Coins reveal how Hannibal bankrupted the Romans ( British Archaeology ) Scientific analysis of Roman coins in the British Museum has provided new evidence that Hannibal, the audacious Carthaginian general, nearly bankrupted the Roman state during the Second Punic War in the late 3rd century BC. The study has shown that both the weight and the
Dinner speech by Professor Otmar Issing , Member of the ECB Executive Board, to be held on Monday, May 10, 2004: Let me conclude my remarks tonight by asking the question – somewhat in line with behavioural finance – what’s so terribly “wrong” with financial markets, that we have to mind so much about them. The answer is of course deeply rooted in
Writing in the Asia Times , Andrei Lankov, Australian National University, tells the remarkable story of how North Korea is making the transition from socialist-made famine in the 1990s to a de facto market economy. It began with a slight relaxation in domestic travel permits, and the propensity of officials to take a bribe. Other factors combined
In the UK, just like the US proper, in this current cycle, while capital investment has been barely at replacment levels and while manufacturing has been decimated, consumerism has run amok (with both central bank and government connivance), as household debt has risen by c.1% of disposable income per month every month over the past 2 1/2 years
Howard White in 1882 : “Credit never brings a cent’s worth of property into existence, except by putting tools and implements already existing into the hands of those who can make use of them, and who could otherwise not obtain them; but, by accomplishing this, it becomes a mighty engine of human progress. All notions implying that credit of
We have seen the temperature rise along the corridors of power in recent days as finance ministers, central bankers, and others have clamored to have their say on the current disruption in international capital and goods markets. This disruption has its roots in America’s Military Keynesianism and the Asian Mercantilist response it has elicited.
Let us look at the fundamental question of how we characterize growth in the modern economy. Familiar usage and complacency of thought have allowed the idea to arise that any increase in prosperity can be measured strictly in terms of the macro-economic entity called Gross Domestic Product (GDP). This has led to a horrible inversion of means and
Just when you thought that threat of DISINflation (a Good Thing, the Fed tells us) turning into DEFlation (A V-E-R-Y Bad Thing) had vanished and that instead we were on the verge of INflation (A Not Quite So Bad Thing), up pops another frightful creature from the Fearsome ‘Flation Family—STAGflation! For example, Bloomberg News recently ran a
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.