Deng Xiaoping

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Chinese Spies: From Chairman Mao to Xi Jinping by Roger Faligot

active measures, Albert Einstein, anti-communist, autonomous vehicles, Ayatollah Khomeini, Berlin Wall, British Empire, business intelligence, Deng Xiaoping, disinformation, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, Great Leap Forward, housing crisis, illegal immigration, index card, information security, megacity, Mikhail Gorbachev, military-industrial complex, new economy, offshore financial centre, Pearl River Delta, Port of Oakland, RAND corporation, Ronald Reagan, Shenzhen special economic zone , Silicon Valley, South China Sea, special economic zone, stem cell, union organizing, young professional, éminence grise

It was also one of three shareholders of Asia Satellite Telecommunications Ltd, which managed communication satellites in the region. Among the CITIC’s senior executives were several Red Princes, including Deng Zhifang, Deng Xiaoping’s second son, who also owned several real estate companies, a growing sector in both Hong Kong and the PRC. Wang Jun, president of the CITIC, was also head of Poly Technologies, one of the principal companies owned by the PLA, which under Deng Xiaoping had also became involved in the private sector. His father, Wang Zhen, was a former vice-president of the PRC, a close friend of Deng Xiaoping, and one of the most hard-line of those within the conservative faction of the CCP. This dogmatist, head of the Central Party School since 1980, was one of the most fervent supporters of the harsh crackdown on the Tiananmen protesters.

Zhou guaranteed the decent treatment of some jailed functionaries. This was the case for some political figures, including Deng Xiaoping, and for some intelligence agents. The collapse of the Diaochabu After the death of Kang Sheng’s rival Li Kenong in 1961, Kong Yuan, who had been Kang’s secretary at the CCP’s Shanghai Organization Department in the 1930s, took over as head of the Diaochabu, the CCP’s intelligence department. Kong was a close friend of Zhou Enlai and Deng Xiaoping—so close indeed that in September 1939 Kong and Deng had married two women who were themselves close friends in a joint celebration at Yan’an, with a small party organized by Mao.

The following month, October 1976, the moderate group supporting Wang Dongxing and Deng Xiaoping was responsible for the arrest of the Gang of Four. Hua Guofeng succeeded Zhou Enlai as prime minister and Mao as party chairman, and eventually became head of the military commission that commanded the PLA, with the support of the indomitable Marshal Ye. Even before this transition, however, another leader vilified by Kang Sheng had re-emerged. On 12 April 1973, after six years under house arrest and being sent with his wife to work in a factory in Jiangxi, Deng Xiaoping had made an appearance at a dinner given by Zhou Enlai, in honour of Prince Norodom Sihanouk of Cambodia.


pages: 780 words: 168,782

Strange Rebels: 1979 and the Birth of the 21st Century by Christian Caryl

Alvin Toffler, anti-communist, Ayatollah Khomeini, Berlin Wall, Boeing 747, Bretton Woods, British Empire, colonial rule, Deng Xiaoping, disinformation, export processing zone, financial deregulation, financial independence, friendly fire, full employment, Future Shock, Great Leap Forward, household responsibility system, income inequality, industrial robot, Internet Archive, Kickstarter, land reform, land tenure, Les Trente Glorieuses, 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, price stability, rent control, road to serfdom, Ronald Reagan, Shenzhen special economic zone , single-payer health, special economic zone, The Chicago School, union organizing, upwardly mobile, Winter of Discontent, Xiaogang Anhui farmers, Yom Kippur War

East Gate Books, Armonk, NY, 1998. Deng Xiaoping: Chronicle of an Empire, Ruan Ming, translated and edited by Nancy Liu, Peter Rand, and Lawrence R. Sullivan. Westview Press, Boulder, CO, 1994. Deng Xiaoping: My Father, Deng Maomao. Basic Books, New York, 1995. Deng Xiaoping: Portrait of a Chinese Statesman, David Shambaugh. Oxford University Press, New York, 1995. Deng Xiaoping and the Chinese Revolution: A Political Biography, David S. G. Goodman. Routledge, New York, 1994. Deng Xiaoping and the Cultural Revolution: A Daughter Recalls the Critical Years, Deng Rong. Doubleday, New York, 2005. Deng Xiaoping and the Making of Modern China, Richard Evans.

For a more detailed discussion of these Islamist thinkers, see Chapter 16. 8. An Islamic Utopian: A Political Biography of Ali Shariati, Ali Rahnema, 226. 9. Ibid., 325–326. CHAPTER 10: TRUTH FROM FACTS 1. Deng Xiaoping Shakes the World, Yu Guangyuan, 21. 2. Deng Xiaoping and the Transformation of China, Ezra F. Vogel, 193. 3. Ezra Vogel, Deng Xiaoping and the Transformation of China, 103–109. 4. “The 1979 Truth Criterion Controversy,” Michael Schoenhals. The Chinese Quarterly, no. 126 (June 1991). 5. The Deng Xiaoping Era: An Inquiry into the Fate of Chinese Socialism, 1978–1994, Maurice Meisner, 91. 6. Ibid. 7. The China Reader: The Reform Era, edited by Orville Schell and David Shambaugh, 158. 8.

“China’s Winds of Change,” David Butler, Holger Jensen, and Lars-Erik Nelson. 10. Coming Alive!, Garside, 220–221. 11. Ibid., 219. 12. Ibid., 221. 13. Ibid., 215. 14. Deng Xiaoping Shakes the World: An Eyewitness Account of China’s Party Work Conference and the Third Plenum (November-December 1978), Yu Guangyuan, 21. 15. Deng Xiaoping and the Transformation of China, Vogel, 233. 16. Ibid. 17. How the Farmers Changed China: Power of the People, Kate Xiao Zhou, 53–54. 18. Deng Xiaoping Shakes the World, Yu, 52. 19. Ibid., 44, 46. 20. Deng Xiaoping and the Transformation of China, Vogel, 234. 21. Ibid., 234–235. 22. Hu Yaobang, who made those daring remarks about agriculture at the conference, also worked with Yu on the final version of Deng’s speech. 23.


pages: 816 words: 191,889

The Long Game: China's Grand Strategy to Displace American Order by Rush Doshi

"World Economic Forum" Davos, American ideology, anti-communist, Asian financial crisis, autonomous vehicles, Black Lives Matter, Bretton Woods, capital controls, coronavirus, COVID-19, crony capitalism, cross-border payments, cryptocurrency, defense in depth, deindustrialization, Deng Xiaoping, deplatforming, disinformation, Dissolution of the Soviet Union, Donald Trump, drone strike, energy security, European colonialism, eurozone crisis, financial innovation, George Floyd, global pandemic, global reserve currency, global supply chain, global value chain, Great Leap Forward, high-speed rail, Internet Archive, Internet of things, Kickstarter, kremlinology, Malacca Straits, middle-income trap, Mikhail Gorbachev, MITM: man-in-the-middle, Monroe Doctrine, Network effects, Nixon triggered the end of the Bretton Woods system, offshore financial centre, positional goods, post-truth, purchasing power parity, RAND corporation, reserve currency, rolodex, Ronald Reagan, South China Sea, special drawing rights, special economic zone, TikTok, trade liberalization, transaction costs, UNCLOS, UNCLOS, undersea cable, zero-sum game

We now turn to that institution and the role of nationalism and Leninism in shaping the Party, and in turn, China’s grand strategy. 2 “The Party Leads Everything” Nationalism, Leninism, and the Chinese Communist Party “The Soviets can do something after just one Politburo meeting. Can the Americans do that?”1 —Deng Xiaoping to China’s Politburo, early 1980s In June 1987, China’s de facto leader Deng Xiaoping was in a meeting with Yugoslav officials, and he was worried. China was in the midst of “reform and opening,” a series of market reforms propelling China’s economy forward and ultimately laying the foundation for its rise to superpower status. But the journey was far from smooth.

“Fortunately for us,” Scowcroft later recounted, “the call went right through and Yang advised them it was a very important mission and they should hold their fire.”8 When the plane landed in the afternoon on July 1, it was hidden behind an old terminal away from prying eyes. The next morning, Scowcroft met with Deng Xiaoping, Li Peng, and other officials, as well as a photographer who happened to be the son of President Yang. Before Scowcroft’s visit, President George H. W. Bush had sent an apologetic and solicitous secret letter to Deng Xiaoping on the importance of bilateral ties; now, Scowcroft would carry a similar message in person to reassure China’s paramount leader that despite the tough measures the United States was forced by public opinion to take in response to China’s crackdown, Washington would keep its actions limited to preserve the relationship.

Several Chinese sources, including articles on the website of the Party newspaper People’s Daily, recount the guideline’s history: [Tao Guang Yang Hui] was put forward by Deng Xiaoping during the “special period” of drastic changes in Eastern Europe and the disintegration of the socialist camp there in the late 1980s and early 1990s. At that time, China faced questions about “what to do” and “in what direction to go” as well as others that it urgently needed to answer, and Deng Xiaoping put forward a series of important thoughts/ideology and countermeasures.70 Another article on the People’s Daily site says the same, dating the concept after Tiananmen: “At the beginning of the end of the Cold War, when China was sanctioned by Western countries, Comrade Deng Xiaoping put forward . . .


pages: 371 words: 98,534

Red Flags: Why Xi's China Is in Jeopardy by George Magnus

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That they will have trenchant consequences for China and the world is not in doubt. They point to a brittleness in Xi Jinping’s China which is not apparent when considering only the supposed omnipotence of the leader and the Party. That places Xi’s China in jeopardy. ENDNOTES Introduction 1. There are few better insights into Deng Xiaoping than Deng Xiaoping: Portrait of a Chinese Statesman, ed. David Shambaugh, Oxford University Press, 1995. 2. Henry Kissinger, On China, Penguin Books, 2012, p. 443. 3. The first foreign company to set up in Shenzhen in 1981 was a joint venture between a Thai agricultural company, Charoen Pokphand Group, and Continental Grain of the US.

–China Strategic and Economic Dialogue (i) Hua Guofeng (i) Huangpu district (Shanghai) (i) Huawei (i), (ii), (iii), (iv) hukou (i), (ii), (iii), (iv) Human Freedom Index (i) Human Resources and Social Security, Ministry of (i) Hunan (i) Hungary (i), (ii), (iii), (iv) ICORs (incremental capital-output ratios) (i), (ii), (iii) n4 IMF Article IV report (i) on broadening and deepening of financial system (i) China urged to devalue (i) China’s integration and (i) concern over smaller banks (i) concern over WMPs (i) credit gaps (i) credit intensity (i) GP research (i) ICOR (i) n4 laissez-faire ideas (i) pensions, healthcare and GDP research (i), (ii), (iii) Renminbi reserves (i) risky corporate loans (i) Special Drawing Rights (i), (ii), (iii), (iv), (v) WAPs (i) immigrants see migrants income inequality (i) India Adam Smith on (i) ASEAN (i) BRI misgivings (i) BRICS (i), (ii) comparative debt in (i) demographic dividend (i) economic freedom level (i) frictions with (i) Nobel Prize (i) pushing back against China (i) regional allies of (i) SCO member (i) Indian Ocean access to ports (i) African rail projects and (i) Chinese warships enter (i) rimland (i) shorelines (i) Indo-Pacific region (i), (ii) Indonesia Asian crisis (i) BRI investment (i) debt and GDP (i) GDP (i) rail transport projects (i) RCEP (i) retirement age (i) trade with China (i) Industrial and Commercial Bank of China (i), (ii) Industrial Revolution (i), (ii) industrialisation (i), (ii) Industry and Information Technology, Minister of (i) infrastructure (i), (ii), (iii), (iv) Initial Public Offerings (IPOs) (i) Inner Mongolia (i), (ii) innovation (i), (ii) Inquiry into the Nature and Causes of the Wealth of Nations (Adam Smith) (i) Institute for International Finance (i) institutions (i), (ii) insurance companies (i), (ii), (iii) intellectual property (i) interbank funding (i), (ii), (iii), (iv), (v) investment (i), (ii), (iii) Iran (i) Ireland (i), (ii), (iii) Iron Curtain (i) ‘iron rice bowl’ (i) Israel (i), (ii) Italy (i), (ii), (iii) Jakarta (i), (ii) Japan acts of aggression by (i) aftermath of war (i) ASEAN (i) between the wars (i) bond market (i) Boxer Rebellion and (i) Chiang Kai-shek fights (i) China and (i) China’s insecurity (i) credit gap comparison (i) dispute over Diaoyu islands (i), (ii) export-led growth (i), (ii) financial crisis (i) friction with (i) full-scale war with China (i), (ii) growth (i) high-speed rail (i) India and (i) Liaodong peninsula (i) Manchuria taken (i), (ii), (iii) Mao fights (i) middle- to high-income (i) migrants to (i) Okinawa (i) old-age dependency ratio (i) pensions, healthcare and GDP research (i) pushing back against China (i) RCEP (i) Renminbi block, attitude to (i) research and development (i) rimland (i) robots (i) seas and islands disputes (i) Shinzō Abe (i) TPP (i) trade and investment from (i) yen (i) Jardine Matheson Holdings (i) Jiang Zemin 1990s (i) Deng’s reforms amplified (i), (ii), (iii) influence and allies (i) Xiao Jianhua and (i) Johnson, Lyndon (i) Julius Caesar (i) Kamchatka (i) Kashgar (i) Kashmir (i) Kazakhstan (i), (ii) Ke Jie (i) Kenya (i) Keynes, John Maynard (i) Kharas, Homi (i) Kissinger, Henry (i), (ii), (iii), (iv) Korea (i), (ii), (iii) see also North Korea; South Korea Korean War (i), (ii) Kornai, János (i), (ii), (iii) n16 Kowloon (i), (ii) Krugman, Paul (i) Kunming (i) Kuomintang (KMT) (i), (ii) Kyrgyzstan (i) Kyushu (i) labour productivity (i) land reform (i) Laos (i), (ii), (iii) Latin America (i), (ii), (iii) Lattice Semiconductor Corporation (i) leadership (i) Leading Small Groups (LSGs) (i), (ii), (iii), (iv) Lee Kuan Yew (i) Lee Sodol (i) Legendary Entertainment (i) Lehman Brothers (i) lending (i) Leninism governance tending to (i) late 1940s (i) party purity (i) Xi’s crusade on (i), (ii) Lenovo (i), (ii) Lewis, Arthur (i) Lewis turning point (i) LGFVs (local government financing vehicles) (i) Li Keqiang (i), (ii) Liaodong peninsula (i), (ii) LinkedIn (i) Liu He (i), (ii), (iii) Liu Xiaobo (i) local government (i), (ii), (iii) London (i), (ii), (iii) Luttwak, Edward (i), (ii), (iii) Macartney, Lord George (i), (ii), (iii) Macau (i), (ii) Made in China 2025 (MIC25) ambitious plans (i) importance of (i) mercantilism (i) priority sectors (i) robotics (i) Maddison, Angus (i), (ii), (iii) n3 (C1) Maghreb (i) major banks see individual entries Malacca, Straits of (i) Malay peninsula (i) Malaysia ASEAN member (i) Asian crisis (i) high growth maintenance (i) Nine-Dash Line (i) rail projects (i), (ii) Renminbi reserves (i) TPP member (i) trade with (i) Maldives (i) Malthus, Thomas (i), (ii) Manchuria Communists retake (i) Japanese companies in (i) Japanese puppet state (i), (ii), (iii) key supplier (i) North China Plain and (i) Pacific coast access (i) Russian interests (i) targeted (i) Manhattan (i), (ii) see also New York Mao Zedong arts and sciences (i) China stands up under (i) China under (i) Communist Party’s grip on power (i) consumer sector under (i) Deng rehabilitated (i) Deng, Xi and (i) east wind and west wind (i) Great Leap Forward (i) industrial economy under (i) nature of China under (i) People’s Republic proclaimed (i) positives and negatives (i) property rights (i) women and the workforce (i) Xi and (i) Maoism (i) Mar-a-Lago (i) Mark Antony (i) Market Supervision Administration (i) Marshall Plan (i), (ii) Marxism (i), (ii), (iii), (iv) Mauritius (i) May Fourth Movement (i) McCulley, Paul (i) n18 Mediterranean (i) Menon, Shivshankar (i) mergers (i) MES (market economy status (ii)) Mexico completion of education rates (i) debt comparison (i) GDP comparison (i) NAFTA (i) pensions comparison (i) TPP member (i) US border (i) viagra policy (i) Middle East (i), (ii), (iii) middle-income trap (i), definition (i) evidence and argument for (i) governance (i) hostility to (i) hukou system (i) lack of social welfare for (i) low level of (i) migrant factory workers (i) patents and innovation significance (i) significance of technology tech strengths and weaknesses (i) total factor productivity focus (i) vested and conflicted interests (i) ultimate test (i) World Bank statistics (i) migrants (i), (ii), (iii), (iv), (v) Ming dynasty (i) Minsky, Hyman (i) mixed ownership (i), (ii) Modi, Narendra (i) Mombasa (i) monetary systems (i) Mongolia (i), (ii) Monogram (i) Moody’s (i) Morocco (i) mortality rates (i) see also population statistics mortgages (i) motor cars (i), (ii) Moutai (i) Mundell, Robert (i) Muslims (i) Mutual Fund Connect (i) Myanmar ASEAN (i) Chinese projects (i) disputes (i) low value manufacturing moves to (i) Qing Empire in (i) ‘string of pearls’ (i) ‘Myth of Asia’s Miracle, The’ (Paul Krugman) (i) NAFTA (North American Free Trade Agreement) (i) Nairobi (i) Namibia (i) Nanking (i) Treaty of (i), (ii) National Bureau of Statistics fertility rates (i) GDP figures (i) ICOR estimate (i), (ii), (iii) n4 SOE workers (i) National Cyberspace Work Conference (i) National Development and Reform Commission (i), (ii), (iii) National Financial Work Conferences (i) National Health and Family Planning Commission (i) National Medium and Long-Term Plan for the Development of Science and Technology (i) National Natural Science Foundation (i) National People’s Congress 2007 (i) 2016 (i) 2018 (i), (ii), (iii), (iv) National People’s Party of China (i) National Science Foundation (US) (i) National Security Commission (i) National Security Strategy (US) (i), (ii) National Supervision Commission (i), (ii), (iii), (iv) Needham, Joseph (i) Nepal (i), (ii) Netherlands (i) New Development Bank (i), (ii) New Eurasian Land Bridge (i) New Territories (i), (ii) New York (i) see also Manhattan New Zealand (i), (ii), (iii) Next Generation AI Development Plan (i) Nigeria (i) Nine-Dash Line (i) Ningpo (i) Nixon, Richard (i) Nobel Prizes (i), (ii) Nogales, Arizona (i) Nogales, Sonora (i) Nokia (i) non-communicable disease (i) non-performing loans (i), (ii), (iii), (iv), (v), (vi) North China Plain (i) North Korea (i) see also Korea Northern Rock (i) Norway (i) Nye, Joseph (i) Obama, Barack Hu Jintao and (i) Pacific shift recognised (i) Renminbi (i) US and China (i), (ii) OECD (Organisation for Economic Co-operation and Development) China’s ranking (i) GDP rates for pension and healthcare (i) GP doctors in (i) tertiary education rates (i) US trade deficit with China (i) Office of the US Trade Representative (i) Official Investment Assistance (Japan) (i) Okinawa (i) old-age dependency ratios (i), (ii), (iii) Olson, Mancur (i) Oman (i) one-child policy (i), (ii) Opium Wars financial cost of (i) First Opium War (i), (ii), (iii) Qing dynasty defeated (i) Oriental Pearl TV Tower, Shanghai (i) Pacific (i), (ii), (iii) Padma Bridge (i) Pakistan Economic Corridor (i) long-standing ally (i) Renminbi reserves (i) SCO member (i) ‘string of pearls’ (i) Paris (i) Party Congresses see numerical list at head of index patents (i) Peking (i), (ii), (iii) see also Beijing pensions (i) People’s Bank of China see also banks cuts interest rates again (i) floating exchange rates (i) lender of last resort (i), (ii) long term governor of (i) new rules issued (i) new State Council committee coordinates (i) places severe restrictions on banks (i) publishing Renminbi values (i) Renminbi/dollar rate altered (i) repo agreements (i) sells dollar assets (i) stepping in (i) Zhou Xiaochuan essay (i) People’s Daily front-page interview (i), (ii) on The Hague tribunal (i) riposte to Soros (i) stock market encouragement (i) People’s Liberation Army (i), (ii) Persia (i) Persian Gulf (i), (ii) Peru (i) Pettis, Michael (i) n12 Pew Research (i) Peyrefitte, Alain (i) Philippines (i), (ii), (iii), (iv) Piraeus (i) PISA (Programme for International Student Assessment) (i) Poland (i), (ii), (iii) ‘Polar Silk Road’ (i) Politburo (i), (ii), (iii), (iv) pollution (i) Polo, Marco (i) Pomeranz, Kenneth (i) population statistics (i) see also ageing trap; WAP (working-age population) consequences of ageing (i) demographic dividends (i), (ii) hukou system and other effects (i) low fertility (i), (ii), (iii) migrants (i), (ii) old-age dependency ratios (i), (ii), (iii) one-child policy (i), (ii) places with the most ageing populations (i) rural population (i) savings trends (i) technology and (i) under Mao (i) women (i) Port Arthur (i) Port City Colombo (i), (ii) Portugal (i), (ii), (iii), (iv) pricing (i), (ii) private ownership (i), (ii) productivity (i), (ii) Propaganda, Department of (i) property (i) property rights (i) Puerto Rico (i) Punta Gorda, Florida (i) Putin, Vladimir (i) Qianlong, Emperor (i) Qing dynasty (i), (ii), (iii) Qingdao (i) Qualcomm (i) Qualified Domestic Institutional Investors (i), (ii) Qualified Foreign Institutional Investors (i), (ii) Qiushi, magazine (i) rail network (i), (ii) RCEP (Regional Comprehensive Economic Partnership) (i), (ii), (iii) real estate (i), (ii) reform authoritative source warns of need for (i), (ii) different meaning from West (i) of economy via rebalancing (i), (ii) as embraced by Deng Xiaoping (i) fiscal, foreign trade and finance (i), (ii) Hukou (i) of ownership (i) state-owned enterprises (i) third plenum announcements (i) in Xi Jinping’s China (i) ‘Reform and Opening Up’ (Deng Xiaoping) (i), (ii), (iii) regulations and regulatory authorities (financial) (i), (ii) Reinhart, Carmen (i) Renminbi (i) 2015 mini-devaluation and capital outflows (i), (ii) appreciates (i) banking system’s assets in (i) bloc for (i) capital flight risk (i) devaluation (i), (ii), (iii), (iv) dim sum bonds (i) efforts to internationalise (i) end of peg (i) foreign investors and (i) fully convertible currency, a (i) growing importance of (i) IMF’s Special Drawing Rights (i) Qualified Institutional Investors (i) in relation to reserves (i) Renminbi trap (i), (ii), (iii), (iv) share of world reserves (i) significance of (i), (ii) Special Drawing Rights and (i), (ii) US dollar and (i), (ii), (iii), (iv), (v) repo markets (i), (ii) research and development (R&D) (i), (ii) Resources Department (i) retirement age (i) Rhodium Group (i) rimland (i) Robinson, James (i) robots (i) Rogoff, Kenneth (i) Roman Empire (i) Rotterdam (i) Rozelle, Scott (i) Rudd, Kevin (i) Rudong County (i) Rumsfeld, Donald (i) Rural Cooperative Medical Scheme (i) rural workers (i) Russia see also Soviet Union 19th century acquisitions (i), (ii) ageing population (i) BRI and (i) BRICS (i), (ii), (iii) C929s (i) China’s view of (i) early attempts at trade (i) fertility rates (i) Human Freedom Index (i) middle income trap and (i) Pacific sea ports (i) Polar Silk Road (i) Renminbi reserves (i) SCO member (i) Ryukyu Islands (i) Samsung (i) San Francisco (i) SASAC (i), (ii) Saudi Arabia (i) savings (i), (ii), (iii) Scarborough Shoal (i) Schmidt, Eric (i) Schumpeter, Joseph (i) SCIOs (i) Second Opium War (i) Second World War China and Japan (i), (ii) economic development since (i) Marshall Plan (i), (ii) US and Japan (i) Senkaku islands see Diaoyu islands separatism (i), (ii) Serbia (i) service sector (i), (ii) Seventh Fleet (US) (i) SEZs (special economic zones) (i), (ii), (iii), (iv) shadow banks (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) n18 see also banks Shandong (i), (ii) Shanghai 1st Party Congress (i) arsenal (i) British influence in (i) central bank established (i) Deng’s Southern Tour (i) firms halt trading (i) income per head (i) interbank currency market (i) PISA scores (i) pollution (i) property price rises (i) stock market (i), (ii), (iii) Western skills used (i) Shanghai Composite Index (i), (ii) Shanghai Cooperation Organisation (SCO) (i), (ii), (iii) Shanghai Free Trade Zone (i), (ii), (iii) Shanghai–Hong Kong Bond Connect Scheme (i) Shanghai–Hong Kong Stock Connect Scheme (i), (ii) Shanghai World Financial Centre (i) Shenzhen first foreign company in (i) n3 (Intro.)

If his health holds and his opponents stay subdued, he could remain a strongman president for life. Whilst economists and China-watchers have been well aware of the global consequences of a rising China for some time, Xi’s China is going to resonate much more for all of us in future. If, as several Chinese thinkers now assert, China stood up under Mao Zedong and got rich under Deng Xiaoping, it is becoming powerful again under Xi Jinping, who articulates that China’s troubled twentieth century now lies firmly in the past as the Communist Party under his leadership pursues the great rejuvenation of the Chinese nation, based around ‘socialism with Chinese characteristics’. Under Xi, China has become more controlling, more confident and more assertive.


Super Continent: The Logic of Eurasian Integration by Kent E. Calder

"World Economic Forum" Davos, 3D printing, air freight, Asian financial crisis, Bear Stearns, Berlin Wall, blockchain, Bretton Woods, business intelligence, capital controls, Capital in the Twenty-First Century by Thomas Piketty, classic study, cloud computing, colonial rule, Credit Default Swap, cuban missile crisis, deindustrialization, demographic transition, Deng Xiaoping, disruptive innovation, Doha Development Round, Donald Trump, energy transition, European colonialism, export processing zone, failed state, Fall of the Berlin Wall, foreign exchange controls, geopolitical risk, Gini coefficient, high-speed rail, housing crisis, income inequality, industrial cluster, industrial robot, interest rate swap, intermodal, Internet of things, invention of movable type, inventory management, John Markoff, liberal world order, Malacca Straits, Mikhail Gorbachev, mittelstand, money market fund, moral hazard, new economy, oil shale / tar sands, oil shock, purchasing power parity, quantitative easing, reserve currency, Ronald Reagan, seigniorage, Shenzhen special economic zone , smart cities, smart grid, SoftBank, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, Suez canal 1869, Suez crisis 1956, supply-chain management, Thomas L Friedman, trade liberalization, trade route, transcontinental railway, UNCLOS, UNCLOS, union organizing, Washington Consensus, working-age population, zero-sum game

Zbigniew Brzezinski, The Grand Chessboard: American Primacy and Its Geostrategic Imperatives (New York: Basic Books, 1997), 31. 2. For the classic study of Deng Xiaoping and his key role in making Chinese politicaleconomic history, see Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Belknap Harvard, 2011). 3. On the early genesis of the Four Modernizations, see Immanuel Chung-yueh Hsu, China without Mao: The Search for a New Order, 2nd ed. (New York: Oxford University Press, 1990); and Vogel, Deng Xiaoping, 184 –248. 4. Hsu, China Without Mao, 92 –93. 5. Ibid., 94. 6. Hua thus, in Vogel’s view, deserves more credit for China’s opening than conventionally given, especially for instituting the SEZ concept.

For China’s response to this, see John Garver, China’s Quest: The History of the Foreign Relations of the People’s Republic of China (New York: Oxford University Press, 2016), 416 –19. 11. Calder, The New Continentalism, 67. 12. Ibid. 13. Ibid. 14. Shenzhen and Zhuhai were picked in August 1980, followed by Xiamen in October 1980 and Guangdong in October 1981. Hainan did not become an SEZ until April 1988. 15. Vogel, Deng Xiaoping, 403. 16. See Vogel, Deng Xiaoping, Chapter 14; and Barry Naughton, “China’s Emergence and Prospects as a Trading Nation,” Brookings Papers on Economic Activity 2 (1966): 273 –344. 17. On the Soviet decline, see David Remnick, Lenin’s Tomb: The Last Days of the Soviet Empire (New York: Random House, 1993). 18.

(New York: Oxford University Press, 1990), 92 –126; and Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 184 –248. 2. Along the way, China moved to seventh in 1997, sixth in 2000 (passing Italy), fifth in 2005 (passing France), third in 2007 (past Germany), and second in 2010 (eclipsing Japan). Only the US remains larger in nominal terms; in 2013 China passed even the US, accord- Notes to Chapter 5 273 ing to PPP criteria. See World Bank, “GDP (current US$),” World Development Indicators, accessed December 21, 2018. 3. Vogel, Deng Xiaoping and the Transformation of China, 406. 4.


pages: 261 words: 57,595

China's Future by David Shambaugh

Berlin Wall, capital controls, demographic dividend, demographic transition, Deng Xiaoping, facts on the ground, financial intermediation, financial repression, Gini coefficient, Great Leap Forward, guns versus butter model, high net worth, high-speed rail, Kickstarter, knowledge economy, low skilled workers, market bubble, megacity, middle-income trap, Mikhail Gorbachev, military-industrial complex, New Urbanism, offshore financial centre, open economy, Pearl River Delta, rent-seeking, secular stagnation, short selling, South China Sea, special drawing rights, too big to fail, urban planning, Washington Consensus, working-age population, young professional

.), Interest Groups in Soviet Politics (Princeton: Princeton University Press, 1971). 3. Ibid. 4. See Deng Xiaoping Wenxuan (1975–1982) [Collected Works of Deng Xiaoping], (Beijing: Renmin chubanshe, 1983), pp. 302–25. 5. See Harry Harding, China’s Second Revolution: Reform After Mao (Washington, DC: Brookings Institution Press, 1987). 6. For Zhao’s background, see David Shambaugh, The Making of a Premier: Zhao Ziyang’s Provincial Career (Boulder, CO: Westview Press, 1983). 7. Bruce Gilley, “Deng Xiaoping and His Successors,” in William A. Joseph (ed.), Politics in China: An Introduction (New York: Oxford University Press, 2014), p. 135. 8.

After more than three decades of successful reforms, the nation has reached critical junctures in its economic, social, political, environmental, technological, and intellectual development, as well as in national security, foreign affairs, and other realms of policy. Diminishing returns have set in and it has become plainly evident that the main elements of the broad reform program first launched by Deng Xiaoping in 1978 are no longer applicable or sustainable for spurring China’s continued modernization over the coming decades. Change is required. Indeed, China’s own contemporary leaders have evinced their deep concerns. In 2007, former Premier Wen Jiabao bluntly described the nation’s economy as characterized by the “four ‘uns’”: “unstable, unbalanced, uncoordinated, and unsustainable.”1 And this came from the man in charge of the national economy.

See David Shambaugh, “The Coming Chinese Crack-Up,” Wall StreetJournal, March 7, 2015. 3 China’s Society No dimension of China has changed as rapidly or as thoroughly during the reform era as has society, and no society in history has experienced such profound transformations in such an abbreviated period: from an agrarian, pre-industrial, poor, uneducated, closed, conformist, and sedentary society entirely dependent on the state for basic provisions to an urbanized, industrial, increasingly wealthy, educated, open, variegated, and mobile society able to purchase most of life’s necessities in the marketplace. Anyone who has been traveling through China annually over the past (almost) four decades, as I have, can testify to the extraordinary transformations in the lives of one-fifth of humanity. I recall when I first visited in the late 1970s, the reforms were getting under way, Deng Xiaoping invoked the notion “to get rich is glorious,” and Chinese urbanites aspired to possess the “four rounds” (things that went around: a bicycle, a wristwatch, a sewing machine, a washing machine) and “three electrics” (a television, refrigerator, and private telephone). Nowadays Chinese nouveaux riches travel and buy property abroad (in 2014 Chinese tourists took 109 million trips abroad), pay exorbitant foreign tuition prices for their children’s education, own their own luxury cars, live in privately purchased homes, and have huge disposable incomes.


pages: 277 words: 85,191

Red Roulette: An Insider's Story of Wealth, Power, Corruption, and Vengeance in Today's China by Desmond Shum

Asian financial crisis, call centre, currency manipulation / currency intervention, Deng Xiaoping, Donald Trump, family office, glass ceiling, Gordon Gekko, Great Leap Forward, greed is good, high-speed rail, Korean Air Lines Flight 007, land reform, military-industrial complex, old-boy network, pirate software, plutocrats, race to the bottom, rolodex, Silicon Valley, SoftBank, South China Sea, special economic zone, walking around money, WikiLeaks

My eight-year-old classmates and I had little understanding of what it meant. When the school announced it, our teachers began crying, so we started crying, too. The rule came down that we weren’t allowed to play or smile. Several of us were reprimanded for making too much noise. About a year later, a senior Chinese leader named Deng Xiaoping returned to power after years in internal exile. Deng masterminded the arrest of the Gang of Four, a group of ultra-leftists who’d gathered around Mao. And in 1979 he launched historic reforms that would transform China into the economic power it is today. But my family wasn’t going to live through those epochal changes.

Her father had spoken Cantonese to her when she was young, so she passed as a local. She parlayed her math major into a job as an accountant at a textile plant and boosted her skills with bookkeeping classes at night. My mother returned to Shanghai several times to plead with the authorities to let my dad join us. The cost of those trips all but bankrupted her. Thanks to Deng Xiaoping, the authorities in Shanghai were done prosecuting people for having relatives or living overseas. Still, the Chinese government was loath to allow families to leave together, wanting to maintain leverage over people abroad by making family reunification hard. Finally, after two years, my mom succeeded in nagging so tenaciously that the authorities relented.

Following the Tiananmen Square crackdown in 1989, a reactionary wing of the Chinese Communist Party, led by Premier Li Peng, had rolled back market-oriented reforms, cracked down on private businesses, and poured money into the inefficient state-owned sector. China’s economy slowed dramatically. But in 1992, China’s paramount leader, Deng Xiaoping, impatient with the conservatives, left Beijing and traveled to the southern city of Shenzhen on Hong Kong’s border to urge a resumption of market-oriented changes. Deng’s “southern journey” unleashed a new round of capitalist zeal. Hong Kong was the prime beneficiary. In 1993, Wall Street visionary Barton Biggs came to the territory after six days in China and pronounced himself, “tuned in, overfed, and maximum bullish” on China.


pages: 193 words: 46,052

Modern China: A Very Short Introduction by Rana Mitter

banking crisis, British Empire, corporate social responsibility, credit crunch, Deng Xiaoping, global reserve currency, Great Leap Forward, invention of gunpowder, land reform, Mahatma Gandhi, Mikhail Gorbachev, Nelson Mandela, new economy, purchasing power parity, reserve currency, South China Sea, special economic zone, stem cell, urban planning

In 1979, full diplomatic relations were finally established between China and the US, and from the early 1980s, foreign tourists and students began to visit China in large numbers, just as a new generation of Chinese began to study and do business abroad. Deng Xiaoping was indubitably the senior figure in the party, and he made it clear that he favoured economic reform at the fastest possible speed. In the 1980s, the USSR was still intact, but the West regarded that country as a stagnant and hostile giant, at least until the arrival of Mikhail Gorbachev to the leadership in 1985. In contrast, China seemed to be the communist giant that the West loved to love. Keen to grow the economy, friendly towards the US, Deng Xiaoping even visited Texas and wore a Stetson at a rodeo. At home, cowboys of a different sort also found their moment as the economy grew by leaps and bounds.

Timeline 1368 Foundation of the Ming dynasty 1644 Fall of the Ming, foundation of the Qing dynasty 1842 Treaty of Nanjing ends the first Opium War 1850–64 Taiping War 1900 Boxer Uprising 1911 Revolution causes collapse of the Qing dynasty 1919 May Fourth demonstrations 1925 May Thirtieth Movement 1926–8 Northern Expedition by the Nationalists and Communists 1928 Establishment of Nationalist government at Nanjing 1934–5 Long March by Communists: Mao begins rise to power 1937 Outbreak of war with Japan: Nationalists retreat to Chongqing 1945 End of war with Japan 1946–9 Civil War ends with Communist victory 1958–62 Great Leap Forward causes massive famine 1966–76 Cultural Revolution: Mao at war with his own party 1976 Death of Mao 1978 Deng Xiaoping solidifies position as paramount leader 1989 Demonstrations in Tian’anmen Square end in bloodshed 1989 Jiang Zemin chosen as new Communist Party general secretary 1992 Deng’s ‘southern tour’ energizes reforms 1997 Death of Deng Xiaoping: Jiang Zemin reconfirmed as leader 2001 Beijing awarded the 2008 Olympics 2001 China enters World Trade Organization 2002 Leadership passes to Hu Jintao 2008 Summer Olympic Games held in Beijing 2012 Leadership passes to Xi Jinping 2015 Major commemorations of the 70th anniversary of the end of the War of Resistance against Japan (World War II in China) 2017 19th Congress of the Chinese Communist Party 2022 Beijing to hold Winter Olympic Games References Chapter 1: What is modern China?

This argument followed the CCP’s rhetoric of a ‘new China’ (although, as the quotation at the start of this chapter shows, this was not the first nor last usage of the term ‘new China’): that the old, ‘feudal’, ‘traditional’, and ‘semicolonial’ China, a world of cruel social hierarchies, foot-binding, torture, and poverty, had been finally brushed aside for a more egalitarian, industrial, and just China. The second explanation, common in the early 20th century, but banished for a while after 1949, has become commonplace again today. This argument is that China has not essentially changed. Even figures such as Mao and Deng Xiaoping (the reformist leader of the 1980s), despite their coating of communist ideology and mass mobilization politics, were essentially ‘emperors’ reverting to type. In the countryside today, traditional superstitions, religions (such as the Falun Gong cult banned by the party), and hierarchies reign supreme, just as they have done for hundreds of years.


The Party: The Secret World of China's Communist Rulers by Richard McGregor

activist lawyer, banking crisis, corporate governance, credit crunch, Deng Xiaoping, financial innovation, Gini coefficient, glass ceiling, global reserve currency, Great Leap Forward, haute couture, high-speed rail, hiring and firing, income inequality, invisible hand, kremlinology, land reform, Martin Wolf, megaproject, Mikhail Gorbachev, military-industrial complex, old-boy network, one-China policy, Panopticon Jeremy Bentham, pre–internet, reserve currency, risk/return, Shenzhen special economic zone , South China Sea, sovereign wealth fund, special economic zone, Upton Sinclair

It wasn’t until the western financial crisis that the confidence of the likes of Wang Qishan spread through the system and burst to the surface like never before. Many Chinese leaders were beginning to voice out loud the sentiments expressed privately by Wang: what on earth have we to learn from the west? China’s post-Maoist governing model, launched by Deng Xiaoping in the late seventies, has endured many attempts to explain it. Is it a benevolent, Singapore-style autocracy? A capitalist development state, as many described Japan? Neo-Confucianism mixed with market economics? A slow-motion version of post-Soviet Russia, in which the elite grabbed productive public assets for private gain?

Bush, had arrived in office with an aggressive, competitive posture towards China. Before she landed, Ms Clinton publicly downplayed the importance of human rights. At a press conference ahead of leaving, she beamingly implored the Chinese government to keep buying US debt, like a travelling saleswoman hawking a bill of goods. Deng Xiaoping’s crafty stratagem, laid down two decades before, about how China should advance stealthily into the world–‘hide your brightness; bide your time’–had been honoured in the breach long before Ms Clinton’s arrival. China’s high-profile tours through Africa, South America and Australia in search of resources, the billion-dollar listings of its state companies on overseas stock markets, its rising profile in the United Nations and its sheer economic firepower had made China the new focus of global business and finance since the turn of the century.

One Chinese commentator likened his policy pronouncements to a duck walking, with one foot pointed to the right and the other to the left, maintaining an ungainly balance which looked stable only from a distance. Hu’s severe image-management might have seemed like a conservative throwback to an earlier age of more authoritarian communism. In fact, compared to his predecessors, Hu was a bland figure, determinedly drained of flesh and blood. Deng Xiaoping, by contrast, had a revolutionary prestige, overlaid by the battle scars of years of struggle against Mao Zedong’s insane political campaigns. He proudly displayed his earthy Sichuanese roots, notoriously expectorating loudly into his spittoon while delivering to Margaret Thatcher an intimidating lecture about Hong Kong at a meeting in the early eighties in Beijing.


pages: 627 words: 127,613

Transcending the Cold War: Summits, Statecraft, and the Dissolution of Bipolarity in Europe, 1970–1990 by Kristina Spohr, David Reynolds

anti-communist, bank run, Berlin Wall, Bretton Woods, computer age, conceptual framework, cuban missile crisis, Deng Xiaoping, failed state, Fall of the Berlin Wall, guns versus butter model, Kickstarter, Kitchen Debate, liberal capitalism, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nixon shock, oil shock, open borders, Ronald Reagan, Ronald Reagan: Tear down this wall, shared worldview, Strategic Defense Initiative, Thomas L Friedman, Yom Kippur War, zero-sum game

When Gorbachev broached the subject of reforms, arguing that while China was ahead economically, the Soviet Union led politically, Li answered with reserve: ‘Every country has its circumstances, every man walks his own road.’35 As with Bush’s visit, the height of the summit was Gorbachev’s meeting with Deng Xiaoping, which, the Chinese indicated, marked the official moment of Sino-Soviet normalization. The meeting also symbolized for many protestors the course they hoped to take. ‘Gorbachev 58, Deng Xiaoping 85’, read some of the banners in the streets, denoting their respective ages and highlighting the contrast between the dynamism of one and the conservatism of the other. Gorbachev came from the generation of the Soviet shestidesyatniki—those who had politically matured during the atmosphere of relative openness of Khrushchev’s de-Stalinization.

GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting Deng Xiaoping, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Xiaoping.pdf. 28. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting with Zhao Ziyang, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Ziyang.pdf. 29. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting with Zhao Ziyang, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Ziyang.pdf. 30. GBPL, BSF, Presidential Correspondence, Memcon, Bush’s meeting Deng Xiaoping, 26 February 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-02-26--Xiaoping.pdf. 31.

Oleg Troyanovskii, Cherez Gody i Rasstoyaniya: Istoriya Odnoi Sem’yi (Over Years and Distances) (Moscow, 1997), 373. 37. Excerpts from the conversation between Mikhail Gorbachev and Deng Xiaoping, 16 May 1989, http://digitalarchive.wilsoncenter.org/document/116536. 38. Ibid. 39. George Bush, The President’s News Conference, 30 May, 1989, APP website, http://www.presidency.ucsb.edu/ws/index.php?pid=17077&st=Hungary&st1=1956. 40. GBPL, Scowcroft Papers on China 2 of 5 Tiananmen Square Crisis [2], White House Situation Room Files, From Washington to American Embassy Beijing, Letter from President Bush to Deng Xiaoping, 27 May 1989. 41. Lilley, China Hands, 309. 42. GBPL, Telcon: Kohl to Bush, 15 June 1989, https://bush41library.tamu.edu/files/memcons-telcons/1989-06-15--Kohl.pdf. 43.


pages: 249 words: 66,492

The Rare Metals War by Guillaume Pitron

Albert Einstein, Berlin Wall, carbon footprint, circular economy, clean tech, cloud computing, collapse of Lehman Brothers, commodity super cycle, connected car, David Attenborough, decarbonisation, degrowth, deindustrialization, dematerialisation, Deng Xiaoping, Donald Trump, driverless car, dual-use technology, Elon Musk, energy transition, Fairphone, full employment, green new deal, green transition, industrial robot, Internet of things, invisible hand, Jeff Bezos, Kickstarter, knowledge economy, Lyft, mittelstand, offshore financial centre, oil shale / tar sands, planetary scale, planned obsolescence, Silicon Valley, smart cities, smart grid, smart meter, South China Sea, spinning jenny, Tesla Model S, Yom Kippur War

‘One of them was the “Red Princeling” [the heir to one of the top officials of the Chinese Communist Party]. It was none other than Deng Xiaoping’s son-in-law.’ It is public knowledge that Deng Xiaoping handed the reins of the China Nonferrous Metal Mining Group Corporation (CNMC) — a formidable state-owned mining company — to his son-in-law Wu Jianchang to ensure the longevity of the strategic nonferrous metal sector.15 It was the very same Wu Jianchang who, through CNMC’s New York branch, was directly involved in the sale of Magnequench. Peter Leiter later discovered that not one, but two of Deng Xiaoping’s sons-in-law were involved. Zhang Hong, married to Xiaoping’s daughter Deng Nan, was chairman of Beijing San Huan New Materials High Tech Inc. — Magnequench’s final buyer.

