Economic Dependence Quotes
At the time, the Russian economy was dominated by and dependent upon their exports of oil and natural gas. The rest of the economy was relatively weak.
At the time, the George W. Bush Administration policy was to have the United States running a very large trade and budget deficit—the largest in the history of the world. In order to finance the deficit, the U. S. Government had to borrow money and it did so by selling bonds and other financial instruments. Many of these were purchased by Asians, but Paul’s point was that they were “propping up” American spending habits and might not continue to do so.
He was commenting about Saudi Arabia, but oil wealth generally seems to harden nations to reform and change of all types.
Samuel Langhorne Clemens, 1835-1910. Railroads were vicious monopolies at the time. One technique they used was to build the railroad to the next town. The town would not only prosper by being able to ship its goods and produce back to other towns and cities. Once the town prospered a little, the railroad would extend the line to another town. Then they would raise the rates dramatically for the previous town. If they complained or some farmers or merchants would no longer use the railroad, the railroad would threaten to bypass the town and never stop to pick up and deliver goods. There was no government regulation that said that all towns had to pay the same rate or even a rate that was rationally related to the distance. Often the rate hikes were continued until the town was ruined. The only safety was for the towns or cities at the end where the railroad had to stop there to get cargo from ships or transfer to them. There was no legal requirement for railroads to be fair or reasonable.
The South had been economically corrupted by slavery as there was very little industry ever developed in the South because there were few investments a man with capital might make that returned as much as a Plantation and slaves. Grady tried to raise the consciousness of Southernors with this brilliant piece of oratory. Despite his efforts, industrial progress in the South was very slow to develop. It would take two more generations to shake off the slavery mentality in the South and begin to develop industry.