Plunder and Wealth Accumulation

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This chapter explores the concept of plunder and its impact on wealth accumulation. It discusses historical examples of plunder and the evidence that suggests plunder is not the sole explanation for how nations become wealthy. It also highlights the importance of growth, productivity, and innovation as the true sources of material well-being.

Did nations get rich on the backs of other nations? Did the West get rich from imperialism? Noah Smith says no. But why not? If you can steal stuff, isn't that better than having to make it yourself? Listen as Noah Smith and EconTalk's Russ Roberts discuss the impact of imperialism and industrialization on growth and wealth. Smith argues that understanding plunder and where wealth comes from is more than an exercise in economic history--it matters for today's world, too.