Corn Laws

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pages: 565 words: 164,405

A Splendid Exchange: How Trade Shaped the World by William J. Bernstein


Admiral Zheng, asset allocation, bank run, Benoit Mandelbrot, British Empire, call centre, clean water, Columbian Exchange, Corn Laws, David Ricardo: comparative advantage, deindustrialization, Doha Development Round, domestication of the camel, double entry bookkeeping, Eratosthenes, financial innovation, Gini coefficient, God and Mammon, ice-free Arctic, imperial preference, income inequality, intermodal, James Hargreaves, John Harrison: Longitude, Khyber Pass, low skilled workers, non-tariff barriers, Paul Samuelson, placebo effect, Port of Oakland, refrigerator car, Silicon Valley, South China Sea, South Sea Bubble, spice trade, spinning jenny, Steven Pinker, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade liberalization, trade route, transatlantic slave trade, transatlantic slave trade, transcontinental railway, upwardly mobile, working poor, zero-sum game

Richard Cobden, a textile printer by trade, became the foremost opponent of the corn laws. His exploitation of the transport and communication advances of the day-the railroad, telegraph, and penny post-finally led to repeal in 1846. Tory prime minister Sir Robert Peel eventually saw the wisdom of corn law repeal, famously commenting to his deputy, Sidney Herbert, in response to a speech by Richard Cobden, "You must answer this, for I cannot." This heroic decision, which saved the ruling class of aristocratic landowners from itself, cost him his political career. From the Granger Collection, New York. This Punch cartoon satirizes the persuasive Richard Cobden's conversion of prime minister Sir Robert Peel toward support of corn law repeal. By cooties., of Punch Limited, London. After his triumphant 1846 parliamentary victory in the tight over corn law repeal, Richard Cobden turned his attention to the Continent, where he influenced Napoleon III and eventually pushed through the Cobden-Chevalier Treaty, which lowered tariffs between France and England and brought both nations back from the brink of war.

Our attorney may enjoy carpentry and decide to do the job himself-a valid emotional choice, but not an economically rational one.) Alas, Principles, and Ricardo himself, arrived too late to save England from the draconian Corn Law of 1815. In response to a pro-Corn Law tract by Thomas Malthus, Ricardo wrote an anti-Corn Law pamphlet, "An Essay on the Influence of a low Price of Corn on the Profits of Stock." In it, he pointed out that the major advantage of the "real" England (as opposed to the hypothetical England of Principles) lay in its factory machinery. The corn laws, he wrote, impeded the purchase of foreign grain and forced England to waste its precious labor in less productive farmwork. This benefited no one except the landowning aristocracy. Ricardo's pamphlet convinced few. His more influential Principles did not appear in print until 1817, and he himself did not enter Parliament until 1819.

Commenting on this trade-off, Trefler wrote that the critical question in trade policy is to understand "how freer trade can be implemented in an industrialized economy in a way that recognizes both the long-run gains and the short-term adjustment costs borne by workers and others."3 For almost two decades, economists and politicians have grappled with the problem of how, or even whether, those left behind by free trade should be compensated. In 1825, John Stuart Mill calculated that although the Corn Laws put a certain amount of extra money in the pockets of the landlords, these laws cost the nation as a whole several times more. He theorized that it would be far cheaper to buy the landlords off: The landlords should make an estimate of their probable losses from the repeal of the Corn Laws, and found upon it a claim to compensation. Some, indeed, may question how far they who, for their own emolument, imposed one of the worst of taxes upon their countrymen [i.e., the Corn Laws], are entitled to compensation for renouncing advantages which they never ought to have enjoyed. It would be better, however, to have a repeal of the Corn Laws, even clogged by a compensation, than to not have it at all; and if this were our only alternative, no one could complain of a change, but which, though an enormous amount of evil would be prevented, no one would lose.32 In other words, it is far cheaper and better for all to directly compensate the losers.

pages: 218 words: 63,471

How We Got Here: A Slightly Irreverent History of Technology and Markets by Andy Kessler


Albert Einstein, Andy Kessler, automated trading system, bank run, Big bang: deregulation of the City of London, Bob Noyce, Bretton Woods, British Empire, buttonwood tree, Claude Shannon: information theory, Corn Laws, Douglas Engelbart, Edward Lloyd's coffeehouse, fiat currency, fixed income, floating exchange rates, Fractional reserve banking, full employment, Grace Hopper, invention of the steam engine, invention of the telephone, invisible hand, Isaac Newton, Jacquard loom, Jacquard loom, James Hargreaves, James Watt: steam engine, John von Neumann, joint-stock company, joint-stock limited liability company, Joseph-Marie Jacquard, Leonard Kleinrock, Marc Andreessen, Maui Hawaii, Menlo Park, Metcalfe's law, Metcalfe’s law, packet switching, price mechanism, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, railway mania, RAND corporation, Robert Metcalfe, Silicon Valley, Small Order Execution System, South Sea Bubble, spice trade, spinning jenny, Steve Jobs, supply-chain management, supply-chain management software, trade route, transatlantic slave trade, transatlantic slave trade, tulip mania, Turing machine, Turing test, William Shockley: the traitorous eight

A bad crop in 1816 sent prices flying high. Food riots became common as workers demanded higher wages to pay for food. In 1819, there was a massacre as troops opened fire on protesters in Peterloo in Manchester. Out of 80,000 protesters, 300-400 were killed as the Lancashire militia charged to tear down banners that read “No Corn Laws” and “Universal Suffrage.” Pretty racy for 1819. It wouldn’t be until the formation of the Anti-Corn-Law-League in Manchester in 1839 that the movement against protectionism was formalized. The Corn Laws were finally struck down in 1846. Sure, England prospered even with misguided protectionism. But workers and therefore factory owners were under a lot of strain. No one in Parliament bothered to figure out the derivative consequences of protecting landowners, who had very little to do with the economic engine of the Empire.

During the Napoleonic Wars, imports from continental Europe, especially of foodstuffs such as corn and wheat, were limited. Farmers planted more of the crops to meet high prices. With victory, a flood of cheap corn and wheat began to flow into England. In 1804, Parliament passed a Corn Law putting duties on foreign corn, although this wasn’t new; laws and duties of this sort have been imposed on and off since the late 17th century. In 1815, with Napoleon truly defeated, wheat prices dropped by half. Landowners, who were the ones really represented in Parliament, fought for and won the passage of additional Corn Laws, which set a minimum price on wheat below which, duties were imposed. By now, England had industrialized, and workers were jam packed into cities with no ability to grow their own food. They protested the increase in the subsequent price of bread and demanded higher wages from factory owners.

Inflation raged throughout the Restriction period, up until 1814, helping the Bullionist’s argument that a strong gold standard would hold off inflation. But there was a war on, so the economy was working overtime to supply both the military and the regular economy, and it was hard to keep prices from going up. *** The protectionist Corn Laws were inflationary. Workers demanded higher wages to pay for higher food costs. Add to that the unrestricted loans from banks, which increased the money supply, and it was no wonder that inflation was rampant during Napoleonic War England. Peel, who had implemented the Bank Restriction halting convertibility, knew something had to be done. But he couldn’t pass anything through Parliament, to either cancel the Corn Laws, which would hurt landowners, or restrict bank loans, which would hurt bankers. Peel turned to gold for the magic he needed to kill inflation. He put together a Bullion Committee filled with, you guessed it, Bullionists who pushed through a repeal of Restriction, meaning a return to convertibility.

pages: 796 words: 242,660

This Sceptred Isle by Christopher Lee


agricultural Revolution, Berlin Wall, British Empire, colonial rule, Corn Laws, cuban missile crisis, Edward Lloyd's coffeehouse, failed state, financial independence, glass ceiling, half of the world's population has never made a phone call, James Hargreaves, James Watt: steam engine, Khartoum Gordon, Khyber Pass, mass immigration, Mikhail Gorbachev, Monroe Doctrine, new economy, Northern Rock, Ronald Reagan, sceptred isle, spice trade, spinning jenny, The Wealth of Nations by Adam Smith, trade route, urban decay

And so when the 1815 Corn Law was pushed through the House, it was, perhaps, the last time the landowning class in England actually controlled a political decision. The Anti-Corn Law League was founded in 1839. Its platform was simple: the League accused the protectionist system of having nothing to do with keeping down the price of bread but allowing landowners to get the best prices. Equally, cheap food meant a contented people and, in some ways, really did suppress the need for wage demands. There was also the possibility of counter protection laws in other countries – that is, export markets. This did not cheer the landowners, which was something of a dilemma for Peel who had a reputation for doing nothing until he had to. But the Anti-Corn Law League would not go away until the Corn Laws had. Moreover, the League was politically savvy.

The question in debate may have started with land-owning classes, but it would finish with more urban debate. The question of the Corn Laws had been around for generations; they had existed in one form or another since the Middle Ages. They were protectionist laws that imposed duties on cheap corn imports to protect British grain prices. In 1815 a Corn Law banned imports until British grain had reached a certain price, indeed, an artificially high price. It was unworkable and a sliding scale was introduced, but not for a decade. But the significance of that law had nothing to do with whether it worked or not. The Whigs controlled the interests of the majority of political decision-makers and the one interest the Whigs had in common was that they were landowners. It would not matter how many times the Corn Laws became an issue, the Whigs would never repeal them. Nor would Peel’s own landowning Tories.

In fact, this threat of something more than legislative action may have directly encouraged Peel to agree to get rid of the Corn Laws. His obvious difficulty was that a large number of his political group were landowners. In August 1845, the potato crop failed in Ireland and Peel knew that if he were to stay in command he had to put the Corn Law reform – in reality, its abolition – to his Cabinet. He did not get the support he had expected and so he went down. His resignation was a formal affair because the person who could have formed a new administration, the Whig Lord Russell, would not do so. Peel returned. However, the protectionists were waiting for him whatever the damage they might do to the Tories, that is, to their own people. This fight to stop the repeal of the Corn Laws would strip the Tories of any cohesion Peel had hoped to preserve.

pages: 282 words: 82,107

An Edible History of Humanity by Tom Standage


agricultural Revolution, amateurs talk tactics, professionals talk logistics, Bartolomé de las Casas, British Empire, carbon footprint, Columbian Exchange, Corn Laws, demographic transition, Deng Xiaoping, Eratosthenes, financial innovation, food miles, Haber-Bosch Process, invisible hand, James Watt: steam engine, Louis Pasteur, Mikhail Gorbachev, special economic zone, spice trade, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transatlantic slave trade, women in the workforce

He became convinced that there was no alternative but to abolish the Corn Laws altogether, a reversal of his government’s policy. At first he was unable to persuade his political colleagues, but some of them changed their minds as the news from Ireland worsened and it became apparent that the survival of the government itself was at stake. Finally, with a vote in May 1846, the Corn Laws were repealed. The support of the Duke of Wellington, an aristocratic war hero who had long been a strong supporter of the Corn Laws, was crucial. He persuaded the landowners who sat in the House of Lords to back the repeal on the grounds that the survival of the government was more important. But he privately conceded that “those damned rotten potatoes” were to blame for the demise of the Corn Laws. The lifting of the tariff on imported grain opened the way for imports of maize from America, though in the event the government mishandled the aid effort and it made little difference to the situation in Ireland.

Industrialists also hoped that cheaper food would leave people with more money to spend on manufactured goods. And they favored abolition of the Corn Laws because it would advance the cause of “free trade” in general, ensuring easy access to imported raw materials on one hand, and export markets for manufactured goods on the other. The debate over the Corn Laws was, in short, a microcosm of the much larger fights between agriculture and industry, protectionism and free trade. Was Britain a nation of farmers or industrialists? Since the landowners controlled Parliament, the argument had raged throughout the 1820s and 1830s to little effect. The outcome was determined by the potato, as the famine in Ireland brought matters to a head. Peel, who had vigorously opposed the abolition of the Corn Laws in a Parliamentary debate in June 1845, realized that suspending the tariff on imports to Ireland in order to relieve the famine, but keeping it in place elsewhere, would cause massive unrest in England, where people would still have to pay artificially high prices.

As the magnitude of the disaster became apparent in late 1845, the British prime minister, Sir Robert Peel, found himself in a difficult situation. The obvious response to the famine was to import grain from abroad to relieve the situation in Ireland. The problem was that such imports were at the time subject by law to a heavy import duty to ensure that homegrown grain would always cost less, thus protecting domestic producers from cheap imports. The Corn Laws, as they were known, were at the heart of a long-running debate that had pitted the aristocratic landowners, who wanted the laws to stay in place, against an alliance of opponents led by industrialists, who demanded their abolition. The landowners argued that it was better to rely on homegrown wheat than unreliable foreign imports, and warned that farmers would lose their jobs; they left unspoken their real concern, which was that competition from cheap imports would force them to reduce the rents they charged the farmers who worked their land.

pages: 334 words: 98,950

Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism by Ha-Joon Chang


affirmative action, Albert Einstein, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round,, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, liberal world order, liberation theology, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, mega-rich, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

Ricardo’s theory is, thus seen, for those who accept the status quo but not for those who want to change it. The big change in British trade policy came in 1846, when the Corn Laws were repealed and tariffs on many manufacturing goods were abolished. Free trade economists today like to portray the repeal of the Corn Laws as the ultimate victory of Adam Smith’s and David Ricardo’s wisdom over wrong-headed mercantilism.19 The leading free trade economist of our time, Jagdish Bhagwati of Columbia University, calls this a ‘historic transition’.20 However, many historians familiar with the period point out that making food cheaper was only one aim of the anti-Corn Law campaigners. It was also an act of ‘free trade imperialism’ intended to ‘halt the move to industrialisation on the Continent by enlarging the market for agricultural produce and primary materials’.21 By opening its domestic agricultural market wider, Britain wanted to lure its competitors back into agriculture.

It was also an act of ‘free trade imperialism’ intended to ‘halt the move to industrialisation on the Continent by enlarging the market for agricultural produce and primary materials’.21 By opening its domestic agricultural market wider, Britain wanted to lure its competitors back into agriculture. Indeed, the leader of the anti-Corn Law movement, Richard Cobden, argued that, without the Corn Laws: ‘The factory system would, in all probability, not have taken place in America and Germany. It most certainly could not have flourished, as it has done, both in these states, and in France, Belgium and Switzerland, through the fostering bounties which the high-priced food of the British artisan has offered to the cheaper fed manufacturer of those countries’.22 In the same spirit, in 1840, John Bowring of the Board of Trade, a key member of the anti-Corn Law League, explicitly advised the member states of the German Zollverein (Custom Union) to specialize in growing wheat and sell the wheat to buy British manufactures.23 Moreover, it was not until 1860 that tariffs were completely abolished.

British manufacturers correctly perceived that free trade was now in their interest and started campaigning for it (having said that, they naturally remained quite happy to restrict trade when it suited them, as the cotton manufacturers did when it came to the export of textile machinery that might help foreign competitors). In particular, the manufacturers agitated for the abolition of the Corn Laws that limited the country’s ability to import cheap grains. Cheaper food was important to them because it could lower wages and raise profits. The anti-Corn Law campaign was crucially helped by the economist, politician and stock-market player, David Ricardo.Ricardo came up with the theory of comparative advantage that still forms the core of free trade theory. Before Ricardo, people thought foreign trade makes sense only when a country can make something more cheaply than its trading partner.

pages: 347 words: 99,317

Bad Samaritans: The Guilty Secrets of Rich Nations and the Threat to Global Prosperity by Ha-Joon Chang


affirmative action, Albert Einstein, banking crisis, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round,, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, liberal world order, liberation theology, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, mega-rich, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

Ricardo’s theory is, thus seen, for those who accept the status quo but not for those who want to change it. The big change in British trade policy came in 1846, when the Corn Laws were repealed and tariffs on many manufacturing goods were abolished. Free trade economists today like to portray the repeal of the Corn Laws as the ultimate victory of Adam Smith’s and David Ricardo’s wisdom over wrong-headed mercantilism.19 The leading free trade economist of our time, Jagdish Bhagwati of Columbia University, calls this a ‘historic transition’.20 However, many historians familiar with the period point out that making food cheaper was only one aim of the anti-Corn Law campaigners. It was also an act of ‘free trade imperialism’ intended to ‘halt the move to industrialisation on the Continent by enlarging the market for agricultural produce and primary materials’.21 By opening its domestic agricultural market wider, Britain wanted to lure its competitors back into agriculture.

It was also an act of ‘free trade imperialism’ intended to ‘halt the move to industrialisation on the Continent by enlarging the market for agricultural produce and primary materials’.21 By opening its domestic agricultural market wider, Britain wanted to lure its competitors back into agriculture. Indeed, the leader of the anti-Corn Law movement, Richard Cobden, argued that, without the Corn Laws: ‘The factory system would, in all probability, not have taken place in America and Germany. It most certainly could not have flourished, as it has done, both in these states, and in France, Belgium and Switzerland, through the fostering bounties which the high-priced food of the British artisan has offered to the cheaper fed manufacturer of those countries’.22 In the same spirit, in 1840, John Bowring of the Board of Trade, a key member of the anti-Corn Law League, explicitly advised the member states of the German Zollverein (Customs Union) to specialize in growing wheat and sell the wheat to buy British manufactures.23 Moreover, it was not until 1860 that tariffs were completely abolished.

British manufacturers correctly perceived that free trade was now in their interest and started campaigning for it (having said that, they naturally remained quite happy to restrict trade when it suited them, as the cotton manufacturers did when it came to the export of textile machinery that might help foreign competitors). In particular, the manufacturers agitated for the abolition of the Corn Laws that limited the country’s ability to import cheap grains. Cheaper food was important to them because it could lower wages and raise profits. The anti-Corn Law campaign was crucially helped by the economist, politician and stock-market player, David Ricardo. Ricardo came up with the theory of comparative advantage that still forms the core of free trade theory. Before Ricardo, people thought foreign trade makes sense only when a country can make something more cheaply than its trading partner.

Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages by Carlota Pérez

agricultural Revolution, Big bang: deregulation of the City of London, Bob Noyce, Bretton Woods, capital controls, commoditize, Corn Laws, creative destruction, David Ricardo: comparative advantage, deindustrialization, distributed generation, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, Hyman Minsky, informal economy, joint-stock company, Joseph Schumpeter, knowledge economy, late capitalism, market fundamentalism, new economy, nuclear winter, offshore financial centre, post-industrial society, profit motive, railway mania, Robert Shiller, Robert Shiller, Sand Hill Road, Silicon Valley, Simon Kuznets, South Sea Bubble, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, trade route, tulip mania, Upton Sinclair, Washington Consensus

The Turning Point: Rethinking and Rerouting Development The notion of a ‘turning point’ is a conceptual device to represent the fundamental changes required to move the economy from a Frenzy mode, shaped by financial criteria, to a Synergy mode, solidly based on growing production capabilities. The turning point then is neither an event nor a phase; it is a process of contextual change. It can take any amount of time, from a few months to several years, it can be marked by clear-cut events such as the Bretton Woods meetings, enabling the orderly international Deployment of the fourth surge, or the repeal of the Corn Laws in Britain, facilitating the Synergy of the second. It could also be happening in the background with a series of changes that seem to come together as deployment begins. The turning point has to do with the balance between individual and social interests within capitalism. It is the swing of the pendulum from the extreme individualism of Frenzy to giving greater attention to collective well being, usually through the regulatory intervention of the state and the active participation of other forms of civil society.

Those who reaped the full benefits of the ‘golden age’ (or of the gilded one) continue to hold on to their belief in the virtues of the system and to proclaim eternal and unstoppable progress, in a complacent blindness, which could be called the ‘Great Society syndrome’. But the unfulfilled promises had been piling up, while most people nurtured the expectation of personal and social advance. The result is an increasing socio-political split. The acts of machine breaking (Luddism) of the 1810s or the protests against the Corn Laws and demands for universal suffrage that led to the ‘Peterloo’ massacre in Britain in 1819 are widely separated historically and ideologically from the violent protests of May 1968 in the main countries of continental Europe.70 However, the dissatisfaction and frustration driving them both is of a fundamentally similar origin: capitalism had been making too many promises about social progress and not delivering enough, showing too much capacity for wealth creation and not distributing enough.

After the railway panic of 1847, suspension of the Act was seen as necessary, and continued to be the ‘accepted practice’ in emergencies.208 Some rules help strengthen firms; others reinforce market growth and social cohesion. The admission of private joint-stock banks to the London Clearing House fostered the development of networks of branch banks to take advantage of the railway. In 1842 and 1844, laws were enacted improving conditions of work in mines and factories. In 1846 came the crucial decision finally to repeal the Corn Laws, and fully establish free trade. All this had happened 206. The Financial Times (2002a). 207. Wessel (2002). 208. Kindleberger (1978:1996) p. 149. 130 Technological Revolutions and Financial Capital in the last years of the installation period and opened the way for the Victorian Synergy to follow.209 At that time in Britain, however, wealth was still mainly in the hands of aristocrats and merchants.

pages: 349 words: 114,038

Culture & Empire: Digital Revolution by Pieter Hintjens


4chan, airport security, anti-communist, anti-pattern, barriers to entry, Bill Duvall, bitcoin, blockchain, business climate, business intelligence, business process, Chelsea Manning, clean water, commoditize, congestion charging, Corn Laws, correlation does not imply causation, cryptocurrency, Debian, Edward Snowden, failed state, financial independence, Firefox, full text search, German hyperinflation, global village, GnuPG, Google Chrome, greed is good, Hernando de Soto, hiring and firing, informal economy, intangible asset, invisible hand, James Watt: steam engine, Jeff Rulifson, Julian Assange, Kickstarter, M-Pesa, mass immigration, mass incarceration, mega-rich, mutually assured destruction, Naomi Klein, national security letter, new economy, New Urbanism, Occupy movement, offshore financial centre, packet switching, patent troll, peak oil, pre–internet, private military company, race to the bottom, rent-seeking, reserve currency, RFC: Request For Comment, Richard Feynman, Richard Feynman, Richard Stallman, Satoshi Nakamoto, security theater, selection bias, Skype, slashdot, software patent, spectrum auction, Steve Crocker, Steve Jobs, Steven Pinker, Stuxnet, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, trade route, transaction costs, union organizing, wealth creators, web application, WikiLeaks, Y2K, zero day, Zipf's Law

Cost gravity can't be stopped, except by burning the libraries and murdering every person with an education, and even that only pauses things for a generation. It has been tried in Soviet Russia, Uganda, Cambodia, Rwanda, and North Korea. As the official site of the UK Parliament notes about the Anti-Corn-Law League in the late-1800's: "Growing pressure for reform of parliament in the eighteenth and nineteenth centuries led to a series of Reform Acts which extended the electoral franchise to most men (over 21) in 1867." The repeal of the Corn Laws was just one part of a wholesale transfer of power from the old to the new. The same will happen in the post-industrial world. Chapter 1. Magic Machines Far away, in a different place, a civilization called Culture had taken seed, and was growing. It owned little except a magic spell called Knowledge.

The emperor's old toy doesn't look disruptive until it's in the hands of millions. Then come the laws banning, controlling, and restricting it. Horses only for the nobles. Books only for the priests. As we'll see, these attempts to control and restrict the technology of the Digital Revolution are central to our story. In 1815, as the Industrial Revolution peaked, British landowners (the old money) enacted the Corn Laws to block the transfer of power to the new middle classes by taxing industrialization. The historian David Cody writes, "After a lengthy campaign, opponents of the law finally got their way in 1846 -- a significant triumph which was indicative of the new political power of the English middle class." By 1850, the Industrial Revolution was over and across Europe, power shifted away from landowners and towards the new urban middle classes.

The middle classes are all those who "got connected," soon to be most of world's population, and the lower classes are the shrinking few who cannot yet get on line. We will, over the next decades, see similar attempts by this generation of old money to throttle the growing power of this global digital middle class. The Counter-Revolution Today What is the twenty-first century equivalent of Britain's nineteenth century Corn Laws? How is old money fighting the revolution? There are two main strategies: property laws and simple repression. The first is based on continuously extending the legal definition of "property" so that it appropriates any and all assets built by the digital economy. Property is entirely a political construction. Imagine an economy where upstream farmers have easy access to water and dominate agriculture.

pages: 356 words: 103,944

The Globalization Paradox: Democracy and the Future of the World Economy by Dani Rodrik


affirmative action, Asian financial crisis, bank run, banking crisis, bilateral investment treaty, borderless world, Bretton Woods, British Empire, capital controls, Carmen Reinhart, central bank independence, collective bargaining, colonial rule, Corn Laws, corporate governance, corporate social responsibility, credit crunch, Credit Default Swap, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, Doha Development Round,, endogenous growth, eurozone crisis, financial deregulation, financial innovation, floating exchange rates, frictionless, frictionless market, full employment, George Akerlof, guest worker program, Hernando de Soto, immigration reform, income inequality, income per capita, industrial cluster, information asymmetry, joint-stock company, Kenneth Rogoff, labour market flexibility, labour mobility, land reform, liberal capitalism, light touch regulation, Long Term Capital Management, low skilled workers, margin call, market bubble, market fundamentalism, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, microcredit, Monroe Doctrine, moral hazard, night-watchman state, non-tariff barriers, offshore financial centre, oil shock, open borders, open economy, Paul Samuelson, price stability, profit maximization, race to the bottom, regulatory arbitrage, savings glut, Silicon Valley, special drawing rights, special economic zone, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tobin tax, too big to fail, trade liberalization, trade route, transaction costs, tulip mania, Washington Consensus, World Values Survey

The crucial date in nineteenth-century tariff history is 1846, the year that Britain abolished Napoleonic Wars–era tariffs on imports of grains. These so-called “Corn Laws” were at the center of political struggles in early nineteenth-century Britain, as they pitted rural interests against urban interests. Here “corn” was synonymous with grains, and the tariffs in question covered all food and cereal imports. Landlords wanted high tariffs that kept food prices high and raised their incomes. Urban manufacturers, increasingly powerful as the effects of the Industrial Revolution diffused through London, Manchester, and other cities, wanted to abolish the tariffs to reduce the cost of living. That reduction, as Karl Marx among others would argue, would allow capitalists to pay even lower wages to their workers. This debate galvanized British society and politics, with forces for and against the Corn Laws engaged in what appeared to be a bitter fight over a few import taxes, but was really about who would rule Britain and prosper in years to come.

