politics

Peter the Great and the Grand Embassy

Peter the Great and the Grand Embassy

On March 10, 1697, Russian Tsar Peter the Great began his diplomatic mission to Western Europe, referred to as the ‘Grand Embassy‘. The goal of this mission was to strengthen and broaden Russia‘s influence in Western Europe and to find allies against the Ottoman Empire. What makes the mission so special is that Peter the Great led the mission himself, but incognito under a wrong name. Becoming Russian Tsar At the age…
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When Money Buys Little – the Hyperinflation of the Weimar Republic

When Money Buys Little – the Hyperinflation of the Weimar Republic

Mid November 1923, the Hyperinflation of the Weimar Republic reached its peak. Due to Germany’s obligation to pay large reparations after World War I, a hyperinflation was induced reaching its peak in November 1923, when the American dollar was worth 4,210,500,000,000 German marks. Prehistory Shortly after the beginning of the First World War on August 4, 1914, the German Reich government abolished the Reichsbank’s legal obligation to redeem gold notes. In addition, the…
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Johann Friedrich Struensee – A Royal Affair

Johann Friedrich Struensee – A Royal Affair

Johann Friedrich Struensee(1735 – 1772) On August 5, 1735, German physician Johann Friedrich Struensee was born. He became royal physician to the mentally ill King Christian VII of Denmark and a minister in the Danish government, where he tried to carry out widespread reforms. His affair with Queen Caroline Matilda caused his downfall and dramatic death. Johann Friedrich Struensee was born in Halle, Prussia and started his career as a doctor in…
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Vilfredo Pareto and the Law of the Vital Few

Vilfredo Pareto and the Law of the Vital Few

On July 15, 1848, Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Federico Damaso Pareto was born. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. The Pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. Vilfredo Pareto was well…
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