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anti-communist, battle of ideas, business climate, corporate governance, en.wikipedia.org, full employment, income inequality, invisible hand, liquidationism / Banker’s doctrine / the Treasury view, minimum wage unemployment, Mont Pelerin Society, new economy, old-boy network, popular capitalism, Powell Memorandum, price mechanism, profit motive, Ralph Nader, rent control, risk/return, road to serfdom, Ronald Reagan, school vouchers, shareholder value, spread of share-ownership, structural adjustment programs, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Torches of Freedom, trade liberalization, traveling salesman, trickle-down economics, Upton Sinclair, Washington Consensus, wealth creators, young professional
The fund also paid for a series of lectures by Milton and Rose Friedman, and helped all these free market activists to meet and plan their strategies in places such as Mont Pèlerin.6 It was at a time when European nations were nationalizing public services and some industries and Hayek and his friends believed that this trend towards increased government planning and involvement in the economy needed to be stopped. At a subsequent meeting that year they formed the Mont Pèlerin Society to strive for the wider adoption of free-market policies. The society, which continued to meet regularly, and was presided over by Hayek until 1961, enabled extreme market ideologues who might otherwise have felt isolated or alienated to come together and plot change. It was a long-term project, and Hayek warned the others that they should expect a long-term, but winnable, struggle: ‘What to the contemporary observer appears as a battle of conﬂicting interests decided by the votes of the masses,’ he said, ‘has usually been decided long before in a battle of ideas conﬁned to narrow circles.’7 The Mont Pèlerin Society was the seed that started a network of some 78 institutions. The society forged links with like-minded think tanks, corporations, governments and university economics departments, becoming the intellectual and ideological inspiration for economic fundamentalists around the world.
The ﬁrst was the Institute of Economic Affairs (IEA) which promoted a laissez-faire libertarian view, keeping the economic fundamentalism ‘alive when academic opinion had pronounced it brain-dead’.10 Lord Anthony Fisher conceived of the idea of the IEA at the prompting of Friedrich von Hayek in the early 1950s, having visited the Foundation for Economic Education (FEE) in the US. According to Ralph Harris, a director of the IEA and member of the Mont Pèlerin Society, ‘The institute started in 1957, you could say the direct result of the Mont Pèlerin Society, of The Road to Serfdom, of Hayek’s ideas of freedom and competitive enterprise.’ It set out to gain wide acceptance for the ‘philosophy of the market economy’ through communications directed at the opinion leaders such as intellectuals, politicians, business people and journalists. It started as a one-person operation and at its height in the 1980s reached 15 full-time employees with a half-million-pound budget provided mainly by about 250 companies, including large transnational ﬁrms.11 The IEA began by producing pamphlets based on Hayek and Friedman’s ideas, as well as analyses of various policies in the light of those ideas.
It runs seminars, workshops and conferences, and publishes books and monographs as well as a journal entitled Policy. It runs free weekend seminars for students ‘who are committed to learning and exchanging ideas about classical liberalism’.16 Although it claims to be independent, the CIS gets two-thirds of its funding from foundations and businesses17 and its work is shaped by its free market philosophy. Greg Lindsay is, in fact, a vice president of the Mont Pèlerin Society; in the 1980s CIS organized the Paciﬁc Regional Meeting of the Mont Pèlerin Society. CIS is committed to ‘an economy based on free and competitive markets’ and ‘individual liberty and choice’, including ‘the right to property’. It claims government decision-making should be turned over to the market and that the market and its automatic pricing mechanism should be used to allocate resources. It has strong links with the Washington-based Cato Institute (see Chapter 8).18 CIS deals with ‘practical public policy issues’ as well as ‘more intellectual issues focusing on the way societies work and the importance of liberty in securing prosperity both economically and socially’.
Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor
Jones, Masters of the Universe, p. 7. 27 Nicholls, Freedom with Responsibility, p. 96; Hartwell, A History of the Mont Pèlerin Society, pp. 84, 93; Walpen, Die offenen Feinde und ihre Gesellschaft, pp. 1072, 1074. 28 Thanks to Anette Nyqvist and Jamie Peck for the translation of this document from the Norwegian. 29 See, for instance, Hulsmann, Mises: “We find a clear expression of the neo-liberal world view in a paper Hayek wrote in 1935” (p. 710); “The exchange between Mises and his neo-liberal opponents set the tone in the Mont Pèlerin Society for years to come” (p. 871); “In the 1960s Austro-libertarianism came to be largely supplanted . . . [by] the takeover of the Mont Pèlerin Society by Chicago School neoliberals in the 1960s, and the emergence of an organized Randian or ‘Objectivist’ movement” (p. 989).
Later classical liberals, dissatisfied specifically with the evolution of the Mont Pèlerin Society, would resort to the term to contrast the position of Ludwig von Mises with what they considered the debased version found in Friedrich Hayek and elsewhere.29 The question of why the target group in and around Mont Pèlerin invoked a self-denying ordinance in using the label is interesting in its own right, and we will return to it in the next section. But for the nonce, I trust everyone can accept that the nominalist position is flawed: the term was and sometimes still is used in a sensible way on both the left and right, and moreover, the roster of people and institutions referenced is fairly stable over time: members of the Mont Pèlerin Society and their close associates. To a first approximation, the MPS will serve as our Rosetta Stone: any idea or person with membership or strong ties to the organization will qualify as “neoliberal.”
Karl Popper papers, Hoover Institute, Stanford California, Box 305, folder 13. 120 See, for instance, his 1954 speech “Towards a Liberal Theory of Public Opinion,” quoted in Burgin, The Return of Laissez Faire, pp. 186-87. 121 Maurice Allais to Friedrich Hayek, May 12, 1947, quoted in Burgin, p. 189. 122 Hartwell, A History of the Mont Pèlerin Society, chapter 5. 123 For the clash of Popper and Hayek, see Vernon, “The Great Society and the Open Society”; Kukathas, Hayek and Modern Liberalism; for the rejection of Popper on science and knowledge, see Lakatos, Criticism and the Growth of Knowledge. This question has some bearing upon the attempt by George Soros to profess Popperian principles in his new organization INET and its response to the crisis. 124 Popper, The Open Society and Its Enemies, p. 265; Popper, After the Open Society, pp. 137, 239. 125 Quoted in Hartwell, A History of the Mont Pèlerin Society, p. xiv. 126 Buchanan, Ideas, Persons and Events, p. 211. 127 See Friedman and Friedman, Free to Choose and Two Lucky People; Friedman, Bright Promises, Dismal Performances.
Milton Friedman: A Biography by Lanny Ebenstein
affirmative action, banking crisis, Berlin Wall, Bretton Woods, Deng Xiaoping, Fall of the Berlin Wall, fiat currency, floating exchange rates, Francis Fukuyama: the end of history, full employment, Hernando de Soto, hiring and firing, inflation targeting, invisible hand, Joseph Schumpeter, Kenneth Arrow, labour market flexibility, Lao Tzu, liquidity trap, means of production, Mont Pelerin Society, Myron Scholes, Pareto efficiency, Paul Samuelson, Ponzi scheme, price stability, rent control, road to serfdom, Robert Bork, Ronald Coase, Ronald Reagan, school choice, school vouchers, secular stagnation, Simon Kuznets, stem cell, The Chicago School, 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, Thorstein Veblen, zero-sum game
Needless to say,... not many members agreed with this idea. The old rule, “once organized, never disbanded” is as true in the Mont Pelerin Society as it is in other societies and especially in government bureaucracies.34 Other organizations in which Friedman has been involved include the Intercollegiate Society of Individualists (now the Intercollegiate Studies Institute), the Philadelphia Society, and the American Enterprise Institute. The Intercollegiate Society of Individualists (ISI) was founded by Frank Chodorov in 1953. One of its key chapters was at the University of Chicago, and Friedman and Hayek were two of three advisers to the chapter’s publication, the New Individualist Review. Friedman was enthusiastic about the influence of the Mont Pelerin Society, the ISI, and the New Individualist Review. In a 1981 introduction to a republication of the journal, he writes that “two organizations... served to channel and direct”35 the resurgence of classical liberal and libertarian thought stirring in the early 1960s, before the Vietnam War tracked popular discussion, especially among the young, in a leftward direction—the Mont Pelerin Society and ISI.
According to Henry Spiegel, a wellread and judicious historian of economic thought: “At the time when Viner taught at Chicago, the designation ‘Chicago School’ was not yet a commonly used term.”12 No reference to the “Chicago school” has been found in histories of economic thought written before the mid-1950s, including Joseph Schumpeter’s massive History of Economic Analysis, Joseph Dorfman’s multivolume The Economic Mind in American Civilization, and Paul Homan’s Contemporary Economic Thought. Similarly, there is apparently no reference to a “Chicago school” in the American Economic Review or Journal of Political Economy before the 1950s. Friedman himself provides evidence that the name “Chicago school of economics” was not used before the postwar era. Writing in his memoirs about the first meeting of the Mont Pelerin Society, a group of libertarian-oriented academics and others, in 1947, he quoted journalist John Davenport as saying that these participants included a “sprinkling of what became known as the Chicago School”13—that is, they were not known as the Chicago school yet. The Chicago school of economics is largely the Friedman school of economics; his positions and views are those associated with the school.
Before he was thirty years old, he testified before the House Ways and Means Committee and worked diligently to implement income tax withholding at the source to help with World War II financing. In 1946 Friedman and Stigler coauthored the anti–rent control polemic, “Roofs or Ceilings?” This pamphlet foreshadowed Friedman’s later career as an economic writer for the general public. Friedman, Stigler, and others attended the first meeting in 1947 of what became the Mont Pelerin Society—an international association of classical liberal and libertarian academics and a few journalists and political figures—in Switzerland. This was Friedman’s first trip outside of the United States. He considers his attendance at this meeting to have been important in his growing interest in public policy from an explicitly libertarian, or classical liberal, point of view. Others from Chicago to attend this meeting were Frank Knight, Aaron Director, and Friedrich Hayek.
Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott
airport security, banking crisis, Bretton Woods, British Empire, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, liquidationism / Banker’s doctrine / the Treasury view, means of production, Mont Pelerin Society, mortgage debt, New Journalism, Northern Rock, Paul Samuelson, Philip Mirowski, price mechanism, pushing on a string, road to serfdom, Robert Bork, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, War on Poverty, Yom Kippur War
He became president of the society in 1971. 27 Quoted in Friedman and Friedman, Two Lucky People, p. 159. 28 Ibid. 29 Paul Samuelson, “A Few Remembrances of Friedrich von Hayek (1899–1992).” 30 Interview of Milton Friedman, October 1, 2000, Commanding Heights, PBS, http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/int_miltonfriedman.html. 31 Samuelson, “A Few Remembrances of Friedrich von Hayek (1899–1992).” 32 Robbins’s full Statement of Aims, April 8, 1947, The Mont Pelerin Society, http://www.montpelerin.org/montpelerin/mpsGoals.html. 33 Collected Works, vol. 4: Fortunes of Liberalism, p. 192. 34 Interview of Milton Friedman, October 1, 2000, Commanding Heights, PBS. 35 Quoted by William Buckley in his address to the Mont Pelerin Society, Hillsdale College, Hillsdale, Mich., August 26, 1975, in William F. Buckley Jr., Let Us Talk of Many Things: The Collected Speeches (Basic Books, New York, 2008), p. 224. 36 Stephen Kresge, “Introduction,” in Hayek, Hayek on Hayek, p. 22. 37 UCLA Oral History Program, p. 395. 38 Ibid. 39 Hayek, Hayek on Hayek, p. 127. 40 Jacob Viner (1892–1970), cofounder of the Chicago School of economics who advised FDR’s secretary of the Treasury, Henry Morgenthau, against attempting Keynesian remedies during the Great Depression.
“It was just an inner need to do it.”38 The divorce scandalized Hayek’s LSE colleagues, none more so than Robbins, who was dumbfounded when Hayek resigned his LSE post in February 1950. Robbins wrote that he felt Hayek had “behaved in such a way . . . I find impossible to reconcile with the conception of his character and his standards which I have cherished through twenty years of friendship. As far as I am concerned, the man I knew is dead.” In the following ten years, such was Robbins’s disgust that he resigned from the Mont Pelerin Society in protest at Hella’s treatment and made no contact with Hayek. The two men were reconciled only after Hella’s death, when Robbins attended the wedding in 1961 of Hayek’s son, Laurence, his godson. Hayek needed to make himself scarce. In the light of his personal dramas, his move to America can be seen as a financially driven decision rather than an attempt to exploit his newfound fame as a paragon of liberty.
“When I look at social conditions in contemporary Britain, with its well fed, healthy and essentially decent and humane citizens and their children, and draw the contrast with what, as a young man, I knew 40 years ago, I do perceive a most solid and substantial improvement,”68 Robbins wrote. “Hayek is somewhat too apt . . . to assume that deviations from his norm lead cumulatively to disaster. . . . Why should he argue as if these were at all likely to lead us to social disintegration and the concentration camp?” The disappointing reviews, and sales, of The Constitution of Liberty coincided with a crisis in the Mont Pelerin Society, which, after years of dwindling membership and attendance, became riven by factionalism, personal animosity, and infighting whose details were so embarrassingly petty they have not been made public. The internecine troubles of an institution Hayek considered very much his own had proven so troubling to him that at the 1960 meeting he stepped down as president and declined to attend the 1961 gathering.
The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing
3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, Plutocrats, plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, Thomas Malthus, Thorstein Veblen, too big to fail, Uber and Lyft, Uber for X, Y Combinator, zero-sum game, Zipcar
The rentier state operates by conveying the impression that, in return for putting up with grotesque inequalities, enough of the electorate will gain through tax cuts and subsidies. This is coupled with what Michael Ross called the ‘repression effect’: rental income allows governments to construct more repressive apparatus to control the anger of the losers and keep democratic pressure at bay.3 THE MONT PELERIN SOCIETY In 1947, a small group, mostly economists but with a sprinkling of philosophers and historians, met in the Swiss resort of Mont Pèlerin, overlooking Lake Geneva, to form the Mont Pelerin Society (MPS). Pledged to promote ‘free markets’ and oppose state intervention, over the years they refined the ideological foundations of what is now termed ‘neo-liberalism’. The MPS is still thriving, although its founders have passed into the history books. The MPS has had a huge and continuing influence, particularly since the 1970s.
CONTENTS Title Page Glossary of Acronyms Preface Chapter 1: The Origins of Our Times Chapter 2: The Shaping of Rentier Capitalism Chapter 3: The Plague of Subsidies Chapter 4: The Scourge of Debt Chapter 5: Plunder of the Commons Chapter 6: Labour Brokers: The Precariat Bears the Strain Chapter 7: The Corruption of Democracy Chapter 8: Rent Asunder: The Precariat’s Revolt Index Copyright GLOSSARY OF ACRONYMS CETA Comprehensive Economic and Trade Agreement ECB European Central Bank EU European Union GDP Gross Domestic Product G20 Group of nineteen major economies and the European Union ILO International Labour Organization IMF International Monetary Fund ISDS Investor–State Dispute Settlement MGI McKinsey Global Institute MPS Mont Pelerin Society NHS National Health Service (UK) OECD Organisation for Economic Cooperation and Development (thirty-four mainly industrialised member countries) ONS Office for National Statistics (UK) PAC Parliamentary Accounts Committee (UK) PFI Private Finance Initiative (UK) QE Quantitative Easing TPP Trans-Pacific Partnership TTIP Transatlantic Trade and Investment Partnership TUC Trades Union Congress (UK) UK United Kingdom UN United Nations USA United States of America WIPO World Intellectual Property Organization WTO World Trade Organization PREFACE This book is about something worse than corruption by individuals or companies.