This debate galvanized British society and politics, with forces for and against the Corn Laws engaged in what appeared to be a bitter fight over a few import taxes, but was really about who would rule Britain and prosper in years to come. The well-known magazine The Economist is a product of this era, founded by opponents of the Corn Laws to spread and popularize free trade views, a role which it continues to perform today. In the end, the ascendant manufacturing interests won the day: they had both the intellectual arguments and the forces of the Industrial Revolution on their side. Once the Corn Laws were abolished in Britain, the dominant economic power of the day, the pressure was on for other European countries to follow suit. Many perceived the reform as a political and economic success in Britain. Economic commentators on the Continent pointed with awe to the large increase in Britain’s commerce and output since the repeal—although of course it was really the Industrial Revolution that deserved the bulk of the credit.

By the mid-1870s, most prohibitions on trade had disappeared and average tariffs on manufacturing stood at low single digits in Britain, Germany, The Netherlands, Sweden, and Switzerland, and in the low teens in France and Italy, down from levels that were a multiple of these rates.3 Free trade did not win everywhere. The fight over the Corn Laws illustrates a theme we will have plenty of occasion to return to: because trade policies have important consequences for income distribution, they get entangled in much broader political contests. The economist may decry the artificiality—and therefore pointlessness—of the transaction costs that government-imposed trade barriers create, but the argument does not always carry the day when there are strong political interests or economic arguments that go in the opposite direction. In case you think those political pressures and economic arguments always derive from narrow self-interest and obscurantist doctrines—the story of the repeal of the Corn Laws is often held up as a victory of progressive ideas and liberalism over traditional nobility and authoritarian institutions—consider the experience of the United States.

pages: 346 words: 90,371

Rethinking the Economics of Land and Housing by Josh Ryan-Collins, Toby Lloyd, Laurie Macfarlane, John Muellbauer

agricultural Revolution, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, basic income, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, debt deflation, deindustrialization, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, garden city movement, George Akerlof, ghettoisation, Gini coefficient, Hernando de Soto, housing crisis, Hyman Minsky, income inequality, information asymmetry, knowledge worker, labour market flexibility, labour mobility, land reform, land tenure, land value tax, Landlord’s Game, low skilled workers, market bubble, market clearing, Martin Wolf, means of production, money market fund, mortgage debt, negative equity, Network effects, new economy, New Urbanism, Northern Rock, offshore financial centre, Pareto efficiency, place-making, price stability, profit maximization, quantitative easing, rent control, rent-seeking, Richard Florida, Right to Buy, rising living standards, risk tolerance, Second Machine Age, secular stagnation, shareholder value, the built environment, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, universal basic income, urban planning, urban sprawl, working poor, working-age population

Income tax was first introduced in 1799 in order to pay for weapons and equipment in preparation for the Napoleonic Wars, but much of the burden of taxation fell upon domestically produced commodities that were in high demand, such as beer, spirits, bricks, salt and glass, and imported goods such as tea, sugar and tobacco (Mathias, 2013). In 1815 the Corn Laws were enacted, which imposed restrictions and tariffs on imported grain. The laws were intended to keep grain prices at a high level to protect English landowners from cheap foreign imports of grain following the end of the Napoleonic Wars. The laws proved controversial and provided one of the first examples of the growing tension between the old landowning class and the new wealthy industrialists. While landowners strongly supported the policy, it was bitterly opposed by industrialists, who saw high food prices as a barrier to cutting wages and boosting profits. The laws were eventually overturned in 1846 after popular movements such as the Anti-Corn Law League succeeded in turning public and elite opinion against the laws.

Subsidies to support certain types of land use or certain groups Most advanced economies have a long history of protecting domestic agriculture and industry with tariffs and subsidies, typically in order to protect the interests of agricultural landowners (Chang, 2007). Throughout the sixteenth to eighteenth centuries the government acted to protect its farmers and merchants through trade barriers and subsidies in order to maximise exports and minimise imports. This mercantilist approach to the economy was dominant until the repeal of the Corn Laws in 1846 (see Chapter 4). In recent times, agricultural subsidies in Europe have been controlled by the European Union’s Common Agricultural Policy (CAP). The CAP is an EU-wide system of payments to farmers and land managers aimed at supporting European agriculture. Introduced in 1962 it is by far the EU’s single largest common policy, today accounting for over 40% of the entire EU budget. Substantial reforms over the years have moved the CAP away from a production-oriented policy towards the current single farm payment system which is based on size of holding.

Ricardo warned that rising land rents would allow Britain’s landowners to monopolise the gains from economic growth. To prevent this, he argued that Britain should end its agricultural tariffs which protected the high prices landowners could charge for their products and import cheaper crops from abroad. Prime Minister Robert Peel eventually followed Ricardo’s advice when he repealed the infamous Corn Laws in 1846 (Hudson, 2008, p. 2) – we develop this story further in Chapter 4. Others argued that economic rent should be tackled at source. Since the main source of rent was land, the privatisation of property constituted a form of arbitrary enrichment at the expense of wider society. Nineteenth century socialists such Ferdinand Lassalle and Pierre-Jean Proudhon argued that private property should be abolished and that ‘property is theft’ (Proudhon, 2005, p. 55).

pages: 493 words: 145,326

Fire and Steam: A New History of the Railways in Britain by Christian Wolmar


accounting loophole / creative accounting, Beeching cuts, carbon footprint, collective bargaining, computer age, Corn Laws, creative destruction, cross-subsidies, financial independence, hiring and firing, James Watt: steam engine, joint-stock company, railway mania, rising living standards, Silicon Valley, South Sea Bubble, strikebreaker, union organizing, upwardly mobile, working poor, yield management

At Manchester, the mood of some of the crowd was so hostile that Wellington, who had only gone there reluctantly, remained in the safety of the carriage with his entourage rather than face the protesters, fearing that his presence might trigger another Peterloo, the nearby massacre of anti-Corn Law demonstrators by soldiers eleven years previously. On this historic day for Britain, and in fact the world, the great conqueror of Napoleon was unable to win over his own people and left Manchester defeated by their show of strength. It was not so much Luddite fear of the machine that had stimulated the crowd’s anger but rather a wider antipathy to Wellington’s government which, despite the all-too-obvious penury and suffering of large sections of the population, was adamantly resisting any attempts at social reform. The fact that many of the protesters held banners advocating ‘Vote by ballot’ and ‘No to the Corn Laws’32 suggests that it was not opposition to the railway that had attracted their ire.

The railways had not been the only beneficiaries of unwise investments. Early in 1847, with the Corn Laws abolished, the price of corn began to rise; then in May, when the speculative bubble burst, it fell by 40 per cent over a few days. Banks who had lent on the basis of the high prices were in trouble and both dealers and their bankers quickly started going bankrupt. Interest rates doubled from 3.5 per cent in January to 7 per cent in May and reached 10 per cent in November. This not only killed off any speculative potential for railway shares but also threw the economy into depression. The collapse of the mania, therefore, was not so much the cause of the downturn but rather one of its consequences, intensified by the changes brought about by the repeal of the Corn Laws. It is easy to exaggerate the damaging aspects of the mania because they affected so many people, but in the long term the positive consequences outweigh the negative.

It was then merely a description of a firework, occasionally used as a weapon of war, rather than a vehicle used for space travel. 26 There are also many replicas dotted around the world, including one at the National Rail Museum in York. 27 6 October 1829. 28 Quoted in Ferneyhough, Liverpool & Manchester Railway, p. 59. 29 Quoted in ibid., p. 64. 30 The Times, 17 September 1830. 31 Michael Freeman, Railways and the Victorian Imagination, Yale University Press, 1999, p. 31. 32 The Corn Laws, first introduced in 1815 and finally abolished in 1846, kept wheat prices artificially high, protecting landowners from foreign competition and making food more expensive. 33 Indeed, Britain is one of the few countries with a fenced railway, in contrast to, say, the United States where huge freight trains often rumble along main streets or even people’s backyards. 34 In the introduction to Ferneyhough, Liverpool & Manchester Railway, p. xii.

pages: 395 words: 116,675

The Evolution of Everything: How New Ideas Emerge by Matt Ridley


affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, altcoin, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, British Empire, Broken windows theory, Columbian Exchange, computer age, Corn Laws, cosmological constant, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, ethereum blockchain, facts on the ground, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Gunnar Myrdal, Henri Poincaré, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta analysis, meta-analysis, mobile money, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, rising living standards, road to serfdom, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, women in the workforce

Small government was a radical, progressive proposition. Between 1660 and 1846, in a vain attempt to control food prices by prescription, the British government had enacted an astonishing 127 Corn Laws, imposing not just tariffs, but rules about storage, sale, import, export and quality of grain and bread. In 1815, to protect landowners as grain prices fell from Napoleonic wartime highs, it had banned the import of all grain if the price fell below eighty shillings a quarter (twenty-eight pounds). This led to an impassioned pamphlet from the young theorist of free trade David Ricardo, but in vain (his friend and supporter of the Corn Law, Robert Malthus, was more persuasive). It was not until the 1840s, when the railways and the penny post enabled Cobden and John Bright to stir up a mass campaign against the laws on behalf of the working class, that the tide turned.

The mob that surrounded King George III’s carriage as he went to open Parliament in 1795 was demanding free trade in corn and the lifting of multiple and detailed regulations about the sale of bread. The rioters who broke into Lord Castlereagh’s house in 1815 were against protectionism. The peaceful demonstration in Manchester that was charged by cavalry in 1819 – the ‘Peterloo massacre’ – was in favour of free trade as well as political reform. The Chartists who spearheaded working-class consciousness were founding members of the Anti-Corn Law League. Or take Richard Cobden, the great champion of free trade responsible more than anybody else for that extraordinary spell between 1840 and 1865 when Britain set the world an example and unilaterally and forcefully dismantled the tariffs that entangled the globe. (Cobden comes close to being a Great Man.) He was a passionate pacifist, prepared to make himself unpopular for opposing the Opium War and the Crimean War, deeply committed to the cause of the poor, heckled as a dangerous radical when he first spoke in the House of Commons, and independent enough to refuse to serve as a government minister under two prime ministers, and to refuse a baronetcy from a monarch he disapproved of.

It was not until the 1840s, when the railways and the penny post enabled Cobden and John Bright to stir up a mass campaign against the laws on behalf of the working class, that the tide turned. With the famine in Ireland in 1845, even the Tory leader Robert Peel had to admit defeat. Cobden’s astonishing campaign against the Corn Laws, then against tariff protection more generally, succeeded eventually in persuading not just much of the country, and most intellectuals, but the leading politicians of the day, especially William Ewart Gladstone. The great reforming chancellor and prime minister championed all sorts of progressive causes, from the plight of the poor to home rule for Ireland, and in economics he was a convinced free trader, who steadily shrank the size of the state. In the end Cobden and his allies even won over the French. Cobden persuaded Napoleon III of the virtues of free trade, and himself negotiated the first international free-trade treaty in 1860, the so-called Cobden–Chevalier Treaty.

pages: 389 words: 98,487

The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor, and Why You Can Never Buy a Decent Used Car by Tim Harford


Albert Einstein, barriers to entry, Berlin Wall, collective bargaining, congestion charging, Corn Laws, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Fall of the Berlin Wall, George Akerlof, information asymmetry, invention of movable type, John Nash: game theory, John von Neumann, Kenneth Arrow, market design, Martin Wolf, moral hazard, new economy, Pearl River Delta, price discrimination, Productivity paradox, race to the bottom, random walk, rent-seeking, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, sealed-bid auction, second-price auction, second-price sealed-bid, Shenzhen was a fishing village, special economic zone, spectrum auction, The Market for Lemons, Thomas Malthus, trade liberalization, Vickrey auction

So economists often step beyond their role as engineers of economic policy and become advocates. David Ricardo, for example, was an early campaigner for free trade. He was encouraged by his friend, James Mill, to run for parliament; he won a seat in 1819 when he campaigned for repeal of the Corn Laws, which severely restricted the import of grain. Ricardo’s theories had demonstrated clearly that the Corn Laws were shoveling money into the pockets of landlords at the expense of everyone else in the country. Ricardo was not content simply to observe the effects of the Corn Laws, he wanted to abolish them. Economists come to similar conclusions today about protectionist laws, which, as we will see in chapter 9, protect privileged pressure groups at the expense of the rest of us in the developed world and the developing world alike.

and institutions, 189, 190–93 and free markets, 228–29 and taxation, 185, 187–88 prices, 6–8, 12–13, 31–35, 38, 39– Cosi, 6, 7, 13 40 Costa Coffee, 31–34, 39, 42 and rents, 8–11, 12–13, 31–35 coupons, 36 and scarcity, 31–35 Crescent, 171 collective bargaining, 25 crime, 23–25 collectives, 236 Cuba, 226 collusion, 16, 160–65 Cultural Revolution, 232, 239 command economies, 235 currency exchange, 207 Common Agricultural Policy, 217, 218 cynicism, 155 compact discs (CDs), 53 Czech Republic, 121 comparative advantage, 201–11, 225, 236 dams, 193–97 competition deductibles, 119, 124 among professionals, 26–27 demand, 26 avoiding, 160 democracy, 199, 226 and comparative advantage, 201– Deng Xiaoping, 235, 237, 240, 242 11, 225, 236 development entry into marketplaces, 21 capital investments, 237–41 and free markets, 78 in China, 180–81, 231–32, 233, international, 26, 203 237–41, 249–52 preventing, 23–25 and foreign direct investment, and prices, 68 212–13, 214, 215–16, 246, 247 and production choices, 66 impact of corruption, 197–200 and profitability, 24 and institutions, 189 and rents, 15, 21–23 irrigation projects, 193–97 and starting positions, 73 and poverty, 193–97, 197–200, sustainable competitive advantage, 228–30 19 dictatorships, 182–86, 187 UK spectrum auction, 169 digital media, 53 complexity of economic systems, 2, diminishing returns, 180 10, 14, 65, 66 discounts, 36, 56 computer industry, 51–52, 80 disease, 53–54, 58, 251. See also health congestion charging, 88–90, 96–98. care See also externality charges Disney World, 37 Consilience (Wilson), 204 distribution of wealth, 252 contracts, 248 dividends, 140–41 convenience, 6, 12–13, 52, 93 domestic markets, 247 cookies (computer), 36 Douala, Cameroon, 177, 178 cooperation, 196 Dow 36,000 (Glassman and Hassett), Corn Laws, 29 149 corruption drug trade (illegal), 23–25 in Cameroon, 178, 182–86, 186– dual-pricing strategies, 56 89, 189–93 Dupont Circle, 6 • 265 • I N D E X DVDs, 53 Environmental Protection Agency Dye, Tony, 144–45 (EPA), 81, 98–100 Epsilon, 171 eBay, 154, 258n. ethical issues, 53. See also fairness The Economics of Welfare (Pigou), Europe, 183 255n. European Union, 205–6, 217, 226 The Economist, 151 evolution, 184 economy, defining, 3, 108 excessive profits, 20 education expertise, 154, 166, 246 in Cameroon, 190–93 expert reviews, 125 in China, 232–33, 247 externalities.

pages: 323 words: 92,135

Running Money by Andy Kessler


Andy Kessler, Apple II, bioinformatics, Bob Noyce, British Empire, business intelligence, buy low sell high, call centre, Corn Laws, Douglas Engelbart, family office, full employment, George Gilder, happiness index / gross national happiness, interest rate swap, invisible hand, James Hargreaves, James Watt: steam engine, joint-stock company, joint-stock limited liability company, knowledge worker, Leonard Kleinrock, Long Term Capital Management, mail merge, Marc Andreessen, margin call, market bubble, Maui Hawaii, Menlo Park, Metcalfe’s law, Network effects, packet switching, pattern recognition,, railway mania, risk tolerance, Robert Metcalfe, Sand Hill Road, Silicon Valley, South China Sea, spinning jenny, Steve Jobs, Steve Wozniak, Toyota Production System, zero-sum game

In fact, one particular machine, Samuel Crompton’s spinning mule, hooked up to a Boulton & Watt steam engine, would repeatedly stretch and wind cotton thread and yarn until it was as “smooth as silk,” like Kessler Whiskey. No one making clothes at home anywhere could match these mills for either cost or quality in terms of smoothness. But landowners who controlled Parliament, and these farmers, who didn’t know their ashes from their bellows, passed the Corn Laws. These tariffs set minimum prices on agriculture and kept out cheap corn and grain from the Continent (read, France). Workers started starving because they were not making enough in the factory to pay for now expensive bread. But factory owners couldn’t raise wages because they were having trouble selling their manufactured goods overseas. Why? Because the French and Germans were paying for these goods with their wheat and corn, and the British taxed them out of affordability.

With any foresight, the landowners should have dumped their unprofitable farms and invested the proceeds in highly profitable joint stock companies making pottery, shirts and potbelly stoves. England should have gladly bought French wheat and Dutch flowers and German barley and hops so that consumers in these countries could have turned around with the money they received and bought British manufactured goods. There was no substitute. Once you go silky smooth, you never go back. The Corn Laws foolishly lasted until 1846. So, go ahead, buy that Beemer so that Germans can afford to buy our software. Wait a second, I hear you screaming, “The U.S. is running trade deficits as deep as the Mariana Trench, $500 billion a year or more.” Relax—it’s just money, and funny money at Why It’s Imperative to Drive a Beemer that. You see, using industrial-era measurement tools, “money out, goods in,” the common perception is that consumers in the U.S. are running these massive trade deficits, mortgaging their future and putting the health and wellbeing of the U.S. in the hands of devious foreign strangers— to xenophobes, are there any other kind?

But never underestimate the ability of policy makers to stick with oxymoronic conventional wisdom. Even if the dollar stays where it is and we go to $6 trillion in trade deficits, our stock and bond markets might be worth $50, $60, $70 trillion, double or triple today’s value, run up by margin chasers. Just about everything about this margin surplus model is upside down. The modern U.S. has farm bills and textile quotas and on and off steel tariffs like the British Corn Laws, not to mention late-model-car flamers. How dumb. Because of our margin surpluses, big trade deficits are our just dessert. These foreign-made consumer items are our gold. Let them 277 278 Running Money flow. Tariffs, quotas and subsidies will return us to an industrial age. No thanks. Foreigners sweat and toil to make our physical delights, in exchange for our intellectual output. It doesn’t get any better than this.

pages: 699 words: 192,704

Heaven's Command (Pax Britannica) by Jan Morris


British Empire, Cape to Cairo, centralized clearinghouse, Corn Laws, European colonialism, Fellow of the Royal Society, Khartoum Gordon, Khyber Pass, land reform, land tenure, Livingstone, I presume, Magellanic Cloud, mass immigration, means of production, Monroe Doctrine, Plutocrats, plutocrats, profit motive, Ralph Waldo Emerson, sceptred isle, Scramble for Africa, trade route

The eighteenth century British Empire, before the loss of the American colonies, had been a self-contained economic system, protected by tariffs, producing its own raw materials, providing its own markets, shipping its own products in its own vessels. The Corn Laws kept foreign competition to a minimum: the Navigation Acts ensured a British monopoly of trade throughout the empire. Now the economic arguments for such a system seemed to be discredited. The progressive theory now was Free Trade, which would allow the goods of all nations to flow without tariffs and restrictions all over the globe, and seemed to make the possession of colonies obsolete. With Great Britain mistress both of the means of production and the means of distribution, was not the whole world her market-place? Why bother with the expense and worry of colonies? Free Trade was not yet accepted British policy, but already powerful lobbies were pressing for the repeal of the Corn Laws and the Navigation Acts, and deriding the idea of empire.

As the victorious British proceeded with their experiments of political reform, as the thrilling new railways crept across the island—‘the velocity is delightful’, reported Charles Greville the diarist, dubiously taking the Liverpool train that year—as the statesmen of England concerned themselves with the settlement of Europe, and the dumpy young Queen timorously submitted to the burdens of her office—‘very few have more real good will and more real desire to do what is fit and right than I have’—as Dickens got on with Oliver Twist and Landseer started Dignity and Impudence and Darwin worked up his notes on the voyage of the Beagle—as Cobden stormed on about the Corn Laws, and Charles Barry perfected his designs for the new Houses of Parliament, and the coal-grimed girls dragged their wagons through the stifling mine-shafts, and Gladstone settled down to his treatise on Church and State—as this most fascinating of island states entered upon the thirty-sixth reign of its ancient monarchy, the possession of an overseas empire seemed irrelevant to its wealth, dignity and interest.

Politically individualism was the fashionable doctrine, and economically laissez-faire was all the rage—in the matter of famine as in all else, the less the State interfered, the better. Sir Robert Peel, who was the Tory Prime Minister during the first months of the famine, did buy £100,000 worth of Indian corn and meal in the United States, with which he hoped to prevent Irish food prices soaring: but everyone knew that he was using the issue to force through the final repeal of the Corn Laws, the supreme triumph of Free Trade, and his more virulent opponents actually disbelieved in the existence of the famine. His Government fell in 1846, and the Whigs who took over, under the dwarfish and canny Lord John Russell, were even more resolute Individualists. Abetted and advised by the devout Free Trader Charles Trevelyan, permanent head of the Treasury, the British Government decided that if the potato crop failed again the imperial Power would interfere no more in the natural progress of affairs, would import no more food, but would leave the control of the disaster to the forces of private enterprise.

pages: 471 words: 124,585

The Ascent of Money: A Financial History of the World by Niall Ferguson


Admiral Zheng, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collateralized debt obligation, colonial exploitation, commoditize, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, deglobalization, diversification, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Glaeser, Edward Lloyd's coffeehouse, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, German hyperinflation, Hernando de Soto, high net worth, hindsight bias, Home mortgage interest deduction, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, iterative process, John Meriwether, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour mobility, Landlord’s Game, liberal capitalism, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, Naomi Klein, negative equity, Nick Leeson, Northern Rock, Parag Khanna, pension reform, price anchoring, price stability, principal–agent problem, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, quantitative hedge fund, RAND corporation, random walk, rent control, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, structural adjustment programs, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Malthus, Thorstein Veblen, too big to fail, transaction costs, value at risk, Washington Consensus, Yom Kippur War

He spent money as if it might go out of fashion: on mistresses, on illegitimate children, on suing his father-in-law’s executors, on buying his way into the Order of the Garter, on opposing the Great Reform Bill and the Repeal of the Corn Laws - on anything he felt was compatible with his standing as a duke of the realm and the living embodiment of The Land. He prided himself on ‘resisting any measure injurious to the agricultural interests, no matter by what Government it should be brought forward’. Indeed, he resigned as Lord Privy Seal in Sir Robert Peel’s government rather than support Corn Law Repeal.10 By 1845, however - even before the mid-century slump in grain prices, in other words - his debts were close to overwhelming him. With a gross annual income of £72,000, he was spending £109,140 a year and had accumulated debts of £1,027,282.11 Most of his income was absorbed by interest payments (with rates on some of his debts as high as 15 per cent) and life insurance premiums on a policy that was probably his creditors’ best hope of seeing their money.12 Yet there was to be one final folly.

As Miss Demolines says in Trollope’s Last Chronicle of Barset, ‘the land can’t run away’.an This was why so many nineteenth-century investors - local solicitors, private banks and insurance companies - were attracted to mortgages as a seemingly risk-free investment. By contrast, the borrower’s sole security against the loss of his property to such creditors is his income. Unfortunately for the great landowners of Victorian Britain, that suddenly fell away. From the late 1840s onwards, the combination of increasing grain production around the world, plummeting transport costs and falling tariff barriers - exemplified by the repeal of the Corn Laws in 1846 - eroded the economic position of landowners. As grain prices slid from a peak of $3 a bushel in 1847 to a nadir of 50 cents in 1894, so did the income from agricultural land. Rates of return on rural property slumped from 3.65 per cent in 1845 to just 2.51 per cent in 1885.8 As The Economist put it: ‘No security was ever relied upon with more implicit faith, and few have lately been found more sadly wanting than English land.’

Chongqing 332-3 Christians: in China 292 and money 1 and usury 35 Churchill, Sir Winston 204 Citadel Investment Group 2 Citigroup 337 City Bank of New York 352 civil rights 250 civil services 75-6 class conflicts 243 clay tokens and tablets 27-31 clergymen 191-2 climate change 14-15 Clinton, Bill 65 Clive, Robert 135 coal 235 Cobbett, William 99 Coen, Jan Pieterszoon 134 co-evolution 350 cognitive traps 345-7 coins/coinage 24-5 alternatives to 25; see also clay tokens and tablets; electronic money; paper money debasements, shortages and depreciations 25 ; see also currency devaluations shortages 25 collateral see shares collateralized obligations: debt (CDOs) 8 mortgage 260 Colombia 18 Colonial Loans Act 294 colonial securities 293-4 Colonial Stock Act 294 Columbus, Christopher 19 commercial banks 56 Commission for the Formalization of Informal Property 277 commodity markets and prices 10 surge in (2000s) 6 and war 10 communications, improvements in 287 Communists 17 and Great Depression 242 and money 17-18 Communist states: and capital debt market 308 central planning 19 and labour 18-19 and money 18 Community Reinvestment Act 251 companies: conglomeration 352 creation of 61 extinction among 349-50 invention and development of 120 new types 352-4 regulation of 156 Company of the Indies (Compagnie des Indes) see Mississippi Company Company of the West (Compagnie d’Occident) 140 competition 350 computers 116 concentration of ownership 351 condottieri 69-71 conduits 5 Confederacy 92-8 confidence intervals 189 conglomerates 352 conjunction fallacy 345-6 conquistadors 1 Conservative party: housing policies 251-2 and welfare state 210 Consolidated Fund 75 consols 76-7 Constable (Archibald) 196 Constantinople 36 construction industry 242 consumer durables 160 consumer finance and credit 3 consumption, falls in 342 convertibility see currency cooperatives see banks Corn Law Repeal 236 Coromandel 135 corporate finance 3 corruption 294 cost of living, rises 26 cotton 94-6 council housing 251-252. see also public housing counterparty risks 272 country banks 53 Countrywide Financial 272 coupon 67 crashes see financial crises Crawford, William 255 creationism 356 credit: borrowing against future earnings 282 essential for growth 31 instalment 160 origins of 30-1 ratings 249-50 as total of banks’ assets 51 see also debt; microfinance credit card holders 10-11 credit crunches: 1914: 299 2007-8: see financial crises credit default swaps (CDS) 4 credit markets: crisis (2007) 272 infancy 37 Crdit Mobilier 56 Credit Suisse 271 credit unions 280 creditworthiness 51 crises see financial crises Croatia 2 cross-border capital flows see capital (export) crowds 346-7 Crusades 25 currency: conversion problems 42 convertibility 300-1 first global (Spanish) 25-6 manipulation 338 pegs 58 reform: Amsterdam 48; Argentina 112 see also coins/coinage; exchange rates currency devaluations/crises/ collapses 67 Argentina 110-11 medieval monarchs 307 sterling devaluation (1992) 317-18 after First World War 107 current accounts 49 Dallas 253 Dante Alighieri 35 Darmstädter Bank 56 Darrow, Charles 231 Darwin, Charles 358 Darwinian processes in financial system 14 Datini, Francesco 186 Da Vinci Code, The 32n.

pages: 364 words: 103,162

The English by Jeremy Paxman


back-to-the-land, British Empire, colonial rule, Corn Laws, Etonian, game design, George Santayana, global village, Isaac Newton, James Hargreaves, Khartoum Gordon, mass immigration, Neil Kinnock, Own Your Own Home, Ralph Waldo Emerson, Right to Buy, sensible shoes, urban sprawl, women in the workforce

More than that, the revolution gave the cities a deep suspicion of much of the countryside for its supposed royalist sympathies: the new republican France was aware of its peasant roots but determinedly and sophisticatedly urban. In England, too, there was a political dimension to the division between the conservatism of the country and the radical ideas born in cities. It was in Manchester that the agitation began that led the Anti-Corn Law League to campaign for fairer grain prices. Birmingham nurtured the Liberal caucus. The Independent Labour party was founded in Bradford. Apart from a few leafy enclaves of prosperity, cities like Manchester, Bradford and Newcastle became the sort of places where you could have pinned a red rosette to a donkey and seen it elected. The intriguing question is why this rock-solid powerbase did not result in a new idea of England.

