Credit Where It's Due

Steven Dutch, Natural and Applied Sciences, University of Wisconsin-Green Bay
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Three Main Themes:

The Unifying Theme: Money And What To Do With It

Trade and Colonization

Slavery

Slavery comes in many varieties:

Banking

Limited Liability Companies

Insurance

Some Hard Truths About Insurance

Shipping Insurance

Insurance covers rare but catastrophic losses

Insurance cannot cover routine losses

You cannot insure a car against wearing out

Dental insurance is marginally effective

Application to Health Care

In 1950, health insurance typically covered

Some health care issues that did not exist in 1950

If everyone in the U.S. will typically need a million dollars in health care over a 40-year working lifetime, that comes to $25,000 a year. Some options:

About Interest

View of interest changed in late 1600’s

Banks and Interest

Agricultural Changes

Changes in land ownership

New forage crops

New farming techniques

Prolonged spell of good weather 1720-1750

Industrialization

Social Factors

Entrenched upper classes (big landowners, nobility, Anglican Church) tended to view wealth as the ancients had:

Non-Anglicans (Dissenters) were excluded from traditional routes to wealth

Ideas of John Locke

Coal and Iron

Around 1700, industries were located near raw materials, tended to be small and easy to relocate

Iron-making requires very pure fuel

Power

Early attempts at artificial power

1690, Denis Papin proposes an engine powered by explosions of gunpowder. Although it sounds silly, reflect that:

1700 Thomas Savery invents a steam engine powered by boiling water in a chamber, then letting it cool

1705, Thomas Newcomen witnesses an accident

James Watt: Myth and Reality

The Scottish Enlightenment.

What Watt did

How the Universe Changed

Nature of wealth

Views of Interest

Routes to status

Nature of Work

One Final Note

"Power is the ultimate aphrodisiac" - Henry Kissinger

The Name of the Game is Power, Privilege, Status, Comfort, not money per se

Examples:


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Created 24 October 2001, Last Update 14 December 2009

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