Ron Smith: Addison Wiggin is with us, Executive Publisher of Agora Publishing.
Addison Wiggin: Agora Financial, yes.
Mr. Smith: Oh, Agora Financial, which is Baltimore-based, and publishes The Daily Reckoning, which is a newsletter that I subscribe to; it’s free, so I like it.
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How Empires Really Work
Great empires, such as the Roman and British, were extractive. The empires succeeded, because the value of the resources and wealth extracted from conquered lands exceeded the value of conquest and governance. The reason Rome did not extend its empire east into Germany was not the military prowess of Germanic tribes but Rome’s calculation that the cost of conquest exceeded the value of extractable resources.
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