T. S. Eliot, ‘Lancelot Andrewes’, in Essays on Style and Content, p. 14. 5. Robert Runcie, ‘Lecture on the 1400th Anniversary of the Mission of St Augustine to Canterbury’, 27 February 1997. 6. Like many of Melbourne’s bons mots (e.g. ‘While I cannot be a pillar of the church, I must be regarded as a buttress, because I support it from the outside’ or his question after cabinet discussions on Corn Law reform ‘Now, is it to lower the price of corn, or isn’t it? It is not much matter which we say, but mind, we must all say the same’) the remark is attributed. G. W. E. Russell, Collections and Recollections, Chap. 6. 7. The talk is reprinted in The Spirit of England, Allen & Unwin, 1942, pp. 74–9. 8. See Margot Lawrence, ‘Tudor English Today’, in English Today, October 1986. 9. A survey of 360 priests ordained in 1990 revealed that one quarter considered themselves ‘not well informed’ about the Book of Common Prayer, while only 16 said that their worship at theological college had been mainly taken from the BCP.

INDEX Abbey National Bank, 122 abortion, 101 Académie Française, 237 Ackroyd, Peter, 175 Act of Settlement (1701), 97 Act of Union, 20, 43 Acton, Dr, 179, 180, 228–9 Addison, Joseph, 185 Agincourt, battle of, 83 After London (Jefferies), 160 Alexander, Grand Duke Carl, 119 Alfred of Wessex, 135 Alivuhare, Ruwan, 172 All the Year Round (magazine), 216 Alms for Oblivion (Raven), 203 American War of Independence, 194 Amis, Kingsley, 210–11 Amis, Martin, 175 Amsterdam, 171–2 Anatomy of Melancholy (Burton), 186 ancestral enemy, French as, 25 Anderson, Elizabeth Garrett, 227 ‘Angel in the House’, 223 Anglo–French Alliance, The (Jerrold), 24 Anglo-Saxons, racial purity and, 53 Anita Street, Manchester, 121 Annual Register, 215, 216 Anti-Corn Law League, 163 Anti-Slavery Society, 140 Anyone for England? (Aslet), 15 Arbuthnot, John, 126, 184 Arkwright, Richard, 157 Armstrong, Herbert W., 94 Army, ranks in, 138 arrogance, 129–40 art, 110–11 Ashdown, Paddy, 168 Ashton, Winifred, see Dane, Clemence Aslet, Clive, 15 Asquith, Henry Herbert, 220 Atlantic Charter, 39 Auchinleck, Marshal, 180 Austen, Jane, 105 Axelrod, George, 127 Babbage, Charles, 63 Badawi, Dr Zaki, 75 Baden-Powell, Robert, 181 Bagehot, Walter, 53 Baldwin, Stanley, 142–3, 168 Barnes, Julian, 175 Barnett, Henrietta, 220 Barot, Dr, 68 Barrow, John, 134 Barzini, Luigi, 63 Battle of Britain, 3, 84–5, 150, 196 Beaminster, Dorset, 166 Beatles, 174 Beaufort, Bishop, 84 Beaumarchais, Pierre Augustin Caron de, 194 Beaverbrook, Lord, 85 Beeton, Mrs, 224 Behn, Aphra, 228 Belgae, 53 Bennett, Alan, 17–18 Benson, A.

pages: 196 words: 57,974

Company: A Short History of a Revolutionary Idea by John Micklethwait, Adrian Wooldridge


affirmative action, barriers to entry, Bonfire of the Vanities, borderless world, business process, Corn Laws, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, double entry bookkeeping, Etonian, hiring and firing, industrial cluster, invisible hand, James Watt: steam engine, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, mittelstand, new economy, North Sea oil, race to the bottom, railway mania, Ronald Coase, Silicon Valley, six sigma, South Sea Bubble, Steve Jobs, Steve Wozniak, strikebreaker, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, tulip mania, wage slave, William Shockley: the traitorous eight

All the same, only a legal pedant would dispute the boast in Utopia Limited: that Victorian Britain gave birth to the modern company. Throughout the first half of the nineteenth century, the leaders of the world’s most important economy labored to free up its commercial laws. Parliament made the currency convertible to gold (1819), relaxed the restrictive Combination labor laws (1824), opening the East India Company’s markets to competition (1834), and eventually repealed the protectionist Corn Laws (1846). They also began to tackle the issue of company law. In 1825, parliament finally repealed the vexatious Bubble Act. Reformers called for the statutory recognition of unincorporated companies, but conservative judges were skeptical. Lord Eldon, for example, maintained that it was an offense against the common law to try to act as a corporation without a private act of parliament or a royal charter.16 Despite attempts to speed up the process of obtaining charters, it could still be expensive—one estimate put the cost at £402—and fraught with political risk.17 The crucial change was the railways, and their demands for large agglomerations of capital.

The 1844 act allowed companies to dispense with the need to get a special charter, and be incorporated by the simple act of registration.22 But it did not include the crucial ingredient of automatic limited liability. Limited liability was still anathema to many liberals. Adam Smith, remember, had been adamant that the owner-managed firm was a purer economic unit: the only way the joint-stock firm could compete was through the “subsidy” of limited liability. Some of the industrialists who had helped get rid of the Corn Laws were suspicious.23 Surely entrepreneurs could raise the necessary sums by tapping family savings and plowing back the firm’s earnings? Wouldn’t limited liability just impose the risk of doing business on suppliers, customers, and lenders (a complaint that modern economists later echoed)? And wouldn’t it attract the lowest sort of people into business? The majority of established manufacturers, most of whom were located far from London, were against the new measure.24 So, according to Walter Bagehot, were the rich, who thought the poor would reap the biggest rewards.

pages: 275 words: 77,955

Capitalism and Freedom by Milton Friedman


affirmative action, Berlin Wall, central bank independence, Corn Laws, Deng Xiaoping, floating exchange rates, Fractional reserve banking, full employment, invisible hand, Joseph Schumpeter, liquidity trap, market friction, minimum wage unemployment, price discrimination, rent control, road to serfdom, Ronald Reagan, secular stagnation, Simon Kuznets, the market place, The Wealth of Nations by Adam Smith, union organizing

We would be benefited by dispensing with our tariffs even if other countries did not.’2 We would of course be benefited even more if they reduced theirs but our benefiting does not require that they reduce theirs. Self interests coincide and do not conflict. I believe that it would be far better for us to move to free trade unilaterally, as Britain did in the nineteenth century when it repealed the corn laws. We, as they did, would experience an enormous accession of political and economic power. We are a great nation and it ill behooves us to require reciprocal benefits from Luxembourg before we reduce a tariff on Luxembourg products, or to throw thousands of Chinese refugees suddenly out of work by imposing import quotas on textiles from Hong Kong. Let us live up to our destiny and set the pace not be reluctant followers.

See capitalism; free market conflict, 24 conformity, 4, 23, 94, 97, 157 Congress, U.S., 27, 185 n., 186 conscription, 36 consensus, 2, 23 conservatism, 6 Constitution, U.S., 2–3, 24, 51 Consumer’s Research, 146 Consumer’s Union, 146 contractions, economic, 38, 43, 44–50, 69, 75, 198. See also Great Depression contracts, 27, 34, 60, 146 “control of engagements” order, 11 Cook, Paul W., Jr., 106 n. copyrights, 27, 127–28, 147 corn laws, 73 corporate tax, 79–84, 130, 132, 135, 174, 198 corporations: ownership of vs. control of, 135–36; “social responsibility” of, 133–34, 135 cotton, 182 Council on Medical Education and Hospitals, 150–51, 152, 153, 154, 155 “Cross of Gold” speech (Bryan), 43 currency: devaluation of, 65; foreign reserves of, 63, 65, 67; inconvertibility of, 57–58. See also deposit accounts; money deficits, 66, 76 deflation, 64 democratic socialism, 7 denationalization of schools, 90–92, 97–98 deposit accounts, 35, 42, 42, 126; convertibility of, 46–49, 60–62 Depression.

pages: 252 words: 80,636

Bureaucracy by David Graeber


3D printing, a long time ago in a galaxy far, far away, Affordable Care Act / Obamacare, airport security, Albert Einstein, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, George Gilder, High speed trading, hiring and firing, Kitchen Debate, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning, zero-sum game

As Giovanni Arrighi pointed out, an analogous corporate model was emerging at the same time in Germany, and the two countries—the United States and Germany—ended up spending most of the first half of the next century battling over which would take over from the declining British empire and establish its own vision for a global economic and political order. We all know who won. Arrighi makes another interesting point here. Unlike the British Empire, which had taken its free market rhetoric seriously, eliminating its own protective tariffs with the famous Anti–Corn Law Bill of 1846, neither the German or American regimes had ever been especially interested in free trade. The Americans in particular were much more concerned with creating structures of international administration. The very first thing the United States did, on officially taking over the reins from Great Britain after World War II, was to set up the world’s first genuinely planetary bureaucratic institutions in the United Nations and the Bretton Woods institutions—the International Monetary Fund, World Bank, and GATT, later to become the WTO.

Obviously, the planetary bureaucracy remained in place, but policies like IMF-imposed structural adjustment ended, and Argentina’s writing down of its loans in 2002, under intense pressure from social movements, set off a chain of events that effectively ended the Third World debt crisis. 29. The League of Nations and the UN up until the seventies were basically talking-shops. 30. In England, for instance, the anti–Corn Law legislation eliminating British tariff protections, which is seen as initiating the liberal age, was introduced by Conservative Prime Minister Sir Robert Peel, mainly famous for having created the first British police force. 31. I was reminded of this a few years ago by none other than Julian Assange, when a number of Occupy activists appeared on his TV show The World Tomorrow. Aware that many of us were anarchists, he asked us what he considered a challenging question: say you have a camp, and there are some people playing the drums all night and keeping everyone awake, and they won’t stop, what do you propose to do about it?

pages: 462 words: 150,129

The Rational Optimist: How Prosperity Evolves by Matt Ridley


23andMe, agricultural Revolution, air freight, back-to-the-land, banking crisis, barriers to entry, Bernie Madoff, British Empire, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, charter city, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, colonial exploitation, colonial rule, Corn Laws, creative destruction, credit crunch, David Ricardo: comparative advantage, decarbonisation, dematerialisation, demographic dividend, demographic transition, double entry bookkeeping, Edward Glaeser,, everywhere but in the productivity statistics, falling living standards, feminist movement, financial innovation, Flynn Effect, food miles, Gordon Gekko, greed is good, Hans Rosling, happiness index / gross national happiness, haute cuisine, Hernando de Soto, income inequality, income per capita, Indoor air pollution, informal economy, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invisible hand, James Hargreaves, James Watt: steam engine, Jane Jacobs, John Nash: game theory, joint-stock limited liability company, Joseph Schumpeter, Kevin Kelly, knowledge worker, Kula ring, Mark Zuckerberg, meta analysis, meta-analysis, mutually assured destruction, Naomi Klein, Northern Rock, nuclear winter, oil shale / tar sands, out of africa, packet switching, patent troll, Pax Mongolica, Peter Thiel, phenotype, Plutocrats, plutocrats, Ponzi scheme, Productivity paradox, profit motive, purchasing power parity, race to the bottom, Ray Kurzweil, rent-seeking, rising living standards, Silicon Valley, spice trade, spinning jenny, stem cell, Steve Jobs, Steven Pinker, Stewart Brand, supervolcano, technological singularity, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, ultimatum game, upwardly mobile, urban sprawl, Vernor Vinge, Vilfredo Pareto, wage slave, working poor, working-age population, Y2K, Yogi Berra, zero-sum game

The man in question, Johann Friedrich Bottger, made no gold, but perfected a colleague’s technique for making fine porcelain in the hope that this would win him back his freedom. So Augustus locked him even more securely in a hilltop castle at Meissen and put him to work churning out teapots and vases. In short, competition was a grand incentive to European industrialisation, and a brake on bureaucratic suffocation, at the national as well as the corporate level. Repeal the corn laws again The greatest beneficiaries of European political fragmentation were the Dutch. By 1670, uncommanded by emperors and even fragmented among themselves, the Dutch so dominated European international trade that their merchant marine was bigger than that of France, England, Scotland, the Holy Roman Empire, Spain and Portugal – combined. They brought grain from the Baltic, herrings from the North Sea, whale blubber from the Arctic, fruit and wine from southern Europe, spices from the Orient and of course their own manufactures to whoever wanted them.

But because this was not monolithic China, the baton was picked up by others, especially the British. Victorian Britain’s great good fortune was that at the moment of industrial take-off Robert Peel embraced free trade, whereas Yong-Le had banned it. Between 1846 and 1860, Britain unilaterally adopted a string of measures to open its markets to free trade to a degree unprecedented in history. It abolished the corn laws, terminated the navigation acts, removed all tariffs and agreed trade treaties with France and others incorporating the ‘most favoured nation’ principle – that any liberalisation applied to all trading parties. This spread tariff reduction like a virus through the countries of the world and genuine global free trade arrived at last – a planetary Phoenician experiment. So at the crucial moment America could specialise in providing food and fibre to Britain and Europe, which could further specialise in providing manufactures for the consumers of the world.

