By John Kenneth Galbraith
A well known economist provides an obtainable, far-reaching historical past of the century's economics from international struggle I and the Russian Revolution, during the melancholy and Keynesian conception, to colonialism's cave in and the increase of the 3rd international.
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Additional info for A Journey Through Economic Time: A Firsthand View
With land came economically productive peasants, public and personal revenues and men available to wage armed combat for their master. Accordingly, wars were fought for the highly practical purpose of winning more territory. This being so, defensive military thought turned to frontiers; these must be manned and fortified. The possession of Alsace and Lorraine was central to relations between France and Germany. The possession of Poland was a decisive issue farther to the east. The lust to possess land (as well as also, to be sure, to acquire and preserve trading privileges) reached out to Africa, Asia and the Middle East.
I start with matters of which I heard much in my early youth, notably the grotesque tragedy of World War I, properly called the Great War, to which I later devoted attention and study. I also draw in the early chapters on other past study and writing. Thus, I was in college at the time of the great stock market speculation of the 1920s. It was not a large event in my life; it was certainly small as compared with the urgent experience of the depression that followed. But in later years I went back to examine this classic exercise in financial excess and insanity.
To the extent that there was a privileged aristocracy, it comprised the great capitalists, not any ancient or established ruling class. The responsibility for the war was delegated to professionals, and, on the whole, it would appear they handled it with competence. The United States was not, however, altogether without proof of the defective role of a ruling feudal aristocracy. This was sadly, even disastrously, evident in the states of the old Confederacy. Slavery, the most ostentatious manifestation of feudal power, had been eliminated a half century earlier, but the successor plantation system, with the erstwhile slaves now become sharecroppers, had, in highly significant measure, survived.
A Journey Through Economic Time: A Firsthand View by John Kenneth Galbraith