It went nowhere really. Our two colonial powers got into debt because of wars, France used inflation to reduce its debt, Britain issued bonds bought by the rich. (From memory, I wasn’t super interested). Nationalization happened and was undone. Really. I don’t feel anything here was analyzed. Maybe the chapter was just really boring and I zoned out. Let me know if I should go back.
Anyway, let’s recap of chapter 3… there is nothing interesting in here. It was about France and Britain.
Main takeaways:
Have colonies
Don’t lose them
Don’t go to war
And we don’t know how public debt works actually but it’s weird.
Sometimes maybe you should nationalize, who knows, it’s unclear.
Sometimes you should privatize, no analysis, but he seems to like it.
This was a useless chapter and if anything proves that his whole jam of extrapolating from his “very diverse set” of countries is weak. But whatever.