Abbasids 161, 178 Abelard, Peter 358 aborigines (Australian): division of labour 62, 63, 76; farming 127; technological regress 78–84; trade 90–91, 92 abortion, compulsory 203 Abu Hureyra 127 Acapulco 184 accounting systems 160, 168, 196 Accra 189 Acemoglu, Daron 321 Ache people 61 Acheulean tools 48–9, 50, 275, 373 Achuar people 87 acid rain 280, 281, 304–6, 329, 339 acidification of oceans 280, 340–41 Adams, Henry 289 Aden 177 Adenauer, Konrad 289 Aegean sea 168, 170–71 Afghanistan 14, 208–9, 315, 353 Africa: agriculture 145, 148, 154–5, 326; AIDS epidemic 14, 307–8, 316, 319, 320, 322; colonialism 319–20, 321–2; demographic transition 210, 316, 328; economic growth 315, 326–8, 332, 347; international aid 317–19, 322, 328; lawlessness 293, 320; life expectancy 14, 316, 422; per capita income 14, 315, 317, 320; poverty 314–17, 319–20, 322, 325–6, 327–8; prehistoric 52–5, 65–6, 83, 123, 350; property rights 320, 321, 323–5; trade 187–8, 320, 322–3, 325, 326, 327–8; see also individual countries African-Americans 108 agricultural employment: decline in 42–3; hardships of 13, 219–20, 285–6 agriculture: early development of 122–30, 135–9, 352, 387, 388; fertilisers, development of 135, 139–41, 142, 146, 147, 337; genetically modified (GM) crops 28, 32, 148, 151–6, 283, 358; hybrids, development of 141–2, 146, 153; and trade 123, 126, 127–33, 159, 163–4; and urbanisation 128, 158–9, 163–4, 215; see also farming; food supply Agta people 61–2 aid, international 28, 141, 154, 203, 317–19, 328 AIDS 8, 14, 307–8, 310, 316, 319, 320, 322, 331, 353 AIG (insurance corporation) 115 air conditioning 17 air pollution 304–5 air travel: costs of 24, 37, 252, 253; speed of 253 aircraft 257, 261, 264, 266 Akkadian empire 161, 164–5 Al-Ghazali 357 Al-Khwarizmi, Muhammad ibn Musa 115 Al-Qaeda 296 Albania 187 Alcoa (corporation) 24 Alexander the Great 169, 171 Alexander, Gary 295 Alexandria 171, 175, 270 Algeria 53, 246, 345 alphabet, invention of 166, 396 Alps 122, 178 altruism 93–4, 97 aluminium 24, 213, 237, 303 Alyawarre aborigines 63 Amalfi 178 Amazon (corporation) 21, 259, 261 Amazonia 76, 138, 145, 250–51 amber 71, 92 ambition 45–6, 351 Ames, Bruce 298–9 Amish people 211 ammonia 140, 146 Amsterdam 115–16, 169, 259, 368 Amsterdam Exchange Bank 251 Anabaptists 211 Anatolia 127, 128, 164, 165, 166, 167 Ancoats, Manchester 214 Andaman islands 66–7, 78 Andes 123, 140, 163 Andrew, Deroi Kwesi 189 Angkor Wat 330 Angola 316 animal welfare 104, 145–6 animals: conservation 324, 339; extinctions 17, 43, 64, 68, 69–70, 243, 293, 302, 338–9; humans’ differences from other 1, 2–4, 6, 56, 58, 64 Annan, Kofi 337 Antarctica 334 anti-corporatism 110–111, 114 anti-slavery 104, 105–6, 214 antibiotics 6, 258, 271, 307 antimony 213 ants 75–6, 87–8, 192 apartheid 108 apes 56–7, 59–60, 62, 65, 88; see also chimpanzees; orang-utans ‘apocaholics’ 295, 301 Appalachia 239 Apple (corporation) 260, 261, 268 Aquinas, St Thomas 102 Arabia 66, 159, 176, 179 Arabian Sea 174 Arabs 89, 175, 176–7, 180, 209, 357 Aral Sea 240 Arcadia Biosciences (company) 31–2 Archimedes 256 Arctic Ocean 125, 130, 185, 334, 338–9 Argentina 15, 186, 187 Arikamedu 174 Aristotle 115, 250 Arizona 152, 246, 345 Arkwright, Sir Richard 227 Armenians 89 Arnolfini, Giovanni 179 art: cave paintings 2, 68, 73, 76–7; and commerce 115–16; symbolism in 136; as unique human trait 4 Ashur, Assyria 165 Asimov, Isaac 354 Asoka the Great 172–3 aspirin 258 asset price inflation 24, 30 Assyrian empire 161, 165–6, 167 asteroid impacts, risk of 280, 333 astronomy 221, 270, 357 Athabasca tar sands, Canada 238 Athens 115, 170, 171 Atlantic Monthly 293 Atlantic Ocean 125, 170 Attica 171 Augustus, Roman emperor 174 Augustus the Strong, Elector of Saxony 184–5 Australia: climate 127, 241, 300, 334; prehistoric 66, 67, 69–70, 127; trade 187; see also aborigines (Australian); Tasmania Austria 132 Ausubel, Jesse 239, 346, 409 automobiles see cars axes: copper 123, 131, 132, 136, 271; stone 2, 5, 48–9, 50, 51, 71, 81, 90–91, 92, 118–19, 271 Babylon 21, 161, 166, 240, 254, 289 Bacon, Francis 255 bacteria: cross fertilisation 271; and pest control 151; resistance to antibiotics 6, 258, 271, 307; symbiosis 75 Baghdad 115, 177, 178, 357 Baines, Edward 227 Baird, John Logie 38 baking 124, 130 ‘balance of nature’, belief in 250–51 Balazs, Etienne 183 bald eagles 17, 299 Bali 66 Baltic Sea 71, 128–9, 180, 185 Bamako 326 bananas 92, 126, 149, 154, 392 Bangladesh 204, 210, 426 Banks, Sir Joseph 221 Barigaza (Bharuch) 174 barley 32, 124, 151 barrels 176 bartering vii, 56–60, 65, 84, 91–2, 163, 356 Basalla, George 272 Basra 177 battery farming 104, 145–6 BBC 295 beads 53, 70, 71, 73, 81, 93, 162 beef 186, 224, 308; see also cattle bees, killer 280 Beijing 17 Beinhocker, Eric 112 Bell, Alexander Graham 38 Bengal famine (1943) 141 benzene 257 Berlin 299 Berlin, Sir Isaiah 288 Bernard of Clairvaux, St 358 Berners-Lee, Sir Tim 38, 273 Berra, Yogi 354 Besant, Annie 208 Bhutan 25–6 Bible 138, 168, 396 bicycles 248–9, 263, 269–70 bin Laden, Osama 110 biofuels 149, 236, 238, 239, 240–43, 246, 300, 339, 343, 344, 346, 393 Bird, Isabella 197–8 birds: effects of pollution on 17, 299; killed by wind turbines 239, 409; nests 51; sexual differences 64; songbirds 55; see also individual species bireme galleys 167 Birmingham 223 birth control see contraception birth rates: declining 204–212; and food supply 192, 208–9; and industrialisation 202; measurement of 205, 403; population control policies 202–4, 208; pre-industrial societies 135, 137; and television 234; and wealth 200–201, 204, 205–6, 209, 211, 212; see also population growth Black Death 181, 195–6, 197, 380 Black Sea 71, 128, 129, 170, 176, 180 blogging 257 Blombos Cave, South Africa 53, 83 blood circulation, discovery of 258 Blunt, John 29 boat-building 167, 168, 177; see also canoes; ship-building Boers 321, 322 Bohemia 222 Bolivia 315, 324 Bolsheviks 324 Borlaug, Norman 142–3, 146 Borneo 339 Bosch, Carl 140, 412 Botswana 15, 316, 320–22, 326 Bottger, Johann Friedrich 184–5 Boudreaux, Don 21, 214 Boulton, Matthew 221, 256, 413–14 bows and arrows 43, 62, 70, 82, 137, 251, 274 Boxgrove hominids 48, 50 Boyer, Stanley 222, 405 Boyle, Robert 256 Bradlaugh, Charles 208 brain size 3–4, 48–9, 51, 55 Bramah, Joseph 221 Branc, Slovakia 136 Brand, Stewart 154, 189, 205 Brando, Marlon 110 brass 223 Brazil 38, 87, 123, 190, 240, 242, 315, 358 bread 38, 124, 140, 158, 224, 286, 392 bridges, suspension 283 Brin, Sergey 221, 405 Britain: affluence 12, 16, 224–5, 236, 296–7; birth rates 195, 200–201, 206, 208, 227; British exceptionalism 200–202, 221–2; climate change policy 330–31; consumer prices 24, 224–5, 227, 228; copyright system 267; enclosure acts 226, 323, 406; energy use 22, 231–2, 232–3, 342–3, 368, 430; ‘glorious revolution’ (1688) 223; income equality 18–19, 218; industrial revolution 201–2, 216–17, 220–32, 255–6, 258–9; life expectancy 15, 17–18; National Food Service 268; National Health Service 111, 261; parliamentary reform 107; per capita income 16, 218, 227, 285, 404–5; productivity 112; property rights 223, 226, 323–4; state benefits 16; tariffs 185–6, 186–7, 223; see also England; Scotland; Wales British Empire 161, 322 bronze 164, 168, 177 Brosnan, Sarah 59 Brown, Lester 147–8, 281–2, 300–301 Brown, Louise 306 Bruges 179 Brunel, Sir Marc 221 Buddhism 2, 172, 357 Buddle, John 412 Buffett, Warren 106, 268 Bulgaria 320 Burkina Faso 154 Burma 66, 67, 209, 335 Bush, George W. 161 Butler, Eamonn 105, 249 Byblos 167 Byzantium 176, 177, 179 cabbages 298 ‘Caesarism’ 289 Cairo 323 Calcutta 190, 315 Calico Act (1722) 226 Califano, Joseph 202–3 California: agriculture 150; Chumash people 62, 92–3; development of credit card 251, 254; Mojave Desert 69; Silicon Valley 221–2, 224, 257, 258, 259, 268 Cambodia 14, 315 camels 135, 176–7 camera pills 270–71 Cameroon 57 Campania 174, 175 Canaanites 166, 396 Canada 141, 169, 202, 238, 304, 305 Canal du Midi 251 cancer 14, 18, 293, 297–9, 302, 308, 329 Cannae, battle of 170 canning 186, 258 canoes 66, 67, 79, 82 capitalism 23–4, 101–4, 110, 115, 133, 214, 258–62, 291–2, 311; see also corporations; markets ‘Captain Swing’ 283 capuchin monkeys 96–7, 375 Caral, Peru 162–3 carbon dioxide emissions 340–47; absorption of 217; and agriculture 130, 337–8; and biofuels 242; costs of 331; and economic growth 315, 332; and fossil fuels 237, 315; and local sourcing of goods 41–2; taxes 346, 356 Cardwell’s Law 411 Caribbean see West Indies Carnegie, Andrew 23 Carney, Thomas 173 carnivorism 51, 60, 62, 68–9, 147, 156, 241, 376 carrots 153, 156 cars: biofuel for 240, 241; costs of 24, 252; efficiency of 252; future production 282, 355; hybrid 245; invention of 189, 270, 271; pollution from 17, 242; sport-utility vehicles 45 The Rational Optimist 424 Carson, Rachel 152, 297–8 Carter, Jimmy 238 Carthage 169, 170, 173 Cartwright, Edmund 221, 263 Castro, Fidel 187 Catalhoyuk 127 catallaxy 56, 355–9 Catholicism 105, 208, 306 cattle 122, 132, 145, 147, 148, 150, 197, 321, 336; see also beef Caucasus 237 cave paintings 2, 68, 73, 76–7 Cavendish, Henry 221 cement 283 central heating 16, 37 cereals 124–5, 125–6, 130–31, 143–4, 146–7, 158, 163; global harvests 121 Champlain, Samuel 138–9 charcoal 131, 216, 229, 230, 346 charitable giving 92, 105, 106, 295, 318–19, 356 Charles V: king of Spain 30–31; Holy Roman Emperor 184 Charles, Prince of Wales 291, 332 Chauvet Cave, France 2, 68, 73, 76–7 Chernobyl 283, 308, 345, 421 Chicago World Fair (1893) 346 chickens 122–3, 145–6, 147, 148, 408 chickpeas 125 Childe, Gordon 162 children: child labour 104, 188, 218, 220, 292; child molestation 104; childcare 2, 62–3; childhood diseases 310; mortality rates 14, 15, 16, 208–9, 284 Chile 187 chimpanzees 2, 3, 4, 6, 29, 59–60, 87, 88, 97 China: agriculture 123, 126, 148, 152, 220; birth rate 15, 200–201; coal supplies 229–30; Cultural Revolution 14, 201; diet 241; economic growth and industrialisation 17, 109, 180–81, 187, 201, 219, 220, 281–2, 300, 322, 324–5, 328, 358; economic and technological regression 180, 181–2, 193, 229–30, 255, 321, 357–8; energy use 245; income equality 19; innovations 181, 251; life expectancy 15; Longshan culture 397; Maoism 16, 187, 296, 311; Ming empire 117, 181–4, 260, 311; per capita income 15, 180; prehistoric 68, 123, 126; serfdom 181–2; Shang dynasty 166; Song dynasty 180–81; trade 172, 174–5, 177, 179, 183–4, 187, 225, 228 chlorine 296 cholera 40, 310 Chomsky, Noam 291 Christianity 172, 357, 358, 396; see also Catholicism; Church of England; monasteries Christmas 134 Chumash people 62, 92–3 Church of England 194 Churchill, Sir Winston 288 Cicero 173 Cilicia 173 Cisco Systems (corporation) 268 Cistercians 215 civil rights movement 108, 109 Clairvaux Abbey 215 Clark, Colin 146, 227 Clark, Gregory 193, 201, 401, 404 Clarke, Arthur C. 354 climate change 328–47, 426–30; costs of mitigation measures 330–32, 333, 338, 342–4; death rates associated with 335–7; and ecological dynamism 250, 329–30, 335, 339; and economic growth 315, 331–3, 341–3, 347; effects on ecosystems 338–41; and food supply 337–8; and fossil fuels 243, 314, 342, 346, 426; historic 194, 195, 329, 334, 426–7; pessimism about 280, 281, 314–15, 328–9; prehistoric 54, 65, 125, 127, 130, 160, 329, 334, 339, 340, 352; scepticism about 111, 329–30, 426; solutions to 8, 315, 345–7 Clinton, Bill 341 Clippinger, John 99 cloth trade 75, 159, 160, 165, 172, 177, 180, 194, 196, 225, 225–9, 232 clothes: Britain 224, 225, 227; early homo sapiens 71, 73; Inuits 64; metal age 122; Tasmanian natives 78 clothing prices 20, 34, 37, 40, 227, 228 ‘Club of Rome’ 302–3 coal: and economic take-off 201, 202, 213, 214, 216–17; and generation of electricity 233, 237, 239, 240, 304, 344; and industrialisation 229–33, 236, 407; prices 230, 232, 237; supplies 302–3 coal mining 132, 230–31, 237, 239, 257, 343 Coalbrookdale 407 Cobb, Kelly 35 Coca-Cola (corporation) 111, 263 coffee 298–9, 392 Cohen, Mark 135 Cold War 299 collective intelligence 5, 38–9, 46, 56, 83, 350–52, 355–6 Collier, Paul 315, 316–17 colonialism 160, 161, 187, 321–2; see also imperialism Colorado 324 Columbus, Christopher 91, 184 combine harvesters 158, 392 combined-cycle turbines 244, 410 commerce see trade Commoner, Barry 402 communism 106, 336 Compaq (corporation) 259 computer games 273, 292 computers 2, 3, 5, 211, 252, 260, 261, 263–4, 268, 282; computing power costs 24; information storage capacities 276; silicon chips 245, 263, 267–8; software 99, 257, 272–3, 304, 356; Y2K bug 280, 290, 341; see also internet Confucius 2, 181 Congo 14–15, 28, 307, 316 Congreve, Sir William 221 Connelly, Matthew 204 conservation, nature 324, 339; see also wilderness land, expansion of conservatism 109 Constantinople 175, 177 consumer spending, average 39–40 containerisation 113, 253, 386 continental drift 274 contraception 208, 210; coerced 203–4 Cook, Captain James 91 cooking 4, 29, 38, 50, 51, 52, 55, 60–61, 64, 163, 337 copper 122, 123, 131–2, 160, 162, 164, 165, 168, 213, 223, 302, 303 copyright 264, 266–7, 326 coral reefs 250, 339–40, 429–30 Cordoba 177 corn laws 185–6 Cornwall 132 corporations 110–116, 355; research and development budgets 260, 262, 269 Cosmides, Leda 57 Costa Rica 338 cotton 37, 108, 149, 151–2, 162, 163, 171, 172, 202, 225–9, 230, 407; calico 225–6, 232; spinning and weaving 184, 214, 217, 219–20, 227–8, 232, 256, 258, 263, 283 Coughlin, Father Charles 109 Craigslist (website) 273, 356 Crapper, Thomas 38 Crathis river 171 creationists 358 creative destruction 114, 356 credit cards 251, 254 credit crunch (2008) 8–10, 28–9, 31, 100, 102, 316, 355, 399, 411 Cree Indians 62 Crete 167, 169 Crichton, Michael 254 Crick, Francis 412 crime: cyber-crime 99–100, 357; falling rates 106, 201; false convictions 19–20; homicide 14, 20, 85, 88, 106, 118, 201; illegal drugs 106, 186; pessimism about 288, 293 Crimea 171 crocodiles, deaths by 40 Crompton, Samuel 227 Crookes, Sir William 140, 141 cruelty 104, 106, 138–9, 146 crusades 358 Cuba 187, 299 ‘curse of resources’ 31, 320 cyber-crime 99–100, 357 Cyprus 132, 148, 167, 168 Cyrus the Great 169 Dalkon Shield (contraceptive device) 203 Dalton, John 221 Damascus 127 Damerham, Wiltshire 194 Danube, River 128, 132 Darby, Abraham 407 Darfur 302, 353 Dark Ages 164, 175–6, 215 Darwin, Charles 77, 81, 91–2, 105, 116, 350, 415 Darwin, Erasmus 256 Darwinism 5 Davy, Sir Humphry 221, 412 Dawkins, Richard 5, 51 DDT (pesticide) 297–8, 299 de Geer, Louis 184 de Soto, Hernando 323, 324, 325 de Waal, Frans 88 Dean, James 110 decimal system 173, 178 deer 32–3, 122 deflation 24 Defoe, Daniel 224 deforestation, predictions of 304–5, 339 Delhi 189 Dell (corporation) 268 Dell, Michael 264 demographic transition 206–212, 316, 328, 402 Denmark 200, 344, 366; National Academy of Sciences 280 Dennett, Dan 350 dentistry 45 depression (psychological) 8, 156 depressions (economic) 3, 31, 32, 186–7, 192, 289; see also economic crashes deserts, expanding 28, 280 Detroit 315, 355 Dhaka 189 diabetes 156, 274, 306 Diamond, Jared 293–4, 380 diamonds 320, 322 Dickens, Charles 220 Diesel, Rudolf 146 Digital Equipment Corporation 260, 282 digital photography 114, 386 Dimawe, battle of (1852) 321 Diocletian, Roman emperor 175, 184 Diodorus 169 diprotodons 69 discount merchandising 112–14 division of labour: Adam Smith on vii, 80; and catallaxy 56; and fragmented government 172; in insects 75–6, 87–8; and population growth 211; by sex 61–5, 136, 376; and specialisation 7, 33, 38, 46, 61, 76–7, 175; among strangers and enemies 87–9; and trust 100; and urbanisation 164 DNA: forensic use 20; gene transfer 153 dogs 43, 56, 61, 84, 125 Doll, Richard 298 Dolphin, HMS 169 dolphins 3, 87 Domesday Book 215 Doriot, Georges 261 ‘dot-communism’ 356 Dover Castle 197 droughts: modern 241, 300, 334; prehistoric 54, 65, 334 drug crime 106, 186 DuPont (corporation) 31 dyes 167, 225, 257, 263 dynamos 217, 233–4, 271–2, 289 dysentery 157, 353 eagles 17, 239, 299, 409 East India Company 225, 226 Easter Island 380 Easterbrook, Greg 294, 300, 370 Easterlin, Richard 26 Easterly, William 318, 411 eBay (corporation) 21, 99, 100, 114, 115 Ebla, Syria 164 Ebola virus 307 economic booms 9, 29, 216 economic crashes 7–8, 9, 193; credit crunch (2008) 8–10, 28–9, 31, 100, 102, 316, 355, 399, 411; see also depressions (economic) ecosystems, dynamism of 250–51, 303, 410 Ecuador 87 Edinburgh Review 285 Edison, Thomas 234, 246, 272, 412 education: Africa 320; Japan 16; measuring value of 117; and population control 209, 210; universal access 106, 235; women and 209, 210 Edwards, Robert 306 Eemian interglacial period 52–3 Egypt: ancient 161, 166, 167, 170, 171, 192, 193, 197, 270, 334; Mamluk 182; modern 142, 154, 192, 301, 323; prehistoric 44, 45, 125, 126; Roman 174, 175, 178 Ehrenreich, Barbara 291 Ehrlich, Anne 203, 301–2 Ehrlich, Paul 143, 190, 203, 207, 301–2, 303 electric motors 271–2, 283 electricity 233–5, 236, 237, 245–6, 337, 343–4; costs 23; dynamos 217, 233–4, 271–2, 289 elephants 51, 54, 69, 303, 321 Eliot, T.S. 289 email 292 emigration 199–200, 202; see also migrations empathy 94–8 empires, trading 160–61; see also imperialism enclosure acts 226, 323, 406 endocrine disruptors 293 Engels, Friedrich 107–8, 136 England: agriculture 194–6, 215; infant mortality 284; law 118; life expectancy 13, 284; medieval population 194–7; per capita income 196; scientific revolution 255–7; trade 75, 89, 104, 106, 118, 169, 194; see also Britain Enron (corporation) 29, 111, 385 Erie, Lake 17 Erie Canal 139, 283 ethanol 240–42, 300 Ethiopia 14, 316, 319; prehistoric 52, 53, 129 eugenics 288, 329 Euphrates river 127, 158, 161, 167, 177 evolution, biological 5, 6, 7, 49–50, 55–6, 75, 271, 350 Ewald, Paul 309 exchange: etiquette and ritual of 133–4; and innovation 71–2, 76, 119, 167–8, 251, 269–74; and pre-industrial economies 133–4; and property rights 324–5; and rule of law 116, 117–18; and sexual division of labour 65; and specialisation 7, 10, 33, 35, 37–8, 46, 56, 58, 75, 90, 132–3, 350–52, 355, 358–9; and trust 98–100, 103, 104; as unique human trait 56–60; and virtue 100–104; see also bartering; markets; trade executions 104 extinctions 17, 43, 64, 68, 69–70, 243, 293, 302, 338–9 Exxon (corporation) 111, 115 eye colour 129 Ezekiel 167, 168 Facebook (website) 262, 268, 356 factories 160, 214, 218, 219–20, 221, 223, 256, 258–9, 284–5 falcons 299 family formation 195, 209–210, 211, 227 famines: modern 141, 143, 154, 199, 203, 302; pessimism about 280, 281, 284, 290, 300–302, 314; pre-industrial 45, 139, 195, 197 Faraday, Michael 271–2 Fargione, Joseph 242 farming: battery 104, 145–6; free-range 146, 308; intensive 143–9; organic 147, 149–52, 393; slash-and-burn 87, 129, 130; subsidies 188, 328; subsistence 87, 138, 175–6, 189, 192, 199–200; see also agriculture; food supply fascism 289 Fauchart, Emmanuelle 264 fax machines 252 Feering, Essex 195 Fehr, Ernst 94–6 female emancipation 107, 108–9, 209 feminism 109 Ferguson, Adam 1 Ferguson, Niall 85 Fermat’s Last Theorem 275 fermenting 130, 241 Ferranti, Sebastian de 234 Fertile Crescent 126, 251 fertilisation, in-vitro 306 fertilisers 32, 129, 135, 139–41, 142, 143, 145, 146, 147, 148, 149–50, 152, 155, 200, 337 Fibonacci 178 figs 125, 129 filariasis 310 Finland 15, 35, 261 fire, invention of 4, 50, 51, 52, 60, 274 First World War 289, 309 fish, sex-change 280, 293 fish farming 148, 155 fishing 62, 63–4, 71, 78–9, 81–2, 125, 127, 129, 136, 159, 162, 163, 327 Fishman, Charles 113 Flanders 179, 181, 194 flight, powered 257, 261, 264, 266 Flinders Island 81, 84 floods 128, 250, 329, 331, 334, 335, 426 Florence 89, 103, 115, 178 flowers, cut 42, 327, 328 flu, pandemic 28, 145–6, 308–310 Flynn, James 19 Fontaine, Hippolyte 233–4 food aid 28, 141, 154, 203 food miles 41–2, 353, 392; see also local sourcing food preservation 139, 145, 258 food prices 20, 22, 23, 34, 39, 40, 42, 240, 241, 300 food processing 29–30, 60–61, 145; see also baking; cooking food retailing 36, 112, 148, 268; see also supermarkets food sharing 56, 59–60, 64 food supply: and biofuels 240–41, 243, 300; and climate change 337–8; and industrialisation 139, 201–2; pessimism about 280, 281, 284, 290, 300–302; and population growth 139, 141, 143–4, 146–7, 192, 206, 208–9, 300–302 Ford, Ford Maddox 188 Ford, Henry 24, 114, 189, 271 Forester, Jay 303 forests, fears of depletion 304–5, 339 fossil fuels: and ecology 237, 240, 304, 315, 342–3, 345–6; fertilisers 143, 150, 155, 237; and industrialisation 214, 216–17, 229–33, 352; and labour saving 236–7; and productivity 244–5; supplies 216–17, 229–30, 237–8, 245, 302–3; see also charcoal; coal; gas, natural; oil; peat Fourier analysis 283 FOXP2 (gene) 55, 375 fragmentation, political 170–73, 180–81, 184, 185 France: capital markets 259; famine 197; infant mortality 16; population growth 206, 208; revolution 324; trade 184, 186, 222 Franco, Francisco 186 Frank, Robert 95–6 Franken, Al 291 Franklin, Benjamin 107, 256 Franks 176 Fray Bentos 186 free choice 27–8, 107–110, 291–2 free-range farming 146, 308 French Revolution 324 Friedel, Robert 224 Friedman, Milton 111 Friend, Sir Richard 257 Friends of the Earth 154, 155 Fry, Art 261 Fuji (corporation) 114, 386 Fujian, China 89, 183 fur trade 169, 180 futurology 354–5 Gadir (Cadiz) 168–9, 170 Gaelic language 129 Galbraith, J.K. 16 Galdikas, Birute 60 Galilee, Sea of 124 Galileo 115 Gandhi, Indira 203, 204 Gandhi, Sanjay 203–4 Ganges, River 147, 172 gas, natural 235, 236, 237, 240, 302, 303, 337 Gates, Bill 106, 264, 268 GDP per capita (world), increases in 11, 349 Genentech (corporation) 259, 405 General Electric Company 261, 264 General Motors (corporation) 115 generosity 86–7, 94–5 genetic research 54, 151, 265, 306–7, 310, 356, 358 genetically modified (GM) crops 28, 32, 148, 151–6, 283, 358 Genghis Khan 182 Genoa 89, 169, 178, 180 genome sequencing 265 geothermal power 246, 344 Germany: Great Depression (1930s) 31; industrialisation 202; infant mortality 16; Nazism 109, 289; population growth 202; predicted deforestation 304, 305; prehistoric 70, 138; trade 179–80, 187; see also West Germany Ghana 187, 189, 316, 326 Gibraltar, Strait of 180 gift giving 87, 92, 133, 134 Gilbert, Daniel 4 Gilgamesh, King 159 Ginsberg, Allen 110 Gintis, Herb 86 Gladstone, William 237 Glaeser, Edward 190 Glasgow 315 glass 166, 174–5, 177, 259 glass fibre 303 Global Humanitarian Forum 337 global warming see climate change globalisation 290, 358 ‘glorious revolution’ (1688) 223 GM (genetically modified) crops 28, 148, 151–6, 283, 358 goats 122, 126, 144, 145, 197, 320 Goethe, Johann von 104 Goklany, Indur 143–4, 341, 426 gold 165, 177, 303 golden eagles 239, 409 golden toads 338 Goldsmith, Edward 291 Google (corporation) 21, 100, 114, 259, 260, 268, 355 Gore, Al 233, 291 Goths 175 Gott, Richard 294 Gramme, Zénobe Théophile 233–4 Grantham, George 401 gravity, discovery of 258 Gray, John 285, 291 Great Barrier Reef 250 Greece: ancient 115, 128, 161, 170–71, 173–4; modern 186 greenhouse gases 152, 155, 242, 329; see also carbon dioxide emissions Greenland: ice cap 125, 130, 313, 334, 339, 426; Inuits 61; Norse 380 Greenpeace 154, 155, 281, 385 Grottes des Pigeons, Morocco 53 Groves, Leslie 412 Growth is Good for the Poor (World Bank study) 317 guano 139–40, 302 Guatemala 209 Gujarat 162, 174 Gujaratis 89 Gustavus Adolphus, King of Sweden 184 Gutenberg, Johann 184, 253 Guth, Werner 86 habeas corpus 358 Haber, Fritz 140, 412 Hadza people 61, 63, 87 Haiti 14, 301, 315 Halaf people 130 Hall, Charles Martin 24 Halley, Edmond 256 HANPP (human appropriation of net primary productivity) number 144–5 Hanseatic merchants 89, 179–80, 196 Hansen, James 426 hanta virus 307 happiness 25–8, 191 Harappa, Indus valley 161–2 Hardin, Garrett 203 harems 136 Hargreaves, James 227, 256 Harlem, Holland 215–16 Harper’s Weekly 23 Harvey, William 256 hay 214–15, 216, 239, 408–9 Hayek, Friedrich 5, 19, 38, 56, 250, 280, 355 heart disease 18, 156, 295 ‘hedonic treadmill’ 27 height, average human 16, 18 Heller, Michael 265–6 Hellespont 128, 170 Henrich, Joe 77, 377 Henry II, King of England 118 Henry, Joseph 271, 272 Henry, William 221 Heraclitus 251 herbicides 145, 152, 153–4 herding 130–31 Hero of Alexandria 270 Herschel, Sir William 221 Hesiod 292 Hippel, Eric von 273 hippies 26, 110, 175 Hiroshima 283 Hitler, Adolf 16, 184, 296 Hittites 166, 167 HIV/AIDS 8, 14, 307–8, 310, 316, 319, 320, 322, 331, 353 Hiwi people 61 Hobbes, Thomas 96 Hock, Dee 254 Hohle Fels, Germany 70 Holdren, John 203, 207, 311 Holland: agriculture 153; golden age 185, 201, 215–16, 223; horticulture 42; industrialisation 215–16, 226; innovations 264; trade 31, 89, 104, 106, 185, 223, 328 Holy Roman Empire 178, 265–6 Homer 2, 102, 168 Homestead Act (1862) 323 homicide 14, 20, 85, 88, 106, 118, 201 Homo erectus 49, 68, 71, 373 Homo heidelbergensis 49, 50–52, 373 Homo sapiens, emergence of 52–3 Hong Kong 31, 83, 158, 169, 187, 219, 328 Hongwu, Chinese emperor 183 Hood, Leroy 222, 405 Hooke, Robert 256 horses 48, 68, 69, 129, 140, 197, 215, 282, 408–9; shoes and harnesses 176, 215 housing costs 20, 25, 34, 39–40, 234, 368 Hoxha, Enver 187 Hrdy, Sarah 88 Huber, Peter 244, 344 Hueper, Wilhelm 297 Huguenots 184 Huia (birds) 64 human sacrifice 104 Hume, David 96, 103, 104, 170 humour 2 Hunan 177 Hungary 222 Huns 175 hunter-gatherers: consumption and production patterns 29–30, 123; division of labour 61–5, 76, 136; famines 45, 139; limitations of band size 77; modern societies 66–7, 76, 77–8, 80, 87, 135–6, 136–7; nomadism 130; nostalgia for life of 43–5, 135, 137; permanent settlements 128; processing of food 29, 38, 61; technological regress 78–84; trade 72, 77–8, 81, 92–3, 123, 136–7; violence and warfare 27, 44–5, 136, 137 hunting 61–4, 68–70, 125–6, 130, 339 Huron Indians 138–9 hurricanes 329, 335, 337 Hurst, Blake 152 Hutterites 211 Huxley, Aldous 289, 354 hydroelectric power 236, 239, 343, 344, 409 hyenas 43, 50, 54 IBM (corporation) 260, 261, 282 Ibn Khaldun 182 ice ages 52, 127, 329, 335, 340, 388 ice caps 125, 130, 313, 314, 334, 338–9, 426 Iceland 324 Ichaboe island 140 ‘idea-agora’ 262 imitation 4, 5, 6, 50, 77, 80 imperialism 104, 162, 164, 166, 172, 182, 319–20, 357; see also colonialism in-vitro fertilisation 306 income, per capita: and economic freedom 117; equality 18–19, 218–19; increases in 14, 15, 16–17, 218–19, 285, 331–2 India: agriculture 126, 129, 141, 142–3, 147, 151–2, 156, 301; British rule 160; caste system 173; economic growth 187, 358; energy use 245; income equality 19; infant mortality 16; innovations 172–3, 251; Mauryan empire 172–3, 201, 357; mobile phone use 327; population growth 202, 203–4; prehistoric 66, 126, 129; trade 174–5, 175, 179, 186–7, 225, 228, 232; urbanisation 189 Indian Ocean 174, 175 Indonesia 66, 87, 89, 177 Indus river 167 Indus valley civilisation 161–2, 164 industrialisation: and capital investment 258–9; and end of slavery 197, 214; and food production 139, 201–2; and fossil fuels 214, 216–17, 229–33, 352; and innovation 38, 220–24, 227–8; and living standards 217–20, 226–7, 258; pessimistic views of 42, 102–3, 217–18, 284–5; and productivity 227–8, 230–31, 232, 235–6, 244–5; and science 255–8; and trade 224–6; and urbanisation 188, 226–7 infant mortality 14, 15, 16, 208–9, 284 inflation 24, 30, 169, 289 influenza see flu, pandemic Ingleheart, Ronald 27 innovation: and capital investment 258–62, 269; and exchange 71–2, 76, 119, 167–8, 251, 269–74; and government spending programmes 267–9; increasing returns of 248–55, 274–7, 346, 354, 358–9; and industrialisation 38, 220–24, 227–8; and intellectual property 262–7, 269; limitlessness 374–7; and population growth 252; and productivity 227–8; and science 255–8, 412; and specialisation 56, 71–2, 73–4, 76–7, 119, 251; and trade 168, 171 insect-resistant crops 154–5 insecticides 151–2 insects 75–6, 87–8 insulin 156, 274 Intel (corporation) 263, 268 intellectual property 262–7; see also copyright; patents intensive farming 143–9 Intergovernmental Panel on Climate Change (IPCC) 330, 331, 332, 333–4, 338, 342, 347, 425, 426, 427, 428 internal combustion engine 140, 146, 244 International Planned Parenthood Foundation 203 internet: access to 253, 268; blogging 257; and charitable giving 318–19, 356; cyber-crime 99–100, 357; development of 263, 268, 270, 356; email 292; free exchange 105, 272–3, 356; packet switching 263; problem-solving applications 261–2; search engines 245, 256, 267; shopping 37, 99, 107, 261; social networking websites 262, 268, 356; speed of 252, 253; trust among users 99–100, 356; World Wide Web 273, 356 Inuits 44, 61, 64, 126 IPCC (Intergovernmental Panel on Climate Change) 330, 331, 332, 333–4, 338, 342, 347, 349, 425, 426, 427, 428 IQ levels 19 Iran 162 Iraq 31, 158, 161 Ireland 24, 129, 199, 227 iron 166, 167, 169, 181, 184, 223, 229, 230, 302, 407 irradiated food 150–51 irrigation 136, 147–8, 159, 161, 163, 198, 242, 281 Isaac, Glyn 64 Isaiah 102, 168 Islam 176, 357, 358 Israel 53, 69, 124, 148 Israelites 168 Italy: birth rate 208; city states 178–9, 181, 196; fascism 289; Greek settlements 170–71, 173–4; infant mortality 15; innovations 196, 251; mercantilism 89, 103, 178–9, 180, 196; prehistoric 69 ivory 70, 71, 73, 167 Jacob, François 7 Jacobs, Jane 128 Jamaica 149 James II, King 223 Japan: agriculture 197–8; birth rates 212; dictatorship 109; economic development 103, 322, 332; economic and technological regression 193, 197–9, 202; education 16; happiness 27; industrialisation 219; life expectancy 17, 31; trade 31, 183, 184, 187, 197 Jarawa tribe 67 Java 187 jealousy 2, 351 Jebel Sahaba cemeteries, Egypt 44, 45 Jefferson, Thomas 247, 249, 269 Jenner, Edward 221 Jensen, Robert 327 Jericho 127, 138 Jevons, Stanley 213, 237, 245 Jews 89, 108, 177–8, 184 Jigme Singye Wangchuck, King of Bhutan 25–6 Jobs, Steve 221, 264, 405 John, King of England 118 Johnson, Lyndon 202–3 Jones, Rhys 79 Jordan 148, 167 Jordan river 127 Joyce, James 289 justice 19–20, 116, 320, 358 Kalahari desert 44, 61, 76 Kalkadoon aborigines 91 Kanesh, Anatolia 165 Kangaroo Island 81 kangaroos 62, 63, 69–70, 84, 127 Kant, Immanuel 96 Kaplan, Robert 293 Kay, John 184, 227 Kazakhstan 206 Kealey, Terence 172, 255, 411 Kelly, Kevin 356 Kelvin, William Thomson, 1st Baron 412 Kenya 42, 87, 155, 209, 316, 326, 336, 353 Kerala 327 Kerouac, Jack 110 Khoisan people 54, 61, 62, 67, 116, 321 Kim Il Sung 187 King, Gregory 218 Kingdon, Jonathan 67 Kinneret, Lake 124 Klasies River 83 Klein, Naomi 291 Kleiner Perkins Caufield & Byers (venture capitalists) 259 knowledge, increasing returns of 248–50, 274–7 Kodak (corporation) 114, 386 Kohler, Hans-Peter 212 Korea 184, 197, 300; see also North Korea; South Korea Kuhn, Steven 64, 69 kula (exchange system) 134 !

pages: 683 words: 203,624

The Victorian City: Everyday Life in Dickens' London by Judith Flanders


anti-work, centre right, Corn Laws, John Snow's cholera map, Ralph Waldo Emerson, traveling salesman, urban sprawl, working poor

These men either had fixed pitches, or were flying piemen, walking the streets carrying a tray about three feet square, either on their heads or hanging from a strap around their necks. In the 1840s, the Corn Laws kept the price of flour high and, with it, the cost of pies.96 To maintain their price at the expected penny, the piemen were forced to scrimp: their pies were made with cheap shortening, or had less filling, or poor-quality meat. Many of the legends of cats’-meat, or worse, in pies spring from this period. In 1833, Sam Weller advises the horrified Mr Pickwick, ‘Wery good thing is weal pie, when you…is quite sure it ain’t kittens,’ but in summer ‘fruits is in, cats is out’. The legend of Sweeney Todd, the barber who murdered customers for his neighbour to bake into pies, was also created in the Hungry Forties. Even the repeal of the Corn Laws did not help, because once flour became cheaper, pie shops began to open, which damaged the street-trade of the piemen even further.

