Inside the Mind of a Monmouth University Student: American Economy Edition Blog #1

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“The Way to Wealth” – American Economy

Poor Richard lets his voice to be heard to the community. He goes on a rant about how people are taxed for caving into sloth. Poor Richard encourages people to be productive for the sake of the economy. Poor Richard continues to make metaphors that being idle will not move the country further in terms of production. “Industry pays debts, while despair increases them.” Poor Richard says. There is also a warning to also not put complete trust into others. Frugality is also a key to building wealth, spending less than what you actually produce as income.

“Parliamentary Taxation of Colonies” – American Economy

This chapter discusses the events of the Boston Tea Party which would eventually lead to Revolutionary War. The British Parliament would not respond to the American complaints about the new laws and taxation. The British Government was in debt from the Seven Years’ War, they would increase the taxes on the Colonists to increase revenue. The pass pf the Stamp Act in 1765, this would cause riots in the city of Boston. The Parliament then granted access East India Company a tax-free status to import tea. This would cause Americans to boycott British goods and the Boston Tea Party.

“A Twinkle in the Eye” – One Nation Under Debt

Wright begins with introducing us to a nation burden with debt, a weak government. a pressing scarcity of money, an uncertain future. and people wallowed in idleness and rebellion. Wright begins to wonder and tell us why some countries remain in poverty while others maintain their wealth. People in countries, such as Luxembourg, have an annual salary of $66,643 USD, while people in countries, such as Burundi, have an average salary of $84.29 USD. Wright also addresses common misbeliefs of wealth. “Most people today seem to think that wealth is a function of cash aid, culture, democracy, education, genetics, imperialism, and stability.” (Wright 3) Wright also goes into the basic economic knowledge. He explains how the economy is measured such as GDP, GNP and NNP.

“Parentage” – One Nation Under Debt

Wright discusses how government in early civilizations and economys. I was shock to know that Holland was once a super power. The Dutch government would redistribute wealth from the poor during times of war. The Dutch would borrow money from themselves. “The market for government debt helped to spur development of other parts of the Dutch financial system, including a quasi-central bank, a network of private banks and insurance companies, and vibrant markets for a wide range of corporate securities.” (Wright 21) These markets and securities aided the Dutch’s economic growth and remains one of the world’s richest countries.

“Conception” – One Nation Under Debt

Wright starts off with praising the British government with how powerful the empire is. Americans during the first half of the 1860s did not want freedom enough to pay for it, at least not in the form of traditional taxes. Regardless, Americans still went to war to free themselves from the burden, the British government. New ideas always seem to come in times of war and violence. The Dutch Government invested in the Americans during the Revolutionary War. This was a something I personally never knew.