Table of Contents
The Wealth Virus Creates War. The corporate ‘firm’ and banks pick up what the mercantile companies left behind. Economics is formalized. By now Western moral philosophy has died, leading to world wars.
| Year | Event |
|---|---|
| 1890 | Alfred Marshall publishes Principles of Economics, turning the Political Economy into Economics. By now, moral philosophy is totally alien to Economics |
| 1892 | Irving Fisher publishes Mathematical Investigations in the Theory of Value and Prices. The marginal revolution imposed the artificial concept of profit maximization which led to prices being unnatural. This transferred the economy from the hands of the entrepeneurs into the hands of banks which controlled the flow of money through interest rates. |
| 1895 | The bank J.P. Morgan and Company is established |
| 1913 | Federal Reserve System established |
| 1914 | World War 1. The lack of moral philosophy in the West eventually leads to war |
| 1920’s | The Fed goes into open market operations to grow the US economy |
| 1929 | Start of Great Depression |
| 1936 | John Maynard Keynes publishes The General Theory, establishing macroeconomics and the liquidity preference, enshrining money as wealth. Moral philosophy is still nowhere, proven by his reference to ‘animal spirits.’ It enshrines money, banking, and interest rates, different from the classical notions of capital, industry, and profits respectively |
| 1939 | World War 2. With no moral philosophy, World War 1 was revived with tanks, jets, rockets, and other 'wonder weapons' designed to kill humans more efficiently |
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