Aug 10, 2018
Jason Hartman talks with Dr Nima Sanandaji, author of the new book The Birthplace of Capitalism - The Middle East, about how capitalism originally began in what is now Iran and Syria, and how the golden age of the Middle East was during the times of capitalism.The two wrap up the interview discussing where the ideas for Adam Smith's "Invisible Hand" really came from, how the Nordic society actually ended up being socialist (and why it doesn't work in the places it's being tried now), and the dangers of government growth.
Key Takeaways:
[1:30] Birthplace of capitalism (the original form) was in what is now Iraq and Syria
[4:50] The golden ages of human civilization in China and India was driven by capitalism
[8:47] The ancient Persians were very free market oriented
[12:06] The irrigation for the Middle East was paid for by farm collectives, not the government, spurred on by strong private property rights
[15:41] Cyrus the Great believed the government's only role was to maintain private property and voluntary contract
[24:37] Adam Smith's "Invisible hand" had been described in China and the Middle East thousands of years earlier
[27:53] Capitalism: the most successful "religion" of all time?
[31:13] The poor immigrants who left the Nordics for America have descendants that are much better off than those who stayed
[35:11] Governments can't shrink down. Once they bloat they collapse under their own weight
[38:13] The Western world needs to learn from history and go back to free market economic policies with minimal government
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