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Years ago I library-surfed a fun finance tome of papers on the financing of WWII. What struck me most, was the massive wealth transfer from GB to the US. With G
by mncharity 4y ago
Years ago I library-surfed a fun finance tome of papers on the financing of WWII. What struck me most, was the massive wealth transfer from GB to the US. With GB disgorging her wealth of empire, and going unrepayably into debt. The "debt", because US politics required framing further goods transfer, despite no hope of repayment, as "loans", which were then creatively discounted away. I've never seen US industrialization stories which quantify Empire funding, so I've wondered since how large a role it played. Or in the context of TFA, to what extent was US mid-century industrialization built on wealth extracted from India?
- rramadass 4y agoRelevant: https://news.ycombinator.com/item?id=33979856 https://news.ycombinator.com/item?id=33979856 See the talks/works of economist Utsa Patnaik in particular.