This time the attack was on labour-based security, previously the objective of governments of both left and right. Now it was seen as an impediment to growth. Once again, policy changes were dominated by financial capital. Intellectual justification came from the so-called ‘Chicago school’ of law and economics at the University of Chicago, whose leading lights went on to receive Nobel Prizes. Their agenda, honed in the Mont Pelerin Society set up by Friedrich Hayek and thirty-eight like-minded intellectuals in 1947, evolved into what is now called neo-liberalism. This meant the liberalisation of markets, the commodification and privatisation of everything that could be commodified and privatised and the systematic dismantling of all institutions of social solidarity that protected people from ‘market forces’. Regulations were justifiable only if they promoted economic growth; if not, they had to go.
Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams
3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Bretton Woods, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, The Future of Employment, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population
It was an idea of Hayek’s that ultimately mobilised this infrastructure into a ‘neoliberal thought collective’ and inaugurated the slow rise of the new hegemony.16 Since the Walter Lippmann Colloquium had been buried in the onslaught of World War II, the transnational infrastructure of an incipient neoliberalism had to be reconstructed. A chance meeting with a Swiss businessman in 1945 gave Hayek the financial means to put his ideas into action.17 Thus was born the Mont Pelerin Society (MPS): a closed intellectual network that provided the basic ideological infrastructure for neoliberalism to ferment.18 It is no exaggeration to say that almost all of the important figures in the postwar creation of neoliberalism were in attendance at its first meeting in 1947, including the Austrian economists, the UK liberals, the Chicago School, the German ordoliberals and a French contingent.19 From its beginnings, the MPS was consciously focused on changing political common sense and sought to develop a liberal utopia.20 It explicitly understood that this intellectual framework would then be actively filtered down through think tanks, universities and policy documents, in order to institutionalise and eventually monopolise the ideological terrain.21 In a letter to those he had invited, Hayek wrote that the purpose of the MPS was to enlist the support of the best minds in formulating a programme which has a chance of gaining general support.
They have struggled to open up the ‘realm of freedom’ from which humanity can continue its project of emancipation.2 While the broad aims of this project have a long series of precedents, recent developments in capitalism give renewed urgency to these issues. Rapid automation, expanding surplus populations and the continued imposition of austerity all heighten the need to rethink work and prepare for the new crises of capitalism. Just as the Mont Pelerin Society foreshadowed the crisis of Keynesianism and prepared a full-spectrum set of responses, so too should the left prepare for the coming crisis of work and surplus populations. While the effects of the 2008 crisis continue to reverberate throughout the world, it is too late to take advantage of that moment; all around us we can see that capital has recovered and consolidated itself in a renewed and sharpened form.
This is a fractious (sometimes even contradictory) alliance, but it is one that finds common interests in the broad neoliberal framework by emphasising individual freedoms.14 In addition, counter-hegemonic projects operate across diverse fields – from the state, to civil society, to the material infrastructure. This means an entire battery of actions are needed, such as seeking to spread media influence, attempting to win state power, controlling key sectors of the economy and designing important infrastructures. This project requires empirical and experimental work to identify the parts of these various fields that are operating to reinforce the present general direction of society. The Mont Pelerin Society is a good example of this. Painstakingly aware of the ways in which Keynesianism was the hegemonic common sense of its time, the MPS undertook the long-term task of taking apart the elements that sustained it. This was a project that took decades to come to full fruition, and during that time the MPS had to undertake counter-hegemonic actions in order to install it. Such long-term thinking is an important corrective to the tendency today to focus on immediate resistance and new daily outrages.
A Brief History of Neoliberalism by David Harvey
affirmative action, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, capital controls, centre right, collective bargaining, creative destruction, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, George Gilder, Gini coefficient, global reserve currency, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, Mexican peso crisis / tequila crisis, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Silicon Valley, special economic zone, structural adjustment programs, the built environment, The Chicago School, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, Winter of Discontent
They also possess, through organizations like the World Economic Forum at Davos, means of exchanging ideas and of consorting and consulting with political leaders. They exercise immense influence over global affairs and possess a freedom of action that no ordinary citizen possesses. Freedom’s Prospect This history of neoliberalization and class formation, and the proliferating acceptance of the ideas of the Mont Pelerin Society as the ruling ideas of the time, makes for interesting reading when placed against the background of counter-arguments laid out by Karl Polanyi in 1944 (shortly before the Mont Pelerin Society was established). In a complex society, he pointed out, the meaning of freedom becomes as contradictory and as fraught as its incitements to action are compelling. There are, he noted, two kinds of freedom, one good and the other bad. Among the latter he listed ‘the freedom to exploit one’s fellows, or the freedom to make inordinate gains without commensurable service to the community, the freedom to keep technological inventions from being used for public benefit, or the freedom to profit from public calamities secretly engineered for private advantage’.
The Rise of Neoliberal Theory Neoliberalism as a potential antidote to threats to the capitalist social order and as a solution to capitalism’s ills had long been lurking in the wings of public policy. A small and exclusive group of passionate advocates—mainly academic economists, historians, and philosophers—had gathered together around the renowned Austrian political philosopher Friedrich von Hayek to create the Mont Pelerin Society (named after the Swiss spa where they first met) in 1947 (the notables included Ludvig von Mises, the economist Milton Friedman, and even, for a time, the noted philosopher Karl Popper). The founding statement of the society read as follows: The central values of civilization are in danger. Over large stretches of the earth’s surface the essential conditions of human dignity and freedom have already disappeared.
Fearful of how the alliance with the Soviet Union and the command economy constructed within the US during the Second World War might play out politically in a post-war setting, they were ready to embrace anything from McCarthyism to neo-liberal think-tanks to protect and enhance their power. Yet this movement remained on the margins of both policy and academic influence until the troubled years of the 1970s. At that point it began to move centre-stage, particularly in the US and Britain, nurtured in various well-financed think-tanks (offshoots of the Mont Pelerin Society, such as the Institute of Economic Affairs in London and the Heritage Foundation in Washington), as well as through its growing influence within the academy, particularly at the University of Chicago, where Milton Friedman dominated. Neoliberal theory gained in academic respectability by the award of the Nobel Prize in economics to Hayek in 1974 and Friedman in 1976. This particular prize, though it assumed the aura of Nobel, had nothing to do with the other prizes and was under the tight control of Sweden’s banking elite.
Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate Raworth
3D printing, Asian financial crisis, bank run, basic income, battle of ideas, Berlin Wall, bitcoin, blockchain, Branko Milanovic, Bretton Woods, Buckminster Fuller, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, clean water, cognitive bias, collapse of Lehman Brothers, complexity theory, creative destruction, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, dematerialisation, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, energy transition, Erik Brynjolfsson, ethereum blockchain, Eugene Fama: efficient market hypothesis, experimental economics, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, Financial Instability Hypothesis, full employment, global supply chain, global village, Henri Poincaré, hiring and firing, Howard Zinn, Hyman Minsky, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, land reform, land value tax, Landlord’s Game, loss aversion, low skilled workers, M-Pesa, Mahatma Gandhi, market fundamentalism, Martin Wolf, means of production, megacity, mobile money, Mont Pelerin Society, Myron Scholes, neoliberal agenda, Network effects, Occupy movement, off grid, offshore financial centre, oil shale / tar sands, out of africa, Paul Samuelson, peer-to-peer, planetary scale, price mechanism, quantitative easing, randomized controlled trial, Richard Thaler, Ronald Reagan, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Simon Kuznets, smart cities, smart meter, South Sea Bubble, statistical model, Steve Ballmer, The Chicago School, The Great Moderation, the map is not the territory, the market place, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, Torches of Freedom, trickle-down economics, ultimatum game, universal basic income, Upton Sinclair, Vilfredo Pareto, wikimedia commons
Its aim, they said, was to push back hard against the threat of state totalitarianism, which was spreading fast thanks to the growing reach of the Soviet Union. But that aim gradually morphed into a hard push for market fundamentalism, and the meaning of ‘neoliberal’ morphed along with it. What’s more, when Paul Samuelson’s diagram appeared – depicting which actors were at the heart of the economy and which were pushed into the wings – it provided the perfect setting for their play. Scriptwriting began in the late 1940s with the launch of the Mont Pelerin Society, which lives on to this day.5 But Friedman, Hayek and the other hopeful playwrights knew they might have to wait some decades before their play could be performed. They took the long view: with backing from business and billionaires, they funded university professorships and scholarships, and built an international network of ‘free market’ think tanks, including the American Enterprise Institute and the Cato Institute in Washington, DC, and the Institute of Economic Affairs in London.6 The big time came at last in 1980 when Margaret Thatcher and Ronald Reagan teamed up to bring the neoliberal script to the international stage.
Like the longest-running of Broadway shows, the neoliberal show has been playing ever since, powerfully framing the economic debate of the past thirty years.7 It is high time we met the cast of characters that star in its story, each accompanied here by a biographical note and a one-line character summary that – in true Shakespearean style – loads the plot from the get-go. Economics: the twentieth-century neoliberal story (in which we go to the brink of collapse) Staging by Paul Samuelson Script by the Mont Pelerin Society Cast, in order of appearance: THE MARKET, which is efficient – so give it free rein. As Adam Smith famously wrote, ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.’8 When the market’s invisible hand is set free to work its magic of allocative efficiency, it harnesses the self-interest of every household and business to provide all the goods and jobs that are wanted.
At the end of Shakespeare’s Tempest – when all wrongs have been righted – Prospero’s daughter Miranda, who has lived a cloistered life on the island with her father, sees for the first time the scheming noblemen of Milan who were shipwrecked by the storm. ‘Oh, wonder!’ she exclaims, ‘How many goodly creatures are there here! How beauteous mankind is! O brave new world / That has such people in’t!’ Twenty-first-century economists might share her wonder, but without her political naivety. Having been cloistered for seventy years within the confines of Samuelson’s insular Circular Flow diagram and the Mont Pelerin Society’s narrow neoliberal script, we can now start writing a new story simply by picking up a pencil and first drawing the Embedded Economy. And since this big-picture perspective puts the economy in context, it is far easier to see some of the big questions that the twenty-first-century economist must tackle. There’s just one thing still missing and that is the play’s protagonist: humanity. 3 NURTURE HUMAN NATURE from rational economic man to social adaptable humans Think of the most famous portrait ever painted.
autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, George Santayana, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Future of Employment, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey
“Here I was, a young, naive provincial American,” Friedman later recalled, “meeting people from all over the world, all dedicated to the same liberal principles as we were; all beleaguered in their own countries, yet among them scholars, some already internationally famous, others destined to be.”17 In fact, no fewer than eight members of the Mont Pèlerin Society would go on to win Nobel Prizes. However, in 1947 no one could have predicted such a star-studded future. Large swaths of Europe lay in ruins. Reconstruction efforts were colored by Keynesian ideals: employment for all, curbing the free market, and regulation of banks. The war state became the welfare state. Yet it was during those same years that neoliberal thought began gaining traction thanks to the efforts of the Mont Pèlerin Society, a group that would go on to become one of the leading think tanks of the 20th century. “Together, they helped precipitate a global policy transformation with implications that will continue to reverberate for decades,” says the historian Angus Burgin.18 In the 1970s, Hayek handed the presidency of the Society over to Friedman.
Seemingly the only thing they had in common with Keynes was the belief that the ideas of economists and philosophers are stronger forces than the vested interests of business leaders and politicians. This particular story begins on April 1, 1947, not quite a year after Keynes’ death, when 40 philosophers, historians, and economists converged in the small village of Mont Pèlerin in Switzerland. Some had traveled for weeks, crossing oceans to get there. In later years, they would be known as the Mont Pèlerin Society. All 40 thinkers who came to this Swiss village were encouraged to speak their minds, and together they formed a corps of capitalist resistance fighters against socialist supremacy. “There are, of course, very few people left today who are not socialists,” Hayek, the event’s initiator, had once lamented. At a time when the provisions of the New Deal had pushed even the United States toward more socialistic policies, a defense of the free market was still seen as downright revolutionary, and Hayek felt “hopelessly out of tune with his time.”16 Milton Friedman was also at the meeting of minds.
Though we still have a right and a left, neither side seems to have a very clear plan for the future. In an ironic twist of fate, the neoliberalist brainchild of two men who devoutly believed in the power of ideas has now put a lockdown on the development of new ones. It would seem that we have arrived at “the end of history,” with liberal democracy as the last stop and the “free consumer” as the terminus of our species.20 By the time Friedman was named president of the Mont Pèlerin Society in 1970, most of its philosophers and historians had already decamped, the debates having become overly technical and economic.21 In hindsight, Friedman’s arrival marked the dawn of an era in which economists would become the leading thinkers of the Western world. We are still in that era today.22 We inhabit a world of managers and technocrats. “Let’s just concentrate on solving the problems,” they say.
Goddess of the Market: Ayn Rand and the American Right by Jennifer Burns
anti-communist, bank run, barriers to entry, centralized clearinghouse, collective bargaining, creative destruction, desegregation, feminist movement, financial independence, George Gilder, invisible hand, jimmy wales, John Markoff, Joseph Schumpeter, knowledge worker, laissez-faire capitalism, lone genius, Menlo Park, minimum wage unemployment, Mont Pelerin Society, new economy, Norman Mailer, offshore financial centre, Ponzi scheme, profit motive, RAND corporation, rent control, road to serfdom, Robert Bork, rolodex, Ronald Reagan, side project, Stewart Brand, The Chicago School, The Wisdom of Crowds, union organizing, urban renewal, white flight, Whole Earth Catalog
Hayek’s arrival marked a high point in this campaign, even though he was rejected by the Economics Department and instead landed at the Committee for Social Thought, with a salary paid by the Volker Fund. Regardless of how he got there, once at Chicago Hayek quickly expanded on the earlier efforts of Knight and Director and helped transform the university into a powerhouse of market economics.11 His most successful venture was the Mont Pelerin Society, an international society of economists he launched in 1947. Hayek drew on the same pool of conservative businessmen that Read and Mullendore first targeted with Pamphleteers, shaping an organization that bridged the worlds of commerce and academia. Rand cast a gimlet eye on Hayek. In a letter to Rose Wilder Lane, a libertarian book reviewer, she called him “pure poison” and “an example of our most pernicious enemy.”
This qualification, like his willingness to tolerate limited government programs, outraged Rand. To her it was proof of why individualism had failed as a political ideology: “It had no real base, no moral base. This is why my book is needed.” Hayek would have been surprised at Rand’s contention that his individualism had no moral base. His work was motivated by a deep sense of spiritual crisis, and for an organization of economists the Mont Pelerin Society was unusually sensitive to questions of morality. Hayek originally wanted to name his group the Acton-Tocqueville Society, in reference to two great Catholic thinkers.15 But Rand and Hayek had very different understandings of what was moral. In The Road to Serfdom Hayek criticized people of goodwill and their cherished ideals, insisting that the West examine the ethical assumptions that underlay its descent into barbarism.
