Revolutionary Reflections: Harnessing Historical Wisdom

As I described in my recent post, Fareed Zakaria’s recent book, “Age of Revolution,” provides an examination of the forces that shaped our modern world. From the revolutions of the past, Zakaria articulates the seismic shifts that have redefined global dynamics, influenced political landscapes, and reshaped societal structures. In a world that looks eerily like prior periods of revolution, there is much we can learn by analyzing history. However, analysis is meaningless if we do not learn from the past, and historically, we have failed to do so. It was Henry Kissinger that once said: “it is not often that nations learn from the past, even rarer that they draw the correct conclusions from it.” Analyzing periods that look like our current day is the first step, but it’s the application of these lessons to our current context that enables constructive pathways.

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Seven Crashes

I finished reading my latest book. Harold James’ book, Seven Crashes, is a history of financial crises that have shaped globalization. The book examines seven turning points in financial history, from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis. James shows how some crises prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. In contrast, other crises, such as the Great Depression, led to a smaller, less prosperous world.

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