The Great Depression was a sobering time for our planet, and America in particular. Contrary to popular belief, the dire times extended to post-war 1947-48 and not the mid-1930s as the history books will tell you. Historian Stephen Davies contends there are three other persistent myths that rattle the psyche to this day. Tune in as Davies sets the record straight in this edition of Learn Liberty.
Although many conflate capitalism and imperialism or think the two systems are closely connected, they are actually quite different, even at odds with one another. Capitalism is a system based on voluntary exchanges that benefit all of the parties involved. In contrast, imperialism is based on exploiting the poor through political power and military force.
Prof. Stephen Davies shows that capitalism has been blamed through the years for a number of catastrophes—such as political corruption, exploitation of the poor, mass famines and others—that were, in fact, a result of imperialism. H/T Learn Liberty
