Economics’ Political Origins: Economics was originally called ‘political economy,’ highlighting its inherent connection to politics and ethical dimensions.
Nobel Prize in Economics: Contrary to other Nobel Prizes, the Nobel Prize in Economics is not a true Nobel Prize; it was established by the Swedish central bank.
The Complexity of Economic Models: Singapore’s economic success cannot be attributed to a single economic theory; it combines aspects of capitalism and socialism.
History of Protectionism: Britain and the US, often associated with free trade, historically practiced protectionism to promote domestic industries.
Spread of Free Trade: Free trade often spread through coercive means like colonization and unequal treaties.
Origin of Welfare States: Otto von Bismarck, an arch-conservative, introduced the first welfare state to prevent the rise of socialism.
Golden Era of Capitalism: The period between the 1950s and 1970s, characterized by high taxes and strong regulations, saw rapid economic growth in advanced capitalist economies.
Government Role in Technological Advancement: The US government played a significant role in developing frontier technology sectors like the internet and semiconductors.
Pre-Tax Inequality: Countries like Germany and Belgium are more unequal than the US before tax and welfare spending.
Economic Growth in Egalitarian Societies: Finland, known for its equality, experienced faster economic growth than the US.
Manufacturing Powerhouses: Switzerland and Singapore, often seen as service-based economies, excel in manufacturing industries.
Global Poverty Distribution: Most poor people reside in middle-income countries like China and India, challenging perceptions of poverty solely in poor countries.
Which fact did you find the most intriguing? Was there any fact you already knew/ want to add?