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One of the interesting parts of the Great Depressions from history is not just how the economy collapsed, but how quickly and dramatically people’s views changed when it did.
Yes, decisions should be made with facts. But in reality, to those directly involved, they’re made with contextualized facts (with things like social signaling, time horizon, office politics, gover...
There are lots of overnight tragedies. There are rarely overnight miracles.
Progress happens too slowly for people to notice; setbacks happen too fast for people to ignore.&...
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Often leaders have chosen to stay on when they should have bowed out. Without intending to, they often undo much of their own work and cause problems for their successors.
Mustafa Kemal Ataturk, the father of modern Turkey, accounted for his limitations by issuing an order to ignore instructions he gave in the evenings – when he liked to carouse with his friends. But history has far more examples of leaders whose convictions of infallibility grow in proportion to their power, eventually leading to the failure of their plans.
A job can subtly warp your judgement so that you only see things from one perspective.
Think of Richard Nixon trying to use the institutions of the American government to shut down the Watergate scandal. Or the unexpectedly long American war in Vietnam.
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.. was a devastating economic collapse which started in the US in 1929, lasting a decade. Europe was already struggling post the WWI recession, while the US was thriving. As borrowings and stoc...
On 29th October 1929, the infamous crash of Wall Street happened, where 30 million dollars were lost in a week, leading to customers rushing to withdraw their money, known as the ‘bank run’.
The entire world felt the capitalistic fall and realized that a boom leads to a bust, eventually. The disastrous effects felt around the world showed how economically interconnected the world had become.
In 1933, then-President Franklin Roosevelt promoted his recovery path of Relief, Recovery and Reform, to give shape to the slow and arduous reform process that will take decades.
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There are only seven plots that are so fundamental to the way we tell stories that every storyteller uses one of them: Overcoming Monsters, Rags to Riches, The Quest, Voyage and Return Rebirth,...
Looking for a few universal plot patterns reveals things fundamental to how all people think, which are likely to be repeated in the future and relevant to your own situation. This idea also applies to how the economy works.
Economic history can seem complicated because it's part of politics, psychology, sociology, criminology, biology, military, technology, education, finance, etc. But within all that complexity is a lot of similarities.
Although economic history may seem complicated, there are only a small number of broad story plots throughout the world and throughout time.
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