Sunday, January 22, 2023

Interesting Economic Theory

Another example of why I'm enjoying the book Americana so much:

Without the Gold Rush, industrial economies would have been forced to turn to more sophisticated forms of central banking to keep up with advances in technology, production, and science, just as legal frameworks governing eminent domain, patents, copyrights, bond indentures, and the limited liability of corporations had propelled economic progress. Instead, due to this accidental discovery, banking for the industrial age would be continue to be based on metals found in the ground until the next century.

Makes you think (which is the mark of a great book).

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