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SW KS, near Dodge City | Part of it has to do with the developments in the world... Until as recently as about 115 years ago, there were still new territories being opened up for people to settle, and they could get land (one of the big measures of wealth at that time) for nothing but their hard work of homesteading it and "proving up" on it. They didn't have to assume debt to get it. That happened to some degree in Brazil during the 90s and early 2000s, but even that took a fair amount of capital. The "world" is maturing, just like an industry matures. We've covered the globe now, and for centuries the "pie" just kept growing. Pretty easy to grow anything in an expanding environment, much harder to do that in a stable, mature environment. | |
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Next economic question. WHY is debt so prevalent throughout the world today?