As a student in France, Deng Xiaoping worked in an iron foundry of Le Creusot.7 As for his successors: ‘The last six presidents and prime ministers — apart from the current prime minister [Li Keqiang], who read law — were all trained in engineering — electrical, hydroelectrical, geology — and in process chemistry,’ a natural resources strategist tells me.8 Wen Jiabao — Hu Jintao’s prime minister from 2003 to 2013 — was a geologist by training. Consequently, and with the support of a stable authoritarian political system that values patient and consistent decision-making, Deng Xiaoping and his successors were able to lay the foundations of an ambitious policy to secure the nation’s supplies.

‘La Chine met les matières premières sous pression’ [‘China Puts Raw Materials Under Pressure’], Les Echos, 7 July 2015. See also ‘Metals Shine on China Demand’, China Daily, 19 June 2018. Interview with Andrew Peaple, journalist writing on commodities for the Hong Kong office of The Wall Street Journal, 2016. Geneviève Barman and Nicole Dulioust, ‘Les années françaises de Deng Xiaoping’ [‘Deng Xiaoping’s French Years’], Vingtième Siècle. Revue d’histoire, 1988, vol. 20, no. 1, pp. 17–34. ‘Le singe et la souveraineté des ressources’ [‘The Monkey and the Sovereignty of Resources’], Le Cercle – Les Échos, 12 February 2016. Information report no. 349 (2010-2011) on the security of France’s strategic supplies, prepared for the French Committee on Foreign Affairs, Defence and Armed Forces by Jacques Blanc, 2011.


pages: 392 words: 106,532

The Cold War: A New History by John Lewis Gaddis

Able Archer 83, American ideology, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, colonial rule, cuban missile crisis, Deng Xiaoping, European colonialism, full employment, Great Leap Forward, guns versus butter model, land reform, long peace, means of production, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Potemkin village, Ronald Reagan, Ronald Reagan: Tear down this wall, Sinatra Doctrine, Strategic Defense Initiative

[Friedberg, In the Shadow of the Garrison State, p. 82n; Gaddis, Strategies of Containment, p. 393; International Institute for Strategic Studies, The Military Balance, 1979–1980 (London: IISS, 1979), p. 9.] 44 Arbatov, The System, p. 206. 45 Baum, Burying Mao, pp. 11, 56–65; Richard Evans, Deng Xiaoping and the Making of Modern China (New York: Penguin, 1997), pp. 184–89, 212–43. The quote from Mao is in Li Zhisui, The Private Life of Chairman Mao: The Memoirs of Mao’s Personal Physician, translated by Tai Hung-chao (New York: Random House, 1994), p. 577. I have also benefited from reading Bryan Wong, “The Grand Strategy of Deng Xiaoping,” International Studies Senior Essay, Yale University, 2005. 46 “The ‘Two Whatevers’ Do Not Accord with Marxism,” March 24, 1977, http://English.people.com.cn/dengxp/vol2/text/b1100.html. 47 For the relevant statistics, see Baum, Burying Mao, p. 391. 48 Mikhail Gorbachev and Zdeněk Mlynář, Conversations with Gorbachev: On Perestroika, The Prague Spring, and the Crossroads of Socialism, translated by George Schriver (New York: Columbia University Press, 2002), p. 189. 49 William I.

“How many divisions has he got?”90 John Paul II, during the nine days he spent in Poland in 1979, provided the answer. This too was a development, as Dobrynin might have put it, “totally beyond the imagination of the Soviet leadership.” CHAPTER SIX ACTORS Be not afraid! —JOHN PAUL II1 Seek truth from facts. —DENG XIAOPING 2 We can’t go on living like this. —MIKHAIL GORBACHEV3 THE POPE HAD BEENan actor before he became a priest, and his triumphant return to Poland in 1979 revealed that he had lost none of his theatrical skills. Few leaders of his era could match him in his ability to use words, gestures, exhortations, rebukes—even jokes—to move the hearts and minds of the millions who saw and heard him.

There was Lech Wałęsa, the young Polish electrician who stood outside the locked gate of the Lenin shipyard in Gdansk one day in August, 1980—with the pope’s picture nearby—to announce the formation of Solidarność, the first independent trade union ever in a Marxist-Leninist country. There was Margaret Thatcher, the first woman to become prime minister of Great Britain, who relished being tougher than any man and revived the reputation of capitalism in Western Europe. There was Deng Xiaoping, the diminutive, frequently purged, but relentlessly pragmatic successor to Mao Zedong, who brushed aside communism’s prohibitions on free enterprise while encouraging the Chinese people to “get rich.” There was Ronald Reagan, the first professional actor to become president of the United States, who used his theatrical skills to rebuild confidence at home, to spook senescent Kremlin leaders, and after a young and vigorous one had replaced them, to win his trust and enlist his cooperation in the task of changing the Soviet Union.


pages: 415 words: 103,801

The Last Kings of Shanghai: The Rival Jewish Dynasties That Helped Create Modern China by Jonathan Kaufman

anti-communist, Berlin Wall, British Empire, Charles Lindbergh, colonial rule, company town, cotton gin, Deng Xiaoping, Fall of the Berlin Wall, Ford Model T, gentleman farmer, Great Leap Forward, Honoré de Balzac, indoor plumbing, joint-stock company, life extension, Mahatma Gandhi, Mark Zuckerberg, Mikhail Gorbachev, old-boy network, opioid epidemic / opioid crisis, plutocrats, rent control, Steve Jobs, trade route

Thatcher then invited Lawrence to London to attend a state dinner in honor of Mao’s handpicked successor, Hua Guofeng, who was visiting Europe for the first time. Lawrence was “very well impressed” meeting the titular Chinese leader, though Deng Xiaoping was already maneuvering to replace him. Lawrence found Hua “very well informed as to what is going on in the world” and eager to “preserve and maintain the prosperity that we now have, and to enlarge and help it to grow.” At a private meeting with a senior Chinese leader in Guangdong, Lawrence was told that the entire Chinese leadership, including Deng Xiaoping, was eager to see the project succeed. “It could be the future of Hong Kong we are talking about,” Lawrence told Thatcher.

Elly and Laura’s eldest son. Sturdy, with powerful shoulders and a love for fast cars, Lawrence had dreams of becoming a lawyer but was forced into the family business by his father. Refusing to abandon China after the Communists seized Shanghai, he rebuilt the family fortune in Hong Kong and was embraced by Deng Xiaoping and the Chinese when China emerged from isolation in the 1970s. Horace Kadoorie (1902–1995). Lawrence’s younger brother. Shy where his brother was gregarious; tall and thin where his brother was five-foot-nine and built like a boxer. A lifelong bachelor, Horace lived with his father in Shanghai’s largest mansion and then in a country house away from the center of Hong Kong.

The Chinese Communist revolutionary was a tenant of Silas Hardoon. Mao Zedong loved Shanghai for its radicalism and hated it for its capitalism, and the city played a pivotal role for him and his wife, Jiang Qing, as they transformed China. His death paved the way for the return of the Kadoories to Shanghai and the city’s reevaluation of the Sassoons. Deng Xiaoping (1904–1997). The leader of China from 1978 to 1992, he was determined to modernize China. He ordered officials to reach out to Lawrence Kadoorie to build China’s first nuclear plant and welcomed the Kadoories back into the circle of power at the Great Hall of the People. The Bund in Shanghai in the 1930s Introduction It was a muggy late-summer day in 1979 when I stepped out of the Shanghai heat into the cool marble lobby of the Peace Hotel.


pages: 868 words: 147,152

How Asia Works by Joe Studwell

affirmative action, anti-communist, Asian financial crisis, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collective bargaining, crony capitalism, cross-subsidies, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Deng Xiaoping, failed state, financial deregulation, financial repression, foreign exchange controls, Gini coefficient, glass ceiling, Great Leap Forward, high-speed rail, income inequality, income per capita, industrial robot, Joseph Schumpeter, Kenneth Arrow, land reform, land tenure, large denomination, liberal capitalism, low interest rates, market fragmentation, megaproject, non-tariff barriers, offshore financial centre, oil shock, open economy, passive investing, purchasing power parity, rent control, rent-seeking, Right to Buy, Ronald Coase, South China Sea, The Wealth of Nations by Adam Smith, TSMC, urban sprawl, Washington Consensus, working-age population

Joseph Schumpeter, A Theory of Economic Development, translated by Redvers Opie (Cambridge, MA: Harvard University Press, 1934), p. 74. Part 4 – Where China Fits In 1. Li Xiangqian and Han Gang, ‘Xin faxian Deng Xiaoping yu Hu Yaobang deng sanci tanhua jilu’ (‘Newly Discovered Record of Three of Deng Xiaoping’s Talks with Hu Yaobang and Others’), Bainianchao, n0. 3 (1999): 4–11, reprinted in Xie Chuntao, ed., Deng Xiaoping xiezhen (A Portrait of Deng Xiaoping) (Shanghai: Shanghai cishu chubanshe, 2005), p. 192. 2. The hugely polluting cement kilns developed in China are a form of vertical kiln into which ingredients are loaded by hand before ignition.

Deininger, Land Policies and Land Reform (Washington DC: World Bank Publications, 2004). Klaus W. Deininger, Land Policies for Growth and Poverty Reduction (Washington DC: World Bank Publications, 2003). Klaus Deininger and Lyn Squire, ‘New Ways of Looking at Old Issues: Inequality and Growth’, Journal of Development Economics, vol. 57, no. 2 (1998). Deng Xiaoping, Selected Works of Deng Xiaoping, vol. 3 (1982–1992) (Beijing: People’s Publishing House, 1993). Department of Agrarian Reform, Republic of the Philippines, ‘Philippine Agrarian Reform: Partnerships for Social Justice, Rural Growth and Sustainable Development’, 3 March 2006. Marleen Dieleman, How Chinese are Entrepreneurial Strategies of Ethnic Chinese Business Groups in Southeast Asia?

Unless otherwise noted, exchange rates are those that applied in the year or period that is being discussed. Finally, pretty much every country in Asia has produced competing systems of romanisation of Asian languages. In writing names of people and places, I have attempted to use the romanised forms that are most familiar to contemporary English language readers. Hence Deng Xiaoping is rendered in the mainland Chinese pinyin system, whereas Chiang Kai-shek is rendered in the Wade-Giles system favoured in Taiwan. In South Korea, a degree of romanisation anarchy reigns. The McCune-Reischauer system, the Yale system, the new Revised Romanisation system and more exist concurrently and Koreans take their pick when romanising their names.


pages: 233 words: 64,702

China's Disruptors: How Alibaba, Xiaomi, Tencent, and Other Companies Are Changing the Rules of Business by Edward Tse

3D printing, Airbnb, Airbus A320, Asian financial crisis, barriers to entry, bilateral investment treaty, business process, capital controls, commoditize, conceptual framework, corporate governance, creative destruction, crowdsourcing, currency manipulation / currency intervention, David Graeber, Deng Xiaoping, disruptive innovation, experimental economics, global supply chain, global value chain, Great Leap Forward, high net worth, high-speed rail, household responsibility system, industrial robot, Joseph Schumpeter, Lyft, Masayoshi Son, middle-income trap, money market fund, offshore financial centre, Pearl River Delta, reshoring, rising living standards, risk tolerance, Silicon Valley, Skype, Snapchat, SoftBank, sovereign wealth fund, special economic zone, speech recognition, Steve Jobs, thinkpad, trade route, wealth creators, working-age population

Many of today’s most successful Chinese entrepreneurs, most of them now in their 40s, 50s, and 60s, had no experience in business when they started their companies. They had to learn things as they went along through a continual process of trial and error. They were “crossing the river by feeling the stones,” as Deng Xiaoping, China’s paramount leader from 1978 to 1998, characterized his approach to economic reform. Among those who started businesses in the period from the 1980s through the early 2000s, not one could have foreseen the China of 2014. Yet these are the people who have played the single biggest role in creating the wealth that exists in China today.

First, in Chapter 1, I look at what drives China’s entrepreneurs to push beyond the normal boundaries expected of even the most successful businesspeople. This chapter examines the features that characterize their approach to business by looking at the various waves of entrepreneurship in China since Deng Xiaoping launched his program of economic reform at the end of the 1970s. An understanding of recent Chinese history is necessary to grasp how a socialist, centrally planned economy became home to the world’s most powerful private sector in just three decades, and I provide a primer here. In Chapter 2, I explore the environment that is producing and shaping these entrepreneurs.

Partly this will call for integrating their China operations into their global operations—indeed, making them a core part of their global operations—and partly this will require a reworking of their organizational and conceptual frameworks to integrate management practices now taking shape in China. Finally, in this book’s conclusion, I look at the wider implications of Chinese entrepreneurship, beyond business, in the realms of political and social disruption. Ever since Deng Xiaoping launched his country’s economic-reform program in the late 1970s, and even more so after he relaunched them in 1992, the entire country has been moving forward on a tide of innovation and risk taking. As a result, I believe that China has embarked on a renaissance that could not just rival its greatest era in history—the Tang dynasty of the seventh through the tenth centuries—but could go a step further and lead to it playing a crucial role in shaping global governance.


China's Superbank by Henry Sanderson, Michael Forsythe

"World Economic Forum" Davos, addicted to oil, Asian financial crisis, Bretton Woods, BRICs, Carmen Reinhart, Credit Default Swap, deindustrialization, Deng Xiaoping, Dutch auction, failed state, financial innovation, financial repression, fixed income, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, invisible hand, joint-stock company, junk bonds, Kenneth Rogoff, land bank, London Interbank Offered Rate, low interest rates, megacity, new economy, New Urbanism, price mechanism, race to the bottom, reserve currency, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Solyndra, South Sea Bubble, sovereign wealth fund, special drawing rights, special economic zone, too big to fail, urban renewal, urban sprawl, work culture

Ibid. 5. “.” “Chen Yuan: Being a Real Banker,” Economic Observer, October 31, 2009. 6. For more on Chen Yun’s disagreements with Deng Xiaoping, see Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge: Harvard University Press, 2011). 7. “.” “Chen Weihua: Reading My Father Chen Yun,” China Youth Daily, September 5, 2011. 8. “Chen Yun, Who Slowed China’s Shift to Market, Dies at 89,” New York Times, April 12, 1995. 9. Ezra F. Vogel, Deng Xiaoping and the Transformation of China, p. 412. Chen Yun said: “Now every province of China wants to set up special economic zones. If they are allowed to do so, foreign capitalists as well as domestic speculators at home will come out boldly and engage in speculation and profiteering.

CDB Capital, funded by 35 billion yuan in seed money from the bank, is investing in an array of projects around the country. Armed with a monopoly among banks for direct investments, CDB is attracting an array of global partners, including TPG Capital, whose cofounder Jim Coulter passed by the bronze busts of Chen Yun, Mao Zedong, and the late paramount leader Deng Xiaoping at CDB Capital’s Beijing headquarters in May 2011 before inking a cooperative deal. And that is China Development Bank in a nutshell. If the Communist Party is God, CDB is its prophet, extending the power of the Chinese state across the globe and cementing its power at home. Acknowledgments Henry Sanderson Thanks to my parents, my sister Vanessa, and Gu Bo for their support and encouragement during this project as well as for reading drafts.

But the result has led the state banking system to hold trillions of yuan of questionable debt with little accountability for its repayment. Even the authorities don’t know how much debt is out there. What does all this investment have to do with China Development Bank (CDB)? Everything. The bank invented the secret sauce. The Wuhu Model Deng Xiaoping, the short, squat, chain-smoking paramount leader of China in the early 1990s, decided that the country needed to accelerate growth and build momentum for reform just over a decade after China had started to open up its economy and as it faced international isolation for killing student demonstrators in Tiananmen Square.


pages: 499 words: 152,156

Age of Ambition: Chasing Fortune, Truth, and Faith in the New China by Evan Osnos

conceptual framework, crony capitalism, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, East Village, Evgeny Morozov, fake news, financial independence, Gini coefficient, Great Leap Forward, high-speed rail, income inequality, indoor plumbing, information asymmetry, land reform, Lao Tzu, low skilled workers, market fundamentalism, Mohammed Bouazizi, plutocrats, prosperity theology / prosperity gospel / gospel of success, rolodex, scientific worldview, Silicon Valley, South China Sea, sovereign wealth fund, special economic zone, Steve Jobs, transcontinental railway, Washington Consensus, Xiaogang Anhui farmers, young professional

In 1979 the Party announced that it would no longer tag people as “landlords” and “rich peasants,” and later Deng Xiaoping removed the final stigma: “Let some people get rich first,” he said, “and gradually all the people should get rich together.” The Party extended the economic experiment. Officially, private businesses were permitted to hire no more than eight employees—Marx had believed that firms with more than eight workers were exploitative—but eventually small enterprises began popping up so fast that Deng Xiaoping told a Yugoslav delegation that it was “as if a strange army had appeared suddenly from nowhere.”

Rawnsley, and Ming-Yeh T. Rawnsley, The Clandestine Cold War in Asia, 1945–65: Westrern Intelligence, Propaganda and Special Operations (New York: Routledge, 2000). For background on the relationship between senior leaders at the advent of reform, see Barry Naughton, “Deng Xiaoping: The Economist,” China Quarterly 135, Special Issue: Deng Xiaoping: An Assessment (Sept. 1993): 491–514; Jonathan Spence, The Search for Modern China (New York: W. W. Norton and Company, 1990); Zhao Ziyang, Prisoner of the State: The Secret Journal of Premier Zhao Ziyang (New York: Simon & Schuster, 2009); and Kate Xiao Zhou, How the Farmers Changed China: Power of the People (Boulder, CO: Westview Press, 1996). 2.

Mao’s Great Leap Forward resulted in the world’s worst famine, which killed between thirty and forty-five million people, more than World War I. By the time Captain Lin defected from Taiwan, the People’s Republic was poorer than North Korea; its per capita income was one-third that of sub-Saharan Africa. Deng Xiaoping had been China’s paramount leader for less than six months. At seventy-five, he was a persuasive but plainspoken statesman, and a survivor—repeatedly purged from the leadership by Chairman Mao, twice rehabilitated. In the years since, he has often been described as the sole architect of the boom that followed, but that view is the handiwork of Party historians.


pages: 391 words: 102,301

Zero-Sum Future: American Power in an Age of Anxiety by Gideon Rachman

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, bank run, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Bretton Woods, BRICs, capital controls, carbon tax, centre right, clean water, collapse of Lehman Brothers, colonial rule, currency manipulation / currency intervention, deindustrialization, Deng Xiaoping, Doha Development Round, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, Glass-Steagall Act, global reserve currency, Global Witness, Golden arches theory, Great Leap Forward, greed is good, Greenspan put, Hernando de Soto, illegal immigration, income inequality, invisible hand, It's morning again in America, Jeff Bezos, laissez-faire capitalism, Live Aid, low interest rates, market fundamentalism, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, moral hazard, mutually assured destruction, Naomi Klein, Nelson Mandela, offshore financial centre, Oklahoma City bombing, open borders, open economy, Peace of Westphalia, peak oil, pension reform, plutocrats, popular capitalism, price stability, RAND corporation, reserve currency, rising living standards, road to serfdom, Ronald Reagan, Savings and loan crisis, shareholder value, Sinatra Doctrine, sovereign wealth fund, special economic zone, Steve Jobs, Stewart Brand, Tax Reform Act of 1986, The Chicago School, The Great Moderation, The Myth of the Rational Market, Thomas Malthus, Timothy McVeigh, trickle-down economics, Washington Consensus, Winter of Discontent, zero-sum game

The notion of a win-win world did not seem incredible in the heyday of globalization, for this was also an Age of Optimism in much of Asia and in the European Union. Predictions that the Chinese miracle would be ended by the Tiananmen Square massacre of 1989 proved wide of the mark. Instead Chinese growth was relaunched at an even faster pace, after Deng Xiaoping’s “southern tour” of the country’s manufacturing heartlands in 1992. Almost two more decades of rapid economic growth led the Chinese cheerfully to embrace the idea of a win-win world. Hu Jintao, China’s president, even used the phrase when he toured a Boeing plant near Seattle in 2006, saying that “Boeing’s co-operation with China is a vivid example of mutually beneficial co-operation and a win-win outcome.”5 By the mid-1990s it was clear that India too was growing rapidly, and the rise of the Indian information technology (IT) industry became one of the clichés of globalization.

—Manmohan Singh, India’s finance minister, July 1991 The Age of Transformation began in December 1978 in Beijing at the third plenary session of the eleventh Central Committee of the Chinese Communist Party. It ended on Christmas Eve, 1991, when the flag of the Soviet Union was lowered for the last time over the Kremlin. In late 1978, Deng Xiaoping laid the foundations for the opening of China and his country’s emergence as an economic superpower. By contrast, the economic and political reforms initiated by Mikhail Gorbachev in the mid-1980s brought about the breakup of the Soviet Union. But while the domestic political effects of Russian and Chinese economic reforms were very different, their global significance was similar.

By the end of the Age of Transformation, the world was no longer divided into two rival political and economic camps. The celebration of capitalism and wealth creation seemed all but universal. In the United States, President Ronald Reagan insisted that “what I want to see above all is that this country remains a country where someone can always get rich.” In China, Deng Xiaoping agreed. “To get rich is glorious,” he famously proclaimed. While the period was bookended by events in the Soviet Union and the People’s Republic of China, it was not just the communist world that was transformed between 1978 and 1991. In the United States and Britain, the Reagan revolution and Margaret Thatcher’s radical reforms heralded a resurgence of free-market ideas and private enterprise, and a rethinking of the role of the state.


pages: 1,123 words: 328,357

Post Wall: Rebuilding the World After 1989 by Kristina Spohr

"World Economic Forum" Davos, Alan Greenspan, American Legislative Exchange Council, Andrei Shleifer, anti-communist, banking crisis, Berlin Wall, Bonfire of the Vanities, bread and circuses, Bretton Woods, central bank independence, colonial exploitation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Doomsday Clock, facts on the ground, failed state, Fall of the Berlin Wall, foreign exchange controls, Francis Fukuyama: the end of history, G4S, Japanese asset price bubble, Kickstarter, mass immigration, means of production, Mikhail Gorbachev, military-industrial complex, open economy, operational security, Prenzlauer Berg, price stability, public intellectual, rising living standards, Ronald Reagan, Ronald Reagan: Tear down this wall, software patent, South China Sea, special economic zone, Thomas L Friedman, Transnistria, uranium enrichment, zero-coupon bond

On Deng’s reform course, see Ezra F. Vogel Deng Xiaoping and the Transformation of China Harvard UP 2013 pp. 377–476 Back to text 55. Arne Westad ‘The Great Transformation: China in the Long 1970s’ in Niall Ferguson et al. (eds) The Shock of the Global: The 1970s in Perspective Belknap Press 2011 p. 77; see also Vogel Deng Xiaoping pp. 333–48 Back to text 56. United States–People’s Republic of China Agreements Remarks at the Signing Ceremony 17.9.1980 APP. See also Dong Wang ‘US–China Trade, 1971–2012’ Asia-Pacific Journal 11, 24 (June 2013) Back to text 57. Meeting with Deng Xiaoping US Embassy Secret – Cable 16.6.1981 pp. 1–5, DNSA collection: China, 1960–1998; Arne Westad Restless Empire pp. 372–80.

GHWBPL NSC – SitRoom TSCF China – part 2 of 5 [2] (OA/ID CF01722–007) Am. embassy Beijing to Baker Cable – Subj: Sitrep. No. 18 Central party organs endorse Deng line 27.5.1989 pp. 1–2; Vogel Deng Xiaoping pp. 625–7 Back to text 144. Nicholas D. Kristof ‘Troops Attack and Crush Beijing Protest – Thousands Fight Back, Scores Are Killed, Square Is Cleared’ NYT 4.6.1989 Back to text 145. Ibid.; Vogel Deng Xiaoping pp. 625–32; Heather Saul ‘Tiananmen Square: What happened to tank man? What became of the unknown rebel who defied a column of tanks?’ Independent 4.6.2014. See also GHWBPL NSC – SitRoom TSCF China – part 3 of 5 [1] (OA/ID CF01722–011) Am. embassy Beijing to Baker Cable – Subj: Siterep No. 32 The morning of 6.4.1989, 4.6.1989 pp. 1–4; and Am. embassy Beijing to Baker Cable – Subj: Chaos within China 4.6.1989 pp. 1–5; Baker to Am. embassy Beijing Cable – Subj: SSO TF3–3: China Task Force Situation 4.6.1989 p. 1.

GHWBPL NSC – SitRoom TSCF China (OA/ID CF01722–007) Sec State WashDC to US amb. in Beijing Cable RE: China matters – Letter from President to Deng Xiaoping 27.5.1989 pp. 1–2 Back to text 153. Engel & Radchenko ‘Beijing and Malta, 1989’ p. 195 Back to text 154. James R. Lilley & Jeffrey Lilley China Hands: Nine Decades of Adventure, Espionage, and Diplomacy in Asia Public Affairs 2004 p. 309; Kristof ‘Crackdown in Beijing’ Back to text 155. Vogel Deng Xiaoping pp. 648–52; David M. Lampton Same Bed, Different Dreams Univ. of California Press 2002 pp. 21–2; Engel When the World Seemed New pp. 175–81.


pages: 269 words: 77,876

Brilliant, Crazy, Cocky: How the Top 1% of Entrepreneurs Profit From Global Chaos by Sarah Lacy

Asian financial crisis, barriers to entry, Benchmark Capital, BRICs, clean tech, clean water, cloud computing, Deng Xiaoping, digital divide, Donald Trump, Elon Musk, fear of failure, Firefox, Great Leap Forward, Huaqiangbei: the electronics market of Shenzhen, China, income per capita, intangible asset, Jeff Bezos, knowledge economy, knowledge worker, M-Pesa, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, Max Levchin, McMansion, megacity, Network effects, off-the-grid, One Laptop per Child (OLPC), paypal mafia, QWERTY keyboard, risk tolerance, Salesforce, Skype, social web, Steve Jobs, Tony Hsieh, urban planning, web application, women in the workforce, working-age population, zero-sum game

Contents Acknowledgments Chapter 1: Nothing to Lose Chapter 2: The Death of Risk in America Too Much Cash End of a High-Tech Era The Curse of Short-Term Thinking Too Little Reward Israel Chapter 3: How Israel Became a Startup Powerhouse China Chapter 4: Deng Xiaoping, for the Win Chapter 5: Revenge of the Copycats India Chapter 6: India’s Invisible Infrastructure Connections Education Telecommunications The Service Economy Chapter 7: India’s Mighty Microeconomy Brazil Chapter 8: Do You Know Who You Are Talking To? Indonesia Chapter 9: The Emerging World’s Big Secret Rwanda Chapter 10: Africa’s Hottest and Riskiest Startup Epilogue: Beyond Greed and Fear Notes Author’s Note Index Praise for Brilliant, Crazy, Cocky “Anyone who thinks they know entrepreneurship should read Sarah Lacy’s Brilliant, Crazy, Cocky.

Israel proved that an almost intangible spirit of risk taking could make up for limitations like market size and access to capital. So what happens when you apply a spirit of risk to a domestic market with 1.3 bil ion people? You get modern-day China. Unlike Israel, China doesn’t have to depend on the United States or Silicon Val ey’s money to take off. China Chapter 4 Deng Xiaoping, for the Win It’s a balmy May Saturday night on one of a dozen rooftop bars in between the Drum and Bel Towers. New York native Yan Zhang is in his element. Wearing a crisp white shirt neatly tucked into his low-slung jeans, Zhang is introducing his dozen or so friends—again. He’s excited and slurring his words just enough to show this Saturday night has been just like any other in Beijing.

Despite massive infrastructure projects and a vast government-employed workforce, China has put tril ions of dol ars of its GDP into one of the safest investments—U.S. Treasury Bonds. In terms of industry, China’s economic growth is hardly just about government spending. Every industry you can imagine is developing at the same time in modern China. And it al started some 30 years ago with Deng Xiaoping. The powerful leader of China’s communist party was known more for his practicality than for his communist dogma. In the 1970s, Deng almost single-handedly converted a then-closed, backwards, sleeping monolith into a surging 21st-century capitalist superpower. To understand the unique pistons of the Chinese economy, think about the difference between an economy developing in serial—or one wave of modernization at a time, organical y—and an economy where industries that should be at different stages develop al at once, or in parallel.


pages: 290 words: 84,375

China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle by Dinny McMahon

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, American Society of Civil Engineers: Report Card, Andrei Shleifer, Asian financial crisis, bank run, business cycle, California gold rush, capital controls, crony capitalism, dark matter, Deng Xiaoping, Donald Trump, Edward Glaeser, eurozone crisis, financial innovation, fixed income, Gini coefficient, Global Witness, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, industrial robot, invisible hand, low interest rates, megacity, middle-income trap, military-industrial complex, money market fund, mortgage debt, new economy, peer-to-peer lending, Ponzi scheme, Ronald Reagan, short selling, Silicon Valley, subprime mortgage crisis, too big to fail, trickle-down economics, urban planning, working-age population, zero-sum game

Classification: LCC HJ8811 (ebook) | LCC HJ8811 .M36 2018 (print) | DDC 336.3/40951—dc23 LC record available at https://lccn.loc.gov/2017045344 Cover design by David Drummond Author photograph © Jean Lachat/University of Chicago eISBN 978-1-328-84602-0 v1.0218 To my mum and dad, for choosing Chinese Introduction: Fear and Greed IN 1985, HU YAOBANG, the general secretary of the Chinese Communist Party and the second-most important man in China, after Deng Xiaoping, visited Australia. In an action that was somewhat unusual for a world leader, Hu didn’t head straight for Canberra, the capital, or any of the major cities. He started his visit by flying into Paraburdoo. Paraburdoo, or “Para” to the locals, is a small mining town just inside the southern edge of the Pilbara, a sprawling band of red earth that starts at the Indian Ocean and stretches deep into the Australian interior.

It’s also one of the hottest places in Australia, and home to swarms of flies—a major concern for the advance team of Chinese officials who visited three weeks ahead of their boss. What drew Hu to this remote, inaccessible corner of Australia was, in fact, the red dirt. Paraburdoo, and the Pilbara more generally, is one of the richest sources of iron ore anywhere in the world. Soon after consolidating power, in 1978, Deng Xiaoping launched a major program to modernize the Chinese economy after decades of stagnation under Mao Zedong. To do so required resources. Hu had flown into Paraburdoo to visit Mount Channar twenty kilometers down the road, an ore-rich hill that would become the first overseas-resources investment by the Chinese state.

He alleges that his incarceration was the result not of “independent state action, but rather by Silvercorp exerting its influence over the local” police. Put another way, he is claiming that Chinese authorities acted not in the interest of justice or the law but explicitly to help a private company discredit him and to visit retribution upon him. The Chinese government no longer controls the economy as it once did. Before Deng Xiaoping set about reforming the economy, in the 1980s, the price of most things was set by the government, whereas today, only energy prices and a few freight rates are state controlled. Whereas once everyone was employed by the government, these days state firms account for less than 15% of the urban workforce.


China's Good War by Rana Mitter

"World Economic Forum" Davos, 9 dash line, Admiral Zheng, anti-communist, Berlin Wall, Bretton Woods, British Empire, colonial rule, COVID-19, Deng Xiaoping, do well by doing good, Donald Trump, Great Leap Forward, high-speed rail, Internet Archive, land reform, liberal capitalism, Mahatma Gandhi, Mikhail Gorbachev, Nelson Mandela, New Journalism, sexual politics, South China Sea, Washington Consensus

Like the other Allies, China also seeks to legitimize its own behavior and give itself prestige by virtue of its contributions to the wartime victory. Yet the international aspect of China’s engagement with its World War II history should not be separated from the domestic dimension. Memory of the war has also reshaped China’s internal political culture. During the Mao era, class identity was central to China’s self-definition; under Deng Xiaoping, class distinctions were blurred with the restoration of capitalism. A new form of non-class-based national identity was needed: World War II, with its message of shared anti-Japanese struggle across class lines, proved to be a powerful vehicle for that new nationalism. The war-based narrative that has emerged during the past four decades is not the only historical narrative that has shaped modern China.

From 1949 on, Mao’s China was determined to separate itself from most of the Nationalist record, and as a result, during the Cold War, discussion of the conflict against Japan was restricted mostly to the Communist contributions to a “people’s war” of anti-Japanese resistance. The next four chapters deal with post–Cold War China’s turn toward a new embrace of the memory of the war. The academic world in China, discussed in Chapter 2, was one of the first sectors to take advantage of the relatively nondoctrinaire view of research encouraged by paramount leader Deng Xiaoping and the reformists he appointed, including Hu Yaobang and Zhao Ziyang, as well as the new stress on nationalist discourse encouraged by figures such as the ideologically conservative Hu Qiaomu. One aspect of the new openness was a willingness to encourage research on a variety of previously forbidden areas of historical study, including the Nationalist war effort.

Looking to the past is problematic because so many events cannot be discussed. Chinese president Xi Jinping’s proscription against “historical nihilism” points to a new desire to close off discussion of sensitive issues such as the Cultural Revolution. It is also still immensely difficult to talk in a full and frank way about figures such as Mao Zedong and Deng Xiaoping. The Second World War, on the other hand, provides a useful episode to look back to. It provides China with the opportunity to present itself, both at home and abroad, as being a victim of circumstances outside its control (invasion by a hostile power), but also as having been able to resist those circumstances and having contributed to international security (the global antifascist alliance).


Superpower Interrupted: The Chinese History of the World by Michael Schuman

Admiral Zheng, British Empire, crony capitalism, Deng Xiaoping, European colonialism, Great Leap Forward, land bank, moveable type in China, Pearl River Delta, place-making, Rubik’s Cube, Shenzhen special economic zone , South China Sea, special economic zone, trade route, urban planning, urban sprawl, women in the workforce

—Xi Jinping, president of China In February 1979, Deng Xiaoping found himself in an unlikely setting for a career Communist—a Texas rodeo. The longtime revolutionary luminary would probably have been much more comfortable marching with peasant soldiers or maneuvering in Beijing’s cloistered halls of power. But unlike most other party brass, the personable and open-minded Deng knew how to play to the crowd, whoever might be in it. Donning a ten-gallon cowboy hat, Deng earned himself a hearty whoop from these otherwise red-blooded, anti-Red spectators. “Deng Xiaoping not only went west, but went Western,” one television reporter quipped approvingly.1 The rodeo was just one stop on a nationwide campaign for American hearts and minds.

US President Jimmy Carter and China’s paramount leader Deng Xiaoping forged a partnership in a 1979 summit in Washington that underpinned the success of Beijing’s capitalist reforms and the country’s economic rejuvenation. Universal History Archive/UIG / Bridgeman Images But would anybody come? On the face of it, China had little to offer the world. The empire that had once been the beating heart of the global economy, the source of the silk and porcelain the world craved, and home to the eye-popping wealth that dumbfounded Marco Polo was long gone. The China of Deng Xiaoping had been disconnected from the world for decades.

Born in the mid-sixth century BC, he is considered China’s greatest thinker, whose ideas came to shape everything from China’s imperial governing system to education to family life. Daoguang, Emperor of the Qing Dynasty. Reigning from 1821 to 1850 AD, he lost the Opium War with the British in the early 1840s and was forced to agree to the “unequal” Treaty of Nanjing. Deng Xiaoping, Politician. A luminary of the Chinese Communist Party, he led the economic reform movement in the 1980s that rebuilt Chinese global power, but he also ordered the infamous crackdown on pro-democracy protesters on Beijing’s Tiananmen Square in 1989. Faxian, Buddhist Monk. His travels between China and India around the turn of the fifth century AD left us an early account of pan-Asian trading routes.


pages: 846 words: 250,145

The Cold War: A World History by Odd Arne Westad

Able Archer 83, Albert Einstein, American ideology, anti-communist, Ayatollah Khomeini, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, capital controls, collective bargaining, colonial rule, continuous integration, cuban missile crisis, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, energy security, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, financial deregulation, full employment, Great Leap Forward, household responsibility system, imperial preference, Internet Archive, land reform, Les Trente Glorieuses, liberal capitalism, long peace, means of production, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nelson Mandela, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, oil shock, out of africa, post-industrial society, Ronald Reagan, Ronald Reagan: Tear down this wall, South China Sea, special economic zone, Strategic Defense Initiative, Suez crisis 1956, union organizing, urban planning, War on Poverty, women in the workforce, Yom Kippur War, young professional, zero-sum game

Ambassador Wu Jianmin in conversation with the author, London, October 2013. 2. Selected Works of Deng Xiaoping, 1982–1992 (Beijing: Foreign Languages Press, 1994), 174. 3. Ezra F. Vogel, Japan as Number One: Lessons for America (Cambridge, MA: Harvard University Press, 1979), vii. 4. Paul Kennedy, The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000 (New York: Random House, 1987), 467–68. 5. “Cable from Ambassador Katori to the Foreign Minister, ‘Prime Minister Visit to China (Conversation with Chairman Deng Xiaoping),’” 25 March 1984, CWIHP-DA, http://digitalarchive.wilsoncenter.org/document/118849. 6.

The steady progress of the first Five Year Plan was good, but it was not sufficient, Mao thought. China could do better if it relied on its own strength and initiative. Other Communist leaders, who ought to have known better—such as President Liu Shaoqi, Premier Zhou Enlai, and the head of the party apparatus, Deng Xiaoping—got caught up in increasingly harebrained development plans that would, the Chairman promised, catapult China into Communism. The Great Leap was based on Mao’s preoccupation with the power of the human will. Never properly materialist in a Marxist sense, Mao always believed that all progress depended on the willingness and ability of people to carry out socialist transformation.

Even those who had worked with Mao for almost a generation did not understand that the break with the Soviets would take China in a disastrous direction. Even less did they see that it sealed their own fate. The public hero-worship of the Chairman was intense. Mao was clever enough to push the leaders whom he suspected of wanting a return to the safety of 1950s-style economic planning, like Liu Shaoqi or Deng Xiaoping, to the fore in criticizing the Soviets. By publicly attacking moderation, gradualism, and traditional Marxist economics, these leaders helped dig their own graves, in a few cases quite literally, as China descended into another round of internecine bloodletting in the 1960s. In the meantime China’s foreign policy floundered.


pages: 859 words: 204,092

When China Rules the World: The End of the Western World and the Rise of the Middle Kingdom by Martin Jacques

Admiral Zheng, An Inconvenient Truth, Asian financial crisis, Bear Stearns, Berlin Wall, Bob Geldof, Bretton Woods, BRICs, British Empire, classic study, credit crunch, Dava Sobel, deindustrialization, Deng Xiaoping, deskilling, discovery of the americas, Doha Development Round, energy security, European colonialism, failed state, Fall of the Berlin Wall, flying shuttle, Francis Fukuyama: the end of history, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, income per capita, invention of gunpowder, James Watt: steam engine, joint-stock company, Kenneth Rogoff, land reform, land tenure, lateral thinking, Malacca Straits, Martin Wolf, Meghnad Desai, Naomi Klein, Nelson Mandela, new economy, New Urbanism, one-China policy, open economy, Pearl River Delta, pension reform, price stability, purchasing power parity, reserve currency, rising living standards, Ronald Reagan, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, spinning jenny, Spread Networks laid a new fibre optics cable between New York and Chicago, the scientific method, Thomas L Friedman, trade liberalization, urban planning, Washington Consensus, Westphalian system, Xiaogang Anhui farmers, zero-sum game

Notwithstanding his colossal abuses of power, which resulted in the deaths of millions, as the architect of the revolution and the founder of an independent and unified China, he played the central role in sustaining the popularity and legitimacy of the new regime, and he remains, even today, a venerated figure in the eyes of many Chinese, even more than Deng Xiaoping, who presided over the reform period from 1978. Prior to 1949, the Communist Party’s main base of support lay amongst the peasantry, who constituted the overwhelming majority of the population, rather than in the cities, where the Nationalists were strong. This was very different from the Bolsheviks in the USSR, whose support was concentrated in the cities and was very weak in the countryside.92 The underlying strength and resilience of the new regime was demonstrated by the ability of the Communist Party to renew itself after the death of Mao.93 Despite the calamities of the Great Leap Forward and the Cultural Revolution, both of which Mao had been responsible for, the Communist Party succeeded in restoring its legitimacy amongst the people and then embarking on a very different kind of economic policy, which led to a sustained period of extremely rapid economic growth and a remarkable transformation in China’s situation and prospects.

It is clear from the exchange that maintaining a distinct Chinese core was non-negotiable as far as these students were concerned: the two women, Gao Yi and Huang Yongyi, were shortly off to do doctorates at American universities, while the young men, Wang Jianxiong and Zhang Xiaoming, had landed plum jobs with American firms in Shanghai.111 They were the crème de la crème, the ultimate beneficiaries of Deng Xiaoping’s open-door policy, Chinese winners from globalization. Wang: In the last century Chinese culture became marginal while Western culture became dominant. The Chinese have been much more preoccupied with the past, with their history, than the West. We have to understand why we are behind other countries, why we haven’t been able to develop our country.

There were brand-new motorways, bridges, factories, warehouses, and a lot more cars; and little sign of the juxtaposition of eras that had so fascinated me two years earlier. I enlisted the help of a couple of officials, but as I described the scenes I wanted to recapture on film they shrugged as if to suggest that they lay in the distant past. For me it was just two years ago; for them it could have been a different century. Guangdong, the brainchild of Deng Xiaoping, was well on the way to becoming the industrial centre of China, full of factories, many Hong Kong-owned, making cheap, mass-produced goods for the global market. This is how and where China’s economic transformation started. Now Guangdong, just fifteen years after that first volcanic eruption, is turning over a new page in its history.


pages: 339 words: 95,270

Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace by Matthew C. Klein

Alan Greenspan, Albert Einstein, Asian financial crisis, asset allocation, asset-backed security, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, British Empire, business climate, business cycle, capital controls, centre right, collective bargaining, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, deglobalization, deindustrialization, Deng Xiaoping, Donald Trump, Double Irish / Dutch Sandwich, Fall of the Berlin Wall, falling living standards, financial innovation, financial repression, fixed income, full employment, George Akerlof, global supply chain, global value chain, Great Leap Forward, high-speed rail, illegal immigration, income inequality, intangible asset, invention of the telegraph, joint-stock company, land reform, Long Term Capital Management, low interest rates, Malcom McLean invented shipping containers, manufacturing employment, Martin Wolf, mass immigration, Mikhail Gorbachev, Money creation, money market fund, mortgage debt, New Urbanism, Nixon triggered the end of the Bretton Woods system, offshore financial centre, oil shock, open economy, paradox of thrift, passive income, reserve currency, rising living standards, Robert Shiller, Ronald Reagan, savings glut, Scramble for Africa, sovereign wealth fund, stock buybacks, subprime mortgage crisis, The Nature of the Firm, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, Wolfgang Streeck

Instead, they have everything to do with the distribution of income and the structure of the global monetary system. F•O•U•R From Tiananmen to the Belt and Road Understanding China’s Surplus The Chinese economy has grown at a breakneck pace for four decades. Initially, this was because Maoism had been replaced with the moderate reformism of Deng Xiaoping and his colleagues after they took over the leadership of the Communist Party in 1978. After nearly a century of war and repression, the latent entrepreneurial energies of the Chinese people were finally allowed to flourish. This produced significant gains in living standards in the decade or so after the start of the 1978 reforms.

