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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In Search Of History

Capitalism: The Engine Of Human Progress

It took six thousand years from the invention of the wheel until we developed the two-wheeled cart. … From the time of Moses to Wyatt Earp we moved from two-wheeled carts to four-wheeled carts — buckboards and stagecoaches. Yet Wyatt Earp, who is an adult when he participates in the gunfight at the OK Corral, sees the movement from four-wheeled carts to the Model T. My grandparents were born before man had ever seen powered flight, yet lived to see a time when you could buy a trip into space. The rapid increase in innovation and the wealth of the masses occurred because the West gradually developed the economic system of market capitalism and a compatible political system.

-- Gary Wolfram,

Shadow Stats Snapshot

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

  • Unemployment:
    BLS: 4.7%
    Shadow Stats: 22.7%
  • Inflation:
    December Year-to-Year: 2.1% (CPI-U*)
    Shadow Stats: 9.8%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]