Amit's Blog

Unveiling the Myth: Capitalism and the Illusion of Free Market “Capitalism is agnostic about political systems” (Rodrik, 2011) The conflation of "capitalism" and "free markets" obscures fundamental differences between these concepts, particularly when viewed through the lens of the colonial era (1500–1950 CE). Capitalism, defined by private ownership and profit-driven production, thrived on coercive systems like slavery and mercantilism, which were antithetical to free markets—idealized systems of voluntary exchange with minimal state intervention. This analysis delves into the colonial era’s economic distortions, capitalism’s growth within unfree systems, and the deliberate narrative equating the two, which serves vested interests. The note critiques how this conflation legitimizes exploitation, resists regulation, and obscures inequality. Historical case studies, modern parallels, and philosophical reflections highlight the ethical and practical challenges of ...

The Dawn of Profit: The Genesis of Capitalism (c. 1500–1750) Part 1 of 4 In the grand theater of human history, the period from 1500 to 1750 marks the audacious debut of capitalism, a system that slunk out from the shadows of feudalism and mercantilism with the swagger of a merchant who’s just sold a shipful of spices at a 300% markup. This was no gentle evolution but a seismic shift, driven by the relentless pursuit of profit through the accumulation and reinvestment of capital. Picture a world where land, labor, and even dreams were commodified, where the clink of coins drowned out the clatter of feudal plowshares, and where merchants, with their ledgers and ambitions, became the unlikely architects of a new economic order. The Commercial Revolution flung open the gates of global trade, financial innovations like double-entry bookkeeping and joint-stock companies greased the wheels of commerce, and enclosures in England turned peasants into wage laborers faster than you could s...

The Rise and Ruin of the Spanish Colonial Empire: Ambition, Wealth, and Waning Power From the 1480s to the 1920s, Spain’s colonial empire soared through bold exploration, Catholic fervor, and American silver, dominating from Mexico to Manila. Columbus and Cortés, backed by a unified Crown, secured vast territories, while Portugal carved out African and Asian routes. Spain’s early lead faltered due to bullion dependence, rigid mercantilism, and weak financial systems. By the 17th century, the Dutch and British, with dynamic stock markets and naval supremacy, surpassed Spain. Wars, inflation, and colonial revolts eroded its empire, with Latin America breaking free by 1825 and Cuba lost in 1898. African holdings lingered until 1975. This essay dissects Spain’s rise, stagnation, and fall, detailing pivotal moments, their financial and geopolitical impacts, and parallels with Portugal. Contrasting Spain’s decline with northern European rivals, it tells a saga of imperial ambition and obso...