Articles offering analysis of historical economic events.

The Bretton Woods System and the Golden Age of Capitalism

Bretton Woods system

By 1943, it became increasingly clear that WW2 was going to end in success for the Allied forces, and thus there was increasing interest amongst politicians and economists regarding post-war re-construction. In 1944 in the New Hampshire town of Bretton Woods, 44…

Continue Reading »

Forgotten Violent Actors: Privateers

Not nearly as famous as pirates, or as infamous as mercenaries, privateers have become a largely forgotten phenomenon of the pre-modern world. Of course, this is a debatable opinion, since most history students would agree that privateering constituted a major element of…

Continue Reading »

The First and Second Bank of the United States – A History of Central Banking

The Hamiltonian banks The United States’ Federal Reserve is undoubtedly one of the most important economic and financial institutions in the US and like all institutions of such importance it is easy for mainstream discourse to take it for granted. To forget…

Continue Reading »

Opportunity Costs in Frederic Bastiat’s Broken Window

While in contemporary Economics the notion of opportunity costs is usually a foregone conclusion in calculations of various economic scales, it is a surprisingly recent addition to the subject area. Despite not describing them as “opportunity costs” per se, Frederic Bastiat was…

Continue Reading »

Stagflation and the Demise of the Phillips Curve

“We used to think that you could spend your way out of a recession…that option no longer exists, and that in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose…

Continue Reading »

The Fall of the Bretton Woods System

In some respects, there are a great many parallels we can draw between the collapse of the Bretton Woods global currency exchange regime and the ongoing crisis with the Euro. Both the Bretton Woods system and the Euro were/are politically motivated projects…

Continue Reading »