which showed how and why the East German state and economy were certain to implode. Communism, said Bahro—one of its former functionaries—was compelled to educate and train people up to a certain level. But beyond that level, it forbade them to think, or to inquire, or to use their initiative. Thus, while it created a vast amount of “surplus consciousness,” it could find no way of employing this energy except by squandering and dissipating and ultimately repressing it. The conflict between the forces and relations of production in the eastern part of the homeland of Karl Marx thus became a locus classicus of the sort of contradiction he had originally identified.

Marx was a keen admirer of that other great Victorian Charles Darwin, and according to Engels he wanted to do for the economic system what the author of The Origin of Species had done for the natural order: lay bare its objective laws of motion and thus make it possible at last to dispense with subjective and idealist interpretations.

The term exploitation, for example, should be not a moralizing one but a cold measure of the difference between use value and exchange value, or between the wages earned at the coal face and the real worth of that labor to the mine owner

there was an underlying love-hate relationship between Marx and capitalism. As early as the Manifesto, he had written of capitalism’s operations with a sort of awe, describing how the bourgeoisie had revolutionized all human and social and economic relations, and had released productive capacities of a sort undreamed-of in feudal times.

it does not quite explain Marx’s later failure, in Capital, to grasp quite how revolutionary capitalist innovation really was. (The chapter on new industrial machinery opens with a snobbish quotation from John Stuart Mill’s Principles of Political Economy: “It is questionable if all the mechanical inventions yet made have lightened the day’s toil of any human being.” This must have seemed absurd even at the time, and it appears preposterous after the third wave of technological revolution and rationalization that modern capitalism has brought in its train.

There’s also the not-inconsiderable question of capitalism’s ability to decide, if not on the value of a commodity, at least on some sort of price for the damn thing. Eugen von Böhm-Bawerk and the other members of the Austrian school were able to point out this critical shortcoming of Capital—no pricing policy—during Marx’s lifetime

John Cassidy wrote of Marx, “His books will be worth reading as long as capitalism endures.” That would appear to mean that Marxism and capitalism are symbiotic, and that neither can expect to outlive the other,

Two considerations should inform our efforts, however modest our numbers. Both considerations should look to the post-Trump era, which cannot come soon enough and might possibly be upon us sooner than expected.

it’s our nation’s 45th president, who has indeed “set up a business for himself.” Mencken had Trump pegged even before Trump himself existed.

2016 presidential campaign progressives had expended even half the energy they have demonstrated since last November 8, a Jewish socialist from Vermont would today occupy the White House and Donald Trump would have resumed his duties as host of Celebrity Apprentice.

Trump himself represents the antithesis of all that conservatives putatively cherish

For the gaudy Trump, nothing is sacred or fixed or permanent. Everything is for sale. Let’s make a deal.

Trump’s success in hijacking the GOP has exposed the emptiness of that party’s claim to uphold conservative principles or any principles whatsoever

“such a professor of the central democratic science may throw off his employers and set up a business for himself. When that day comes there will be plenty of excuse for black type on the front pages of the newspapers.” That day has now seemingly arrived

minimize damage to the Constitution, whether inflicted by Trump himself or by his opponents.

I myself will not shed a tear should Trump be involuntarily and permanently returned to the eponymous tower from which he descended to complete the corruption of American politics.

Let it be done, however, in strict compliance with either Article II, Section 4 of the Constitution or alternatively in accordance with Section 4 of the 25th Amendment.  

Anyway, given sufficient rope, Trump—perhaps with the unwitting assistance of bullying associates like Steve Bannon—will likely hang himself.  

will find principled conservatives in direct opposition to those on the left who through ignorance or ill will cite Trump as reason enough to declare conservatism itself invalid and impermissible.

President Trump is already doing untold damage to core conservative convictions.

Pursuing a de facto policy of permanent war, they have squandered American lives and treasure on a prodigious scale while accomplishing next to nothing. Need proof? Assess U.S. achievements over the past decade-and-a-half in places like Iraq and Afghanistan.

Put simply, Trump is enabling a smear, which will make it all the harder for advocates of policies based on prudence and pragmatism when he sooner or later departs from office.

It’s incumbent upon conservatives to push back against that smear.

One of the main criticisms concerns the makeup of the 47-member council – which includes countries with extremely poor human rights records, such as China, Saudi Arabia and Venezuela

Former Israeli ambassador to the United States Michael Oren welcomed the reports that the U.S. is considering withdrawing, saying it would send a “moral message” to the world.

“I will not go to New York and abstain when the U.N. seeks to create an international environment that encourages boycotts of Israel,” she said, referring to the Obama administration’s controversial decision in December to abstain on a Security Council vote condemning Israeli settlements.

Nevertheless, what distinguishes centrist religious-based groups from their leftist and nationalist counterparts is a friendly sensibility toward business activities including wealth accumulation and free-market economics. Islamism is a bourgeois movement consisting mostly of middle-class professionals, businessmen, shopkeepers, petty merchants and traders.