The only way to prevent this is to rebalance the Chinese economy so that household consumption is prioritized over investment. That means reversing all of the existing mechanisms transferring purchasing power from Chinese workers and retirees to companies and the government—reforms at least as dramatic and politically difficult as the reforms implemented by Deng Xiaoping beginning in 1978. Unfortunately for China, the choices of the past few decades have become politically entrenched. It is easy for an antidemocratic authoritarian regime to suppress workers’ rights and shift spending power from consumers to large companies. Stalin did it, after all. The problem is that years of state-sponsored income concentration creates a potent group of “vested interests”—Premier Li Keqiang’s preferred term—that will fiercely resist any reforms that would shift spending power back to consumers.

To understand why China got into this situation and why it has been so hard to reverse this process, it is necessary to understand China’s growth trajectory over the past four decades. One of the biggest mistakes analysts make in their understanding of China’s development is to conflate the nearly four decades since Deng Xiaoping began his historic reforms into a single, consistent growth model from whose success we can draw conclusions about the policymaking process. It is much more useful to think about this period as consisting of four very different stages, the last of which, with great difficulty, we are just beginning.


pages: 570 words: 158,139

Overbooked: The Exploding Business of Travel and Tourism by Elizabeth Becker

airport security, Asian financial crisis, barriers to entry, Berlin Wall, BRICs, car-free, carbon footprint, clean water, collective bargaining, colonial rule, computer age, corporate governance, Costa Concordia, Deng Xiaoping, European colonialism, Exxon Valdez, Fall of the Berlin Wall, Frank Gehry, global village, Global Witness, Great Leap Forward, happiness index / gross national happiness, haute cuisine, high-speed rail, indoor plumbing, Kickstarter, Masdar, Murano, Venice glass, open borders, out of africa, race to the bottom, Ralph Nader, Scramble for Africa, Silicon Valley, statistical model, sustainable-tourism, the market place, union organizing, urban renewal, wage slave, young professional, éminence grise

All those decades of revolution competed with the traditional image of China, with its Confucian scholars, blue and white porcelain, scroll paintings, shimmering silk robes and the snaking Great Wall. In the 1980s, Chinese leaders radically changed direction and jumped into the global economy. The goal was nothing less than to make China one of the world’s new superpowers. The Chinese leader Deng Xiaoping declared that “poverty is not socialism. To be rich is glorious.” Factories sprang up along the coast and then in the interior. They made automobiles, computers, televisions, furniture, toys and clothing, especially clothing. Whole cities were devoted to the manufacturing of socks or underwear or sweaters.

From the beginning of the seismic economic reforms, China’s leaders believed that tourism would be critical to its economic development and play a major “diplomatic” role, winning over foreign tourists with China’s preeminence as one of the world’s greatest ancient cultures and wowing them with its modern transformation. They would control that message by overseeing nearly every aspect of tourism. China took to heart the boast of the tourism industry that every foreign visitor was a potential citizen ambassador to the world. No one better exemplifies this approach than Deng Xiaoping, China’s supreme leader who opened up the country to the world. Shortly after he wrested power in late 1978, Deng gave five talks on the central role of tourism. The titles don’t translate well: “Tourism Should Become a Comprehensive Industry,” and “There’s a Lot To Be Achieved Through Tourism.”

“The sheer number of people in those cities was unbelievable. I started calling the cities and their apartment buildings concrete forests. I know, I had read about China’s modernization, but to see it in reality is a different experience. . . . Now I know it in my bones.” Those reactions, transforming tourists into political emissaries, are what Deng Xiaoping had in mind thirty years earlier when he summoned his aides and told them tourism could change his country’s image. China is the new center of the universe, the new Middle Kingdom. Mention China and experts spew superlatives. The country is skyrocketing in popularity, and the Chinese people are becoming the most sought-after tourists of the twenty-first century, spending lots of money and taking full advantage of their new ability to travel the world.


pages: 518 words: 128,324

Destined for War: America, China, and Thucydides's Trap by Graham Allison

9 dash line, anti-communist, Berlin Wall, borderless world, Bretton Woods, British Empire, capital controls, Carmen Reinhart, conceptual framework, cuban missile crisis, currency manipulation / currency intervention, Deng Xiaoping, disruptive innovation, Donald Trump, Dr. Strangelove, escalation ladder, facts on the ground, false flag, Flash crash, Francis Fukuyama: the end of history, game design, George Santayana, Great Leap Forward, guns versus butter model, Haber-Bosch Process, Herman Kahn, high-speed rail, industrial robot, Internet of things, Kenneth Rogoff, liberal world order, long peace, Mark Zuckerberg, megacity, megaproject, middle-income trap, Mikhail Gorbachev, Monroe Doctrine, mutually assured destruction, Nelson Mandela, one-China policy, Paul Samuelson, Peace of Westphalia, public intellectual, purchasing power parity, RAND corporation, Ronald Reagan, Scramble for Africa, selection bias, Silicon Valley, Silicon Valley startup, South China Sea, special economic zone, spice trade, Suez canal 1869, synthetic biology, TED Talk, the rule of 72, The Wealth of Nations by Adam Smith, too big to fail, trade route, UNCLOS, Washington Consensus, zero-sum game

David was by this point leaning forward across the table as I opened a report from someone whose incisive, far-sighted understanding could inform Washington’s response to the greatest geopolitical challenge of our lifetime. As I said to the new director, this individual had succeeded beyond all expectations. He had seen up close China’s convulsions from the Great Leap Forward and Cultural Revolution in the 1960s to Deng Xiaoping’s capitalist pivot in the 1980s. Indeed, he had established serious working relationships with many of the people who governed China, including China’s future president, Xi Jinping. I began reading the first set of questions from fifty pages of Q&A with this asset: Are China’s current leaders serious about displacing the United States as the number-one power in Asia in the foreseeable future?

In the late 1970s, when Deng began to think about leading China on a fast march to the market, Chinese leaders looked to Singapore as a laboratory in not only economic but also political development. Lee spent thousands of hours in direct conversations with Chinese presidents, prime ministers, cabinet officers, and rising leaders of his “neighbor to the North.”2 Every Chinese leader from Deng Xiaoping to Xi Jinping has called him “mentor,” a term of ultimate respect in Chinese culture. My biggest takeaway from Lee for the new CIA director addresses the most troubling question about China’s trajectory: What does its dramatic transformation mean for the global balance of power? Lee answered pointedly: “The size of China’s displacement of the world balance is such that the world must find a new balance.

In the Chinese language, the word for China, zhong guo (中国), means “Middle Kingdom.” “Middle” refers not to the space between other, rival kingdoms, but to all that lies between heaven and earth. As Lee summarized the world view shared by hundreds of Chinese officials who sought his advice (including every leader since Deng Xiaoping), they “recall a world in which China was dominant and other states related to them as supplicants to a superior, as vassals came to Beijing bearing tribute.”8 In this narrative, the rise of the West in recent centuries is a historical anomaly, reflecting China’s technological and military weakness when it faced dominant imperial powers.


pages: 437 words: 115,594

The Great Surge: The Ascent of the Developing World by Steven Radelet

Admiral Zheng, agricultural Revolution, Asian financial crisis, bank run, Berlin Wall, biodiversity loss, Boeing 747, Branko Milanovic, business climate, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, clean water, colonial rule, creative destruction, demographic dividend, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, Erik Brynjolfsson, European colonialism, export processing zone, F. W. de Klerk, failed state, Francis Fukuyama: the end of history, Gini coefficient, global pandemic, global supply chain, Great Leap Forward, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), invention of the steam engine, James Watt: steam engine, John Snow's cholera map, Joseph Schumpeter, Kenneth Arrow, land reform, low interest rates, low skilled workers, M-Pesa, megacity, middle-income trap, Mikhail Gorbachev, Nelson Mandela, off grid, oil shock, out of africa, purchasing power parity, race to the bottom, randomized controlled trial, Robert Gordon, Robert Solow, Second Machine Age, secular stagnation, Shenzhen special economic zone , Sheryl Sandberg, Simon Kuznets, South China Sea, special economic zone, standardized shipping container, Steven Pinker, The Wealth of Nations by Adam Smith, Thomas Malthus, three-masted sailing ship, trade route, women in the workforce, working poor

A remarkable 98 percent of registered voters turned out over five days to select delegates to a constituent assembly that would draft a new constitution and set the stage for presidential elections and the formation of a new government.1 The Namibians lining up that day had no way of knowing it, but their actions would reverberate far beyond their borders and mark the beginning of a slow but steady sweep of democracy across Africa. They could not know that exactly as they were voting, forces were under way that would bring about some of the most important changes in world history. Far to the east that same day, Deng Xiaoping was resigning as chairman of China’s Central Military Commission, his last formal post in the Communist Party leadership. Deng had transformed the Chinese economy by abandoning Mao Tse-tung’s rigid Communism and adopting a more mixed, market-based economy. His resignation marked a key political change: It effectively ended the tradition of Chinese leaders ruling like emperors until death.2 It also shifted power from a single supreme leader to the group leadership of the party and effectively marked the beginning of de facto term limits.

In 1976 Mao single-handedly and dramatically changed the direction of global poverty with one simple act: he died. While Mao had overseen some economic growth alongside dramatic improvements in health, he left China a poor country. In 1981 there were 838 million Chinese living in extreme poverty—fully 84 percent of its population. But as Deng Xiaoping began to introduce wide-ranging economic reforms in the 1980s, starting with the decollectivization of agriculture, economic growth accelerated and the number of extreme poor began to fall. By 1993—just twelve years later—the number of extreme poor had dropped to 646 million, and the share of the population in extreme poverty had dropped to 55 percent.

The Meiji Restoration was a political revolution that ended the Tokugawa shogunate and consolidated control of Japan under the emperor Meiji, resulting in enormous political, social, and economic changes in Japan in the decades that followed. THREE THE WEALTH OF A NEW GENERATION To get rich is glorious. —Deng Xiaoping WHEN MOZAMBIQUE’S CIVIL WAR ENDED in 1992, the country was in ruins.1 ARMED rebellion against Portuguese colonial rule started in the 1960s, but conflict intensified significantly after the 1974 coup in Lisbon led to Portugal’s withdrawal. When the Portuguese pulled out, “they did so with spite, sabotaging vehicles and pouring concrete down wells, elevator shafts, and toilets, leaving the country in disarray,” according to David Smith of the Guardian.2 The new government in Maputo established one-party rule, aligned itself with the Soviet Union, and provided support to the liberation movements in South Africa and Rhodesia, while the governments of South Africa and Rhodesia countered by financing an armed rebellion to fight the Mozambican government.


pages: 247 words: 68,918

The End of the Free Market: Who Wins the War Between States and Corporations? by Ian Bremmer

"World Economic Forum" Davos, affirmative action, Asian financial crisis, banking crisis, Berlin Wall, BRICs, British Empire, centre right, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, cuban missile crisis, Deng Xiaoping, diversified portfolio, Doha Development Round, Exxon Valdez, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Glass-Steagall Act, global reserve currency, global supply chain, household responsibility system, invisible hand, joint-stock company, Joseph Schumpeter, Kickstarter, laissez-faire capitalism, low skilled workers, mass immigration, means of production, megacity, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Naomi Klein, Nelson Mandela, new economy, offshore financial centre, open economy, race to the bottom, reserve currency, risk tolerance, Savings and loan crisis, shareholder value, Shenzhen special economic zone , South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, trade route, tulip mania, uranium enrichment, Washington Consensus, Yom Kippur War, zero-sum game

On December 25, 1991, a dazed Mikhail Gorbachev looked deeply into the lens of a single television camera and told his people that they were living in a new world. Proud that he had helped guide the Soviet people “toward the market economy,” he resigned as Soviet president, shuffled the papers before him, and waited for aides to signal that he was off the air. Six days later, the Soviet Union went out of business. Within three weeks, Chinese leader Deng Xiaoping had embarked on his famous “southern tour,” which created new momentum behind free-market reform in China. Within a year, even Fidel Castro had accepted the need for a little capitalist experimentation. Former Warsaw Pact states began the march toward membership in NATO and the European Union.

We have one important piece of experience of the past thirty years, that is to ensure that both the visible hand and invisible hand are given full play in regulating the market forces.”11 Three decades ago, the invisible hand was truly invisible in China. When Mao Zedong died in 1976, he left behind a society in turmoil, an economy in ruins, and a ruling party in real danger of irrelevance. Within two years, paramount leader Deng Xiaoping and his premier, Zhao Ziyang, overcame considerable resistance from senior Communist Party officials to launch a slow but deliberate plan to experiment with capitalism. For China’s economy and the ruling party’s future, it was a matter of necessity, and without Deng’s personal and political talents, the changes might never have been made.

In the process, it has leveraged its enormous population and low labor costs to become a fast-emerging economic powerhouse. But it has also created internal vulnerabilities that Mao Zedong-era bureaucrats could never have imagined. Over the centuries, China has endured extended periods of chaos and self-destruction. It’s possible that as Deng Xiaoping weighed the decision to send tanks into Tiananmen Square, he thought of the Cultural Revolution, the Mao-inspired decade of violence that crippled his son, drove his brother to suicide, and temporarily cost him his freedom. When future Chinese leaders face the threat of large-scale disorder, they may well remember the costs of Tiananmen Square itself.


pages: 489 words: 132,734

A History of Future Cities by Daniel Brook

Berlin Wall, British Empire, business process, business process outsourcing, call centre, carbon footprint, Celtic Tiger, collateralized debt obligation, collective bargaining, company town, Credit Default Swap, credit default swaps / collateralized debt obligations, Deng Xiaoping, desegregation, Edward Glaeser, Fall of the Berlin Wall, financial innovation, glass ceiling, high-speed rail, indoor plumbing, joint-stock company, land reform, Mikhail Gorbachev, New Urbanism, open economy, Parag Khanna, Pearl River Delta, Potemkin village, profit motive, rent control, Shenzhen special economic zone , SimCity, sovereign wealth fund, special economic zone, starchitect, Suez canal 1869, trade route, urban planning, urban renewal, working poor

Not only were the symbols of a century of foreign domination eradicated but so, too, were relics of China’s thousands of years of civilization before the unequal treaties, now tarred as a “feudal” pre-Communist culture irrelevant to New China. Rather than come to terms with its past, China erased it. With Mao’s death in 1976, a nation exhausted and impoverished after a decade adrift sought pragmatic leadership. In 1978, Deng Xiaoping, whose cosmopolitan youth studying in France and working as a Party organizer in Jazz Age Shanghai had led to his tarring as a “capitalist roader” during the Cultural Revolution, took power. For all his Shanghai values—his gaze fixed on the market and the outside world—Deng was wary of Shanghai itself.

As Yeltsin struggled with the massive task of moving a vast nation dotted with collective farms and unproductive state-owned factories toward a market economy, Mayor Sobchak rushed ahead with his vision for St. Petersburg. He called his city “the only Russian door to Europe” and dreamed of a St. Petersburg restored to its prerevolutionary role as Russia’s banking and financial hub. Sobchak hoped to turn St. Petersburg into a Special Economic Zone (SEZ) of the type he had seen on a trip to Deng Xiaoping’s China in his days as a professor—a city with special business regulations to woo foreign investment. The appeal of the SEZ concept for Sobchak was obvious: his West-facing city could finally be decoupled from Russia’s backward hinterlands. Under Sobchak’s leadership, the city privatized its local businesses much faster than the rest of Russia.

Petersburg—a city where even at midnight, a glimmer of sunlight still peeks out over the horizon—there is hope. 9 THE HEAD OF THE DRAGON Shanghai, 1989–Present Pudong skyline, seen from a demolition site in the former French Concession When Shanghai’s leaders looked out over the new New China born of Deng Xiaoping’s economic reforms, it seemed history had gone off the rails. It wasn’t Shanghai, the city that invented Chinese capitalism, but Deng’s new experimental instant metropolis, Shenzhen, on the border with Hong Kong, that was brimming with factories and drawing thousands of ambitious young people from across the country.


pages: 295 words: 87,204

The Capitalist Manifesto by Johan Norberg

AltaVista, anti-communist, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, Boris Johnson, business climate, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Charles Babbage, computer age, coronavirus, COVID-19, creative destruction, crony capitalism, data is not the new oil, data is the new oil, David Graeber, DeepMind, degrowth, deindustrialization, Deng Xiaoping, digital map, disinformation, Donald Trump, Elon Musk, energy transition, Erik Brynjolfsson, export processing zone, failed state, Filter Bubble, gig economy, Gini coefficient, global supply chain, Google Glasses, Greta Thunberg, Gunnar Myrdal, Hans Rosling, Hernando de Soto, Howard Zinn, income inequality, independent contractor, index fund, Indoor air pollution, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of the printing press, invisible hand, Jeff Bezos, Jeremy Corbyn, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, lockdown, low cost airline, low interest rates, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, means of production, meta-analysis, Minecraft, multiplanetary species, Naomi Klein, Neal Stephenson, Nelson Mandela, Network effects, open economy, passive income, Paul Graham, Paul Samuelson, payday loans, planned obsolescence, precariat, profit motive, Ralph Nader, RAND corporation, rent control, rewilding, ride hailing / ride sharing, Ronald Coase, Rosa Parks, Salesforce, Sam Bankman-Fried, Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, Snapchat, social distancing, social intelligence, South China Sea, Stephen Fry, Steve Jobs, tech billionaire, The Spirit Level, The Wealth of Nations by Adam Smith, TikTok, Tim Cook: Apple, total factor productivity, trade liberalization, transatlantic slave trade, Tyler Cowen, Uber and Lyft, uber lyft, ultimatum game, Virgin Galactic, Washington Consensus, working-age population, World Values Survey, X Prize, you are the product, zero-sum game

Observers often date the start of the reform process to the Eleventh Central Committee’s third plenary session in December 1978, in which Deng Xiaoping took power. But as one of Deng’s closest advisors, Bao Tong, later acknowledged: ‘In fact, reform wasn’t discussed. Reform wasn’t listed on the agenda, nor was it mentioned in the work reports.’10 As we have seen, many reforms were initiated informally, by brave villagers, such as land privatization and the opening of small businesses. Deng Xiaoping’s greatest achievement with his Reform and Opening Up programme was to acknowledge the development and not to punish the pioneers, since it turned out that they produced results superior to the planned economy.

Therefore, people said that Chinese and Indians will be successful all over the world – except in China and India. But then, in 1976, China’s dictator Mao Zedong, as the US economist Steven Radelet put it, ‘single-handedly and dramatically changed the direction of global poverty with one single act: he died’. His successor, Deng Xiaoping, began to accept the private enterprise that peasants and villagers secretly engaged in and extended it to the entire economy. All the restrained creativity and ambition was finally let loose and China grew at record speed. Ironically, intellectuals around the world – modern-day Max Webers – soon explained that this is itself not that strange, as Confucianism made it easy to modernize the economy.

Strongmen who complain that growth takes too long to provide results are like the farmer who has no patience with the harvest and quickly makes himself popular by letting everyone gorge on the seed. Fewer seeds means you will have less to eat next season. Sooner or later, you’ll run out of other people’s harvests, as Thatcher would have said. Some long for a dictator like Chile’s Pinochet or China’s Deng Xiaoping who they assume will establish order and create economic development in a poor country. However, they are rare exceptions, not the rule. It is far more likely that an authoritarian will destroy the economy than save it. Contrary to popular myth, low-income democracies have had higher growth than low-income dictatorships since 1960.39 It is just that the more capricious policies of dictators create a wider variety of outcomes, so at each given moment there is always a couple of despots who can report superior growth and can be applauded at Davos.


pages: 281 words: 69,107

Belt and Road: A Chinese World Order by Bruno Maçães

"World Economic Forum" Davos, active measures, Admiral Zheng, autonomous vehicles, Branko Milanovic, BRICs, cloud computing, deindustrialization, demographic dividend, Deng Xiaoping, different worldview, Donald Trump, energy security, European colonialism, eurozone crisis, export processing zone, Francis Fukuyama: the end of history, global supply chain, global value chain, high-speed rail, industrial cluster, industrial robot, Internet of things, Kenneth Rogoff, land reform, liberal world order, Malacca Straits, middle-income trap, one-China policy, Pearl River Delta, public intellectual, smart cities, South China Sea, sovereign wealth fund, special economic zone, subprime mortgage crisis, trade liberalization, trade route, zero-sum game

But its logic and structure are also a natural—almost inevitable—development of the recent trajectory in China’s development and cannot be understood in isolation from that context. The Belt and Road did not spring from the earth fully formed, ready to take on the world. It has a history or, better put, a story. That must be the starting point for our exploration. * * * As China embarked on its watershed “reform and opening up” under Deng Xiaoping, Chinese foreign policy had to adapt to the new focus on economic development. The possibility—always present with Mao—of a coming war with the Soviet Union or the United States receded from view. Deng’s main political achievement was to convince the Chinese Communist Party that the country’s national interest now lay in developing peaceful and even friendly relations with the capitalist world.

Founded in 1873, its primary purpose was to compete with foreign companies that operated steamships in Chinese waters. Its founder, Li Hongzhang, saw an opportunity to draw Chinese capital invested in foreign firms to a new company. By 1877 it owned thirty steamships and could boast the highest tonnage among steamship companies in China—just the achievement Deng Xiaoping would have envied at the beginning of his efforts to modernize China’s merchant navy a hundred years later. Remarkably, having survived for almost 150 years through a number of radical transformations—in 1951 the Central Government reorganized the Shanghai Head Office of China Merchants into the People’s Navigation Company and merged it with the General Navigation Office under the Ministry of Communications—China Merchants has emerged as a core company of the Belt and Road, whose main presuppositions are those held by Li Hongzhang in the nineteenth century: the global economy embodies deep structures of power and if China wants to occupy the center of the system and infuse it with its own ideas, it needs to think and act globally and compete with foreigners on the same scale.

In an essay published in the Guangzhou journal Open Times in January 2018, the Peking University constitutional lawyer Jiang Shigong tries to show why Xi Jinping’s thought provides the right framework for a new historical period when China will occupy the center of the world system. ‘Standing up’, ‘getting rich’, and ‘becoming powerful’ are ways to divide the histories of the Party and the Republic, referring respectively to the Mao Zedong era, the Deng Xiaoping era, and the Xi Jinping era that we are currently entering. History does not unfold naturally; it is created by “leaders leading people.” Western thought may attempt to obscure this truth, in which case it is Western thought that must be overcome. As Jiang puts it, the construction of China’s rule of law gradually fell into the erroneous zone of Western concepts in the process of studying the Western rule of law, and consciously or not, the notions of ‘rule of law’ and ‘rule of man’ came to be seen as antagonistic.


pages: 651 words: 135,818

China into Africa: trade, aid, and influence by Robert I. Rotberg

barriers to entry, BRICs, colonial rule, corporate governance, Deng Xiaoping, energy security, European colonialism, export processing zone, failed state, global supply chain, global value chain, income inequality, Khartoum Gordon, land reform, low interest rates, megacity, megaproject, microcredit, offshore financial centre, one-China policy, out of africa, Pearl River Delta, profit maximization, purchasing power parity, RAND corporation, Scramble for Africa, Shenzhen special economic zone , South China Sea, special economic zone, structural adjustment programs, subprime mortgage crisis, trade route, Washington Consensus, zero-sum game

Li Liqing, “Chinese Communist Party’s Contacts with African Political Parties: History and Present,” West Asia and Africa, Issue 3 (2006), 16–19. 13. Collection of Documents of the Twelfth Assembly of the Communist Party of China (Beijing, 1982), 50. 14. China hosted the Third Asian Parties International Conference in 2004. See also Huang Wendeng, “Deng Xiaoping Theory and Sino-Latin American Party Relations,” Journal of Latin American Studies, Issue 6 (1998), 1–7. 15. Jiang, Records on Visits to Foreign Parties, 670–671. As the vice minister of the International Department of the CPC, Jiang recorded his eleven visits to sub-Saharan African countries in the book. 16.

The attraction of diaspora Chinese capital from Hong Kong and Taiwan led to the integration of these economies with the mainland, despite the political separation and differences between the respective governments in Beijing, Hong Kong, and Taipei. SEZs also served as the model for market liberalization across China. This process of rapid liberalization continues to be introduced across western, southwestern, and northeastern China. The success of the SEZs gave credibility to Deng Xiaoping’s reform program and laid the foundation for the commitment to liberal market forces that the PRC continues to pursue to this day. China’s SEZ Model Moves Offshore It is nearly three decades since the inception of SEZs, and China is currently establishing SEZs in targeted foreign economies. Adapted from China’s own domestic experience in running preferential economic zones, the PRC’s Ministry of Commerce (MOFCOM) is encouraging Chinese enterprises to “go global” by locating their foreign operations in designated Chinese SEZs in the global economy.

One is the aforementioned Zambian SEZ. Beijing continues to hold former Zambian President Kenneth Kaunda in high regard. During his twenty-seven years in the presidency (1964–1991), Kaunda cemented a close political relationship with a number of generations of China’s leadership including Mao Zedong, Zhou Enlai, and Deng Xiaoping. He visited China four times as president of Zambia. The same long relationship was built between the PRC and Tanzania. Julius Nyerere visited China as president of Tanzania five times from 1964 to 1985 and on eight occasions as chairman of the South Commission between 1987 and 1997. Like Kaunda, Nyerere had a special relationship with China, and this contributed to China constructing the Tanzania-Zambia Railway (Tanzam Railway) in the 1970s.


pages: 411 words: 114,717

Breakout Nations: In Pursuit of the Next Economic Miracles by Ruchir Sharma

"World Economic Forum" Davos, 3D printing, affirmative action, Alan Greenspan, Albert Einstein, American energy revolution, anti-communist, Asian financial crisis, banking crisis, Berlin Wall, book value, BRICs, British Empire, business climate, business cycle, business process, business process outsourcing, call centre, capital controls, Carmen Reinhart, central bank independence, centre right, cloud computing, collective bargaining, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, deindustrialization, demographic dividend, Deng Xiaoping, eurozone crisis, financial engineering, Gini coefficient, global macro, global supply chain, Goodhart's law, high-speed rail, housing crisis, income inequality, indoor plumbing, inflation targeting, informal economy, junk bonds, Kenneth Rogoff, knowledge economy, labor-force participation, land reform, low interest rates, M-Pesa, Mahatma Gandhi, Marc Andreessen, market bubble, Masayoshi Son, mass immigration, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Nelson Mandela, new economy, no-fly zone, oil shale / tar sands, oil shock, open economy, Peter Thiel, planetary scale, public intellectual, quantitative easing, reserve currency, Robert Gordon, rolling blackouts, Shenzhen was a fishing village, Silicon Valley, software is eating the world, sovereign wealth fund, The Great Moderation, Thomas L Friedman, trade liberalization, Tyler Cowen, Watson beat the top human players on Jeopardy!, working-age population, zero-sum game

Many Asian countries still depend on exports to the West, while several eastern European countries rely more on lending from the West to fund growth. Not All Trees Grow to the Sky There has also been a halt to the reforms that set many developing countries on the “emerging” path in the first place. After Deng Xiaoping began experimenting with free-market reform in the early 1980s, China went on to launch a “big bang” reform every four to five years, and each new opening—first to private farming, then to private businesses, then to foreign businesses—set off a new spurt of growth. But that cycle has run its course.

Yet such is the overblown faith in China’s economic stewards that the China bulls seem to think Beijing can achieve growth targets the country itself no longer aims to achieve. The amazing story of China’s relentless reform—which had persisted in good times and bad since the landmark reign of paramount leader Deng Xiaoping and his immediate successors—appears to have exhausted itself in the last few years. China boomed the old-fashioned way, by building roads to connect factories to ports, by developing telecommunication networks to connect business to business, and by putting underemployed peasants to work in better jobs at urban factories.

Outsiders who think Chinese leaders care only about fast growth overlook their mounting concern about the anger over inflation, and the threats to social stability. Beijing recently banned billboards advertising luxury goods, not to restrain spending but to avoid stirring up resentment. Whereas Deng Xiaoping proclaimed that “it’s glorious to be rich,” his successors are making sure no one gets too rich. Not a single billionaire in China has a net worth of more than $10 billion; compare that to eleven billionaires with a net worth of more than $10 billion in Russia and six in India, which have far smaller economies.


pages: 547 words: 172,226

Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu, James Robinson

Admiral Zheng, agricultural Revolution, Albert Einstein, Andrei Shleifer, Atahualpa, banking crisis, Bartolomé de las Casas, Berlin Wall, blood diamond, bread and circuses, BRICs, British Empire, central bank independence, clean water, collective bargaining, colonial rule, conceptual framework, Corn Laws, Cornelius Vanderbilt, creative destruction, crony capitalism, Deng Xiaoping, desegregation, discovery of the americas, en.wikipedia.org, European colonialism, failed state, Fall of the Berlin Wall, falling living standards, financial independence, financial innovation, financial intermediation, flying shuttle, Francis Fukuyama: the end of history, Francisco Pizarro, full employment, Great Leap Forward, household responsibility system, Ida Tarbell, income inequality, income per capita, indoor plumbing, invention of movable type, invisible hand, James Hargreaves, James Watt: steam engine, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kickstarter, land reform, low interest rates, mass immigration, Mikhail Gorbachev, minimum wage unemployment, Mohammed Bouazizi, Paul Samuelson, price stability, profit motive, Robert Solow, Rosa Parks, Scramble for Africa, seminal paper, Simon Kuznets, spice trade, spinning jenny, Steve Ballmer, Steve Jobs, Suez canal 1869, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, W. E. B. Du Bois, Washington Consensus, working poor

In the 1960s, he propagated the Cultural Revolution, which led to the mass persecution of intellectuals and educated people—anyone whose party loyalty might be doubted. This again led to terror and a huge waste of the society’s talent and resources. In the same way, current Chinese growth has nothing to do with Chinese values or changes in Chinese culture; it results from a process of economic transformation unleashed by the reforms implemented by Deng Xiaoping and his allies, who, after Mao Zedong’s death, gradually abandoned socialist economic policies and institutions, first in agriculture and then in industry. Just like the geography hypothesis, the culture hypothesis is also unhelpful for explaining other aspects of the lay of the land around us today.

China, for example, is one of the countries that made the switch from economic policies that caused poverty and the starvation of millions to those encouraging economic growth. But, as we will discuss in greater detail later, this did not happen because the Chinese Communist Party finally understood that the collective ownership of agricultural land and industry created terrible economic incentives. Instead, Deng Xiaoping and his allies, who were no less self-interested than their rivals but who had different interests and political objectives, defeated their powerful opponents in the Communist Party and masterminded a political revolution of sorts, radically changing the leadership and direction of the party. Their economic reforms, which created market incentives in agriculture and then subsequently in industry, followed from this political revolution.

Though scholars debate the role of Mao’s policy compared with the impact of droughts at the same time, nobody doubts the central role of the Great Leap Forward in contributing to the death of between twenty and forty million people. We don’t know precisely how many, because China under Mao did not collect the numbers that would have documented the atrocities. Per capita income fell by around one-quarter. One consequence of the Great Leap Forward was that a senior member of the Communist Party, Deng Xiaoping, a very successful general during the revolution, who led an “anti-rightist” campaign resulting in the execution of many “enemies of the revolution,” had a change of heart. At a conference in Guangzhou in the south of China in 1961, Deng argued, “No matter whether the cat is black or white, if it catches mice, it’s a good cat.”


pages: 247 words: 78,961

The Return of Marco Polo's World: War, Strategy, and American Interests in the Twenty-First Century by Robert D. Kaplan

"World Economic Forum" Davos, Admiral Zheng, always be closing, California gold rush, collective bargaining, Deng Xiaoping, Donald Trump, Dr. Strangelove, failed state, Francis Fukuyama: the end of history, friendly fire, Great Leap Forward, Haight Ashbury, high-speed rail, kremlinology, load shedding, mass immigration, megacity, military-industrial complex, no-fly zone, oil-for-food scandal, one-China policy, Parag Khanna, Pax Mongolica, Ronald Reagan, South China Sea, sovereign wealth fund, the long tail, trade route, Westphalian system, Yom Kippur War

George McGovern was possibly a more ethical man than either Nixon or Kissinger. But had he been elected president in 1972, would he have acted so wisely and so decisively during the 1973 Middle East war? The fact is, individual perfection, as Machiavelli knew, is not necessarily synonymous with public virtue. Then there is the case of Deng Xiaoping. Deng approved the brutal suppression of students at Beijing’s Tiananmen Square in 1989. For that he is not respected among humanitarians in the West. But the consolidation of Communist Party control that followed the clampdown allowed for Deng’s methodical, market-oriented reforms to continue for a generation in China.

By dropping the notion that Taiwan was the real China, by giving China protection against the Soviet Union, and by providing assurances against an economically resurgent Japan, the two men helped place China in a position to devote itself to peaceful economic development; China’s economic rise, facilitated by Deng Xiaoping, would lift much of Asia out of poverty. And as more than one billion people in the Far East saw a dramatic improvement in living standards, personal freedom effloresced. Pundits chastised Kissinger for saying, in 1973, that Jewish emigration from the Soviet Union was “not an American concern.”

More generally, Mearsheimer’s very cold, mathematical, states-as-billiard-balls approach ignores messy details—like the personalities of Adolf Hitler, Mao Zedong, Franklin Delano Roosevelt, and Slobodan Milošević—that have had a monumental impact in deciding how wars and crises turn out. International relations is as much about understanding Shakespeare—and the human passions and intrigues that Shakespeare exposes—as it is about understanding political science theories. It matters greatly that Deng Xiaoping was both utterly ruthless and historically perceptive, so that he could set China in motion to become such an economic and military juggernaut in the first place. Manifest Destiny owes as much to the canniness of President James K. Polk as it does to Mearsheimer’s laws of historical determinism.


pages: 481 words: 121,300

Why geography matters: three challenges facing America : climate change, the rise of China, and global terrorism by Harm J. De Blij

agricultural Revolution, airport security, Anton Chekhov, Ayatollah Khomeini, Berlin Wall, British Empire, colonial exploitation, complexity theory, computer age, crony capitalism, demographic transition, Deng Xiaoping, Eratosthenes, European colonialism, F. W. de Klerk, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Great Leap Forward, high-speed rail, illegal immigration, Internet Archive, John Snow's cholera map, Khyber Pass, manufacturing employment, megacity, megaproject, Mercator projection, MITM: man-in-the-middle, Nelson Mandela, Oklahoma City bombing, out of africa, RAND corporation, risk tolerance, Ronald Reagan, social distancing, South China Sea, special economic zone, Thomas Malthus, trade route, transatlantic slave trade, UNCLOS, UNCLOS

Mao adamantly opposed changing the political or the economic system that had made the People's Republic what it was. Zhou was in no position to change Mao's mind, but as premier he was able to promote party leaders who took a more pragmatic view of China's needs. One of those leaders was the man would guide post-Mao China from torpor to tiger: Deng Xiaoping. In the fateful year of 1976, when power struggles and natural disasters buffeted the state, Deng readied policies that would combine continued communist dictatorship with market-driven economics. Within decades, not distant generations, China was a power to be reckoned with on the global stage.

Gleaming new airports, high-speed intercity highways, multilane urban ringroads, state-of-the-art suspension bridges, hydroelectric projects, vast factory complexes, and modern container-port facilities reflected China's burgeoning economic power. Foreign investment from Japan, the United States, even (indirectly) from Taiwan propelled the process, and on the insatiable American market Chinese goods sold in quantities unimag-ined before, creating a huge trade surplus for Beijing and financial reserves undreamed of even by Deng Xiaoping himself. With economic strength comes political clout, and by the turn of the century the outlines of a new geopolitical relationship between the United States and China were visible. After the Second World War, the Japanese had become allies of the United States; after the Korean War, South Korea achieved democracy as well as economic success.

Mao often referred to any control of population growth as a capitalist plot to weaken communist societies, and, like his cohorts in Moscow, he encouraged mothers to have numerous children (in the 1960s, Soviet women bearing ten children or more were designated "Heroines of the State"). As a result, following the end of the Great Leap Forward, population growth in China during the 1960s and 1970s was as high as 3 percent, and while the official figures are unreliable, China was adding as many as 20 million per year, rushing toward 1 billion. When Deng Xiaoping's pragmatists took over following Mao's death, one of their priorities was to get this spiral under control, and they instituted their infamous "One Child Only" policy to achieve this. Today, China's official growth rate is 0.7 percent, which, on a base of more than 1.3 billion, still results in an annual increase of 9 million. 138 WHY GEOGRAPHY MATTERS The second Maoist initiative was to try to erase the legacies of China's most influential philosopher and teacher, Confucius (Kongfuzi or Kongzi in modern Chinese).


pages: 324 words: 86,056

The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality by Bhaskar Sunkara

Affordable Care Act / Obamacare, agricultural Revolution, Bernie Sanders, British Empire, business climate, business cycle, capital controls, centre right, Charles Lindbergh, collective bargaining, Deng Xiaoping, deskilling, Donald Trump, equal pay for equal work, fake news, false flag, feminist movement, Ferguson, Missouri, Francis Fukuyama: the end of history, full employment, gig economy, Great Leap Forward, Gunnar Myrdal, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, income inequality, inventory management, Jeremy Corbyn, labor-force participation, land reform, land value tax, Mark Zuckerberg, means of production, Meghnad Desai, Mikhail Gorbachev, Neil Kinnock, new economy, Occupy movement, postindustrial economy, precariat, race to the bottom, Ralph Waldo Emerson, self-driving car, Silicon Valley, SimCity, single-payer health, Steve Bannon, telemarketer, The Wealth of Nations by Adam Smith, too big to fail, union organizing, Upton Sinclair, urban renewal, We are all Keynesians now, We are the 99%

His was a kind of anti-Stalinist Stalinism, eager to take risks for ideological reasons, confident that he was one with the masses and that the masses demanded not peace but constant upheaval. Mao’s ally, defense minister Lin Biao, started things off by encouraging students to criticize “bourgeois liberalism and Khrushchevism” in late 1965, though the real targets appeared to be head of state Liu Shaoqi and Deng Xiaoping. Earlier that year, Mao also had his wife, Jiang Qing, and future Gang of Four member Yao Wenyuan denounce key Beijing officials. Wrestling control of press organs in early 1966, Mao established the Cultural Revolution Group. He used state media and a May politburo meeting to announce that the bourgeoisie had snuck “into the Party, the government, the army, and various spheres of culture.”

Mao no longer had to apologize: he was exalted as a demigod, with “Marxism-Leninism–Mao Zedong Thought” now constitutionally enshrined. Liu, once the second most important person in China, was arrested and subjected to public beatings and denunciations, contributing to his November 1969 death. He wouldn’t be allowed to do to Mao what Khrushchev had done to Stalin. Deng Xiaoping was a Red Guard victim, too. He was forced to reeducate himself through manual labor at a tractor factory in Jiangxi, where he once helped the party survive in the 1930s. That Deng—China’s Bukharin—wasn’t executed outright like the real Bukharin suggests another, admittedly small difference between Mao and Stalin, but he suffered for years.

The CPC had begun to see its neighbor, the Soviet Union, as its primary rival and sought any advantage against it, while dressing up its new course in dogmatic Marxist language. A party dedicated to national development above all else now had a nationalist foreign policy to match. AFTER MAO’S DEATH in 1976, the hard-line Gang of Four were his most zealous defenders and tried to carry on the “continuous revolution.” Yet Deng Xiaoping eventually won a power struggle with them and challenged Maoist policies. Pro-market experiments to restore productivity were expanded, but the Great Helmsman himself could not be repudiated. As Deng would say in 1978, “We will never do to Mao what the Soviets did to Stalin.” Mao’s body lies embalmed in Tiananmen Square, and his portrait is still on the Gate of Heavenly Peace and Chinese currency.


pages: 431 words: 107,868

The Great Race: The Global Quest for the Car of the Future by Levi Tillemann

Affordable Care Act / Obamacare, An Inconvenient Truth, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, banking crisis, Bear Stearns, car-free, carbon footprint, clean tech, creative destruction, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, driverless car, electricity market, Elon Musk, en.wikipedia.org, energy security, factory automation, Fairchild Semiconductor, Ford Model T, foreign exchange controls, gigafactory, global value chain, high-speed rail, hydrogen economy, index card, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, Joseph Schumpeter, Kanban, Kickstarter, manufacturing employment, market design, megacity, Nixon shock, obamacare, off-the-grid, oil shock, planned obsolescence, Ralph Nader, RFID, rolodex, Ronald Reagan, Rubik’s Cube, self-driving car, shareholder value, Shenzhen special economic zone , short squeeze, Silicon Valley, Silicon Valley startup, skunkworks, smart cities, Solyndra, sovereign wealth fund, special economic zone, Steve Jobs, Tesla Model S, too big to fail, Unsafe at Any Speed, zero-sum game, Zipcar

Its early trucks were based on the Soviet ZIS 150—a four-ton military vehicle produced at the Stalin Auto Plant in Moscow.4 And the ZIS design had actually been copied from Ford years earlier.5 The plush government limousines that Chairman Mao Zedong and Premier Zhou Enlai commuted in were also knockoffs—based on an old Mercedes. During the 1960s, while Japan was feverishly consolidating its automotive producers to gain scale and technological competence, China was building miniature clones of Soviet auto factories throughout the country’s interior to protect its industry from foreign military attack. When Deng Xiaoping began his economic reforms in the 1970s, China’s government arranged for a manufacturing partnership between a struggling American Motors Company—the maker of Hummer and Jeep—and the Beijing Automotive Industrial Corporation. It set the stage for many more Sino-foreign joint ventures to come. This kind of manufacturing partnership—where foreigners supplied automotive technology and manufacturing expertise in exchange for access to mainland markets—dominated Chinese auto production from the 1980s through the 2010s.

China was a wild new world, completely uncharted, and everyone wanted in on the game. There were Jeeps, VWs, and Citroëns, but also a number of oddballs. One, called Panda Motor Corporation, was funded through a $250 million investment from the Korean reverend Sun Myung Moon’s Unification Church.6 As Deng Xiaoping’s reforms took hold and the country’s central government released the reins of economic control, cities and provinces shook off the shackles of central planning and became increasingly entrepreneurial. Many local governments started to build their own automotive concerns—some of them based around the carcasses of Leninist factory relics.7 They did not produce quality vehicles.

The unsurprising assessment was still an embarrassment to the state—and its critique of the Chinese system was a serious risk for its authors. But the China of 1986 was far more open to criticism than it had been under Mao. So, instead of muzzling the scientists and shunning the technology manifesto, Deng Xiaoping and his reformers embraced it. The State Council ordered a vigorous research and commercialization program to be undertaken to target key industrial sectors. These would come to include biotechnology, robotics, deep sea exploration, optical computing, and, eventually, automobiles.10 One of the key goals of the 863 Program was not just to develop new technologies, but to develop them domestically without borrowing from abroad.


pages: 251 words: 63,630

The End of Cheap China: Economic and Cultural Trends That Will Disrupt the World by Shaun Rein

business climate, credit crunch, Deng Xiaoping, Donald Trump, facts on the ground, glass ceiling, high net worth, high-speed rail, illegal immigration, income per capita, indoor plumbing, job-hopping, Maui Hawaii, middle-income trap, price stability, quantitative easing, Silicon Valley, Skype, South China Sea, Steve Jobs, thinkpad, trade route, trickle-down economics, upwardly mobile, urban planning, women in the workforce, young professional, zero-sum game

Despite Marshal Ye’s power, or perhaps because of it, his children were jailed during the Cultural Revolution, some in solitary confinement. As soon as Mao died, Marshal Ye led the arrest of the Gang of Four. He acted as the president of the country in the 1980s when he was Chairman of the Standing Committee of the Politburo, China’s highest governing body. Deng Xiaoping was another leader at the time; he ranked behind Marshal Ye in the Party chain of command and had also suffered at the hands of tyranny. His son, Deng Pufang, was paralyzed after the Red Guards threw him out of a three-story window at Peking University during the Cultural Revolution. Red Guards denied him medical treatment, which doctors later said might have saved his ability to walk, because his father had been denounced as a capitalist.

