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The former Dutch Empire teaches us a lot about the importance of capitalism in driving long-term success through the development of productive entrepreneurs. The Dutch became a leading empire by being open to the best thinking in the world. They became so inventive that they were responsible for 25% of all the major inventions in the world — including ships that could travel and collect great riches, and the invention of capitalism as we know it today to finance those voyages. This virtuous cycle leads to strong income growth, which can be used to finance investments in education, infrastructure, research, and development. Over time, that helps its citizens become more productive and more competitive than their peers. #principles# #raydalio# #history# #capitalism#

All empires since the Dutch have used capitalism to create a virtuous cycle that leads to an empire’s demise.What happens when an empire can no longer borrow the money necessary to repay its debts? History shows us that having too much debt during an economic downturn leads to a classic, self-reinforcing cycle where: 1) The empire can no longer borrow the money to repay its debts 2) It prints a lot of new money, which devalues the currency and raises inflation 3) Living standards decline, leading to the rise of political extremism 4) Turbulent economic conditions undermine productivity and there is conflict about how to divide the shrinking resources 5) Populist leaders emerge pledging to take control and bring about order Ultimately, this failure to control the anarchy is when democracy is most at risk. #principles# #raydalio# #history# #debt#

On New Year’s Eve, my family members and I go around the table and reflect on our past year’s resolutions. How do you make your New Year’s resolution? How do you stay accountable? #principles# #raydalio#