These chaps, and very recently gals, used to be stylish troops on horses who charged into the infantry and hacked them to bits. Until the infantry all stood in squares, then they needed artillery to kill them. Once weaponry got advanced enough, they decided to give all our tanks to the cavalry. Now we have few tanks, the cavalry are in denial about being infanteers and cling to the old ways by driving around in trucks claiming to be recce or other jobs. They are just posh infantry. Better tattoos but spelt correctly and mostly not DIY ones, traditions dating back to the Tudors, officers wear lemon cords and soldiers still fight each other on Friday nights.
Combat Boot, “So, ‘capbadges’, what’s that all about then?”, combatboot.co.uk, 2020-11-13.
May 10, 2026
QotD: The cavalry
May 9, 2026
Like the Roman. The Life of Enoch Powell, by Simon Heffer
I think it’s fair to say that Enoch Powell is having a moment, nearly sixty years after he shocked the establishment with his 1968 “Rivers of Blood” speech. He became a pariah even in his own party, and his political career never recovered … but his warnings have more than been fulfilled over the intervening decades. In The Critic, Jeremy Black reviews the recently reprinted 1998 biography of Enoch Powell by Simon Heffer:
The new imprint of this important biography provides an opportunity to reread one of the most skilful works on British political history published over the last half century. As with Heffer’s other books, it is also very well written — although might I offer a plea for leaving aside sentences such as “He still saw no reason to lay off Heath”?
Before turning to the substance, it is worth considering the Foreword. Written this January, it underlines Powell’s significance to many issues, notably: “His deep scepticism about the confluence of America’s interest with those of Britain”. I am, however, dubious about the proposition that “Powell was, quite simply, one of the foremost Conservative thinkers in living memory, possibly the greatest since Burke”. Leaving aside the question of whether Burke can be described as Conservative or even, prior to the 1790s, as conservative, and, separately, the implicit dig at claims for Disraeli whom Heffer is on the record as describing as a Charlatan, I myself would make the case for Salisbury, while agreeing that Macmillan, Hailsham and MacLeod did not measure up to Powell. He returned the damage done him by Macmillan with “bilious” reviews of his Memoirs.
While I am sceptical of the claim that Powell was a great Conservative thinker in the cosmic sense, he was an impressive critic of many of the shibboleths of establishment Conservatism from the 1960s to the 1980s, including on immigration, the nuclear deterrent, the Common Market, the American alliance, Northern Ireland, and economic policy.
A significant aspect of the intellectual character of Powell was the return of this one-time atheist to the Church in the late 1940s, the subject of the “Interlude” “Powell and God” in the book. There is, as Salisbury and Cowling among others underlined, a significant link between Conservatism and the Church of England, and Powell, like Thatcher, can be profitably discussed in these terms, with Thatcher far less convincing.
The discussion of Powell’s elision from public debate is also interesting. Published by Weidenfeld and Nicolson in 1998, the biography was kept on print-on-demand until cancelled in the aftermath of the Black Lives Matter movement. Heffer compares the treatment of Powell to that of Orwell in facing difficulties in publishing Animal Farm and Nineteen Eighty-Four. For several years, Heffer found it impossible to persuade a publisher to republish the book and suggests that this was due to a craven fear of public opinion “real or perceived”, one about which Orwell had warned not least when referring to “intellectual cowardice”. The publisher he has found, it has to be said, is another instance of the very valuable work being done by non-metropolitan concerns.
Starmer thinks local elections’ message is for Labour to move faster on their progressive agenda
British Prime Minister Sir Keir Starmer — who many commentators have for months been describing as a “dead man walking” — somehow manages to find an interpretation for the Labour Party’s disastrous local election results, and thinks voters just sent a message that he needs to move faster and more vigorously to implement their vision. That’s certainly a take.
Nigel Farage is certainly enjoying the outcome:
Hurrah for the Tealshirts! Nigel Farage emerged from Havering Town Hall looking smug even by his standards. For years, he has been written off, denied the respect — and peerage — he feels he deserves, forced to scrape by on gifts from well-wishers, and now he was showing them all, wreaking havoc on both Labour and Conservatives.
Nothing could hold the party back, not the endless terrible comments from Reform candidates who for some reason believe Farage agrees with them, not even a huge bribery scandal involving the party leader in Wales. Today Havering, tomorrow Westminster!