First, wealth creation makes it a lot easier for people to stop dwelling on the suffering they faced in earlier years, and less likely to push for violent change. Second, countries that push for gender equality generally develop more quickly and foster more vibrant economies and cultures. During the Cultural Revolution, being labeled a capitalist was a heinous crime, as Deng Xiaoping and his paralyzed son knew all too well. Now that notion has been turned upside down. People who are not making money are too often looked down on because they lack ambition, potential, and social status. In many cases, the drive to make money has resulted in excesses, including many unscrupulous businessmen who lie, cheat, and cut corners as they try to get rich.

Parent after parent tells me the main reason they send their child abroad is their lack of faith in the Chinese educational system. Even China’s top leaders send their children abroad. The daughter of Xi Jinping, China’s presumptive next president after Hu Jintao, is an undergraduate at Harvard. The grandchildren of past leaders like Hu Yaobang, Chen Yun, Deng Xiaoping, and Bo Yibo all studied at Yale, Harvard, and Duke. Can you imagine Barack Obama sending his daughters abroad for their undergraduate studies? If the very top of Chinese society is looking abroad for education, it is clear something is lacking at home, no matter what the test scores, or alarm by pundits like Wadhwa, indicate.


pages: 566 words: 163,322

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

"World Economic Forum" Davos, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, driverless car, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, financial engineering, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, global macro, Goodhart's law, guns versus butter model, hiring and firing, hype cycle, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Japanese asset price bubble, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, Larry Ellison, lateral thinking, liberal capitalism, low interest rates, Malacca Straits, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, megacity, megaproject, Mexican peso crisis / tequila crisis, middle-income trap, military-industrial complex, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, open immigration, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, tacit knowledge, tech billionaire, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, work culture , working-age population

The first big shock to postwar prosperity came in the 1970s, when much of the world felt leaderless in the face of stagflation—stagnant economic growth coupled with high inflation, triggered by a complex of forces including the excess spending of the welfare states and sharp oil price hikes engineered by the OPEC cartel and the petrostates. The widespread sense that their countries were coming apart prepared many nations to accept the idea of radical change and led to the rise of pioneering free market reformers: Margaret Thatcher in Britain, Ronald Reagan in the United States, and Deng Xiaoping in China. As is often the case in crisis periods, the promise of these leaders was often obscured by the gloom of the times; early on many observers dismissed Reagan as an ex-actor, Thatcher as a grocer’s daughter, and Deng as a faceless member of China’s collective leadership. China circa 1978 was too shell shocked by the recent mob violence of the Cultural Revolution to harbor high expectations for any leader.

Within months, however, she began moving to grant amnesty to her brother, triggering a new revolt and a coup that toppled her in May 2014. The renewed turmoil took a toll on Thailand’s economy, and the country’s growth rate slumped from 5 percent in early 2013 to 2 percent in 2015. A particularly auspicious mix of personality traits in a leader is a combination of public charisma and private earnestness. Deng Xiaoping was a visionary reformer and magnetic public personality, yet in private he could also surprise visitors like Henry Kissinger with his capacity for going on about the affairs of the department of metallurgy. India’s new prime minister Narendra Modi is a bit like that—shockingly nuts and bolts in the flesh.

For years, China reported much less volatile economic growth than other developing nations, creating suspicion that it was manipulating the numbers to make the economy look like a smoothly running machine, and to foster social harmony. For a long time, I thought that suspicion was overblown. When Deng Xiaoping took power in 1979, one of the first things he told his underlings was that he wanted honest data—not the inflated numbers they had been feeding Mao to stroke his ego. Even in 1990, after the fallout from the events in Tiananmen Square, the Deng regime reported growth of less than 4 percent, way below the official target of 8 percent.


pages: 453 words: 114,250

The Great Firewall of China by James Griffiths;

A Declaration of the Independence of Cyberspace, activist fund / activist shareholder / activist investor, Albert Einstein, anti-communist, bike sharing, bitcoin, Black Lives Matter, borderless world, call centre, Cambridge Analytica, Chelsea Manning, Citizen Lab, Deng Xiaoping, digital divide, digital rights, disinformation, don't be evil, Donald Trump, Edward Snowden, end-to-end encryption, Evgeny Morozov, fake news, gig economy, Great Leap Forward, high-speed rail, jimmy wales, John Gilmore, John Perry Barlow, Mark Zuckerberg, megacity, megaproject, microaggression, Mikhail Gorbachev, Mitch Kapor, mobile money, Occupy movement, pets.com, profit motive, QR code, race to the bottom, RAND corporation, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Silicon Valley startup, Skype, Snapchat, South China Sea, Steve Jobs, Stewart Brand, Stuxnet, technoutopianism, The future is already here, undersea cable, WikiLeaks, zero day

The next day, Premier Li Peng declared martial law in Beijing. On the square in late May, as numbers were dropping in the face of seemingly inevitable violence, student leaders discussed how to proceed even as the Party seemed to dither on taking action. Only years later did it emerge that paramount leader Deng Xiaoping and others who supported a crackdown faced defiance from within the Party leadership and the military, staying their hand for a time. Finally, on 3 June, more than 10,000 armed troops moved towards Beijing. “Their large numbers, the fact that they are helmeted, and the automatic weapons they are carrying suggest that the force option is real,” a US State Department cable warned.

Those who could afford it drove gleaming Japanese cars (or at least cheaper domestic knock-offs), and tourists thronged the city’s ancient sites, as new developments of gleaming glass and chrome sprang up among the dreary Stalinist architecture that dominated the centre of the city.3 In the Great Hall of the People, the blocky white palace to Party bureaucracy overlooking Tiananmen Square, Mao’s successor Deng Xiaoping welcomed 150 leading academics from fifty countries to the second conference of the Third World Academy of Sciences.4 A tiny man – at under five feet he was regularly dwarfed by other world leaders – Deng had a round, lined face with deep-set eyes and a mischievous smile that gave him an elfin quality.

The mood among the protesters was tense and noisy. Many leaders of the movement and older intellectuals had already urged the students to vacate the square, to consolidate their victories and prepare for the next stage of the struggle, before the government moved to wipe them out completely. There were signs that such a decision was coming: Deng Xiaoping had declared martial law two weeks earlier, and throughout 3 June state television broadcast warnings to stay off the streets, saying that troops would use “any and all means” to enforce order.5 Thousands of People’s Liberation Army troops were already at the outskirts of the city, and scuffles were breaking out between them and local residents.


pages: 342 words: 114,118

After the Fall: Being American in the World We've Made by Ben Rhodes

Affordable Care Act / Obamacare, Alan Greenspan, Asian financial crisis, Berlin Wall, Bernie Sanders, Big Tech, British Empire, centre right, COVID-19, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, drone strike, Edward Snowden, fake news, Fall of the Berlin Wall, gentrification, geopolitical risk, George Floyd, Glass-Steagall Act, global pandemic, global supply chain, Great Leap Forward, illegal immigration, independent contractor, invisible hand, late capitalism, lockdown, Mark Zuckerberg, Mikhail Gorbachev, Nelson Mandela, new economy, obamacare, open economy, Ponzi scheme, profit motive, QAnon, quantitative easing, Ralph Waldo Emerson, Ronald Reagan, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, South China Sea, the long tail, too big to fail, trade route, Washington Consensus, young professional, zero-sum game

He had worked to repair relations between the Soviet and Chinese Communist Parties, which had suffered over the last three decades. That initiative was set to culminate in the visit of the reformist Gorbachev, and Deng didn’t want to distract from that achievement. “In Deng Xiaoping’s mind,” Bao told me, “Mao parted with the Soviet Communists. I’m the one who brought the two big Communist parties together. This is my historical accomplishment. So because of that timing constraint, Deng Xiaoping had to wait until May 18, after Gorbachev left Beijing, to deal with the student protests. That allowed for a whole month of occupying Tiananmen, giving the illusion that the Communist Party had no power to contain the protests.”

A 1950s effort to modernize China’s economy—the so-called Great Leap Forward intended to grow China’s economy to the size of Great Britain’s—had instead initiated the Great Famine that killed tens of millions of Chinese by the early 1960s. That horror had been followed by the Cultural Revolution. After Mao’s death in 1976, China’s new leader—Deng Xiaoping—opened up China’s economy to capitalism, shaping the world in which Bao Pu would come of age. Through the 1980s, as China began to plug into the grid of global capitalism, the nascent debates described by Bao Pu addressed China’s political model—a different version of debates happening across the Communist bloc.

It was an accident because the protests started after the untimely death of a reformer and endured for weeks because of the impending visit of the reformist leader of the Soviet Union. At the time, Bao Pu’s father was a close aide to Zhao Ziyang, the general secretary of the Communist Party. The two of them wanted to have a dialogue with the students, to recognize the legitimacy of their concerns, to accept that China should move in a reformist direction. Deng Xiaoping had different ideas. “Basically, Deng believed that politically they could not open up,” Bao said. Deng himself had experience with this kind of debate. Decades earlier, Nikita Khrushchev had written a secret report criticizing Stalin and his more repressive tactics, setting in motion the Soviet Union’s distancing itself from Stalinism and ultimately embracing détente with the United States.


pages: 354 words: 92,470

Grave New World: The End of Globalization, the Return of History by Stephen D. King

"World Economic Forum" Davos, 9 dash line, Admiral Zheng, air freight, Alan Greenspan, Albert Einstein, Asian financial crisis, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Sanders, bilateral investment treaty, bitcoin, blockchain, Bonfire of the Vanities, borderless world, Bretton Woods, Brexit referendum, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collateralized debt obligation, colonial rule, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, currency risk, David Ricardo: comparative advantage, debt deflation, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Snowden, eurozone crisis, facts on the ground, failed state, Fall of the Berlin Wall, falling living standards, floating exchange rates, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, global value chain, Global Witness, Great Leap Forward, hydraulic fracturing, Hyman Minsky, imperial preference, income inequality, income per capita, incomplete markets, inflation targeting, information asymmetry, Internet of things, invisible hand, Jeremy Corbyn, joint-stock company, Kickstarter, Long Term Capital Management, low interest rates, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, middle-income trap, moral hazard, Nixon shock, offshore financial centre, oil shock, old age dependency ratio, paradox of thrift, Peace of Westphalia, plutocrats, post-truth, price stability, profit maximization, quantitative easing, race to the bottom, rent-seeking, reserve currency, reshoring, rising living standards, Ronald Reagan, Savings and loan crisis, Scramble for Africa, Second Machine Age, Skype, South China Sea, special drawing rights, technology bubble, The Great Moderation, The Market for Lemons, the market place, The Rise and Fall of American Growth, trade liberalization, trade route, Washington Consensus, WikiLeaks, Yom Kippur War, zero-sum game

Its increasing presence behind the Iron Curtain – Hungary and Yugoslavia in 1968, Poland in 1972 and the first Soviet bottling plant in 1985 – only served to emphasize the remarkable dominance of the world’s most famous secret recipe. The Chinese got their first taste of the ‘Real Thing’ in 1978, while Deng Xiaoping was still in the middle of consolidating his power base. By 2015, Coke was selling 1.7 billion ‘products’ to its thirsty customers each and every day. Roughly half those sales were outside North America.12 Disney, meanwhile, increasingly invested abroad, most visibly in Disneyland Paris, Hong Kong Disneyland and Disney Resorts in both Tokyo and Shanghai.

Thereafter, France adopted the so-called franc fort policy, a largely successful attempt to emulate the German Bundesbank’s pre-existing commitment to monetary rigour. Indeed, without the French commitment to a strong and stable franc, it is doubtful that the euro would ever have become a reality. A decade or two later, it was easy to believe that ‘free-market capitalism’ – if not liberal democracy – had triumphed. The evidence seemed to be everywhere: Deng Xiaoping’s reforms had paved the way for Western and Japanese capital to pour into China; the Berlin Wall had come down; Latin American economies had embarked on ‘free-market’ and ‘sound-money’ reforms which were bringing hitherto excessive inflation to heel; Western Europe was completing the ‘single market’, built on the so-called ‘four freedoms’ (free movement of goods, services, capital and labour – principles first established, if not acted upon, in the 1957 Treaty of Rome); and the ‘commanding heights’ of industry were, in the majority of countries, rapidly being privatized.

THE LATE TWENTIETH-CENTURY REVOLUTION Late twentieth-century globalization changed all that. Political upheavals helped. The collapse of the Soviet Empire and its satellites allowed a large number of Eastern European countries to join the European Union: their citizens headed west, while capital from Western European countries headed east. Deng Xiaoping’s decision to open China for business was, in economic terms, even more momentous. Economic reforms also did their bit: as we saw in Chapter 4, the gradual abolition of capital controls in the 1980s and beyond meant that capital previously ‘trapped’ within national boundaries was suddenly free to go in search of the best combination of low wages, long hours and high productivity.


pages: 327 words: 90,542

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"there is no alternative" (TINA), "World Economic Forum" Davos, 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Alfred Russel Wallace, Anthropocene, Anton Chekhov, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, bitcoin, bond market vigilante , Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, digital divide, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial engineering, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, geopolitical risk, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, Great Leap Forward, Greenspan put, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, Kevin Roose, knowledge economy, knowledge worker, Les Trente Glorieuses, light touch regulation, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, middle-income trap, Mikhail Gorbachev, military-industrial complex, Minsky moment, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, PalmPilot, passive income, peak oil, peer-to-peer lending, pension reform, planned obsolescence, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Robert Solow, Ronald Reagan, Russell Brand, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, Stephen Fry, systems thinking, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, uber lyft, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

This paved the way for the reintegration of these economies into Western Europe and the global trading system, although former German chancellor Willy Brandt feared that the mental barriers would outlast the concrete wall.3 In a parallel development, China cautiously embraced market-based reforms. The objective was to improve the living standards of ordinary Chinese, some of whom remained desperately poor as the result of Mao Zedong's failed Great Leap Forward and Cultural Revolution of the late fifties and sixties. Deng Xiaoping, China's “Paramount Leader,” embraced a change in philosophy: “Poverty is not socialism. To be rich is glorious.” India too embarked on economic reforms in the nineties. Countries affected by the 1980s debt crisis gradually recovered, assisted by debt forgiveness and the recovery of the global economy.

These actions paved the way for the economy to quadruple in size, growing at an average rate of about 7 percent per annum and over 9 percent from 2005 to 2007. Mr. Singh quoted French author Victor Hugo: “No power on earth can stop an idea whose time has come.”7 The emergence of India as a major economic power seemed within reach. Under Deng Xiaoping, leader of the Communist Party from 1978, China implemented Gaige Kaifang (Reforms and Openness), a program of domestic social, political, and economic policy changes combining socialism and elements of the market economy. It reversed the traditional policy of self-reliance and a lack of interest in trade.

Emerging market growth led to improved living standards, at least for some. As momentum increased, foreign businesses invested to take advantage of the growth and rising spending power of a nascent middle class. Opportunities encouraged nationals living, studying, and working in advanced economies to return to their native lands, as Deng Xiaoping had predicted: “When our thousands of Chinese students abroad return home, you will see how China will transform itself.” Expansion brought hubris. An editorial in an official Chinese publication boasted: “High-level figures from the Western political and economic spheres…envy China's superb performance…as well as ‘China's spirit’—the kind of solid, unbreakable ‘Great Wall’ at heart…”9 Much ink was spilled over culture, values, and the merits of different political systems.


pages: 234 words: 63,149

Every Nation for Itself: Winners and Losers in a G-Zero World by Ian Bremmer

airport security, banking crisis, barriers to entry, Berlin Wall, blood diamond, Bretton Woods, BRICs, capital controls, clean water, creative destruction, Deng Xiaoping, Doha Development Round, energy security, European colonialism, failed state, global rebalancing, global supply chain, Global Witness, income inequality, informal economy, information security, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, Kickstarter, Martin Wolf, mass immigration, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nelson Mandela, Nixon shock, Nixon triggered the end of the Bretton Woods system, no-fly zone, nuclear winter, Parag Khanna, purchasing power parity, reserve currency, Ronald Reagan, smart grid, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, trade route, uranium enrichment, Washington Consensus, WikiLeaks, Yom Kippur War

A year later, China still accounted for just 0.6 percent of world trade.36 In 2010, it surpassed Japan to become the world’s second largest economy, and Western bankers and economists are now taking bets on just how soon China will claim the title of the world’s largest trading nation.37 Beginning in the late 1970s, Mao’s successor as paramount leader, Deng Xiaoping, began the reform process by establishing four “special economic zones,” coastal enclaves that served as capitalist laboratories where foreign companies were invited to invest on favorable terms. Spurred by early success, Deng gradually expanded the experiment. In 1984, fourteen coastal cities were opened to a surge of foreign investment.

The willingness of successive U.S. presidents to pull punches on Beijing’s human rights record in favor of better trade relations created the makings of, if not a beautiful friendship, at least a profitable partnership. Despite the delay imposed by events in Tiananmen Square, the death of European and Soviet communism helped the aging Deng Xiaoping persuade China’s elite that only a rising standard of living would save the country’s one-party system and that a more ambitious experimentation with market-driven capitalism was the only way to get there. To create jobs, Beijing worked to open consumer markets around the world, especially in America and Europe, to Chinese exports.

., China’s Growth and Integration into the World Economy: Prospects and Challenges, Occasional Paper 232 (Washington, DC: International Monetary Fund, 2004), http://prasad.dyson.cornell.edu/doc/books/ChinasGrowthAndIntegrationWithTheWorldEconomy-ProspectsAndChallenges_IMFOP232_2004.pdf. 43. When Deng Xiaoping died in 1997, China’s foreign-exchange reserves stood just below $140 billion. By 2004, they were estimated above $650 billion. Eswar Prasad and Shang-Jin Wei, “The Chinese Approach to Capital Inflows: Patterns and Possible Explanations,” in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, Consequences, ed.


pages: 632 words: 159,454

War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt by Kwasi Kwarteng

accounting loophole / creative accounting, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, Atahualpa, balance sheet recession, bank run, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, California gold rush, capital controls, Carmen Reinhart, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency manipulation / currency intervention, Deng Xiaoping, discovery of the americas, Etonian, eurozone crisis, fiat currency, financial engineering, financial innovation, fixed income, floating exchange rates, foreign exchange controls, Francisco Pizarro, full employment, German hyperinflation, Glass-Steagall Act, guns versus butter model, hiring and firing, income inequality, invisible hand, Isaac Newton, it's over 9,000, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, land bank, liberal capitalism, low interest rates, market bubble, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, plutocrats, Ponzi scheme, price mechanism, quantitative easing, rolodex, Ronald Reagan, South Sea Bubble, subprime mortgage crisis, Suez canal 1869, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, The Wealth of Nations by Adam Smith, too big to fail, War on Poverty, Yom Kippur War

., p. 53. 54Issing, The Birth of the Euro, p. 193. 55Der Spiegel, ‘Aufbruch ins Ungewisse’, 29 December 2001. 56Matthew Lynn, Bust: Greece, the Euro and the Sovereign Debt Crisis, London, 2011, p. 34. Chapter 18: The Rise of China 1New York Times, ‘Deng Xiaoping: A Political Wizard Who Put China on the Capitalist Road’, 20 February 1997. 2Ezra F. Vogel, Deng Xiaoping and the Transformation of China, Cambridge, MA, 2011, p. 49. 3Ibid., pp. 217–18. 4Ibid., pp. 218, 220. 5Eli Heckscher, Mercantilism, 2 vols, 1st English edn, London, 1935, vol. 2, p. 46. 6Paul Krugman, from ‘The Conscience of a Liberal’, a blog appearing in the New York Times, 31 December 2009. 7Patrick Buchanan, ‘Yankee Utopians in a Chinese Century’, 2 July 2010, found on http://buchanan.org/blog/yankee-utopians-in-a-chinese-century-4227. 8Ibid. 9Lawrence J.

More widely, the greatest economic phenomenon of the time was almost certainly the growth of China. After adopting a peculiar brand of Marxism with the victory of the Chinese Communist Party in 1949, China abandoned doctrinaire Communism as an economic philosophy in 1978. It was in this year that Deng Xiaoping finally seized the reins of power in China and began a process which continued to propel that country in the early twenty-first century. Deng was born in 1904 and was already seventy-four when he became China’s ‘paramount leader’ in 1978. At such an age, many people thought he would be ‘too old to be anything but a transitional figure’.1 Deng’s journey had been tortuous.

Morrison, Wayne M. and Labonte, Marc, China’s Currency Policy: An Analysis of the Economic Issues, CRS Report for Congress, Washington, DC, 19 December 2011. New York Times, advertisement, 11 February 2003. New York Times, ‘China Won’t Reduce Value of Currency, Official Says’, 1 December 1997. New York Times, ‘Deng Xiaoping: A Political Wizard Who Put China on the Capitalist Road’, 20 February 1997. New York Times, ‘Devaluation by China’, 16 December 1989. New York Times, ‘The Doctrine was Not to Have One’, 25 August 2005. New York Times, ‘Greece’s Stumble Follows a Headlong Rush into the Euro’, 5 May 2010. New York Times, ‘Greek Leader Offers Plan to Tackle Debt Crisis’, 15 December 2009.


pages: 828 words: 232,188

Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy by Francis Fukuyama

Affordable Care Act / Obamacare, Andrei Shleifer, Asian financial crisis, Atahualpa, banking crisis, barriers to entry, Berlin Wall, blood diamond, British Empire, centre right, classic study, clean water, collapse of Lehman Brothers, colonial rule, conceptual framework, Cornelius Vanderbilt, cotton gin, crony capitalism, Day of the Dead, deindustrialization, Deng Xiaoping, disruptive innovation, double entry bookkeeping, Edward Snowden, Erik Brynjolfsson, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, Francisco Pizarro, Frederick Winslow Taylor, full employment, Gini coefficient, Glass-Steagall Act, Great Leap Forward, Hernando de Soto, high-speed rail, Home mortgage interest deduction, household responsibility system, income inequality, information asymmetry, invention of the printing press, iterative process, Kickstarter, knowledge worker, labour management system, land reform, land tenure, life extension, low interest rates, low skilled workers, manufacturing employment, means of production, Menlo Park, Mohammed Bouazizi, Monroe Doctrine, moral hazard, Nelson Mandela, new economy, open economy, out of africa, Peace of Westphalia, Port of Oakland, post-industrial society, post-materialism, price discrimination, quantitative easing, RAND corporation, rent-seeking, road to serfdom, Ronald Reagan, scientific management, Scientific racism, Scramble for Africa, Second Machine Age, Silicon Valley, special economic zone, stem cell, subprime mortgage crisis, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, too big to fail, trade route, transaction costs, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Vilfredo Pareto, women in the workforce, work culture , World Values Survey, zero-sum game

Then, as now, the central problem of Chinese politics has not been how to concentrate and deploy state power but rather how to constrain it through law and democratic accountability. The task of balancing state, law, and accountability that was completed in Japan by the late 1940s has been only partially accomplished in China. Under Mao Zedong, law virtually disappeared and the country became an arbitrary despotism. Since the reforms that began under Deng Xiaoping in 1978, China has been moving slowly toward a political system that is more rule based. But the rule of law is still far from secured, and the regime’s sustainability will depend heavily on whether this becomes the main line of political development in the twenty-first century. THE NATURE OF CHINESE LAW China represents the one world civilization that never developed a true rule of law.

Mao’s revolution ended any semblance of rule-based administration, undermined the operations of government, and terrorized the party itself, much like Stalin’s purges of the Soviet Communist Party during the 1930s.21 REBUILDING RULE BY LAW AFTER 1978 It is impossible to understand the China that emerged after the death of Mao and the reforms that began in 1978 except in relation to the trauma experienced by those who lived through the Cultural Revolution. The Communist elite that survived this period, led by one of the greatest statesmen of the twentieth century, Deng Xiaoping, was determined that Mao’s form of personal dictatorship must never be allowed to occur again. The political reform process that unfolded subsequently centered around the slow construction of a series of rules that would limit the ability of any future charismatic leader to emerge and wreak havoc on the whole of Chinese society in the manner of Mao.

These constitutional provisions, however, were more declarations of new policy initiatives decided on by the party than serious legal instruments that would govern the party’s own behavior. The contemporary Chinese constitution is built around two potentially contradictory principles. On the one hand, Deng Xiaoping asserted in 1978 that “democracy has to be institutionalized and written into law, so as to make sure that institutions and laws do not change whenever the leadership changes, or whenever the leaders change their views.”22 The Chinese constitution provides for an elected National People’s Congress (NPC), which is held to be the “supreme organ of state power,” along with people’s congresses at lower levels of government.


China: A History by John Keay

Admiral Zheng, agricultural Revolution, Berlin Wall, Deng Xiaoping, Great Leap Forward, imperial preference, invention of movable type, land tenure, mass immigration, means of production, Pax Mongolica, Ronald Reagan, Shenzhen special economic zone , South China Sea, special economic zone, spice trade, trade route, transcontinental railway, upwardly mobile, éminence grise

The resultant arrests ran into the hundreds of thousands. The campaign was supported by Premier Zhou Enlai, Mao’s bushy-browed and utterly dependable associate, and by Party secretary Deng Xiaoping, a small and dynamic pragmatist whose devotion to the Party may have exceeded that to its Chairman. Between them, Zhou and Deng presided over a stabilisation of the economy. The criterion for advancement was now to be technical and professional ability as much as political orthodoxy. A quip, later appropriated by Deng Xiaoping, about it being immaterial whether a cat is black or white ‘so long as it catches the mouse,’ first surfaced in 1961.2 ‘Learning from the facts’, another Deng-ism, inevitably meant skimping on the theory.

They were protesting against official indifference to the recent death of Premier Zhou Enlai, which they saw as disparagement of a revered and long-serving revolutionary by the hard left leadership of the Cultural Revolution. Cars were overturned and a police post torched. But the main casualty was Vice-Premier Deng Xiaoping; accused of orchestrating the affair, he was dismissed from all his Party offices. Sometimes known as the Tiananmen incident, this 1976 protest is now more commonly called the Qingming incident, so avoiding confusion with the more prolonged Tiananmen confrontation of 1989. Deng of course soon rose again; and thirty years later, on 5 April 2006, Qingming itself was back in favour.

Because so many Maoist achievements were quickly discredited, there then arose a tendency to gloss over all those initiatives that had loomed largest at the time – Soviet collaboration, agricultural collectivisation, industrialisation, the Great Leap and the Cultural Revolution – in favour of a narrative buoyed by the incidence of liberalising interludes. This ran from the 1956 ‘Hundred Flowers’ movement to the 1972 détente with the United States, the 1978 ‘Democracy Wall’ outburst, Deng Xiaoping’s economic reforms, the 1989 Tiananmen Square challenge, and of course the end-of-century triumph of consumerism. But such a narrative has its drawbacks too. It supposes a progressive ‘opening up’ that was not self-evident at the time, and it foreshadows an ultimate liberalisation – including multi-party politics, electoral accountability, freedom of expression and legal redress – that is far from assured.


pages: 419 words: 125,977

Factory Girls: From Village to City in a Changing China by Leslie T. Chang

anti-communist, Deng Xiaoping, estate planning, fake news, financial independence, Great Leap Forward, index card, invention of writing, job-hopping, land reform, Mason jar, mass immigration, new economy, PalmPilot, Pearl River Delta, risk tolerance, Shenzhen special economic zone , special economic zone, vertical integration

The exhibit marched quickly through the Second World War and straight to Communist victory, a blurry photo of happy faces. Millions of people rejoiced at the liberation. In the next room, a title stretched across one wall: “A Vision Made Real: From Agricultural County to IT City.” A light board showed photos of the Communist Party meeting at which Deng Xiaoping set forth his program for economic reform and opening to the West. That was in 1978. From one room to the next, the exhibit had jumped thirty years, skipping over the founding of Communist China, the land reform and the execution of counterrevolutionaries, the attacks against “class enemies” and the establishment of the communes, the Great Leap Forward and the famine that killed at least twenty million people, and the decade of the Cultural Revolution.

The Cultural Revolution took everything the Chinese people had long held sacred and smashed it to pieces, like an antique vase hurled against the wall. It finished off the world of moral certainty and Confucian values into which my grandfather, and countless generations before him, had been born. And what took its place? For a while, radical fervor was enough. But when the Cultural Revolution finally ended and pragmatic leaders like Deng Xiaoping took over, the Chinese would find themselves living in a vacuum—stripped of all belief and blank as newborns, looking upon a ruined world they must somehow make anew. In 1968, Red Guards came to my grandfather’s tomb in Shenyang. They dug up the coffin and scattered his remains; they smashed the tomb and the grave marker.

The Cultural Revolution was in its final stages, but it could still do a lot of damage. The country’s premier, Zhou Enlai, was hospitalized with cancer; the Gang of Four, a leftist faction identified with the worst excesses of the Cultural Revolution, was in charge. One day my father was surprised to hear his government handlers say that Deng Xiaoping, the Party official most committed to modernization and reform, would soon be deposed. His handlers were so worried about their own futures that they let this slip in front of my father. The following April, Deng was purged from the Party leadership for the third and last time. In our house in suburban New York, we listened over and over to the records my father had brought back from China.


pages: 593 words: 183,240

An Economic History of the Twentieth Century by J. Bradford Delong

affirmative action, Alan Greenspan, Andrei Shleifer, ASML, asset-backed security, Ayatollah Khomeini, banking crisis, Bear Stearns, Bretton Woods, British Empire, business cycle, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, centre right, collapse of Lehman Brothers, collective bargaining, colonial rule, coronavirus, cotton gin, COVID-19, creative destruction, crowdsourcing, cryptocurrency, cuban missile crisis, deindustrialization, demographic transition, Deng Xiaoping, Donald Trump, en.wikipedia.org, ending welfare as we know it, endogenous growth, Fairchild Semiconductor, fake news, financial deregulation, financial engineering, financial repression, flying shuttle, Ford Model T, Ford paid five dollars a day, Francis Fukuyama: the end of history, full employment, general purpose technology, George Gilder, German hyperinflation, global value chain, Great Leap Forward, Gunnar Myrdal, Haber-Bosch Process, Hans Rosling, hedonic treadmill, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, Hyman Minsky, income inequality, income per capita, industrial research laboratory, interchangeable parts, Internet Archive, invention of agriculture, invention of the steam engine, It's morning again in America, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, labor-force participation, land reform, late capitalism, Les Trente Glorieuses, liberal capitalism, liquidity trap, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, means of production, megacity, Menlo Park, Mikhail Gorbachev, mortgage debt, mutually assured destruction, Neal Stephenson, occupational segregation, oil shock, open borders, open economy, Paul Samuelson, Pearl River Delta, Phillips curve, plutocrats, price stability, Productivity paradox, profit maximization, public intellectual, quantitative easing, Ralph Waldo Emerson, restrictive zoning, rising living standards, road to serfdom, Robert Gordon, Robert Solow, rolodex, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, Simon Kuznets, social intelligence, Stanislav Petrov, strikebreaker, structural adjustment programs, Suez canal 1869, surveillance capitalism, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Great Moderation, The Nature of the Firm, The Rise and Fall of American Growth, too big to fail, transaction costs, transatlantic slave trade, transcontinental railway, TSMC, union organizing, vertical integration, W. E. B. Du Bois, Wayback Machine, Yom Kippur War

His political counteroffensive was a call to “bombard the headquarters”—that is, to destroy anyone whose loyalty or revolutionary commitment he doubted within the leadership of the Communist Party, to wage a Cultural Revolution.17 Liu Shaoqi, now the second-ranking member of the Politburo Standing Committee, was killed. Deng Xiaoping was purged from the party and lost his leadership post for the heresy of claiming that it was more important to be competent than to be politically correct—“A good cat is not a cat that is black or white, a good cat is a cat that catches mice” (Mao feared that Deng meant his listeners to hear not “black” but “red”—revolutionary—and “white”—counterrevolutionary). Perhaps Deng Xiaoping escaped with his life by sheer luck. Mao’s Red Guards threw Deng Xiaoping’s son, Deng Pufang, out of a window, and his back was broken, causing permanent paraplegia.

And it was there that he became an anti-imperialist, a politician, and an activist, for in South Africa people from the Indian south continent were not treated as badly as indigenous African peoples, but they were at most only one step higher. Another participant in these great migrations was Deng Xiaoping, born in 1904 as the son of a middling-rich landlord whose income was perhaps five times the Chinese average at the time.17 In December 1920 he arrived in France to work and study: World War I, from 1914 to 1918, had pulled huge numbers of workers into the army and left them dead and maimed. The French government was eager to allow anyone who wanted to replace them in, both during and after the war.

If you walked along the edge of the Iron Curtain and then the Bamboo Curtain from Leningrad to Odessa, along the Caucasus, and then from Yunnan up to the Sea of Japan—or if you looked from really-existing socialist Cuba across the Caribbean to Costa Rica or Mexico—you would see that those countries where the armies of Stalin or Mao or Kim Il-Sung or Ho Chi Minh or (shudder) Pol Pot had marched were, on average, only one-fifth as well-off when 1990 came and the curtains were raised as those that had been just beyond those armies’ reach. But Maoist China in the throes of the Great Leap Forward was worse than average. As the extent of the disaster became known, Mao’s principal lieutenants moved slowly and cautiously against him. In December 1958, Mao was replaced by Liu Shaoqi as head of state, with Deng Xiaoping at Liu’s right hand. At a conference in July 1959, Peng Dehuai, minister of defense, criticized Mao’s policies, and Mao threatened to split the party. The majority of the party members remained “loyal” to Mao. Peng Dehuai was condemned and dismissed from the party and the government. But Mao Zedong was also sidelined: the near-consensus of his deputies and their deputies was that Mao’s role should thereafter be ceremonial and symbolic.


pages: 164 words: 44,947

Socialism Sucks: Two Economists Drink Their Way Through the Unfree World by Robert Lawson, Benjamin Powell

Airbnb, anti-communist, Berlin Wall, Bernie Sanders, Black Lives Matter, business cycle, cognitive dissonance, crony capitalism, Deng Xiaoping, Donald Trump, en.wikipedia.org, equal pay for equal work, Fall of the Berlin Wall, Gini coefficient, Great Leap Forward, hiring and firing, illegal immigration, income inequality, indoor plumbing, invisible hand, Kickstarter, means of production, Mont Pelerin Society, profit motive, road to serfdom, Ronald Reagan, single-payer health, special economic zone, The Wealth of Nations by Adam Smith

In 1966, Mao and the Communist Party launched the “Cultural Revolution,” inflicting a new hell on the Chinese people. The Cultural Revolution aimed to purge or reeducate the counterrevolutionary bourgeois elements of Chinese society. It also served to reassert Mao’s power after the failure of the Great Leap Forward. Senior officials, including the future reformer Deng Xiaoping, were purged from leadership in the Communist Party. Historical sites and relics that honored things from China’s pre-Communist past were destroyed. Roughly seventeen million young people were sent to the rural countryside for class reeducation.4 Other young people formed the Red Guard and attacked anyone insufficiently supportive of Maoism.

They needed jobs that inefficient, state-owned industries couldn’t provide—so self-employment became legal, as did small private businesses. By law, such businesses could only employ up to seven people, but in practice, by 1985, the average private company in China employed thirty people.8 Under the leadership of Deng Xiaoping, the Communist Party made effective economic development, rather than ideological purity, the focus of government policy, claiming, “It doesn’t matter whether the cat is black or white, as long as it catches mice.” No surprise to us, the more capitalist the cat, the more effective it was at catching mice.

Michael, 48 Coyne, Chris, 135 Crisis and Leviathan (Higgs), 136 Cristal (beer), 35 Cuba effects of central planning in, 34–41, 45 health care in, 16, 52–53 import restrictions, 49–50 private businesses in, 42–43, 45–47 travel restrictions, 33 Cuban Revolution, 131 Cúcuta, 17, 25, 30 Cultural Revolution, 75–76, 79 Current Affairs, 137 D Dandong, 61–62, 66 Dean, Andrea, 56 deBoer, Fredrik, 138 demilitarized zone (DMZ), 65, 69 Democratic Party, 9–10, 144 Democratic People’s Republic of Korea, 59 democratic socialism, 2, 9, 16, 32, 126–27, 138–39, 146 Deng Xiaoping, 76, 79 Denmark, 10 Dikötter, Frank, 73–75, 150 Duranty, Walter, 92–95 Duvel Café, 5, 10–11 E Eastern Bloc, 85, 126 economic freedom index, 6, 10–11, 20, 63, 79, 99–100, 110, 136 Economic Freedom Network (EFN), 99, 102 Economic Freedom of the World report, 99, 151 economic freedom, 4, 11, 13, 20, 30, 56, 78–80, 105, 108, 110, 112–14, 117, 150 Ecuador, 17 Egypt, 15 El Guajirito, 45–47 Empresas Polar, 26 Erekle (king), 104 Expert Failure (Koppl), 136 F Federal Reserve, 2–3 Fisher, Michelle, 9 Florida State University, 6 Forbidden City, 72 Foreign Policy, 27 foreign-market prices, 37 Fortune Global 500, 64 Fox News, 134 Fraser Institute, 6 Free Market Institute, 7 free markets, 7, 21, 78, 116, 133, 136 Free the People, 141 free-market prices, 21, 37, 48, 88 FreedomWorks, 142 Friedman, Milton, 6–7, 30, 82, 148 G George Mason University, 7 Georgetown University, 137 Georgia (country) Law on Economic Freedom, 114 liberal reforms in, 99, 106–110, 113 ranking on economic freedom index, 110 Ukrainian government in, 101–102 winemaking in, 111–12 Georgian Soviet Socialist Republic, 105 Ghodsee, Kristen, 96 Gini coefficient, 124 Glover, Danny, 1 Gohmann, Steve, 64 grassroots movements, 141–43 Gray, Francine du Plessix, 96–98 Great Britain, 73 Great Leap Forward, 13, 73–76 Grier, Kevin, 28 gross domestic product (GDP), 2, 12–13, 49, 63, 114, 134 Guardian, The, 94 Guevara, Che, 9, 54 Guiadó, Juan, 31 Gwartney, James, 6 H Hall, Joshua, 11 Han River, 65 Harvard, 8 Harvest of Sorrow, The (Conquest), 95 Haverhill, 6 Hayek, Friedrich, 7, 30, 150 Hierta, Lars Johan, 11–12 Higgs, Robert, 136 Hobbs, Brad, 12 Hotel Caribbean, 44, 47 Hotel Ibis, 77 Hotel Metropol, 92 Hotel Nacional, 34, 71 Hotel Neptuno Tritón, 34 Huangpu River, 77 HuffPost, 53 Human Action (von Mises), 100 Hyundai-Kia, 64 I immigration, 122, 134–35, 146 In Order to Live (Yeonmi Park), 60 Incheon International Airport, 63 Independence Square, 101 International Black Sea University, 112 International Monetary Fund, 109 International Socialist Organization (ISO), 123, 125–26 Intourist Hotel, 107 invisible hand, 21 J Jandieri, Gia, 105, 116 Jones, Gareth, 94 K KGB, 89 khachapuri, 116 Khevsureti, 110 khinkali, 116 Khomassuridze, Archil, 97–98 Khrushchev, Nikita, 73 Kibbe, Matt, 141–48 Kiev, 98–102, 117 Kim Il-Sung, 125 Koppl, Roger, 136 Korean War, 63, 65 Kremlin, 89 L La Cabaña prison, 54 La Habana Vieja (Old Havana), 38, 40 Lada, 38, 50 Le Cabernet, 72 Leeson, Peter, 56 Lenin, Vladimir, 9, 16, 89–91, 114–15, 125, 128, 131 Leningrad, 98 LG, 64 libertarianism, 59, 106, 123, 144–47 Lipovskaya, Olga, 97 Little Havana, 56 Little Red Book, 73 Lujiazui Finance and Trade Zone, 80 Luxemburg, Rosa, 125 M Ma Junjie, 81 Macasa, Diana, 123 Maduro, Nicolás, 30–32, 127 Major, John, 120 Maldonado, Víctor, 25 Malecón, 43, 53 Mao Yushi, 82 Mao Zedong, 9, 73–76, 81, 95, 115, 125 Mao’s Great Famine (Dikötter), 73, 150 Marginal Revolution, 86 market prices, 18, 21, 37, 88 Martin, Sabrina, 24–25 Marx, Karl, 86–88, 122, 125, 131, 139 Marxism alienation, 87 labor theory of value, 86–87 theory of history, 88 means of production, 13, 37, 87–88, 90, 121, 124, 126, 128–29, 137–39, 147 Mediterranean, 103 Mendoza, Lorenzo, 26 Mi Amigo Hugo, 27 Miami, 33, 52, 56–57, 134, 155 millennials, 8–10, 120, 138 Milton Friedman Prize for Advancing Liberty, 82 Mises, Ludwig von, 37, 100, 150 Mont Pelerin Society, 7, 64 Mont Pelerin, 7 Moore, Michael, 1, 13, 27 Moscow, 85, 92, 100, 111, 154 Moskvitch, 50 Muggeridge, Malcolm, 94 N Nation, The, 121 National Assembly (Venezeula), 31 National Bank of Cuba, 55 Nazi Germany, 37 New Economic Policy (NEP), 91, 93 New Economic School, 104–105, 116 New Hampshire, 15 New York Times, 9–10, 30, 92, 94–96 Nobel Prize, 6–7 Norberg, Johan, 11 North American Free Trade Agreement (NAFTA), 133 North Korea border with South Korea, 65 contrast between China and, 59, 69 contrast between South Korea and, 62–63, 69, 124 poverty in, 68 refugees from, 60–61 socialism in, 13, 16, 31, 63, 67, 125 Norway, 10–11 Novotel Beijing Peace Hotel, 72 O O’Neil Center for Global Markets and Freedom, 6 Obama, Barack, 33, 55 Ocasio-Cortez, Alexandria (AOC), 143–44, 147 OECD, 13 Oriental Pearl Tower, 77 Orwell, George, 102 P PanAm Post, 18 Parajanov, Sergei, 111 Park, Yeonmi, 60, 68 Patriots, 7 Paul, Rand, 145 Paul, Ron, 142–47 Peng, Dean, 59, 72 Penn, Sean, 1, 27, 128 People’s Republic of China, 59, 73 Pessin, Haley, 121 Petroleos de Venezuela SA, 31 Peugeot, 51–52 Plaza de la Revolución, 54 Plaza Mayor, 43 private property, 10, 13, 21, 37, 45, 78–79, 87, 108–110, 121, 128, 130, 138–39 proletariat, 88, 92 Pudong, 77–78, 80 Puerto Esperanza, 50, 52 Putin, Vladimir, 102 Pyongyang, 65, 69, 85 R Rand, Ayn, 81 Reagan, Ronald, 120 Red Army, 104 Red Century column, 9, 92, 95 Red Guard, 76 Red Spots, 31 Red Square, 89 Red Terror, 89 Republican Party, 142–44 Reuters, 23, 31 Revolution Brewing, 130 Revolutionary Committee of the Don, 90 Río Táchira, 17 Road to Serfdom, The (Hayek), 30, 150 Robinson, Nathan, 137–38 Romanchuk, Jaroslav, 99 Romero, Denise, 121, 132, 135 Rose Revolution, 105, 113 Russia agricultural collectivization in, 93–95 life for women in Soviet, 96–98 Russian Civil War, 89 Russian famine, 90, 93–95 S Saakashvili, Mikheil (Misha), 101–102, 105–106, 114–15, 117 Salon, 1, 17 Salt Lake City, 7 Samsung, 64 San Jose State University, 7 Sanders, Bernie, 9–10, 17, 28, 137, 143–44, 147 Santander Bridge, 18, 22 Schoolland, Li, 60, 75 Scientific Research Mises Center, 99 Seoul, 62–65, 69 Serralde, Daniel, 120, 131 Shanghai Tower, 77 Shanghai World Financial Center, 77 Shawnee State University, 6 Shcheglov, Lev, 98 Sheng Hong, 83 Sheshelidze, Paata, Simón Bolívar Bridge, 23, Sino-Korean Friendship Bridge, 104–105 Sinuiju, 59, 61, 66 Sirota, David, 1 Smith, Adam, 21, 86, 133 Sobel, Russell, 56 Socialism Conference, 120–22, 125, 128–31, 136–39, 146 Socialist International, 32 South America, 17, 135 South China Morning Post, 82 South Korea, 62–64, 68–69, 123–24 South Ossetia, 113 Southern Methodist University (SMU), 6, 48, 77–79 Soviet Ministry of Health, 97 Soviet Women (Gray), 96 special economic zone (SEZ), 80 St.


pages: 352 words: 80,030

The New Silk Roads: The Present and Future of the World by Peter Frankopan

"World Economic Forum" Davos, active measures, Berlin Wall, Big Tech, bitcoin, blockchain, Boris Johnson, cashless society, clean water, cryptocurrency, Deng Xiaoping, don't be evil, Donald Trump, Ethereum, ethereum blockchain, F. W. de Klerk, failed state, fake news, Fall of the Berlin Wall, global supply chain, high-speed rail, illegal immigration, income inequality, invisible hand, land reform, Londongrad, low interest rates, Mark Zuckerberg, mass incarceration, Meghnad Desai, Nelson Mandela, Paris climate accords, purchasing power parity, ransomware, Rubik’s Cube, smart cities, South China Sea, sovereign wealth fund, Steve Bannon, trade route, trickle-down economics, UNCLOS, urban planning, WikiLeaks, zero-sum game

Mandela insisted, however, that forgiveness was a vital part of reconciliation.3 Things looked promising in the Korean peninsula, where, in an echo of the discussions that took place in 2018, an outline agreement was reached between the US and North Korea to great fanfare about the peaceful reunification of Korea and about a pathway for denuclearisation that was welcomed as a significant step forward for non-proliferation and also for a safer region and for a safer world.4 In 1993, an important agreement was also reached between China and India that established the framework for dealing with disputed border issues that had been a source of rivalry and bitterness for three decades – while both sides also agreed to reduce troop levels along the frontier and work together towards a conclusion that was mutually acceptable.5 This was important for both countries at a time when economic expansion and liberalisation was at the forefront for their respective political leaders. In China, Deng Xiaoping had recently undertaken a tour of the southern provinces to press for faster reforms, and to deal with hardliners who opposed the liberalisation of markets that had seen the stock exchange open in communist China in Shanghai in 1990.6 South Korea’s transformation was already well underway. In the 1960s, the country had been one of the poorest in the world, with no natural resources and an unpromising location at the eastern extremity of Asia.