That two economists with legitimate academic positions would take a public stand against rent control was enough to ensure FEE’s support. Still, the whole episode was problematic. In addition to incurring Rand’s wrath the pamphlet alienated Friedman and Stigler, who were deeply offended by Read’s unauthorized footnote. For many years they refused any collaboration with FEE or Read, until finally reconciling through their mutual connection to the Mont Pelerin Society. For her part, Rand felt betrayed by Read’s failure to understand the principles at stake in their work and wounded by his disregard for their “ghost” agreement.47 Only weeks later Read added insult to injury when he sent Rand a sheaf of anonymous comments on her short article, “Textbook of Americanism.” Rand had written the piece for The Vigil, the official publication of the Motion Picture Alliance for the Preservation of American Ideals, the Hollywood anti-Communist group that had recruited her to its board.
The Trouble With Billionaires by Linda McQuaig
battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, British Empire, Build a better mousetrap, carried interest, collateralized debt obligation, computer age, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, Douglas Engelbart, Douglas Engelbart, employer provided health coverage, financial deregulation, fixed income, full employment, George Akerlof, Gini coefficient, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of the telephone, invention of the wheel, invisible hand, Isaac Newton, Jacquard loom, Jacquard loom, Joseph-Marie Jacquard, laissez-faire capitalism, land tenure, Mark Zuckerberg, market bubble, Martin Wolf, mega-rich, minimum wage unemployment, Mont Pelerin Society, Naomi Klein, neoliberal agenda, Northern Rock, offshore financial centre, Paul Samuelson, Plutocrats, plutocrats, Ponzi scheme, pre–internet, price mechanism, purchasing power parity, RAND corporation, rent-seeking, rising living standards, road to serfdom, Ronald Reagan, The Chicago School, The Spirit Level, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, trickle-down economics, Vanguard fund, very high income, wealth creators, women in the workforce
While the ideas may have been out of vogue, free-market economics remained a cause dear to the hearts of the wealthy, and Hayek easily lined up ample financial support from Swiss industrialist Albert Hunold and members of the Swiss banking elite.21 Flush with cash, Hayek held the inaugural meeting of his forum at the spectacular Swiss mountain retreat of Mont Pelerin in the spring of 1947, attracting the major free-market theorists, including Milton Friedman of the University of Chicago and leading members of the Austrian school Ludwig von Mises and Karl Popper. After a decade of growing support for Keynesianism in official circles and among the public, Hayek was cautious about the prospects for reviving interest in anti-collectivist ideas. He made this clear at the Mont Pelerin Society’s inaugural meeting, pointing out that there were no quick victories ahead. Instead, he set out his vision for a long, slow struggle to discredit Keynesianism and the welfare state. Key to this goal was to enlist the best minds – such as had come together at the Swiss retreat – for a marathon, twenty-year effort ‘concerned not so much with what would be immediately practicable, but with the beliefs which must regain ascendance’.22 While the struggle ahead was indeed a long one, it wasn’t lacking in financial support.
Even during the war years, business funded a number of groups aimed at opposing industrial nationalizations and the drift towards the welfare state, including the Progress Trust, the National League of Freedom, and the Aims of Industry. Also important was an organization called the British United Industrialists, which was established towards the end of the war by Sir William Goodenough, chairman of Barclays Bank, and industrialist Robert Renwick (later Lord Renwick). So while the Mont Pelerin Society was focused on long-term efforts to change the intellectual mindset, these business organizations offered more direct, practical efforts to shape public views and lobby for pro-market choices. Probably most important of all was the network of think-tanks established by British farming entrepreneur Antony Fisher, whom Milton Friedman later credited with being ‘the single most important person in the development of Thatcherism’.23 Inspired by Hayek’s ideas after reading a Reader’s Digest condensation of The Road to Serfdom, Fisher had considered going into politics to promote the free-market cause.
Hayek urged Fisher instead to form an academic research organization ‘to supply intellectuals in universities, schools, journalism and broadcasting with authoritative studies of the economic theory of markets and its application to practical affairs’.24 Fisher followed Hayek’s advice, establishing the Institute of Economic Affairs (IEA), which was to become hugely influential in shaping British public attitudes as the years went on. The IEA set out to spread the gospel developed by Hayek and other doyens of the Mont Pelerin Society. It focused on destroying the power of trade unions, a favourite theme of Hayek’s. Another key focus for the IEA was promoting Milton Friedman’s doctrine of monetarism, a variation of the old monetarist theories from the 1920s that gave priority to controlling inflation over maintaining employment, as the gold standard had done. The IEA also paid tribute to entrepreneurs, and their role in wealth creation.
The Establishment: And How They Get Away With It by Owen Jones
anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, Plutocrats, plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent
He invited Karl Popper, one of the founders of the Mont Pélérin Society, to come and address his fellow students. Pirie would go on to attend meetings of the Society, too, and in doing so came to know Friedrich Hayek and Milton Friedman. ‘Hayek saw socialism triumphing all over the world in the capitalist democracies as well as the Communist countries,’ recalls Pirie. Three decades after World War II, he remembers, Hayek and Friedman seemed as isolated as ever, linked together out of both conviction and necessity. ‘Each of them, perhaps, was fighting a lone battle in their own university or their own country. But now they would be part of an organization that gave them a sense that they were not alone, that they were part of a movement.’ There was little in the way of optimism among leading members of the Mont Pélérin Society: ‘With the exception of Friedman all of the others were pessimistic.
‘The central values of civilization are in danger,’ read the group’s damning Statement of Aims. ‘Over large stretches of the earth’s surface the essential conditions of human dignity and freedom have already disappeared.’ To these thinkers the roots of the crisis were clear; they had ‘been fostered by a decline of belief in private property and the competitive market’. With the stage set for a generational struggle in defence of an increasingly besieged free-market capitalism, the Mont Pèlerin Society was born. The Society was the brainchild of Austrian-born British economist Friedrich Hayek. As the Nazi empire crumbled at the hands of the Red Army and Western forces, Hayek published a deeply pessimistic indictment of the world he believed had been emerging for a generation or more. The abandonment of laissez-faire economics – or the belief that the state withdrawing itself from economic life was a guarantee of prosperity and freedom – had, he claimed, threatened the very foundations of liberty: ‘We have progressively abandoned that freedom in economic affairs without which personal and political freedom has never existed in the past.’1 Published towards the end of World War II, Hayek’s seminal book The Road to Serfdom was a sensational success.
The prospects for Europe seem to me as dark as possible.’ Hayek and his adherents were ‘reactionaries’ in the truest sense of the word. They aimed to turn the clock back to a supposed golden age that had been swept away by the trauma of economic depression in the 1930s and global war in the 1940s. They were unabashed in describing themselves as ‘old-fashioned liberals’. As Hayek put it to the opening session of the Mont Pélérin Society, one of the chief tasks at hand was to purge ‘traditional liberal theory of certain accidental accretions which have become attached to it in the course of time’.3 Buried in this rather dry academese was a revealing statement about how the members of the Society saw themselves – as the ideologically pure on a mission to cleanse their own corrupted belief system. Until recently, Hayek believed, the West had been ‘governed by what are vaguely called nineteenth-century ideas or the principle of laissez-faire’,4 the model to which he and his followers advocated a return.
The Fair Trade Scandal: Marketing Poverty to Benefit the Rich by Ndongo Sylla
British Empire, carbon footprint, corporate social responsibility, David Ricardo: comparative advantage, deglobalization, Doha Development Round, Food sovereignty, global value chain, illegal immigration, income inequality, income per capita, invisible hand, Joseph Schumpeter, labour mobility, land reform, market fundamentalism, mass immigration, means of production, Mont Pelerin Society, Naomi Klein, non-tariff barriers, offshore financial centre, open economy, Philip Mirowski, Plutocrats, plutocrats, price mechanism, purchasing power parity, Ronald Reagan, Scientific racism, selection bias, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, transatlantic slave trade, trickle-down economics, Washington Consensus, zero-sum game
On one hand, distribution channels and agrifood industries had become increasingly oligopolistic. On the other, the degree of horizontal concentration increased along the agricultural value chains. On a global level, mechanisms regulating North–South trade were 41 Sylla T02779 01 text 41 28/11/2013 13:04 the fair trade scandal Box 2.1 Neoliberalism Neoliberalism is a political and economic doctrine that gained prominence in the wake of the Second World War with the creation of Mont Pelerin Society in 1947. Founded by the Austrian economist Friedrich Hayek, this organisation gathered together eminent personalities such as the economists Milton Friedman, George Stigler and Ludwig Von Mises, as well as the philosopher Karl Popper (Mirowski and Plehwe, 2009). The ‘neoliberal’ label is used to designate people, institutions or approaches that adhere both to the principle of individual liberties – namely entrepreneurial and trade freedom – as promoted by classical economic liberalism (hence the -liberal suffix) and to neoclassical economics – namely its blind faith in the virtues of the market economy (hence the neo- prefix).
., 33, 64, 67; Keynesianism, 42, 74, 141; euthanasia of the rentier, 157(n2) Kiribati, 135 Klein, Naomi, 78 Korea, the Republic of, 155(n1) Kraft Jacobs Suchard, 21 175 Sylla T02779 02 index 175 28/11/2013 13:04 the fair trade scandal Label-Step, 47 Labour, child labour, 51, 69, 79, 80, 113, 158(n7); division of labour, 63, 64, 65, 75; family labour, 51, 91, 94–5; forced labour, 71, 75, 80; hired labour, 43, 48, 49, 50, 51, 52, 94, 95, 112, 123, 129, 137, 160(n4), 161(n5); labour power, 76, 88, 98, 140, 148; labour supply, 9, 94–5; see also wage Lao People’s Democratic Republic, 135 Latin America, 9, 13, 15, 24, 37, 38, 42, 49, 74, 80, 107, 112, 115, 116, 117, 122, 129, 130, 131, 133, 135, 136, 137, 138, 139, 148, 154, 155(n1), 159(n23), 161(n14), 162(n22) Latin American and Caribbean Network of Smallholder Fair Trade Producers, 107 Latouche, Serge, 82–3 Least developed countries, see developing countries Lesotho, 135 Liberalism, 63, 67, 68, 74; neoliberal critique, 1, 59, 68–74, 84, 126, 146, 156(n4); neoliberalism, 3, 4, 6, 7, 41–3, 56, 59, 72, 120, 139–45, 146, 151, 162(n26), 163(n1) Liberia, 135 List, Friedrich, 8, 25; see also Protectionism Logistics Performance Index, 89, 137 Lomé Convention 155(n2) Low Income Food Deficit Countries, 135 Luxembourg, 162(n29) Madagascar, 135 Magnusson, Lars, 63–8, 71 Malawi, 134, 135 Malaysia, 155(n1) Maldives, 135 Mali, 134, 135 Market Access Overall Trade Restrictiveness Index, 30 Mars, 21 Marx, Karl, 60, 62, 75, 87, 157(n3) Marxist (tradition), 75, 76, 82, 157(n11) Mauritania, 135 Max Havelaar (novel), 39 Max Havelaar (label), 6, 39–40, 44–5, 130, 139, 157(n4), see also Fairtrade Max Havelaar (labelling initiatives), France, 46, 127, 156(n9), 158(n10), 159(n23), 160(n25), 161(n6); Switzerland, 127 McDonald’s, 77, 78, 79 Mexico, 3, 38, 79, 98, 114, 118, 131, 132, 133, 134, 136, 137, 139, 155(n1), 157 (n4), 159(n20), 161(n17) Mercantilism, 64–7 Microfinance, 1 Middle East, 15, 49 Mill, John Stuart, 65 Millennium development goal(s), see Development Mises (von), Ludwig, 42 Mohan, Sushil, 101–2 Monde (Le), 159(n19) Mont Pelerin Society, 42 Mozambique, 135 Multatuli, see Max Havelaar (novel) Multinationals, 19, 21, 41, 47, 53, 55, 56, 77–81, 140, 147, 149, 157(n13), 158(n5), 160(n26) Myers, Norman, 23, see also hamburger connection Nadel, Henri, 76 National sovereignty, 33, 64, 152 Neoclassical economics, 4, 11; 42, 65, 66, 72, 74, 82, 94–5, 140; general equilibrium theory, 99; gravity models, 162(n20) Neoliberalism, see liberalism Nepal, 135 Nestlé, 21, 78 Netherlands, 3, 20, 38, 39, 40, 54, 160 (n26), 162(n29); Groningen, 70; Kerkrade, 36 Network of European World Shops (the), 44, 46 New York, 157(n3) New York Times (the) 159 (n15) NGO, 3, 36, 38, 46, 47, 50, 53, 116, 117, 138 Nicaragua, 133, 134 Niche, 38, 70, 77 Niger, 135 Nigeria, 21 Nokia, 85–6, 125 Non-tariff barriers, 26–7, 30, 90 176 Sylla T02779 02 index 176 28/11/2013 13:04 index North America, 24, 35, 40, 44, 53, 136 North American Free Trade Agreement (NAFTA), 136 North-North relations, 31, 54, 80, 108 North-South relations, 1, 16–33, 34, 35, 40, 41, 43–4, 61–2, 73, 80, 87, 90, 97, 105–9, 126, 135, 140–5, 147, 148, 149, 163(n2), see also dependency theory Norway, 28, 162(n29) Oceania, 9, 24, 129, 131, 154 Organic production, 9, 53–5, 79, 92, 96, 112, 115, 160(n1) Organisation for Economic Co-operation and Development (OECD), 28–9; OECD countries, 10, 15, 21, 28, 29, 30, 42, 131, 144 Overall Trade Restrictiveness Index, see Market Access Overall Trade Restrictiveness Index Oxfam, 30, 32, 36, 38, 72, 122 Pakistan, 36 Palestine, 35 Panama, 134 Papua New Guinea, 134 Penson, Jonathan, 138 Peru, 114, 133, 134, 159(n20), 160(n26) Philippines, the, 