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December 28, 2009

History does not repeat itself, but it rhymes

Publius offers an all too apt comparison.

The only truly global power was in rapid relative decline. Not long before, it had won a pyrrhic victory in a costly colonial war. New great powers were on the rise. An arms race was under way, as was competition for markets and resources in undeveloped areas of the world. Yet people still believed in the durability of the free trade and free capital flows that had nurtured prosperity and, many believed, had also underpinned peace.

Let's pretend this is an unrelated note: "In the week that Britain's high speed rail link closed down because the wrong sort of snow interfered with the engine's electronics, China unveiled the world's fastest train service on one of the coldest days of the year." Click through for inspirational/depressing imagery. I am just as happy the Chinese still believe in scientific, technological and industrial progress. Like we used to.

Posted by Ghost of a flea at December 28, 2009 08:22 AM