🌐 Global Economy 9h ago · Tyler Cowen

That was then, this is now

Marginal Revolution
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At the advent of a more aggressive Persian Gulf policy on the part of Iran during the interwar years, the resilience of these symbols was watched like a kind of barometer that attested to Britain’s levell of commitment to the maintenance of security in the Persian Gulf.  Britainäs abstention from the use of force against Iran, dictated by its will to protect its interests in Iran, was at times perceived as weakness by the shaykhs and merchants of the Arabian littoral.  During the period of

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