Close Menu
KumbhCoinorg
    What's Hot

    Affordable Broadband is a Local Victory

    September 26, 2026

    Virat Kohli’s Thiruvananthapuram ODI stats, records in sight vs WI

    September 26, 2026

    France boss Zidane issues Kylian Mbappe knee injury update: ‘He’s not good’

    September 26, 2026
    Facebook X (Twitter) Instagram
    Trending
    • Affordable Broadband is a Local Victory
    • Virat Kohli’s Thiruvananthapuram ODI stats, records in sight vs WI
    • France boss Zidane issues Kylian Mbappe knee injury update: ‘He’s not good’
    • Dylan Larkin’s Trade List is Bigger Than First Reported
    • Diesel prices exceed £2 a litre at forecourts across Scotland
    • North Korean Hackers Linked To $388M Bitget Hack
    • Margot Robbie officially changes her name after nearly 10 years of marriage; takes husband Tom Ackerley’s surname in company records |
    • Ex-India captain Asunta Lakra leads protest against Hockey India officials | Hockey News
    Facebook X (Twitter) Instagram
    KumbhCoinorg
    Saturday, September 26
    • Home
    • Crypto News
      • Bitcoin & Altcoins
      • Blockchain Trends
      • Forex News
    • Kumbh Mela
    • Entertainment
      • Celebrity Gossip
      • Movie & TV Reviews
      • Music Industry News
    • Market News
      • Global Economy Insights
      • Real Estate Trends
      • Stock Market Updates
    • Education
      • Career Development
      • Online Learning
      • Study Tips
    • Airdrop News
      • Ico News
    • Sports
      • Cricket
      • Football
      • hockey
    KumbhCoinorg
    Home»Market News»Global Economy Insights»Are We Doomed to Repeat Economic History, Even When We Know It?
    Global Economy Insights

    Are We Doomed to Repeat Economic History, Even When We Know It?

    kumbhorgBy kumbhorgAugust 29, 2025No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Are We Doomed to Repeat Economic History, Even When We Know It?
    Share
    Facebook Twitter LinkedIn Pinterest Email Copy Link

    I regret it, but George Santayana’s famous statement, “Those who cannot remember the past are condemned to repeat it,” is misleading at best.

    The statement implies that if we do remember the past, we will not repeat it. But, based on the history I’ve learned, that’s not true.

    We see a regrettable repetition right now: In 1930, more than a thousand economists signed a statement opposing the Smoot-Hawley Tariff bill, warning it would lead to a destructive trade war. Congress passed high tariffs anyway, and they contributed to the Great Depression. This year, nearly two thousand experts, also led by economists, warned against raising tariffs. Yet our president is slapping on tariffs right and left, and Congress is silent.

    There are three major reasons why historical remembrance does not bring enlightenment.

    First, do we even know the causes of historical events? 

    Thousands of books have been written about World War I, yet there is no consensus on what caused it. The events preceding it were “intricate enough to accommodate any number of hypotheses,” historian Christopher Clark wrote in The Sleepwalkers: How Europe Went to War in 1914.

    Was it the rigid alliances and treaties? Miscommunication? Ignorance? Serbian nationalism? Did everyone expect it to be another self-limited Balkan altercation? (There had been two.) Were leaders “sleepwalking”?

    Similarly, we don’t fully know why the US had a civil war. Was it inevitable? Could it have been avoided by reimbursing plantation owners for freeing slaves? Or cracking down on the expansion of slavery to other states? Possibly. But if so, how would slavery have ended? Avoiding one tragedy might have perpetuated another. Have we learned anything about the Civil War that can possibly guide us in the future? I don’t think so.

    True, some lessons can be learned. After World War II, the Allies must have reflected on the consequences of the punitive Versailles Treaty after the First World War. (One of those consequences was World War II.)  So they helped rebuild their former European enemies through the Marshall Plan. As the war ended, though, they also handed over millions of eastern Europeans to the tyrannical control of Joseph Stalin. Surely they “remembered” what the Soviet Union had become.

    The failure to learn doesn’t just happen in war. Mysteriously, the Federal Reserve seems to chronically misunderstand history. As Allan Meltzer wrote in 2016, the Fed’s tight money policy contributed to the Depression, and its easy money policy after the 2007–2009 recession financed the large budget deficits that continue.

    Second, suppose someone does understand and remember the causes. Who is that someone? 

    Chances are, it’s not the president of the United States. Yet the president can wield enormous, even disastrous power, based on whatever he happens or chooses to know.

