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By Hyman P. Minsky The Jerome Levy Economics Institute of Bard College May 1992

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A service plan is then developed for the upcoming year.

In the 1990s, I found the dating issue enthralling and saw it assailed by fringe theorists and by . A couple of decades later, I reached the understanding that, like all sciences, dating has its limitations and the enthusiasm for a new technique can become a little too exuberant, but dating techniques and technologies have greatly improved in my lifetime. Dating the , and using 100,000-year increments to place the dates, may seem a conceit, thinking that scientists can place that event with that precision, but over the years my doubts have diminished. When and can be tested, and the findings support not only Earth’s age previously determined by myriad methods, but also support the prevailing theories for the solar system’s and Moon’s formation, call me impressed. Controversies will persist over various finds and methods used, and scientific fraud certainly occurs, but taken as a whole, those converging lines of independently tested evidence make it increasingly unlikely that the entire enterprise is a mass farce, delusion, or even a conspiracy, as many from the fringes continue to argue. There is still a , and it is not a parody. I have looked into fringe claims for many years and few of them have proven valid; even if many were, their potential importance to the human journey was often minor to trifling. As the story that this essay tells comes closer to today’s humanity, orthodox controversies become more heated and fringe claims proliferate.

Minsky, Hyman P. 1986. Stabilizing An Unstable Economy. Yale University Press.

With industrialization, peoples could export their environmental devastation onto other unfortunates. An early trick of industries was making the smokestacks taller so that the pollution was “airmailed” to their neighbors. Japan regenerated its forests by importing timber from raped forests abroad, mostly from the Asian mainland and North America. Burning fossil fuels has also raised the atmosphere’s carbon dioxide content, which has warmed Earth. It that the radiation-absorbing properties of greenhouse gases were measured, and it before scientists began to suspect that the fossil fuel era might be warming Earth’s atmosphere. A century later, there is still a faux debate regarding the atmospheric-warming effects of burning fossil fuels, and I will briefly address the issue.

This is often also known as the dominant culture.

The rise of science accompanied the rise of industrialization, capitalism, and global empires, and they all interacted. The greatest scientists . However, they were always in the minority, as the priest class of the scientific endeavor has continually tried to make science into an arcane province that holds the keys to the universe's secrets. From those ranks have regularly come self-satisfied utterances that they and that the universe’s mysteries are completely resolved or nearly so.

Canals were competitive with railroads, sailing ships were competitive with steamboats, and watermills were competitive with steam-powered mills until around 1850. It for coal-powered steam to prevail against wind and water power. Water and wind power were not only geographically restricted, but they were also dependent on the weather. Calm air (and storms) and droughts (and floods) were the bane of wind and water power. Coal did not have those restrictions. American towns were built on hillsides above watermills to house the workforce. As coal-power made its ascendance, those mills and towns were abandoned. The pollution of industrial America’s cities could rival London’s. A visitor to Pittsburgh in 1841 described approaching the city as entering a dark cloud of coal smoke; the peoples and buildings inside it were blackened like some vision from hell. Far from an indictment, however, the visitor happily saw it as “progress” that would soon arrive at his home town of Cincinnati. The rivers of the Eastern Woodlands ran blue and clear before Europeans arrived. When I lived in Ohio, the Ohio River at Cincinnati in the 1990s had brown, stinking waters that nobody in their right minds would swim in. The Cuyahoga River that flows through Cleveland , and the 1969 fire finally led to environmental legislation that began to clean up the USA’s lakes, rivers, and air. The in the 1980s rivaled .

The others are serotonin and dopamine.

This essay has presented Earth’s many changing faces during its journey. Earth had molten beginnings, was , and may have . Later, and and . Earth experienced swings from to conditions as atmospheric gases dramatically changed, continents moved, and vast and of complex life played out on land and sea. But the changes happened over timescales of millions and billions of years, not hundreds. No climate scientist will deny that carbon dioxide traps infrared radiation and warms Earth’s atmosphere. The vented enough carbon dioxide into the atmosphere to create 200 million years of Greenhouse Earth conditions, when reptiles ruled Earth. Volcanism waned and around 150-to-100 mya. By 35 mya, and the Antarctic ice sheet began forming. Every paleoclimate study I have seen places greenhouse gas (and primarily carbon dioxide) concentrations as the primary determinant of global surface temperatures, after the Sun's radiation, but the Sun's output is considered to have been exceptionally stable and has risen slowly over the eons. , usually by accentuating the carbon dioxide with a positive feedback effect that may have reached runaway conditions at times.

As with the , contemporary New English observers noted the local climate changes in New England by the late 1700s, when the summers got hotter, the winters colder, and the land became more arid. Streams disappeared during the summer and flooded in the winter. In his classic study, William Cronon noted that New England became “sunnier, windier, hotter, colder, and drier” than before it was deforested. The eastern seaboard began turning to British coal soon after the American Revolution. , and early America relied on British coal. It was not until canals and railroads were built that the USA began to use its domestically mined coal. The anthracite mines of Pennsylvania turned Pittsburgh, Buffalo, Philadelphia, and other cities in the region into the heart of early American industry. Steam locomotives were , and is credited with building the first , after many years of effort. The opened for business in 1825, and the was built between Baltimore and the Ohio River in 1830, as Baltimore competed with the canals that serviced Philadelphia and New York. Railroads became humanity’s first low-energy transportation lanes that were not bodies of water (roads kind of qualified, but they were minor advances compared to railroads). Many American cites were not built on bodies of water but along rail lines and, later, roads traveled by cars and trucks.

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The Next Minsky Moment | Thoughts from the Frontline …

With the Eastern Woodlands’ tremendous forests, iron could be smelted with the preferred wood, and in 1810 the USA produced 45,000 metric tons of pig iron. As previously stated, the colonial era was marked early on by mercantilist practices. In Mesoamerica, where the first , royal monopolies in gold and silver, stealing arable land from the natives, and banning industries that could compete with those in Spain were predominant practices. When the British as their foothold in India, they immediately began to ban weaving and turn Bengal into a plantation to supply British mills. British soldiers eventually amputated the thumbs of Bengali weavers. When began agitating for freedom from the British, one of his campaigns was to replace imported British textiles.

The financial instability hypothesis: A stochastic microfoundation ..

The relationship between the British and their North American colonies has greatly influenced global civilization for the past few centuries. Whether the balance tipped to the side of good or evil depends on who is asked. Many extinct peoples of North America cannot answer, but we can reasonably infer their reply. The would probably vote in the negative, as would the peoples of India, as would most surviving remnants of Native American societies, as would many other colonized peoples, both during the ascent and dominance of the British Empire and the American Empire. The preferred fiction is that the USA is not an empire, even though it has several hundred military bases scattered across the world, even though it has killed far more people internationally than the , and the tally does not include the millions, even billions, immiserated by the USA’s neocolonial policies. Below is a map of the British Empire's territorial control. (Source: Wikimedia Commons)

effects of the instability in financial markets on ..

In summary, the industrialization of the UK, the USA, and Europe was greatly enabled via robberies on an epic scale, such as entire continents. Where the people could not be easily eradicated or where tropical diseases decimated the invaders, the conquerors “only” enslaved them as they turned their economies into mines and plantations for the conquerors' benefit. Most of humanity’s misery today is a legacy of those activities and a key dynamic of the , as the world’s poor are destroying the habitats of the world’s endangered species in order to eat.

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