US property owners enjoyed vast expanses of unexploited resources to tap and legally protected exploitation of whole classes of people to help them do so. I hope you are not claiming that that (limited) prosperity wasn't generated by wiser and more humane policies than today's.
WalterBright|1 year ago
This happens in every country that tries it.
For an example of an economy entirely focused on resource extraction? The Arab oil nations.
For examples of highly prosperous nations that have no resources to speak of? Japan and S Korea. With free markets.
BTW, it wasn't possible in the 19th century to have a 40 hr week and vast welfare payments. The productivity wasn't enough to fund it.
maraphon|1 year ago