155(n1) Pitt, William, 8 Polanyi, Karl, 75, 140 Popper, Karl, 42, 58–60 Portugal, 23, 65 Poverty, 2, 7, 10, 11, 33, 35, 36, 40, 58, 62, 68, 79, 84, 85–6, 95, 97–100, 103, 105, 109, 113, 114, 119, 122, 125, 131, 132, 137, 142, 143, 144, 145, 147, 148 Prebisch, Raúl, 17, 38 Price volatility, 17–18, 66, 86, 109 Primary product dependency, 10, 16, 90, 121, 132–8, 140–1, 147 Primary product financialisation, 17–8 Problem of induction, 110 Producer organisations, 3, 80, 98, 118–19, 157(n3), 159 (n16); certification, 45, 48, 49, 51, 91, 109, 111; 159(n20), 160(n4); selection bias, 81, 116–17, 132–9, 159(n23), 160(n26); shortcomings of the Fairtrade model, 97, 107–9, 138, 142–3, 162(n25); statistics, 51–3, 123–4, 130–1, 132–4, 161(n11) Producer support Estimate, 28–9; see also OECD Productive theory, 64–5, 75 Protectionism, 5, 25–33, 63, 67–8, 71–2, 145; infant industries protection, 25, 32, 37, 66, 67; see also free trade Puerto Rico, 35 Purchasing Power Parity, 153 Quinoa, 54, 159(n15) Rainforest Alliance, 53–6 Reagan, Ronald, 42 Ricardo, David, 65–7 Rist, Gilbert, 34 Rodrik, Dani, 73–4 Roozen, Nico, 3, 38–43, 54, 70, 87–8, 98, 139, 158(n4), 163(n1) Rowntree, Joseph, 72, Ruben, Ruerd, 113–17, 160(n27) Rugmark, 47 Rwanda, 134, 135, 138, Sachs, Jeffrey, 162(n23) Sao Tomé and Principe, 134, 135 Saint Lucia, 91, 134 Saint-Vincent and the Grenadines, 91, 134 Sales Exchange for Refugee Rehabilitation and Vocation (SERRV), 35–6 Samoa, 135 Samsung, 85–6, 125 Sara Lee, 70 Schumpeter, Joseph A., 63, 156(n3) Second World War, 35, 42 Selection bias, see producer organisations SELFHELP Crafts (shops), see Ten Thousand Villages Senegal, 134, 135 Sharif, Mohammed, 94–5 Sidwell, Marc, 68–73 Sierra Leone, 135 Singapore, 155(n1) Singer, Hans, 17; see also Structuralist school Slavery, 60–2, 75 177 Sylla T02779 02 index 177 28/11/2013 13:04 the fair trade scandal Slavery footprint, 156(n2) Smith, Adam, 8, 63–8, 75–6, 156(n3) Smith, Alastair M., 132, 156(n4) Smithsonian Migratory Bird Center, Bird-friendly Coffee programme, 54 Social capital, 101, 117, 119 Solidaridad, 3, 38–9, 114; see also Roozen Solomon Islands, 135 Somalia, 135 SOS Wereldhandel; see Fair Trade Organisatie Spaghetti bowl, 27 South Africa, 136, 137, 159(n20), 162(n21) South South relations, 80, 149, 163(n2) Sri Lanka, 134 STABEX, see Export earnings stabilisation system Starbucks, 77, 78, 150; Coffee and farmer equity practices, 55 Stigler, Georges, 42 Stiglitz, Joseph E. and Charlton, Andrew, 31–3, 66 Structural adjustment policies, 17, 18, 42 Structuralist school, 37–8 Sudan, 135 Sugar, 16, 27, 30, 36, 60–2, 80, 85, 90 Sustainable Agriculture Network, 53 Sustainability, 4, 24, 34, 47, 50, 53, 55, 56, 57, 70, 79, 113, 138, 142, 149–50, 158(n5) Sustainable development, 4, 34, 47, 55, 70, 82, 83, 156(n2), 163(n1) Sustainable Fair Trade Management System, 45; see also World Fair Trade Organization Sweden, 63, 162(n29) Switzerland, 53, 127, 128 System for Minerals (Sysmin), 155(n2) Taiwan, 155(n1) Tanzania, United Republic of, 134, 135 Tariff escalation, 26–8, 30 Tariff peaks, 30 Tax havens, 157(n13) Tea, 40, 49, 52, 53, 54, 56, 80, 130, 133, 134, 136 Ten Thousand Villages, 35–6 Thailand, 155(n1) Thatcher, Margaret, 42 Third Worldism, 36–40, 120 Times (the), 160(n2) Timor Leste, 135 Togo, 134, 135, 155(n2) Torrens, Robert, 65 Trade not aid (slogan), 38, 40, 126 Trade structure, 9, 10, 133–8, 141, 154, 163(n2); see also Developing countries Traders, 20, 44, 49, 86, 106, 116–17, 140 Transfair USA, additional income transferred, 125, 128, 130–1, 153; 161(n9), 161(n11); budget and licensee fees, 127–8, 153; exit from Fairtrade, 161(n13); name change, 161(n9); sales, 161(n10) Tribune (La), 159(n18) Truman, Harry, 34, 35 Turkey, 155(n1) Tuvalu, 135 UCIRI (Union de Comunidades Indigenas de la Region del Istmo), 98, 157(n4) Uganda, 134, 135, 138 Un Comtrade, 20, 134 Underdevelopment, see development Unequal exchange, 1–2, 16–22, 25, 37, 62, 76, 120, 132, 133; unequal ecological exchange, 22–4 United Nations, 10, 144, 155(n4) United Nations Conference on Trade and Development (UNCTAD), 9, 10, 13, 14, 16, 20–1, 38, 133, 134, 135, 154, 162(n19), 162(n21), 163(n2) United Kingdom, 8, 25, 31, 32, 36, 46, 53, 56–7, 60–2, 64–9, 71, 127, 128, 132 United States, 16, 20, 22, 23, 25, 27, 29, 31, 32, 35, 36, 42, 46, 53, 54, 61, 63, 67, 71, 79, 90, 125, 127, 128, 130, 131, 132, 136, 156(n2), 158(n8), 158(n9); American System, 26, 67; United States Agency for International Development (USAID), 138; see also Transfair USA UTZ Certified, 54, 55, 56, 70 Van der Hoff, Frans, 3, 38–43, 87–9, 98, 139, 158(n4), 158(n5), 162(n26), 163(n1) 178 Sylla T02779 02 index 178 28/11/2013 13:04 index Vanuatu, 135 Vent for surplus theory, 65 Vertical integration, 19–21, 41 Vietnam, 74 Wage, 79, 80, 158(n7), 160(n26), 160(n27), 161(n5); minimum wage, 51, 95, 98; reservation wage, 94–5; wage employment, 19, 72, 94, 123–4, 128, 131, 133, 137, 142, 162(n22) Wal-Mart, 78, 79 Washington Consensus, 73 Wealth of Nations, see Smith, Adam West Indies, 60–2, Williams, Eric, 60–2 Williamson, Jeffrey G., 162(n27) World Bank, 17, 31, 42; development indicators, 9, 10–12, 15, 30, 89, 131, 137, 153, 161(n7, n14, n17) World Fair Trade Organization, 44–5, 46, 80, 151 World-system theory, 76 World Trade Organization, 26, 28, 29, 31–3, 74, 144, 155(n3) Yemen, 135 Zambia, 135 179 Sylla T02779 02 index 179 28/11/2013 13:04 Sylla T02779 02 index 180 28/11/2013 13:04
To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton
affirmative action, American Legislative Exchange Council, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, corporate personhood, creative destruction, deindustrialization, desegregation, Donald Trump, estate planning, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, informal economy, invisible hand, liberation theology, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, New Urbanism, post-industrial society, postindustrial economy, prediction markets, price anchoring, Ralph Nader, RFID, road to serfdom, Ronald Reagan, Silicon Valley, Stewart Brand, strikebreaker, The Wealth of Nations by Adam Smith, union organizing, walkable city, Washington Consensus, white flight, Whole Earth Catalog, Works Progress Administration
The American Studies department and the NEP—technically a separate entity, in the interests of Harding’s accreditation—continued to devote themselves to promoting free-Â�market economics as a sacred political cause. The NEP, for example, helped publicize a Young Americas Foundation study blaming the Reagan recession on pervasive Keynesianism in college economics textbooks.100 American Studies regularly hosted supporters of the Austrian school of hard-Â�right economics from the Mont Pelerin Society and its American offshoot, the Foundation for Economic Education. The college celebrated the nation’s bicentennial with a program honoring the concurrent two hundredth anniversary of the publication of The Wealth of Nations.101 In 1979, Harding’s business department took the additional step of establishing the Belden Center for Private Enterprise Education, named in honor of an inÂ�deÂ�penÂ�dent Arkansas manufacturer.
One of the very first of the conservative think-Â�tanks that were to remake public policy, the Foundation for Economic Education focused on popularizing strict free-Â�market theories—“neoliberal” economics, in the terminology that confounds Americans’ political binary—by organizing potential opinion-Â�makers. Led by Read from its 1946 founding until his death in 1983, the Foundation for Economic Education drew its initial intellectual resources from economists like Ludwig von Mises, Fred Fairchild, and Leo Wolman.5 In 1947, Read was present at the creation of Frederick Hayek’s Mont Pelerin Society, the international gathering in Switzerland that launched the hard-Â�right Austrian school of economics as a force in the United States and Britain.6 Over the next deÂ�cades, the staff of the Foundation for Economic Education spread their alternative economic vision around North America. To inÂ�fluÂ�ence the climate of opinion on college campuses, the Foundation in 1948 began hosting short-Â�term seminars, exchanges, and conferences on its Hudson Valley estate.
See also Immigrants Mises, Ludwig von, 195 Military, 4, 10, 26, 37–40, 55, 60, 88, 108, 117, 137, 165–166, 203, 211, 223-225, 227, 249, 280n12, 330n42 Miller-Tydings Act, 19 Missionaries, 161, 164–165, 167, 187, 210, 220, 228, 236–240, 250–251, 262, 270, 340n69 Missouri, 11, 20, 45, 58, 187, 191, 201, 206; race in, 10; Populism in, 14, 16; colleges/universities in, 26, 186, 208; nearness to Wal-Mart’s base, 27; Wal-Mart stores in, 28, 61, 76, 80, 93; businesses in, 150, 217. See also speÂ�cific towns and institutions Modernity/modernism, 7, 9, 20, 23, 86, 117 Mom-and-pop stores, 52–54 Monopolies/trusts, 14–22, 24, 26, 30, 52 Monopsony, 211 Mont Pelerin Society, 167, 195, 241 Moral Majority, 3–4, 8, 119, 131, 215 Moravians, 229, 235, 337n23 Mormons, 3, 9, 115, 119 Motherhood, 120 Multinational corporations, 29, 172, 229, 243, 246, 250, 268 365 INDEX Nader, Ralph, 152, 201; Taming the Giant Corporation, 182 Nation, The, 18–20 National Anti–Chain Store League, 20 National Association of Evangelicals, 87, 224 National Association of Manufacturers, 184, 213, 327n61, 344n27 National Bipartisan Commission on Central America, 224–227 National Education Program, 166–168 National Federation of IndeÂ�penÂ�dent Businesses, 212, 327n61 Nationalism, 248–249 Nationalization, 152, 344n23 National Labor Relations Board, 178, 184 National Retail Federation, 259 National Review Institute, 215 Native Americans, 29–30, 44, 90, 164 Navigators, 97, 117 Neoconservatism, 148, 214, 224 Neoliberalism, 126, 195, 268, 312n2 New Christian Right, 3–4, 87–88, 111, 131, 193, 196, 215, 238, 250 New Deal, 2, 10, 30, 32, 34, 40, 44, 53, 55, 57, 88, 126, 165, 264, 269, 287n25 New Orleans, LA, 163, 190, 264–271 Nicaragua, 222–224, 229, 233, 235, 249, 336n11, 337n23 Nixon, Richard M., 2–3, 41, 145, 149, 162, 169, 182, 186, 203, 286n19 Noriega, Manuel, 227, 236 Norris, J.
The Wrecking Crew: How Conservatives Rule by Thomas Frank
affirmative action, anti-communist, barriers to entry, Berlin Wall, Bernie Madoff, British Empire, collective bargaining, corporate governance, Credit Default Swap, David Brooks, edge city, financial deregulation, full employment, George Gilder, guest worker program, income inequality, invisible hand, job satisfaction, Mikhail Gorbachev, Mont Pelerin Society, mortgage debt, Naomi Klein, new economy, P = NP, Plutocrats, plutocrats, Ponzi scheme, Ralph Nader, rent control, Richard Florida, road to serfdom, rolodex, Ronald Reagan, school vouchers, shareholder value, Silicon Valley, stem cell, Telecommunications Act of 1996, the scientific method, too big to fail, union organizing, War on Poverty
In 1991 the IFF’s American magazine was renamed terra nova: A Quarterly Journal of Free-Market Economic and Political Thought. Its European journal became laissez-faire, a showplace for “radical free market articles.” The foundation dumped its old advisory board of cold-war hawks in favor of a more Information Age set, including both the chairman of the libertarian Cato Institute and the president of the Mont Pelerin Society, the free-market club founded by the economist Friedrich Hayek. As communism receded, Hayek’s sacred name came to loom ever larger in conservative circles, and the IFF deftly made itself the leader of the cult: A 1992 issue of terra nova was dedicated to Hayek’s memory, and on one of his many trips to South Africa, the IFF’s chairman presented a lucky politician with an autographed copy of a Hayek book.
Lance Gay, “Group That Opposed Mandela Had Secret South Africa Funds,” Houston Chronicle, July 30, 1995. 24. The description of laissez-faire can be found in the IFF’s newsletter, Freedom Bulletin 5, no. 4 (April 1991), p. 2. The issue of terra nova dedicated to Hayek was vol. 1, no. 3 (Spring 1992). See especially the Hayek memorial (p. 3) written by John Blundell, then president of the Charles G. Koch Foundation and today the vice president of the Mont Pelerin Society. The lucky South African politician who got the autographed copy of The Road to Serfdom was Mangosuthu Buthelezi, a perennial IFF favorite. The presentation is depicted in Freedom Bulletin 5, no. 5 (May 1991), p. 5. The presentation of the “Freedom Award” to Vaclav Klaus is described in Freedom Bulletin 5, no. 1 (January 1991), p. 1. 25. Or, more accurately, advocating “a return to market hunting” of deer.
See also specific individuals and firms advocacy bipartisan CNMI and contractors and Council on Competitiveness and DeLay and FEMA and future of government spending and Iraq and K Street Project and legislation written by return-on-investment and revolving door and price of Los Angeles Times Loudoun County Louw, Leon low-tax zones Lukens, Donald “Buz” “Made in U.S.A.” label mafian Making Democracy Work (Putnam) Malaysia Malkin, Michelle Mandela, Nelson Marianas Variety “market-based” government marketing marketization of politics market populism McCain, John McCarron, Douglas McCarthy, Joe McChesney, Fred McConnell, Mitch McCurdy, Dave McDonald, Larry McGovern, George McIntosh, David McKinley, William McTigue, Maurice media medical industry Medicare “Memogate” scandal of 2004 Mercatus Regulatory Studies Program Messing, F. Andy Mexico middle class migrant farmworkers union Milken, Michael Miner, David Mine Safety and Health Administration “Mine the Vote” effort minimum wage mining industry moderate Republicans Mondale, Walter “Fritz” money-in-politics issue Mont Pelerin Society Moon, Sun Myung Moore, Royn Moral Majority Moritz, Amy Mott, Elwood Mozambique Mulhall, Martin Multinational Business Services Muslims Nader, Ralph Nadler, Jerrold NASA NASDAQ National Association of Manufacturers (NAM) National Center for Public Policy Research National Conservative Political Action Committee (NCPAC, “nick-pack”) National Education Association National Endowment for the Arts National Ground Intelligence Center FIRES program National Institutes of Health nationalization National Labor Relations Act National Mining Association (NMA) national parks National Review National Rifle Association National Security Agency National Security Council National Student Association Nation’s Business Nazi regime New Deal New Democrats New Economy New Industrial State, The (Galbraith) New Left New Orleans New Republic New Right New Right, The (Viguerie) New York State legislature New York Times Ney, Bob Nicaragua Contrasn Sandinistas.