    George W. Bush was “untutored in foreign policy and ignorant of the Middle East,” writes Jeffrey Record, yet he initiated a war in Iraq. Even his father’s closest aides could not persuade him that this was reckless. Somehow, the tragic lesson of Vietnam did not register — that warring against a politically complicated, divided country with minimal importance to the United States leads to disaster.

    Third, the president is only one force among many:

    Special interests like the military-industrial-academic complex, democratic socialists, national conservatives, and uninformed voters all pull in different directions. Even if the president or his aides have learned the lesson, how can the inevitable compromise retain it?

    In 1970, Daniel Moynihan, then a counselor to President Richard Nixon, wrote a famous memo. He stressed that black families were progressing economically, and the best policy would be a period of “benign neglect” — rather than more welfare programs. Moynihan’s use of the term “benign neglect” echoed Edmund Burke’s 1775 recommendation that the British Crown engage in “wise and salutary neglect” of the American colonies rather than interfere. In 1970, however, the term aroused such a negative emotional response that it poisoned whatever chances Moynihan’s policy might have had. (And in 1775, Burke didn’t have much luck, either.)

    My graduate adviser in history responded to these thoughts by saying that history does not repeat, but it instructs. Yes, it instructs us about how and why we have come to where we are, and that’s why I love it. But hopes that remembering the past can guide domestic or world politics have been dashed again and again.

    Doomed Economic History Repeat
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleMazagon: Maza Gone
    Next Article Friday New Releases – August 29, 2025 – 2 Loud 2 Old Music
    kumbhorg
    • Website
    • Tumblr

    Related Posts

    Global Economy Insights

    Affordable Broadband is a Local Victory

    By kumbhorgSeptember 26, 2026
    Global Economy Insights

    NYT’s Nikole Hannah-Jones Regrets Sending Her Daughter to Failing Public School

    By kumbhorgSeptember 25, 2026
    Sports

    Asian Games: India win six medals, including shooting gold, as Baranica makes pole vault history | Asian Games 2026 News

    By kumbhorgSeptember 25, 2026
    Global Economy Insights

    Tariff Exemptions are Big Business for Big Business

    By kumbhorgSeptember 25, 2026
    Global Economy Insights

    The $46 Trillion Price of Avoiding Social Security Reform

    By kumbhorgSeptember 24, 2026
    Online Learning

    The Long, Strange History of Tarot Cards: From the 14th Century to Modern Times

    By kumbhorgSeptember 24, 2026
    Add A Comment

    Comments are closed.

    Don't Miss

    Affordable Broadband is a Local Victory

    By kumbhorgSeptember 26, 2026

    Discussions about the cost of living for food, fuel, and fun dominate many political debates…

    Virat Kohli’s Thiruvananthapuram ODI stats, records in sight vs WI

    September 26, 2026

    France boss Zidane issues Kylian Mbappe knee injury update: ‘He’s not good’

    September 26, 2026

    Dylan Larkin’s Trade List is Bigger Than First Reported

    September 26, 2026
    Top Posts

    Satwik-Chirag storm into China Masters final with straight-game win over Malaysia | Badminton News

    September 21, 2025176 Views

    SaucerSwap SAUCE Crypto Breaks Key Resistance Amid Nvidia-Hedera Deal

    July 15, 202548 Views

    Unlocking Your Potential with Mubite: The Future of Crypto Prop Trading

    September 17, 202533 Views

    Stablecoins 2025 Exchange Reserves: Insights into DeFi Trends

    September 8, 202533 Views
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    About Us

    Welcome to KumbhCoin!
    At KumbhCoin, we strive to create a unique blend of cultural and technological news for a diverse audience. Our platform bridges the spiritual significance of the Kumbh Mela with the dynamic world of cryptocurrency and general news.

    Facebook X (Twitter) Pinterest WhatsApp
    Our Picks

    Affordable Broadband is a Local Victory

    September 26, 2026

    Virat Kohli’s Thiruvananthapuram ODI stats, records in sight vs WI

    September 26, 2026

    France boss Zidane issues Kylian Mbappe knee injury update: ‘He’s not good’

    September 26, 2026
    Most Popular

    Barnes & Noble stock soars 20% as it explores a sale Barnes & Noble stock soars 20% as it explores a sale

    January 22, 20250 Views

    David Bailey Forecasts $1M Bitcoin Price During Trump Presidency

    January 22, 20250 Views

    Best Crypto Private Sales to Invest

    January 22, 20250 Views
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • About Us
    © 2026 Kumbhcoin. Designed by Webwizards7.

    Type above and press Enter to search. Press Esc to cancel.