Economic Expansion Quotes



What makes this quote significant is the data—the end of the 19th century and here was an author, in a prestigious journal, warning about the potential economic competition from China which at the time was seen by most as a backward, primitive civilization which could never compete with the West. Also, Hearn was the first writer who communicated information about Asia to Americans on a large scale.


This was an honest theoretical belief of Mises. However, most of the criticism of capitalism in the industrial democracies is precisely the lack of unemployment and sustenance for all. When it does, even complaints about inequality tend to be minimal. But some capitalist societies never provided these, and by the 21st century, no capitalist nation was able to do so permanently without recessions and depressions.


Ireland’s economy crashed in the Meltdown of 2008 and its Banks failed causing the rest of the economy to crash.