Through almost all mankind’s history, the human condition was one of abject poverty and hardship. Yes, there were kings and princes and religious orders that lived better than the mass of humanity. But when looking back at their standards ...
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Monetary Mischief: Booms and Busts
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The Feudal System had resulted in the disintegration of the unity that much of Western, Southern, and Eastern Europe had known under the Roman Empire. Following the fall of Rome, Europe was divided into local and regional political and ...
Government Intervention: Sand in the Market Machine
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The Catholic Church was the one institution in the Middle Ages that was outside of the Feudal Order of both the rural Manors and the town Guilds. The Church, at various times, may have formed alliances, made political compromises, ...
Everything Takes Time: Savings, Investment, and Prosperity
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In attempting to understanding the ideas and institutions of the period of history that is usually called the “Middle Ages” it must be kept in mind that this covers a time frame that easily is divided up into smaller ...
Why Socialism Was and Always Will Be "Impossible"
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The ancient Romans failed to leave any systematic body of thoughts on economics, just like the ancient Greeks had failed to. Indeed, many of whatever ideas the Romans expressed on such economic themes they took from the Greeks. The ...
When we turn to the other most famous ancient Greek philosopher, Aristotle (384 B.C. – 322 B.C.), we find little of the political regimentation that characterizes his teacher, Plato. For Aristotle, the appropriate behavior is the “golden mean,” that ...
