Re:Warren Buffett's Annual Letter to Berkshire Hathaway Shar...
by euyyn on Saturday February 25, 2017 @08:23PM
(#13735070)
No, the comment didn't claim that. Rather that it didn't start from scratch in a barren land, instead it started by abusing those people for advantage.
Re:Warren Buffett's Annual Letter to Berkshire Hathaway Shar...
by ralfd on Sunday February 26, 2017 @08:40AM
(#13737154)
But ex-slavery states in the US are not the wealthiest and economically often in the bottom half. If abusing people gave an advantage the effect should be the strongest there?
Re:Warren Buffett's Annual Letter to Berkshire Hathaway Shar...
by chickenfries on Sunday February 26, 2017 @02:08PM
(#13739080)
> they all represent a net gain for Americans from the barren lands, primitive structures and meager output of 1776. Starting from scratch, America has amassed wealth totaling $90 trillion.
This is the original quote. The issue is with "starting from scratch." You're not starting from scratch if you obtained the land through genocide, assisted by free labor. You are starting with quite a lot. America did not start in 1776. European powers had been investing in the new world for hundreds of years at that point. The whole issue is calling the economy of America at 1776 "starting from scratch." It's ahistorical.
If the American system only works as a result of slavery then it should be discounted. If not, however, it should be understood and replicated where possible.
And we should all study history regardless.