The “new history of capitalism” (NHC) continues to receive widespread acclaim despite mounting inaccuracies. Although critical reviews have punctured adherents’ arguments many still cling to wrongheaded assumptions that exaggerate the role of slavery and cotton in powering America’s economic progress.

Everyone must be wondering: How high will interest rates go? When will the stock market bottom? What does the future hold? Unfortunately, it all depends on the Fed. They can either slow down, stop, or reverse the Quantitative Tightening (QT) process. Let’s see the options:

Slow Down:

(Barthelemy) Charles (Pierre Joseph) Dunoyer (1786–1862) was born on May 20, 1786 at Carennac in ancient Turenne (Quercy, Cahorsin), the present-day Lot. His father, Jean-Jacques- Philippe Dunoyer, was seigneur de Segonzac. Destined at an early age for the order of St. Jean de Malte, he began his education in the order’s near-by house at Martel. With the confiscation of the order’s houses in 1792, his aunt, formerly of the Visitation order, and, then, the former Benedictine prior of Carennac, continued his education at home.

I have recently written about the cultural, political, and ideological problems that contribute to the decline in higher education, but colleges also suffer from long-standing institutional shortcomings.

Simply put, the term “higher education” is, in many ways, a misnomer, as the university system is not designed to produce quality educational experiences. This is due to three major problems: extreme institutional stickiness, the lack of division of labor, and tenure.

[This article is adapted from A Guide to Good Money: Beyond the Illusions of Asset Inflation by Brendan Brown and Robert Pringle (2022, Palgrave Macmillan).]

Bad money regimes base themselves on a dysfunctional social contract.