Spain didn't "steal" the Inca's gold, it was a part of the spoils of war and conquest. Fairly won.
Haha taking gold doesn’t fund anything, it just drives inflation - just ask the Spanish - stealing the Incan gold caused a 400 year recession in Spain. if stealing resources made a culture rich, Muslims would’ve had the industrial revolution in the ninth century.https://twitter.com/swapnilad/status/1099175798710255617 …
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Lol what?! So when someone breaks into your home kills your family & takes everything in your home, I highly doubt you’re going to say “the home invader didn’t “steal” everything in my home it was a part of the spoils of conquest”.
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Difference is that I am able and willing to fight and overcome, truth is the Incas were in many ways weaker and less capable than the Conquistadors
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Never knew about the disastrous effects of Spain's theft. Why isn't Spain put on the same guilt trp as rest of European peoples? Hell, why does Mexico (colonized by Spain, still speaking their Spanish European language) allowed to have any gripes with US? https://www.economicshelp.org/blog/7785/concepts/what-happened-to-the-spanish-gold-from-the-incas/ …
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Why not ask the Americans who were paid with it n steel that was imported at cheap from India itself using same gold n shipping industry financed with it?You really need to study how colonial Capitalism worked instead of thinking it had same factors of production as today
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Suggest Joyce Appleby's history of Capitalism. Just because Spain did not know how to use capital stolen does not mean English n Norwegians didn't. The latter uses it effectively n English copied the formula..which would have been useless without the capital itself in first place
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We make it, you steal it. Innovation tanks. But where ever innovation flourishes freedom also exists. Slaves don't make utopias
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A recession is just a slowing down of economic growth. Spain still had plenty of wealth. The Inca culture from whom Spain looted the wealth underwent complete and permanent annihilation. As for Muslims ..... Ironically their wealth helped them conquer Andalusia.
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Why didn’t the industrial revolution happen in Spain then
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It did happen. It just didn’t start there. By 19th century Spanish power was already in decline in competition with Britain and France.
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The explosion of wealth in the west happened after the slaves had been freed.
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Stefan, do some research into Modi's far right nationalist government in India at the moment. They are obfuscating history and have many acolytes in the west spreading anti British lies. Of course as the British are taught to hate ourselves we are falling for it.
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So why did people bother participating in the gold rush then?
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Yes but in this case the wealth *is* being transferred, it isn't merely an increase in the money supply. Also, gold has value beyond being a medium of exchange.
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If people didn't find it useful though it's unlikely it ever would have organically become a currency. A commodity possesses exchange value specifically because people "buy" them under a barter system knowing other people will find it valuable.
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