The tourist thought that the cry didn’t matter, as the sellers had regular beats and were recognized by the cry, not the content, but some of these calls do seem counter-productive. 95. Nineteenth-century muffins were, of course, not American cake-like muffins. The modern ‘English muffin’ (an American anomaly too) is the descendant of what was being sold here. Made from a yeast batter, they were cooked on a griddle rather than baked, then cut in half, and served hot, spread with butter. 96. The Corn Laws were passed in 1815, as Britain moved to a peacetime economy after a quarter of a century of war. The import of grain (corn in this context generally meaning wheat, but legally all grain) from abroad was prohibited unless the home price rose above a certain – astronomical – level, to protect the home markets. Even though the laws brought immense hardship, repeal did not come until 1849, such was the hostility of the great landowners to competition from abroad. 97.

George Hanger, 397, 398n Collier, John Payne, 357 & n Collins, Wilkie: Basil, 35 Colquhoun, Patrick, 394, 408n Commercial Street, 189 Commissioner for Woods and Forests, 57 Constable, John, 98 Cook, James, 414 cookshops (or bakeshops), 290–2, 292 Cooper, Jane, 421 Copenhagen Fields, Islington, 130, 267 Copperfield, David (character, David Copperfield): childhood, 3; coach travel, 94; fear of homelessness, 180; follows Martha, 420; food and eating, 281, 290, 292, 296; on porters, 158; uses Roman bath, 271; walking, 28, 51 Corn Laws, 285–6 & n costermongers: barrows on Guy Fawkes night given battle names, 322; dress, 145–6; purchase equipment and ponies at Smithfield, 130; sell goods from barrows, 123n, 142, 145; slang, 249–50 Cotton’s Warehouse, 111 Counters Creek, 200 ‘courts’ see ‘rents’ Courvoisier, Benjamin-François, 384, 388 Covent Garden: character, 11; Floral Hall, 124; market, 123–6; morning activities, 21; Piazza, 261–2; porters, 125–6 Covent Garden theatre: fire (1856), 331; Old Price Riots (1809), 371–2 cows, 207–8 Cranbourne Alley, 241 Cricket (river steam boat): boiler explodes, 68–9 crime: attitudes to, 378; low-level, 379–80; and poverty, 180 Crimean War (1853–6): ends, 367, 368 Crockford’s (gambling establishment), 349 cross-dressers, 401, 416 crossing-sweepers, 49–50; girls as, 50n Crown Estate: responsibilities, 57 Cruikshank, George, 98n, 277 Cruikshank, Robert, 98n Crummles family (characters, Nicholas Nickleby), 356 Crystal Palace: relocated in Sydenham, 102, 103 Cubitt, Thomas, 262 Cubitt, William, 341 Cuttle, Captain (character, Dombey and Son), 130 Daily News, 63, 336, 388 ‘dancing establishments’, 406–7 David Copperfield (CD): child labour episode, 4; on Hungerford Stairs, 67; on Pimlico, 179; on short-stagecoach, 69 dead: disposal of, 219–22 death: causes, 213, 324–6; from epidemics, 215–17; from starvation, 199, 200; from water, 200; sentences, 386–7; symbols and ceremonies of, 322–3; see also mortality rates debtors: in prison, 173–8, 173 Dedlock, Sir Leicester and Lady (characters, Bleak House), 187 Defoe, Daniel, 220n de Quincey, Thomas, 60, 93 Derby Day, 319–20 Derby, Edward George Geoffrey Smith Stanley, 14th Earl of, 336 Devil’s Acre, Tothill Fields, 182, 188, 196 Diamond Funnel Company (steam boats), 68 Dickens, Catherine (née Hogarth; CD’s wife): and burial of Mary Hogarth, 222; marriage, 5 Dickens, Charles: adopts pseudonym Boz, 5; appearance and dress, 8; attempts autobiography, 3; on bill-stickers, 243; birth and upbringing, 1–2, 5–6; on cabs and cabstands, 81–2, 84–5; on calling for muffins, 288; on chimney sweeps’ May day celebrations, 319; on clerks eating out, 299; on coach travel, 100; on coaching inns, 96; on coachmen’s greetings, 97; on coffee houses, 294; conviviality, 1; on death penalty, 388; on debtors’ prisons, 174–7; describes walk, 58; disparages Prince of Wales, 365n; on disposal of dead, 219–20; distaste for funeral ceremonies, 324; early writings, 4–5; earnings, 5 & n; on effect of ‘improvements’ on poor housing, 189–90; on embankment of Thames, 228; enjoys street crowds, 304; on entering hackney coach, 79; and fatal disasters, 324–5; feeds cherries to child, 132; fictional characters, 11–12; on fog and effects, 203–4; on food at Britannia theatre, 288; on food and eating places, 290; on gin palaces, 353–4; given dinner at Trafalgar Tavern, Greenwich, 277; on Great Stink (1858), 224; hatred of petty authority, 326; on hats and caps, 273; on homeless and destitute, 180–1; joins Shakespeare club, 355; knowledge of London, 7–10; life expectancy, 212; lives in Furnival’s Inn, 32; on living conditions of poor, 195; on lost child at Great Exhibition, 27; marriage, 5; on men keeping possessions in hats, 294n; on mobs, 377; on noise of London, 31–2; on office workers, 26; on oyster house in Holborn, 289; as parliamentary reporter, 4, 32; on pavements, 39; on pawnshops, 240; pictured in advertisement, 245; on police regulation of traffic, 48; preoccupation with London, 422–3; and public executions, 384, 386, 388, 392; on Punch and Judy, 257; on railway development, 61; on recognising prostitutes, 399; relations with Nelly Ternan, 406; revisits site of blacking factory, 131; and rhyming slang, 250; on sandwich-boards, 244–5; sculling, 275; sees Louis Philippe in Paris, 314; on shops and shopping, 238–9; on Simpson’s eating house, 301–2; sings for John Barrow, 357; on Smithfield market, 127, 129, 133; and speech and pronunciation, 248–9, 251–2; on street musicians, 255–6; on suicides, 419–22; supports police, 377, 380; on tea gardens, 274; travels north by coach, 90, 94; on turnstiles, 41; on unknowability of London, 60; view of railways, 101–2, 108; visits burnt-out Covent Garden theatre, 331; walking, 8–9, 44, 180; walks in slum areas, 184, 192–3; on workhouses, 170; works at Morning Chronicle, 5; works in Warren’s Blacking Factory, 4, 153n, 185 Dickens, Elizabeth (née Barrow; CD’s mother): plans to start school for young ladies, 2 Dickens, John (CD’s father), 1–4, 175, 177 Dickensian: as adjective, 1 ‘Dinner at Poplar Walk, A’ (CD; story), 4, 70 disease see illness and disease Diseases Prevention Act (1846), 214 Disraeli, Benjamin, 8, 117, 224, 311–12; Henrietta Temple, 174 District line (underground), 78, 226 District Railway, 77 dockworkers, 163–4 Doctor’s Commons, 32 & n dog carts, 275 & n dog theft, 379 dogfighting, 348–9 dolly shops, 240 Dolly’s (chophouse), 300 Dombey, Edith (character, Dombey and Son), 408 Dombey, Florence (character, Dombey and Son), 129, 171 Dombey, Mr (character, Dombey and Son), 64 Dombey and Son (CD), 10, 61, 101, 152, 171, 242 door-knocks, 86 Dorcas societies, 197 & n Doré, Gustave, 420 Dorrit, Amy (character, Little Dorrit), 28, 169, 379, 421, 423 Dorrit, William (character, Little Dorrit), 175, 177 d’Orsay, Alfred, Count, 98 Dostoyevsky, Fyodor, 59 Downing Street, 61 drains see sewers and drains dress: Billingsgate workers, 126–7; charity-school uniforms, 10; Covent Garden traders, 124–6; milkmen and milkmaids, 145; prostitutes, 398, 401–3; street sellers, 145–6; working-class, 146 & n drinks: attitude to, 350; facilities, 350–4; seasonal, 287 drunkenness, 352 Drury Lane: character, 11; churchyard, 219 duelling, 370–1 Duncannon Street, 270 dustmen, 50–1 & n, 145 Eagle pub, City Road, 274, 405 Earl’s Sluice, 201 earthquake: predicted (1842), 307 East London Water Company, 210 Edinburgh: prostitutes in, 396 Edward, Prince of Wales (later King Edward VII): birth, 312, 365; eighteenth birthday celebrations, 365; marriage, 308; opens Crossness pumping station, 225; visits Carrington, 371; visits sites of fires, 331 Edwin Drood (CD) see Mystery of Edwin Drood, The eels: as food, 282 Effra, river, 201 Egan, Pierce: Life in London, 98n, 171–2, 244, 293, 348, 403 Egg, Augustus: Past and Present (triptych), 244 Eleanor of Castile, Queen of Edward I, 268n Ellis and Blackmore (firm), 31n, 32 Ely Place, Clerkenwell, 270n Embankment, the, 226–8, 227 Emerson, Ralph Waldo, 12 English Opera House, Covent Garden: fire (1830), 330 Enon Chapel scandal, 221 entertainers, popular, 252–9 epidemics, 215–16 Epping, 274 Esther (character) see Summerson, Esther Euston railway station, 61, 106–7 Evans, W.C., 359 Evans’s (supper-singing room), 357–9, 412 Exchange, The, Houndsditch, 137 Exchequer Coffee-House, Palace Yard, Westminster, 294 executions: crowd behaviour, 388–9; last public, 391–2; numbers, 386–8; as punishment, 383–6, 384 Fagin (character, Oliver Twist), 30, 42, 176, 183, 194, 385 fairs, 278–80 Falconbrook (river), 201 Fang (character, Oliver Twist), 378 Farrell, William, 406 Farringdon: Ragged School Dormitory, 164 Farringdon Road, 76–7, 189, 202 Faucit, Elizabeth, 406 Fenchurch Street railway station, 106 Fenians, 390–1 Fenning, Eliza, 389 Field Lane see Saffron Hill Finish coffee house, James Street, 407 Finsbury Park, 267 fire brigades: development and operation, 112, 326–9, 328 fires: attract crowds, 330–2; domestic and institutional, 325, 329–30; Houses of Parliament (1834), 104n, 330–1; Tooley Street (1861), 111–18, 112 fish: fried, 286; marketing, 126–7 fish dinners, 276 Flash Chaunter, The (songbook), 359 Flash Songster, The (songbook), 359 flash-houses (for stolen goods), 378 Fleet Ditch: ruptures, 77 Fleet market, 47; relocated, 76 Fleet prison, 172, 173, 175–6, 178 Fleet, river and valley, 200–2 fog, 203–5 Follit’s Old Established Cigar Stores, near Portman Square, 295 food and cooking: eating houses, 290, 296–303; and eating outdoors, 23–4, 280, 281–4; prices and payment, 299 & n, 302; seasonal, 287; see also coffee stalls footmen, 86 Fordyce, John, 39, 264 Forster, John: and CD in Switzerland, 8; and CD’s unfinished autobiography, 4; home address, 187n; membership of Shakespeare club, 355; portrayed as Podsnap, 190 Foster, Mr (of Chapel-court, Long Acre), 220 Fowler, Jane, 413 Fox, George, 220n free-and-easies see harmonic meetings Frying-pan Alley, Field Lane, 186 Fulwood’s Rents, Holborn, 186 Furley, Mary, 419 Gallery of Illustrations, 337 gambling dens, 349 gangs, 372 Garibaldi, Giuseppe, 317, 345n Garraway’s Coffee-House, Exchange Alley, 295 Garrick, the (pub), 357, 363 gas: companies, 56; explosions, 159, 325; street lighting, 53–6, 88; see also illuminations Gavin, Hector, 37 Gay, John, 53; The Beggar’s Opera, 183 General Board of Health, 214 General Steam Navigation Company, 68 George I, King: statue, 263 George II, King, 260 George III, King, 5, 53, 261 George IV, King (earlier Prince Regent), 6, 53, 264–6, 272n; unpopularity, 310 George, Mr (character, Bleak House), 262 George Reeves’ City Luncheon Rooms, 300, 303 George’s Coffee-House, 295 gestures, 252 gin, 350 gin palaces, 353–4 Gladstone, William Ewart: blackmail attempt on, 263; in first underground journey, 78 Glauber, Johann Rudolf, 242n Gliddon’s Divan, 295 Goding, Mr (brewer), 307 Godwin, George, 160, 211 Golden Cross House, 268n Golden Lane, 182 Golden Square, 262 ‘Gone Astray’ (CD; article), 7 gonoph: defined, 189n Goodered’s Flash Saloon, 360 & n graveyards (cemeteries), 219; new suburban, 222–3 Great Exhibition (1851), 102, 366 Great Expectations (CD): on chophouses, 299; club in, 357; describes Thames, 200; on hardships, 4; pub services in, 247; on short-stagecoach, 69 Great Northern Railway, 76, 107 Great Ormond Street Hospital, 198 Great Stink (1858), 223–5 ‘Great Winglebury Duel, The’ (CD; story), 370 Green, Paddy, 359 Green Park: as Crown land, 260 Greenacre, James, 385 Greenwich: excursions to, 276, 278; Fair, 278–9 Greenwood, James, 24 & n, 132, 198 Greville, Charles, 311 & n, 313, 330 Grewgious, Mr (character, Edwin Drood), 205 Grey, Alice, 413 Grosvenor Estate, 264 Grosvenor, Lord Robert, 376 Grosvenor Square, 262 grubbers, 161 Guppy, Mr (character, Bleak House), 26, 243, 300 Guy Fawkes Night (5 November), 320–2 Gyngell’s theatre, 278 H., Mother (madam), 360 & n, 412 Hackney Brook, 200 hackney coaches, 39, 79–80 Hackney Downs, 267 ham and beef shops, 289 Hammersmith Bridge, 64 Hammersmith and City line (underground), 78 Hampstead, 182 Hampstead Heath: ponds, 201–2; walking on, 274 handbills, 244 Handford, Julius (character, Our Mutual Friend), 294 hangings see executions hansom cabs, 80–5 Hansom, Joseph, 80–1 & n harmonic meetings (free-and-easies), 355–6, 362 Harris’s List of Covent Garden Ladies, 404 Hastings, Henry Rawdon-Hastings, 4th Marquess of, 183 hats and caps: as social markers, 272–3 Havelock, Sir Henry, 272n Havisham, Miss (character, Great Expectations), 10 Hawthorne, Nathaniel, 204, 279 Haydon, Benjamin Robert, 203, 331 Haymarket, 408n, 409 Haynau, General Julius Jacob von, 345n Hay’s Wharf, 111, 112 Heine, Heinrich, 59 Hékékyan, Joseph (Hékékyan Bey), 207 & n, 331, 404 Hemyng, Bracebridge, 397 Herbert, Sidney, 276 Hexam, Gaffer (character, Our Mutual Friend), 10 Hicks, George Elgar: The General Post Office, One Minute to Six (painting), 155 Higden, Betty (character, Our Mutual Friend), 170 Highgate Cemetery, 223 Hints to Men About Town, 350 hoaxes: Berners Street, 17–20 Hodges (distillery owner), 112–13 Hogarth, Mary: burial, 222 Hogarth, William, 263; Morning (engraving), 359n hokey-pokey men, 287 & n Holborn: noise, 31–2 Holborn Casino see Casino de Venise Holborn Hill, 75 Holborn Viaduct: built, 62–3, 62; and Fleet river, 202; opening, 315 Holborn Viaduct railway station, 106n holidays: and shop closures, 238 Holloway prison, 175n homosexuality: female, 414n; punished, 382; secrecy, 413–14 Hood, Thomas: ‘The Bridge of Sighs’, 419, 420 Hook, Theodore, 19–20 Hornsey Wood, 274 Hornsey Wood House, 286 horseback riding, 64 Horsemonger Lane gaol, 383, 385 horses: boys help with, 156; and cabs, 82, 84; manure, 138; and road surfaces, 33–5; slaughtered and used, 138–9; traffic problems, 45–6, 48–9; ubiquity and numbers, 138, 140; working hours, 28–9 Household Words (magazine), 6, 10, 184, 189, 222, 223, 240, 301 Houses of Parliament see Parliament Hughes, Thomas: Tom Brown’s Schooldays, 99 hulks (prison), 179, 218 Hummums, The, Russell Street, 212 Humphrey, Revd Heman, 97 Hungerford Bridge, 65 Hungerford market, 131–2, 131 Hungerford Stairs, 66–7 Hungry Forties, 161, 195–6, 286 Hunt, Leigh, 9 hurdy-gurdy players, 255 Huysmans, J.

pages: 471 words: 109,267

The Verdict: Did Labour Change Britain? by Polly Toynbee, David Walker


banking crisis, Big bang: deregulation of the City of London, Bob Geldof, call centre, central bank independence, congestion charging, Corn Laws, Credit Default Swap, decarbonisation, deglobalization, deindustrialization, Etonian, failed state, first-past-the-post, Frank Gehry, gender pay gap, Gini coefficient, high net worth, hiring and firing, illegal immigration, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, labour market flexibility, market bubble, mass immigration, millennium bug, moral panic, North Sea oil, Northern Rock, offshore financial centre, pension reform, Plutocrats, plutocrats, Ponzi scheme, profit maximization, purchasing power parity, Right to Buy, shareholder value, Skype, smart meter, stem cell, The Spirit Level, too big to fail, University of East Anglia, working-age population, Y2K

The political scientist Philip Cowley counters the charge that under Labour the Commons became more supine. He says the picture was in fact one of growing activism and rebelliousness by backbenchers. MPs got several full-dress debates on Iraq; Blair could have lost the votes. In March 2003, 139 Labour MPs did vote against the war, which Cowley said was the largest rebellion seen under any party on any issue since the repeal of the Corn Laws under Sir Robert Peel. Big commitments on schools or on Trident only passed thanks to Tory support. His research found the class of 2005 Labour MPs the most rebellious of any since the war, but in truth, few rebellions threatened government business. Labour were also conservative about how to pay for politics. Reform was never going to be easy because the antidote to plutocracy was state funding.

