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The Answer Is Transaction Costs
Slavery, Indentured Servitude, and the Problem of Financing Education
Jul 23, 2024
The podcast delves into how modern financial systems have eradicated historical practices such as indentured servitude and apprenticeship. It explores the evolution of borrowing against future earnings and how financial institutions streamlined processes resembling slavery. The conversation also addresses the inefficiencies in the current educational system and the need for better financial instruments to optimize funding for underprivileged children.
25:56
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Quick takeaways
- Efficient financial systems enable capital formation without indentured servitude, revolutionizing capitalism.
- Reducing transaction costs in education funding can optimize resource allocation and economic opportunities.
Deep dives
The Role of Financial Systems in Capital Formation
Accessing capital against future earnings is essential for capital formation. In the absence of efficient financial systems, individuals face challenges in securing resources to enhance their productivity and earnings. The historical practices of indentured servitude and apprenticeship highlight early solutions to this issue. The development of financial intermediaries and borrowing mechanisms revolutionized capitalism by enabling individuals to invest in future earnings without resorting to servitude or restrictive contracts.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode