oupacademic
oupacademic:

A major gripe of the American colonists against the British in the run-up to the American Revolution was over economic policy. The philosophy of the British was that Americans should provide the mother country with raw materials at a reasonable price and buy finished products in return.  The British statesman William Pitt the Elder went so far as to declare that “…if the Americans should manufacture a lock of wool or a horse shoe,” he would “…fill their ports with ships and their towns with troops.”  This led to a somewhat bizarre situation in which an American who wanted to wear a hat made of an American beaver pelt could only buy it after the pelt had been shipped to England, turned into a hat, and shipped back to America to be sold.

Professor of Economics at Wesleyan University and author of WRONG: Nine Economic Policy Disasters and What We Can Learn from Them, Richard S. Grossman is sharing seven little-known facts about economic disasters all this week on Tumblr.

Image credit: Oil on canvas portrait of a seated w:William Pitt, 1st Earl of Chatham, also known as William Pitt the Elder. From the National Portrait Gallery, UK.  Author, studio of w:William Hoare via Wikimedia Commons.

oupacademic:

A major gripe of the American colonists against the British in the run-up to the American Revolution was over economic policy. The philosophy of the British was that Americans should provide the mother country with raw materials at a reasonable price and buy finished products in return.  The British statesman William Pitt the Elder went so far as to declare that “…if the Americans should manufacture a lock of wool or a horse shoe,” he would “…fill their ports with ships and their towns with troops.”  This led to a somewhat bizarre situation in which an American who wanted to wear a hat made of an American beaver pelt could only buy it after the pelt had been shipped to England, turned into a hat, and shipped back to America to be sold.

Professor of Economics at Wesleyan University and author of WRONG: Nine Economic Policy Disasters and What We Can Learn from Them, Richard S. Grossman is sharing seven little-known facts about economic disasters all this week on Tumblr.

Image credit: Oil on canvas portrait of a seated w:William Pitt, 1st Earl of Chatham, also known as William Pitt the Elder. From the National Portrait Gallery, UK.  Author, studio of w:William Hoare via Wikimedia Commons.

behindthefoodcarts

behindthefoodcarts:

Fun fact: Washington state grows 95% of the chickpeas consumed in the U.S. We bet you didn’t know that. Neither did we before speaking with Yair Maidan, owner of the ChickPeaDX food cart at Interstate and Rosa Parks. Yair felt the regional cuisine wasn’t taking full advantage of this local,…