If there is a slogan that best describes Islamists’ economic attitude, it would be: "Islam-is-good-for-business". Many Arab Islamists admire and wish to imitate the example of Turkey

some Islamist-specific economic measures and ideas will be introduced to complement free-market capitalism

There is nothing in Islamists’ current statements and ideas that shows them to be socialist-oriented, though most readily accept the Keynesian model of active state intervention in the economy. Among Islamists, the interventionist approach appeals most to Salafists, who forcefully call for the adoption of distributive measures to address rampant poverty. Yet the dominant Islamist approach to the economy, with minor variations, is free-market capitalism

These Islamists also face a huge challenge: to deliver critical economic improvements in the short term, while devising a long-term comprehensive reform agenda that lays the foundation of a productive economy. The dismal socioeconomic conditions in transitioning Arab countries - abject poverty, double-digit unemployment, the absence of a competitive private sector, against a background of rising expectations - mean that the new governments will be hard pressed to focus on distributive policies and urgent short-term needs.

the usual stories of utility maximization and optimal pricing “can’t explain the rise in the whole world’s (absolute) advantage from $3 to $30 a day, not to speak of $137 a day.”

McCloskey’s explanation is that people changed the way they thought, wrote and spoke about economic activity. “In the eighteenth and nineteenth centuries,” she writes, “a great shift occurred in what Alexis de Tocqueville called ‘habits of the mind’ -- or more exactly, habits of the lip. People stopped sneering at market innovativeness and other bourgeois virtues.” As attitudes changed, so did behavior, leading to more than two centuries of constant innovation and rising living standards.

Most of “Bourgeois Dignity” is devoted to knocking down alternative explanations for the sudden and enormous escalation in living standards. In particular, McCloskey draws on the last half-century of economic-history scholarship to debunk what most people outside the field assume was the critical ingredient: savings and wealth accumulation. We might call this explanation “capital-ism.” Whether derived from Karl Marx, Max Weber, Karl Polyani, or, in a more-recent incarnation, Fernand Braudel, she argues, the emphasis on capital simply gets the facts wrong. It is empirically false.

savings rate of at least 12 percent, compared with no more than 10 percent to 20 percent in modern industrial economies. And, contrary to Weber’s story about a new Protestant Ethic, savings rates were roughly the same in Catholic and Protestant countries or, for that matter, in China.

Besides, as economic historians discovered in the 1960s, the economic takeoff didn’t actually require large amounts of capital. Early cotton mills, for instance, were relatively cheap to set up. “The source of the industrial investment required was short-term loans from merchants for inventories and longer- term loans from relative

What was different, she maintains, is how people thought about new ideas. Creative destruction became not only accepted but also encouraged, as did individual enterprise. “What

ade us rich,” she writes, “was a new rhetoric that was favorable to unbounded innovation, imaginatio

ness, persuasion, originality, with individual rewards often paid in a coin of honor or thankfuln

McCloskey’s book is not only a useful survey of how scholars answer the biggest question in economics: What causes growth? It is also a timely reminder that prosperity depends on more than effort or resources or infrastructure or good laws. Attitudes matter, too. You don’t build a wealthy society by deriding bourgeois enterprise -- or the people who take pride in it.

In the 1940s an emerging class of urban professionals and merchants sought to modernize Guatemala and break the dependency on coffee exports

heir goal was not socialism, but modernization and industrialization within a national framework. The working-class movement in Guatemala, including the Communist Party, identified and worked with this movement. Jacobo Arbenz, the candidate of this movement, came to power in 1954.

The overthrow of Arbenz led to a deepening of the agro-export economic model, including further expropriation of Indian land. One of the consequences of this was that "de-ruralization" took place without any sort of parallel urbanization and proletarian process. The dispossessed Indian was never absorbed into a capitalist economy, because manufacturing jobs were not being produced. Instead, the big plantations were becoming more and more mechanized and fewer and fewer jobs became available. The Indian could only find work on a seasonal basis and those who could not find work often found their way into the informal economy as street peddlers or subproletarians.

The root causes of the class conflict are in Guatemala's economic system, which simply provide for nothing except the luxury of the big bourgeoisie and the upward mobility of a slender percentage of the urban middle- class.

The wealthiest 20 percent of the population received 47% of national income in 1970. This grew to 57% in 1984. The wealthiest 10 percent increased its share from 41% in 1980 to 44% in 1987. Meanwhile, the poorest 50% fell from a 24% share in 1970 to 18% in 1984. In the countryside during the 1980s, the top 2% of the rural population received 40% of income, while 83% received only 35%

The largest 2 percent of Guatemala's farms cover 67% of usable land, while 80% of farms account for 10% of the land. In another indicator of the growing inequality, over 50% of peasant income came from land cultivation in 1976. By 1988, this percentage had decreased to 25%.

And yet Guatemala remains the one country in Central America that has not passed any significant land redistribution law.

But this is the peace of the graveyard. Will there be struggle in the future? It is safe to say that the misery that caused the last outburst will sooner or later cause a new upsurge in the future. Whether it will take the same form as the guerrilla warfare of the 1980s can not be guaranteed. The old mole revolution adopts many guises.