The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley
banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population
She had first read his teachings while studying chemistry at Somerville College, Oxford, just after the war. ‘This is what we believe’ she announced excitedly, waving a well-worn copy of his major work, The Constitution of Liberty, during one of her speeches after becoming leader of the Conservative Party. Born in Austria, Hayek moved to teach at the London School of Economics in 1931. In 1947 the political philosopher helped establish the Mont Pelerin Society—an international network of ideologues committed to unregulated markets—and named after the Swiss spa near Geneva where the group of founders first met. The Society had one central aim: to build opposition to the post-war economic and welfare reforms. In the United States, the case for free markets was promoted by organisations like the Foundation for Economic Education and the American Enterprise Association and in the UK by a small Westminster-based think thank called the Institute for Economic Affairs (IEA).
For British advocates, improved rewards at the top, it was claimed, would correct for the failings of post-war welfare capitalism, lift Britain out of its tepid entrepreneurial culture and bring renewed economic dynamism. For the new right thinkers, egalitarianism had gone too far, while allowing inequality to rise was a necessary condition for economic success. As Ludwig von Mises, based in New York, one of the leading post-war pro-market theorists and a founding member of the Mont Pelerin Society, had written in 1955: ‘Inequality of wealth and incomes is the cause of the masses’ well being, not the cause of anybody’s distress…. Where there is a lower degree of inequality, there is necessarily a lower standard of living of the masses.’50 Although greater reliance on markets would mean the wealth gap might grow, all citizens would still be better off through an expanded economic cake.
Strange Rebels: 1979 and the Birth of the 21st Century by Christian Caryl
anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, colonial rule, Deng Xiaoping, financial deregulation, financial independence, friendly fire, full employment, income inequality, industrial robot, Internet Archive, land reform, land tenure, liberal capitalism, liberation theology, Mahatma Gandhi, means of production, Mikhail Gorbachev, Mohammed Bouazizi, Mont Pelerin Society, Neil Kinnock, new economy, New Urbanism, oil shock, open borders, open economy, Pearl River Delta, Plutocrats, plutocrats, price stability, rent control, road to serfdom, Ronald Reagan, single-payer health, special economic zone, The Chicago School, union organizing, upwardly mobile, Winter of Discontent, Xiaogang Anhui farmers, Yom Kippur War
A few years earlier he had published a book called The Road to Serfdom, an articulate polemic about the perils of liberty in a world where planners increasingly reigned. Most of those in the British establishment dismissed the book’s ideas. (That did not stop it from becoming a surprise best-seller in the United States.) Most of the men—and they were, in fact, all men—who came together to form the Mont Pèlerin Society (named after the resort where they met) drew their intellectual sustenance from three particular universities: the London School of Economics, the University of Chicago, and the University of Vienna. It was these three universities that would deliver many of the crucial theoretical and academic underpinnings for the liberal counterrevolution the new society hoped to unleash. Among the men present were Milton Friedman, Ludwig von Mises, and Karl Popper—each of whom would help to reshape twentieth-century discourse about political liberty and market economics in the decades to come.
The results, in far too many cases, were inefficiency, corruption, and chronic inflation. The main intellectual alternative to the reigning consensus in global economics emerged from the so-called Chicago School, a term that was first applied in the 1950s to a group of free-market economists who came together at the University of Chicago. Their most famous theoretician was Milton Friedman, a founding member of the Mont Pèlerin society and a gifted polemicist for the cause of economic liberalism. The Chicago School did not content itself with merely generating ideas. It also turned out an enormously influential crop of international economists who later played direct roles in the process of economic reform in their home countries.23 Friedman and his colleagues did much to prepare the way for Thatcher’s economic counterrevolution by promoting the new thinking during the 1970s.
See also under Poland Martyrs, 197, 216, 223, 292, 298 Marxism, 9, 11, 12, 13, 14, 16, 25, 29, 38–39, 60, 72, 100, 102, 105, 111, 121–122, 202, 206, 342, 355 Islamic Marxism, 114 See also Communism; Socialism Massoud, Ahmed Shah, 103–105, 228, 272, 310, 311, 359 Mawdudi, Abul Ala, 112, 219–220, 221, 227, 306, 344 Mecca/Medina, 223, 224, 234, 296, 300 Media, 42, 90, 108, 121, 144, 172, 175, 198, 239, 241, 242, 245, 246, 283, 298, 311, 334, 336 in Poland, 199, 205, 207, 208, 280 See also Press; Television Meisner, Maurice, 179 Merino, Gustavo Gutiérrez, 78 Methodism, 58–59, 342 Mexico, 3, 78–79, 354 Michnik, Adam, 199, 206, 282, 285 Middle class, 43, 45, 47, 58, 109, 138, 140, 149, 157, 158 Mileposts (Qutb), 220–221 Militaries, 7, 11, 15, 19, 24, 27, 28, 29, 30, 39, 40, 42, 90, 97, 98–99, 119, 134, 171, 188, 270, 292 Iranian military, 148–149, 152 mutiny/defections in Afghan army, 214, 262 special forces, 266, 272, 274 See also People’s Republic of China: People’s Liberation Army Militias, 119, 149, 150, 152, 154, 206, 211, 216, 217, 238, 242, 297, 298 Millar, Ronnie, 183, 314 Missiles, 13, 268, 269, 273 Modarres, Seyyed Hassan, 87, 88 Modernization, 7, 8, 11, 12, 34, 35, 38, 42, 43, 44, 45, 48, 75, 92, 100, 110, 112, 126, 131, 132, 134, 166, 173, 174, 218, 294, 324, 340, 352, 355, 357–358 socialist modernization, 135 See also People’s Republic of China: and Four Modernizations Mohammad (Prophet), 219, 222, 223 Money supply/monetarism, 6, 53, 61, 62, 159, 166, 167, 185, 186, 187, 188, 190, 193–194, 313, 315, 317 Montazeri (Ayatollah), 296 Mont Pèlerin Society, 161–162, 324 Moral Majority, 360 Mosher, Steven, 249, 253 Mossadeq, Mohammed, 7, 42, 46, 88, 109, 230 Motahhari, Morteza (Ayatollah), 113, 142, 152 Mountbatten (Lord), 188 Mousavi, Mir-Hossein, 348 Mujahideen, 215, 267, 270, 304, 305, 307, 356, 357 feuding among, 271, 310 Mujahideen-e Khalq (MEK), 149, 151, 212, 241–242, 298 Mullahs, 12, 37, 39, 40, 226, 227, 294, 301, 349 Murdoch, Rupert, 181, 194 Muslim Brotherhood, 91, 104, 112, 219, 220, 223, 226, 346 Muslims, 40, 47, 96, 102, 105, 110.
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
The article shared two attributes with many of Friedman’s subsequent publications. It took a simple economic concept—the law of supply and demand—and applied it to a practical problem; and it proved popular with business interests. The National Association of Real Estate Boards circulated half a million copies. In 1947, Friedman and Stigler went to Switzerland for the first meeting of what became the Mont Pelerin Society, an international association of conservative and libertarian academics. (Hayek attended the meeting, too.) During the 1950s, Friedman took part in a series of conferences organized by the right-leaning William Volker Fund, at which he lectured groups of impressionable young scholars. These talks formed the basis for Capitalism and Freedom, which inspired an entire generation of conservatives.
“Ministry of Production in the Collectivist State, The” (Barone) Minnesota, University of Minsky, Hyman (Mis)Behavior of Markets, The (Mandelbrot and Hudson) Mises, Ludwig von Missal, Michael J. Mobil Oil Modigliani, Franco monetarism Monetary History of the United States, A (Friedman and Schwartz) Money Store, The Monnett, Charles Monopoly (game) monopoly power Montaigne, Michel de Monte Carlo simulation Monthly Review, The Mont Pelerin Society Moody’s Investor Services moral philosophy Morgan, J. P. Morgan Stanley Chinese equity in compensation of CEO of Economics Department of Federal Reserve and reduction in assets of repayment of government loans by subprime mortgage securities issued by Morgenstern, Oskar Morris, Ian Mortgage Asset Research Institute mortgage-backed securities (MBSs) Mortgage Brokers Association for Responsible Lending Mozilo, Angelo Munger, Charles Muolo, Paul Murphy, Kevin Muth, John Myrdal, Gunnar Nagel, Stefan NASDAQ Nash, John National Academy of Sciences National Aeronautics and Space Administration (NASA) National Association for Business Economics National Association of Real Estate Boards National Bureau for Economic Research National Homeownership Strategy National Resources Committee National Socialism, see Nazis Navy, U.S., Pacific Fleet Nazis Netherlands Netscape Communications neuroeconomics New Century Financial Corporation New Deal New Industrial State, The (Galbraith) New Republic, The New School Newsweek Newton, Huey P.
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
affirmative action, Albert Einstein, Bernie Madoff, British Empire, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game
Hobbs, The Welfare Industry (Washington, DC: the Heritage Foundation, 1978), pp. 83 and 84. 7 Ibid., p. 20 and passim. 8 “Studies Indicate New York Welfare Far Exceeds Federal Poverty Line,” New York Times, January 25, 1979, p. B6. These analyses, however, exclude many available means-tested benefits. See also Hobbs, The Welfare Industry, pp. 83 and 84. 9 Gary Becker, “The Effect of the State on the Family,” monograph prepared for the Mont Pelerin Society meetings, September, 1978. 10 For a lucid exposition of the Feldstein position, plus critiques and comments from James M. Buchanan, Nancy Teeters, Arthur M. Okun, and others, see Martin S. Feldstein, “Social Insurance,” in Colin D. Campbell, ed., Income Distribution (Washington, DC: American Enterprise Institute for Public Policy Research, 1977), pp. 71–124. See also Martin S. Feldstein, “Facing the Social Security Crisis,” Public Interest, no. 47 (Spring 1977), pp. 88–100; Martin S.
In Boskin, Michael, ed. Federal Tax Reform: Myths and Realities. San Francisco: Institute for Contemporary Studies, 1978. ———. “U.S. Inflation and the Choice of Monetary Standard.” Speech at University of Rochester, April 9, 1980. Bartlett, Bruce. A Walk on the Supply Side. New Rochelle, NY: Arlington House, Inc., 1981. Becker, Gary. “The Effect of the State on the Family.” Monograph prepared for the Mont Pelerin Society Meetings, September 1978. Bell, Daniel. The Coming of Post-Industrial Society. New York: Basic Books, Inc., 1973. ———. The Cultural Contradictions of Capitalism. New York: Basic Books, Inc., 1975. ———. “The New Class: A Muddled Concept.” Transaction/Society 16 (2) Januray–February 1979. Reprinted in Bruce-Briggs, Barry, ed. The New Class. New Brunswick, NJ: Transaction Books, 1979. Berle, Adolph.
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
The day was cold and the wind was bumpy, and the aeroplane crew were frankly bored. Presently the battery signaller sent a message, “Battery out of action for an hour; remain aloft awaiting orders.” Back came the reply with remarkable promptitude: “This machine is not fitted with skyhooks.”’ From the Feilding Star (New Zealand) 15 June 1915. On the implications of Darwinism, Arnhart, Larry 2013. The Evolution of Darwinian Liberalism. Paper to the Mont Pelerin Society June 2013. On Lucretius, Greenblatt, Stephen 2012. The Swerve. Vintage Books. On Dawkins and Lucretius, Gottlieb, Anthony 2000. The Dream of Reason. Allen Lane/The Penguin Press. On Lucretius’s influence on Western thought, Wilson, Catherine 2008. Epicureanism at the Origin of Modernity. Oxford University Press. On Newton and Lucretius, Jensen, W. 2011. Newton and Lucretius: some overlooked parallels.
How Adam Smith Can Change Your Life. Penguin. Also Kennedy, G. 2013. Adam Smith on religion, in the Oxford Handbook on Adam Smith. Oxford University Press. And Foster, Peter 2014. Why We Bite the Invisible Hand. Pleasaunce Press. And Butler, Eamonn 2013. Foundations of a Free Society. IEA On liberalism and evolution, Arnhart, Larry 2013. The Evolution of Darwinian Liberalism. Paper to the Mont Pelerin Society June 2013. On the decline of violence, Pinker, Steven 2011. The Better Angels of Our Nature. Penguin. On medieval violence, Tuchman, Barbara 1978. A Distant Mirror. Knopf. On Lao Tzu, Blacksburg, A. 2013. Taoism and Libertarianism – From Lao Tzu to Murray Rothbard. Thehumanecondition.com. On bourgeois values, McCloskey, Deirdre N. 2006. The Bourgeois Virtues. University of Chicago Press.
The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel
Airbnb, Albert Einstein, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, BRICs, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, Clayton Christensen, Colonization of Mars, commoditize, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Elon Musk, Erik Brynjolfsson, fear of failure, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, high net worth, hiring and firing, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, technological singularity, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen: Great Stagnation, University of East Anglia, unpaid internship, Vanguard fund, Yogi Berra
Nor was the emerging system of global governance a synonym for neoliberalism. It was rather “embedded liberalism” – a Keynesian and social democratic vision of the management rather than the liberalization of global affairs – that guided politics.11 Economic freedom in the world expanded and regulations were changed. Yet regulations were not abolished; nor were reforms of regulations embraced by the Mont Pelerin Society, the group faithful to classical market liberalism. During the second phase of globalization, the parallel trend to market liberalization was a reconstructed belief in the capacity of smart people to control complex economic aggregates. Together with other believers in a mathematical approach to economic life, the likes of Greenspan and Rubin heralded an economic cosmos that was made and managed by political fiat.
(i), (ii), (iii) Lewis, Michael, Liar’s Poker (i) liberalism classical market liberalism (i) economic liberalism and technology (i) embedded liberalism (i) vs. government intervention (i) neoliberalism (i) License Raj (India) (i), (ii) Lidl (i) Life Magazine, on Milwaukee-Matic (i) life-or-death competition (i), (ii), (iii), (iv) Linaburg Maduell Transparency Index (LMTI) (i) Lindgren, Astrid (i) listed companies and mergers and acquisitions (i) and ownership (i) and predictability (i) Litan, Robert (i) LMTI (Linaburg Maduell Transparency Index) (i) lobbying (i), (ii), (iii), (iv), (v) Locke, John (i) logistics hubs (i), (ii) logistics industry, and lean production (i) London Stock Exchange, and sovereign wealth funds (i) LoopPay (i) Lord Voldemort (Harry Potter books character) (i), (ii) Lyft (i) M&As (mergers and acquisitions) (i), (ii), (iii), (iv) McAfee, Andrew, The Second Machine Age (Brynjolfsson and McAfee) (i), (ii) McCloskey, Deirdre (i) McKinsey (i), (ii) McKinsey Global Institute (i) McLaughlin, Patrick (i) Maddison, Angus (i) Madoff, Bernie (i) Mainelli, Michael (blockchain study) (i) make-or-buy question (i), (ii), (iii) Malkin, Michelle (i) The Man in the Gray Flannel Suit (Sloan Wilson) (i) “man of system” (Adam Smith) (i) managerialism see corporate managerialism Mandel, Michael (i) Mannering, Fred (transportation expert) (i), (ii)n21 Mansfield, Edwin (i) manufacturing (i), (ii), (iii), (iv), (v), (vi) Marconi, Guglielmo (i) market vs. capitalism (i), (ii) complexity (i) concentration (i), (ii), (iii), (iv), (v) dominance by big firms (i) failure and firms (i) liberalization (i), (ii), (iii) and modern portfolio theory (i) uncertainty (i), (ii) see also deregulation; external capital markets; firm boundaries; labor markets; market contestability; public markets; regulation; stock markets market contestability boosting contestability, ways of (i) and deregulation (i) and economic dynamism (i), (ii) and global trade (i) and globalist worldview (i) and globalization (2nd phase) (i), (ii) and innovation (i), (ii), (iii), (iv), (v), (vi) and lean production in car industry (i) and managerialism (i), (ii) vs. market concentration (i) and multinationals (i) and occupational licenses (i), (ii) and oligopolistic (or monopolistic) competition (i) and performance imperatives (i) and performance tools and methods (i) and productivity (i), (ii) and regulation (i), (ii) and services sector (i), (ii) and strategy (i) and telecom network services (i) market socialism (i) marketing (i) Markowitz, Harry (i) Marris, Robin (i) Mars (company) (i) Mars (planet) (i) Marx, Karl (i), (ii), (iii), (iv), (v), (vi) Communist Manifesto (Marx and Engels) (i), (ii) Mason, Paul (i) mass affluent (i) Mauborgne, Renée (i) Blue Ocean Strategy (Kim and Mauborgne) (i) Means, Gardiner (i) mechanistic cognition (i) medical/healthcare sector and regulation (i), (ii), (iii), (iv) and robotics (i) see also corporate medical research; pharmaceutical sector meetings (i), (ii), (iii) MelaFind (i), (ii) Memphis International Airport, Federal Express (FedEx) hub (i) mercantilism (i), (ii), (iii), (iv), (v) Mercedes-Benz cars, French ban on (i) mergers and acquisitions (M&As) (i), (ii), (iii), (iv) MetLife (i) metrics (i), (ii) “Mexican standoff” metaphor (i) Mexico, North American Free Trade Agreement (i) Michaels, Guy (i) Microsoft (i), (ii), (iii), (iv), (v), (vi) Middle Ages, economy and innovation (i) “middle-aged” capitalism (i), (ii), (iii) Mill, John Stuart (i) Millennials (i) Milne, Alistair (blockchain study) (i) Milwaukee-Matic (i) Minsky, Hyman, “money manager capitalism” (i) MIT Media Lab (i) MIT Technology Review, Graylin on e-wallets (i) mobile banking, in Africa (i) mobile phones/technology (i), (ii), (iii), (iv), (v), (vi) see also Nokia mobile subscription market, and globalization (i) modern portfolio theory (i) Modi, Narendra (i) Mokyr, Joel (i), (ii), (iii)n41 “money manager capitalism” (Hyman Minsky) (i) monopolistic (or oligopolistic) competition (i) monopoly, theory of (John Hicks) (i) Monsanto (i) Mont Pelerin Society (i) Moody’s (i) Moore, Wilbert, The Conduct of the Corporation (i) Morieux, Yves (i) Morrison, William (i) Motorola (i), (ii) Mouchot, Augustin (i) moving-target regulations (i) Mr. Chance (Being There character) (i), (ii) multinational (global) companies characteristics of (i), (ii) and competition (i) and corporate cash savings (i) and dispersed ownership (i) and firm boundaries (i), (ii) and foreign direct investment (FDI) (i), (ii) and global trade (i), (ii) vs. home-market firms (i) and innovation (i) as logistics hubs (i) and market concentration (i), (ii) and market contestability (i) and private standards (i) and productivity (i), (ii) and R&D (i) and regionalization of Asia’s trade growth (i) and regulation (i) reputation of (i) and “slicing up” of value chains (i) and specialization (i), (ii) and supply chains (i) and transaction costs (i) see also big firms; globalization; globalization (overview) Musk, Elon (i), (ii), (iii) mutual funds (i), (ii) nanotechnology (i), (ii), (iii) NASA (i) Nasdaq, and sovereign wealth funds (i) national accounts (recorded data), vs. real value of improvements (i), (ii) National Science Foundation (US) (i) neoconservatism (i) neoliberalism (i) nepotism (i) net lending see corporate net lending Netherlands exports to China (i) taxi services and regulation (i) “new economy” (i) New England Journal of Medicine, medical devices study (i) New Machine Age thesis background: economic realities vs. technological blitz vision (i), (ii), (iii), (iv), (v), (vi), (vii); historical perspective (i) criticism of thesis: cyclical effects on productivity argument (i); jobs and technology issue (i); productivity/income decoupling issue (i), (ii); recorded data vs. real improvements argument (i), (ii); summary (i) and fear of artificial intelligence (i) and planning machine economic philosophy (i) and Robert Gordon on US labor productivity growth (i) see also The Second Machine Age (Brynjolfsson and McAfee) New York City dockers and containerization (i) taxi services and regulation (i), (ii) New York Stock Exchange (i), (ii), (iii), (iv), (v) see also Wall Street New York Times, on Bell’s telephone invention (i) NICs (newly industrialized countries) (i) Nietzsche, Friedrich (i), (ii) nimby (not-in-my-backyard) attitude (i) NM Electronics (Intel) (i), (ii), (iii) Nobel Peace Prize, and Twitter (i) “noise” (at work) (i) Nokia and corporate managerialism (i), (ii), (iii), (iv), (v), (vi) and Foxconn (i) and specialization (i) and tablet market (i) non-entrepreneurial planning (i) North American Free Trade Agreement (i) Norway, sovereign wealth fund (i), (ii), (iii) not-in-my-backyard (nimby) attitude (i) Obama, Barack (i), (ii) obsolescence see knowledge obsolescence occupational licenses (i), (ii), (iii), (iv) OECD (Organisation for Economic Co-operation and Development) on aging firms and innovation (i) on corporate savings (i) on “diffusion machine” and productivity (i) GDP forecasts (i) on intermediaries and shareholders’ income (i) on pension funds and PPRFs (i) on R&D skill deficiencies (i) on regulatory administration costs (i) on sovereign wealth funds (i) on taxi services (i) OECD countries product market regulation (PMR) indicators (i), (ii) R&D spending (i) start-ups (i) total assets by types of institutional investors (2001–13) (i), (ii) “off-license” sectors (i) “offshore” pattern of innovation (i) oligopolistic (or monopolistic) competition (i) Ollila, Jorma (i), (ii) Olson, Mancur (i) “one percent” (wealthiest group) (i) online services and diffusion of innovations (i), (ii) and recorded economic data (i) and regulation (i) see also internet open source technology, and socialism (i) organic cognition (i) Organisation for Economic Co-operation and Development see OECD; OECD countries organization industrial organization (i), (ii) vs. managerialism/technostructure (i) and multinationals (i) and specialization (i) Organization Man (i), (ii) organizational diversification (i), (ii) Osborne, Michael (i) outsourcing (i) ownership see capitalist ownership; institutional owners Palo Alto Research Center (PARC, Xerox) (i) “Panama Papers” story (i) Parisian taxis, and regulation (i) patents, and knowledge obsolescence (i) pay see incomes payment cycles (i) payment technologies (i) pensions and asset management industry (i) and gray capitalism (i), (ii), (iii), (iv) need for reform (i) pension crisis (i) pensioners vs. working-age households incomes (i) and principal–agent debate (i) private pensions (i), (ii) public/state pensions (i), (ii), (iii), (iv), (v); public pension funds and reserve funds (OECD, 2001–13) (i), (ii); public pension return funds (PPRFs) (i) see also retirement Pepsi (i) performance imperatives (i) performance measurements (i) performance tools (i), (ii) permission-based regulatory culture (i), (ii) permissionless innovation (i) pessimism, and capitalist decline (i) Pessoa, João Paolo (i) Pfleiderer, Paul (i) pharmaceutical sector and price regulations (i)n28 R&D investment (i), (ii) and regulation (i), (ii) Phelps, Edmund (i)n41 Mass Flourishing (i), (ii) Piketty, Thomas (i), (ii) PillCam digestive tract sensor (i) Pippi Longstocking (i) planning and corporate managerialism: planning machines (i), (ii), (iii); strategy (i); uncertainty and risk (i) Cybersyn project (i) and failing companies (i) and globalization (i) non-entrepreneurial planning (i) and regulation (i) and “scientific civilization” thinking (i) and spirit of bureaucracy (i) and Swedish economy (i) plastic cards (i) Pliny the Elder, Naturalis Historia (i) Plouffe, David (i) PMR (product market regulation) indicators (i), (ii) policy uncertainty, and investment (i), (ii) political romanticism (i) political world and capitalism as borderless space (i) cronyism , (i), (ii), (iii), (iv) dirigisme (France) (i) government intervention vs. liberalism (i) governments and globalization (i) governments and mobile technology (i) gray-haired voters (i) lobbying (i), (ii), (iii), (iv), (v) and regulation: 1980s–1990s policy changes (i); case of taxi services and Uber (i); political romanticism (i); social regulation (i); trend on the rise (i) and sovereign wealth funds (i), (ii), (iii) see also policy uncertainty; politics politics corporate politics (i), (ii), (iii), (iv) end of and digital age (i) populism (i), (ii), (iii), (iv), (v) see also political world populations aging (i), (ii), (iii) decline (i) populism (i), (ii), (iii), (iv) Porter, Michael (i), (ii) portfolio theory (i) Portugal, lesser dependence on larger enterprises (i) positioning (i), (ii), (iii), (iv) poverty, and globalization (i) PPRFs (public pension return funds) (i) see also pensions precautionary regulations (i), (ii), (iii), (iv) predictability (i), (ii), (iii), (iv), (v), (vi), (vii) see also uncertainty; volatility premature scaling (i), (ii) price index bias (i) Pricewaterhouse Coopers (PwC) on asset management industry (i) on compliance officers in US (i) productivity growth survey (i) on sovereign wealth funds (i) principal–agent problem (i) principal–agent theory (i) prioritizing, and strategy (i) private standards (i) probabilistic decision-making (i), (ii) product market regulation (PMR) indicators (i), (ii) production and computer technology (i) geography of production (i) lean production (i), (ii) and multinationals (i) production costs (i), (ii), (iii) unbundling of: first (i); second (i), (ii), (iii), (iv) see also specialization; supply chains; value chains productivity and containerization (of global trade) (i) and cyclical effects (i) and data economy (i) downward trend (i), (ii) and employment (i) and financial sector growth (i) and foreign operations (i)n46 and globalization (i), (ii), (iii) and ICT intensity (i), (ii) and incomes (decoupling thesis) (i), (ii) key to prosperity (i) low productivity and innovation diffusion problems (i) and market contestability (i), (ii) and multinationals (i), (ii) and regulation (i) and robots (i) total factor productivity (TFP) growth (i), (ii), (iii) and transaction costs (i) UK productivity puzzle (i) professional investment/investors (i), (ii), (iii) see also asset managers professions regulation of (i), (ii) see also occupational licenses profit margins and decoupling (productivity/incomes) thesis (i) and globalization (i), (ii) protectionism (i), (ii), (iii), (iv), (v) public markets and financialization of the economy (i) and mergers and acquisitions (i) public pension return funds (PPRFs) (i) see also pensions public relations campaigns (i), (ii) “put option” (i) PwC see Pricewaterhouse Coopers (PwC) quantitative valuation methods (i) quantum dots (QD) technology (i) R&D (research and development) and corporate net lending (i) and firm boundaries (i), (ii) and multinationals (i) and pharmaceutical products (i), (ii) and policy uncertainty (i) and productivity (i) R&D scoreboards (European Commission) (i), (ii) and regulation (i), (ii), (iii) vs. share buybacks at IBM (i) spending issues (i), (ii), (iii) and sunk costs (i) US R&D investment (i), (ii), (iii) and vertical specialization (i) see also incremental development Rajan, Raghuram (i) rating agencies (i), (ii), (iii) rationalism and globalist worldview (i), (ii) and societal change (i) Reagan, Ronald (i), (ii) real economy, vs. financial economy (i), (ii), (iii), (iv) reallocation of business, and deregulation (i) recorded data (national accounts) vs. real value of improvements (i), (ii) regulation after 1980s–1990s deregulation wave (i), (ii) and bureaucracy brake (Germany) (i) and compliance officers (i) and costs and time lags (i) and decline of capitalism (i), (ii) economic regulation (i), (ii) financial regulations (i), (ii), (iii), (iv) and globalization (i) and gray capitalism (i) and healthcare sector (i), (ii), (iii), (iv) index of regulatory freedom (i), (ii) and industrial policy (i), (ii) and innovation (i), (ii), (iii), (iv), (v), (vi) and labor (i), (ii), (iii), (iv), (v) and lobbying (i) and managerialism (i), (ii) and market contestability (i), (ii) moving-target regulations (i) and multinationals (i) and pensions (i) permission-based regulatory culture (i), (ii) and permissionless innovation (i) and planning (i) and political romanticism (i) and political world (i), (ii) prescriptive vs. proscriptive (i), (ii) private standards (i) and R&D (i), (ii), (iii) and size of companies (i) social regulation (i), (ii) and trade (i), (ii), (iii) see also deregulation; legislation; regulatory complexity/uncertainty regulatory accumulation (i) regulatory bodies (i) regulatory complexity/uncertainty cadmium example (i), (ii) energy sector case (i), (ii) impact on economic growth (i) impact on innovation (i), (ii), (iii), (iv), (v) precautionary regulations (i), (ii), (iii), (iv) regulatory conflicts (i) regulatory/policy uncertainty and investment allocation (i), (ii) rise of regulatory uncertainty (i) see also deregulation; regulation renewable energy see green/renewable energy rent-seeking (i), (ii), (iii) rentier capitalism (i), (ii), (iii), (iv), (v), (vi) rentier formula, resource allocation according to (i) rentiers (i), (ii) reputation management (i) research concept of in corporate world (i), (ii) scientific research (i) see also cancer research; incremental development; R&D Research in Motion (RiM) (i), (ii) retail, and globalization (i) retirement age of (i) savings (i), (ii), (iii), (iv), (v), (vi), (vii) see also pensions Ricardo, David, wine-for-cloth thesis (i) rich people vs. capitalists (i), (ii) high-net-worth individuals (i) mass affluent (i) “one percent” (wealthiest group) (i) risk banks’ proneness to (i) and globalist worldview (i), (ii) and uncertainty (i), (ii) Robertson, Dennis (i) Robinson, James (i) robotics/robots and Asimov/science fiction (i) impact of on society (i) and labor (i), (ii), (iii), (iv), (v); Foxconn example (i) and technology-frustrated generation (i) see also artificial intelligence; automation; driverless vehicles; New Machine Age thesis; technology Rodman, Dennis (i) Rolling Stone (magazine), “Why Isn’t Wall Street in Jail?”
Selfie: How We Became So Self-Obsessed and What It's Doing to Us by Will Storr
Albert Einstein, autonomous vehicles, banking crisis, bitcoin, book scanning, computer age, correlation does not imply causation, Donald Trump, Douglas Engelbart, Douglas Engelbart, Elon Musk, en.wikipedia.org, gig economy, greed is good, invisible hand, job automation, John Markoff, Lyft, Menlo Park, meta analysis, meta-analysis, Mont Pelerin Society, mortgage debt, Mother of all demos, Nixon shock, Peter Thiel, QWERTY keyboard, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, The Future of Employment, Tim Cook: Apple, Uber and Lyft, War on Poverty, Whole Earth Catalog
All this would put individualism back, where it belonged, at the heart of Western society. For Hayek, neoliberalism was the ideology of no ideology: it would bring a utopia in which we’d finally be liberated from the follies of the politicians. It wasn’t until the 1970s, when the old system began to collapse, that neoliberalism was sucked dramatically into the mainstream. With the help of a band of powerful businessmen, thinkers and economists known as the Mont Pelerin Society, it had grown, since the 1940s, spreading through a network of well-funded ‘think tanks’, to eventually become influential in all the right places. It was taken up as the guiding principle behind the governments of Ronald Reagan and Margaret Thatcher. It also, of course, had much in common with the views of Ayn Rand and her acolyte Alan Greenspan – who, in this new world, suddenly found himself in favour, and in power.