‘Western civilisation is built on a philosophical-theological tradition of binary antagonisms,’ wrote Jiang Shigong, a prominent Chinese intellectual, in an essay that has been described as the ‘authoritative statement of the new political orthodoxy under Xi Jinping’.205 For centuries, notes Jiang, ‘Chinese culture was the envy of the west’. Since the time of the Opium Wars, however, ‘China has experienced humiliation and misery’. The Chinese people, he states, ‘who have long suffered in the modern age, have now made a great leap’. Dividing history into the eras of Mao Zedong, Deng Xiaoping and Xi Jinping, Jiang states that these correspond respectively to China ‘standing up’, ‘becoming rich’ and ‘becoming strong’. What is happening in China under Xi Jinping, both domestically and internationally, is the natural and logical culmination, in other words, of deep trends and a long process that Jiang ultimately traces back to 1921 and the foundation of the Communist Party.

In fact, the rumour mills are busy whirring in Beijing, trying to keep up with events, seeking to make sense of what China is having to contend with in a changing global situation and how to best respond to it. Part of this is shaped by working out how to apply ‘Xi Jinping Thought’, a fourteen-point manifesto that was added formally to the country’s constitution – alongside ‘Marxism-Leninism, Mao Zedong Thought and Deng Xiaoping Theory’ – in March 2018 at the National People’s Congress. One of the key elements to this is creating an international community with a shared future, based on collaboration and cooperation. That is not easy when others either do not want to share a future or want to advance a different vision altogether.174 Perhaps it is no surprise that the top ‘hot research topic’ of 2017 in China was reported to be research on Xi Jinpging thought.175 It is not just other parts of the world that are at a crossroads and are looking to see what may, or may not, lie ahead


pages: 269 words: 70,543

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global by Rebecca Fannin

"World Economic Forum" Davos, Adam Neumann (WeWork), Airbnb, augmented reality, autonomous vehicles, Benchmark Capital, Big Tech, bike sharing, blockchain, call centre, cashless society, Chuck Templeton: OpenTable:, clean tech, cloud computing, computer vision, connected car, corporate governance, cryptocurrency, data is the new oil, data science, deep learning, Deng Xiaoping, Didi Chuxing, digital map, disruptive innovation, Donald Trump, El Camino Real, electricity market, Elon Musk, fake news, family office, fear of failure, fulfillment center, glass ceiling, global supply chain, Great Leap Forward, income inequality, industrial robot, information security, Internet of things, invention of movable type, Jeff Bezos, Kickstarter, knowledge worker, Lyft, Mark Zuckerberg, Mary Meeker, megacity, Menlo Park, money market fund, Network effects, new economy, peer-to-peer lending, personalized medicine, Peter Thiel, QR code, RFID, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart transportation, Snapchat, social graph, SoftBank, software as a service, South China Sea, sovereign wealth fund, speech recognition, stealth mode startup, Steve Jobs, stock buybacks, supply-chain management, tech billionaire, TechCrunch disrupt, TikTok, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, urban planning, Vision Fund, warehouse automation, WeWork, winner-take-all economy, Y Combinator, young professional

Poorly implemented state-backed reforms on a local level. Growing criticism over China-styled colonialism, such as using loans to gain control over strategic locations, notably the Sri Lanka port and surrounding land. It’s conceivable that China could roll back the capitalistic reforms ushered in by Chinese leader Deng Xiaoping in the late 1970s to return to Chairman Mao’s drab communism of several decades ago. National security and technological leadership frictions will no doubt heighten as China marches forward. Technologies we use every day—Siri, touchscreen, GPS, the internet, and the iPhone—came out of the US Department of Defense and government-funded scientists for military purposes.

It’s hard to imagine they would have come so far, so quickly—and stayed in power for so long. They are regarded as superheroes in the first generation of entrepreneurs since China’s Cultural Revolution of the 1960s and 1970s nearly destroyed the economy, and the later reforms of former leader Deng Xiaoping opened China to a socialist market economy and made it glorious to get rich. All three founders cranked up their startups soon after the US dotcom bubble burst about two decades ago. They did become very rich—among the richest in the world—initially by copying. Baidu’s quiet-spoken search expert Li, who came to the United States for a computer science graduate degree and jobs at Dow Jones and Disney-owned search company Infoseek before returning home, has a $10 billion fortune made in China.

“We got in early when the space was not so competitive and we’ve partnered with the best entrepreneurs in China,” said Sequoia partner Sun.1 “As with any good investment company, you have to be performance driven and a meritocracy, and I think making money is the only thing that really matters.” Certainly Sequoia, named after the giant trees in the Sierra Nevada range, is a money machine and embraces the slogan made famous by Chairman Mao’s successor Deng Xiaoping: “To get rich is glorious.” “As with any good investment company, you have to be performance driven and a meritocracy, and I think making money is the only thing that really matters.” Glen Sun Partner, Sequoia Capital China The alpha at Sequoia Capital China is founding partner partner Neil Shen, a graduate of the Yale School of Management, former investment banker, and a cofounder of Expedia-like Ctrip and budget hotel chain Home Inn.


pages: 483 words: 134,377

The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor by William Easterly

air freight, Andrei Shleifer, battle of ideas, Bretton Woods, British Empire, business process, business process outsourcing, Carmen Reinhart, classic study, clean water, colonial rule, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, Deng Xiaoping, desegregation, discovery of the americas, Edward Glaeser, en.wikipedia.org, European colonialism, Ford Model T, Francisco Pizarro, fundamental attribution error, gentrification, germ theory of disease, greed is good, Gunnar Myrdal, income per capita, invisible hand, James Watt: steam engine, Jane Jacobs, John Snow's cholera map, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, low interest rates, M-Pesa, microcredit, Monroe Doctrine, oil shock, place-making, Ponzi scheme, public intellectual, risk/return, road to serfdom, Robert Solow, Silicon Valley, Steve Jobs, tacit knowledge, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas L Friedman, urban planning, urban renewal, Washington Consensus, WikiLeaks, World Values Survey, young professional

It turns out that when the rights of local people are respected, new trades happen, new technologies happen, new public services happen. This challenges conventional wisdom about the “benevolent autocrats” behind many success stories. There is, for example, more evidence for attributing the rise of China as an economic superpower to the anonymous spread of the potato to China than to Chinese ruler Deng Xiaoping’s economic policies. Appreciation of this phenomenon allows us, finally, to have the biggest development debate of all, on conscious design of development by experts versus spontaneous solutions by individuals. Ironically, most of the economists involved in this recent research were not trying to solve the global poverty problem; they were just trying to better understand and explain the world.

According to a recent quantification of the potato’s impact, it could account for as much as a fourth of the substantial population growth in China and the rest of the Old World between 1700 and 1900.32 It is off balance that all the talk today about the huge size of China’s economy concentrates only on recent leaders like Deng Xiaoping; a lot more credit should go to Mr. Potato Head. TECHNOLOGY TRANSFER AND CREATIVE DESTRUCTION: THE GREENE STREET BLOCK The textile boom story on the Greene Street block already featured an important role for technological improvements in transportation. New Yorkers got access to the new technologies by importing products embodying them from Great Britain—such as the railroad and the steamboats—with further refinements by New York innovators.

The closing sentence of the report says that outcomes depend “on the wisdom, strength, and determination of the Chinese leadership.”3 The World Bank still seems to prefer the same authoritarian development approach to 2013 China that Western actors held for 1930s China (Chapter Three). AUTOCRATIC MIRACLES There is a strong tradition of folklore about benevolent autocrats who deliver development to their people. And indeed the list of autocrats who seem to have worked miracles goes on and on: Deng Xiaoping in China, Lee Kuan Yew in Singapore, Park Chung Hee in South Korea, Chiang Kai-shek in Taiwan, Augusto Pinochet in Chile, Suharto in Indonesia, and Mahathir Mohamad in Malaysia. The evidence that autocrats cause rapid growth seems overwhelming. We now must confront the evidence that there really are benevolent autocrats.


pages: 446 words: 578

The end of history and the last man by Francis Fukuyama

affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bonfire of the Vanities, business cycle, centre right, classic study, cuban missile crisis, deindustrialization, Deng Xiaoping, Donald Trump, European colonialism, Exxon Valdez, F. W. de Klerk, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, Gini coefficient, Great Leap Forward, Gunnar Myrdal, Herbert Marcuse, Hernando de Soto, income inequality, Isaac Newton, Joan Didion, joint-stock company, Joseph Schumpeter, kremlinology, land reform, liberal world order, liberation theology, life extension, linear programming, long peace, means of production, Michael Milken, Mikhail Gorbachev, Nelson Mandela, New Journalism, nuclear winter, old-boy network, open economy, post-industrial society, RAND corporation, Ronald Reagan, Socratic dialogue, Strategic Defense Initiative, strikebreaker, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, zero-sum game

Totalitarianism failed as well in the People’s Republic of China and the countries of Eastern Europe. Central government control over the Chinese economy even at the height of the PRC’s “Stalinist” period had never been as complete as in the Soviet Union, with perhaps a quarter of the economy never having come under the purview of the national plan. When Deng Xiaoping set the country on the course of economic reform in 1978, many Chinese still had a vivid memory of markets and entrepreneurship from the 1950s, so it is perhaps not surprising that they were able to take advantage of economic liberalization in the following decade. While continuing to pay lip service to Mao and Marxism-Leninism, Deng effectively restored private property in the countryside and opened up the country to the global capitalist economy.

The total failure of centrally planned economies in countries like the Soviet Union and China to move beyond a 1950s level of industrialization undercut their ability to play important roles on the international stage, or even to safeguard their own national security. Mao’s persecution of competent technocrats during the Cultural Revolution proved to be an economic disaster of the first order that set China back a generation. One of Deng Xiaoping’s first acts when coming to power in the mid-1970s was therefore to restore prestige and dignity to the technical intelligentsia and to protect them from the vagaries of ideological politics, choosing the path of co-optation adopted by the Soviets a generation earlier. But the efforts to co-opt technological elites in the service of ideology eventually worked the other way as well: that elite, given a relatively greater degree of freedom to think and study the outside world, became familiar with and began to adopt many of the ideas current in that world.

Nonetheless, the unfolding of technologically driven economic modernization creates strong incentives for developed countries to accept the basic terms of the universal capitalist economic culture, by permitting a substantial degree of economic competition and letting prices be determined by market mechanisms. No other path toward full economic modernity has been proven to be viable. 9 The Victory of the VCR —Deng Xiaoping, in a 1982 speech1 Not a single country in the world, no matter what its political system, has ever modernized with a closed-door policy. The fact that capitalism was in some sense inevitable for advanced countries, and that Marxist-Leninist socialism was a serious obstacle to the creation of wealth and a modern technological civilization, may have seemed like commonplace knowledge by the last decade of the twentieth century.


pages: 1,509 words: 416,377

Under the Loving Care of the Fatherly Leader: North Korea and the Kim Dynasty by Bradley K. Martin

anti-communist, Asian financial crisis, colonial rule, cuban missile crisis, Deng Xiaoping, Dr. Strangelove, failed state, Ford Model T, four colour theorem, Great Leap Forward, guns versus butter model, illegal immigration, informal economy, kremlinology, land reform, means of production, Mikhail Gorbachev, military-industrial complex, Neil Armstrong, Potemkin village, profit motive, RAND corporation, Ronald Reagan, Shenzhen special economic zone , special economic zone, stakhanovite, two and twenty, UNCLOS, upwardly mobile, uranium enrichment, women in the workforce, zero-sum game

A Japanese newsman, in Pyongyang to cover the table tennis tournament, was sent home early after he filed an article reporting that the gold coating on a sixty-five-foot (twenty-meter) bronze statue of the Great Leader had been removed. His article cited a rumor among foreign residents in Pyongyang that Deng Xiaoping, during a visit not long before, had suggested to President Kim that a golden statue might be a bit too extravagant a display for a socialist country seeking Chinese economic aid. Son-hui arrives at the village where, following her wartime rescue from a burning house, she spent her childhood.

A slogan on the school building proclaimed: “Long Live Sino-Korean Friendship.” Strangely the marble tablets on Kim’s statue were blank. I wonder whether the Chinese had erased them— perhaps during the Cultural Revolution of the 1960s and ’70s, when the Red Guards criticized Kim harshly, or during the subsequent movement led by Deng Xiaoping and other reformers to stamp out signs of the discredited personality cult built around China’s own Mao Zedong. Or could it have been the North Koreans who chose to leave the tablets blank—because it was not then considered politic, from the standpoint of Korean nationalism, to advertise that Kim had been educated in a foreign language?

Partly because it was such a big country, though, Big Brother could not indoctrinate and monitor the people there as thoroughly and efficiently as in North Korea. Indeed, life in China had already started to change. Mao Zedong was dead and, with him, his catastrophic Great Proletarian Cultural Revolution. Although I did not yet know it, the vitality I saw was to power the amazing changes that were about to come to China under Deng Xiaoping’s reform-minded rule. At the time, though, if I could credit what my eyes revealed in terms of economic development, the comparison between North Korea and China seemed much more startling than any that could be made between North and South Korea.47 That seemed a likely partial explanation, at least, of why the Pyongyang regime contemplated only minor deviations from past practice.


pages: 561 words: 87,892

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

"World Economic Forum" Davos, Admiral Zheng, Alan Greenspan, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, Great Leap Forward, guns versus butter model, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, junk bonds, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low interest rates, low skilled workers, market clearing, Martin Wolf, mass immigration, Meghnad Desai, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, Savings and loan crisis, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, We are all Keynesians now, women in the workforce, working-age population, Y2K, Yom Kippur War

Changing patterns of trade and investment opportunities around the world provide compelling evidence of this shift. Yet many people are in denial. They still tend to think in the old domestic mindsets. They are slaves to national economic data that, for the most part, include only the most recent domestic economic developments. They are slaves to a world that, in effect, crumbled as Deng Xiaoping opened up China to the global economy at the beginning of the 1980s and as the Berlin Wall collapsed in 1989. During the 1980s, as cumbersome mainframe computers were replaced by PCs, economists began to calibrate statistically the ways in which economies operated. With reams of annual, quarterly, monthly, daily and even intra-day data at their disposal and with significant advances in computing power, they were able to build economic models linked to past reality (and, as the models became more complex, to ‘expected’ future reality).

There’s no reason why, for example, software development should reside only in Silicon Valley. Nowadays, India has its own technology industry. The economic effects of this ‘opening up’ are extraordinary. Since the 1980s, for example, Chinese incomes have risen at a faster rate than those in Europe for the first time in six centuries, thanks to Deng Xiaoping’s willingness to encourage China to engage with the rest of the world. China’s share of global output has consequently soared (from a low of 5 per cent in 1950 to 15 per cent by the beginning of the twenty-first century).19 So has its share of world trade. Chairman Mao famously boasted in the 1950s about China’s Great Leap Forward.

This vast improvement in productivity is, of course, good news both for the passengers and the environment. The calculation, however, reflects only technology improvement. In a world of scarce resources, what matters is not so much the improvement in technology but on how many occasions that technology is replicated. Before the arrival of Deng Xiaoping and the collapse of the Berlin Wall, technology replication was limited. Too many countries were shut off from new technologies and, even where they had access, they channelled those technologies into military, rather than civilian, ventures. No longer is this the case. More and more countries are using technology replication to improve the lives of their citizens.


pages: 300 words: 87,374

The Light That Failed: A Reckoning by Ivan Krastev, Stephen Holmes

active measures, Affordable Care Act / Obamacare, Andrei Shleifer, anti-communist, anti-globalists, bank run, Berlin Wall, Black Lives Matter, borderless world, Brexit referendum, corporate governance, David Brooks, deglobalization, deindustrialization, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, failed state, fake news, Fall of the Berlin Wall, Francis Fukuyama: the end of history, illegal immigration, Kickstarter, knowledge economy, kremlinology, liberal world order, mass immigration, Mikhail Gorbachev, Neil Armstrong, nuclear winter, obamacare, offshore financial centre, open borders, post-truth, postnationalism / post nation state, reserve currency, Ronald Reagan, shared worldview, South China Sea, Steve Bannon, the market place, Thorstein Veblen, too big to fail, Twitter Arab Spring, WikiLeaks

Writing a few months before the Germans would joyfully dance on the sledge-hammered remains of the Berlin Wall, he proclaimed the Cold War effectively over. The comprehensive victory of liberalism over communism had been sealed by a decade of economic and political reforms initiated in China by Deng Xiaoping and in the Soviet Union by Mikhail Gorbachev. The elimination of ‘the Marxist-Leninist alternative to liberal democracy’, Francis Fukuyama argued, signalled ‘the total exhaustion of viable systematic alternatives to Western liberalism’. Having been crowned by Marxists as the culmination of ‘History’ in the Hegelian sense, communism was suddenly demoted to ‘history’ in the American sense of something of negligible significance.

BEIJING’S 1989 To understand China’s crucial role in wrapping up our story, we need to revisit 1989 from a Chinese point of view. In the early summer of that pivotal year, the Chinese leadership dispatched several divisions of the Chinese Liberation Army to crush with tanks and live ammunition the pro-democracy movement on and around Tiananmen Square. Deng Xiaoping’s radical economic reforms, launched in 1978, had provided some of the most persuasive evidence for the prediction that free markets were bound to prevail everywhere over chronically inefficient command economies. But new opportunities for private gain created by market liberalization also fomented social unrest over flagrant inequalities, rampant inflation, favouritism and corruption.

It should come as no surprise, therefore, that America’s global agenda is transformative and generally supportive of regime change. The country’s foreign-policy-makers are not just rule-makers. They are missionary proselytizers for the American model, or at least they have been so through much of the country’s history until the presidency of Donald Trump. Deng Xiaoping called off Mao’s proselytizing mission. This retreat from an attempt to convert the world may have come naturally because, in its traditional self-understanding, China was the world. It is often remarked that China looks at itself not as a country but as a civilization. One might even say that it sees itself as a universe.


pages: 209 words: 53,236

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, Alan Greenspan, bank run, behavioural economics, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, currency risk, Daniel Kahneman / Amos Tversky, decentralized internet, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, guns versus butter model, Home mortgage interest deduction, impact investing, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeff Bezos, John Bogle, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, low interest rates, Marc Andreessen, Mark Spitznagel, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, obamacare, OSI model, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reality distortion field, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, Skinner box, smart grid, Solyndra, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game

I called for an efflorescence of entrepreneurship: “Let a billion flowers bloom.”2 When asked what would happen in 1997, when Great Britain was to transfer control of Hong Kong to the People’s Republic of China, I said, “1997 is the year that Hong Kong will begin to take over China.” At the time, I had no real sense of how this would happen. But the mayor of Shanghai and later PRC president, Jiang Zemin, and Premier Deng Xiaoping led a movement to duplicate the success of Hong Kong in “free zones” all along the coast of China. Beginning with Jiang’s Shanghai, these free zones, modeled on Hong Kong, produced what we all know now as the “Chinese miracle.” Conceived by Deng and Jiang, the free-zone strategy contrasts with the largely failed one-zone approach of the Soviet Union.

They do control vast regions of the country, but they do not dominate the rapidly emerging Chinese culture of enterprise, which for all its flaws and excesses is rapidly moving toward ascendancy in the world economy. China’s economic achievement, which has moved more people out of poverty than any country has ever done, proves that Jiang was right. Economic progress can definitely precede political democratization. Since 1982, when Deng Xiaoping declared that “to get rich is glorious,” China’s city dwellers have increased their incomes fourteenfold.8 Now the challenge is to show that a communist regime can use capitalist freedoms to expand democracy and civil liberty, which should be the next step for Jiang’s free-zone strategy. But our next step should be to address China’s critique of our own manipulative monetary policy.

See also global financial crisis Cuba, 46 currency digital, 67, 69, 72, 78–79, 86 floating, 10, 20, 33–34, 45, 57, 59, 106, 154 gold currency, 159 gold standard and, 9–10, 55, 75 manipulation, 14, 32, 40, 45–46, 49, 51 market-based, 81, 83 trading, 11–14, 34, 45, 54, 66, 89, 96–97, 101–10, 128, 133, 167–68, 170 D debt, 11, 13, 80, 89, 91, 94–95, 117, 129, 142, 152, 156–57 deflation and, 13, 78, 80, 116 inflation and, 116, 156 U.S. government, xiii–xiv, xvi, 3, 5–7, 14–15, 24, 32, 62, 93 Defense Advanced Research Projects Agency, xxii deflation, xix, 13, 78–81, 83, 85, 98–99, 116, 156 Democratic Party, Democrats, xi–xiii, xviii, xxi–xxii, 3–4, 6 Deng Xiaoping, 42, 51 deregulation, xvi, 13, 50, 150–51, 153 Deutsche Bank, 104, 127 digital currencies, 44, 68, 72, 79, 168, 170. See also bitcoin; Hayek money critiques of, 77 and elimination of currency speculation, 67 irreversibility of, 62–63, 70, 72, 74, 93, 157, 161, 163 popularity of, 69–70 Disney, 122 Dodd-Frank Act, 6, 57, 94 dot-com bubble, 13, 116–17, 121, 132 E eBay, 160 Ebbers, Bernie, 13 economies, xviii–xix, 23, 33, 47, 59, 85, 88, 105–6, 110, 116, 142, 156.


The New Map: Energy, Climate, and the Clash of Nations by Daniel Yergin

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", 3D printing, 9 dash line, activist fund / activist shareholder / activist investor, addicted to oil, Admiral Zheng, Albert Einstein, American energy revolution, Asian financial crisis, autonomous vehicles, Ayatollah Khomeini, Bakken shale, Bernie Sanders, BRICs, British Empire, carbon tax, circular economy, clean tech, commodity super cycle, company town, coronavirus, COVID-19, decarbonisation, deep learning, Deng Xiaoping, Didi Chuxing, disruptive innovation, distributed generation, Donald Trump, driverless car, Edward Snowden, Elon Musk, energy security, energy transition, failed state, Ford Model T, geopolitical risk, gig economy, global pandemic, global supply chain, green new deal, Greta Thunberg, hydraulic fracturing, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), inventory management, James Watt: steam engine, John Zimmer (Lyft cofounder), Kickstarter, LNG terminal, Lyft, Malacca Straits, Malcom McLean invented shipping containers, Masayoshi Son, Masdar, mass incarceration, megacity, megaproject, middle-income trap, Mikhail Gorbachev, mutually assured destruction, new economy, off grid, oil rush, oil shale / tar sands, oil shock, open economy, paypal mafia, peak oil, pension reform, power law, price mechanism, purchasing power parity, RAND corporation, rent-seeking, ride hailing / ride sharing, rolling blackouts, Ronald Reagan, Russian election interference, self-driving car, Silicon Valley, smart cities, social distancing, South China Sea, sovereign wealth fund, Suez crisis 1956, super pumped, supply-chain management, TED Talk, trade route, Travis Kalanick, Twitter Arab Spring, Uber and Lyft, uber lyft, ubercab, UNCLOS, UNCLOS, uranium enrichment, vertical integration, women in the workforce

Shih Hsiu-Chuan, “Ma Addresses Nation’s Role in S China Sea,” Taipei Times, September 2, 2014; “Joining the Dashes,” The Economist, October 4, 2014. Chapter 20: “Count on the Wisdom of Following Generations” 1. Ezra Vogel, Deng Xiaoping and the Transformation of China (Cambridge: Harvard University Press, 2013); Richard Baum, Burying Mao: Chinese Politics in the Age of Deng Xiaoping (Princeton: Princeton University Press, 1994); Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle for the World Economy (New York: Touchstone, 2002), p. 197. 2. Bill Hayton, The South China Sea: The Struggle for Power in Asia (New Haven: Yale University Press, 2014), pp. 28, 121 (“not wise enough”). 3.

Or, to use a more appropriate metaphor, two navies were on a collision course.8 Chapter 20 “COUNT ON THE WISDOM OF FOLLOWING GENERATIONS” In previous decades, flare-ups over the South China Sea receded as the nations in the region focused on economic growth. For no country was that truer than for China, with its 10 percent or more annual economic growth and what it would call its “peaceful rise.” And peace was the absolute necessity to allow such growth and China’s expanding role in the global economy. Deng Xiaoping knew, from all his life experience, the costs of war and upheaval. Paramount leader for two decades, Deng masterminded China’s move toward the market and its integration with the world economy. Once one of Mao’s most important lieutenants, he had been purged twice. That gave him ample time, first during years of exile, as a laborer in a tractor factory, and then under house arrest in Mao’s later years, to reflect on what had gone wrong with the revolution.

He has reasserted the primacy of the Communist Party and the state’s dominating role in the economy, initiated a massive anticorruption campaign, promoted a more assertive great power role for China on the world stage, elevated the navy and the air force, and reined in the internet. In 2018, the National People’s Congress made him president for life, breaking with the post-Deng tradition of term limits for presidents. The congress also elevated “Xi Jinping Thought” to the level of “Mao Zedong Thought” and “Deng Xiaoping Thought.” In turn, Xi declared that China now “stood tall and firm.” He evoked a “mighty east wind” that would carry China forward. And, with a message that he said was aimed at those “who are accustomed to threatening others,” and clearly referring to the South China Sea, he declared, “It is absolutely impossible to separate a single inch of territory of our great country.”


pages: 355 words: 92,571

Capitalism: Money, Morals and Markets by John Plender

activist fund / activist shareholder / activist investor, Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, Berlin Wall, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, bond market vigilante , bonus culture, Bretton Woods, business climate, business cycle, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, computer age, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, discovery of the americas, diversification, Eugene Fama: efficient market hypothesis, eurozone crisis, failed state, Fall of the Berlin Wall, fiat currency, financial engineering, financial innovation, financial intermediation, Fractional reserve banking, full employment, Glass-Steagall Act, God and Mammon, Golden arches theory, Gordon Gekko, greed is good, Hyman Minsky, income inequality, industrial research laboratory, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, joint-stock company, Joseph Schumpeter, labour market flexibility, liberal capitalism, light touch regulation, London Interbank Offered Rate, London Whale, Long Term Capital Management, manufacturing employment, Mark Zuckerberg, market bubble, market fundamentalism, mass immigration, means of production, Menlo Park, money market fund, moral hazard, moveable type in China, Myron Scholes, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, paradox of thrift, Paul Samuelson, plutocrats, price stability, principal–agent problem, profit motive, proprietary trading, quantitative easing, railway mania, regulatory arbitrage, Richard Thaler, rising living standards, risk-adjusted returns, Robert Gordon, Robert Shiller, Ronald Reagan, savings glut, shareholder value, short selling, Silicon Valley, South Sea Bubble, spice trade, Steve Jobs, technology bubble, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, Thorstein Veblen, time value of money, too big to fail, tulip mania, Upton Sinclair, Veblen good, We are the 99%, Wolfgang Streeck, zero-sum game

The trail blazed first by Japan, then by the Asian Tiger economies such as South Korea, Taiwan, Hong Kong, Thailand and Singapore, has been followed by other emerging market countries across the globe. As they go through one industrial revolution after another, these countries’ growth rates have accelerated to levels far beyond anything achieved through industrialisation in Europe and North America – most spectacularly so in the case of China, where the Communist Chinese leader Deng Xiaoping signalled a milestone in capitalism’s slow march towards respectability by declaring that ‘to get rich is glorious’. China’s economy grew at 10 per cent per annum on average during the 1990s and 2000s, while the three decades to 2010 saw an eightfold increase in per capita gross domestic product.

Yet, before writing off Weber it is important to remember that his concern here related to the very specific question of whether non-European traditions had religious and cultural characteristics that were capable of giving rise spontaneously to capitalist development in the way that Protestantism had done. The fact that non-Europeans subsequently borrowed the capitalist means of production from Europeans is not, in itself, a refutation of his thesis. The ultimate watershed on business’s long march from pariah status towards semi-respectability came when the Chinese leader Deng Xiaoping declared, after starting to open up China’s economy in 1978, that ‘to get rich is glorious’. Nuances may have been lost in the translation, but this embrace of capitalist values by a hardened veteran of the Communist struggle definitively put the big battalions behind the materialist side of the moral argument and appeared to draw down the curtain on the socialist backlash.

In a variation on the same theme, state revenue from manufacturing could also be put to use in financing wars. In mid-nineteenth-century Prussia, cash from substantial state-owned enterprises enabled Bismarck to escape accountability to a democratic parliament that he despised. In our own time, China’s decision under Deng Xiaoping to embrace a form of market capitalism from 1978 was driven as much or more by the desire to reassert China’s power and influence in the world – and no doubt by the Communist rulers’ urge to hang on to office – as by the wish to raise Chinese living standards. This connection between manufacturing capability and power seems to me to provide a genuine argument for concern about a decline in the manufacturing base, much as it does on the issues of energy and food security.


pages: 344 words: 93,858

The Post-American World: Release 2.0 by Fareed Zakaria

"World Economic Forum" Davos, affirmative action, agricultural Revolution, airport security, Alan Greenspan, anti-communist, Asian financial crisis, battle of ideas, Bear Stearns, Berlin Wall, Bretton Woods, BRICs, British Empire, call centre, capital controls, central bank independence, centre right, collapse of Lehman Brothers, conceptual framework, Credit Default Swap, currency manipulation / currency intervention, delayed gratification, Deng Xiaoping, double entry bookkeeping, failed state, Fall of the Berlin Wall, financial innovation, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, low interest rates, Mahatma Gandhi, Martin Wolf, mutually assured destruction, National Debt Clock, new economy, no-fly zone, oil shock, open economy, out of africa, Parag Khanna, postindustrial economy, purchasing power parity, race to the bottom, reserve currency, Ronald Reagan, Silicon Valley, Silicon Valley startup, South China Sea, Steven Pinker, Suez crisis 1956, The future is already here, The Great Moderation, Thomas L Friedman, Thomas Malthus, three-masted sailing ship, trade route, Washington Consensus, working-age population, young professional, zero-sum game

The signal for the latter event came in December 1978 at an unlikely gathering: the Third Plenum of the Eleventh Central Committee of the Communist Party of China, typically an occasion for empty rhetoric and stale ideology. Before the formal meeting, at a working-group session, the newly empowered party boss, Deng Xiaoping, gave a speech that turned out to be the most important in modern Chinese history. He urged that the regime focus on economic development and let facts—not ideology—guide its path. “It doesn’t matter if it is a black cat or a white cat,” Deng said. “As long as it can catch mice, it’s a good cat.”

In a delicately phrased set of warnings delivered in China in 2005, Lee Kuan Yew described his concerns not about China’s current leadership, or even the next generation, but about the generation after that, which will have been born in a time of stability, prosperity, and rising Chinese influence. “China’s youth must be made aware of the need to reassure the world that China’s rise will not turn out to be a disruptive force,” he said in a speech at Fudan University. Lee implied that what has kept Chinese leaders humble since Deng Xiao-ping is the bitter memory of Mao’s mistakes—fomenting revolutions abroad, the Great Leap Forward, and the Cultural Revolution, which together resulted in the deaths of about forty million Chinese. “It is vital,” Lee went on, “that the younger generation of Chinese who have only lived through a period of peace and growth and have no experience of China’s tumultuous past are made aware of the mistakes China made as a result of hubris and excesses in ideology.”

It has invaded us thirteen times since then.” But he also acknowledged, “it is a huge presence, our biggest exporter”—which means that their governments and peoples must approach the relationship pragmatically. Bookstores I visited in Vietnam prominently displayed the collected speeches of the Chinese leaders Deng Xiaoping, Jiang Zemin, and Hu Jintao. Before arriving in Vietnam, I had been in Tokyo, during Chinese Prime Minister Wen Jiabao’s 2007 state visit, and I heard a similar refrain. Wen finessed the many points of tension between the two countries and instead accentuated the positive—their booming economic ties.


pages: 372 words: 94,153

More From Less: The Surprising Story of How We Learned to Prosper Using Fewer Resources – and What Happens Next by Andrew McAfee

back-to-the-land, Bartolomé de las Casas, Berlin Wall, bitcoin, Blitzscaling, Branko Milanovic, British Empire, Buckminster Fuller, call centre, carbon credits, carbon footprint, carbon tax, Charles Babbage, clean tech, clean water, cloud computing, congestion pricing, Corn Laws, creative destruction, crony capitalism, data science, David Ricardo: comparative advantage, decarbonisation, DeepMind, degrowth, dematerialisation, Demis Hassabis, Deng Xiaoping, do well by doing good, Donald Trump, Edward Glaeser, en.wikipedia.org, energy transition, Erik Brynjolfsson, failed state, fake news, Fall of the Berlin Wall, Garrett Hardin, Great Leap Forward, Haber-Bosch Process, Hans Rosling, humanitarian revolution, hydraulic fracturing, income inequality, indoor plumbing, intangible asset, James Watt: steam engine, Jeff Bezos, job automation, John Snow's cholera map, joint-stock company, Joseph Schumpeter, Khan Academy, Landlord’s Game, Louis Pasteur, Lyft, Marc Andreessen, Marc Benioff, market fundamentalism, means of production, Michael Shellenberger, Mikhail Gorbachev, ocean acidification, oil shale / tar sands, opioid epidemic / opioid crisis, Paul Samuelson, peak oil, precision agriculture, price elasticity of demand, profit maximization, profit motive, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, Salesforce, Scramble for Africa, Second Machine Age, Silicon Valley, Steve Jobs, Steven Pinker, Stewart Brand, Ted Nordhaus, TED Talk, telepresence, The Wealth of Nations by Adam Smith, Thomas Davenport, Thomas Malthus, Thorstein Veblen, total factor productivity, Tragedy of the Commons, Uber and Lyft, uber lyft, Veblen good, War on Poverty, We are as Gods, Whole Earth Catalog, World Values Survey

The World Bank estimated that in 2016 more than 45 percent: “Individuals Using the Internet (% of Population),” The World Bank Data, accessed March 25, 2019, https://data.worldbank.org/indicator/IT.NET.USER.ZS?end=2016&start=1960&view=chart. “There are no fundamental contradictions between socialism and a market economy”: “Deng Xiaoping, Chinese Politician, Paramount Leader of China,” Wikiquote, September 5, 2018, https://en.wikiquote.org/wiki/Deng_Xiaoping. the Russian-made felt pen Gorbachev tried to use didn’t work: Conor O’Clery, “Remembering the Last Day of the Soviet Union,” Irish Times, December 24, 2016, https://www.irishtimes.com/news/world/europe/conor-o-clery-remembering-the-last-day-of-the-soviet-union-1.2916499.

This time, it’s happening with head-spinning speed. Massive Market Entry Has capitalism also spread around the world in recent years? Yes. In 1978, two years after Mao Zedong died, the Central Committee of China’s Communist Party convened to decide on the country’s economic strategy. Paramount leader Deng Xiaoping persuaded his colleagues to adopt an approach radically different from the Marxist path of strong central planning and hostility to private property and international trade that had prevailed up to that point. The new approach was called “reform and opening up.” It was also referred to as “socialism with Chinese characteristics,” but a better label for it might be “Chinese authoritarianism with some capitalist characteristics.”

Møller-Maersk, 257 Apollo 8 mission, 53–54 apparent consumption, 78–79 Apple, 102, 111, 169, 235, 257 Applebaum, Anne, 218 Arab oil embargo, 161 Ardekani, Siamak, 75 artificial intelligence, 205 Asch, Solomon, 226 Atacama Desert, 17 “Atoms for Peace,” 58–59 Audubon, John James, 43, 258 Austin, Benjamin, 254 Ausubel, Jesse, 4–5, 75, 76, 78, 183 authoritarianism, 174, 217–18, 220 automobiles, 161–63 back to the land movement, 67–68, 91–93 bananas, 24 Baron, Jonathan, 127 BASF, 31 Beach, Brian, 41 beefalo, 182 Bergius, Friedrich, 31 Berzin, Alfred, 164 Bezos, Jeff, 206 Bhattacharjee, Amit, 127 Bishop, Bill, 227 Bismarck, Otto von, 225 bison, 44–46, 96, 152–53, 183 Blake, William, 40–41 Blomqvist, Linus, 270 Bloom, Paul, 210 blue whales, 47 Borlaug, Norman, 31–32, 262 Bosch, Carl, 31 Boulding, Kenneth, 63–65 Boulton, Matthew, 15–16, 20, 121, 206 Bowling Alone (Putnam), 213 Brand, Stewart, 67–68, 182, 183 Brandeis, Louis, 259 Brazil, 173, 174 Brynjolfsson, Erik, 112, 205 Bump, Philip, 224 cap-and-trade programs, 143–44, 145, 187, 188 capitalism, 2–3, 4, 5, 36, 99–123, 113, 125–39, 141, 151, 158–59, 161, 167–68 critiques of, 126–31 defining of, 115–18 negatives of, 142–43 spread of, 170–73 carbon capture systems, 187 carbon dioxide, 185, 188–89 carbon offsets, 259–60 carbon taxes, 187, 249–50, 252, 257, 259 Caro, Robert, 29n Case, Steve, 256 CBS Evening News with Walter Cronkite, 53 central planning, 116, 122, 170 cerium, 107 Chávez, Hugo, 134–35 Chicago and North Western Railway, 105–06 child labor, 35, 38–39, 167 child mortality, 196–97 China, 85, 93–94, 106, 110, 133, 145, 154, 172, 174, 185 chlorofluorocarbons, 149–50, 185, 228, 249 cholera, 22–23, 26 Christensen, Clay, 265 Christmas Carol, A (Dickens), 24 chromium, 72 Church, George, 182 Cichon, Steve, 101–02 circle of sympathy, 176 Civil War, US, 38 Clapham, Phillip, 163 Clark, Gregory, 10–11, 20 Clean Air Act, 66, 95, 122, 143, 147, 161 Clean Water Act (1972), 66, 190, 252–53 climate change, 60, 158, 185, 228, 243, 248, 257, 269, 274 Clinton, Hillary, 201, 224 Closing Circle, The (Commoner), 64 coal, 16, 18, 19, 40, 41, 56 as finite resource, 48–49 Coal Question, The (Jevons), 48, 49 Coase, Ronald, 143 collusion, 129 colonialism, 35, 39–40, 167 Commoner, Barry, 64 commons, 183–84 communism, 133, 172 Communist Manifesto, The (Marx and Engels), 21 comparative advantage, 19n competition, 109–10, 116, 129, 203 computer-aided design, 113 computers, 141 concentration, 199–210, 218, 224 economic, 202–03 industrial, 204 of wealth, 205–07 Condition of the Working Class in England, The (Engels), 21 Congo Free State, 39 conservationists, 95–96 conspicuous consumption, 152 Constitution, US, 38 consumption, 63–64, 88–90 contract enforcement, 116 Cooke, Earl, 60 Coors, 101 copper, 79, 80, 90, 107, 120 coprolite, 18 Cordier, Daniel, 106–07 Corn Laws, 18, 172 Corporate Average Fuel Economy (CAFE) standards, 162 corporatism, 129 corruption, 175 cotton industry, 38 cotton textiles, 19 Cramer, Kathy, 221 CRIB, 62–68, 87–97 cronyism, 129 Crookes, William, 30 crude oil, 58 “Crude Oil” (GAO), 103 Crutzen, Paul, 150 Cuba, 133 Cutler, David, 28 Cutter, Bo, 105 Cuyahoga River, 54 Daimler, Gottlieb, 26–27 Dana, Jason, 127 Davenport, Thomas, 27 de-extinction movement, 182 death penalty, 176 deaths of despair, 214, 216, 219–20, 247 Deaton, Angus, 210, 213–14, 220 DeepMind, 239–40 deforestation, 43, 184–85 degrowth, 63–64, 88 demand, 50–51 dematerialization, 4–5, 71, 72–73, 75–85, 87, 125, 141, 144, 151–52, 160, 167, 168, 235, 247–48, 259 causes of, 99–123 paths to, 110–11 Demick, Barbara, 94 democracy, 174 Democracy in America (Tocqueville), 89–90 democratic socialism, 133–34 Deng Xiaoping, 170 Denmark, 117–18 developing countries, 56 Devezas, Tessaleno, 73 Dickens, Charles, 24 digital tools, 234–35 Dijkstra, Lewis, 199 Dimon, Jamie, 256 Ding Xuedong, 253 disconnection, 211–29, 247, 253–54, 255, 270–71 diversity, 216–17 Dodge, Irving, 45 Donora, Pa., 41, 55, 66, 145 Dragusanu, Raluca, 268 data centers, 240 Duolingo, 236 DuPont, 149 Durkheim, Emile, 215–16, 219 Earth Day, 3, 53, 60–61 Earthrise, 53–54 Ecology as Politics (Gorz), 63–64 Edison, Thomas, 27 education, 177, 195, 256 Ehrlich, Paul, 55, 59, 62, 65, 71–72, 75, 151, 244–45 Eisenhower, Dwight, 58 electrical power, 26–28, 29, 30, 36 Elephant Graph, 221–23 elephants, 153–54 Elop, Stephen, 102 Emancipation Proclamation, 38 emancipative values, 176 energy consumption, 58–60, 59 Energy Information Administration, US, 103 Engels, Friedrich, 21 Engels Pause, 20, 23 England, 18–20, 22, 38 abolitionist movement in, 37 air pollution in, 41 population of, 10–11 population versus wages in, 20 Enlightenment, 122–23 Enlightenment Now (Pinker), 37, 176, 179 environmental movement, 53, 65, 68, 122 Environmental Protection Agency, 66, 95 ephemeralization, 70–71 epidemiology, 22 Essay on the Principle of Population, An, (Malthus), 8–9, 10, 13 Evans, Benedict, 173 externalities, 142 extinctions, 35, 36, 42–43, 61, 96, 151–52, 167, 181–82 Factfulness (Rosling), 179 Factory Act (1833), 38 factory ships, 47 Fair Trade certification, 268 false imprisonment, 175 famine, 12, 13, 61, 62, 69 Famine 1975!