Elsewhere, people were gloomier. James Cleverly explained to the BBC that winning elections isn’t the goal of politics. The Conservatives aren’t interested in here today, gone tomorrow popularity, it turns out. They just want to govern well. Which leaves a couple of questions about the last decade and a half.
David Lammy told anyone who would listen that you don’t change pilot mid-flight. Better, he didn’t add, to wait until the plane has hit the ground.
The real show of the morning was the confrontation on the BBC between Cleverly’s colleague Vicky Atkins and their former fellow Tory, Robert Jenrick. Atkins and Jenrick have a long friendship going back to the time when he was the anti-Farage candidate in Newark in 2014, through the time he was an anti-Brexit MP supporting David Cameron, his days in Theresa May’s government, his early backing of Boris Johnson, his years in the Cabinet, all the way to his realisation this year that he’d never believed any of the things he’d been telling the voters.
“Robert and I haven’t actually spoken to each other since I supported his leadership campaign,” Atkins announced, and the rest of us fastened our seatbelts for a bumpy ride. “I’m surprised that he’s so quick to can all of the work that he did when he was in government.”
Next to her, Jenrick looked like a man who has arrived at a school parents evening to discover that his ex-wife got there first and has been filling people in on the reason she cut the crotches out of all his suits. But Atkins was just getting started. “Nobody should believe the snake oil salesmen,” she said. Jenrick had accused the Tories of messing things up. “Rob was part of the team that made those mistakes.”
Jenrick made another bid to get the conversation back on track. “The question is about honesty and trustworthiness,” he said. You could have used Atkins’ expression at that moment to freeze lava.
At the time of this Daily Mail report from James Tapfield and David Wilcock, the demands from Labour MPs for Starmer to resign hadn’t quite reached the “red alert” level yet:
Keir Starmer is desperately fighting to subdue a Labour revolt tonight after a local elections bloodbath saw the party routed on English councils, and destroyed in Wales and Scotland.
Loyalist ministers and MPs have been deployed in a frantic bid to prop up the PM, after a series of backbenchers broke cover to demand his resignation.
So far no Cabinet ministers have publicly joined the mutiny – a moment that many believe would be the final nail in Sir Keir’s coffin.
Rachel Reeves and David Lammy were among those backing Sir Keir – but there has been an ominous lack of vocal support from Wes Streeting, Yvette Cooper, Ed Miliband and Shabana Mahmood. London Mayor Sadiq Khan released a statement saying the results in the capital were ‘bitterly disappointing’ and the threat to the party is ‘existential’ – without mentioning the PM.
The civil war reignited this evening after Labour’s Welsh leader, Baroness Morgan, humiliatingly lost her own seat as the party’s tally of the 96 Senedd members was slashed to just nine. In a jibe at the PM, she said the Government nationally must ‘change course’.
Until yesterday Labour held nearly half the seats at the Welsh Parliament, and has never failed to top an election in the country – regarded as its birthplace.
Scottish Labour leader Anas Sarwar has also conceded defeat at Holyrood, saying they had ‘lost the argument’ and pointing the finger at Sir Keir.
Meanwhile, the Greens have dealt a hammer blow by taking the mayoralty in deep-red bastion Hackney, as well as Lewisham – signposting more misery to come in London. The Labour leader in Camden – Sir Keir’s own council – has been defeated by Zack Polanski’s candidate.
Even some Labour stalwarts are reading the tea leaves correctly:
Argentina not in the news
On the social media site formerly known as Twitter, Martin Varsavsky illustrates the real situation in Argentina after Javier Milei was elected as opposed to the dystopian nightmare imagined by the western media:

“Argentine flag” by papajuan74 is licensed under CC BY 2.0 .
After more than two years of Milei, the international press still does not understand what is happening in Argentina.
The narrative abroad is “shock therapy, social pain, fragile coalition”. That frame misses the actual mechanism. Argentina did not have a budget problem. It had a printing problem. From 2003 to 2023 the central bank financed deficit after deficit until the peso lost 99 percent of its value against the dollar. Annual inflation hit 211 percent in 2023. Half the country was poor. That was the floor.
What changed is not vibes. It is arithmetic. The fiscal deficit was eliminated for the first time in 16 years. Monthly inflation fell from 25 percent to low single digits. The central bank stopped printing to fund the Treasury. Country risk dropped from over 2,500 basis points to a fraction of that. Argentine sovereign debt, which used to trade like a default option, began behaving like normal emerging market paper.