., 1, 2, 3, 4 business, 1 company governance, 1 competition policy, 1 see also manufacturing Business Links, 1, 2 Cable, Vince, 1 Cadbury, 1 Caine, Judy, 1 Callaghan, James, 1 Cameron, David, 1, 2, 3, 4 Campaign for Real Ale, 1 Campbell, Alastair, 1, 2 Campbell, Naomi, 1 Canada, 1 cancer research, 1 cannabis, 1, 2 Cannock Chase Hospital, 1 Capel Manor College, 1 Carbon Trust, 1 Cardiff, 1, 2 Millennium Stadium, 1 see also Welsh assembly Care Quality Commission, 1, 2, 3 carers, 1 Carousel children’s centre, 1 Casey, Louise, 1, 2 casinos, 1 Castle, Barbara, 1 cataracts, 1, 2 Cator Park School, 1 CCTV, 1, 2, 3 celebrity culture, 1 Central Office of Information, 1 Ceuta, 1 Charity Commission, 1 Charleroi, 1 Chase Farm Hospital, 1, 2, 3 Cheltenham, 1 Cheney, Dick, 1 Chicago, 1 Chilcot inquiry, 1, 2, 3, 4 Child Maintenance and Enforcement Commission, 1 child poverty, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 Child Support Agency, 1 child trafficking, 1 Child Trust Funds, 1, 2 childcare, 1, 2, 3, 4, 5, 6 children, 1 in care, 1 and crime, 1, 2 and pre-school education, 1 and reading, 1, 2 and safety, 1 and targets, 1 children’s centres, 1, 2, 3 Chile, 1 China, 1, 2, 3, 4, 5, 6, 7 and foreign policy, 1, 2, 3, 4 Chinese cockle pickers, 1 Christian Voice, 1 Chumbawamba, 1 Church of England, 1 Churchill, Winston, 1 cigarette smoking, 1, 2, 3, 4, 5, 6 see also smoking ban citizenship curriculum, 1 City of London, 1, 2, 3, 4, 5, 6, 7 City of London police, 1 civil partnerships, 1 civil service, 1 Clapham Common, 1 Clapham Park estate, 1, 2 Clarke, Charles, 1 Clarke, Ken, 1, 2 Clarke, Michael, 1 Clarkson, Jeremy, 1, 2 ‘clean technologies’, 1 Cleveland Way, 1 climate change, 1, 2, 3, 4, 5 and transport and energy policies, 1 Climbié, Victoria, 1 Clinton, Bill, 1, 2, 3 Clitheroe, 1 cloning, 1 coal, 1 coalition government, 1, 2, 3, 4, 5 Cockermouth, 1 Cohen, Sir Ronnie, 1 Cole, Vanessa, 1 Collins, Colonel Tim, 1 Comer, Beryl, 1, 2, 3, 4 Common Agricultural Policy, 1, 2 community sentences, 1 Confederation of British Industry (CBI), 1, 2, 3, 4, 5, 6 conflict diamonds, 1 Congo, 1 Connelly, Peter (Baby P), 1 Connexions, 1, 2 Contactpoint database, 1 Cook, Robin, 1, 2 Cool Britannia, 1, 2 Cooper, Robert, 1 Cooper, Yvette, 1 Copenhagen summit, 1, 2, 3, 4, 5, 6 Corby, 1, 2 Corn Laws, repeal of, 1 Cornwall, 1, 2 Coronation Street, 1 coroners, 1 Corus, 1 Countryside Alliance, 1, 2 County Durham, 1 Coventry, 1, 2, 3 Cowley, Philip, 1 Cox, Brian, 1 Crawford, Texas, 1 creative industries, 1, 2 credit card debt, 1 Crewe and Nantwich by-election, 1 Crick, Bernard, 1 cricket, 1 Crime and Disorder Reduction Partnerships, 1 crime, 1 car crime, 1 cyber-crime, 1 and demography, 1, 2 and drugs, 1 gun crime, 1, 2 juvenile crime, 1, 2, 3 knife crime, 1, 2 organized crime, 1, 2, 3 street crime, 1 Criminal Records Bureau, 1 Cruddas, Jon, 1 Cullen, Janet, 1, 2, 3, 4 Cumner-Price, George, 1 cycling, 1, 2, 3 Cyprus, 1, 2 Daily Mail, 1, 2, 3, 4, 5 Daily Telegraph, 1 Darfur, 1 Darling, Alistair, 1, 2, 3 Darwen, 1, 2 Darzi, Lord (Ara), 1 Data Protection Act, 1, 2 Davies, Norman, 1 Davies, Ron, 1 Davis, David, 1 Dearlove, Sir Richard, 1 defence policy, 1, 2, 3, 4, 5 Delhi, 1 dementia, 1 demonstrations, policing of, 1 Demos, 1 Denham, John, 1 Denison, Steve, 1 Denmark, 1, 2 dentistry, 1 depression, 1 Derby, 1 devolution, 1, 2, 3, 4, 5, 6, 7 Dewar, Donald, 1, 2 diabetes, 1 Diana, Princess of Wales, 1, 2, 3 Dilnot, Andrew, 1 disabilities, 1, 2, 3, 4, 5 disarmament, 1 divorce rate, 1 DNA database, 1 Dobson, Frank, 1, 2 doctors consultants, 1 GPs, 1, 2, 3 night and weekend cover, 1 pay, 1, 2, 3 working hours, 1 domestic violence, 1, 2, 3, 4 Doncaster, 1, 2, 3 Dongworth, Averil, 1 Dorling, Professor Danny, 1, 2, 3 Drayson, Paul, 1 drones, 1 drug dealers, 1, 2 drugs, 1, 2, 3 Dublin, 1 Duffy, Bobby, 1 Dundee, 1 Dunn, John, 1 Dunwoody, Gwyneth, 1 EastEnders, 1 Ecclestone, Bernie, 1 ‘eco towns’, 1 ecstasy, 1 Edinburgh, 1, 2, 3 see also Scottish parliament Edlington, 1 education, 1 further education and training, 1, 2, 3, 4 higher education, 1, 2, 3, 4, 5, 6 nursery education, 1 productivity in, 1 pre-school education, 1 and selection, 1, 2 and social class, 1, 2 spending on, 1, 2 and targets, 1, 2, 3 Welsh Assembly and, 1 see also schools education action zones, 1 Education Maintenance Allowance, 1, 2, 3 e-government, 1, 2 Egypt, 1 electoral reform, 1, 2, 3 electricity generation, 1, 2 Elgar, Edward, 1 Elgin marbles, 1 Elizabeth, Queen, the Queen Mother, 1 Elizabeth II, Queen, 1, 2, 3 employee buy-outs, 1 employment, 1 flexible, and migration, 1 part-time, 1, 2 state and ‘parastate’, 1, 2 women and, 1, 2 working hours, 1, 2 energy policies, 1 English for Speakers of Other Languages, 1 English Heritage, 1 Enron, 1 Environment Agency, 1, 2 equalities legislation, 1, 2, 3 Equality and Human Rights Commission, 1, 2, 3 Ericsson, 1 ethnic minorities, 1 euro, 1, 2 Eurofighter, 1 European Court of Human Rights, 1 European Union, 1, 2 European Union Emission Trading Scheme, 1 Eurostar, 1 Exeter, 1 Fairtrade products, 1 Falconer, Charlie, 1 Falklands War, 1 Family Intervention Projects (FIPs), 1 Farlow, Andrew, 1 farmers, 1, 2 fashion, 1 Feinstein, Professor Leon, 1, 2 Financial Services Authority, 1 financial services, 1, 2, 3 Financial Times, 1 Finland, 1 fire and rescue service, 1 fiscal stimulus, 1 floods, 1, 2, 3, 4 Florence, 1 flu, 1, 2 swine flu, 1, 2 Folkestone, 1 food and drink, 1, 2 foot-and-mouth disease, 1, 2 football, 1, 2, 3 Football Association, 1 forced marriages, 1 foreign policy, 1, 2, 3 France, 1, 2, 3, 4 economy and business, 1, 2 and education, 1, 2 and health, 1, 2, 3 Frankfurt am Main, 1 Franklin, Tom, 1 Frears, Stephen, 1 free speech, 1, 2 freedom of information, 1, 2, 3, 4, 5, 6 Freud, Lord, 1 Full Monty, The, 1 Future Jobs Fund, 1 G20 summit, 1, 2, 3 Gainsborough, 1 Galbraith, J.K., 1 Gallagher, Liam, 1 Gallagher, Noel, 1 gambling, 1 gangmasters, 1, 2 gas, 1 Gates, Bill, 1 Gateshead, 1 Gaza, 1 GCHQ, 1 GCSEs, 1, 2, 3, 4 Gehry, Frank, 1 Geldof, Bob, 1 gender reassignment, 1 General Teaching Council, 1 genetically modified crops, 1 Germany, 1, 2, 3, 4, 5, 6, 7 economy and business, 1, 2, 3, 4 and education, 1, 2 and health, 1, 2 Ghana, 1 Ghandi’s curry house, 1 Ghent, 1 Gladstone, William Ewart, 1, 2 Glaister, Professor Stephen, 1 Glasgow, 1, 2, 3, 4 Gleneagles summit, 1, 2, 3, 4, 5 globalization, 1, 2, 3, 4, 5, 6, 7 and crime, 1 and foreign policy, 1, 2, 3 and inequality, 1 and migration, 1, 2 Gloucester, 1 Goldacre, Ben, 1 Good Friday agreement, 1 Goodwin, Sir Fred, 1 Goody, Jade, 1 Gormley, Antony, 1 Gould, Philip, 1 grandparents, and childcare, 1 Gray, Simon, 1 Great Yarmouth, 1 Greater London Authority, 1, 2 Greater London Council, 1 green spaces, 1 Greenberg, Stan, 1 Greengrass, Paul, 1 Greenspan, Alan, 1, 2 Greenwich, 1 Gregg, Paul, 1 Guardian, 1, 2, 3 Guizot, François, 1 Gulf of Mexico oil spill, 1 Gummer, John, 1 Gurkhas, 1 Guthrie of Craigiebank, Lord, 1 Guy’s and St Thomas’s Hospital, 1 habeas corpus, suspension of, 1 Hacienda Club, 1 Hackney, 1 Hale, Baroness Brenda, 1 Hallé Orchestra, 1 Ham, Professor Chris, 1 Hamilton, Lewis, 1 Hammersmith Hospital, 1 Hammond, Richard, 1 Hardie, Keir, 1 Hardy, Thea, 1 Haringey, 1, 2 Harman, Harriet, 1 Harris of Peckham, Lord, 1 Harrison, PC Dawn, 1, 2 Harrow School, 1 Hartlepool, 1, 2 Hastings, 1, 2 Hatfield rail crash, 1 Hatt family, 1, 2, 3, 4 health, 1 and private sector, 1, 2 and social class, 1 spending on, 1, 2 Health Action Zones, 1 Health and Safety Executive, 1 Heathcote, Paul, 1 Heathrow airport, 1, 2, 3, 4 Hellawell, Keith, 1 Hennessy, Professor Peter, 1 Henry, Donna Charmaine, 1, 2, 3 heroin, 1 Hewitt, Patricia, 1, 2 Higgs, Sir Derek, 1 Hills, Professor John, 1, 2, 3 Hirst, Damien, 1 HMRC, 1, 2, 3 Hogg, John, 1, 2, 3 Hoggart, Richard, 1 Holly, Graham, 1 homelessness, 1, 2 Homerton Hospital, 1 homosexuality, 1, 2, 3 ‘honour’ killings, 1 Hoon, Geoff, 1 hospital-acquired infections, 1 hospitals and clinics, 1, 2, 3, 4 A&E units, 1, 2 closures, 1, 2, 3 foundation trusts, 1, 2, 3, 4, 5 and PFI, 1 House of Commons reforms, 1, 2 House of Lords reforms, 1, 2, 3, 4 housing market, 1, 2, 3 housing policies, 1, 2, 3, 4, 5 Howe, Elspeth, 1 Hoxton, 1 Huddersfield, 1 Hudson, Joseph, 1 Hull, 1, 2, 3 Human Rights Act, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Humber Bridge, 1 hunting ban, 1 Hussein, Saddam, 1, 2, 3, 4 Hutton, John, 1 Hutton, Will, 1, 2 identity cards, 1, 2 If (Kipling), 1 Imperial War Museum North, 1 income inequalities, 1, 2, 3 gender pay gap, 1, 2 and high earners, 1 and social class, 1 Independent Police Complaints Commission (IPCC), 1 Independent Safeguarding Authority, 1 independent-sector treatment centres (ISTCs), 1 Index of Multiple Deprivation, 1 India, 1, 2, 3, 4, 5, 6 individual learning accounts, 1 inflation, 1 and housing market, 1, 2 International Criminal Court, 1 International Monetary Fund (IMF), 1, 2, 3 internet, 1, 2, 3 and crime, 1 and cyber-bullying, 1 file sharing, 1 gambling, 1 and sex crimes, 1 Iran, 1, 2, 3 Iraq, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 arms supplies, 1 Chilcot inquiry, 1, 2, 3, 4 and Territorial Army, 1 and WMD, 1 Ireland, 1, 2, 3 Irish famine, 1 Irvine of Lairg, Lord, 1, 2 Ishaq, Khyra, 1 Islamabad, 1 Isle of Man, 1 Isle of Wight, 1, 2 Israel, 1 Italy, 1, 2, 3 and football, 1 Ivory Coast, 1 Japan, 1, 2, 3, 4 Jenkins, Roy, 1, 2 Jerry Springer: The Opera, 1 Jobcentre Plus, 1, 2 John Lewis Partnership, 1, 2 Johnson, Alan, 1, 2, 3, 4 Johnson, Boris, 1, 2 Judge, Lord (Igor), 1 Judge, Professor Ken, 1 Julius, DeAnne, 1 jury trials, 1, 2 Kabul, 1 Kapoor, Anish, 1, 2 Karachi, 1 Karadžic, Radovan, 1 Kashmir, 1 Kaufman, Gerald, 1 Keegan, William, 1 Keep Britain Tidy, 1 Kelvingrove Art Gallery and Museum, 1 Kensit, Patsy, 1 Keynes, John Maynard, 1 Keys, Kenton, 1 Kidderminster Hospital, 1 King, Sir David, 1, 2 King, Mervyn, 1 King Edward VI School, 1 King’s College Hospital, 1 Kingsnorth power station, 1 Kirklees, 1 Knight, Jim, 1 knighthoods, 1 knowledge economy, 1 Kosovo, 1, 2, 3, 4 Kynaston, David, 1 Kyoto summit and protocols, 1, 2, 3 Labour Party membership, 1 Lacey, David, 1 Ladbroke Grove rail crash, 1 Lamb, General Sir Graeme, 1 Lambert, Richard, 1 landmines, 1 Lansley, Andrew, 1 lapdancing, 1 Las Vegas, 1 Lawrence, Stephen, 1 Lawson, Mark, 1 Layard, Professor Richard, 1 Le Grand, Professor Julian, 1 Lea, Ruth, 1 Lea Valley High School, 1, 2, 3, 4, 5, 6 Leahy, Sir Terry, 1, 2 learndirect, 1 Learning and Skills Council, 1 learning difficulties, 1, 2 learning mentors, 1 Leeds, 1, 2, 3, 4 legal reforms, 1 Leigh, Mike, 1 Lenon, Barnaby, 1 Lewes, 1 Lewisham, 1 Liberty, 1 licensing laws, 1, 2 life expectancy, 1, 2, 3, 4, 5 Life on Mars, 1 Lincoln, 1 Lindsell, Tracy, 1, 2 Lindsey oil refinery, 1 Lisbon Treaty, 1 Liverpool, 1, 2, 3, 4, 5, 6 Liverpool FC, 1 living standards, 1, 2 living wage campaign, 1, 2 Livingstone, Ken, 1, 2, 3, 4, 5 Livni, Tzipi, 1 Loaded magazine, 1 local government, 1, 2, 3 and elected mayors, 1 Lockerbie bomber, 1 London, 1, 2, 3, 4, 5, 6 bombings, 1, 2 congestion charge, 1, 2 detention of foreign leaders, 1 G20 protests, 1 Iraq war protests, 1, 2 mayoral election, 1, 2 and transport policy, 1, 2, 3 London Array wind farm, 1 Longannet, 1 Longfield, Anne, 1 Lord-Marchionne, Sacha, 1 Lorenzetti, Ambrogio, 1 lorry protests, 1, 2 Lowry Museum, 1 Lumley, Joanna, 1 Luton, 1, 2, 3, 4 Lyons, Sir Michael, 1 Macfadden, Julia, 1 Machin, Professor Stephen, 1, 2 Maclean, David, 1 Macmillan, Harold, 1 Macmillan, James, 1 McNulty, Tony, 1 Macpherson, Sir Nick, 1 Macpherson, Sir William, 1 McQueen, Alexander, 1 Madrid, 1, 2, 3 Major, John, 1, 2, 3, 4, 5, 6 Malaya, 1 Malloch Brown, Mark, 1 Manchester, 1, 2, 3, 4, 5, 6 club scene, 1, 2 and crime, 1, 2 Gorton, 1, 2, 3, 4, 5, 6 and local government, 1 and transport policy, 1, 2, 3 Manchester Academy, 1 Manchester United FC, 1, 2 Manchester University, 1 Mandelson, Peter, 1, 2 Manpower Services Commission, 1 manufacturing, 1, 2, 3 Margate, 1 ‘market for talent’ myth, 1 marriage rate, 1 Martin, Michael, 1 maternity and paternity leave, 1, 2 Mayfield, Charlie, 1 Medical Research Council, 1 mental health, 1, 2, 3, 4 mephedrone, 1 Metcalf, Professor David, 1 Metropolitan Police, 1, 2, 3 Mexico, 1, 2 MG Rover, 1 Michael, Alun, 1 Middlesbrough College, 1, 2 migration, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 Milburn, Alan, 1, 2, 3, 4, 5 Miliband, David, 1, 2, 3, 4, 5, 6 Miliband, Ed, 1, 2, 3 Millennium Cohort Study, 1, 2 Millennium Dome, 1, 2, 3 Miloševic, Slobodan, 1 Milton Keynes, 1 minimum wage, 1, 2, 3, 4, 5, 6, 7 Mitchell, Senator George, 1 modern art, 1 Mohamed, Binyam, 1 Monbiot, George, 1 Moray, 1 Morecambe, 1, 2 Morecambe Bay cockle pickers, 1 Morgan, Piers, 1 Morgan, Rhodri, 1 mortgage interest relief, 1 Mosley, Max, 1 motor racing, 1 Mowlam, Mo, 1 Mozambique, 1 MPs’ expenses, 1, 2, 3, 4, 5 MRSA, 1 Mugabe, Robert, 1 Muijen, Matt, 1 Mulgan, Geoff, 1 Mullin, Chris, 1 Murdoch, Rupert, 1, 2, 3 Murphy, Richard, 1 museums and galleries, 1, 2, 3 music licensing, 1 Muslims, 1, 2, 3, 4, 5 mutualism, 1 Myners, Paul, 1 nanotechnology, 1, 2, 3 National Air Traffic Control System, 1 National Care Service, 1 national curriculum, 1 national debt, 1 National Forest, 1 National Health Service (NHS) cancer plan, 1 drugs teams, 1 and employment, 1, 2 internal market, 1 IT system, 1 league tables, 1 managers, 1, 2 NHS direct, 1 primary care, 1 productivity, 1, 2 and public satisfaction, 1 staff numbers and pay, 1 and targets, 1, 2, 3 waiting times, 1, 2, 3, 4, 5, 6, 7, 8 National Heart Forum, 1 National Institute for Health and Clinical Excellence (NICE), 1, 2 National Insurance, 1, 2, 3, 4, 5 National Lottery, 1, 2, 3 National Offender Management Service, 1 National Savings, 1 National Theatre, 1 Natural England, 1, 2 Nazio, Tiziana, 1 Neighbourhood Watch, 1 Netherlands, 1, 2 neurosurgery, 1 New Deal, 1, 2, 3, 4, 5, 6, 7 New Deal for Communities, 1, 2 New Forest, 1 Newcastle upon Tyne, 1, 2 Newham, 1, 2 newspapers, 1, 2, 3, 4, 5 Nigeria, 1 Nightingale, Florence, 1 non-doms, 1 North Korea, 1 North Middlesex Hospital, 1 North Sea oil and gas, 1 Northern Ireland, 1, 2, 3, 4, 5, 6, 7 Northern Rock, 1, 2, 3, 4, 5 Norway, 1 Nottingham, 1, 2 NSPCC, 1 nuclear power, 1 Number Ten Delivery Unit, 1 nurses, 1, 2, 3, 4 Nutt, Professor David, 1 NVQs, 1 O2 arena, 1 Oakthorpe primary school, 1, 2 Oates, Tim, 1 Obama, Barack, 1, 2 obesity, 1, 2 Octagon consortium, 1 Office for National Statistics, 1, 2 Office of Security and Counter Terrorism, 1 Ofsted, 1, 2, 3, 4, 5 Ofwat, 1 Oldham, 1, 2, 3, 4 O’Leary, Michael, 1 Oliver, Jamie, 1, 2 Olympic Games, 1, 2, 3 Open University, 1 O’Reilly, Damien, 1, 2 orthopaedics, 1 Orwell, George, 1, 2 outsourcing, 1, 2, 3, 4 overseas aid, 1, 2 Oxford University, 1 paedophiles, 1, 2, 3 Page, Ben, 1, 2 Pakistan, 1, 2, 3, 4, 5, 6, 7 Palestine, 1, 2 parenting, 1 absent parents, 1 lone parents, 1, 2 teenage parents, 1 Paris, 1, 2 Park Lane, 1 Parkinson, Professor Michael, 1 particle physics, 1 party funding, 1, 2, 3 passport fraud, 1 Passport Office, 1 Patch, Harry, 1 Payne, Sarah, 1, 2 Peach, Blair, 1 Pearce, Nick, 1 Peckham, 1, 2 Aylesbury estate, 1 Peel, Sir Robert, 1 pensioner poverty, 1, 2 pensions, 1, 2 occupational pensions, 1, 2 pension funds, 1, 2 private pensions, 1 public-sector pensions, 1 state pension, 1, 2 Persian Gulf, 1 personal, social and health education, 1 Peterborough, 1 Peugeot, 1 Philips, Helen, 1 Phillips, Lord (Nicholas), 1, 2 Phillips, Trevor, 1 Pilkington, Fiona, 1 Pimlico, 1 Pinochet, Augusto, 1 Plymouth, 1, 2 Poland, 1, 2 police, 1 and demonstrations, 1 numbers, 1, 2, 3 in schools, 1, 2, 3 pornography, 1 Portsmouth FC, 1, 2 Portugal, 1 post offices, 1 Postlethwaite, Pete, 1 poverty, 1, 2, 3 see also child poverty; pensioner poverty Premier League, 1 Prescott, John, 1, 2, 3, 4, 5 press officers, 1 Preston, 1 Prevent strategy, 1 Primary Care Trusts (PCTs), 1, 2 prisons, 1, 2 Private Finance Initiative (PFI), 1, 2 probation, 1, 2 property ownership, 1 prostitution, 1, 2, 3 Public Accounts Committee, 1 public sector reform, 1, 2 public service agreements, 1 public spending, 1, 2, 3 and the arts, 1 and science, 1 Pugh, Martin, 1 Pullman, Philip, 1 QinetiQ, 1 Quality and Outcomes Framework, 1 quangos, 1, 2 Queen, The, 1 Quentin, Lieutenant Pete, 1, 2 race relations legislation, 1 racism, 1, 2 RAF, 1, 2, 3 RAF Brize Norton, 1 railways, 1 Rand, Ayn, 1 Rawmarsh School, 1 Raynsford, Nick, 1 Reckitt Benckiser, 1 recycling, 1 Redcar, 1 regional assemblies, 1, 2 regional development agencies (RDAs), 1, 2, 3 regional policy, 1 Reid, John, 1 Reid, Richard, 1 religion, 1, 2 retirement age, 1, 2 right to roam, 1 Rimington, Stella, 1 Rio Earth summit, 1 road transport, 1 Rochdale, 1, 2 Roche, Barbara, 1 Rogers, Richard, 1 Romania, 1, 2 Rome, 1 Rooney, Wayne, 1 Roosevelt, Franklin D., 1 Rosetta Stone, 1 Rosyth, 1 Rotherham, 1, 2, 3 Royal Opera House, 1 Royal Shakespeare Company, 1 Royal Society for the Protection of Birds, 1 Rugby, 1 rugby union, 1 Rumsfeld, Donald, 1 rural affairs, 1, 2 Rushdie, Salman, 1 Russia, 1, 2 Rwanda, 1 Ryanair, 1, 2 Sainsbury, Lord David, 1 St Austell, 1 St Bartholomew’s Hospital, 1, 2 St Pancras International station, 1 Salford, 1, 2, 3, 4 Sanchez, Tia, 1 Sandwell, 1 Sarkozy, Nicolas, 1, 2 Savill, Superintendent Paul, 1 Saville, Lord, 1 savings ratio, 1 Scandinavia, 1, 2, 3 Scholar, Sir Michael, 1 school meals, 1, 2 school uniforms, 1 school-leaving age, 1 schools academies, 1, 2, 3, 4 building, 1 class sizes, 1 comprehensive schools, 1, 2 faith schools, 1, 2, 3, 4 grammar schools, 1, 2, 3 and inequality, 1 nursery schools, 1 and PFI, 1, 2, 3 police in, 1, 2, 3 primary schools, 1, 2, 3, 4, 5 private schools, 1, 2 secondary schools, 1, 2, 3 in special measures, 1 special schools, 1 specialist schools, 1 and sport, 1 science, 1, 2, 3, 4, 5 Scotland, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 electricity generation, 1 and health, 1, 2, 3, 4, 5 Scottish parliament, 1, 2 Section 1, 2 security services, 1 MI5, 1, 2, 3 Sedley, Stephen, 1 segregation, 1 self-employment, 1 Sellafield, 1 Serious Organized Crime Agency, 1 sex crimes, 1 Sex Discrimination Act, 1 Shankly, Bill, 1 Sharkey, Feargal, 1 Shaw, Liz, 1 Sheen, Michael, 1 Sheffield, 1, 2, 3, 4, 5, 6 Sheringham, 1 Shetty, Shilpa, 1 Shipman, Harold, 1 shopping, 1 Short, Clare, 1 Siemens, 1 Siena, 1 Sierra Leone, 1, 2 Skeet, Mavis, 1 skills councils, 1 slavery, 1 Slough, 1 Smith, Adam, 1 Smith, Chris, 1 Smith, Jacqui, 1, 2 Smith, John, 1, 2 Smithers, Professor Alan, 1, 2 smoking ban, 1, 2 Snowden, Philip, 1 social care, 1, 2, 3 Social Chapter opt-out, 1 social exclusion, 1, 2 Social Fund, 1 social mobility, 1, 2 social sciences, 1 social workers, 1 Soham murders, 1, 2, 3, 4 Solihull, 1, 2 Somalia, 1, 2 Souter, Brian, 1 South Africa, 1 South Downs, 1 Spain, 1, 2, 3 special advisers, 1 speed cameras, 1 Speenhamland, 1 Spelman, Caroline, 1 Spence, Laura, 1 sport, 1, 2 see also football; Olympic Games Sri Lanka, 1, 2 Stafford Hospital, 1 Staffordshire University, 1 Standard Assessment Tests (Sats), 1, 2, 3 Standards Board for England, 1 statins, 1, 2, 3 stem cell research, 1 STEM subjects, 1 Stephenson, Sir Paul, 1 Stern, Sir Nicholas, 1, 2 Stevenson, Lord (Dennis), 1 Stevenson, Wilf, 1 Steyn, Lord, 1 Stiglitz, Joseph, 1 Stockport, 1 Stonehenge, 1 Stoppard, Tom, 1 Straw, Jack, 1, 2, 3, 4, 5 student fees, 1 Stuff Happens, 1 Sudan, 1, 2 Sugar, Alan, 1 suicide bombing, 1 suicides, 1 Sun, 1, 2 Sunday Times, 1, 2 Sunderland, 1, 2 supermarkets, 1, 2 Supreme Court, 1, 2 Sure Start, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 surveillance, 1, 2 Sutherland, Lord (Stewart), 1 Swansea, 1 Sweden, 1, 2, 3, 4, 5 Swindon, 1 Taliban, 1, 2 Tallinn, 1 Tanzania, 1 Tate Modern, 1 Taunton, 1 tax avoidance, 1, 2, 3 tax credits, 1, 2, 3, 4, 5, 6, 7, 8 council tax credit, 1 pension credit, 1, 2, 3 R&D credits, 1 taxation, 1, 2 10p tax rate, 1 capital gains tax, 1, 2 corporation tax, 1, 2, 3, 4 council tax, 1, 2 fuel duty, 1, 2, 3 green taxes, 1, 2 and income inequalities, 1 income tax, 1, 2, 3, 4 inheritance tax, 1, 2 poll tax, 1 stamp duty, 1, 2, 3 vehicle excise duty, 1 windfall tax, 1, 2, 3 see also National Insurance; VAT Taylor, Damilola, 1 Taylor, Robert, 1 teachers, 1, 2, 3 head teachers, 1, 2 salaries, 1, 2 teaching assistants, 1, 2 teenage pregnancy, 1, 2, 3 Teesside University, 1 television and crime, 1 and gambling, 1 talent shows, 1 television licence, 1, 2, 3 Territorial Army, 1 terrorism, 1, 2, 3, 4, 5, 6, 7 Terry, John, 1 Tesco, 1, 2, 3, 4 Tewkesbury, 1 Thames Gateway, 1 Thameswey, 1 Thatcher, Margaret, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 Thatcherism, 1, 2, 3 theatre, 1 Thornhill, Dorothy, 1 Thorp, John, 1 Tibet, 1 Tilbury, 1 Times, The, 1 Times Educational Supplement, 1, 2 Timmins, Nick, 1 Titanic, 1 Tomlinson, Mike, 1 Topman, Simon, 1, 2 torture, 1, 2 trade unions, 1, 2, 3 Trades Union Congress (TUC), 1, 2, 3 tramways, 1 transport policies, 1, 2 Trident missiles, 1, 2, 3 Triesman, Lord, 1 Turkey, 1, 2 Turnbull, Lord (Andrew), 1 Turner, Lord (Adair), 1, 2, 3 Tweedy, Colin, 1 Tyneside Metro, 1 Uganda, 1 UK Film Council, 1 UK Sport, 1 UK Statistics Authority, 1 unemployment, 1, 2, 3, 4, 5, 6, 7 United Nations, 1, 2, 3 United States of America, 1, 2 Anglo-American relationship, 1, 2, 3, 4, 5, 6, 7 and child poverty, 1 and clean technologies, 1 economy and business, 1, 2, 3 and education, 1, 2, 3 and healthcare, 1, 2 and income inequalities, 1 and internet gambling, 1 and minimum wage, 1 universities, 1, 2, 3, 4, 5 and migration, 1 and terrorism, 1 tuition fees, 1 University College London Hospitals, 1 University for Industry, 1 University of East Anglia, 1 University of Lincoln, 1 Urban Splash, 1, 2 Vanity Fair, 1 VAT, 1, 2, 3 Vauxhall, 1 Venables, Jon, 1 Vestas wind turbines, 1 Victoria and Albert Museum, 1 Waitrose, 1 Waldfogel, Jane, 1 Wales, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 Walker, Sir David, 1 walking, 1, 2 Walsall, 1 Wanless, Sir Derek, 1 Wanstead, 1 Warm Front scheme, 1 Warner, Lord Norman, 1 Warsaw, 1 Warwick accord, 1 water utilities, 1 Watford, 1 welfare benefits child benefit, 1, 2 Employment Support Allowance, 1 and fraud, 1, 2, 3, 4 housing benefit, 1 incapacity benefit, 1, 2 Income Support, 1 Jobseeker’s Allowance, 1, 2, 3 and work, 1, 2 Welsh assembly, 1, 2 Wembley Stadium, 1 Westfield shopping mall, 1 Wetherspoons, 1 White, Marco Pierre, 1 Whittington Hospital, 1 Wiles, Paul, 1 Wilkinson, Richard, and Kate Pickett, 1 Williams, Professor Karel, 1 Williams, Raymond, 1 Williams, Rowan, 1 Wilson, Harold, 1, 2, 3, 4, 5, 6, 7 Wilson, Sir Richard, 1 wind turbines, 1, 2 Winslet, Kate, 1 winter fuel payments, 1 Wire, The, 1 Woking, 1, 2 Wolverhampton, 1 Woolf, Lord, 1 Wootton Bassett, 1, 2 working-class culture, 1 working hours, 1, 2 World Bank, 1 Wrexham, 1 Wright Robinson School, 1, 2, 3 xenophobia, 1 Y2K millennium bug, 1 Yarlswood detention centre, 1 Yeovil, 1 Yiewsley, 1 York, 1, 2, 3, 4 Young Person’s Guarantee, 1 Youth Justice Board, 1 Zimbabwe, 1, 2 About the Author Polly Toynbee is the Guardian’s social and political commentator.

pages: 355 words: 92,571

Capitalism: Money, Morals and Markets by John Plender


activist fund / activist shareholder / activist investor, Andrei Shleifer, asset-backed security, bank run, Berlin Wall, Big bang: deregulation of the City of London, Black Swan, bonus culture, Bretton Woods, business climate, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, computer age, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, discovery of the americas, diversification, Eugene Fama: efficient market hypothesis, eurozone crisis, failed state, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, Fractional reserve banking, full employment, God and Mammon, Gordon Gekko, greed is good, Hyman Minsky, income inequality, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, joint-stock company, Joseph Schumpeter, labour market flexibility, liberal capitalism, light touch regulation, London Interbank Offered Rate, London Whale, Long Term Capital Management, manufacturing employment, Mark Zuckerberg, market bubble, market fundamentalism, mass immigration, means of production, Menlo Park, money market fund, moral hazard, moveable type in China, Myron Scholes, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, paradox of thrift, Paul Samuelson, Plutocrats, plutocrats, price stability, principal–agent problem, profit motive, quantitative easing, railway mania, regulatory arbitrage, Richard Thaler, rising living standards, risk-adjusted returns, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, short selling, Silicon Valley, South Sea Bubble, spice trade, Steve Jobs, technology bubble, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, Thorstein Veblen, time value of money, too big to fail, tulip mania, Upton Sinclair, Veblen good, We are the 99%, Wolfgang Streeck, zero-sum game

Yet the underlying idea is still very much of its time in the conclusion Montesquieu draws from it relating to the workings of human passions and interests: ‘And it is fortunate for men to be in a situation in which, though their passions may prompt them to be wicked [méchants], they have nevertheless an interest in not being so.’ The high tide of such liberal internationalism came in the mid-nineteenth century with the textile manufacturer and politician Richard Cobden, who, with John Bright, led the free trade campaign for the repeal of the Corn Laws, the system of tariffs that protected English landowners from foreign grain imports. Cobden was a pacifist and anti-imperialist. In his most idealistic and visionary speech on the case for free trade, he made it clear that securing peace through international trade was far more important to him than any economic consideration, although many of his supporters in the business community were probably more interested in the capacity of free trade to cheapen labour: I have been accused of looking too much to material interests.