Keith ref1, ref2, ref3, ref4 Carlyle, Abbot Aelred ref1, ref2 Carnegie, Dale ref1 How to Win Friends and Influence People ref1 Carter, Drummond ref1 celebrity culture ref1, ref2, ref3 chimpanzees ref1, ref2 China biographies in ref1 Confucian self ref1 and group harmony ref1 suicides in ref1 Christian Science movement ref1 Christianity ref1, ref2 Ancient Greek influence ref1, ref2 and belief in God ref1 dourly introspective ref1 future-orientated ref1 orthodox not orthoprax ref1 and perfection ref1 and reason ref1 ritual and mimicry ref1 and the unconscious ref1 and the university system ref1 Cialdini, Dr Robert, The Psychology of Influence and Persuasion ref1 CJ becomes anorexic ref1 childhood and family life ref1 description and life ambition ref1 devotion to The Hunger Games ref1, ref2, ref3 drops out of drama college ref1 need for validation ref1 personality ref1, ref2 relationship with boys ref1 takes selfies as validation of self ref1, ref2 Claybury psychiatric hospital ref1 Clinton, Bill ref1, ref2 Clinton, Hilary ref1 Coan, James ref1 Cole, Steve ref1 the Collective ref1 computers see digital technology Confucianism ref1 and Aristotelianism ref1 and suicide ref1 Confucius ref1 Connop, Phoebe ref1 Cook, Tim ref1 Cooley, Charles Horton ref1 Cornish, Jackie ref1 corporate self ref1 Corporation Man and Woman, idea of ref1 Coulson, William ref1, ref2 Council of Economic Advisers ref1 Cowen, Graeme ref1, ref2 Cramer, Katherine ref1 cultural self and Ancient Greece ref1 and Asian self ref1, ref2 childhood and adolescence ref1 and Confucianism ref1 and the environment ref1 Freudian beliefs ref1 and ideal body ref1, ref2 and storytelling ref1 and youth ref1 Curtis, Adam ref1 Cynics, in Ancient Greece ref1 Deep Space Industries ref1, ref2 Demo: New Tech Solving Big Problems conference (San Jose, 2014) ref1 Deukmejian, George ‘The Duke’ ref1, ref2, ref3 digital technology and age of perfectionism ref1 development of ref1, ref2 dot.com crash ref1 humanist-neoliberal ideology ref1, ref2, ref3 and the ideal self ref1 online community ref1 personal computers ref1, ref2 as portal to information ref1 and the selfie drone ref1 vision of the future ref1 Web 2.0 ref1, ref2, ref3, ref4 DNA ref1 Doyle, Jacqueline ref1 Dunbar, Robin ref1 Eagleman, David ref1 East Asians ref1, ref2, ref3, ref4, ref5 eating disorders ref1, ref2 Eddy, Mary Baker ref1, ref2 Eells, Gregory ref1 effectance motive ref1 Ehrenreich, Barbara ref1 El Rancho Inn, Millbrae ref1, ref2, ref3 empathy ref1, ref2, ref3, ref4, ref5, ref6, ref7 encounter groups danger of ref1 Doug Engelbart’s ref1 online ref1 participation in ref1, ref2, ref3, ref4 Fritz Perls’ ref1 Carl Rogers as pioneer of ref1 Will Schutz’s ref1 Engelbart, Doug ref1 interest in EST ref1 introduces encounter groups ref1 joins Global Business Network ref1 presents personal computer concept ref1, ref2 vision of information age ref1, ref2 ‘Augmenting Human Intellect’ ref1 environment and development of the brain ref1, ref2 Easterners’ vs Westerners’ awareness of ref1 effect of changes to ref1 importance of ref1 and individual experience ref1 and social perfectionism ref1, ref2, ref3 Epley, Nicholas ref1, ref2 Erhard, Werner ref1 Erhard Seminars Training (EST) workshops ref1 Esalen Institute ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 Big Yurt ref1 criticisms of ref1 final assignment ref1 hosts conference on Spiritual and Therapeutic Tyranny ref1, ref2, ref3 influence at Stanford ref1, ref2 The Max ref1, ref2 Pandora’s Box ref1 Fritz Perls’ Gestalt encounter groups ref1 role-play tasks ref1 Will Schutz’s encounter groups ref1 stated mission ref1 suicides connected to ref1 unaffiliated ‘Little Esalens’ ref1 and wired technology ref1 EST see Erhard Seminars Training (EST) workshops Euclid, Cleveland ref1 Euripides, The Suppliants ref1 extraverts ref1, ref2, ref3, ref4 Faber, Daniel ref1, ref2 Facebook ref1, ref2, ref3, ref4 Fall Joint Computer Conference (San Francisco, 1968) ref1, ref2 financial crises ref1, ref2, ref3, ref4 Flett, Gordon ref1, ref2 Fonda, Jane ref1, ref2 Fortune magazine ref1, ref2 ‘The Founder’ concept ref1, ref2 Fox, Jesse ref1 free speech ref1 free will ref1, ref2, ref3, ref4 Freud, Sigmund ref1, ref2, ref3, ref4 Totem and Taboo ref1 Frith, Chris ref1 Gagarin, Nick ref1 gamified self ref1, ref2, ref3 Garcia, Rigo ref1 Gazzaniga, Michael ref1, ref2 GBN see Global Business Network Generation X ref1, ref2 George, Carol ref1 gig economy ref1, ref2 Global Business Network (GBN) ref1, ref2 globalization ref1, ref2, ref3 Gold, Judith ref1 Goldman, Marion ref1 Gome, Gilad ref1, ref2, ref3 Gordon, Robert ref1 gossip ref1, ref2, ref3, ref4, ref5, ref6, ref7 Great Compression (c. 1945–c. 1975) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12 Great Depression ref1 Greenspan, Alan appointed Chairman of the Federal Reserve ref1 considers himself a libertarian ref1 effect of decisions on financial crisis ref1 influenced by Rand ref1, ref2, ref3, ref4 relationship with Clinton ref1 rise to power ref1 Hacker Hostels, San Francisco ref1, ref2 Haidt, Jonathan ref1, ref2, ref3 Hampton, Debbie ref1, ref2, ref3, ref4 Hayek, Friedrich ref1, ref2, ref3 Heinz, Adrienne ref1, ref2, ref3 Heinz, Austen considered sexist and misogynistic ref1 description of ref1 DNA vision ref1 personality ref1 suicide of ref1 Henrich, Joseph ref1, ref2, ref3 heroes ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Hewitt, John ref1, ref2, ref3, ref4 Hierarchy of Needs (Maslow) ref1 Himba people ref1 Hogan, Robert ref1 Hollesley Bay Young Offenders Institution, Suffolk ref1 Hood, Bruce ref1, ref2, ref3 The Self Illusion ref1 Horowitz, Mitch ref1, ref2 Human Potential Movement ref1, ref2, ref3, ref4, ref5 Humanistic Psychology ref1, ref2 The Hunger Games ref1, ref2, ref3 hunter-gatherers ref1, ref2, ref3, ref4, ref5 Hutchinson, Audrey ref1, ref2 Huxley, Aldous ref1 ideal self ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 see also perfect self Immaculate Heart Community, California ref1 Inc.com ref1, ref2 individualism and the 2016 political shocks ref1 in America ref1 Ancient Greek notion of ref1, ref2, ref3 and blame ref1 Christian view ref1, ref2 competitive ref1, ref2 cooperation and teamwork ref1, ref2 and culture ref1 development of ref1, ref2 East Asian concept of ref1 East–West clash ref1 and freedom ref1, ref2, ref3, ref4 getting along and getting ahead ref1, ref2 and the Great Compression ref1 hard form of ref1 as heightened ref1 hyper-individual model ref1 libertarian-neoliberal ref1 and passion ref1 and personality traits ref1, ref2 and Ayn Rand ref1, ref2, ref3, ref4 rise of ref1, ref2 and self-esteem ref1, ref2, ref3, ref4 and social pain ref1 and the state ref1 Stewart Brand’s concept of ref1 and wired technology ref1 internet ref1, ref2, ref3, ref4, ref5 and Doug Engelbart ref1 and Web 2.0 ref1, ref2, ref3 introverts ref1, ref2, ref3 Jaeger, Werner ref1, ref2, ref3 James, William ref1 Japan, suicide in ref1 Jeremy (mechanical engineer) ref1, ref2, ref3, ref4 Jobs, Steve ref1, ref2, ref3, ref4 Kalanick, Travis ref1 kalokagathia ref1, ref2, ref3, ref4, ref5 Kelly, Jodi ref1 Kidlington Detention Centre, Oxfordshire ref1 Kim, Uichol ref1, ref2, ref3, ref4, ref5 Konrath, Sara ref1 Lakewood Church, Houston ref1 leadership ref1, ref2 Leary, Mark ref1 Levey, Cate ref1, ref2 libertarianism ref1, ref2, ref3, ref4, ref5 Lincoln Elementary School, Long Beach ref1 Little, Brian ref1, ref2, ref3, ref4 Loewenstein, George ref1 ‘The Long Boom: A History of the Future’ (Schwartz et al.) ref1, ref2 The Looking-Glass Self (Bruce) ref1, ref2 Lord, Frances ref1 Luit (chimpanzee) ref1 Lyons, Dan ref1 McAdams, Dan ref1 McKee, Robert ref1 McManus, Chris ref1 Marin, Peter ref1 market rhetoric ref1 Markoff, John ref1 Martin, Father ref1, ref2, ref3, ref4 Marwick, Alice ref1, ref2, ref3 Maslow, Abraham ref1, ref2 Matteo Ricci College, Seattle ref1 Mayfield, Janet ref1 Mecca, Andrew ref1, ref2, ref3, ref4, ref5, ref6 Menlo Park ref1, ref2, ref3, ref4, ref5 Michie, Colin ref1 millennials ref1, ref2, ref3, ref4 Mind Cure ref1, ref2, ref3 Mitropoulos, Con ref1, ref2 monastic life ref1, ref2, ref3, ref4, ref5 Monitoring the Future Project ref1 Mont Pelerin Society ref1 Morales, Helen ref1 Mumford, Lewis, The Myth of the Machine ref1 Murphy, Michael ref1, ref2, ref3, ref4, ref5, ref6, ref7 Musk, Elon ref1, ref2, ref3 narcissism ref1 at Esalen ref1, ref2 and over-praise ref1, ref2 research into ref1 rise in ref1, ref2, ref3, ref4 and self-esteem ref1, ref2, ref3 and Trump ref1 and Vasco ref1 in younger people ref1, ref2 The Narcissism Epidemic (Twenge and Campbell) ref1 narcissistic perfectionism ref1 Narcissistic Personality Disorder ref1 Narcissistic Personality Inventory (NPI) ref1, ref2 National Academy of Sciences Proceedings (2015) ref1 National Council for Self Esteem ref1 nature vs nurture in development ref1, ref2 neoliberalism becomes mainstream ref1 and being self-sufficient and successful ref1 and ‘bespoke hero’ ref1 corporate view ref1 and creation of new form of human ref1 and the digital future ref1 disdain for regulation and government oversight ref1 emergence ref1 and financial inequalities ref1, ref2 and gay rights/gay marriage ref1 and global financial crisis (2008) ref1 as global phenomenon ref1 governments run like businesses ref1 Hayek’s vision of ref1, ref2 individualism, status and self-esteem ref1 negative effects ref1 and new style of government ref1 and power of multinationals ref1 rebellion against ref1 and structural inequalities ref1 and working conditions ref1 Netflix: code for employees ref1 Nettle, Daniel ref1, ref2, ref3, ref4 Personality ref1 neurotics and neuroticism ref1, ref2 neurotic perfectionism ref1, ref2, ref3, ref4 as personality trait ref1, ref2, ref3, ref4, ref5, ref6, ref7 Nietzsche Society, UCL ref1 Nisbett, Richard ref1, ref2, ref3, ref4, ref5, ref6, ref7 NPI see Narcissism Personality Index; Narcissistic Personality Inventory O’Connor, Rory ref1, ref2, ref3, ref4, ref5 Oedipus complex ref1, ref2 O’Reilly, Tim ref1 ostracism ref1 Ozawa-de Silva, Chikako ref1 Pakrul, Stephanie (aka StephTheGeek) ref1 ‘Paris Hilton effect’ ref1 Peale, Dr Norman Vincent, The Power of Positive Thinking ref1 perfect self as an illusion ref1 Heinz Austen as example of ref1 and being anything we want to be ref1, ref2 Christian ref1 CJ as example of ref1 cultural conception of ref1 and culture ref1 and digital self ref1 and gamified individualist economy ref1 and ideal self ref1 judging others and ourselves ref1 narcissistic ref1 and neoliberalism ref1 neurotic ref1, ref2, ref3, ref4 perfectionist presentation ref1 and personal responsibility ref1 pressures of ref1 and the self ref1, ref2 selfishness or selflessness ref1, ref2 social ref1 and suicide ref1 see also ideal self Perls, Fritz ref1, ref2 as a ‘dirty old man’ ref1, ref2, ref3 feud with Schutz ref1 fractious relationship with Esalen ref1 Gestalt encounter groups ref1, ref2, ref3 near obsessional attacks and insults ref1 reaction to suicides ref1 Tom Wolfe’s comments on ref1 tough upbringing ref1 visits Freud ref1, ref2 personal computers see digital technology personality and acting out of character ref1 assumptions concerning ref1 basic traits ref1, ref2, ref3 and being or doing whatever we want ref1 and the brain ref1, ref2, ref3 different people in different contexts ref1 individualism and self-esteem ref1 and parental influence ref1 predictable shifts in ref1 prison metaphor ref1 and realising you’re not the person you wanted to be ref1 social responses ref1 tests and research ref1 as virtually unchanging ref1 physical self Ancient Greek ideals ref1, ref2 and body consciousness ref1, ref2, ref3, ref4 cultural influences ref1 and diet ref1 linked to moral worth ref1 Pluscarden Abbey ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 polyamory ref1, ref2 Price, Marcia ref1 Price, Richard ref1, ref2, ref3 Pridmore, John ref1 childhood trauma ref1 effect of culture on ref1, ref2, ref3 sent to prison ref1 undergoes religious conversion ref1, ref2, ref3 violent behaviour ref1, ref2, ref3, ref4, ref5, ref6, ref7 weeps when watching TV ref1, ref2 psychoanalysis ref1 Qi Wang ref1 Quimby, Phineas ref1, ref2 Rainbow Mansion, Silicon Valley ref1, ref2 Rand, Ayn ref1, ref2, ref3 beliefs and influence ref1, ref2, ref3, ref4, ref5, ref6 changes her name/identity ref1 early life ref1 reaction to Nathaniel Branden’s infidelity ref1, ref2 sets up the Collective ref1 Atlas Shrugged ref1, ref2, ref3 The Fountainhead ref1 The Virtue of Selfishness ref1 reputation ref1, ref2 in Ancient Greece ref1 ‘getting along and getting ahead’ (Hogan) ref1, ref2, ref3, ref4, ref5, ref6 and guilt ref1 ‘honour culture’ ref1 and tribal brains ref1 Rogers, Art ref1, ref2 Rogers, Carl ref1, ref2, ref3, ref4, ref5, ref6, ref7 Roh Moo-hyun ref1 Rosenbaum, Alyssa see Rand, Ayn Rosetto, Louis ref1 Ross, Ben ref1, ref2 Rudnytsky, Peter ref1 Rule of St Benedict, The ref1, ref2 San Francisco ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9 Sapolsky, Robert ref1, ref2 Sartre, Jean-Paul ref1, ref2 Satir, Virginia ref1 Schuman, Michael ref1 Schutz, Will ref1, ref2, ref3, ref4, ref5, ref6 Joy ref1 Schwartz, Peter ref1 Scott, Sophie ref1, ref2 Seager, Martin ref1 self cultivation of ref1 East Asian, and reality ref1, ref2 and engagement in personal projects ref1 and local best-practice ref1 and need for a mission ref1 as open and free ref1 perfectible ref1, ref2 as a story ref1 see also authentic self Self-Determination Think Tank ref1 self-esteem Baumeister’s research into ref1 belief in ref1 and changes in values ref1 in education ref1, ref2, ref3 high ref1, ref2, ref3, ref4 and lack of tolerance and empathy ref1 legislation embodying ref1 legitimization of ref1 and life-affirming message ref1 lingering effects of movement ref1 low ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 media questioning of ref1 myths and lies concerning ref1, ref2, ref3 and narcissism ref1, ref2, ref3 negative effects ref1 negative report on ref1 and overpraise ref1 and perfectionism ref1 popularity of ref1 raising ref1 research into ref1 and selfie generation ref1 Self-Esteem Task Force project ref1 social importance of ref1 Vasco’s ideology of ref1, ref2, ref3, ref4, ref5, ref6, ref7 Western emphasis on ref1 self-harm ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 self-interest ref1, ref2, ref3 self-just-about-everything ref1, ref2 self-loathing ref1 