“Economists have long known that people are an important part of the wealth of nations.”

Source: "Investment in human capital," 1961, p. 2

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Theodore Schultz 15
American economist 1902–1998

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“One source of misunderstanding is that many of the commentators have been economists who have looked at the Moral Sentiments simply in order to find some relevance for The Wealth of Nations.”

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This gave rise to the so-called Adam Smith problem, a supposed inconsistency between the psychological assumptions of the two books. Another source of error has been a failure to note whether a particular passage was written for the first or for the sixth edition.
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“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”

Source: The Economic Consequences of the Peace (1919), Chapter VI, pp. 235-236
Context: Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

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“Camacho also hails from a family of corporate elites who have long profited from Bolivia’s plentiful natural gas reserves… his family lost part of its wealth when Morales nationalized the nation’s resources, in order to fund his vast social programs — which cut poverty by 42 percent and extreme poverty by 60 percent.”

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Max Blumenthal and Ben Norton https://consortiumnews.com/tag/ben-norton/ in Bolivia Coup Led by Christian Fascist Paramilitary Leader, a Multi-Millionaire – with Foreign Support https://consortiumnews.com/2019/11/12/bolivia-coup-led-by-christian-fascist-paramilitary-leader-a-multi-millionaire-with-foreign-support/, Consortium News, (12 November 2019)
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“Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.”

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Source: The Political Economy of International Relations (1987), Chapter Ten, Emergent International Economic Order, p. 393

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“We have so far succeeded in the first and most important task we set ourselves as a nation to avoid the tragedy that engulfed other parts of the world.”

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Prime Minister's statement on coronavirus https://www.gov.uk/government/news/prime-ministers-statement-on-coronavirus-covid-19-30-april-2020 (30 April 2020)
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