Critics say poverty rose. It did, briefly, because removing price controls and subsidies revealed the real prices of energy, transport and food that the state had been hiding with debt. Once measured honestly, poverty has been falling fast. Real wages are recovering. Mortgages in pesos are reappearing, something that had not been possible in a generation.
This matters beyond Argentina. It is the clearest live experiment in whether a developed-style economy can be rebuilt by pulling the state out of places it never belonged. Spain, Italy and France should be paying attention. A country does not get poor because it lacks resources. It gets poor because its political class learned to live off printing money and calling it social policy.
Argentina spent 80 years proving that. It is now spending two years proving the opposite.
M1E5 Experimental Paratrooper Garand
Forgotten Weapons
Published 17 Dec 2025In January 1944 men of the 93rd Infantry Division field-modified an M1 to give it a shorter (18″) barrel, and the rifle was sent back to the US and tested by the Infantry Board. The idea was that a rifle like this might be of use to paratroopers, being more powerful than the M1A1 Carbine they were already using. The job of exploring the idea was given to John Garand at Springfield Armory, and he began work that same month.
One example was made in the spring of 1944, using an underfolding stock designed by Garand (for which he received a patent in 1949). It was 5″ shorts and 1.2 pounds lighter than a standard M1, but exhibited excessive blast and concussion. The initial design used the folding stock with a traditional grip, and this was found uncomfortable (no surprise there). The rifle was refitted with a rather odd steel pistol grip, but this was also not a great solution. By this time testing found the whole thing undesirable and it went no farther.
Thanks to the Springfield Armory National Historic Site for giving me access to this truly unique specimen from their reference collection to film for you! Don’t miss the chance to visit the museum there if you have a day free in Springfield, Massachusetts: https://www.nps.gov/spar/index.htm
(more…)
QotD: Morality and taxation
First off, “morality” doesn’t have jack shit to do with taxation. You pay what you legally owe. Nobody willingly pays the government more than they legally owe.
This has always been this way since America has had income taxes. There is endless court precedent. You pay what you legally owe. That’s it. If you pay less than you legally owe, then the government will fine or imprison you. If you pay more than you legal owe, the government will laugh and laugh, because you are an idiot, and you deserve to be poor.
Every single person who barks about how somebody else should be paying more? They themselves are paying the minimum they can get away with. As they should. As should you.
I remember when I was taking my first tax class back in college. This class was all accounting majors by this point. At the beginning of the semester the professor (who’d had a long career as a tax guy) gave us an imaginary family as our clients and had us do their taxes. One kid didn’t take advantage of all the obvious deductions for his clients. When the professor asked why, the kid said some mushy thing about how he didn’t think it was FAIR to keep that money from the government … Holy shit. The professor ripped this kid a new asshole. HOW DARE YOU!?! IT IS NOT THE GOVERNMENT’S MONEY! IT IS YOUR CLIENT’S MONEY. YOU OWE THEM YOUR BEST! IT IS YOUR SACRED DUTY TO SAVE THEIR MONEY! YOU DISGUST ME AND YOU SHOULD NEVER BE A CPA!
That class was one of my favorites.
Basically, you pay what you owe, no more, and anyone who claims otherwise is full of shit.
Larry Correia, “No, You Idiots. That’s Not How Taxes Work – An Accountant’s Guide To Why You Are A Gullible Moron”, Monster Hunter Nation, 2020-09-28.
May 8, 2026
How Hitler Wasted Germany’s Deadliest Weapon – Nazi Rearmament 01 – U-Boat Type VIIC
World War Two and Spartacus Olsson
Published 7 May 2026Early in World War II, German U-boats came dangerously close to starving Britain into submission. The Type VII submarine — especially the VIIC — became the backbone of the Kriegsmarine‘s Atlantic campaign, sinking thousands of Allied ships and threatening to win the Battle of the Atlantic.
But despite its devastating effectiveness, the U-boat war ultimately failed — and not just because of Allied countermeasures.
In this documentary, Spartacus Olsson breaks down how Adolf Hitler’s strategic miscalculations, competing naval doctrines, and direct interference undermined Germany’s most effective naval weapon. From the clandestine development of submarines after the Treaty of Versailles, through Admiral Karl Dönitz’s vision of a tonnage war, to the catastrophic losses of German submariners, this episode examines how Nazi rearmament translated into wartime reality — and failure.