self-love movement ref1, ref2, ref3, ref4 selfie generation ref1 awareness of structural inequalities ref1 CJ as example of ref1, ref2 effect of social media on ref1 maintaining continual state of perfection ref1 and narcissism ref1 need for social feedback ref1 and parenting practices ref1 selfishness/selflessness ref1, ref2, ref3, ref4, ref5 Shannahoff-Khalsa, David ref1, ref2, ref3, ref4 Shannin (entrepreneur) ref1 Shaw, Paula ref1, ref2, ref3, ref4 Silani, Dr Giorgia ref1 Silicon Valley, California ref1, ref2 attitude to conspicuous wealth ref1 as capital of the neoliberal self ref1 cold-blooded rationalism in ref1 demonstration of personal computing in ref1 hyper-individualist model of corporate self in ref1, ref2 involvement in transformation of economy ref1 lack of compassion in ref1 links with Esalen ref1 living in fear in ref1 as military-industrial complex ref1 model of ideal self in ref1 Simon, Meredith ref1, ref2, ref3 Singularity ref1 Smelser, Neil ref1, ref2, ref3, ref4, ref5 Smiles, Samuel ref1 Self Help ref1 Snyder, Mark ref1 Social Importance of Self-Esteem, The (Smelser et al.) ref1, ref2 social media ref1, ref2 social pain ref1, ref2 South Korea, suicide in ref1 Sparks, Randy ref1 Oh Yes, I’m A Wonderful Person and other Musical Adventures for those of us in search of Greater Self-Esteem ref1 Spiritual and Therapeutic Tyranny: The Willingness to Submit (conference, 1973) ref1, ref2, ref3 Squire, Michael ref1 Stanford Research Institute, Menlo Park ref1, ref2 Augmentation Research Center (ARC) ref1, ref2 Stanford University ref1, ref2, ref3 Center for Advanced Study in the Behavioral Sciences Unit ref1 Stark, Rodney ref1 start-ups ref1, ref2, ref3, ref4, ref5, ref6 Startup Castle, Silicon Valley ref1 stimulus-action hunger ref1 storytelling Brexit/Trump narrative ref1 development of personal narratives ref1 East–West differences/similarities ref1 and feelings of control ref1 as form of tribal propaganda ref1 happiness and sense of purpose ref1 and the inner voice ref1, ref2, ref3, ref4, ref5 self and culture ref1 and self-esteem ref1 and self-loathing ref1 selfishness or selflessness ref1, ref2, ref3 split-brain participants ref1 success and failure ref1 as universal ref1 suicide ref1 attempts at ref1, ref2, ref3 Confucian cultures ref1 connected to Esalen ref1, ref2 as failed hero stories ref1 gender and culture ref1, ref2 increase due to financial crisis (2008) ref1 in Japan ref1 and loss of hero status ref1 as a mystery ref1 patterns in ref1 and perfectionism ref1, ref2, ref3 rates of ref1 research into ref1 in South Korea ref1 Sunshine (attendee at Esalen) ref1 Sweet Peach ref1 synthetic biology ref1, ref2 Talhelm, Thomas ref1 Tanzania ref1, ref2 teamwork/cooperation ref1 Thiel, Peter ref1 Zero to One ref1 Tice, Dianne ref1 Tomkins, Detective Sergeant Katherine ref1 Tomlinson, Rachel ref1 Toward a State of Esteem (1990) ref1 tribal self Brexit/Trump narrative ref1 hierarchy, territory, status ref1 and ideal/perfect self ref1 monks as ref1 prejudice and bias ref1 and punishing of transgressors ref1 reputation and gossip ref1, ref2 selflessness or selflessness ref1, ref2, ref3, ref4 and storytelling/left-brain interpretation ref1 Trudeau, Garry ref1, ref2, ref3, ref4 Trump, Donald as anti-establishment ref1 appeal to voters ref1, ref2 declares he will put ‘America first’ ref1 false stories concerning ref1 narcissistic tendencies ref1 and social media ref1 as straightforward no-nonsense businessman ref1 Trzesniewski, Kali ref1 Turner, Fred ref1, ref2 Twenge, Jean ref1, ref2, ref3, ref4 20Mission (Hacker Hostel, San Francisco) ref1 Twitter ref1, ref2, ref3, ref4 University of Glasgow Suicide Behaviour Research Laboratory ref1, ref2, ref3 Vanessa (employee at Rainbow Mansion) ref1, ref2 Vasconcellos, John ‘Vasco’ ref1, ref2 death of ref1 description and beliefs ref1 early life and education ref1 as ‘furious’ ref1, ref2, ref3 as homosexual ref1 ideology of self-esteem ref1, ref2, ref3, ref4, ref5 nutty notions of ref1, ref2 ridiculed by the media ref1 and Smelser’s conclusions on the task force ref1 suffers massive heart attack ref1, ref2 Task Force project ref1 Vittitow, Dick ref1 Waal, Frans de ref1 Wallace, Donald ‘Smokey’ ref1 Warren, Laura ref1 Whole Earth Catalog ref1 Whole Earth ’Lectronic Link ref1, ref2, ref3 Wigglesworth, Smith ref1, ref2 Williams, Kip ref1, ref2 Wilson, Timothy D. ref1 Wolfe, Tom ref1 Wolin, Sheldon ref1 Wood, Natalie ref1, ref2 Wrangham, Richard ref1 Xerox ref1, ref2, ref3 zero-hours contracts ref1, ref2, ref3 Also by Will Storr FICTION The Hunger and the Howling of Killian Lone NON-FICTION Will Storr versus The Supernatural The Heretics: Adventures with the Enemies of Science (published in the US as The Unpersuadables) First published 2017 by Picador This electronic edition published 2017 by Picador an imprint of Pan Macmillan 20 New Wharf Road, London N1 9RR Associated companies throughout the world www.panmacmillan.com ISBN 978-1-4472-8367-6 Copyright © Will Storr 2017 Cover Design: Neil Lang, Picador Art Department The right of Will Storr to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988.
Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das
affirmative action, Albert Einstein, algorithmic trading, Andy Kessler, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial independence, financial innovation, financial thriller, fixed income, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, job automation, Johann Wolfgang von Goethe, John Meriwether, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, labour market flexibility, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Mikhail Gorbachev, Milgram experiment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, negative equity, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative ﬁnance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, Richard Thaler, Right to Buy, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, survivorship bias, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game
Henry Simons, another protégé of Knight, saw Keynes as “the academic idol of...cranks and charlatans...and [the General Theory] as the economic bible of a fascist movement.”13 Frederick Hayek proved a key figure in discrediting Keynes and in the resurgence of free markets. His Road to Serfdom attacked government intervention in the economy. His 1960 book The Constitution of Liberty argued that the power and role of government should be limited to maintaining individual liberty. Hayek criticized the welfare state and the role of unions. His influence on Chicago was strengthened through the Mont Pelerin Society, a collaboration of 36 like-minded scholars seeking to revive the liberal tradition. Friedman’s 1963 book The Monetary History of the United States, 1867–1960, written with Anna Schwartz, provided the basis for unseating Keynesian orthodoxy. According to Pierre Bayard,14 there are four types of books: UB (books unknown to the reader); SB (books skimmed); HB (books heard about); and FB (books read but forgotten).
Writing about the Mississippi Company speculation of 1719/20, Matthieu Marais, an advocate in the Parisian Parliament, noted: “It is trade where you do not understand anything, where all precautions are useless, where the most enlightened spirit doesn’t see a flicker and which turns according to the designs of the Movement of the Machines. Yet all the fate of the Kingdom depends on it.”36 Prime Minister David Oddsson, a key architect of Iceland’s transformation, was heavily influenced by Friedman, Hayek, Thatcher and Reagan. He lowered taxes, privatized government-owned assets, reduced trade restrictions and deregulated the banking system. In 2005, Iceland even hosted a meeting of the Mont Pelerin Society, the free-market think tank associated with Hayek and Friedman. Iceland was quintessentially American in its “can do attitude.” Anticipating Barrack Obama’s “Yes, we can!” call to arms, Sigurdur Einarsson, the CEO of Kaupthing, told employees of his then small brokerage firm: “If you think you can, you can.”37 Tony Shearer, CEO of Singer & Friedlander, an English bank, acquired by Kaupthing, observed: “They were very different.
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato
3D printing, balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income
The corporate dominance involved in actually existing neoliberalism challenges its compatibility with both the market order and political democracy. Notes 1 The leading neoliberal theorists dominate the economics departments of the world’s universities, particularly in the US and especially the University of Chicago. They have been particularly prominent among winners of the Swedish National Bank’s economics prize, generally known as the economics Nobel Prize. To some extent neoliberal thinkers are organised within the Mont Pèlerin Society founded by Friedrich von Hayek and his colleagues. A highly critical but thorough guide to the leading members of the school and the range of their contributions will be found in P. Mirowski, Never Let a Good Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, London, Verso, 2013. 2 C. Crouch, The Strange Non-Death of Neoliberalism, Cambridge, Polity Press, 2011, ch. 5. 3 See the works of J.J.
accounting loophole / creative accounting, Asian financial crisis, bank run, Bretton Woods, capital controls, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, John Meriwether, Kitchen Debate, laissez-faire capitalism, locking in a profit, Long Term Capital Management, market bubble, minimum wage unemployment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, new economy, North Sea oil, Northern Rock, oil shock, Paul Samuelson, Philip Mirowski, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Bork, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, short selling, Silicon Valley, Simon Kuznets, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War
Hayek wanted to establish an international cadre of influential intellectuals with like-minded ideas. He succeeded in finding the financing and attracted a formidable group of thinkers, including the Chicago economists Knight, Simons, Director, and the Friedmans, as well as the philosopher Karl Popper and the chemist and philosopher Michael Polanyi. They named the group after the small Swiss town in which they convened, Mont Pelerin, near Vevey, Switzerland. The formation of the Mont Pelerin Society was financed by Europeans and a highly conservative tax-exempt American foundation, the William Volker Charitable Fund of Kansas City, founded by prosperous right-wing local businessmen. The fund also helped finance the Foundation for Economic Education, which published the Friedman-Sigler paper on rent control. After the remarkable success of The Road to Serfdom, the Volker Fund attempted to bring Hayek from London to an American university.
Ayn Rand and the World She Made by Anne C. Heller
affirmative action, Albert Einstein, anti-communist, Bolshevik threat, conceptual framework, greed is good, laissez-faire capitalism, Milgram experiment, money market fund, Mont Pelerin Society, New Journalism, open borders, price stability, profit motive, rent control, rolodex, Ronald Reagan, Silicon Valley, the scientific method, theory of mind, Thorstein Veblen, transcontinental railway, upwardly mobile, wage slave, War on Poverty, Works Progress Administration, young professional
Ashby, having returned to California with a degree from Harvard, was editing a quasi-religious libertarian magazine called Faith and Freedom; no doubt that sealed his fate with Rand. Yet he continued to think of her as the twentieth century’s most important philosopher. “Whenever I wrote anything” in the following decades, he said in his eighties, “I tried to slip in her name.” She never joined the influential Mont Pelerin Society, an annual free-market think tank, and she shunned the old J. B. Matthews crowd, many of whom now wrote for National Review. Even as old bonds loosened, however, professional good tidings continued to arrive. In the spring of 1958, Atlas Shrugged was nominated for a National Book Award, along with a dozen other distinguished novels of 1957, including James Agee’s A Death in the Family, John Cheever’s The Wapshot Chronicle, and Nabokov’s second novel in English, Pnin, about an awkward but endearing Russian émigré professor teaching in an American college.
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
Friedrich Hayek’s Road to Serfdom and Karl Popper’s Open Society and Its Enemies became the two bestknown statements of the position against such policies, Hayek in particular warning of a slippery slope from state planning to totalitarianism. The Road to Serfdom backfired at the time, being widely read as hyperbolic. When Labour did take power, Hayek and his allies retreated and formed themselves into the Mont Pèlerin Society, a group dedicated to economic liberalism in what they perceived to be a hostile world. Polanyi was a foundermember. His view of science was an integral part of this commitment, and his transitory Society for Freedom in Science had had parallel aims. He conceived of the scientist as the exemplary practitioner of what he called “public liberty.” That is, the scientist’s independence from social control was at root the same as that of the witness, judge, and voter.
affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, corporate raider, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor
“single-minded pursuit”: Phillips-Fein, Invisible Hands, 164. “tax-exempt refuge”: For more on Buchanan’s memo, see Jason Stahl, The Right Moves: The Conservative Think Tank in American Political Culture Since 1945 (University of North Carolina Press, forthcoming), 93. “the artillery”: James Piereson comments at Open Society Institute’s Forum, Sept. 21, 2006. One of them: Feulner was a member of the Mont Pelerin Society, an Austrian economics club that Hayek co-founded and attended and that was almost entirely underwritten by American businessmen. described himself openly as a “radical”: David Brock, Blinded by the Right: The Conscience of an Ex-conservative (Crown, 2002), 54. After reading Powell’s memo: Lee Edwards, The Power of Ideas: The Heritage Foundation at 25 Years (Jameson Books, 1997). “I do believe”: See Dan Baum, Citizen Coors: A Grand Family Saga of Business, Politics, and Beer (William Morrow, 2000), 103.