Joseph Stiglitz’s Globalization and Its Discontents is a seminal, controversial, and highly influential book published in 2002 that … Globalization’s Broken Promise: A Summary of Stiglitz’s “Discontents”Read more
Economic Concepts and Important Figures
Mercantilism
Mercantilism was the dominant economic theory and practice in Europe from the 16th to the 18th … MercantilismRead more
John Maynard Keynes’ The General Theory of Employment, Interest, and Money (1936): A Revolutionary Economic Framework
John Maynard Keynes’ General Theory (1936) redefined economics by prioritizing aggregate demand over supply. Challenging classical self-correction, it advocated government intervention to combat unemployment via fiscal stimulus. Introduced liquidity preference, multiplier effect, and “animal spirits.” Shaped modern policies during crises like 2008 and COVID-19. Legacy: Demand-driven economics, state role in stabilization.
Adam Smith’s The Wealth of Nations (1776)
Adam Smith’s The Wealth of Nations (1776) revolutionized economics by advocating free markets, division of labor, and the “invisible hand.” Critiqued mercantilism, emphasized limited government roles, and laid capitalism’s foundation. Influenced thinkers like Marx and Keynes. Core ideas: productivity through specialization, self-regulating markets, economic freedom.
Summary of Alexander Hamilton’s Report on the Subject of Manufactures (December 5, 1791)
Alexander Hamilton’s Report on the Subject of Manufactures (1791) was a visionary blueprint for transforming the young United States into an industrial power. Rejecting agrarian purism, Hamilton argued for federal intervention—tariffs, subsidies, and infrastructure—to nurture domestic industries, reduce reliance on European imports, and secure economic independence. His report sparked fierce debate with Jeffersonian agrarians but laid the ideological groundwork for the American System and modern industrial policy.
A Summary of Adolf Hitler’s Mein Kampf (“My Struggle”)
Mein Kampf (1925), Adolf Hitler’s autobiographical manifesto, outlines the core tenets of Nazi ideology, including antisemitism, Aryan supremacy, and the push for Lebensraum (‘living space’). Written during Hitler’s imprisonment, the text blames Jews for Germany’s post-WWI struggles, promotes racial hierarchy, and advocates militaristic expansion. While historically significant for understanding Nazi propaganda and the Holocaust’s origins, Mein Kampf remains a dangerous work of extremist ideology. Modern scholarship examines it critically—as a warning about hate speech and authoritarianism—rather than as a political guide. Its publication remains restricted in some countries due to its incendiary content.
What Is Inflation in Economics?
Inflation is the sustained rise in the general price level of goods and services, reducing money’s purchasing power over time. It is measured by indices like the Consumer Price Index (CPI) and driven by factors such as demand-pull (excess demand), cost-push (rising production costs), monetary expansion, or wage-price spirals.
While mild inflation (2-3%) can stimulate spending and reduce debt burdens, high inflation erodes savings, creates uncertainty, and may spiral into hyperinflation (e.g., Zimbabwe, Venezuela). Central banks, like the Federal Reserve, combat inflation using interest rates and monetary policies.
Post-COVID, global inflation surged due to supply chain disruptions and stimulus spending, prompting aggressive rate hikes in 2023–2024. Managing inflation remains critical for economic stability.
What Is DEI Theory? A Brief Explanation
Diversity, Equity, and Inclusion (DEI) theory has been shaped by key research highlighting systemic inequities and the tangible benefits of diversity
The Triffin Dilemma
The Triffin Dilemma – the paradox that makes global dollar dominance both necessary and destabilizing – continues shaping 21st century economics. As the U.S. walks this monetary tightrope, emerging alternatives from CBDCs to commodity-backed currencies suggest the system may be approaching an inflection point unseen since 1971.
Karl Marx and Friedrich Engels’ The Communist Manifesto
Karl Marx and Friedrich Engels’ The Communist Manifesto (1848) remains one of history’s most revolutionary political texts, outlining the core tenets of communism and rallying the working class (proletariat) to overthrow capitalism. The manifesto argues that all history is defined by class struggle, with the modern era pitting the bourgeoisie (owners of capital) against the exploited proletariat. Marx and Engels predict capitalism’s inevitable collapse due to its internal contradictions, leading to a proletarian revolution, the abolition of private property, and ultimately a classless, stateless communist society. Famous for its closing cry—‘Workers of the world, unite!’—the text critiques rival socialist movements while advocating for global worker solidarity. Its analysis of inequality and critique of capitalism continue to resonate in debates about economic justice.