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Ancient Panics

Athenian Financial Crisis 354BC Financial Panic 142-141BC Financial Panic of 53BC Financial Panic of 49BC Financial Panic of 33AD Financial Crisis of the 3rd Century AD Great Monetary Crisis of 1092AD  

Sovereign Debt Crisis

View the new Sovereign Debt Crisis page. The page includes a video clip of Martin Armstrong from the December 2011 Conference as well as Martin’s writings on the crisis.

New Additions to the Library

We’ve added 3 books to the Library. The Decline & Fall of the Roman Empire By Edward R. Gibbons On the Principles of Political Economy and Taxation By David Ricardo An Inquiry Into the Nature and Causes of the Wealth of Nations By Adam Smith

On The Principles of Political Economy and Taxation Part 3

Chapter 23: On Bounties on Production It may not be uninstructive to consider the effects of a bounty on the production of raw produce and other commodities, with a view to observe the application of the principles which I have been endeavouring to establish, with regard to the profits of stock, the division of the […]

On The Principles of Political Economy and Taxation Part 2

Chapter 12: Land-Tax A land-tax, levied in proportion to the rent of land, and varying with every variation of rent, is in effect a tax on rent; and as such a tax will not apply to that land which yields no rent, nor to the produce of that capital which is employed on the land […]

On The Principles of Political Economy and Taxation Part 1

PREFACE The produce of the earth — all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community; namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it […]

On The Principles of Political Economy and Taxation

by David Ricardo David Ricardo was a British economist most famous for his ‘Theory of Comparative Advantage’ and of ‘Rent.’ The former states that countries will be better off if they specialize in producing goods where they have a comparative advantage. He defines rent on land as being the surplus over the costs of production. […]

An Inquiry Into the Nature and Causes of the Wealth of Nations Book 5

BOOK FIVE OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH CHAPTER I: Of the Expenses of the Sovereign or Commonwealth ——————————————————————————– PART 1 Of the Expense of Defence THE first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of […]

An Inquiry Into the Nature and Causes of the Wealth of Nations Book 4

BOOK FOUR INTRODUCTION ——————————————————————————– OF SYSTEMS OF POLITICAL ECONOMY POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, […]

An Inquiry Into the Nature and Causes of the Wealth of Nations Book 3

BOOK THREE CHAPTER ONE ——————————————————————————– OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS Of the Natural Progress of Opulence THE great commerce of every civilised society is that carried on between the inhabitants of the town and those of the country. It consists in the exchange of rude for manufactured produce, either immediately, or […]