Featuring detailed analysis of Type VII design, production, deployment, and combat performance, this video reveals how industrial limitations, political priorities, and technological shifts turned a war-winning weapon into a death trap.
This standalone episode complements the Death of Democracy series by showing what Hitler actually did with Germany’s rearmament- and why it fell short.
“… without Western Civilization, we’d all still be whacking at the dirt with sticks and dying of intestinal parasites”
Devon Eriksen responds to someone who had a clanker generate an imaginary Aztec capital today if the Aztecs had managed to defeat Cortes and his conquistadors:
Guitars. Suits and ties. Western architecture. English and Spanish text.
What’s easy to miss is that the generative AI is making its own, separate, political statement here. Not because it intended to, but because it had no choice.
Even human creativity consists mostly of rearranging things, but AI generation is entirely that and nothing else.
So when you ask it for “modern”, it gives you “western”, because in its eyes, there is no distinction between the two. “Western” is the only “modern” that actually exists for it to draw from.
Even cultures that were capable of building an alternative version of modern, because they weren’t skinning and eating each other, and had invented the wheel, still borrowed heavily from the West, not because they couldn’t do otherwise, but because the West moved faster, and had already done the work.
So, ask an AI for “modern Aztec”, and you get English-speaking Tokyo/Venice, with browner people, pyramid reskins on skyscrapers, and some out-of-place Mayan stuff, all set to Peruvian flute music.
This is the same reason that a lot of people, most of whom really aren’t much more than LLMs themselves, say silly things like “there is no White culture” … because, like the very simple art machine, they cannot conceive of any alternative version of modernity.
So nothing is Western to them, it’s all just “modern”.
But of course it really is Western, because without Western Civilization, we’d all still be whacking at the dirt with sticks and dying of intestinal parasites.
That AI is Western, too.
The Strugatskys’ The Doomed City and the Soviet Experiment
Feral Historian
Published 12 Dec 2025While The Doomed City isn’t the last book Boris and Arkady Strugatsky wrote, it is arguably the end of their journey from idealism to cynicism with regards to the whole Soviet project and serves as an almost spiritual history of the period. Let’s meander through it to look at some things not covered in a literary review.
00:00 Intro
03:12 New Jobs
04:45 Aside – Facts and Theory
05:42 Laws and Mentors
09:36 The Experiment
10:50 Regime Change
13:25 Aside – Maps
15:45 Status and Power
18:22 The Ground Beneath Our Feet
(more…)
May 7, 2026
Great success! Honda “postpones” their Ontario EV project
As part of their mindless fanboyism for anything remotely related to “Net Zero”, the federal government and the Ontario provincial government have been serving up subsidies for electric vehicles and hastening the “inevitable transition” away from internal combustion vehicles. Through legislation and regulation, they’ve been doing everything they can to close down the traditional car and truck manufacturing sector and replace them with zero emission vehicles. The various governments have handed out subsidies amounting to billions, and yet one after another after another the much ballyhoo’d EV factories, battery plants, and other futuristic projects fall by the wayside, leaving very little in exchange for those billions:
There was a time, not very long ago, when Liberal politicians treated EV battery announcements like moon landings.
Hard hats. Safety glasses. Giant ceremonial cheques. Breathless speeches about “the future”. Every battery plant was “historic”. Every subsidy package was “transformational”. Every corporate press conference looked like a motivational seminar for people who think buzzwords are infrastructure.
All we were missing was a fog machine and Bono.
Meanwhile ordinary Canadians were standing in grocery aisles doing mental math over bacon prices, delaying dental work, and wondering whether they could survive another winter utility bill without sacrificing whatever scraps remained of their savings.
But while Canadians were trying to keep their heads above water, Ottawa was busy launching one of the most expensive industrial subsidy experiments in modern Canadian history.
The Honda EV project in Ontario was supposed to be one of the crown jewels of this brave new green economy. Politicians lined up in hard hats and safety glasses like a traveling theatre troupe performing The Future Is Here. Canadians were assured this was proof the country was becoming an EV superpower.
Turns out it may have been more of a very expensive PowerPoint presentation with taxpayer financing attached.
[…]
In March 2020, Prime Minister Justin Trudeau appointed Mark Carney as an informal economic adviser during the COVID recovery period. Over the following years, Carney increasingly promoted “green transition” investment frameworks, climate-linked financial systems, ESG-focused economic planning, and massive public-private investment partnerships tied to decarbonization strategies.
