Niall Ferguson,

Civilization: The West and the Rest


The Industrial Revolution: How the West Eclipsed Asia

Like the French Revolution  before it, the British Industrial  Revolution spread across  Europe. But this was a peaceful  conquest. . . The first true  cotton mill, Richard  Arkwright's at Cromford in  Derbyshire, was built in 1771.  Within seven years a copy  appeared in France ... The  Americans, who had the  advantage of being able to  grow their own cotton ... were  a little slower: the first cotton  mill appeared in Bass River,  Massachusetts, in 1788.    ... In 1800 seven out of the  world's ten biggest cities had  still been Asian, and Beijing  had still exceeded London in  size. By 1900, largely as a  result of the Industrial  Revolution, only one of the  biggest was Asian; the rest  were European or American.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

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