Yesterday, Claremont’s Center for the American Way of Life hosted an excoriating conference on woke capital, the first, I think, of its kind. Over the course of conversations that sprawled into the evening, I found myself unspooling the following reflections.
What an odd post. “Computation,” I’d not run across the word used in this context before. It really should have been defined much earlier in the post.
My observation is that before capitalism, debt and arbitrary social rules relating to ones status as a debtor or non-debtor was always the rule. The system was called feudalism. Freemen who had incurred an un-repayable debt became slaves sentenced to life at hard labor, freemen who successfully managed their debt remained free by working and rentiers, whose resources allowed them to avoid working altogether, became gentlemen and aristocrats. This is nothing new.
Aristocracies always found ways to keep the vast majority of their subjects in debt and debt coupled with rack renting was always one of the underlying causes of all revolutions.
The phrase for all this might be called “Trickle Down Tyranny”.
The new apostles of this will say it’s freedom!!! They really mean freedom from life.
Probably will need crypto to survive.
So, how to distinguish the right and the wrong kind of cryptocurrency?
What an odd post. “Computation,” I’d not run across the word used in this context before. It really should have been defined much earlier in the post.
My observation is that before capitalism, debt and arbitrary social rules relating to ones status as a debtor or non-debtor was always the rule. The system was called feudalism. Freemen who had incurred an un-repayable debt became slaves sentenced to life at hard labor, freemen who successfully managed their debt remained free by working and rentiers, whose resources allowed them to avoid working altogether, became gentlemen and aristocrats. This is nothing new.
Aristocracies always found ways to keep the vast majority of their subjects in debt and debt coupled with rack renting was always one of the underlying causes of all revolutions.