Which is important context now, because the EV subsidy era did not emerge out of thin air. It grew out of a broader worldview that treated government-directed green investment as both economic policy and moral mission. The assumption underneath all of this was breathtakingly simple:
“If government wants it badly enough, reality will cooperate.”
That is usually where things begin going sideways.
Canadians were told the EV transition was inevitable. Questions about affordability, charging infrastructure, winter range, electrical grid capacity, or consumer demand were often brushed aside like annoying little details raised by peasants who simply lacked sufficient enlightenment.
Then came the subsidy gold rush.
[…]
Corporations are not charities. They are not loyal patriots. They are not emotionally attached to government slogans.
They follow incentives. They chase profitability. They change direction when conditions change.
That is exactly what Honda did.
Meanwhile Canadians are left holding the bill for another “historic transformation” that produced:
- endless announcements
- glossy photo ops
- consultant buzzwords
- government self-congratulation
- escalating subsidy exposure
- and corporate renegotiations every time market conditions shifted
- while producing no completed Honda EV manufacturing hub and no fleet of Canadian-built EVs rolling proudly off Ontario assembly lines.
What remains instead is a stalled megaproject, a confused tariff policy, a government spinning contradictory narratives depending on the week, and taxpayers once again discovering they were voluntold into becoming venture capitalists for political vanity projects.
Apparently this is what “economic leadership” looks like now.
Hard hats. Press releases. Fifty-plus billion dollars in EV-related exposure. And a factory plan slowly evaporating into the mist while Chinese EVs roll through the front gate anyway.
Pay no attention to the Laurentian Elite behind the curtain!
Canada before Confederation was largely run by the Family Compact, an informal oligarchy of wealthy and influential families who had a virtual monopoly on social advancement, political appointments, and the justice system. As kids we were all told in school that this all withered away and now we live in a wonderfully meritocratic society (that’s also a genocidal racist, sexist, homophobic, transphobic dystopia, but those are later lessons after the land acknowledgements). They didn’t fade away, of course, and the behind-the-scenes power brokers are still there, still wielding informal but widespread control over the government and the economy. We just call them the Laurentian Elite, so that’s totally different than the bad old Family Compact, eh?
The Laurentians very effectively keep themselves out of the public eye. Most Canadians don’t even know this class exists. So, they are in that sense a shadowy cabal.
Of course Canadians want prosperity and whatever. Everyone does. Of course they think this is the purpose of the government. Of course the government’s messaging is largely around economics.
The government’s actual activities, however, are immensely economically destructive. This is because of their religious fanaticism. Canadians believe in “peace, order, and good government”. The Laurentians believe in multiculturalism, mass immigration, gender woo, and climate change. They just lie about these things being good for the economy. It’s now obvious that they are very bad for the economy, and yet, they continue, so.
The gimmigration restrictions are a joke. The government is continuing to hand out PRs and passports like Halloween candy, and turd worlders are continuing to grab them like the black kids who think the whole basket is all just for them. It is allowing TFWs to flood the asylum system, which it uses as a back door to keep them in the country. The numbers they publish are a bullshit accounting game, but even if they’re to be believed, letting in hundreds of thousands of new PRs every year isn’t a reduction from anything but the truly insane spike in 2022-24.
The housing market is fucked, yes, but I’m skeptical this is because immigration has been “reduced”. It’s more likely that a decade of zero economic growth, rapid inflation, even more rapid asset inflation, shit jobs, and high taxes means that no one can afford the overpriced housing, so no one buys it. The shoebox condos they threw up all over Toronto are a contributing factor: no one wants to spend $500,000 on a 500 square foot condo, so no one does. Investors can’t afford to sell for less, so they sit on them. Developers look at tens of thousands of units of unsold inventory, and refuse to start new projects. Whole system is seized up because of many years of malinvestment, not because the government has meaningfully reduced the invasion.
You say that Canadians will go back to Laurentian rule once the excesses are curbed. That presumes Laurentian rule slackened for even a moment, and that the Laurentians have any intention of curbing their excesses. Neither of these are true. They are doubling down on everything. Destroying Canada — as one element in the destruction of Western civilization — is a religious imperative for them. Nor was their power ever threatened, because it is propped up by brainwashed parasitic client groups — boomers, women, immigrants — that now comprise the bulk of the country.
