History is the mirror to the future. If we forget it, it is almost impossible to arrive at our future. History is best grasped by separating it into three epochs; Modern, Ancient, and Antiquity. I understand any period within the last 500 years to be Modern history. Any period within the last 6000 years to be Ancient, and everything before, in Antiquity. The more ignorant a society is about it's history, the more difficult it is for the people to overcome their social challenges.
Africa and The Americas,excepting those parts settled by majority Europeans, are economically and technologically low productive nations. History offers us a tool by which we can analyse why this is so. Historically, these continents were rich and naturally endowed. Unlike their Asian and European counterparts, the inhabitants had no need to build mighty seafaring ships to find scarce resources for survival. The consequence was a cultural naivete that led to the peoples being enslaved and colonized. The consequences of which they contend with even now. Today we can see the Asian nations, though once colonized, able to recoup the lost ground and become economic power houses.
Economics is the understanding of how we obtain, distribute, and consume those objects we can touch around us and within our minds. Cars are examples of objects we can touch, Money is an example of something that exists in our minds. Depending on what you THINK about it, I can give you a piece of paper with the picture of a long dead man, and you will consider that piece of paper of so much value, it would change your mood to a happy state.
Economic theories are many. However, there are three that have been dominant in the 20th century. The first is "Free Market Capitalism", the second is "Socialism", and the third and least popular today is "Communism". Most African and Latin American countries are socialist leaning, while a few like Cuba maintain a form of Communism, as at 2016. The North American, Japanese, and some European countries practice a kind of "Capitalism". However, close observation will demonstrate that this is no Free Market Capitalism.
The economic theory I believe is best for a nations internal economic policy is Free Market Capitalism. A system where the factors of production are regulated by Supply and Demand, not by government regulators. International trade is different. The attempt to apply "Free Market" systems to international trade is detrimental to the working people of one or both countries. It never is positive for the working classes in the trading nations.
Africa and The Americas,excepting those parts settled by majority Europeans, are economically and technologically low productive nations. History offers us a tool by which we can analyse why this is so. Historically, these continents were rich and naturally endowed. Unlike their Asian and European counterparts, the inhabitants had no need to build mighty seafaring ships to find scarce resources for survival. The consequence was a cultural naivete that led to the peoples being enslaved and colonized. The consequences of which they contend with even now. Today we can see the Asian nations, though once colonized, able to recoup the lost ground and become economic power houses.
Economics is the understanding of how we obtain, distribute, and consume those objects we can touch around us and within our minds. Cars are examples of objects we can touch, Money is an example of something that exists in our minds. Depending on what you THINK about it, I can give you a piece of paper with the picture of a long dead man, and you will consider that piece of paper of so much value, it would change your mood to a happy state.
Economic theories are many. However, there are three that have been dominant in the 20th century. The first is "Free Market Capitalism", the second is "Socialism", and the third and least popular today is "Communism". Most African and Latin American countries are socialist leaning, while a few like Cuba maintain a form of Communism, as at 2016. The North American, Japanese, and some European countries practice a kind of "Capitalism". However, close observation will demonstrate that this is no Free Market Capitalism.
The economic theory I believe is best for a nations internal economic policy is Free Market Capitalism. A system where the factors of production are regulated by Supply and Demand, not by government regulators. International trade is different. The attempt to apply "Free Market" systems to international trade is detrimental to the working people of one or both countries. It never is positive for the working classes in the trading nations.