From the Ruins of Empire: The Intellectuals Who Remade Asia by Pankaj Mishra

anti-communist, Ayatollah Khomeini, British Empire, classic study, colonial exploitation, colonial rule, Deng Xiaoping, European colonialism, financial innovation, Great Leap Forward, invention of the telegraph, joint-stock company, Khartoum Gordon, land reform, Mahatma Gandhi, Monroe Doctrine, New Urbanism, plutocrats, profit motive, Scramble for Africa, Suez canal 1869, Suez crisis 1956, the scientific method, upwardly mobile, urban planning, W. E. B. Du Bois, Washington Consensus, young professional

He also successfully advocated China’s entry into the First World War in 1917; he calculated that to emerge on the winning side was the best way to insert China into the international system, cancel the unequal treaties that still bound her, and recover the Shandong peninsula from the Japanese. As part of Liang’s deal with the Allied powers, Chinese workers and students, among them the first generation of Communist leaders such as Zhou Enlai and Deng Xiaoping travelled to France to work and study there. Nevertheless, Liang’s political career had proved to be disastrous. Returning to China after fifteen years, he had thrown himself into the tumult of the post-Qing state only to find himself utterly compromised by politically expedient associations with corrupt and violent warlords.

Still hopelessly aspiring to restore the monarchy with Confucian underpinnings, Kang Youwei nevertheless admitted that if any ‘real public opinion or real people’s rights have been seen in China in the eight years’, it was due to the ‘students’ actions’.45 The Chinese worker-students who had gone to France during the war had not been as unlucky as Vietnamese and Indian soldiers. Still, they returned to China radicalized by their harsh exposure to Europe. Deng Xiaoping later recalled the ‘sufferings of life and the humiliations brought upon [us] by … the running dogs of capitalists’.46 Upon arrival in France, I learned from those students studying on a work-study program who had come to France earlier that two years after World War I, labor was no longer as badly needed as in the wartime … and it was hard to find jobs.

Many Chinese looked forward to 1997 – the year the British lease on Hong Kong, exacted from the hapless emperor after the Opium War, was to expire – as a likely salve for a ‘century of humiliation’; and anyone appearing to stand in their way – Margaret Thatcher, the British prime minister, or Chris Patten, the last British viceroy of Hong Kong – or seeming to display the old British attitude of condescension and superiority was attacked, often viciously. Nothing revealed British weakness in Chinese eyes (and gladdened Chinese hearts) more than a widely distributed picture of Mrs Thatcher emerging from a blunt talking-to by Deng Xiaoping and then stumbling on the steps of Beijing’s Great Hall of the People and ending up on her knees. The handover of 1997 came and went. The British retreated; Hong Kong returned to Chinese control. But Chinese nationalism, inflamed again in 1999 by NATO’s accidental bombing of the Chinese embassy in Belgrade and by other real and imagined slights from the West, remains a potent force.


pages: 239 words: 62,311

The Next Factory of the World: How Chinese Investment Is Reshaping Africa by Irene Yuan Sun

"World Economic Forum" Davos, asset light, barriers to entry, Bretton Woods, business logic, capital controls, clean water, Computer Numeric Control, deindustrialization, demographic dividend, Deng Xiaoping, Donald Trump, European colonialism, floating exchange rates, full employment, global supply chain, Great Leap Forward, invisible hand, job automation, low skilled workers, M-Pesa, manufacturing employment, means of production, mobile money, Multi Fibre Arrangement, post-industrial society, profit motive, purchasing power parity, race to the bottom, RAND corporation, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Skype, special economic zone, structural adjustment programs, tacit knowledge, Triangle Shirtwaist Factory, union organizing, Washington Consensus, working-age population

Sun was dropping out of school and going to work in a factory in Wenzhou, foreign investment from companies experiencing high costs in their home countries flooded into China, and large numbers of Chinese laborers, like the Mr. Chens, went to work for Taiwanese and other foreign firms. In the early 1980s, when China was poorer on a per capita basis than Ethiopia and Mali, Deng Xiaoping set the country a target that seemed crazy at the time: quadrupling its GDP in twenty years and quadrupling it again in another fifty years—that is, increasing it sixteenfold by 2050.14 Ignoring the Washington Consensus and other Western development advice, the Chinese strategy was Mr. Sun’s strategy on a grand scale: learn how to make things, make them, and sell them.

For the development institutions of this moment to chart a new path past the failures of their predecessors, they must refashion global development to be more humble, more creative, and more responsive to changing conditions and emerging opportunities. Two generations ago, China pioneered this approach when Deng Xiaoping called for his country to “cross the river by feeling the stones”—advice that recognizes the limits of grand planning and instead privileges learning and flexibility. Rather than re-creating and extending an ossified global development industry, with its theories and its experts, the new institutions backed by developing countries should aim for a different model, one that rejects dogma and reflects their own incremental, idiosyncratic experiences.

., 52 unions in, 102–105 See also textile manufacturing Coca-Cola, 138 colonialism, 129 commitment, personal, 32–33, 45–47, 70–71, 85, 167–169 commodity prices, 65 competitor sets, 52–53 corruption, 7–8, 74, 130 in manufacturing, 74–81 in Nigeria, 39, 40–41, 63, 75–78, 136–140 Corruption Perceptions Index, 77 Côte d’Ivoire, 120 cultural differences, 97–98 customers, 52–54, 65 Dangote, Aliko, 10 demand, changes in, 65 demographics, 92–94, 181n11, 190n14 Deng Xiaoping, 29–30, 175 Department for International Development, UK, 82, 154 diversity, 51–54 Doctors Without Borders, 158–159 donor fatigue, 158–159 Dutch disease, 36 East Asian miracle, 29 Ebola virus, 158 economic development, 106–107 bootstrapping, 132–136, 147–148, 165–166 China, 18–19, 28, 29–30 East Asia, 29 education and, 4–5 endowment theory of, 9–10, 135–136 flying geese theory and, 27–29 future of, 174–177 industrialization and, 12–13, 20 leapfrogging, 22 overconfidence for, 165–166 Washington Consensus on, 20–22 education, 4–5, 30, 95–96 worker skills training, 129–134, 148–150 Edwards, Lawrence, 57 efficiency, 46–47, 71–72, 118 employment, 43–44, 89–107 benefits of manufacturing, 94–96 cultural differences and, 96–98 difficulty of factory, 91, 100–101 fluctuations in, 57, 64 full, 91, 93 informal sector, 94 labor- vs. capital-intensive production and, 51, 52 learning manufacturing through, 17–19, 23–26, 89–91 of locals vs. expatriates, 57, 92–93, 184n5 stability in, 60–61, 64 of youth, 130 enabling context, 135 endowment theory of development, 9–10, 135–136 environmental issues, 7–8, 70, 74, 75, 81, 175–177 ethics issues, 159–160 Ethiopia, 11, 73 factory ownership in, 113 local ownership in, 120–123 pharmaceutical industry, 121–123, 156–157, 163–169 Eubank, Nicholas, 140–141 European Union, 53–54 exchange rates, 36–37, 54, 56, 65 FAW, 2, 5–6, 12 flexibility, 146–148 flip-flops, 46–47, 63 flying geese theory, 9, 23–30, 93, 112–113 Fokuo, Isaac, 129–132 Ford Foundation, 82 foreign investment, 33–34, 42–44, 73–74 Formosa denim mill, 57–61, 64, 184n6 Forum on China-Africa Cooperation, 137 Four Asian Tigers, 29 Frederick, Kenneth, 79–81 French, Howard, 97 Gap, Inc., 117 Gates Foundation, 154 GDP from African manufacturing, 41 China, 2–3, 29–30 Ghana, 41 Lesotho, 62, 184n13 manufacturing and increased, 26–27 Nigeria, 36, 62 gel capsules, 121–123 Germany, pharmaceutical industry in, 156, 192n12 Gerschenkron, Alexander, 99 Ghana, 41 GlaxoSmithKline (GSK), 166, 167, 194n37 global competition, 37–39, 40–41, 70, 71–74 Global Corruption Barometer, 137 Global Fund, 154, 159 Goodall, Jane, 129 governance, 22, 82 bootstrapping development and, 132–136 good enough, 129–150 improving through using, 136–142 innovation and, 142–148 Nigerian customs agency and, 136–140 prevailing views on, 134–136 government development of with industrialization, 82–84 enforcement capacity and, 79–81 export-oriented manufacturing and, 63–64 loans, 65 Nigerian textile manufacturing and, 35, 37–39, 53 pharmaceutical industry and, 164–165 regulatory systems, 70, 74–75 in shaping manufacturing sectors, 65–66 Washington Consensus on, 20 Gu, Barry, 67–69, 84–85 Han, Jason, 138–140 hardships, willingness to endure, 167–168.


pages: 485 words: 133,655

Water: A Biography by Giulio Boccaletti

active transport: walking or cycling, Anthropocene, Asian financial crisis, Bretton Woods, British Empire, business cycle, clean water, conceptual framework, Corn Laws, deindustrialization, demographic transition, Deng Xiaoping, energy transition, financial engineering, Great Leap Forward, invisible hand, John Snow's cholera map, joint-stock company, land reform, land tenure, linear programming, loose coupling, market fundamentalism, mass immigration, means of production, Medieval Warm Period, megaproject, Mohammed Bouazizi, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, opioid epidemic / opioid crisis, Peace of Westphalia, phenotype, scientific management, South China Sea, Suez crisis 1956, text mining, the long tail, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, trade route, Washington Consensus, Works Progress Administration, Yom Kippur War, zero-sum game

It was the product of a hundred-year-old dream steeped in republican values, one which spoke of commonwealth and progress, of rights of individuals and national aspirations, and which had crystallized long before the modern multipurpose dam had become a common feature of the landscape. Dr. Sun’s dream gave the idea of Three Gorges Dam the strength to persist through time, through Chiang Kai-shek’s Nationalist government, through Mao Zedong’s era, through Deng Xiaoping’s reforms, to, finally, Li Peng’s premiership. Once built, the dam seemed to prove that those living downstream could sleep soundly in the knowledge that something powerful watched over them. The significance of that security was in its political intent. Its engineering had become an instrument of the state in creating an illusion of final emancipation from nature in service of a commonwealth.

At a time of nationalism, chauvinism, and extractive, zero-sum-game relationships between countries, Sun believed that development in China would happen in collaboration with the West. The American minister to Beijing, Charles R. Crane, thought Sun’s ideas were “impractical and grandiose,” but in truth Dr. Sun was prescient: Many of his plans were not that far from those put forward much later by Deng Xiaoping, the architect of China’s opening up to the West. When Sun Yat-sen died in 1925, none of his dreams had been realized. But it is fair to say that in the mix of republicanism, socialism, and planned economy that came through his writing, he had captured something of the dominant wind that was sweeping the world.

In reality, while most observers’ gaze was fixated on the merits or demerits of Western involvement in the replumbing of the world, the action had already begun moving east, where the neoliberal revolution had only partly changed the role of the state. China’s journey took a distinct turn when Deng Xiaoping rose to power at the end of the seventies. He recognized the need for a mixed approach, one in which—contrary to Mao’s beliefs—markets could help allocate resources, while government maintained full control of infrastructure investments and strategic sectors to drive a structural adjustment from agriculture to industry and services.


pages: 350 words: 103,988

Reinventing the Bazaar: A Natural History of Markets by John McMillan

accounting loophole / creative accounting, Albert Einstein, Alvin Roth, Andrei Shleifer, Anton Chekhov, Asian financial crisis, classic study, congestion charging, corporate governance, corporate raider, crony capitalism, Dava Sobel, decentralized internet, Deng Xiaoping, Dutch auction, electricity market, experimental economics, experimental subject, fear of failure, first-price auction, frictionless, frictionless market, George Akerlof, George Gilder, global village, Great Leap Forward, Hacker News, Hernando de Soto, I think there is a world market for maybe five computers, income inequality, income per capita, independent contractor, informal economy, information asymmetry, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John Perry Barlow, John von Neumann, Kenneth Arrow, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, ought to be enough for anybody, pez dispenser, pre–internet, price mechanism, profit maximization, profit motive, proxy bid, purchasing power parity, Robert Solow, Ronald Coase, Ronald Reagan, sealed-bid auction, search costs, second-price auction, Silicon Valley, spectrum auction, Stewart Brand, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, War on Poverty, world market for maybe five computers, Xiaogang Anhui farmers, yield management

Then a high-level Beijing official traveled to Xiaogang and neighboring villages to study the effects of individual farming. His report, which concluded that individual farming increased output and improved living standards, became influential when it was circulated among the national leaders. At a Communist Party conference in 1982, four years after the Xiaogang villagers’ meeting, China’s paramount leader Deng Xiaoping endorsed the reforms. In 1983 the central government formally proclaimed individual farming to be consistent with the socialist economy and therefore permissible. By 1984, just six years after Xiaogang started the movement, there were no communes left. The communes had relied on appeals to work for the common good more than on individual incentives.

“No matter how hard I rang the bell or blew the whistle, I couldn’t get anyone to go into the fields.” The missing incentives translated into low output. Agricultural productivity was actually lower in 1978 than it had been in 1949, when the communists took over. Some in the West used to see the communes in a romantic light. At a White House dinner party held in honor of Deng Xiaoping during his visit to the United States in 1979, just after the reforms had begun, he was seated next to Shirley MacLaine. The movie star took the opportunity to describe her trip to China in 1973, during the Cultural Revolution, that time of national paranoia when many who were out of favor with Mao Zedung’s government were forcibly removed from the cities and compelled to work in communes.

While the communist government faced no challenge, it had lost whatever legitimacy it might once have had, reform-era China being communist only in name. Its legitimacy as the government, and its ability to preempt any future political opposition, rested on its delivering economic growth. High officials in Deng Xiaoping’s government understood enough about economics to recognize that growth requires markets and markets require assured property rights. The Communist Party had retained its highly disciplined organization and so was able to prevent self-seeking behavior by low-level officials. The state motivated local officials to maintain agricultural output growth by rewarding them with bonus payments and promotion, and by firing them if output targets were not met.


pages: 471 words: 97,152

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller

affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, business cycle, buy and hold, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, Future Shock, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, junk bonds, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Michael Milken, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Phillips curve, plutocrats, Post-Keynesian economics, price stability, profit maximization, public intellectual, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, W. E. B. Du Bois, We are all Keynesians now, working-age population, Y2K, Yom Kippur War

Indeed, it is in this last category, stories, where Animal Spirits itself fits in, because the goal of the book is to give its own story about how the economy behaves. Its intent is to tell a more accurate story than the dominant one of the past thirty years or so, ever since the free market revolution that swept the world, under the leadership of Margaret Thatcher, Ronald Reagan, Deng Xiaoping, Manmohan Singh, Mikhail Gorbachev, Brian Mulroney, Bertie Ahern, Carlos Salinas de Gotari, Fernando Henrique Cardoso, Carlos Menem, and others. These stories, embellished by oft told vignettes of newly successful people, and in their mostly justified enthusiasm for expanded free markets, led to too much economic tolerance.

These campaigns, which made saving everyone’s patriotic duty, set the stage for today’s high saving rates. The modern economic history of China begins in 1978, two years after the death of Chairman Mao Zedong. In a celebrated speech at the third plenum of the Eleventh Party Congress, Vice Premier Deng Xiaoping made it clear that the government would support private investment in China. The Chinese economic miracle had begun. Some small Chinese villages, such as Huaxi and Liutuan, made spectacularly successful investments in village enterprises starting in the late 1970s. Renowned for their success, they became models throughout China.

We are still influenced by the old Lei Feng example of frugality and struggle against harsh conditions.” Andy asked him if he had made any appeal to patriotism or collectivism to get the villagers to contribute to the enterprise, and the mayor answered: “Yes indeed. I basically used three kinds of arguments. First, the country has been changing. Deng Xiaoping has opened the country up and what we would be doing would change the country and make it a better place. Secondly, I told them that the village business is good for the village itself and was good for everybody. Thirdly, I told them that I managed this business secretly for ten years and I knew how it worked, so my managerial skills could be trusted.”


pages: 162 words: 34,454

Mad Mobs and Englishmen? Myths and Realities of the 2011 Riots by Steve Reicher, Cliff Stott

Brixton riot, Deng Xiaoping, Fellow of the Royal Society, Intergovernmental Panel on Climate Change (IPCC), New Urbanism

If we move closer to the present day we find a Romanian Communist Party Official describing the crowds challenging the rule of President Ceausescu as ‘hooligans, fascists, and corrupt and retrograde elements ... They also attracted children into these actions. All were drunk, including the children and the women.’47 Equally, the Chinese Communist leader Deng Xiaoping characterized the events of Tiananmen Square as ‘a planned conspiracy’. Those taking part were ‘an extremely small number of people with ulterior motives taking advantage of the young students’ feelings ... to spread all kinds of rumours to poison and confuse people’s minds.’48 Finally, moving right up to 2011, we can look to the Arab Spring.

In one of those cities alone, Detroit, 43 people died, 467 were injured, there were over 7,000 arrests whilst over 2,000 buildings were destroyed.81 Yet, for all this, evidence moved Fogelson to write that restraint and selectivity were among the most crucial features of the riots.82 Agitator Arguments This final approach serves two functions. On the one hand, the notion that outsiders – especially foreign outsiders – control crowds allows authorities to declare that riots are not the work of ‘our’ people but rather work against our people. From Deng Xiaoping and his ‘planned conspiracy’ to Ceausescu and his ‘small number of people with ulterior motives’ and the Daily Express’s ‘Moscow trained hit squads’, the idea is that anyone who condones riots is a traitor. On the other hand, the agitator myth implicitly recognizes that riots are more organized and less chaotic than is often admitted.


Capitalism, Alone: The Future of the System That Rules the World by Branko Milanovic

affirmative action, Asian financial crisis, assortative mating, barriers to entry, basic income, Berlin Wall, bilateral investment treaty, Black Swan, Branko Milanovic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, dematerialisation, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, ghettoisation, gig economy, Gini coefficient, global supply chain, global value chain, Great Leap Forward, high net worth, household responsibility system, income inequality, income per capita, invention of the wheel, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, low skilled workers, Lyft, means of production, new economy, offshore financial centre, Paul Samuelson, plutocrats, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Robert Solow, Silicon Valley, single-payer health, special economic zone, Tax Reform Act of 1986, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, uber lyft, universal basic income, Vilfredo Pareto, Washington Consensus, women in the workforce, working-age population, Xiaogang Anhui farmers

The bureaucracy needs to be technocratic and the selection of its members merit-based if it is to be successful, especially since the rule of law is absent. The absence of a binding rule of law is the second important characteristic of the system. Deng as the founding father of modern political capitalism Deng Xiaoping, China’s preeminent leader from the late 1970s to the mid-1990s, could be considered the founding father of modern political capitalism, an approach—more than an ideology—that combines private-sector dynamism, efficient rule of bureaucracy, and a one-party political system. Zhao Ziyang, who was prime minister of China and, for a brief period, secretary general of the Communist Party (but was deposed in 1989 after the Tiananmen events), described in his memoirs Deng’s political views thus: “[He] was particularly opposed to a multiparty system, tripartite separation of power and the parliamentary system of western nations—and firmly rejected them.

The Soviet Union, after World War II, simultaneously liberated and occupied some of these same countries by imposing its own economic and political system. Likewise, and on a much grander scale, the United States promoted and often imposed the capitalist system through coups and military actions. Is China ready to do the same? But first we have to ask whether political capitalism, as defined by Deng Xiaoping, is likely to survive for a long time in China itself. 3.5a Will the Bourgeoisie Ever Rule the Chinese State? China is not the West. But what exactly is the difference, in the long-term context, between the two? This is a huge question that has acquired additional importance in the past two decades due to the rise of China, the evident contrast between the organization of Chinese and Western economies, and (not least) the much improved historical data we now have.

World Development Report 2019. http://pubdocs.worldbank.org/en/816281518818814423/2019-WDR-Concept-Note.pdf. World Inequality Report 2018, coordinated by Facunto Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. Paris, December 2017. Wu, Guoyou. 2015. The Period of Deng Xiaoping’s Reformation. Beijing: Xinhua Publishing House / Foreign Language Press. Wu, Ximing, and Jeffrey Perloff. 2005. “China’s Income Distribution, 1985–2001.” Review of Economics and Statistics 87(4): 763–775. Xia, Ming. 2000. The Dual Developmental State: Development Strategy and Institutional Arrangements for China’s Transition.


pages: 460 words: 107,454

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab, Peter Vanham

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

As the 1980s progressed, the economies of Eastern Europe started to collapse. Their failure at this industrial transition point showed that the state-led economic model put forth by the Soviet Union was less resilient than the market-based one promoted by the West. In China, the government of new leader Deng Xiaoping started its own Reform and Opening-Up in 1979, gradually introducing capitalist and market-based policies (see Chapter 3). In 1989, Germany experienced a moment of euphoria, as the Berlin Wall, which separated East from West, fell. Shortly thereafter, political reunification of Germany was at last established.

Hong Kong didn't stand still either, but it now has a formidable twin next door. How did this turnaround happen? And what does it tell us about the broader shift of the world economy to the East? China's Special Economic Zones I first visited China in April 1979. The country's new leader Deng Xiaoping had only been in power for about a year, and the land I encountered was still deeply impoverished. China had suffered for a long period from foreign invasions, civil war, and policies that had failed to deliver any meaningful economic progress. That detrimental situation had been 150 years in the making.

On the social and economic front, the People's Republic in its early years did not manage to bring about the progress enjoyed in other regions, including the United States, Western Europe, and the Soviet Union. The country reverted to autarky in terms of food production, central planning for its industrial production, and severe restrictions in terms of political and cultural freedoms. By the late 1970s, when Deng Xiaoping came to power as successor of Mao, the Chinese economy was a shadow of its former self. The Middle Kingdom (as China is sometimes called) had become a developing country, and many of its people lived below the poverty line. Deng wanted to change that, and in 1978, he visited Singapore. At the time, the island city-state was one of the four so-called Asian Tigers (Hong Kong, Taiwan, Singapore, and South Korea), economies that saw a rapid development in the 1960s and 1970s based on foreign direct investments (FDI), the shielding of key industries from foreign competition, and export-led growth.


pages: 460 words: 107,454

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

As the 1980s progressed, the economies of Eastern Europe started to collapse. Their failure at this industrial transition point showed that the state-led economic model put forth by the Soviet Union was less resilient than the market-based one promoted by the West. In China, the government of new leader Deng Xiaoping started its own Reform and Opening-Up in 1979, gradually introducing capitalist and market-based policies (see Chapter 3). In 1989, Germany experienced a moment of euphoria, as the Berlin Wall, which separated East from West, fell. Shortly thereafter, political reunification of Germany was at last established.

Hong Kong didn't stand still either, but it now has a formidable twin next door. How did this turnaround happen? And what does it tell us about the broader shift of the world economy to the East? China's Special Economic Zones I first visited China in April 1979. The country's new leader Deng Xiaoping had only been in power for about a year, and the land I encountered was still deeply impoverished. China had suffered for a long period from foreign invasions, civil war, and policies that had failed to deliver any meaningful economic progress. That detrimental situation had been 150 years in the making.

On the social and economic front, the People's Republic in its early years did not manage to bring about the progress enjoyed in other regions, including the United States, Western Europe, and the Soviet Union. The country reverted to autarky in terms of food production, central planning for its industrial production, and severe restrictions in terms of political and cultural freedoms. By the late 1970s, when Deng Xiaoping came to power as successor of Mao, the Chinese economy was a shadow of its former self. The Middle Kingdom (as China is sometimes called) had become a developing country, and many of its people lived below the poverty line. Deng wanted to change that, and in 1978, he visited Singapore. At the time, the island city-state was one of the four so-called Asian Tigers (Hong Kong, Taiwan, Singapore, and South Korea), economies that saw a rapid development in the 1960s and 1970s based on foreign direct investments (FDI), the shielding of key industries from foreign competition, and export-led growth.


pages: 408 words: 105,715

Kingdom of Characters: The Language Revolution That Made China Modern by Jing Tsu

affirmative action, British Empire, computer age, Deng Xiaoping, Frederick Winslow Taylor, Great Leap Forward, information retrieval, invention of movable type, machine readable, machine translation, Menlo Park, natural language processing, Norbert Wiener, QWERTY keyboard, scientific management, Silicon Valley, smart cities, South China Sea, transcontinental railway

By comparison, the number of letters in the Roman alphabet fluctuated until the sixteenth century, when the letter “j” split from “i” and completed the twenty-six-letter set. Chinese heads of state are probably the only political leaders in the world who can still be seen demonstrating their cultural prowess at official occasions, in their case by dashing off a few characters or auspicious phrases with an ink brush. Deng Xiaoping was reputedly a bit shy, but his immediate predecessor and onetime rival, Hua Guofeng, devoted his late life to the practice, and former president Hu Jintao was fond of displaying his penmanship in public. Mao’s calligraphy still sits prominently on the masthead of the country’s official newspaper, the People’s Daily, and recent computerized handwriting analysis showed that Xi Jinping’s style is remarkably similar.

After more than a decade of isolation, China could at last have a shot at communicating with the world and managing its own flow of information digitally. Zhi’s invention also provided a much-needed boost in morale. Mao was gone, and the Gang of Four had been charged with treasonous and counterrevolutionary crimes. China needed healing and its people a reason to believe that the party could still lead them forward. Deng Xiaoping, China’s new leader, soon announced his Four Modernizations program. Three of the areas were agriculture, industrialization, and national defense; the fourth, science and technology, would determine the ultimate success of the three and be the party’s new ideological touchstone. Zhi Bingyi, “The Chinese Script Has Entered the Computing Machine.”

U.S. president Richard Nixon’s landmark visit in 1972 signaled the beginning of the Cold War’s gradual thaw. Diplomatic relations between China and the United States resumed, and the loosening of restrictions on academic and scientific exchanges made visits like that of the Xinhua team to Japan possible. The following year, Deng Xiaoping was rehabilitated after having been denounced by the Communist Party and made to work in a tractor repair factory for almost four years. Succeeding Mao, he would turn the political focus to advancing science and technology as a way to redirect the party’s energies. By rallying around economic reforms instead of class warfare, the nation could open up once more to the world.


pages: 487 words: 147,891

McMafia: A Journey Through the Global Criminal Underworld by Misha Glenny

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "World Economic Forum" Davos, anti-communist, Anton Chekhov, Berlin Wall, blood diamond, BRICs, colonial rule, crony capitalism, Deng Xiaoping, Doha Development Round, failed state, Fall of the Berlin Wall, financial deregulation, Firefox, forensic accounting, friendly fire, glass ceiling, Global Witness, Great Leap Forward, illegal immigration, joint-stock company, low interest rates, market bubble, Mikhail Gorbachev, Nelson Mandela, Nick Leeson, no-fly zone, offshore financial centre, Oklahoma City bombing, Pearl River Delta, place-making, rising living standards, Ronald Reagan, Shenzhen special economic zone , Skype, special economic zone, Stephen Hawking, trade liberalization, trade route, Transnistria, unemployed young men, upwardly mobile

Its dissolution followed no obvious pattern, occurring instead as a series of seemingly disparate events: the spectacular rise of the Japanese car industry; Communist Hungary’s clandestine approach to the International Monetary Fund to explore a possible application for membership; the stagnation of India’s economy; President F. W. de Clerk’s first discreet contacts with the imprisoned Nelson Mandela; the advent of Deng Xiaoping’s reforms in China; Margaret Thatcher’s decisive confrontation with Britain’s trades union movement. Individually, these and other events seemed to reflect the everyday ups and downs of politics; at most they were adjustments to the world order. In fact, powerful currents below the surface had provoked a number of economic crises and opportunities, especially outside the great citadels of power in Western Europe and the United States, that were to have profound consequences for the emergence of what we now call globalization.

Mao Zedong suspected this backward province of harboring all manner of class traitors and counterrevolutionaries, and so for two decades he neglected the region as a punishment for suspected thought crimes and recidivist bourgeois habits. Perhaps it was to compensate for Mao’s vindictive behavior that China’s great reformer, Deng Xiaoping, chose the city of Xiamen in southern Fujian as one of the first special economic zones (SEZs) in the early 1980s to inspire local entrepreneurs in thawing out the economy that had been frozen solid by the Maoist ice age. Agog at the success of the Xiamen experiment, it wasn’t long before Fuzhou’s local bosses opened up the provincial capital as well.

A few weeks before this, the government in Beijing had relaxed restrictions on foreign journalists, allowing them to travel anywhere in the country without prior permission. Nonetheless, within a matter of hours of his arrival in Zhushan, Reynolds was detained, interrogated, and then expelled from the town. Anything is possible in the Chinese strategy of creating jobs. “It doesn’t matter whether the cat is black or white,” mused Deng Xiaoping when he was explaining the need to introduce economic reforms in the 1980s. “It only matters if it catches mice.” It doesn’t matter how China runs the economy, as long as it makes money. Deng realized that for the Chinese to make money, the traditions of central economic planning had to be dumped, and so for twenty-five years (and especially since the early 1990s) the government has afforded the provinces considerable autonomy in their economic policy.


pages: 1,324 words: 159,290

Grand Transitions: How the Modern World Was Made by Vaclav Smil

8-hour work day, agricultural Revolution, AltaVista, Anthropocene, Any sufficiently advanced technology is indistinguishable from magic, biodiversity loss, Biosphere 2, Boeing 747, caloric restriction, caloric restriction, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, circular economy, clean water, complexity theory, correlation does not imply causation, COVID-19, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic dividend, demographic transition, Deng Xiaoping, disruptive innovation, energy transition, European colonialism, Extinction Rebellion, Ford Model T, garden city movement, general purpose technology, Gini coefficient, Google Hangouts, Great Leap Forward, Haber-Bosch Process, Hans Rosling, hydraulic fracturing, hydrogen economy, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, Johann Wolfgang von Goethe, Just-in-time delivery, knowledge economy, Law of Accelerating Returns, manufacturing employment, mass immigration, megacity, meta-analysis, microplastics / micro fibres, ocean acidification, oil shale / tar sands, old age dependency ratio, peak oil, planetary scale, planned obsolescence, power law, precision agriculture, purchasing power parity, RAND corporation, Ray Kurzweil, Republic of Letters, Robert Solow, Silicon Valley, Simon Kuznets, Singularitarianism, Skype, Steven Pinker, Suez canal 1869, the built environment, The Rise and Fall of American Growth, total factor productivity, urban decay, urban planning, urban sprawl, working-age population

By 1961 (miracles happen) she became the only member of her extended family who survived the world’s most devastating famine, between 1959 and 1961: Anhui was particularly hard hit, with many villages losing large shares of their population (Zhao and Reimondos 2012). She married, and her son, born in 1965, came of age in incomparably more promising circumstances. Mao Zedong, the famine’s creator, died in 1976 and by the time the adolescent boy’s mathematical aptitude opened the door to a high school, Deng Xiaoping had begun his economic reforms. When the son was 19, food rationing was abolished and he graduated from a Beijing university in 1989. That was the year of great political ferment, when it just seemed possible that China would not be ruled forever by a single party. But that dream ended with Tian’anmen killings.

Nationwide mean in the United States is now almost exactly two vehicles (1.97 in 2016) per household, with the highest rates (around 2.25) in several smaller Californian cities, and the highest numbers of vehicles in households whose head is 45–55 years old (Berri 2009). After the near-saturation of Western and Japanese markets, the next big shift in global car ownership came with China’s precipitous motorization. In 2000, two decades after the start of Deng Xiaoping’s economic reforms, China produced just 607,000 cars but the total reached nearly 26 million vehicles in 2019 (OICA 2019). Chinese expansion helped to put the global number of all road vehicles above 1 billion in 2010 and the aggregate reached 1.28 billion by 2015, with passenger cars accounting for 80% of the total and with Europe having nearly 390 million and the United States 264 million vehicles (OICA 2018).

They combined the Stalinist model of promoting heavy industries with suppression of urbanization and with severe limits on personal freedoms. The worst of all was Mao’s delusionary attempt to do in a matter of years what other countries had achieved in decades. The Great Leap Forward, aimed at multiplying coal and steel output, led to the world’s most devastating famine (1959–1961), and China’s road to modernity began only with Deng Xiaoping’s reforms in the early 1980s (Smil 2004). The speed of China’s post-1980 catch-up (most of it has actually taken place since 1990) remains impressive even after discounting many well-documented exaggerations in the country’s official statistics and after taking into account many advantages of late starters with ready access to the latest innovation.


pages: 655 words: 156,367

The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era by Gary Gerstle

2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, anti-communist, AOL-Time Warner, Bear Stearns, behavioural economics, Bernie Sanders, Big Tech, Black Lives Matter, blue-collar work, borderless world, Boris Johnson, Brexit referendum, British Empire, Broken windows theory, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, Cornelius Vanderbilt, coronavirus, COVID-19, creative destruction, crony capitalism, cuban missile crisis, David Brooks, David Graeber, death from overwork, defund the police, deindustrialization, democratizing finance, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, Donald Trump, Electric Kool-Aid Acid Test, European colonialism, Ferguson, Missouri, financial deregulation, financial engineering, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, future of work, Future Shock, George Floyd, George Gilder, gig economy, Glass-Steagall Act, global supply chain, green new deal, Greenspan put, guns versus butter model, Haight Ashbury, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Ida Tarbell, immigration reform, informal economy, invention of the printing press, invisible hand, It's morning again in America, Jeff Bezos, John Perry Barlow, Kevin Kelly, Kitchen Debate, low interest rates, Lyft, manufacturing employment, market fundamentalism, Martin Wolf, mass incarceration, Menlo Park, microaggression, Mikhail Gorbachev, military-industrial complex, millennium bug, Modern Monetary Theory, money market fund, Mont Pelerin Society, mortgage debt, mutually assured destruction, Naomi Klein, neoliberal agenda, new economy, New Journalism, Northern Rock, obamacare, Occupy movement, oil shock, open borders, Peter Thiel, Philip Mirowski, Powell Memorandum, precariat, price stability, public intellectual, Ralph Nader, Robert Bork, Ronald Reagan, scientific management, Seymour Hersh, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, Steve Bannon, Steve Jobs, Stewart Brand, Strategic Defense Initiative, super pumped, technoutopianism, Telecommunications Act of 1996, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Uber and Lyft, uber lyft, union organizing, urban decay, urban renewal, War on Poverty, Washington Consensus, We are all Keynesians now, We are the 99%, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, Works Progress Administration, Y2K, Yom Kippur War

And when these policies triggered unexpected consequences—the eruption of secessionist nationalisms and popular democracy in both the Soviet republics and the Soviet satellite colonies in Eastern Europe—Gorbachev repeatedly declined to curb reform or to unleash repression.5 Gorbachev could have pivoted toward the latter in 1989, as his Chinese communist counterparts were doing at precisely that moment when they attacked the Chinese democracy movement assembled in Beijing’s Tiananmen Square with tanks, troops, and bullets. Surveying his country’s chaotic state in 1989, the Chinese premier, Deng Xiaoping, concluded that the Chinese ruling elites would successfully manage the transition from communism to capitalism only if they repudiated aspirations for democratic reform. Deng was brutally practical in his determination to preserve the power of the Chinese Communist Party at all costs. Gorbachev was not.

We thus need to end this account of the triumph of the neoliberal order by circling back to the point at which we began, with one more set of reflections on the magnitude of the changes set in motion by the Soviet reformer, Mikhail Gorbachev. Fancy, for a moment, an alternative history for eastern and central Europe during this time. Imagine that Gorbachev had been a different man, more like Deng Xiaoping in China, a right-wing communist reformer rather than a left-wing one. This right-wing version of Gorbachev, whom we might call “alt-Gorbachev,” would still have embraced glasnost and perestroika in 1985; but he would have repudiated the former in 1989 and 1990, once it became clear that a continued commitment to democracy would lead to the destruction of the Communist Party’s power and then to the dissolution of the Soviet Union.

Allen, “The Rise and Decline of the Soviet Economy,” Canadian Journal of Economics / Revue Canadienne d’Economique 34 (2001), 859–881; William Easterly and Stanley Fischer, “The Soviet Economic Decline,” World Bank Economic Review 9 (September 1995), 341–371; Johanna Bockman, Markets in the Name of Socialism: The Left-Wing Origins of Neoliberalism (Stanford, CA: Stanford University Press, 2011); Maurice Meisner, Mao’s China and After: A History of the People’s Republic, 3rd ed. (New York: Simon and Schuster, 1999), 449–454; Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011); Perry Anderson, “Two Revolutions,” New Left Review 61 (January–February 2010), https://newleftreview.org/issues/ii61/articles/perry-anderson-two-revolutions, accessed July 10, 2021. 47.On the idea of free enterprise and its place in American political and popular thought, see Lawrence Glickman, Free Enterprise: An American History (New Haven, CT: Yale University Press, 2019).


pages: 256 words: 75,139

Divided: Why We're Living in an Age of Walls by Tim Marshall

affirmative action, Ayatollah Khomeini, Berlin Wall, bitcoin, Black Lives Matter, Brexit referendum, cryptocurrency, Deng Xiaoping, digital divide, Donald Trump, end world poverty, facts on the ground, gentrification, illegal immigration, immigration reform, income inequality, it's over 9,000, Mahatma Gandhi, Mark Zuckerberg, mass immigration, megacity, Mikhail Gorbachev, Nelson Mandela, New Urbanism, open borders, openstreetmap, profit motive, Ronald Reagan, Ronald Reagan: Tear down this wall, Scramble for Africa, Silicon Valley, South China Sea, the built environment, trade route, unpaid internship, urban planning

During the Cultural Revolution, however, the most fervent of the Red Guards actively destroyed sections of the wall – to them it was a part of the ‘Four Olds’, which had no place in the new China: Old Customs, Old Culture, Old Habits and Old Ideas. Mao died in 1976, and with him the Cultural Revolution. After 1978 the new leader, Deng Xiaoping, began a methodical reconstruction of the wall. He started slowly – the early post-Mao years were a time for caution – but by 1984 he was confident enough to pronounce, ‘Let us love our China and restore our Great Wall.’ In this particular endeavour, it’s likely that Deng had one eye on tourism and foreign currency; the Communist leadership was beginning to embrace aspects of capitalism, and was well aware of how far it had fallen behind other parts of the world.

Japan, South Korea, Singapore and others were all outpacing China in economic terms, some in a military capacity as well. If this trend were to continue, it would threaten both China’s defensive security and its internal cohesion, once it became apparent to all how far behind the Chinese had fallen. Mao’s successor, Deng Xiaoping, took a deep breath and a gamble: if Chinese consumers were too poor to buy many of the goods China could produce, the economy had to be opened up to the outside world once more. This meant trading via the Pacific coast, so the coastal regions would again prosper more quickly than the interior, thus risking a repeat of the divisions of the nineteenth and twentieth centuries.

