Lots of Overnight Tragedies, No Overnight Miracles
SIMILAR ARTICLES & IDEAS:
The point is that the more specific a lesson of history is, the less relevant it becomes.
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.
People suffering from immediate, unexpected adversity are likely to adopt views they previously thought absurd. It’s not until your life is in full chaos (with your hopes and dreams your dreams unsure) that people begin taking ideas they’d never consider before seriously.
People in societies such as ancient Greece, imperial China, Medieval Europe, and colonial America did not measure people's well-being in terms of monetary earnings or economic output.
The turn toward financial statistics means that instead of considering how economic developments could meet our needs, it instead is to determine whether individuals are meeting the demand of the economy.
Until the 1850s, social measurement in 19th-century America was a collection of social indicators known as "moral statistics," which focused on the physical, social, spiritual, and mental conditions of the people. Human beings were at the center, not dollars and cents.
What led to the pricing of progress in the mid-19th century was capitalism.
Capitalism is not just the existence of markets. It is also capitalised investment, where elements of society and life - including natural resources, technological discoveries, works of art, urban spaces, educational institutions, and people - are changed or "capitalised" into income-generating assets that are valued by their ability to make money and yield future returns.