🌐 Global Economy 1d ago · Tyler Cowen

*Visions from San Francisco Bay*

Marginal Revolution
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European and American capitalism were different.  The violence of human clashes in America took place on the surface, in the open.  The violence in Europe became formalized, coalesced with class divions hallowed by centuries; it was interiorized, ingrained, or baked in, if one may use such an expression.  American capitalism was founded on daring, resourcefulness, largesse, waste; European capitalism was founded on one powerful passion — miserliness.  These patterns, which still endure, ex

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