In Tennyson’s poem of unrequited love, ‘Locksley Hall’, the narrator has an extraordinary prophetic vision of aerial warfare which is then succeeded by a peace in which an enlightened global parliament rules: For I dipt into the future, far as human eye could see, Saw the vision of the world, and all the wonder that would be; Saw the heavens fill with commerce, argosies of magic sails, Pilots of the purple twilight dropping down with costly bales; Heard the heavens fill with shouting, and there rain’d a ghastly dew From the nations’ airy navies grappling in the central blue; Far along the world-wide whisper of the south-wind rushing warm, With standards of the peoples plunging thro’ the thunder-storm; Till the war-drum throbb’d no longer, and the battle-flags were furl’d In the Parliament of man, the Federation of the world. There the common sense of most shall hold a fretful realm in awe, And the kindly earth shall slumber, lapt in universal law.105 The immediate consequence of Cobden’s victory in the campaign against the Corn Laws was an acceleration in British trade and economic growth. For Britain, at least, the rest of the century was relatively peaceful domestically. By the start of the twentieth century, meantime, Cobden’s idealism had been developed by the British journalist and politician Norman Angell into a more general theory about the futility of war in conditions of economic interdependence. In a book called The Great Illusion, which appeared in 1910 during the first period of globalisation in the world economy, he argued that the costs of victory always outweighed the gains; and not just because of the loss of life and destruction of wealth.

pages: 1,088 words: 297,362

The London Compendium by Ed Glinert


1960s counterculture, anti-communist, Big bang: deregulation of the City of London, Bob Geldof, British Empire, Brixton riot, Corn Laws, Dava Sobel, double entry bookkeeping, Edward Lloyd's coffeehouse, Exxon Valdez, hiring and firing, invention of the telegraph, Isaac Newton, John Harrison: Longitude, John Snow's cholera map, Khartoum Gordon, Mahatma Gandhi, mass immigration, Nick Leeson, price stability, Ronald Reagan, Sloane Ranger, South China Sea, South Sea Bubble, spice trade, the market place, trade route, union organizing, V2 rocket

No. 6, east side During the nineteenth century the property was the official home of the Lord Chancellor, its best-known incumbent of the period being Lord Eldon, who held the office from 1804 to 1815 and was characterized acerbically by the poet Shelley in the lines ‘next came Fraud, and he had on / Like Eldon, an ermined gown’ in his vitriolic 1819 work, ‘The Mask of Anarchy’. Eldon, as Attorney-General, had antagonized opponents by suspending Habeas Corpus between 1794 and 1801, prosecuting members of the radical London Corresponding Society, and helping pass the Corn Laws, which protected landowners from cheap imports of grain and ensured an artificially high price for bread. In 1815 he bore the brunt of the anti-Corn Law protests when a mob besieged his house for three weeks. When at one point a rioter broke into the property and came face to face with Eldon the latter thundered: ‘If you don’t mind what you are about you will be hanged,’ which led the man to reply: ‘Perhaps so, but I think it looks now as if you will be hanged first.’ Bloomsbury Square Bloomsbury Square, the first junction of roads in London to be called a square, was created as Southampton Square in 1657 by the Earl of Southampton with the unusual layout of housing for wealthy families on three sides and servants’ houses on the fourth.

Clerkenwell Green Last Sunday evening I spent on Clerkenwell Green – a great assembly place for radical meetings – George Gissing, letter to his sister (1887) Clerkenwell’s village green, its appearance more like that of a continental piazza than a London square, was the medieval setting for the parish clerks’ mystery plays and was where rebels from the North camped out during the 1381 Peasants’ Revolt before destroying the nearby priory of St John. In the nineteenth century the Green became a popular setting for political demonstrations, and was where William Cobbett, author of Rural Rides (1830), spoke against the Corn Laws in February 1826. During the Chartist agitation of 1842 the prime minister, Robert Peel, banned public meetings from taking place here, but the Green later came to be used for rallies again: in 1867 to protest against the proposed hanging of three Fenians; in 1871 in support of the Paris Commune; and, most famously of all, on 13 November 1887, when Annie Besant and William Morris addressed a large crowd in favour of the right to assembly and marched to Trafalgar Square where a riot that became known as Bloody Sunday took place.

Carlton Club (1835-1940), No. 94 The Conservatives’ main social and political club, which was formed at 2 Carlton House Terrace after the party’s poor showing at the 1832 general election, moved here three years later. Despite the energy members expended in creating a strong party organization based around the three tenets of the long-serving Tory prime minister Lord Liverpool – defence of the Crown, Church and Constitution – the party was torn apart in 1846 when Tory PM Robert Peel repealed the Corn Laws, a move opposed by the majority of members. In the 1870s the Carlton was replaced as the most powerful bastion of Conservatism by the party’s Central Office, and in 1886 the windows of the Pall Mall building were smashed by demonstrators following a march by the London United Workmen’s Committee in demand of jobs. At a meeting in the Carlton in October 1922 the Tories withdrew their support for the Coalition government of the Liberal David Lloyd George, which led a group of Tory MPs to form the 1922 Committee, the major powerbase for backbench MPs since.

pages: 964 words: 296,182

Karl Marx: Greatness and Illusion by Gareth Stedman Jones


anti-communist, battle of ideas, Berlin Wall, British Empire, colonial rule, Corn Laws, deindustrialization, Fall of the Berlin Wall, feminist movement, fixed income, joint-stock company, land reform, land tenure, means of production, New Journalism, New Urbanism, night-watchman state, On the Economy of Machinery and Manufactures, The Wealth of Nations by Adam Smith, trade liberalization, unemployed young men, wage slave

The answer was ‘the establishment of a new society, one no longer based on class antagonisms’. Therefore, the crucial issue for Poland was ‘the victory of the English proletarians over the English bourgeoisie … Poland must be liberated not in Poland but in England.’103 This reduction of the political to the social was, he thought, happening everywhere. Something similar had occurred in England, where ‘in all questions from the Reform Bill until the abolition of the Corn Laws’, political parties fought about nothing except ‘changes in property rights’, while in Belgium the struggle of liberalism with Catholicism was ‘a struggle of industrial capital with large landed property’.104 Engels expressed the point more crudely. He could not ‘forbear an ironical smile’ when he observed ‘the terrible earnestness, the pathetic enthusiasm with which the bourgeois strive to achieve their aims’.

Thus the anxiety of the upper classes in Europe is embittered by the conviction that their very victories over revolution have been but instrumental in providing the material conditions in 1857 for the ideal tendencies of 1848.149 For the Tribune, all this was grist to the mill. The politics of Dana and of Horace Greeley, the proprietor of the Tribune, were protectionist. Free trade, championed by England – especially after the Repeal of the Corn Laws – was, they argued, the means by which England dominated world commerce, and through its enforcement of the gold standard acted as the world’s banker. The economic basis of the Tribune’s protectionism was most clearly articulated by the American economist Henry Carey, who like his father, a successful Philadelphia publisher, had developed Alexander Hamilton’s argument for the protection of infant industries in the face of British commercial superiority.

Similarly, his discussions of commercial crisis made frequent and explicit reference to the deficiency of free trade and monetarist interpretations of the fluctuations of the economy. On 9 September 1853, he highlighted the fallacies of Peel’s 1844 Bank Charter Act, maintaining that the Act would aggravate the severity of the approaching crisis.159 In 1855, he argued that the crisis in trade and industry had ‘shut up the mouths of those shallow Free Traders who for years had gone on preaching that since the Repeal of the Corn Laws in 1846, glutted markets were impossible’. Furthermore, ‘the glut’ had been made more acute by the attempt to dump goods in newly developing extra-European markets: ‘India and China, glutted though they were, continued to be used as outlets – as also California and Australia. When the English manufacturers could no longer sell their goods at home, or would not do so rather than depress prices, they resorted to the absurd expedient of consigning them abroad, especially to India, China, Australia and California.’160 In 1857, after the suspension of the Bank Charter Act as a result of its failure to alleviate the commercial crisis, he once again observed, ‘we were told that British Free Trade would change all this, but if nothing else is proved it is at least clear that the Free-Trade doctors are nothing but quacks.’161 In a lead article in August 1858, he repeated his attack upon the monetarist approach.

pages: 556 words: 46,885

The World's First Railway System: Enterprise, Competition, and Regulation on the Railway Network in Victorian Britain by Mark Casson


banking crisis, barriers to entry, Beeching cuts, British Empire, combinatorial explosion, Corn Laws, corporate social responsibility, David Ricardo: comparative advantage, intermodal, iterative process, joint-stock company, joint-stock limited liability company, knowledge economy, linear programming, Network effects, New Urbanism, performance metric, railway mania, rent-seeking, strikebreaker, the market place, transaction costs

During this period, government had an active role in stimulating demand for both textiles (e.g. military uniforms) and engineering products (e.g. guns and armour), and when this demand ceased at the end of the war a serious recession ensued. Indeed, some military historians turn the argument around, and maintain that military procurement, by setting challenging targets for entrepreneurs, stimulated investment and innovation in precision-made factory products. Furthermore, Free Trade was not official government policy until the repeal of the Corn Laws in 1846, and the Prime Minister, Robert Peel, who pushed through this reform, split his political party in the process. Although Richard Cobden, John Bright and other members of the ‘Manchester School’ had been vociferous lobbyists for Free Trade, it was neither their free market ideology nor the prospective benefit to industry that finally swayed Peel and his followers, but the benefits to the workers themselves.

Moreover, despite the collaboration, there was no rationalization: there remained two stations at Cromer and two at North Walsham—not to mention two at Fakenham, and separate stations at Kings Lynn and South Lynn. Although an expensive connecting line between the two systems was built at Great Yarmouth, there remained three separate stations there—Southtown, Beach, and Vauxhall (the only survivor). East Anglia also beneWted from local initiatives. Although agricultural prosperity in Britain declined after the repeal of the Corn Laws in 1846, and the onset of the ‘Great Depression’ in 1873, Norfolk and SuVolk, having better soil fertility and proximity to London, fared better than most regions. They were able to ‘trade up’ to higher value-added products such as vegetables. Local initiatives for connecting nearby market towns to one another allowed Sudbury, Bury, Thetford, Dereham, Wymondham, and SwaVham to become small hubs.

R. 367 Clitheroe as secondary natural hub 83 Tab 3.4 Clyde River 199 Clyde Valley 156 coal industry 1, 50 exports 5 see also regional coalfields coal traffic 53, 182–3, 270 coalfield railways 127, 167 Coalville 187 Coatbridge 157 Cobden, Richard 37 Cockermouth 219 Colchester 69, 107, 108 Coldstream 158, 159 Colebrook 198 Colonial Office, British 48 Combe Down Tunnel 144 commerce, industry and railways 308 Index Commercial Railway Scheme, London 152, 154 Commission on the Merits of the Broad and Narrow Gauge 228 Tab 6.2 company law 42–3 competing local feeders 204–7 competition adverse effects of 221 adversarial 316–19 concept applied to railways 258–60 Duopolistic on networks 492–4 and duplication of routes 94 and excess capacity 477–97 excessive 16–19 and fare reduction 261–2 individual/multiple linkages 266, 267 inter-town 323–4 and invasions by competing companies 268–9, 273 and invasions in joint venture schemes (large) 166–73 and invasions in joint venture schemes (small) 173–8 network effects 262–4 principle of 221 and territorial strategy 286–7 wastage/inefficiency 162, 166 compulsory purchase of land 30, 223, 288 concavity principle 72, 82 connectivity and networks 2–3 Connel Ferry 161 construction costs 16–17 consultant engineers see civil engineers; mechanical engineers contour principle 72 contractors 301–2 Conway River 136 cooperation between companies 324–6 core and peripheral areas, UK 85 Fig 3.8 Corn Laws, Repeal (1846) 37, 110 Cornwall 152 Cornwall Railway 141 corporate social responsibility 311–13 corridor trains 311 Cosham 147, 190 Cotswold Hills 110, 111, 114, 149 counterfactual map of the railway network East Midlands 90 Fig 3.10 North of England 92 Fig 3.12 South East England 90 Fig 3.10 Wales 91 Fig 3.11 West of England 91 Fig 3.11 counterfactual railway network 4–29, 58–104 bypass principle 80–2, 89 and cities 306 concavity principle 82 continuous linear trunk network with coastal constraints 74 Fig 3.2 503 continuous linear trunk network with no coastal constraints 73 Fig 3.1 contour principle 87, 88 Fig 3.9 core and periphery principle 82–6, 84 Tab 3.5, 85 Fig 3.8 coverage of cities, town and villages 62–3 cross-country linkages on the symmetric network 100 Fig 3.19 cross-country routes 274 cut-off principle 80, 81 Fig 3.7, 89 cut-off principle with traffic weighting 81 Fig 3.7 Darlington core hub 89 Derby core hub 89 frequency of service 65–6 Gloucester as corner hub 82 heuristic principles of 10–12, 71–2 hubs 439–71, 440–9 Tab A5.1 hubs, configuration of 89, 94–103 hubs, size and distribution 95 Fig 3.13 Huddersfield core hub 89 influence of valleys and mountains 88 Fig 3.9 iterative process 64 Kirkby Lonsdale core hub 89 Leicester core hub 89 Lincolnshire region cross-country routes 119 London as corner hub 82 London terminals 155 loop principle 86–7 Melrose core hub 89, 158–9 mileage 437 Tab A4.4 Newcastle as corner hub 82 North-South linkages 148 North-South spine with ribs 75 Fig 3.3 objections to 12–14 optimality of the system 91–3 performance compared to actual system 64–5, 65 Tab 3.2 performance metrics 63–6 quality of network 392 Tab A4.1 and rational principles 322 Reading core hub 89 role of network 392, 393 Tab A4.2 route description 392–438, 393–436 Tab A4.3 and Severn Tunnel 112–14 Shoreham as corner hub 82 Southampton as corner hub 82 space-filling principle 87–9 Steiner solution 76 Fig 3.4 Steiner solution with traffic weighting 78 Fig 3.5 Stoke-on-Trent as corner hub 89 timetable 8, 89–90, 472–6, 474–6 Tab A6.1 timetable compared with actual 315–16 504 Index counterfactual railway network (cont.) traffic flows 66–71 traffic-weighting principle 77, 78 Fig 3.5 trial solution, first 89–91, 90 Fig 3.10, 91 Fig 3.11, 92 Fig 3.12 triangle principle 77–80, 79 Fig 3.6, 89, 96 triangle principle without traffic weighting 79 Fig 3.6 Trowbridge core hub 89 Warrington as corner hub 82 Wetherby core hub 122 country towns avoided by railway schemes 307–9 Coventry 68, 118, 135 Coventry Canal 117 Crafts, Nicholas F.

pages: 636 words: 202,284

Piracy : The Intellectual Property Wars from Gutenberg to Gates by Adrian Johns


active measures, banking crisis, Berlin Wall, British Empire, Buckminster Fuller, business intelligence, commoditize, Corn Laws, demand response, distributed generation, Douglas Engelbart, Douglas Engelbart, Edmond Halley, Ernest Rutherford, Fellow of the Royal Society, full employment, Hacker Ethic, Howard Rheingold, informal economy, invention of the printing press, Isaac Newton, James Watt: steam engine, John Harrison: Longitude, Marshall McLuhan, Mont Pelerin Society, new economy, New Journalism, Norbert Wiener, pirate software, Republic of Letters, Richard Stallman, road to serfdom, Ronald Coase, software patent, South Sea Bubble, Steven Levy, Stewart Brand, Ted Nelson, the scientific method, traveling salesman, Whole Earth Catalog

Among the first of those prepared to voice this possibility was the MP John Lewis Ricardo, nephew of David Ricardo, the great political economist, and himself a convinced opponent of the Corn Laws. The younger Ricardo was the chairman of one of the early telegraph companies – telegraphy being by far the most advanced and exciting commercial science of the day. He had found himself forced to buy up patents to forestall litigation, and was therefore inclined by his own experience to see them as monopolistic obstacles to laissezfaire. He pointed out – as many would repeat in the next generation – that patents had not been required to stimulate the invention of printing, gunpowder, or paper. Only “trivial” improvements tended to be patented, he claimed. In the end, Ricardo denied outright that patents accelerated invention. He maintained instead that they were an unnecessary impediment – the equivalent, in effect, to the navigation acts or the Corn Laws themselves. Ricardo’s was at first a lonely view.

With Armstrong on their side, the antipatent campaigners boasted one of the most charismatic personifications of industrial invention. But he was also one of the most controversial – for there was another side to his story of wizardry, entrepreneurship, and perseverance, as the ensuing debates would reveal all too clearly. But Armstrong, Grove, and MacFie were only the leaders of a movement that had representatives in every class, region, and profession. Laissezfaire ultras, many of them veterans from Cobden’s anti–Corn Law campaign, were one constituency; Ricardo was one of these, and another J. E. Thorold Rogers, professor of political economy at Oxford and of economic science and statistics at King’s College, London. Such figures created a political economy of antipatenting. And powerful allies arose in the legal, manufacturing, engineering, and scientific fields too. In the law, Sir Roundell Palmer, soon to be solicitor general and lord chancellor, was a somewhat wavering supporter.

pages: 376 words: 118,542

Free to Choose: A Personal Statement by Milton Friedman, Rose D. Friedman


affirmative action, agricultural Revolution, air freight, back-to-the-land, bank run, banking crisis, Corn Laws, Fractional reserve banking, full employment, German hyperinflation, invisible hand, labour mobility, means of production, minimum wage unemployment, oil shale / tar sands, oil shock, price stability, Ralph Nader, RAND corporation, rent control, road to serfdom, school vouchers, Simon Kuznets, The Wealth of Nations by Adam Smith, union organizing, Unsafe at Any Speed, Upton Sinclair, urban renewal, War on Poverty, working poor, Works Progress Administration

For this we must go back in time to the nineteenth century. One example, Japan in the first thirty years after the Meiji Restoration in 1867, we leave for Chapter 2. Two other examples are Great Britain and the United States. Adam Smith's Wealth of Nations was one of the early blows in the battle to end government restrictions on industry and trade. The final victory in that battle came seventy years later, in 1846, with the repeal of the so-called Corn Laws—laws that imposed tariffs and other restrictions on the importation of wheat and other grains, referred to collectively as "corn." That ushered in three-quarters of a century of complete free trade lasting until the outbreak of World War I and completed a transition that had begun decades earlier to a highly limited government, one that left every resident of Britain, in Adam Smith's words quoted earlier, "perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men."

Economists often do disagree, but that has not been true with respect to international trade. Ever since Adam Smith there has been virtual unanimity among economists, whatever their ideological position on other issues, that international free trade is in the best interest of the trading countries and of the world. Yet tariffs have been the rule. The only major exceptions are nearly a century of free trade in Great Britain after the repeal of the Corn Laws in 1846, thirty years of free trade in Japan after the Meiji Restoration, and free trade in Hong Kong today. The United States had tariffs throughout the nineteenth century and they were raised still higher in the twentieth century, especially by the Smoot-Hawley tariff bill of 1930, which some scholars regard as partly responsible for the severity of the subsequent depression. Tariffs have since been reduced by repeated international agreements, but they remain high, probably higher than in the nineteenth century, though the vast changes in the kinds of items entering international trade make a precise comparison impossible.

pages: 545 words: 137,789

How Markets Fail: The Logic of Economic Calamities by John Cassidy


Albert Einstein, Andrei Shleifer, anti-communist, asset allocation, asset-backed security, availability heuristic, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Black-Scholes formula, Bretton Woods, British Empire, capital asset pricing model, centralized clearinghouse, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, corporate raider, correlation coefficient, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Daniel Kahneman / Amos Tversky, debt deflation, diversification, Elliott wave, Eugene Fama: efficient market hypothesis, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, George Akerlof, global supply chain, Gunnar Myrdal, Haight Ashbury, hiring and firing, Hyman Minsky, income per capita, incomplete markets, index fund, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), invisible hand, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Arrow, laissez-faire capitalism, Landlord’s Game, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, market bubble, market clearing, mental accounting, Mikhail Gorbachev, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, Naomi Klein, negative equity, Network effects, Nick Leeson, Northern Rock, paradox of thrift, Pareto efficiency, Paul Samuelson, Ponzi scheme, price discrimination, price stability, principal–agent problem, profit maximization, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, RAND corporation, random walk, Renaissance Technologies, rent control, Richard Thaler, risk tolerance, risk-adjusted returns, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical model, technology bubble, The Chicago School, The Great Moderation, The Market for Lemons, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, unorthodox policies, value at risk, Vanguard fund, Vilfredo Pareto, wealth creators, zero-sum game

Under the principle of “less eligibility,” the explicit aim of the 1834 law was to stigmatize idleness and force the out-of-work to accept any position available, regardless of the wages it paid. After subjecting the landless laborers and urban poor to the harsh disciplines of the market, the Victorian free market reformers administered similar shock treatment to farmers. In 1846, following an epic political battle, the Corn Laws, which, through a system of tariffs, protected British grain growers from foreign competition, were abolished, opening up the British market to cheaper foodstuffs produced in the American Midwest. The classical economists justified their recommendations on economic grounds, but there was also a strong moral element to their teachings. Laissez-faire was the practical application of a philosophy that placed great emphasis on self-reliance and freedom of choice.

bailouts authorized by deregulation efforts in health care reform in Joint Economic Committee and savings and loan industry collapse tax legislation in Congressional Budget Office Conservative Party, British Constitution of Liberty, The (Hayek) Consumer Financial Protection Agency Consumer Product Safety Commission Contimortgage Corporation Continental Illinois Bank conventional wisdom Corcoran Group Corn Laws Corrigan, E. Gerald Countrywide Financial Corporation Cournot, Antoine Augustin Court of Appeals, U.S., D.C. Circuit Cowles, Alfred Cowles Commission Craigslist Cramer, Jim credit bubble credit default swaps (CDSs) CreditMetrics Credit Suisse First Boston Dadd, Mark Dallow, Richard Dartmouth College Davidson, Paul Debreu, Gérard Declaration of Independence Defense Department, U.S.

St Pancras Station by Simon Bradley


Corn Laws, Fellow of the Royal Society, food miles, Frank Gehry, means of production, railway mania

Firms in rail-served [ 148 ] St Pancras.indb 148 13/9/07 12:12:16 towns, such as Butler and Tanner’s in Frome or Clay’s in Bungay, then began to undercut the London print works, and the modern, de-centred book-printing industry took shape. Food and drink offer further examples. The average British diet in 1900 was very different from what it had been in 1800. Water transport had a lot to do with this: root crops carried along the canal network in the early decades; torrents of cheap overseas grain after Corn Law repeal in the 1840s; frozen meat in refrigerated ships from the New World and Australia towards the century’s end. But the origins of the industrial-age diet, at once more varied and more standardised than what came before, lie just as squarely with the railways. The companies themselves did not set out to change the status quo in the kitchen, for heavy goods, minerals and passengers all offered a bigger and surer return.

Meghnad Desai Marxian economic theory by Unknown


commoditize, Corn Laws, full employment, land reform, means of production, p-value, price mechanism, profit motive

The consolidation of means of production in the hands of the capitalists takes place at the expense of the feudal class on the one hand and many self-employed artisans, craftsmen at ~he other end. A struggle between the feudal and capitalist elements is a major feature of 18th and 19th century history of many European countries and hnile the outcome in most countries which are called developed today was in favour of the capitalists, it took different forms. The agitation regarding the abolition of Corn Laws and in favour of Free Trade was the classical platform of the struggle between feudal landlords and industrial capital in England (and like all such classical events is partly mythological). In other countries, the feudal landlords transformed themselves into industrial capitalists often with state aid (as in Japan after the Meiji Restoration) and even in England the feudal elements are not entirely absent from the capitalist class to this day.

Understanding Power by Noam Chomsky


anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, Burning Man, business climate, cognitive dissonance, continuous integration, Corn Laws, cuban missile crisis, dark matter, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, European colonialism, Fall of the Berlin Wall, feminist movement, global reserve currency, Howard Zinn, labour market flexibility, liberation theology, Mahatma Gandhi, Mikhail Gorbachev, Monroe Doctrine, mortgage tax deduction, Paul Samuelson, Ralph Nader, reserve currency, Ronald Reagan, Rosa Parks, school choice, strikebreaker, structural adjustment programs, the scientific method, The Wealth of Nations by Adam Smith, union organizing, wage slave, women in the workforce

For instance, in France a lot of people were able to remain on the land, and therefore they resisted industrialization more. 36 But even after the rising bourgeoisie in England had driven millions of peasants off the land, there was a period when the population’s “right to live” still was preserved by what we would today call “welfare.” There was a set of laws in England which gave people rights, called the “Poor Laws” [initially and most comprehensively codified in 1601]—which essentially kept you alive if you couldn’t survive otherwise; they provided sort of a minimum level of subsistence, like subsidies on food and so on. And there was also something called the “Corn Laws” [dating in varying forms from the twelfth century], which gave landlords certain rights beyond those they could get on the market—they raised the price of corn, that sort of thing. And together, these laws were considered among the main impediments to the new rising British industrial class—so therefore they just had to go. Well, those people needed an ideology to support their effort to knock out of people’s heads the idea that they had this basic right to live, and that’s what classical economics was about—classical economics said: no one has any right to live, you only have a right to what you can gain for yourself on the labor market.

