Inconceivable wealth. And a few lessons in how not to get rich, too.
- You've definitely heard of Apple. But what about the Dutch East India Company?
- Did a 1911 Supreme Court decision result in more millionaires in America than any other court case?
- One example of how not to do it: the rise and fall of the Mississippi Company.
Everything is cheap and nobody has jobs. Welcome to the future. President of the Federal Reserve Bank of Dallas fills us in on how we got here.
The US economy has spawned a vicious cycle that few people are talking about, but it's one that affects us all. You, right now, are likely caught in that ugly loop. In fact, it's what may one day send you packing from your job. It's called technology-enabled disruption. And the worst part? (There's a worse part!?) You contributed to it in a big way, explains Robert S. Kaplan. Advancements in retail technology gave consumers the power to shop smarter and put pricing pressure on manufacturers. That pressure is "rippling back, through impacts on workers and their wages, and maybe encouraging businesses to increasingly replace workers with technology," says Kaplan. In a nutshell: every time a consumer finds a bargain, a robot gets a job.
Americans understands very well what feels wrong – and there's a piece of U.S. economic policy that the establishment and educated elites haven’t been fully honest about, says Pia Malaney.\r\n
The election of Donald Trump wasn’t business as usual – it was a message from the Rust Belt, who in some sense have lost their economic voice. Voters in the region used the ballot in November 2016 to attempt to regain control over financial policies that were not designed to benefit them. Inequality in the U.S. has increased dramatically, and economists like Pia Malaney understand that if you do a post-mortem on major financial policies like trade and immigration over the last few years, it exposes where the populist backlash has come from. There are winners and losers in every economic policy, and in recent years the U.S. has been skipping the crucial last step: wealth redistribution. Malaney gives a detailed insight into the system of winners and losers the U.S finds itself in, and emphasizes the importance of understanding the real implications that policies have in different regions.
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