economy

Looking Back Before Looking Forward

Looking Back Before Looking Forward

Contemplating potential societal changes the current technological revolution might create, it’s helpful to illuminate how dramatically the industrial revolution disrupted western society and culture. Consider the following:

Prior to the mid-1700s the family constituted the basic economic structure of society for Northern Europeans and American Colonialists. Families consisted mostly of a married couple, their children and oftentimes a hired teenage servant working for room, board and wages. Nearly all persons lived in rural areas and farming was of paramount importance as malnutrition and starvation were constant threats. A combination of disease and insufficient food resulted in an estimated 30 percent mortality rate for infants thru age fifteen. Independent living was nearly impossible to achieve for ordinary people due to the laborious nature of farming and other economic occupations, forcing nearly everyone to live within the confines of a household. Food costs represented 70-80 percent of household income for most families, leaving little if any discretionary income.

America's Longest Debate

America's Longest Debate

A debate stretching back to America’s founding recently resurfaced during this election cycle, with Donald Trump’s suggesting the U.S. Federal Reserve Bank’s monetary policy favors the incumbent party’s bid to retain political power. From the beginning of our nation’s origins, our leaders have quarreled over the power and influence of a central bank. Initially, opposition led by Thomas Jefferson, centered on the concentration of economic clout a central bank would necessarily possess, claiming it would benefit manufacturers and traders in New England over agrarian interests in other states. However, with war debts still needing to be repaid, merchants and farmers having to rely on credit from one another or on banks in England, and each state issuing its own currency, the argument favoring a central bank prevailed. At the time of its creation, just three local banks operated in all of the 13 states, one in Boston, New York City and Philadelphia.

Backlash Against a Borderless Europe

Backlash Against a Borderless Europe

Since the 1950s, European leaders have pursued the objective of political and economic integration through the Treaties of Rome, culminating with the Schengen Agreement, which allowed people and commerce to move freely within 26 European Countries without internal border controls. That historical objective is being severally tested as migration of large numbers of refugees from war torn areas of the Middle East and North Africa to Europe continues unabated. Concurrently, European jihadist sympathizers journey unimpeded through European nations to join the Middle East fighting. Now, a backlash is occurring among many citizens of Europe’s nation-states as they confront the trade-off that allows for the free movement of people whose culture, value and customs oftentimes conflict with the majority of those residing within these European nations.

Socialism Does Not Create Social Justice…and Vice Versa

Socialism Does Not Create Social Justice…and Vice Versa

In November 1989, I was a junior at the School of Foreign Service at Georgetown University.   I had come of age during the Cold War and the world was evenly divided between Democracy (led by the USA) and Socialism (led by the USSR).  I had spent the previous 2 1/2 years immersed in international politics, especially studying Soviet politics and Marxist theory to prepare for the diplomatic needs of this divided world.  But that fall semester, the Berlin Wall fell and, within two years thereafter, so did the USSR.  The world and life, as I had known and studied, had forever changed.