William Bernstein,

A Splendid Exchange: How Trade Shaped the World


When “Globalization” Really Began

“Globalization,” it turns out,  was not one event or even a  sequence of events; it is a  process that has been slowly  evolving for a very, very long  time. The world did not abruptly  become “flat” with the invention  of the Internet, and commerce  did not suddenly, at the end of  the twentieth century, become  dominated by large  corporations with worldwide  reach. . .Today’s massive  container ships, jet planes, the  Internet, and an increasingly  globalized supply and  manufacturing network are just  further evolutionary steps in a  process that has been going on  for the past five thousand  years.

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Hillsdale College History Prof. Burton Folsom: What The Invention of the Airplane Teaches About Free Markets

The behind-the-scenes story of the airplane demonstrates how private enterprise is needed for innovation and economic growth— and that government subsidies usually fail.

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

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