Macgoye) 159 Communist Party Chinese government 12, 15, 18–21, 23–33 Soviet Union 188 Congress Party, India 132 Cornish nationalists 225 Coulter, Ann 39 Creemers, Rogier 28–9, 30, 31 crime rates, African 172 Crisis Resolution Security Services 40–1 Croatia 2, 199, 200 Cultural Revolution, Chinese 15 cyber-security legislation, Chinese 30–3 Cyprus 244 D Dalits/Untouchables 146–9 Darling, Patrick 160 d’Azeglio, Massimo 196 defection from East Germany 185–6, 188–90 Defense Threat Reduction Agency (DTRA) 107 Democratic Republic of Congo (DRC) 164, 166 Deng Xiaoping 15–16, 21, 26 Denmark 2, 200, 202–3 Deterling, Harry 186 Dome of the Rock 82 drug running 46, 51–2 Duffy, Gillian 234 Durand, Henry Mortimer 143 Durand Line 143 Dynamo Dresden ‘Ultras’ 210 E e-commerce 33 East Germany 183–7, 188–9, 190–1 East Pakistan see Bangladesh Eastern European migrants 194–6, 234–5 Eastern Turkestan Republic 17 The Economist 173 education China 24–5 Germany 191 Israel 85 Middle East 115 United Kingdom 231 United States of America 58–9, 63–4 Edward I of England, King 222 Egypt 78, 89–90, 101, 106 Egyptian–Israel border wall 78 English Channel 200 Eritrea 165 Estonia 2, 198 Ethiopia 165 Europe 2, 6, 116, 186–8 European Commission 197 European Economic Community (EEC) 193 European Union 3, 6, 193 border controls 198–200, 210–11 dilution of sovereignty 193–4 Eurozone 194, 196 financial crash (2008) 196 freedom of movement 194–6 immigration 194–6, 197–202, 203–11, 246, 250–1 Muslim population and integration 203–6, 239–40 nationalism 6, 193, 196–8, 206–12 public services 201–2 terrorism 200, 201, 205 uniting East and West Europe 194–6 see also individual countries by name F Facebook 4, 29 Farook, Syed Rizwan 51 Farrakhan, Louis 65 Fatah 87, 88–9 Federally Administered Tribal Areas 144 Fergany, Nader 112 financial crash (2008) 196 financial inequality 175 Africa 170–1, 172–3, 174, 176–7 China 12, 20, 21–3, 26 Germany 191 Israel 81–2, 85 United Kingdom 231–3 First Intifada (1987–93) 74, 90 flooding 133–6 Foreign Affairs magazine 205–6, 246–7 foreign aid budgets 250 France 201–2, 203, 204–6, 211 Freedom Party, Austria 211 G Gandhi, Indira 129 Gandhi, Mahatma 125, 147 Gandhi, Rajiv 129 gated communities 172–6 Gaza 74, 87–90, 245–6 General Law of Population (1974), Mexican 50 Gerges, Fawaz 78, 114 Germany ageing population 201 Berlin Wall 1, 183–4, 185–6, 188–9, 192 East and West Germany 183–93 immigration 201, 207–11 Muslim population figures 204 right-wing parties 209–11 unification 189–93 Ghana 169, 176 Gleicke, Iris 209 globalization 4, 53, 170, 233, 249 ‘Gold Star parents’, US 61 Good Friday Agreement (1998) 226–7 Goodhart, David 232–3 Goodwill Zwelithini kaBhekuzulu, King 171 Gorbachev, Mikhail 1, 188 Graham, Lindsey 40 Great Depression 46 Great Firewall of China 27–33 Great Wall of China 12–16 Greece 2, 194, 199, 200–1, 205, 207 Green March, Moroccan 156 Green Zone, Baghdad 100–1, 243–4 Guizhou province, China 24 H Hadith 113 Hadrian, Rod 40 Hadrian’s Wall 217–18, 219, 220–1 Hamas 78, 87–9, 91, 93 Han people 13–14, 17, 18, 19, 27 Handala 72 Haredi Jews 80, 81–4 Hari, Michael 41 Harkat-ul-Jihad al Islami 132 Heyer, Heather 64 Hezbollah 102 Himalayas 19, 134, 140 Hindus 125, 128–9, 131–2, 135, 145–50 Hollande, François 205 Honecker, Erich 188 Houphouët-Boigny, Félix 169 Houthis’ forces, Shia 104, 108 hukou system 24 Human Rights Watch 130 human settlement, early 4 Hungary 2, 188, 194, 199–200, 205, 207, 246 hunter-gatherers 2 Hussein, Saddam 101, 107, 109, 111 Hutus 166 I ijtihad 113 immigration within Africa 171–2 Egyptian–Israel border 78 European Union 194–6, 197–202, 205–6, 207–12, 246, 250–1 importance of integration 250–1 India 124–5, 126, 127, 128–32, 135, 248 Kuwait–Iraq border 110 Mexico 44–5, 50 ‘open borders’ theory 246–9 United Kingdom 234–5 United States of America 41, 46–51, 56–7 Immigration and Naturalization Service (INS) 46–7 independence movements, African 155–7, 164–5 India 19 Bangladesh border fence 2, 123–5, 130, 133 Bango Bhoomi theory 132–3 Bhutan and Nepal borders 140 caste system 145–9 Comprehensive Integrated Border Management System (CIBMS) 141–2 immigration 124–5, 126, 127, 128–32, 135 Kashmir – ‘Line of Control’ 141, 142, 143 Myanmar border and Naga tribes 138–40 Pakistan border 2, 140–3, 145 partition of 125–6, 127, 140, 141 religious divisions 125–6, 129, 131–3, 135, 145–9 unrest in Assam 128–30 India Pakistan Border Ground Rules Agreement (1960–61) 142 Initium Media 29 Inkatha Freedom Party 168 Inner Mongolia 17 International Court of Justice (ICJ) 167–8 International Organization for Migration 134–5 internet 5, 27–33, 112, 113 Iran 2, 6, 102, 104, 105, 106, 108, 110, 111, 116, 144 Iran–Iraq War 5 Iraq 2, 42, 100–1, 103–4, 107–8, 109–10, 111, 116, 246 Iraq War (2003–11) 100–1, 109, 116 Iraqi Kurdistan 111 Ireland 229, 235 Iron Curtain 184, 186–7 Islam in Africa 170 Dome of the Rock 82 ijtihad and the ‘closing of the Arab mind’ 113 in India 125–6, 129 integration in the EU 203–6 radical organizations 18, 51, 79, 101, 104, 105, 107, 114, 128, 137, 246 Sunni and Shia division 4, 5, 6, 102–3, 104–6, 107–8, 109, 115, 116, 144 Uighur Muslims 18 in the United Kingdom 204, 237–9 Islamic State (IS) 18, 79, 104, 105, 107, 114, 246 Israel 1, 6 Arab population 84–6 Bedouin community 85–6 Christian population 85 comparative stability 92–3 division amongst Jews 80–4 education 85 ethnic divides 79 financial inequality 81–2, 85 gender divisions 82–3 Israel Defense Force (IDF) 86 political divides 83 religious sites 82–3 Israel and Palestine 1, 6, 71–3 East Jerusalem 74 Gaza border 78, 245 history of borders dispute 73–4 Iron Dome anti-missile system 245–6 Israeli point of view 74, 76–8, 79, 84 Jewish settlements in the West Bank 74, 76 Palestinian point of view 74, 76, 78, 90–1 suicide bombers 76–7, 78, 245 two-state solution 77, 84, 88, 92 ‘Walled Off Hotel’ 72–3 West Bank dividing wall 71–3, 74, 76–7 Italy 196, 197, 200, 201, 205 Ivory Coast 169 J Jabotinsky, Ze’ev (Vladimir) 77–8 Jacobite army 220–1 Jamaat-ul-Mujahideen 132 James VI of Scotland and I of England, King 222 Japan 20 Jerusalem 74, 93 see also Western Wall jihadist organizations 18, 51, 79, 101, 114, 115 see also Islam; Islamic State (IS); terrorism Jinnah, Muhammad Ali 125 Jones, Reece 124, 133 Jordan 76, 91–2, 106–7 Journal of Housing and the Built Environment 175 Judt, Tony 197 Juncker, Jean-Claude 197 Jung, Carl 186 K Karachi Agreement (1949) 142 Kashmir 141, 142, 143 Kassem, Suzy 95 Kenya 159, 165 Khan, Abdur Rahman 143 Khan, Humayun 61 Khan, Khizr and Ghazala 61 Khatun, Felani 124 Klein, Horst 186 Kohl, Helmut 188 Koran 113, 116 Kornbluth, David 77, 79, 84 Krenz, Egon 188 Kshatriyas 146 Kurdistan/Kurds 110–11 Kuwait 2, 106, 109–10 L Labour Party, UK 233 Lagos, Nigeria 174 Lambert, Charles 205–6 Land and Maritime Boundary dispute 164–5, 167 Latin America 174 see also Mexico Latvia 2, 198 Le Guin, Ursula K. 119 Le Monde newspaper 205 Le Pen, Marine 211 Lebanon 42, 91 Liberia 166 Libya 101, 106 Lincoln, Abraham 65 Lithuania 2, 198 Louisiana Purchase 43 Lu Wei 32–3 M Macedonia 2, 200 Machel, Graça 173 Malik, Tashfeen 51 Manchuria 13–14, 17 Manusmriti 145–6 Mao Zedong 15, 18, 20–1 Marshall Plan 250 Mauritania 156 Maximus, General Magnus 219–20 McCain, John 61 Melilla 198–199 Merkel, Angela 192, 207, 210, 211 Mexican–American War 43, 45 Mexican Repatriation 46 Mexico 3, 43–54 Middle East Arab minority groups 110–11, 116 attitude to Palestine 91–2 barrier building 99–100, 106–10 civil wars 104–5, 106–7, 108, 198 defensive city walls 99–100 development reports 112–13, 114–15 education 115 Green Zone, Baghdad 100–1 ijtihad 113 refugees 198 religious division 102–6, 107–8, 109, 115–16 terrorist threat 99–101, 103–4 ‘Three Deficits’ 112–13 uniting Arabia 114–17 see also individual countries by name migration see immigration Mimroth, P.


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

addicted to oil, air freight, airline deregulation, Alan Greenspan, Albert Einstein, asset-backed security, bank run, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon tax, central bank independence, collateralized debt obligation, collective bargaining, compensation consultant, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, currency risk, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Glass-Steagall Act, Hernando de Soto, income inequality, income per capita, information security, invisible hand, Joseph Schumpeter, junk bonds, labor-force participation, laissez-faire capitalism, land reform, Long Term Capital Management, low interest rates, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, new economy, North Sea oil, oil shock, open economy, open immigration, Pearl River Delta, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, Reminiscences of a Stock Operator, reserve currency, Right to Buy, risk tolerance, Robert Solow, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, Silicon Valley, special economic zone, stock buybacks, stocks for the long run, Suez crisis 1956, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tipper Gore, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, We are all Keynesians now, working-age population, Y2K, zero-sum game

More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. THE CHOICES THAT A W A I T C H I N A I had grown quite fond of Zhu and was saddened to realize that we were unlikely to meet again. We'd become friends when he was vice premier and head of China's central bank, and I had followed his career closely He was the intellectual heir of Deng Xiaoping, the great economic reformer who had brought China from the age of the bicycle to the age of the motor vehicle and all that that implies. Unlike Deng, who had a broad political base, Zhu was a technician; his influence, as best I can judge, rested on deep support from Jiang Zemin, China's president from 1993 to 2003 and Party leader from 1989 to 2002.

The rationale for collective ownership failed. Socialists in the West, adjusting to the failure of Marxist economics, have redefined socialism to no longer require that all the means of production be owned by the state. Some simply advocate government regulation rather than state ownership to foster societal well-being. Deng Xiaoping, confronting Marx's fall from favor, bypassed Communist ideology and rested Party legitimacy on its ability to meet the material needs of over a billion people. He set in motion a process that led to an unprecedented near-eightfold increase in real per capita GDP, a fall in infant mortality, and greater life expectancy.

I cannot believe that the Party is unaware 301 More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. THE AGE OF T U R B U L E N C E that affluence and recent education initiatives are moving China toward a far less authoritarian regime. Today, President Hu appears to wield less political power than did Jiang Zemin, and he less than Deng Xiaoping. And Deng far less than Mao. At the end of this road of ever-lessening power is the democratic welfare state of Western Europe. Along that way are the many hurdles that still separate China from "developed economy" status, Deng's avowed goal. Many of the huge challenges China's reformers face are well known: the reactionary old guard; the vast rural population that is to date barely sharing in the boom and is with modest exceptions forbidden to migrate to cities; the huge remaining chunks of the Soviet-style command economy, including still-bloated, inefficient state-owned enterprises; the largely struggling banking system that serves those enterprises; the lack of modern financial and accounting expertise; corruption, the almost necessary by-product of any pyramidal power structure based on discretion; and finally, lack of political freedom, which may not be needed for markets to function in the short run, but is an important safety valve for public distress about injustice and inequity.


pages: 395 words: 116,675

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

"World Economic Forum" Davos, adjacent possible, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, AltaVista, altcoin, An Inconvenient Truth, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Boeing 747, Boris Johnson, British Empire, Broken windows theory, carbon tax, Columbian Exchange, computer age, Corn Laws, cosmological constant, cotton gin, 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, driverless car, Eben Moglen, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, Ethereum, ethereum blockchain, facts on the ground, fail fast, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, flying shuttle, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Glass-Steagall Act, Great Leap Forward, Greenspan put, Gregor Mendel, Gunnar Myrdal, Henri Poincaré, Higgs boson, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, information security, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Japanese asset price bubble, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, low interest rates, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta-analysis, military-industrial complex, mobile money, Money creation, 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, precautionary principle, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, rising living standards, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, scientific management, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, Stuart Kauffman, tacit knowledge, TED Talk, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, twin studies, uber lyft, women in the workforce

He quickly recognised, thanks to his military experience, that (in the words of the anthropologist Susan Greenhalgh) ‘The one-child-for-all policy both assumed and required the use of big-push, top–down approaches in the social domain.’ Song was proposing social engineering in the most literal sense. Vice-Premier Wang Zhen was an immediate convert on reading Song’s report, and put it in front of Chen Yun and Hu Yaobang, senior lieutenants of Deng Xiaoping himself. Deng apparently liked the fact that Song argued that Chinese poverty was caused by overpopulation, not economic mismanagement, and was bamboozled by the mathematics into not questioning his assumptions. At a conference in Chengdu in December 1979 Song silenced critics who were worried about the humanitarian consequences, and persuaded the party to accept his calculation that China needed to reduce its population by about one-third by 2080 in order to live within its ecological means.

Nobody else in the War Cabinet had the courage, the insanity, the sheer effrontery to defy the inevitable and fight on. As Johnson makes the case, this really is a sure example of one person changing history. So is history driven by great men? The emergent nature of China’s reform I am not so sure. Consider the reform of China’s economy that began under Deng Xiaoping in 1978, leading to an economic flowering that raised half a billion people out of poverty. Plainly, Deng had a great impact on history and was in that sense a ‘Great Man’. But if you examine closely what happened in China in 1978, it was a more evolutionary story than is usually assumed. It all began in the countryside, with the ‘privatisation’ of collective farms to allow individual ownership of land and of harvests.

The local party chief soon grew suspicious of all this work and this bountiful harvest, and sent for Yen, who faced imprisonment or worse. But during the interrogation the regional party chief intervened to save Yen, and recommended that the Xiaogang experiment be copied elsewhere. This was the proposal that eventually reached Deng Xiaoping’s desk. He chose not to stand in the way, that was all. But it was not until 1982 that the party officially recognised that family farms could be allowed – by which time they were everywhere. Farming was rapidly transformed by the incentives of private ownership; industry soon followed. A less pragmatically Marxist version of Deng might have delayed the reform, but surely one day it would have come.


pages: 441 words: 113,244

Seasteading: How Floating Nations Will Restore the Environment, Enrich the Poor, Cure the Sick, and Liberate Humanity From Politicians by Joe Quirk, Patri Friedman

3D printing, access to a mobile phone, addicted to oil, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, barriers to entry, biodiversity loss, Biosphere 2, Branko Milanovic, British Empire, Buckminster Fuller, Burning Man, business climate, business cycle, business process, California gold rush, Celtic Tiger, Charles Lindbergh, clean water, Colonization of Mars, Dean Kamen, Deng Xiaoping, drone strike, Elon Musk, en.wikipedia.org, export processing zone, failed state, financial intermediation, Garrett Hardin, Gini coefficient, Great Leap Forward, happiness index / gross national happiness, income inequality, intentional community, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, joint-stock limited liability company, Kickstarter, low skilled workers, Machinery of Freedom by David Friedman, Mark Zuckerberg, megacity, megaproject, minimum wage unemployment, Neil Armstrong, Network effects, new economy, obamacare, ocean acidification, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open borders, Patri Friedman, paypal mafia, peak oil, Peter H. Diamandis: Planetary Resources, Peter Thiel, price stability, profit motive, radical decentralization, Ronald Coase, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, special economic zone, standardized shipping container, stem cell, TechCrunch disrupt, TED Talk, trade route, Tragedy of the Commons, UNCLOS, UNCLOS, undersea cable, young professional

The sudden wealth attracted attention, the plan was disclosed, and neighbors accused the Xiaogang villagers of “digging up the cornerstone of socialism.” The heads of the eighteen families awaited their execution. By this time, however, Mao had died, in 1976, and the new leader, Deng Xiaoping, received the news of this curious experiment in outlawry. “This is how the entire new Chinese economy started,” explains Zhai. “They divided this property, which was supposed to belong to the state. But the party official who discovered this illegal activity did not arrest them. He wrote a secret report to Deng Xiaoping, who ordered that the village be observed. They spread this policy all around the country and changed the entire ecosystem for one billion farmers.

Next to the behemoth, Hong Kong seemed fragile as a butterfly. So why didn’t the behemoth invade, squash the bug, and confiscate its wealth? Remember this answer the next time somebody predicts large nations will invade seasteads. China didn’t attack. It learned and adapted. Chinese leaders were so impressed by the Hong Kong experiment, leader Deng Xiaoping announced China’s new “open door” policy in December 1978. In 1980 it designated four “special economic zones,” or SEZs, which curled along the crescent of China coastline. The first was Shenzhen, established just across the river from Hong Kong, followed quickly by Zhuhai, Shantou, and Xiamen.

Glenn, 239 Cold War, 180 Coleridge, Samuel Taylor, 72 Collier, Paul, 295 Columbus, Christopher, 289–90 Committee to Protect Journalists, 29 Communism, 186, 191, 208 Complete Idiot’s Guide to Global Economics, The (Rehmke), 280–81 Conscious Capitalists and Capitalism, 196–97 Conservation International, 127, 128 contiguous zone, 13 Cook Islands, 104 corals and coral reefs, 49, 51, 108, 170, 179 Corinth, 281 Coriolis force, 159 corn, 134 in fish pellets, 116 low in lysine, 78 as pollutant, 93 slow growth of, 76 subject to blight, 80 subsidies for, 70, 93 Costa Rica: aquaculture in, 71, 80, 85, 86, 93 medical tourism in, 224 Crain’s Chicago Business, 243 Critical Path (Fuller), 24 Cruise Lines International Association (CLIA), 16 cruise ships: desalination on, 260 employment on, 16–17, 271–72 as floating cities, 11–17 as health care providers, 221–23 laws governing, 13–15, 264 profitability of, 12 and waste disposal, 259 see also specific ships Crystal Serenity (cruise ship), 16 Cullom, Philip, 136 Cultivated Seaweeds for Food Project, 72, 80–81 Curetalk (online forum), 241 cyanobacteria, 73 cyclicity, 122 Czapiewska, Karina: on Blue Revolution, 53–56 on cities, 45, 46–49, 48–49, 259 on seasteading, 50, 57–58 Dai-Ichi National Bank, 173 Daily Mail, 16 Darwin, Charles, 137 dead zones, 69, 74, 83–84, 134, 139 Deep Ecology, 123 Deep Space Industries, 160 Defense Appropriations Subcommittee, 151 deforestation, 76 de Graaf, Rutger: on Blue Revolution, 53–56 on cities as parasites, 47–50 on floating cities, 42–57 on flood control, 41 on peak phosphate, 51–52 on snap-on modules, 43 Deist, Charlie, 123 Delft, 42 Deloitte Management Consulting, 227, 229 DeltaSync: on aquaculture, 47–48, 49, 126 on cyclicity, 122 designs and constructs Floating Pavilion, 44–45 mission of, 42, 180, 259 partners with Waterstudio, 45–46 seastead feasibility project, 57–59 Demick, Barbara, 186 democracy, 8, 37, 208 see also government and governance Deng Xiaoping, 190, 215 desalination, 260 Diamandis, Peter, 65, 242 Diamond, Jared, 125, 289 diesel fuel, 117, 137, 268 DigInfo (online video news site), 174 dikes, 41, 46 Dini, Enrico, 170 Discovery Channel, 46 diving industry, 51 DNA, 52 Dominican Republic, 187 Dove soap, 135 drifter cages, 117–19 drones, 238 Drucker, Peter, 78 Duarte, Carlos M., 115 Durant, Will, 289 Dura Vermeer, 45 Dutch, see Netherlands Dutch Docklands, 25, 26 “Dynamic Geography” (essay), 9 ear canal bone anchor, 242 eBay, 28 EconLog (blog), 299 “Economics and Emigration: Trillion-Dollar Bills on the Sidewalk?”


pages: 587 words: 119,432

The Collapse: The Accidental Opening of the Berlin Wall by Mary Elise Sarotte

anti-communist, Berlin Wall, conceptual framework, Deng Xiaoping, facts on the ground, Fall of the Berlin Wall, hindsight bias, Mikhail Gorbachev, open borders, Prenzlauer Berg, Ronald Reagan, Ronald Reagan: Tear down this wall, urban decay, éminence grise

While such violence might have been a sensible response early on (from the point of view of the regime) when protests were small and could be crushed in secrecy, such violence became a much riskier strategy once the ranks of protestors swelled and the possibilities for information leaking out multiplied. Once that happened, the use of violence carried added costs that ultimately served to undermine the regime.39 A comparison with the People’s Republic of China is useful in illuminating this point, the numerous differences between China and East Germany notwithstanding. Unlike Honecker, Deng Xiaoping, the de facto leader in Beijing in 1989, appears to have understood this dynamic—that violence cannot easily be scaled up, that bloodshed on a large scale carries added costs—and adjusted his course accordingly. Deng authorized the bloody crackdown in Tiananmen Square in June 1989 in order to keep the party’s control over the country intact in the short term, but he realized that he needed a different strategy to succeed in the long term.

November bestand die reale Gefahr einer militärischen Eskalation, in die auch die Großmächte hätten hineingezogen werden können.” 39. On the immense size of the Leipzig protest in particular, see Opp, Voss, and Gern, Die volkseigene Revolution, 47. 40. For more on this story, see Sarotte, “China’s Fear of Contagion,” and Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 602–694. 41. In hindsight, it is surprising that he did not use even more violence. Honecker’s plans for the Oct. 16 march in Leipzig—an aerial assault—suggest that he was moving in that direction. The fact that he had not used such measures already seems to have resulted from a combination of factors: the collapse of cooperation among the member states of the Warsaw Pact appears to have made him uncertain, rightly, about how much support from his allies he would have; and, in addition, there was the awkward need to extract support from Bonn, and to regard its wishes for a lessening of violence in return.

See also Border guards/soldiers Czechoslovakia, 110, 112, 172 number of secret police in, 9 refugee crisis in, 27–30, 94–95 refugee crisis in, and abandoned cars, 31, 31 (photo) refugee crisis in, and threat to close border, 101, 105–106 refugee crisis in, and travel law, draft of, 99–101 refugee crisis in, as inspiration for Czech opposition, 105–106 resumption of travel under old rules in, 94 Daily Telegraph, 118 Death strip, 11 (photo) Defense Ministry, 10 Democratic Awakening, 147, 150 Demonstrations. See Protests/demonstrations Deng Xiaoping, and Honecker, comparison between, 178–179 Dickel, Friedrich, 51 and emigration, and hole variant, 103 and Honecker, coup against, 78 plans/preparations for Leipzig ring road march and, 54 and travel law, draft of, 93, 100, 105–106 Dictators, disobedience by subordinates of, xxv Die Zeit, 13 Dissidents/activists and Berlin Wall opening, displeasure with, 153 churches as havens/shelters for, 9 election 1990 and, 172 Gethsemane Church and, 85–87 vs.


pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, California energy crisis, 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, gentrification, George Gilder, Gini coefficient, global reserve currency, Great Leap Forward, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low interest rates, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, military-industrial complex, 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, Savings and loan crisis, Silicon Valley, special economic zone, structural adjustment programs, Suez crisis 1956, the built environment, The Chicago School, Tragedy of the Commons, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, We are all Keynesians now, Winter of Discontent

.: Harvard University Press, Copyright © 2004 by the President and Fellows of Harvard College. Figure 4.2 is reproduced courtesy Blackwell Publishing from S. Corbridge, Debt and Development, 1993. Introduction Future historians may well look upon the years 1978–80 as a revolutionary turning-point in the world’s social and economic history. In 1978, Deng Xiaoping took the first momentous steps towards the liberalization of a communist-ruled economy in a country that accounted for a fifth of the world’s population. The path that Deng defined was to transform China in two decades from a closed backwater to an open centre of capitalist dynamism with sustained growth rates unparalleled in human history.

It has been part of the genius of neoliberal theory to provide a benevolent mask full of wonderful-sounding words like freedom, liberty, choice, and rights, to hide the grim realities of the restoration or reconstitution of naked class power, locally as well as transnationally, but most particularly in the main financial centres of global capitalism. 5 Neoliberalism ‘with Chinese Characteristics’ In December 1978, faced with the dual difficulties of political uncertainty in the wake of Mao’s death in 1976 and several years of economic stagnation, the Chinese leadership under Deng Xiaoping announced a programme of economic reform. We may never know for sure whether Deng was all along a secret ‘capitalist roader’ (as Mao had claimed during the Cultural Revolution) or whether the reforms were simply a desperate move to ensure China’s economic security and bolster its prestige in the face of the rising tide of capitalist development in the rest of East and South-East Asia.

M. 99–100 De la Rua, F. 105 debt of developing countries 9, 29, 162, 193 neoliberal state 73–5 uneven development and crises 94–6, 99, 104, 108 decadence of individualism 85–6 decolonization 55–6 deficit financing 188 deflation 162, 194–5 deindustrialization 26, 53, 59 Dembour, M.-B. 220 democracy demand for 110 excess of 184 as luxury 66 meaning of 206 Democrats (US) 49, 51 consent, construction of 51, 53–4, 62–3 uneven development 92, 93, 103, 110 see also Clinton; Roosevelt Deng Xiaoping 1–2, 120–5 passim, 135–6, 168 deregulation 3, 22, 26, 65, 67, 114, 161 derivative rights 182 Derthick, M. 219 devaluation 103, 105, 135 developing countries 71–4 see also Africa; Asia; debt; inequalities; Latin America; uneven development Dicken, P. 91, 102, 109, 131, 216, 219 dignity, human 5 see also freedom dirigisme 10 disposable commodity, labour as 70, 153, 157, 164, 167–71 dispossession see accumulation dissident movements 5 see also student movements Dongguan 132, 147, 149 Duhalde, E. 105–6 Duménil, G. 207, 213, 219–20 freedom concept 16–17, 18, 24, 26, 30, 33, 209 freedom’s prospect 191, 222 Eagleton, T. 198 earnings see income/wages East Asia 2 and China 122, 141 consent, construction of 59 freedom concept 10, 11, 23, 35 freedom’s prospect 190, 193–4, 197, 199, 206 neoliberal state 66, 72, 85 neoliberalism on trial 154, 156, 169 uneven development 87–94 passim, 96, 97, 106–12, 115, 116, 118 see also China; Hong Kong; Japan; South East Asia; South Korea; Taiwan East and Central Europe 5, 17, 71 neoliberalism on trial 154, 170 uneven development 94, 95, 117 ecosystems see commons Ecuador 95 Edsall, T. 48, 49, 51, 54–5, 211 Edwards, M. 220 egalitarianism 203–4 Eley, G. 208 elites and restoration of power China 123, 145 consent, construction of 39, 42–5, 51, 52 freedom concept 15–19, 23, 26, 29–30, 31–8 freedom’s prospect 197, 203–4 neoliberal state 66, 69, 84 neoliberalism on trial 152, 153, 156 uneven development 90–3, 96–9, 103–6, 108, 112, 114, 117, 119 see also financial system ‘embedded liberalism’ 11–12 employment see labour Enron 32, 77, 162 entrepreneurialism 23, 31 environment see commons equality 120 see also inequalities ERM 98 ethnicity 85 Europe 109, 157 European Union 79, 89, 91–2, 93, 114–15 freedom concept 11–15, 17, 19, 24, 27–8 freedom’s prospect 193–4, 200, 206 uneven development 89, 91–2, 93, 114 see also Britain; East and Central Europe; France; Germany; Italy; Sweden Evans, P. 212 excess capacity 194 exchange as ethic 3, 13 exchange rates 10, 12, 123–4, 141 exploitation of natural resources 8–9, 159, 164, 174–5 export-led growth 107 China 128, 130, 135–7 see also East Asia; FDI; market economy; South East Asia failure of neoliberalism 154–6 see also neoliberalism on trial Falklands/Malvinas war 79, 86 Falwell, J. 49 Farah, J. 219 FDI (foreign direct investment) 6, 7, 23, 28–30 China 21, 123, 125, 126, 129, 133–4, 141, 147 decline 190, 191 uneven development 90–4 passim, 98, 100, 101, 103, 105, 109, 117–18 see also debt; financial system Federal Reserve (US) see Volcker financial system and power 40, 62 China and state-owned banks 123, 125, 126, 129, 133–4, 141, 147 crises 12, 44–8, 68, 189, 193–4 uneven development 94–7, 104–5 see also debt; deflation; inflation decline 190 financialization 161–2 neoliberal state 71–5, 78, 80 neoliberalism on trial 157, 158, 161–2 uneven development 88–93, 94–9, 104–5, 108, 114, 119 see also corporations; currency; elites; FDI; IMF; income; Treasury; World Bank Fisher, W. 222 Fishman, T. 216 ‘flexible accumulation’ 75–6 flexible labour 100, 112 force see coercion/force Ford, G. 46 foreign direct investment see FDI Forero, J. 214, 217 Fortune 500 17, 44 four modernizations (China) 120 Fourcade-Gourinchas, M. 208, 211 Fox, V. 98 France 41, 157, 200 freedom concept 5, 11, 13, 15, 17, 19, 24, 27 neoliberal state 66, 84, 85 uneven development 91, 115, 117 Frank, T. 172, 210, 211, 213 free trade/market see market economy freedom, concept of 5–38, 207–9 as catchword 39, 41–2 class power 31–6 definitions 36–7 divergent concepts 183–4 four cardinal 183, 206 neoliberal theory, rise of 19–31 neoliberal turn, reasons for 9–19 freedom’s prospect 36–8, 186–206, 221–2 end to neoliberalism, possible 188–98 neoliberalism, alternatives to 198–206 Freeman, J. 46 French, H. 216 Friedman, M. 8, 20, 22, 44 future see freedom’s prospect G7/G8 countries 33, 66, 94 ‘Gang of Four’ see Hong Kong; Singapore; South Korea; Taiwan GATT 100 General Motors 130, 134, 135, 157 Geneva Conventions 6, 198 George, S. 207, 222 Germany 66, 87, 91, 157 West 24, 41, 88–9, 90 Gilder, G. 54 Gill, L. 220, 222 Gills, B. 221 Gindin, S. 28, 208, 219 Giuliani, R. 48, 100 global warming 172, 173, 174 globalization 70, 80, 159, 163 see also market economy; WTO Glynn, A. 208 Goldwater, B. 2 Gowan, P. 209, 213 Gramsci, A. 39, 78 Gray, J. 152–3 Guangdong 121, 128, 135, 136, 137 Haggard, S. 211 Hainan Island 131 Hale, D. and L. 215, 216 Hall, P. 211 Hall, S. 211 Harris, P. 220 Harrison, J. 208 Hart-Landsberg, M. 215, 217 Harvey, D. 211, 212, 213, 219, 221, 222 freedom concept 14, 207, 209 Hayek, F. von 20, 21, 22, 37, 40, 57 Hayter, T. 211 health, poor 154 Healy, D. 212 hedging 97–8 hegemony see power Held, D. 222 Henderson, J. 72, 213 Henwood, D. 209 Hofstadter, R. 82–3 Holloway, J. 219 Hong Kong 2, 89, 96, 157 and China 121, 123, 128, 130, 132, 136, 138, 141, 147 Hout, T. 216 Huang, Y. 124, 215 Huawei 134–5 Hulme, D. 220 human rights see rights hyper-inflation 193 Hyundai 107, 111 IBM 13, 146 ideologies see neoliberalism; values illiteracy 156 IMF (International Monetary Fund) 3 China 122, 141 consent, construction of 40, 54, 58 freedom concept 8, 10, 12, 24, 30 freedom’s prospect 185, 189, 201, 205 neoliberal state 69, 72, 73, 75 neoliberalism on trial 152, 154, 162–3, 175, 182 uneven development 92–9 passim, 103, 105–6, 111, 116–18 imperialism see neocolonialism imports 139–40 cheap 101 substitution 8, 98 income/wages China 126–7, 136, 138, 143–4, 148 falling 18 individual 176–7 inequalities 15–19, 88, 92, 100 neoliberalism on trial 154, 156 policies 12 and productivity 25 uneven development 88, 92, 100, 114 India 9, 134 freedom’s prospect 186, 194, 202, 206 neoliberal state 76, 85 neoliberalism on trial 154, 156, 174 individualism 23, 42, 57 neoliberal state 65–6, 79–8, 82, 85–6 see also freedom Indonesia 199 and China 138, 139 freedom concept 31–2, 34 neoliberal state 76, 85 neoliberalism on trial 153, 163, 167, 168, 175, 178 uneven development 89, 91, 96–7, 108–9, 117, 118 inequalities China 142–51 income 15–19, 88, 92, 100 increased 89–90, 118 see also class; developing countries; power; uneven development inflation 1, 135 consent, construction of 51, 59 control as only success 156 freedom concept 12, 14, 22, 23–5 freedom’s prospect 189, 193 stagflation 12, 22, 23, 24–5, 57 uneven development 88, 93, 100 informal economy 103 information technology 3–4, 34, 157, 159 innovation see technology, new Institute of Economic Affairs (UK) 22, 57 institutions 40, 64, 75 see also IMF; World Bank; WTO intellectual property rights 64, 68, 160 interest rates 23–4, 51, 59, 99, 162 international agreements 6, 92, 198 see also IMF; WTO intervention 20–1, 79 lack of 69 see also pre-emptive action investment see FDI Iran 28, 85, 139, 206 Iraq 179–80, 181, 204 reconstruction 184 War 6–7, 9, 35, 39, 153, 160, 184, 197 Isaacs, W. 193 Islam 83, 186 see also Middle East Israel 12 Italy 66, 96 freedom concept 11, 12, 13, 15 Japan 2, 59, 156 and China 123, 134, 136, 138–40, 142 freedom concept 10, 11, 23 freedom’s prospect 190, 193 neoliberal state 66, 85 uneven development 87–94 passim, 107 Jensen, D. 186 Jessop, B. 211 Jevons, W.


pages: 438 words: 84,256

The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival by Charles Goodhart, Manoj Pradhan

asset-backed security, banks create money, Berlin Wall, bonus culture, Boris Johnson, Branko Milanovic, Brexit referendum, business cycle, capital controls, carbon tax, central bank independence, commodity super cycle, coronavirus, corporate governance, COVID-19, deglobalization, demographic dividend, demographic transition, Deng Xiaoping, en.wikipedia.org, Fall of the Berlin Wall, financial independence, financial repression, fixed income, full employment, gig economy, Gini coefficient, Greta Thunberg, housing crisis, income inequality, inflation targeting, interest rate swap, job automation, Kickstarter, long term incentive plan, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, middle-income trap, non-tariff barriers, offshore financial centre, oil shock, old age dependency ratio, open economy, paradox of thrift, Pearl River Delta, pension reform, Phillips curve, price stability, private sector deleveraging, quantitative easing, rent control, savings glut, secular stagnation, shareholder value, special economic zone, The Great Moderation, The Wealth of Nations by Adam Smith, total factor productivity, working poor, working-age population, yield curve, zero-sum game

Of one thing we are sure, the future will be nothing like the past. 1.1 The Demographic ‘Sweet Spot’: How the Fundamental Forces of Demography, China and Globalisation Shaped Our Economies in Recent Decades 1.1.1 The Rise of China… The single most important economic development over the years from 1990 to 2018 has been the rise of China and its integration into the global trading economy. Chairman Deng Xiaoping reversed Mao Zedong’s disastrous policies during the 1980s by combining socialist ideology with an opening to pragmatic market economics, using the slogan ‘socialism with Chinese characteristics’—that led to China’s eventual inclusion in the World Trading Organization (WTO) in 1997. The integration of China into the global manufacturing complex by itself more than doubled the available labour supply for the production of tradeable products among the advanced economies (AEs).

Together, they allowed China’s vast labour force to integrate into the global economy at an unprecedented pace. 2.1 Three Acts of History that Shaped China’s Place in the World China’s ascent in the global economy can be traced back to three events and periods. The earliest of these events was Deng Xiaoping’s ‘socialism with Chinese characteristics’, particularly the second phase starting in 1992. The first phase of this drive started in 1978 with reforms to agriculture, an invitation to private enterprises to re-enter the Chinese economy, and the creation of special economic zones (including the Pearl River Delta that we discuss below) where foreign investment was allowed.

Debt service ratios constant Debt to equity swaps Debt to income Debt trap Decaying areas, harder to escape Decentralisation Default Defence spending Deficit countries, accused of fiscal incontinence Deficits of public sector, largest ever outside of war-time Deflation Deflationary bias Deflationary pressure Deflation, in Japan Deleveraging Delevering Demand for loanable funds Demand management Dementia Dementia, age specific prevalence Dementia costs, around $1 trillion Dementia costs, estimate of Dementia healthcare pathways Dementia lottery Dementia, many costs hidden Dementia patients Dementia, prevalence increases with age Dementia, probability of Dementia, quoted cost of Dementia treatments, R&D costs of Demographic backdrop, changing Demographic change Demographic changes, macroeconomic consequences of Demographic change, tip of the spear of Demographic cycle Demographic dividend Demographic factors Demographic factors, dominate long-run change Demographic factors, reverting to Labour’s advantage Demographic factors, unimportant in short run Demographic gridlock Demographic headwinds Demographic headwinds, in previously stronger economies Demographic pressures Demographic sweet spot Demographic tailwinds Demographic trends Demographic trends, and pressures on public policies Demography Demography, benign in Advanced Economies Demography, effect underestimated Demography, in conflict with debt Demography, irresistible force of Demography, its Great Reversal Demography, treated as a constant in short run Deng Xiaoping, Socialism with Chinese Characteristics Department of Health Dependency Dependency ratio Dependency ratio, at point of inflection Dependency ratio, improving Dependency ratio, in Japan Dependency ratios, rising Dependency ratios, worsening Dependents, old and young, inflationary Depression Desmet, K.


pages: 289 words: 86,165

Ten Lessons for a Post-Pandemic World by Fareed Zakaria

"there is no alternative" (TINA), 15-minute city, AlphaGo, An Inconvenient Truth, anti-fragile, Asian financial crisis, basic income, Bernie Sanders, Boris Johnson, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon tax, central bank independence, clean water, cloud computing, colonial rule, contact tracing, coronavirus, COVID-19, Credit Default Swap, David Graeber, Day of the Dead, deep learning, DeepMind, deglobalization, Demis Hassabis, Deng Xiaoping, digital divide, Dominic Cummings, Donald Trump, Edward Glaeser, Edward Jenner, Elon Musk, Erik Brynjolfsson, failed state, financial engineering, Francis Fukuyama: the end of history, future of work, gentrification, George Floyd, gig economy, Gini coefficient, global pandemic, global reserve currency, global supply chain, green new deal, hiring and firing, housing crisis, imperial preference, income inequality, Indoor air pollution, invention of the wheel, Jane Jacobs, Jeff Bezos, Jeremy Corbyn, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, junk bonds, lockdown, Long Term Capital Management, low interest rates, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Martin Wolf, means of production, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Monroe Doctrine, Nate Silver, Nick Bostrom, oil shock, open borders, out of africa, Parag Khanna, Paris climate accords, Peter Thiel, plutocrats, popular capitalism, Productivity paradox, purchasing power parity, remote working, reserve currency, reshoring, restrictive zoning, ride hailing / ride sharing, Ronald Reagan, secular stagnation, Silicon Valley, social distancing, software is eating the world, South China Sea, Steve Bannon, Steve Jobs, Steven Pinker, Suez crisis 1956, TED Talk, the built environment, The Death and Life of Great American Cities, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tim Cook: Apple, trade route, UNCLOS, universal basic income, urban planning, Washington Consensus, white flight, Works Progress Administration, zoonotic diseases

Gerhard Schroeder, another left-wing leader, entered office in 1998 and presided over the most thorough market reforms of the German economy in decades. In 1991, India, which had long practiced socialism and protectionism, faced an economic crisis that forced it to liberalize. The next year, with Deng Xiaoping’s “Southern Tour,” China revived its stalled capitalist reforms. The financial crisis of 2008 began the process of reevaluation—on both right and left. Steve Bannon argues that the seeds of Trump’s takeover of the Republican Party were sowed by that crash. In the years since, the Right has veered away from its devotion to markets, instead espousing protectionism, subsidies, immigration controls, and cultural nationalism—ideas championed by Trump in the United States, Boris Johnson in the United Kingdom, and other populists around the world.

China’s tighter grip is the result not of anything that happened in Washington but of something that happened in Beijing: the rise of a new leader, Xi Jinping. CHINA’S THIRD REVOLUTION So radical are Xi’s changes that the scholar Elizabeth Economy argues that his approach represents a “third revolution” in China, comparable to Mao’s original Communist revolution and Deng Xiaoping’s move toward markets and America in the 1980s. Xi has acted on four fronts: greater power for himself, a larger role for the Communist Party in the economy and society, heightened regulation of information and capital, and a more assertive foreign policy. Veteran China watcher Orville Schell, who has observed the rise and fall of engagement since the 1970s, describes this last tendency in stark terms.

China’s foreign policy has also become more ambitious under Xi, from its pursuit of leadership roles in UN agencies—where it now outnumbers the US four-to-one—to the vast Belt and Road Initiative, to the construction of islands in the South China Sea. The country’s growing belligerence marks a break with its previous passivity, captured by Deng Xiaoping’s adage “Hide your strength, bide your time.” The military buildup, in particular, suggests that China is executing a long-term plan. But what would be an acceptable level of influence for China, given its economic weight in the world? If Washington does not first ask this crucial question, it cannot make serious claims about which uses of Chinese power cross the line.


pages: 413 words: 119,379

The Looting Machine: Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africa's Wealth by Tom Burgis

Airbus A320, Berlin Wall, blood diamond, BRICs, British Empire, central bank independence, clean water, colonial rule, corporate social responsibility, crony capitalism, Deng Xiaoping, Donald Trump, F. W. de Klerk, financial engineering, flag carrier, Gini coefficient, Global Witness, Livingstone, I presume, McMansion, megacity, megaproject, Nelson Mandela, offshore financial centre, oil shock, open economy, purchasing power parity, rolodex, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, structural adjustment programs, trade route, transfer pricing, upwardly mobile, urban planning, Washington Consensus, WikiLeaks, zero-sum game

By some accounts he worked as an asset for Chinese intelligence in the 1990s within the inner circle of Cambodia’s Communist ruler, Hun Sen, helping to repair relations between him and Beijing, which had supported the man Hun Sen overthrew, the genocidal tyrant Pol Pot. What is clear is that Pa mastered what many of his colleagues in the Chinese security services also attempted: translating connections made in the world of espionage into business opportunities. When Deng Xiaoping ousted the Maoists and began reforming China’s economy in 1978, he encouraged the military to bring in its own revenues through business, freeing up the national budget to fund development projects. By the end of the following decade the PLA’s network of twenty thousand companies had interests ranging from pharmaceuticals to manufacturing weapons and smuggling commodities.

The details of her past are as fragmented as Pa’s, and, as with Pa, it is hard to differentiate between genuine connections and an ability to broadcast an impressive aura of guanxi that may overstate the extent of their relationships. Company filings in Hong Kong show no record of any business ventures in which Lo participated before her alliance with Pa. Mahmoud Thiam, the Guinean minister who would work with Lo and Pa years later, was one of several people who heard that she used to be a translator for Deng Xiaoping.20 Between them, Pa and Lo had ‘extensive business connections in Africa and South America’ by the time they came together, according to a court filing years later.21 It was Lo who signed the Venezuela agreement. When she appeared with Hugo Chávez on Aló Presidente, his weekly broadcast, to trumpet the deal, the Venezuelan president told the nation that his guest came from a prestigious military family and was the daughter of a general.22 Lo exudes an authority that many foreigners who have met her have found hard to decode.

He studied economics at the elite Renmin University in Beijing and became an associate professor of finance there. When his wife and Sam Pa began to craft their business venture in 2002, Wang had already spent two decades at China Everbright, an important state-owned financial conglomerate. Wang joined Everbright in 1983, the year it was founded as an early embodiment of Deng Xiaoping’s desire for China to take its place on the international commercial stage. It grew to hold assets worth hundreds of billions of dollars, including its own bank. Wang served both at the parent group in China and at its subsidiaries in Hong Kong, holding a succession of senior posts. China Everbright’s management reports directly to the State Council, the highest organ of the Chinese government and the most powerful body in the land after the Standing Committee of the Politburo of the Communist Party, and its executives move in the upper echelons of China’s interlocking elites.


pages: 470 words: 125,992

The Laundromat : Inside the Panama Papers, Illicit Money Networks, and the Global Elite by Jake Bernstein

Albert Einstein, banking crisis, Berlin Wall, bitcoin, blockchain, blood diamond, British Empire, central bank independence, Charlie Hebdo massacre, clean water, commoditize, company town, corporate governance, cryptocurrency, Deng Xiaoping, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, high net worth, income inequality, independent contractor, Julian Assange, Laura Poitras, liberation theology, mega-rich, Mikhail Gorbachev, new economy, offshore financial centre, optical character recognition, pirate software, Ponzi scheme, profit motive, rising living standards, Ronald Reagan, Seymour Hersh, Skype, traveling salesman, WikiLeaks

China played a central role in the secrecy world, not only for the companies found in the Offshore Leaks data but for Mossfon and other major providers as well. It is no accident that the biggest offshore provider in the world today, Offshore Incorporations, began in Hong Kong. The Chinese government was neither prepared nor flexible enough to keep pace with the economic activity that Deng Xiaoping, China’s paramount leader, had unleashed in the late 1980s. The sleeping giant’s financial awakening was a boon to the offshore system. China needed a window to the world. If tax havens and anonymous companies hadn’t already existed, the country’s particular fusion of Communism and entrepreneurial capitalism would have created them.

The firm also worked with Swiss banks including UBS, which created more than one thousand offshore structures for clients in Hong Kong, Taiwan, and mainland China. In the data, the team found relatives of at least five current or former members of China’s Politburo Standing Committee, which rules the country through its leadership of the Communist Party. Deng Xiaoping’s son-in-law was present. So was the son of one of the Eight Great Eminent Officials, a group of elders who held sway in the Communist Party in the 1980s and ’90s. Both the son and son-in-law of former premier Wen Jiabao had companies in the data. Wen’s son Wen Yunsong created one BVI company with the help of Credit Suisse.

