Yet was Europe poor because of feudalism, and did it grow richer because of monarchy and democracy? Or did Europe grow richer in spite of monarchy and democracy? Or are these phenomena unrelated? We may agree, for instance, that feudal Europe was poor, that monarchical Europe was wealthier, and that democratic Europe is wealthier still, or that nineteenth-century America with its low taxes and few regulations was poor, while contemporary America with its high taxes and many regulations is rich. History - the sequence of events unfolding in time - is “blind.” It reveals nothing about causes and effects. On the most abstract level, I want to show how theory is indispensible in correctly interpreting history. At the request of LRC, Professor Hoppe discusses his extremely important new book, Democracy: The God That Failed (Transaction Publishers, Rutgers, NJ: 2001).
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