2006-09-08

What Historian says about Theory of Value

The Spanish Theory held that only a fixed amount of value existed on earth, and therefore the path to the accumulation of wealth was to learn to extract more efficiently from the soil or from people's backs.

English Theory held that value could be created through ingenuity and technology. So the English had an Industrial Revolution, while the Spanish spun their wheels trying to exploit the land and the Indians in the New World.

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