And the founders of classical economics in fact said they’d developed a “scientific theory” of it, with—as they put it—“the certainty of the principle of gravitation.” Alright, by the 1830s, political conditions in England had changed enough so that the rising bourgeoisie were able to kill the Poor Laws [they were significantly limited in 1832], and then later they managed to do away with the Corn Laws [in 1846]. And by around 1840 or 1845, they won the elections and took over the government. Then at that point, a very interesting thing happened. They gave up the theory, and Political Economy changed. It changed for a number of reasons. For one thing, these guys had won, so they didn’t need it so much as an ideological weapon anymore. For another, they recognized that they themselves needed a powerful interventionist state to defend industry from the hardships of competition in the open market—as they always had in fact.

The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan


air freight, airline deregulation, Albert Einstein, asset-backed security, bank run, Berlin Wall, Bretton Woods, business process, call centre, capital controls, central bank independence, collateralized debt obligation, collective bargaining, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Hernando de Soto, income inequality, income per capita, invisible hand, Joseph Schumpeter, labor-force participation, labour market flexibility, laissez-faire capitalism, land reform, Long Term Capital Management, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, new economy, North Sea oil, oil shock, open economy, Pearl River Delta,, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, reserve currency, Right to Buy, risk tolerance, Ronald Reagan, shareholder value, short selling, Silicon Valley, special economic zone, the payments system, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, working-age population, Y2K, zero-sum game

"Whatever be the soil, climate, or extent of territory of any particular nation," Smith wrote, "the abundance or scanti- 263 More ebooks visit: ccebook-orginal english ebooks This file was collected by form the internet, the author keeps the copyright. THE AGE OF T U R B U L E N C E ness of its annual supply" must depend upon "the productive powers of labor." Two centuries of economic thought later, little has been added to those insights. With the help of Smith and his immediate successors, mercantilism was gradually dismantled and economic freedom spread widely In Britain, this process reached its finale with the 1846 repeal of the Corn Laws, a set of tariffs that for many years had blocked imports of grain, keeping grain prices and therefore landowners' rents artificially high—and elevating, of course, the price paid by industrial wage earners for a loaf of bread. The acceptance of Smith's economics was, by then, prompting the reorganization of commercial life in much of the "civilized" world. Yet Smith's reputation and influence eroded as industrialization spread.

., 90, 343, 344n, 373, 468 consumer price index (CPI), 62, 481-82, 483 consumers, consumption, 124n, 386, 387-88 confidence of, 114,207 profits and, 368 short-term debt of, 346^17 Soviet, 127, 128n consumer spending, 10, 13, 14, 69-70, 153, 166, 207 Category 5 recession and, 67 inflation and, 66 9/1 l's effects on, 5, 229-32 ratio of income to, 269-70 Continental Illinois Bank, 109 contracts, 256, 319n, 379, 451 "Contract with America," 156 "conundrum," the, 377-91 downward pressures on wages and, 381-84 globalization and, 378-81 interest rates and, 377-78, 3 8 0 - 8 1 , 382, 383-85, 387-88,390-91 use of word, 381 Coors Brewing Company, 50 copper, 42, 257 corn ethanol, 461 Corn Laws, 264 corporate governance, 278, 4 2 3 - 3 6 AG's role in, 77-80, 100, 101, 209, 3 7 1 , 427-28 authoritarianism in, 424-25, 429, 431-32, 436 Sarbanes-Oxley and, 430-31 shareholder role in, 424-25, 4 3 5 - 3 6 "corporate university," 402 Corrigan, Gerry, 103, 105, 106, 108, 134 corruption, 126, 254, 302, 317, 337, 388-89 freedom from, 275-76, 388, 389 in Russia, 325, 327 Costello, Peter, 293 Cost of Living Council, 62 cotton, 62 Cotton Counts Its Customers, 32 cotton gin, 495 C 0 2 emissions, 453, 454-55, 458 Council of Economic Advisors (CEA), 54, 6 1 , 236, 249-50,279,446-47,494 AG as chairman of, 63-76, 373 description of, 64 counterparty surveillance, 3 7 0 - 7 1 , 373, 489 creative destruction, 4 8 - 5 1 , 127, 174, 282, 285, 401,504 buffers against, 279, 280 in China, 254, 304 corporate governance and, 432, 436 deregulation and, 72-73 516 More ebooks visit: ccebook-orginal english ebooks This file was collected by form the internet, the author keeps the copyright.

pages: 385 words: 111,807

A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang


Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, corporate raider, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Gunnar Myrdal, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, information asymmetry, intangible asset, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, Pareto efficiency, Paul Samuelson, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Vilfredo Pareto, Washington Consensus, working-age population, World Values Survey

The school, especially Ricardo, emphasized that it is in the long-term interest of everyone that the greatest share of national income go to the capitalist class (that is, profits), because it is the only class that invests and generates economic growth; the working class was too poor to save and invest, while the landlord class was using its income (rents) on ‘unproductive’ luxury consumption, such as the employment of servants. According to Ricardo and his followers, the growing population in Britain was forcing the cultivation of increasingly lower-quality land, constantly raising the rents for existing (higher-quality) land. This meant that the share of profit was gradually falling, threatening investment and growth. His recommendation was to abolish the protection for grain producers (called the Corn Laws in Britain at the time) and import cheaper food from countries where good-quality land was still available, so that the share going to profits, and thus the ability of the economy to invest and grow, could be raised. Class analysis and comparative advantage: the Classical school’s relevance for today Despite being an old school with few current practitioners, the Classical school is still relevant for our time.

pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason


Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, drone strike,, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, Vilfredo Pareto, wages for housework, women in the workforce

A prolonged crisis begins in the late 1820s, characterized by the factory owners’ determination to survive by de-skilling the workforce and cutting wages, and also by chaos in the banking system. Working-class resistance – the Chartist movement culminating in the General Strike of 1842 – forces the state to stabilize the economy. But in the 1840s a successful adaptation takes place: the Bank of England gains a monopoly over the issue of banknotes; factory legislation ends the dream of replacing the skilled male workers with women and children. The Corn Laws – a protective tariff favouring the aristocracy – are abolished. Income tax is levied and the British state finally begins to function as a machine for the ruling industrial capitalists, not as a battleground between them and the old aristocracy. In the second wave – which starts with Britain, Western Europe and North America but pulls in Russia and Japan – the downswing begins in 1873. The system tries to adapt through the creation of monopolies, with agrarian reform, an attack on skilled wages and by pulling in new migrant workers where possible as cheap labour.

pages: 297 words: 89,206

Social Class in the 21st Century by Mike Savage


call centre, Capital in the Twenty-First Century by Thomas Piketty, Clapham omnibus, Corn Laws, deindustrialization, deskilling, Downton Abbey, financial independence, gender pay gap, Gini coefficient, income inequality, liberal capitalism, Mark Zuckerberg, megacity, moral panic, New Urbanism, Occupy movement, old-boy network, precariat, psychological pricing, Sloane Ranger, The Spirit Level, unpaid internship, upwardly mobile, very high income, winner-take-all economy, young professional

Admittedly, from the eighteenth to the mid-twentieth century, London was at the centre of the aristocratic practice of attending the court and displaying its debutantes during the ‘Season’, but, during the nineteenth and twentieth centuries, distinctive county, urban and regional elites could meaningfully contest London’s hegemony in various ways until the later twentieth century (for instance, via the Anti-Corn Law League or through Chamberlain’s municipal Conservatism). This kind of regional or non-London-urban elite group is, we would suggest on the basis of our data, now much weaker – if it exists at all. Having a relationship with London venues and its ‘scene’ is now fundamental to the new elite-class practices. For instance, two similar individuals, making their way in the professions, would have very different prospects according to whether they were based in London or the north of England.

words: 49,604

The Weightless World: Strategies for Managing the Digital Economy by Diane Coyle


barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, clean water, computer age, Corn Laws, creative destruction, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, full employment, George Santayana, global village, hiring and firing, Howard Rheingold, income inequality, informal economy, invisible hand, Jane Jacobs, Joseph Schumpeter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Marshall McLuhan, mass immigration, McJob, microcredit, moral panic, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pensions crisis, Ronald Reagan, Silicon Valley, spinning jenny, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population

Americans would suffer from their inability to buy cheap imports, but: ‘They would gain greatly overall because the production of those more expensive and/or inferior US goods behind tariff walls would do wonders for their wages by increasing the demand for their labour’. The US trade deficit has translated into a net loss of 1.4 million jobs, he has claimed. Britain has had such a strong history of free trade, since the repeal of the Corn Laws in 1848, that protectionist sentiments are extremely rare. Leftwingers opposed the extension of the free market during the Thatcher years but did not query trade liberalisation — until recently. The opening shots in the campaign to make protectionism acceptable were fired by David Marquand, often described as one of the ‘gurus’ of Labour leader Tony Blair. The spread of trade will cause society to fragment, he predicts, fuelling protectionism and isolationism of the Ross Perot or Pat Buchanan type.

pages: 768 words: 291,079

The Ragged Trousered Philanthropists by Robert Tressell


Berlin Wall, British Empire, Corn Laws, cuban missile crisis, full employment, James Watt: steam engine, Khartoum Gordon, laissez-faire capitalism, Louis Pasteur, means of production, Murano, Venice glass, Thomas Malthus, union organizing, Upton Sinclair, upwardly mobile, wage slave, Winter of Discontent, women in the workforce

People’s Charter initiates the Chartist Movement; it calls for workers’ aims such as the vote for all men over 21, equally sized constituencies, annual parliaments, and salaries for MPs. Chartist demonstrations. Parliamentary ‘blue books’ on working conditions, sanitation, pauperism begin. Thomas Hood’s ‘Song of a Shirt’. Frederick Engels, Condition of the Working Classes in England. Foundation of the Liberation Society, working for Church disestablishment. 1845–50 Irish Famine. Repeal of the Corn Laws, instituting era of Free Trade. Factory Act (‘Ten Hours Bill’) limits working day for women and children. Evaporated milk invented. Band of Hope Temperance Organization founded. Year of European Revolutions: Paris, Vienna, Berlin, Venice, Milan. Sequence of Public Health Acts begins. Karl Marx and Engels, The Communist Manifesto. F. D. Maurice founds Christian Socialist movement. Elizabeth Gaskell, Mary Barton.

From 1880 his eldest son William Bramwell Booth (1856–1929) was chief of staff and, after his father’s death, general of the movement. Ball reports an informant testifying that Tressell viewed General Booth as ‘a bounder and humbug who appealed to the lowest instincts of the working class’ (Tressell of Mugsborough, p. 48). Free Trade for the last fifty years: free trade assumes that trade should occur without the constraints of import duties, export bounties, sub- sidies, quotas, or licences. The 1846 repeal of the Corn Laws (which had excluded cheaper foreign wheat) was often understood as the symbolic initiation of Victorian free trade. As Chancellor of the Exchequer, Gladstone had by 1860 removed import duties on over 400 categories of goods, leaving only a few luxury items subject to tariffs. ‘Over-population!’: Thomas Malthus (1766–1834), in his influential Essay on the Principle of Population (1798), argued that population grows faster than food supply and that poverty was thus a condition with the force of a law of nature. 19 poverty in France?

pages: 932 words: 307,785

State of Emergency: The Way We Were by Dominic Sandbrook

anti-communist, back-to-the-land, banking crisis, Bretton Woods, British Empire, centre right, collective bargaining, Corn Laws, David Attenborough, Doomsday Book, edge city, estate planning, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, feminist movement, financial thriller, first-past-the-post, fixed income, full employment, German hyperinflation, mass immigration, moral panic, Neil Kinnock, new economy, New Urbanism, Norman Mailer, North Sea oil, oil shock, Own Your Own Home, sexual politics, traveling salesman, union organizing, upwardly mobile, urban planning, Winter of Discontent, young professional

The next morning, Tony Benn found him ‘extremely agitated’, issuing wild threats against Jenkins and talking of walking away from the party leadership, but underneath all the bluster ‘desperately insecure and unhappy’. All in all, it was a pretty pathetic spectacle of introversion and feuding, played out in the full gaze of the media and the public. And with Jenkins adamant that Britain’s European future must come before party unity, there seemed little prospect of an end to hostilities. ‘I saw it in the context of the first Reform Bill, the repeal of the Corn Laws, Gladstone’s Home Rule Bills, the Lloyd George Budget and the Parliament Bill, the Munich Agreement and the May 1940 votes,’ Jenkins wrote later.33 What finally pushed Jenkins overboard was a wheeze that Benn himself had cooked up at the end of 1970, which was for the next Labour government to call a national referendum on the issue of Europe. At first, Wilson rejected the idea outright; at the time, only Callaghan realized that it offered the ideal way to paper over Labour’s European divisions, remarking sagely: ‘Tony may be launching a little rubber life-raft which we will all be glad of in a year’s time.’

It is true that in some ways he anticipated Mrs Thatcher – in his provincial grammar school background, in his emphasis on entrepreneurship, in his impatience with tradition. But he was too much a creature of the system, too deeply marked by the experiences of the Depression and the war, to be a true proto-Thatcherite. His friends Denis Healey and Douglas Hurd – one Labour, one Tory – agreed that the politician he most resembled was Sir Robert Peel, who smashed his own party with the repeal of the Corn Laws in 1846. Like Peel, Heath was an industrious, earnest, terse and repressed man from outside the magic circle. Like Peel, he was a modernizer, a reformer, a pragmatist who believed that every problem had a rational solution and that reasoned argument could reconcile competing interests to the greater good. Like Peel, he saw further than many of his colleagues: in his case, his European enthusiasm marked him out as a much more visionary politician than most of his contemporaries.

pages: 384 words: 122,874

Swindled: the dark history of food fraud, from poisoned candy to counterfeit coffee by Bee Wilson


air freight, Corn Laws, food miles, James Watt: steam engine, Louis Pasteur, new economy, Ralph Nader, Ronald Reagan, The Wealth of Nations by Adam Smith, Unsafe at Any Speed, Upton Sinclair

Mr Pitt knew better.82 This last was a reference to the fact that when Pitt the Younger was prime minister (1783–1801), he had slashed tea duties from 119 percent to 25 percent in order to combat smuggling. It had been a very successful policy, vastly increasing the amount of tea passing through the Exchequer. These were different times, though, with the price of all food at a premium following the wars with France. The Corn Laws, introduced in 1815 to safeguard the livelihood of British farmers, kept the price of wheat, and thence bread, artificially high. Meanwhile, duties on luxuries such as tea, wine, spirits, and tobacco were all extremely high in 1820, which doubtless contributed to the market in counterfeit versions. Accum himself makes frequent reference to the effects of “the late French war” on food and drink, especially beer.

pages: 484 words: 136,735

Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis by Anatole Kaletsky


bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Black Swan, bonus culture, Bretton Woods, BRICs, Carmen Reinhart, cognitive dissonance, collapse of Lehman Brothers, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, Edward Glaeser, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, F. W. de Klerk, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, global rebalancing, Hyman Minsky, income inequality, information asymmetry, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, laissez-faire capitalism, Long Term Capital Management, mandelbrot fractal, market design, market fundamentalism, Martin Wolf, money market fund, moral hazard, mortgage debt, new economy, Northern Rock, offshore financial centre, oil shock, paradox of thrift, Pareto efficiency, Paul Samuelson, peak oil,, Ponzi scheme, post-industrial society, price stability, profit maximization, profit motive, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, statistical model, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Vilfredo Pareto, Washington Consensus, zero-sum game

This system of classical imperialist capitalism, underpinned by British and American politico-economic thinking, prospered for roughly one hundred years, until the period of disintegration that started with World War I in 1914 and climaxed with the Great Depression and World War II. This age of classical capitalism could be subdivided into several subperiods, marked out by financial and military crises: Capitalism 1.0: from 1776, the U.S. Declaration of Independence and The Wealth of Nations, to 1815, the defeat of Napoleon at Waterloo Capitalism 1.1: from 1820 to 1849 Capitalism 1.2: from 1848-49, Europe’s Year of Revolutions, the repeal of the Corn Laws, and the Navigation Acts, until the late 1860s, during the aftermath of the U.S. Civil War and the Franco-Prussian War Capitalism 1.3: from 1870 to 1914, the United States’ Gilded Age or the Second Industrial Revolution Capitalism 1.4: from 1917 until 1932, the period of disintegration, when capitalism came closer to genuine collapse than ever before or since Some of the upheavals that punctuated the transitions from one of the subperiods to another were bloody and traumatic—for example, the American Civil War and the slaughter of the Paris Commune—but they did not turn out to be systemically transformational crises of capitalism, as described in Chapter 2.

pages: 543 words: 147,357

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society by Will Hutton


Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liberal capitalism, light touch regulation, Long Term Capital Management, Louis Pasteur, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, Mikhail Gorbachev, millennium bug, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, Plutocrats, plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, working poor, zero-sum game, éminence grise

Just as importantly, Enlightenment thought, personified by Adam Smith, highlighted the dysfunctions associated with monopoly, collusion and price-rigging.3 Parliament aggressively granted the ‘enclosures’, so creating the great farming estates whose surge in productivity was the source of the financial surplus that financed the Industrial Revolution. It also systematically dismantled the internal tariffs to trade, so constructing a national market with very attractive pay-offs for the first entrepreneurial industrialists. This was symbolic of a strategic thrust that also witnessed the progressive abolition of the Navigation Acts, the repeal of the Corn Laws (which had kept corn prices artificially high), the liberalisation of companies’ right to incorporate, the widespread granting of rights to build canals and railways and the repeal of the regulations that had determined the inflows of apprentices in various trades. Industry boomed. At this time, Britain was responsible for the creation and development of four great GPTs – the steam engine, the factory system, the railway and the iron steamship – which underpinned its industrial, imperial, military and technological pre-eminence.

pages: 1,205 words: 308,891

Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey


Admiral Zheng, agricultural Revolution, Albert Einstein, BRICs, British Empire, butterfly effect, Carmen Reinhart, clockwork universe, computer age, Corn Laws, creative destruction, dark matter, David Ricardo: comparative advantage, Donald Trump, Edward Lorenz: Chaos theory, endogenous growth, European colonialism, experimental economics, financial innovation, Fractional reserve banking, full employment, George Akerlof, germ theory of disease, Gini coefficient, greed is good, Howard Zinn, income per capita, interchangeable parts, invention of agriculture, invention of air conditioning, invention of writing, invisible hand, Isaac Newton, James Watt: steam engine, John Maynard Keynes: technological unemployment, John Snow's cholera map, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, long peace, means of production, Naomi Klein, New Economic Geography, New Urbanism, Paul Samuelson, purchasing power parity, rent-seeking, road to serfdom, Robert Gordon, Ronald Coase, Ronald Reagan, sceptred isle, Scientific racism, Scramble for Africa, Shenzhen was a fishing village, Simon Kuznets, Slavoj Žižek, spinning jenny, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, tulip mania, union organizing, Upton Sinclair, urban renewal, V2 rocket, very high income, working poor, World Values Survey, Yogi Berra

And the interest rate on consolidated British government stock, in turn, was determined by what was happening in wider capital markets than the local solicitor’s office, and as much by Amsterdamers as by Londoners. The same had also long been true of the market in grain and many other goods. The financier and economist Ricardo assumed so in his models of trade around 1817, as though it were given, simple, obvious, trivial, not worthy of comment. The disruptions of war and blockade from time to time masked the convergence. Regulations, such as the Corn Laws, or imperial schemes to subsidize West Indian landowners with powerful friends in government, could sometimes stop it from working. But Europe by the eighteenth century had a unified market in, say, wheat. Fernand Braudel and Frank Spooner showed long ago in their astonishing charts of prices that the percentage by which the European minimum was exceeded by the maximum price fell from 570 percent in 1440 to a mere 88 percent in 1760.15 Centuries earlier the price of gold and silver had become international, though the continued hunger of the East for precious metals kept the divergence in value from disappearing completely.16 Kevin O’Rourke and Jeffrey Williamson have shown that in the fancier items of east-west trade the divergence was not pronounced enough to explain the rise in their trade.17 And by 1800 and certainly by 1850 the prices of wheat, iron, cloth, wood, coal, skins, and many other of the less fancy materials useful to life were beginning to cost roughly the same in St Petersburg as in London, and to a lesser extent in New York and even in Bombay, by an economically relevant standard of “roughly.”

pages: 469 words: 146,487

Empire: How Britain Made the Modern World by Niall Ferguson


British Empire, Cape to Cairo, colonial rule, Corn Laws, European colonialism, imperial preference, income per capita, John Harrison: Longitude, joint-stock company, Khartoum Gordon, Khyber Pass, land reform, land tenure, liberal capitalism, Livingstone, I presume, Mahatma Gandhi, mass immigration, night-watchman state, profit motive, Scramble for Africa, spice trade, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the new new thing, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transatlantic slave trade, transatlantic slave trade, union organizing, zero-sum game

The idea was to turn the Empire into a Customs Union, with common duties on all imports from outside British territory: Chamberlain’s catch-phrase for the scheme was ‘Imperial Preference’. The policy had even been tried out during the Boer War, when Canada had been exempted from a small and temporary duty on imported wheat and corn. This was yet another bid to turn the theory of Greater Britain into political practice. But to the majority of British voters it looked more like an attempt to restore the old Corn Laws and put up the price of food. The Liberals’ campaign against imperialism – now widely regarded as a term of abuse – culminated in January 1906 with one of the biggest election landslides in British history, when they swept into power with a majority of 243. Chamberlain’s vision of a people’s Empire seemed to have dissolved in the face of the old, insular fundamentals of British domestic politics: cheap bread plus moral indignation.

pages: 382 words: 127,510

Outposts: Journeys to the Surviving Relics of the British Empire by Simon Winchester


borderless world, British Empire, colonial rule, Corn Laws, Edmond Halley, European colonialism, illegal immigration, Khyber Pass, laissez-faire capitalism, offshore financial centre, sensible shoes, South China Sea, special economic zone, the market place

The lime estates were started by a remarkable man—Joseph Sturge, a devout Quaker from Birmingham who insisted he would grow his limes without the use of any slaves and with the hitherto unprecedented policy of ‘fair and just treatment of the native labourers’ as a spur to profitable production. He loaned money to the freed slaves, helped them pay for school, went to America to agitate for their freedom there. He would describe his principal interests as ‘peace, anti-slavery and temperance’, campaigned against the Corn Laws and the war in Crimea, and founded the Friends’ Sunday schools in Birmingham. The city fathers erected a fountain and a statue to his memory in Edgbaston; in Montserrat, though, there is no memorial, and the lime factories have all but closed down. In 1885 the island sold 180,000 gallons of juice to Crosse and Blackwell, in 1928 some thirty-five puncheons went to Australia. They made lime oil, too, for perfume and soap.

pages: 670 words: 169,815

Ghosts of Empire: Britain's Legacies in the Modern World by Kwasi Kwarteng


Ayatollah Khomeini, banking crisis, British Empire, colonial rule, Corn Laws, corporate governance, Deng Xiaoping, discovery of penicillin, Etonian, illegal immigration, imperial preference, invisible hand, Khartoum Gordon, land reform, sceptred isle, Scientific racism, Scramble for Africa, trade route, urban planning, Yom Kippur War

Matheson greedily observed that, in China, there lived ‘a population estimated as amounting to nearly a third of the whole human race’; then as now, businessmen were beguiled by the prospect of selling to the Chinese, who, in the early nineteenth century, were likely to have formed an even greater proportion of the world’s inhabitants than they do today. (In 2010, China was estimated to constitute between a fifth and a quarter of the world’s population.) Ten years before the repeal of the British Corn Laws in 1846, Matheson invoked free trade as a justification for opening up trade with China.2 Matheson was one of those Scots who typify the dynamism and commercial acumen of the British imperialist during this period. Born in Lairg in Sutherland in 1796, he had studied Science, Law and Economics at Edinburgh University, before going to Canton in 1819 to start his career in trade. A keen disciple of Adam Smith and his free-trade ideas, he was a writer of force and passion, convinced that it was the duty of the British government ‘to make a firm and decisive demonstration in favour of our oppressed fellow-subjects in Canton’.

pages: 618 words: 180,430

The Making of Modern Britain by Andrew Marr


anti-communist, banking crisis, Bernie Madoff, British Empire, business climate, Corn Laws, Etonian, garden city movement, illegal immigration, imperial preference, New Journalism, New Urbanism, Plutocrats, plutocrats, Red Clydeside, rent control, strikebreaker, trade liberalization, V2 rocket, wage slave, women in the workforce

Chamberlain expressed disappointment that his foe had escaped when his spies sent him a telegram at his London club, telling him that the traitor had at least been prevented from speaking.14 At times it seemed as if Joe had little sense of where the clear boundaries of parliamentary and political behaviour lay, something shared with other rising stars of the new democracy. By now he had put together in his mind a set of ideas about Britain’s problems and future solutions. Since the great battles over the Corn Laws in the 1840s, free trade had become synonymous with British power and Britain’s industrial revolution. The fundamental policy was to let in cheap food from America and Argentina to feed the cities, and leave the farmers to survive as best they could. The corn fields of Sussex had been out-shouted by the terraces of Oldham. But shrewd observers knew that once a tax on imported corn was announced in spring 1902 to help pay for the Boer War, the argument for a much larger wall around the British Empire was bound to return.

pages: 1,309 words: 300,991

Vanished Kingdoms: The Rise and Fall of States and Nations by Norman Davies


anti-communist, Berlin Wall, British Empire, Celtic Tiger, Corn Laws,, energy security, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, labour mobility, land tenure, mass immigration, Mikhail Gorbachev, oil rush, oil shale / tar sands, Red Clydeside, Ronald Reagan, Skype, special economic zone, trade route, urban renewal

He was a voracious, obsessive hunter, killing animals en masse for pleasure, and a harsh father to his sons. In the political sphere he did far more than hold the blotter while his wife signed the state papers: he maintained a clandestine correspondence with his kinsmen in Germany, especially in Prussia, using Rothschilds Bank as a conduit for letters. He refused to stay out of controversies, and appeared in the public gallery of the House of Lords, for example, to air his views on the Corn Laws.27 Nonetheless, Albert’s ascent to the highest level of royal and aristocratic society cannot have failed to arouse some sense of satisfaction, not least because his native duchy was home to the most prestigious of publications on these matters. The Almanach de Gotha was Europe’s most authoritative genealogical guide for nearly 200 years. First issued in 1763, it listed names in three sections: I.