"The colonialists’ need to preserve the basic Indian economic and social organization order to facilitate the exploitation of a rural labor force, is one of the factors which explains why the Indian culture, revolving around precapitalist agriculture based on maize and the corresponding level of social organization, survive in the new colonial society; but it also explains why this culture not develop. The culture imposed by the Spanish colonialists (western, greco-latin, judeo-christian) dominated the Maya-Quicbe culture, because it expressed a mode of production superior to that of the Mesoamerican Indians.

The sense of ethnic-cultural identity--the other key to understanding the survival of the Indian culture as we know it today--finds its explanation in the relative independence of the superstructure with regard to the material base which gives rise to it at a given moment."

The sellers of slaves, Baptist insists, were not generally paternalistic owners who fell on hard times and parted reluctantly with members of their metaphorical plantation “families,” but entrepreneurs who knew an opportunity for gain when they saw one. As for the slave traders — the middlemen — they excelled at maximizing profits. They not only emphasized the labor abilities of those for sale (reinforced by humiliating public inspections of their bodies), but appealed to buyers’ salacious fantasies. In the 1830s, the term “fancy girl” began to appear in slave-trade notices to describe young women who fetched high prices because of their physical attractiveness. “Slavery’s frontier,” Baptist writes, “was a white man’s sexual playground.”

After the legal importation of slaves from outside the country ended in 1808, the spread of slavery into the states bordering the Gulf of Mexico would not have been possible without the enormous uprooting of people from Maryland and Virginia. Almost one million slaves, Baptist estimates, were transported to the cotton fields from the Upper South in the decades before the Civil War.The domestic slave trade was highly organized and economically efficient, relying on such modern technologies as the steamboat, railroad and telegraph. For African-Americans, its results were devastating. Since buyers preferred young workers “with no attachments,” the separation of husbands from wives and parents from children was intrinsic to its operation, not, as many historians have claimed, a regrettable side effect.

The cotton kingdom that arose in the Deep South was incredibly brutal. Violence against Native Americans who originally owned the land, competing imperial powers like Spain and Britain and slave rebels solidified American control of the Gulf states. Violence, Baptist contends, explains the remarkable increase of labor productivity on cotton plantations. Without any technological innovations in cotton picking, output per hand rose dramatically between 1800 and 1860. Some economic historians have attributed this to incentives like money payments for good work and the opportunity to rise to skilled positions. Baptist rejects this explanation.

Slavery was essential to American development and, indeed, to the violent construction of the capitalist world in which we live.

Planters called their method of labor control the “pushing system.” Each slave was assigned a daily picking quota, which increased steadily over time. Baptist, who feels that historians too often employ circumlocutions that obscure the horrors of slavery, prefers to call it “the ‘whipping-machine’ system.” In fact, the word we should really use, he insists, is “torture.” To make slaves work harder and harder, planters utilized not only incessant beating but forms of discipline familiar in our own time — sexual humiliation, bodily mutilation, even waterboarding. In the cotton kingdom, “white people inflicted torture far more often than in almost any human society that ever existed.”

in the 1830s Southern banks developed new financial instruments, bonds with slaves as collateral, that enabled planters to borrow enormous amounts of money to acquire new land, and how lawmakers backed these bonds with the state’s credit. A speculative bubble ensued, and when it collapsed, taxpayers were left to foot the bill. But rather than bailing out Northern and European bondholders, several states simply defaulted on their debts. Many planters fled with their slaves to Texas, until 1845 an independent republic, to avoid creditors. “Honor,” a key element in Southern notions of masculinity, went only so far.

As the railroad opened new areas to cultivation and cotton output soared, slave owners saw themselves as a modern, successful part of the world capitalist economy. They claimed the right to bring their slaves into all the nation’s territories, and indeed into free states. These demands aroused intense opposition in the North, leading to Lincoln’s election, secession and civil war.

It is hardly a secret that slavery is deeply embedded in our nation’s history. But many Americans still see it as essentially a footnote, an exception to a dominant narrative of the expansion of liberty on this continent.

Where Baptist breaks new ground is in his emphasis on the centrality of the interstate trade in slaves to the regional and national economies and his treatment of the role of extreme violence in the workings of the slave system.

ArtsBeat Book Review Podcast: Walter Isaacson’s ‘The Innovators’

In Europe, the courts balance a right to a free press with rights of privacy, of personality, and of dignity, protected in Article 8 of the European Convention on Human Rights. In America, the implicit right to privacy always fell flat when running against the Supreme Court's fidelity to the First Amendment.

In Europe, the idea that privacy should overrule free expression is nothing new.

Data will inevitably be out there, Abrams believes, and what matters now is a dialogue about how to retire certain data.

Europe is used to legally processing all its data, whereas America grants far more permissive rights of observation of behavior and its data -- which, when extended to the Internet, affect how companies observe and model our activity. The Europeans resist this digital observation without consent. But the European model runs strongly against American traditions of free press and expression.

Europeans are, Werro continues, equally sensitive to the use of personal images and especially the "merchantability" of personal data by corporations.

the European sensibility is colliding in powerful ways directly with U.S.-based, transnational corporations bred on American values of both expression and profit. The fight is hardly over.