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>"What the English Parliament did in its anguish when this crazy promotion blew up, was direct and simple: It banned all public trading in new common stocks and
by mamonster 4y ago
>"What the English Parliament did in its anguish when this crazy promotion blew up, was direct and simple: It banned all public trading in new common stocks and kept this ban in place for about 100 years. And, in that 100 years, England made by far the biggest national contribution to the march of civilization as it led strongly in both the Enlightenment and the Industrial Revolution and, to boot, spawned off a promising little country called the United States".
This is one of the most audacious feats of implied causality that I've seen in a while.
- ahartmetz 4y agoAt least it didn't prevent the Industrial Revolution, which is contrary to "MBA Adam Smith" conventional wisdom.
- mardifoufs 4y agoThat would be an argument to ban the stock market more than crypto, which is crazy to read on the wall street journal.
- danielmarkbruce 4y agoHe's not implying causation. He's implying there isn't any causation. The world economy motors along just fine with or without public securities markets.