The “pivot” was about two weeks of campaign rhetoric, during which a fast-talking globalist banker gave the boomers a reach-around about “British and French heritage”, which dazzled the affection-starved senile coots because it was the first time they’d heard something nice about themselves in a generation. Since then there’s been no rollback in DEI. No rollback in gender woo. No rollback in net zero. No rollback in Internet censorship. To the contrary, it has been full steam ahead on every single one of their hateful programs.
No revolution? You’re probably right, although the Freedom Convoy suggests that there are possibilities. Nevertheless the most likely scenario is that Canada devolves into Argentina Del Norte, its bones picked by vultures posing as patriots, kept in power by the most mind-raped boomers on planet Earth.
I do not think this is a good thing, obviously. I love my country very much. I suppose the reason for my vehemence on this matter is that I do not see any future for Canada with the Laurentians remaining in charge. We cannot work with them. They aren’t going to change. They aren’t going to slow down. They need to be removed, prosecuted for high treason, their assets seized, their oligopolies nationalized, and many of them sent to the gallows. Absent this, Canada is doomed.
Tu-144 Concordeski – Speed, Spies and Failure
HardThrasher
Published 4 May 2026In great secrecy, in 1963 the USSR set about making aviation history with the world’s first Supersonic Transport (SST). In 1968, five months before Concorde, the Tu-144 became the first passenger jet to break the sound barrier. But it was a white elephant that crashed on multiple occasions, killed hundreds and flew for just a matter of months after over a decade of development. It was, perhaps the first of a string of failures that brought down the Soviet Union.
00:00 – 11:06 – Introduction and Background
11:07 – 23:10 – The Decision is made to build
23:10 – 35:31 – And then it got worse — how everything fell apart
35:32 – 39:10 – The En Crashening — From First Flight to Constant Crashes
39:11 – 48:49 – Enter the KGB — What role did spies play
49:22 – End – Like, Subscribe, Join the Patreon
(more…)
“Nobody invented capitalism”
On the social media site formerly known as Twitter, Anish Moonka responds to an auto-translated-from-German post by Hayek-Club Weimar:
There’s a clay tablet with the founding charter of a 12-partner company on it. Twelve merchants pooled 33 pounds of gold to start the firm. The contract has the partner names, the starting capital, the profit split, and the penalty for cashing out early.
The tablet is nearly 4,000 years old. It was found at a site called Kanesh, in central Turkey. Archaeologists have dug up 23,500 of these clay records there, most of them business documents: receipts, loan contracts, shipping orders, lawsuits. The houses they were stored in eventually burned. The fire baked the clay solid and preserved every record.
The merchants came from Assur, in modern-day Iraq. They loaded donkeys with tin and cloth and walked them 1,000 kilometers across mountain passes to Kanesh, roughly the distance from New York to Atlanta. Each donkey carried about 180 pounds and the trip took two to three months. They came home with silver and gold.
The company ran for twelve years under a merchant named Amur Ishtar. A third of the profits went back to the investors. Pull your share out early and the firm gave you four kilos of silver per kilo of gold, half the normal rate. Locked-up money was meant to stay locked up.
That one company was just a tiny piece. The tablets show a complete economy with partners suing each other in commercial court, husbands writing home about prices, and wives writing back complaining the husband had been gone too long. A woman named Ahatum quietly lent silver to four different men over nine years. People bought up other people’s loan documents and used them as collateral for new loans, the same thing Wall Street does today with mortgage-backed securities. One merchant got caught smuggling tin in his underwear to dodge a 10% import tax.
In 2019, four economists from Harvard, Sciences Po, Chicago, and Virginia ran the tablet numbers through a gravity model, the math economists use today to predict how much two countries will trade based on size and distance. The Bronze Age numbers matched modern trade numbers almost exactly. Trade fell off with distance at nearly the same rate it does between countries today. The paper ran in the Quarterly Journal of Economics.
There was no economic theory yet. The idea didn’t even have a name. The word “capitalism” wouldn’t be coined for another 3,800 years, and Adam Smith was 3,700 years away from writing a sentence about markets. Just a guy named Pushu-ken writing a clay tablet to his business partner about a shipment of cloth, and a woman in Assur recording who owed her how much silver. Capitalism was already there, doing its full job, almost four thousand years before anyone wrote down a theory of how it worked.













