The European Union as a “Colonial Power”
The key economic policy for colonial powers was to prevent manufacturing activities in the colonies. Alexander Hamilton, the first US Minister of...
Crisis: When finance no longer supports production
The Bible distinguishes between productive capital and uninvested wealth (mammon). Theorist Joseph Schumpeter distinguished between the ‘real economy’ (production of goods and...
How economic activities differ: international trade as a source of underdevelopment
Around 1600, Italian economists wondered why all the gold that flooded into Spain from the Americas ended up in industrial cities like...
