Investment

Exploring the origins of networks in ancient empires.

In 1986, two American economic historians published the most rigorous quantitative study of British imperial finance ever attempted. Their conclusion was precise, remarkable, and largely ignored: imperial investment produced lower returns than domestic investment. The British middle-class taxpayer subsidized the empire's defense, effectively transferring wealth to a narrow class of investors who held imperial securities. Empire, they found, was not profitable for Britain — it was profitable for a particular Britain.

Examining the threat of capital flight - why the mobile capital argument is often overstated and used to justify policies that favor the wealthy.