Of all the Chinese elites with connections to ICIJ’s leaked data, none was more notorious than Bo Xilai.20 His story neatly captures the combination of corruption and hypocrisy that is perhaps the greatest gift the secrecy world affords China’s rulers. Bo was the son of Bo Yibo, an associate of Mao Zedong and one of the Eight Immortals of the Communist Party of China. Both father and son suffered cruelly during the Cultural Revolution. Deng Xiaoping rehabilitated the father and set Bo Xilai on a course that led him into government. As mayor of Dalian in the 1990s,21 Bo Xilai transformed the port city into a prosperous metropolis that attracted foreign investment and tourists. In 2007, he was appointed party chief of Chongqing, a city-province with a population of thirty-three million known as “Fog City.”22 From this position, he launched a vicious and high-profile anticorruption crusade dubbed “Smash the Black.”


pages: 769 words: 169,096

Order Without Design: How Markets Shape Cities by Alain Bertaud

autonomous vehicles, call centre, colonial rule, congestion charging, congestion pricing, creative destruction, cross-subsidies, Deng Xiaoping, discounted cash flows, Donald Trump, Edward Glaeser, en.wikipedia.org, extreme commuting, garden city movement, gentrification, Google Earth, Great Leap Forward, Jane Jacobs, job satisfaction, Joseph Schumpeter, land tenure, manufacturing employment, market design, market fragmentation, megacity, microapartment, new economy, New Urbanism, openstreetmap, Pearl River Delta, price mechanism, rent control, Right to Buy, Ronald Coase, self-driving car, Shenzhen special economic zone , Silicon Valley, special economic zone, the built environment, trade route, transaction costs, transit-oriented development, trickle-down economics, urban planning, urban sprawl, zero-sum game

There was not much time to ensure a smooth transition from one system to another. It resulted in a rapid and opaque privatization of many state enterprises that produced oligopolies that only remotely resemble markets. Some Russian cities have real land market; in others the system of land allocation is less clear. Under Deng Xiaoping, China chose a different path. It gradually reformed its system until it made a progressive, orderly transition from a command to a market economy. However, the shift of the system in China was not due to an ideological conversion. As Ronald Coase and Ning Wang explained in their book on China’s reform, “China became capitalist while it was trying to modernize socialism.”5 Indeed, the Chinese government allowed cities to experiment with small-scale labor and land market liberalization before expanding successful experiments to the entire country.

The current poor performance of public infrastructure—roads, transport, sewer, drainage, and power—in major Indian cities is in part the result of misguided national spatial policy conducted over the past 50 years. If planners are unable to control the growth rate of cities, how can we explain the successful growth of entirely planned cities like St. Petersburg; Brasília, Brazil; or Shenzhen, created ex nihilo by powerful rulers as diverse as Peter the Great, Juscelino Kubitschek, and Deng Xiaoping? These planned cities became large and successful as the result of two major factors: • First, each city’s location was selected because of a geopolitical necessity6 and not because of an abstract planning concept. • Second, each city had the strong political and financial support of a powerful ruler of a very large country.

Petersburg was created by Peter the Great to open a port toward Western Europe in order to gain new technology through trade and cultural contact. Brasília, created by President Juscelino Kubitschek of Brazil, was part of an effort to develop the center of the country and to make the capital more politically independent from the large cities on the coast. Deng Xiaoping’s main objective in creating Shenzhen was to graft and test within a limited perimeter some of the market institutions and technical knowhow used across the border by his Chinese compatriots in Hong Kong. 7. In Russian: “Gosudarstvennaya Planovaya Comissiya” [State Planning Committee], in charge of the Soviet economy. 8.


Gorbachev by William Taubman

"World Economic Forum" Davos, Able Archer 83, active measures, affirmative action, Albert Einstein, anti-communist, Berlin Wall, British Empire, card file, conceptual framework, Deng Xiaoping, disinformation, Donald Trump, Fall of the Berlin Wall, fear of failure, haute couture, indoor plumbing, Korean Air Lines Flight 007, means of production, Mikhail Gorbachev, military-industrial complex, Neil Kinnock, Potemkin village, RAND corporation, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, Stanislav Petrov, Strategic Defense Initiative, trade liberalization, young professional

Oldenbourg Verlag, 1998), 281. 47 Savranskaya, Blanton, and Zubok, Masterpieces of History, 465–66; Küsters and Hofmann, Deutsche Einheit, 283. 48 Savranskaya, Blanton, and Zubok, Masterpieces of History, 465–66; Hannes Adomeit, Imperial Overstretch: Germany in Soviet Policy from Stalin to Gorbachev (Baden-Baden: Nomos Verlagsgesellschaft, 1998), 398–99. 49 Gorbachev, Sobranie sochinenii, 14:600, n. 362; Küsters and Hofmann, Deutsche Einheit, 279. 50 Adomeit, Imperial Overstretch, 396, 399; Gorbachev, Zhizn’, 2:161; Savranskaya, Blanton, and Zubok, Masterpieces of History, 475. 51 Bozo, Mitterrand, 62–65. 52 Savranskaya, Blanton, and Zubok, Masterpieces of History, 490–91; Gorbachev, Sobranie sochinenii, 15:529, n. 86; Gorbachev, Zhizn’, 2:93. 53 Kirill Lavrov, “No byt’ zhivym, zhivim i tol’ko . . . ,” in Karagez’ian and Poliakov, Gorbachev v zhizni, 231. 54 Ezra Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011), 616–32. 55 See excerpts from transcripts of Gorbachev-Deng and Gorbachev-Zhao talks, in Gorbachev, Sobranie sochinenii, 14:203–5; and in Gorbachev, Zhizn’, 2:435–47. 56 Cited in Vogel, Deng Xiaoping, 423. 57 Shakhnazarov notes for Gorbachev prior to October 6, 1988, Politburo meeting, in Vladislav Zubok, “New Evidence on the ‘Soviet Factor’ in the Peaceful Revolutions of 1989,” Cold War International History Project Bulletin, no. 12/13 (Fall/Winter 2001): 15. 58 Chernyaev notes on January 21, 1989, Politburo session, ibid., 16–17. 59 A third report on Eastern Europe, by the Foreign Ministry, consisted mostly of boilerplate, confirming that the ministry’s role in Eastern Europe was subsidiary to that of the Soviet party’s Central Committee.

When Gorbachev aide Shakhnazarov later asked Chief of the General Staff Sergei Akhromeyev why the country needed so many weapons, Akhromeyev answered, “Because through enormous sacrifice we have created first-class plants that are no worse than what the Americans have. What are we going to do, tell them to stop working and make pots and pans instead? That’s simply utopian.”42 What about economic reforms of the sort the Chinese carried out after Mao Zedong died in 1976? Deng Xiaoping’s reforms freed peasants from collectives and spurred them to produce for the market as well as for themselves. The result was an agricultural boom that in turn fueled miraculous economic growth. The Chinese postponed political reforms and to this day are still resisting democratization and glasnost.

It was no wonder Gorbachev considered his talks with Mitterrand “a breakthrough,” demonstrating that “at last Western leaders believed in perestroika.”52 GORBACHEV’S NEXT VISIT was to China, from May 15 through 18. What happened there in Tiananmen Square and his own reaction to it shaped his approach to turmoil he faced in Eastern Europe. China’s paramount leader, the octogenarian Deng Xiaoping, was also a reformer. But whereas Gorbachev concluded that economic reform was impossible without democratization and political pluralism, Deng was proceeding to introduce a market economy, while jealously guarding the party’s monopoly of political power. In both countries the reforms unleashed pressure from below for more radical change.


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

"World Economic Forum" Davos, Alan Greenspan, bank run, banking crisis, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, business cycle, buy and hold, Carmen Reinhart, classic study, cognitive dissonance, collapse of Lehman Brothers, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, currency manipulation / currency intervention, currency risk, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, eat what you kill, Edward Glaeser, electricity market, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, F. W. de Klerk, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, foreign exchange controls, full employment, geopolitical risk, George Akerlof, global rebalancing, Goodhart's law, Great Leap Forward, Hyman Minsky, income inequality, information asymmetry, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, long and variable lags, Long Term Capital Management, low interest rates, mandelbrot fractal, market design, market fundamentalism, Martin Wolf, military-industrial complex, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Nelson Mandela, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, oil shock, paradox of thrift, Pareto efficiency, Paul Samuelson, Paul Volcker talking about ATMs, peak oil, pets.com, Ponzi scheme, post-industrial society, price stability, profit maximization, profit motive, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, statistical model, systems thinking, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Vilfredo Pareto, Washington Consensus, zero-sum game

In this environment, to believe in the ultimate success of a new form of democratic capitalism demanded a leap of faith. And indeed, nothing is preordained in history, nor anything immutable in economics. In the past forty years, dozens of relatively small events could have changed the course of history and transformed economic conditions the world over. Imagine if Deng Xiaoping had died in the Cultural Revolution alongside his mentor Liu Shaoqi. Or if Gorbachev had been passed over for the Soviet leadership. Or if John Hinckley’s bullet had been aimed an inch higher at Ronald Reagan’s chest. Or if Argentina had not invaded the Falklands, saving the government of Margaret Thatcher.

As revealed by the epigraphs to this chapter, the aftershocks from this sudden and unexpected implosion spread far beyond the Soviet bloc—to India, China, South Africa, and every country and political movement that had been beguiled by the deceptive logic of socialist delusions. Two, Asia, and especially China, emerged as a significant part of the global economy. In theory, China’s gradual transformation into one of the most fiercely competitive and profit-oriented systems of private enterprise the world had ever seen began with Deng Xiaoping’s introduction of “Socialism with Chinese characteristics” in 1978.7 However, these reforms only began to deliver impressive results about a decade later, in the late 1980s, turning China into a serious commercial power, transforming the global trading system, and shifting the center of gravity of the world economy toward Asia.

Yet the dismal adjective has stuck firmly to economics despite its paradoxical origin. Peter Groenewegen, “Thomas Carlyle, ‘The Dismal Science,’ and the Contemporary Political Economy of Slavery,” History of Economics Review 34 (Summer 2001): 74-94. 6 Galbraith quoted in The Observer, London, April 3, 1977. 7 Deng Xiaoping, “Build Socialism with Chinese Characteristics,” Speech to the Council of Sino-Japanese Non-Governmental Persons (June 30, 1984), printed in William De Bary and Richard Lufrano, eds., Sources of Chinese Tradition: From 1600 Through the Twentieth Century, vol. 2, 507-510. 8 The key events in computer technology were the introduction of the first standardized IBM personal computers and Intel microprocessors in 1983, the addition of a Graphical User Interface (GUI) to the Apple Macintosh in 1984, the Windows GUI by Microsoft in 1986, and the release in 1990 of Windows 3.0, a much improved GUI developed for the IBM 386 computer. 9 See, for example, Edward Glaeser and Janet Kohlhase, “Cities, Regions and the Decline of Transport Costs,” and Nils-Gustav Lundgren, “Bulk Trade and Maritime Transport Costs: The Evolution of Global Markets,” Resources Policy 22:1-2 (March-June 1996): 5-32. 10 Jeffrey Frankel, “The Japanese Cost of Finance: A Survey,” Financial Management 20:1 (Spring 1991).


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The Edifice Complex: How the Rich and Powerful--And Their Architects--Shape the World by Deyan Sudjic

Ayatollah Khomeini, Berlin Wall, bread and circuses, British Empire, call centre, colonial rule, Columbine, cuban missile crisis, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Frank Gehry, glass ceiling, Great Leap Forward, Guggenheim Bilbao, haute couture, haute cuisine, megastructure, Mikhail Gorbachev, Neil Armstrong, new economy, New Urbanism, oil shock, Peter Eisenman, Ronald Reagan, Socratic dialogue, urban planning, urban renewal, V2 rocket, Victor Gruen

It will be a colossus that takes the form of two leaning towers, seventy floors high, that prop each other up with links at top and bottom to form a gigantic Möbius strip, containing everything from studios to offices. An adjacent hotel block takes the form of an open chest of drawers. This is not just another tower; it has ambitions every bit as explicit as the Great Hall of the People to represent China’s place in the world, and its newfound might. In the years since Deng Xiaoping took the first steps toward unleashing China’s economic potential, Beijing has built a vast number of new buildings, many of them designed by foreign architects with international reputations. But with the exception of the Fragrant Hills Hotel, I. M. Pei’s fruitless attempt to show the land of his birth that modernity did not have to mean the destruction of Beijing’s extraordinary urban fabric, few have yet showed any real architectural ambition.

In stage two, useful for bringing troublesome discussions to a positive conclusion or indicating a particular degree of warmth, all rise and move to the second sofa in front of the fire. The President comes from behind his desk to join the visitors and sit side by side with them, in steps as hallowed by custom as a rain-making dance. This is no doubt exactly what happened when, as Carter puts it, ‘Deng Xiaoping came to Washington to visit with me’. What does it matter if nobody remembers a word of what was said? What does it matter if you have inadvertently left the impression that America would sit on its hands in the event of a Chinese invasion of Taiwan, when you have gone through a ceremony like that?

His time in China is signalled by a pagoda that looks much like the kind of thing you might find in an upmarket but somewhat old-fashioned Chinese restaurant. Nixon’s library does something similar, not surprising since both were designed by the same firm. There is the bicycle Bush was given when he was America’s Ambassador in China, but which shows no signs of ever having been used. Deng Xiaoping is portrayed in tapestry form meeting Bush in 1985. The moment was captured by two artists from the Shanghai Red Star Tapestry Factory, who spent fifty-three days weaving it, kindred spirits of Ms Goodnight and her galloping horses outside. Bush’s time as Ambassador to the UN is encapsulated, daringly in the context of the limited world view of the Texas backwoods, by a row of UN flags.


pages: 520 words: 129,887

Power Hungry: The Myths of "Green" Energy and the Real Fuels of the Future by Robert Bryce

Abraham Maslow, addicted to oil, An Inconvenient Truth, Apollo 11, Bernie Madoff, carbon credits, carbon footprint, carbon tax, Cesare Marchetti: Marchetti’s constant, clean tech, collateralized debt obligation, corporate raider, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, decarbonisation, Deng Xiaoping, disinformation, electricity market, en.wikipedia.org, energy security, energy transition, flex fuel, Ford Model T, Glass-Steagall Act, greed is good, Hernando de Soto, hydraulic fracturing, hydrogen economy, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, James Watt: steam engine, Jevons paradox, Menlo Park, Michael Shellenberger, new economy, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, purchasing power parity, RAND corporation, Ronald Reagan, Silicon Valley, smart grid, Stewart Brand, Ted Nordhaus, Thomas L Friedman, uranium enrichment, Whole Earth Catalog, WikiLeaks

Imports by Country of Origin,” http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_a.htm. 6 BP Statistical Review of World Energy 2009, http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/reports_and_publications/statistical_energy_review_2008/STAGING/local_assets/2009_downloads/renewables_section_2009.pdf. 7 For the first ten months of 2009, OPEC production was about 28 million barrels per day. Global consumption is about 84 million barrels per day. See MEES.com, “OPEC Crude Oil Production,” n.d., http://www.mees.com/Energy_Tables/crude-oil.htm. 8 Wikipedia, “Deng Xiaoping,” http://en.wikipedia.org/wiki/Deng_Xiaoping. For Deng quote, see Farago, “Editorial: The Truth About Rare Earths and Hybrids.” 9 “Molycorp Minerals: Global Outlook,” n.d., http://www.molycorp.com/globaloutlook.asp. 10 Farago, “Editorial: The Truth About Rare Earths and Hybrids.” 11 Leo Lewis, “Crunch Looms for Green Technology as China Tightens Grip on Rare-Earth Metals,” Times (London), May 28, 2009, http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6374603.ece. 12 Steve Gorman, “As Hybrid Cars Gobble Rare Metals, Shortage Looms,” Reuters, September 2, 2009, http://www.reuters.com/article/GCA-BusinessofGreen/idUSTRE57U02B20090902; Keith Bradsher, “China Tightens Grip on Rare Minerals,” New York Times, September 1, 2009, http://www.nytimes.com/2009/09/01/business/global/01minerals.html?

These same neoconservatives hate OPEC—but OPEC only controls about one-third of world oil production.7 Now compare the diffused global oil market with the constricted market for the lanthanides—lanthanum, cerium, praseodymium, dysprosium, neodymium, and the others. China controls—depending on whose numbers you believe—between 95 and 100 percent of the global market in those elements. The fact that China sits atop such favorable geology for mining the lanthanides is pure luck. But the Chinese are aiming to make the most of that luck. Deng Xiaoping, the former Communist Party boss, once said, “There is oil in the Middle East. There are rare earths in China. We must take full advantage of this resource.”8 China is doing just that. It has about 1,000 Ph.D.-level scientists working on technologies related to the mining and separation of rare earth elements as well as on ways to turn those elements into salable products.9 At the same time that China is increasing its knowledge base on rare earths, it is cutting its exports of those same materials.

Dams, dismantling of Danish Center for Political Studies (CEPOS) Danish Energy Agency Darley, Julian Darwin, Charles de Merode, Emmanuel De Nysschen, Johan de Soto, Hernando Death rates, energy poverty and Decarbonization trend Deffeyes, Kenneth deForest Ralph, H. Deforestation DeGette, Diana Democrats view of, toward nuclear power See also names of specific politicians Deng Xiaoping Denmark and carbon capture and sequestration carbon dioxide emissions of (fig.) and carbon intensity(fig.) coal consumption in (fig.) electricity rates in(fig.) energy consumption in (fig.) and energy intensity(fig.) myths involving and natural gas(fig.) and oil(fig.) and oil consumption and wind power (fig.)


pages: 372 words: 92,477

The Fourth Revolution: The Global Race to Reinvent the State by John Micklethwait, Adrian Wooldridge

"World Economic Forum" Davos, Admiral Zheng, affirmative action, Affordable Care Act / Obamacare, Asian financial crisis, assortative mating, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bernie Madoff, bike sharing, Boris Johnson, Bretton Woods, British Empire, cashless society, central bank independence, Chelsea Manning, circulation of elites, classic study, Clayton Christensen, Corn Laws, corporate governance, credit crunch, crony capitalism, Deng Xiaoping, Detroit bankruptcy, disintermediation, Disneyland with the Death Penalty, driverless car, Edward Snowden, Etonian, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, income inequality, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, Khan Academy, Kickstarter, knowledge economy, Kodak vs Instagram, labor-force participation, laissez-faire capitalism, land reform, Les Trente Glorieuses, liberal capitalism, Martin Wolf, means of production, Michael Milken, minimum wage unemployment, mittelstand, mobile money, Mont Pelerin Society, Nelson Mandela, night-watchman state, Norman Macrae, obamacare, oil shale / tar sands, old age dependency ratio, open economy, Parag Khanna, Peace of Westphalia, pension reform, pensions crisis, personalized medicine, Peter Thiel, plutocrats, popular capitalism, profit maximization, public intellectual, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Coase, Ronald Reagan, school choice, school vouchers, Shenzhen special economic zone , Silicon Valley, Skype, special economic zone, TED Talk, the long tail, three-martini lunch, too big to fail, total factor productivity, vertical integration, War on Poverty, Washington Consensus, Winter of Discontent, working-age population, zero-sum game

The second reason is the crisis of the Western model of democracy and free-market capitalism. In the 1990s Lee’s lectures on Asian values seemed somewhat eccentric, even to Asians. The Washington consensus was sweeping all before it. Francis Fukuyama talked about “the total exhaustion of viable systematic alternatives to Western liberalism.”16 Rather than associating Deng Xiaoping’s China with economic greatness, Americans thought of the lone student walking toward the tanks in Tiananmen Square in 1989. Bill Clinton told China’s president, Jiang Zemin, to his face that he was “on the wrong side of ­history.”17 The Asian economic crisis in 1997 only reinforced the conceit of Western democracy, especially when the IMF had to launch a $40 billion program to help South Korea, Thailand, and Indonesia, which had all borrowed too much from foreign banks.

Above all, there is the size of the Middle Kingdom: Singapore would only just make it into a list of China’s twenty biggest cities. With a fifth of humanity within its borders, China is sui generis. It represents a Chinese alternative, not the Asian one. Yet in terms of direction—and direction matters enormously in China—Singapore plays an outsized role. Deng Xiaoping discovered the Singapore model in the 1980s as he tried to rebuild China after the disaster of Mao’s final years. “There is good social order in Singapore,” he observed in 1992. “We should draw from their experience, and do even better than them.”23 And ever since then China’s leaders have made pilgrimages to Singapore to visit Lee while their underlings, from places like CELAP, have been sent to study in Singapore.

., 20 deficits, deficit spending, 14, 100, 118–22, 177, 231–32, 241 unfunded liabilities and, 119, 232 democracy: in Asian-state model, 17 big government as threat to, 251, 264–69 as central tenet of Western state, 5, 8, 16–17, 22–23, 136, 141, 221 Founding Fathers and, 226, 250, 265 Fourth Revolution and, 249–70 globalization and, 262 imperfections of, 17, 127–28, 141, 143–44, 145, 226–27, 247–48, 251, 269 income inequality and, 263 in India, 136, 146 individual freedom as threatened by, 226, 250–51 nation-states and, 259, 262 presumed link to capitalism of, 261–62 as presumed universal aspiration, 261–62 as rooted in culture, 262 scarcity and, 247–48 self-interest and, 250, 260 short-term vs. long-term benefits in, 260–61, 264 special-interest groups and, 16–17, 111–15, 247, 251 strengths of, 263 twentieth-century triumph of, 252 twenty-first-century failures of, 252–61 uneven history of, 249–50 welfare state as threat to, 22, 142 Democracy in America (Tocqueville), 252 Democracy in Europe (Siedentop), 251 Democratic Party, U.S., 97, 240 spending curb approved by, 12 spending cuts opposed in, 100, 255 Democratic Review, 55 Deng Xiaoping, 142 Singapore as inspiration to, 145 Denmark, 22, 210 disability insurance in, 244 “flexicurity” system in, 173, 176 innovation in, 220 1980s financial crisis in, 176 reinvention of welfare state in, 173–74 Depression, Great, 69–70, 85 Detroit, Mich., 218–19 bankruptcy of, 14, 119 Detter, Dag, 236 Dicey, A.V., 57 Dickens, Charles, 50, 57–58 Dirksen, Everett, 192–93 disability-insurance reform, 244 Discovery Group, 211 discretionary spending, 195 diversity, 214–16 DNA databases, 182 Dodd-Frank Act (2010), 117, 239 Doncaster Prison, 214 Downey, Alan, 177 Drucker, Peter, 198 Dubai, 144, 217 Dukakis, Michael, 95 Dundase family, 49–50 East India Company, 36, 40, 47, 48, 50, 56, 150, 240 Eastman Kodak, 190–91 École Nationale d’Administration, 194 economic-freedom index, 174 Economist, 86, 97 Edison, Thomas, 179 education, 7, 9, 16, 48, 58, 197 charter schools in, 212, 214, 215 in China, 147, 148–49, 164 cost/outcome disparities in, 194–95 declining quality of, 111 diverse models for, 214–15 government domination of, 10 international rankings of, 19, 148, 206–7 preschool, 123 reform of, 58–59, 212 in Sweden, 171, 176–77 technology and, 179–80 voucher systems for, 171, 176–77, 220 in welfare state, 68, 69 Education Act (British, 1944), 75 Egypt, 155 failure of democracy in, 253, 262 Mubarak regime overthrown in, 144, 253 Eisenhower, Dwight, 77 elections, U.S., cost of, 257 electrocardiogram (ECG) machines, 205 elitism, 135, 136, 138–39 in Chinese Communist Party, 161–62 in U.S., 162 welfare state and, 77–78 Emanuel, Rahm, 216 emerging world: agriculture in, 238 as failing to grasp technological change, 18 innovation in, 17 lack of public confidence in, 13 local government in, 217 need for reform in, 14 urban population shift in, 218 “End of History, The” (Fukuyama), 262 Energetically Autonomous Tactical Robot (EATR), 182 Enlightenment, 42 entitlement reform, 95, 217, 234, 241–46 beneficiaries’ responsibilities and, 245 conditionality in, 17, 206, 244 disability insurance and, 244 globalization and, 245 information revolution and, 245 in Latin America, 17, 206, 244 means testing and, 243, 245 transparency and, 244–45 entitlements, 9, 10, 15, 16, 79, 100, 127, 141, 222, 228 aging population and, 124, 183–84, 232, 241–42 middle class and, 11, 17 pensions as, 79, 184, 243 as unfunded liabilities, 245–46, 264, 265 universal benefits in, 124, 141, 243–44 equality: capitalism and, 262–63 liberal state and, 69 of opportunity vs. result, 79, 228 sexual, 169 welfare state and, 68–69, 74, 79, 222 Western state and, 221 Equality (Tawney), 69 Erdogan, Recep Tayyip, 13, 254 Estonia, 121, 210 Euclid, 31, 33 eugenics, 67–68, 78, 169 euro, 99, 100, 258 euro crisis, 12, 100, 126, 130, 258–59 Europe: age of conquest in, 36–37, 39 compulsory sterilization in, 78 contest for secular supremacy in, 38–39 democracy’s failures in, 258–59 dysfunctional political systems in, 126 economic crisis in, 126 Enlightenment in, 42 government bloat in, 98–99 mercantilist policies in, 40 national consolidation in, 38–39 old-age dependency ratio in, 14–15 postwar era in, 78 public spending in, 99–100 revolutions of 1848 in, 54 technocratic bent in, 76–77, 259 transnational cooperation in, 76 wars of religion in, 34, 38 welfare state in, 75 European Atomic Energy Community, 76 European Central Bank, 258–59 European Coal and Steel Community, 76 European Commission, 254 European Economic Community, 76 European parliament, 258 European Union, 13, 16, 17, 76, 99, 108, 109, 258–59, 260 Extraordinary Black Book, The (Wade), 49 Exxon, 154 Fabians, 8, 21, 67, 72, 73, 96, 134, 169, 220 Facebook, 190–91 Falklands War, 94 Farrell, Diana, 132 fascism, 8, 71, 77, 252 Fatal Conceit: Errors of Socialism, The (Hayek), 134 Federal Communications Commission, 73 Federalist Papers, 5, 265 Federal Register, 117 Ferdinand II, King of Aragon, 37 filibusters, 256 financial crisis of 2007–8, 100, 164, 263 financial-services industry, 239 Finer, Samuel, 27, 276 Finland, 210 innovation in, 220 1990s financial crisis in, 176 fiscal crisis, as incentive for change, 198 Fisher, Antony, 81–82, 90, 92, 280 “flexicurity,” 173, 176 Ford, Henry, 189, 191, 201 fossil fuels, government subsidies for, 239 Foster, William, 58 Founding Fathers, 108 democracy and, 226, 250, 265 liberal state and, 44–45, 222 Fourteenth Amendment, 120 Fourth Revolution, 5 Asian-state competition as impetus for, 17, 163–64, 247 decentralization and, 216–19 democratic reform and, 249–70 diversity and, 214–16 entitlement reform and, see entitlement reform failure of current model as impetus for, 14–17 freedom and, 247, 248, 268, 270 government efficiency in, 233 ideological foundation of, 21, 28, 221–23, 232 information revolution and, 245, 246–47 infrastructure and, 232 innovation and, 219–20 monetary and fiscal reform in, 266–67 pluralism in, 211–14 as postbureaucratic, 211 pragmatism and, 18–19, 232–33 privatization and, 234–37 security and, 232 small government as principle of, 232, 264–69 subsidy-cutting and, 237–41 technology and, 18, 19–20, 233, 266–67 France, 43, 78 deficit spending in, 14 expanded bureaucracy in, 60 government bloat in, 12 pension age in, 16 public spending in, 75, 99–100 ruling elite of, 194 state capitalism in, 235 Francis I, King of France, 37 Fraser Institute, 174 fraternity, welfare state and, 74, 79 Frederick the Great, King of Prussia, 38 freedom: balance between security and, 230–31 as central tenet of Western state, 8, 23, 46, 68–69, 222, 256 core elements of, 223–24 democracy as threat to, 226, 250–51 diminished concept of, 225–27, 228–29 Fourth Revolution and, 247, 248, 268, 270 Hobbes and, 33 as ideological basis of liberal state, 69, 223–26 Mill and, 47–48, 55, 222, 224, 228, 250, 256, 268 necessary constraints on, 223 welfare state as threat to, 22, 74, 222, 265 see also rights Freedom House, 143, 252 free markets, 49, 59, 142 Friedman as evangelist for, 84, 86 Thatcher and, 93 free trade, 50, 54, 57 Mill’s espousal of, 55 French Revolution, 6, 44, 45–46, 249 Friedman, Milton, 81–87, 89, 93, 106, 128, 171, 280 background of, 82 big government as target of, 82, 84–85, 88 as free-market evangelist, 84, 86 Nobel Prize of, 82, 86, 91 Reagan and, 86 “Road to Hell” lecture of, 84 single currency opposed by, 99 Thatcher-Reagan revolution and, 8, 28, 97, 100 Friedman, Thomas, 163 Friedrich, Carl, 265 Fukuyama, Francis, 142, 143, 256, 262 Future of Freedom, The (Zakaria), 143 G20 countries, 15 Galbraith, John Kenneth, 85, 86 Galtieri, Leopoldo, 94 Galton, Francis, 68 Gardels, Nathan, 124 Gaskell, Elizabeth, 57 Gates, Bill, 97 Gazprom, 152, 153, 154 Geely, 150 General Electric (GE), 205, 243 General Motors (GM), 189, 190, 191, 233 General Theory of Employment, Interest and Money, The (Keynes), 70 Geometry (Euclid), 31 George III, King of England, 11, 41 Germany, Federal Republic of (West Germany), 75, 78, 232, 265 Germany, Imperial, 6, 60–61 Germany, Nazi, 71, 232 Germany, unified, 12, 22, 173, 186, 212 gerrymandering, 13, 106, 113, 125, 256–57, 264, 267 see also rotten boroughs Gillray, James, 227 Gladstone, William, 7 economizing by, 51–52, 224 small government as principle of, 51–52, 60 tax policy of, 51 globalization, 10, 191, 193 democracy and, 262 entitlement reform and, 245 government and, 10, 96, 200–207 health care and, 200–201 national determination and, 259–60, 262 Glorious Revolution (1688), 43 GOATs (Government of All the Talents), 215 Godolphin, Sidney, 31 Golden Dawn party, 259 Goldman Sachs, 120 Goldwater, Barry, 80, 86 Google, 189–90, 191, 233 Gore, Al, 95, 131, 198 government: anti-innovation bias of, 194–95, 212, 219 bloat in, 9–11, 18–19, 89–90, 98, 177, 222–23, 227, 229–30, 231, 233 centralization bias of, 192–93, 212, 216 challenges to reform in, 196–98 coercive power of, 198 efficiency of, 18–21, 37, 89, 187, 198–99, 213, 233, 247, 255 entrenched workforce of, 193–94 globalization and, 200–207 in-house bias of, 192, 212 local, 216–19, 267 public contempt for, 106, 112, 227–28, 230, 233, 251, 261 sunset clauses and, 118, 246, 266 technology and, 200, 207–11 uniformity bias of, 193–94, 212, 214 volunteerism and, 216 Government Accountability Office, 235 Grace Commission, 198 Gray, Vincent, 210 Great Britain: asylum seekers in, 54 as capitalist state, 50–54 commercial empire of, 39–40 deficit of, 177 education reform in, 58–59, 79, 212, 214–15 falling crime rate in, 181 fiscal reform in, 130–31 government bloat in, 89–90 health-care spending in, 90 landed artistocracy of, 48, 49 liberal revolution in, 46 low public confidence in, 11 national pride in, 61–62 patronage vs. meritocracy in, 50, 52–53, 222 postwar era in, 78 power of Anglican Church in, 48 public spending in, 9, 75 wars of, 6 “winter of discontent” in, 93 Great Depression, 69–70, 85 Great Exhibition of 1851, 54 Great Society, 77, 192 Great Western Railway, 65 Greece, 16 economy of, 120, 259 public-sector employees in, 115 public spending in, 99 Green, T.H., 61 Green River Formation, 236 Grenville family, 49–50 Grillo, Beppe, 12, 227 gross domestic product (GDP), unreliability of, 121 Grote, George, 54 Guangdong, China, 217 Gunpowder Plot (1605), 31 Hagel, Chuck, 256 Hall, Joseph, 35 Halsey, A.H., 88 Hamilton, Alexander, 5, 150 Hamilton, James, 120 happiness, right to, 48, 49 Hard Times (Dickens), 58 Havel, Václav, 252 Hayek, Friedrich, 10, 83, 85–86, 92, 93, 134, 170 Health and Social Security Department, British, 89 health care, 7, 9, 90, 98, 213 aging population and, 15, 183, 242 in China, 164 cost of, 110, 121, 205, 242–43 cost/outcome disparities in, 195 globalization and, 200–201 government domination of, 10 in India, 17, 18, 200–206 labor productivity in, 200 mass production in, 201–3 Obamacare and, 20, 98, 117, 199, 208, 217 role of doctors in, 203–5, 243 single-payer systems in, 205, 233, 243 special interest groups and, 200 in Sweden, 171–73 technology and, 183, 208–9 healthcare.gov, 199 health insurance, 141 health registries, 172, 183, 209 Heath, Edward, 92–93 Hegel, G.W.F., 45, 60–61 71 Helsinki, 220 Heritage Foundation, 92 Hewlett, Bill, 105 Higgins, David, 215 Hilton, Steve, 132 History of the Peloponnesian War (Thucydides), 250 Hitler, Adolf, 71 Hobbes, Thomas, 6, 8, 9, 21, 27–28, 29, 40, 44, 63, 135–36, 181, 219, 268 background of, 30–31 as controversial thinker, 31–32 on human nature, 29–30, 44–45 individual liberty and, 33 as materialist, 33 as royalist, 6, 18, 31–32 social contract and, 32, 34, 42, 222 Hogarth, William, 227 Hollande, François, 12, 16, 153, 184, 194 Holocaust, 78 Homestead Act (U.S., 1862), 62 House of Cards (TV show), 227 House of Commons, 127 House of Representatives, U.S., 97, 127 Howard, Philip, 118, 132, 195 Hu Jintao, 2 Huldai, Ron, 216 Hume, David, 43 Hungary, 254 Huntington, Samuel, 41–42 Hurun Report, 161 Iceland, 261 India, 8, 35, 36 China contrasted with, 146, 153 democracy in, 136, 146 economic stagnation in, 147 education in, 147 health care in, 17, 18, 200–206 infant mortality rate in, 201 lack of public confidence in, 13 local government in, 217–18 nepotism in, 162–63 Thatcherite reform in, 96 as weak state, 37 Indonesia, 142–43 health insurance in, 141 industry, landed aristocracy as opponent of, 48 Industry and Trade (Marshall), 233 information, access to, 210–11, 214 information revolution, 245, 246–47 information technology (IT), 18, 19–20 infrastructure: Fourth Revolution and, 232 spending on, 122, 232 innovation, 219–20 in business sector, 194 government bias against, 194–95, 212, 219 nation-state and, 37, 39 Institute for Energy Research, 236 Institute of Economic Affairs, 82, 92 Institute of Medicine, 204 Institute of Racial Biology, 78 interest groups, 16–17, 90, 111–15 Interior Department, U.S., 236 International Monetary Fund (IMF), 15, 76, 90 Asian financial crisis and, 142–43 Internet, 191, 260 health care and, 208–9 self-help and, 209 Iran, China and, 152 Iraq, 253 Iraq War, 143, 253 Ireland, 38 public spending in, 99–100 Isabella I, Queen of Castile, 37 Islamic world: antiscientific attitudes in, 41 in sixteenth and seventeenth centuries, 35 Istanbul, 35 Italy, 196, 259 pension reform in, 130 politicians’ pay and benefits in, 115 public spending in, 99–100 voter apathy in, 12 It’s Even Worse Than It Looks (Mann and Ornstein), 125–26, 227 Jackson, Andrew, 55 Jacques, Martin, 163 Jagger, Mick, 90 James I, King of England, 31 James II, King of England, 43 Japan, 15, 17, 36 Jarvis, Howard, 91 Jay, Douglas, 77 Jiang Jiemin, 154 Jiang Zemin, 142 Johnson, Boris, 216–17 Johnson, Lyndon, 77, 80, 87 Joseph, Keith, 92, 93 Juncker, Jean-Claude, 128 Kamarck, Elaine, 131–32 Kangxi, Emperor of China, 40 Kansas, 130 Kant, Immanuel, 224 Kaplan, Robert, 144 Kapoor, Anish, 34 Kennedy, Joseph, 73 Kentucky Fried Chicken, 185 Kerry, John, 96 Keynes, John Maynard, 22, 69–70, 76, 97 pragmatism of, 70–71 Keynesianism, 71, 77, 83, 95 counterrevolution against, 82–84 Khan, Salman, 180 Khan Academy, 180 King, Martin Luther, Jr., 79 Kingsley, Charles, 58 Kirk, Russell, 85 Kissinger, Henry, 133, 136 Kleiner, Morris, 118 Knight, Frank, 84 Knowledge Is Power Program (KIPP), 215 Kocher, Robert, 200 Kotlikoff, Laurence J., 120 Kristol, Irving, 87 Kroc, Ray, 185 Labour Party, British, 68, 69, 70, 77, 93, 94–95, 114 laissez-faire economics, 56, 57, 61, 65–66, 70, 71 Laski, Harold, 68, 134 Latin America: economies of, 8 entitlement reform in, 17, 206, 244 Lazzarini, Sergio, 153 Lee Hsien Loong, 135, 138 Lee Kuan Yew, 4, 17, 53, 133–34, 137, 139–41, 143, 144, 145, 147, 156, 170, 183, 244 authoritarianism of, 137, 138 small-government ideology of, 140, 165 Left, 62, 73, 88, 183 government bloat and, 10–11, 98 government efficiency and, 20, 187, 213 and growth of big government, 10, 98, 131, 175, 185, 228, 230, 231 subsidy-cutting and, 234, 237–38 Lehman Brothers, 14 Lenovo, 150 Le Pen, Marine, 259 Le Roy, Louis, 276 Leviathan, 10 Leviathan (Hobbes), 29, 32, 33, 34, 42 Leviathan, Monumenta 2011 (Kapoor), 34 Liberal Party, British, 68, 70 liberals, liberalism: and debate over size of government, 48, 49, 232 freedom as core tenet of, 69, 223–26, 232 right to happiness as tenet of, 48, 49 role of state as seen by, 21–22, 222–23, 226, 232 see also Left; liberal state liberal state, 6–7, 8, 220, 221 capitalism and, 50–54 competition and, 247 education in, 7, 48, 58–59 equality and, 69 expanded role of government in, 56–62 Founding Fathers and, 44–45, 222 freedom as ideological basis of, 69, 223–26, 232, 268 industrial revolution and, 246–47 meritocracy as principle of, 50, 52–53 protection of rights as primary role of, 45 rights of citizens expanded by, 7, 9, 48, 49, 51 rise of, 27–28, 269 small government as principle of, 48, 49, 51–52, 61, 232 libertarian Right, 82 liberty, see freedom Libya, 253 LifeSpring Hospitals, 202–3 Lincoln, Abraham, 62, 92 Lindahl, Mikael, 176 Lindgren, Astrid, 170 Lisbon, Treaty of (2007), 258 Little Dorrit (Dickens), 50 Liu Xiaobo, 166 Livingston, Ken, 217 Lloyd George, David, 62 lobbies, Congress and, 238–40, 257 Locke, John, 42, 43, 45 social contract and, 42, 222 Logic of Collective Action, The (Olson), 111 London School of Economics, 67, 74 Louis XIV, King of France, 38 Lowe, Robert, 58–59 L.


pages: 324 words: 90,253

When the Money Runs Out: The End of Western Affluence by Stephen D. King

Alan Greenspan, Albert Einstein, Apollo 11, Asian financial crisis, asset-backed security, banking crisis, Basel III, Bear Stearns, Berlin Wall, Bernie Madoff, bond market vigilante , British Empire, business cycle, capital controls, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, congestion charging, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-subsidies, currency risk, debt deflation, Deng Xiaoping, Diane Coyle, endowment effect, eurozone crisis, Fall of the Berlin Wall, financial innovation, financial repression, fixed income, floating exchange rates, Ford Model T, full employment, George Akerlof, German hyperinflation, Glass-Steagall Act, Hyman Minsky, income inequality, income per capita, inflation targeting, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, junk bonds, Kickstarter, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, London Interbank Offered Rate, loss aversion, low interest rates, market clearing, mass immigration, Minsky moment, moral hazard, mortgage debt, Neil Armstrong, new economy, New Urbanism, Nick Leeson, Northern Rock, Occupy movement, oil shale / tar sands, oil shock, old age dependency ratio, price mechanism, price stability, quantitative easing, railway mania, rent-seeking, reserve currency, rising living standards, risk free rate, Savings and loan crisis, seminal paper, South Sea Bubble, sovereign wealth fund, technology bubble, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, trickle-down economics, Washington Consensus, women in the workforce, working-age population

The resulting increase in consumer demand encouraged industry to deliver substantial economies of scale, with mass production becoming ever more commonplace. Social security systems designed to prevent a repeat of the terrible impoverishment of the 1930s became increasingly widespread, reducing the need for households to stuff cash under the mattress for unforeseen emergencies: they could thus spend more freely. With the reforms initiated by Deng Xiaoping at the end of the 1970s and the fall of the Berlin Wall in 1989, countries that had been trapped in the economic equivalent of a deep-freeze were able to come in from the cold, creating new opportunities for trade and investment: trade between China and the US, for example, expanded massively.

At the same time, economies with low per capita incomes and rising income inequality may be able to expand relatively easily if, for example, there is support for political reform to allow a faster rate of economic growth. Think, for example, of China's economic success – thanks to reforms launched by Deng Xiaoping – since the 1980s. Even with high levels of income inequality, rapid growth can keep Smith's melancholy at bay. Indeed, China's success has been accompanied by a persistent rise in income inequality. Fast-developing economies typically go through a period of rapidly rising inequality as the new urban ‘rich’ see their incomes fast outstripping those of the rural poor, thanks to higher levels of productivity in manufacturing than in rural endeavours.

(i) Asian crisis (i) recovery from (i), (ii), (iii) asset prices (i) asset-backed securities (i) Audit Commission (i) austerity (i), (ii), (iii), (iv), (v) and political extremism (i) Statute of Labourers (i) versus stimulus (i) wartime (i), (ii) see also Snowden's budget Australia (i), (ii), (iii), (iv) Austria (i) baby boomers (i), (ii), (iii) bailouts (i), (ii) Balls, Ed (i) Bank Negara (i) Bank of England (i), (ii), (iii) economic growth forecasts (i) interest rates (i), (ii) and Libor (i) Bank of Japan (i) banking free (i), (ii) and protectionism (i) union (eurozone) (i) banks (i), (ii) bankers' rewards (i) failure (i), (ii) liquidity buffers (i), (ii) mortgage loan-to-value ratios (i) regulatory uncertainty (i) and savers (i) see also central banks Barclays Bank plc (i), (ii) Basel III regulations (i) Bean, Charlie (i), (ii) Bear Stearns (i) Belgium (i) Ben Ali, Zine al-Abidine (i) Benedetti, Count (i) benefits (i), (ii) see also social spending Bernanke, Ben (i), (ii) Beveridge, William (i) bimetallism (i) Bismarck, Otto von (i) Black Death (i), (ii) blame culture (i), (ii), (iii), (iv), (v) Blenheim Palace (i) bonds (i), (ii), (iii), (iv), (v) borrowers (i), (ii), (iii) borrowing, government borrower of last resort (i) heavy (i) international (i) and low interest rates (i), (ii) and the New Deal (i) to offset private saving (i) relative to national income (i), (ii) rising (i) see also credit: queues Botswana (i) Brazil (i), (ii), (iii) Britain see UK (United Kingdom) British Empire (i), (ii), (iii) Bryan, William Jennings (i) budget deficits (i), (ii), (iii), (iv), (v) France (i) Germany (i) Spain (i) UK (i), (ii), (iii) US (i), (ii), (iii) Buenos Aires (i) Business Week (i) Buxton, Thomas Fowell (i) California (i) Calonne, Charles-Alexandre de (i) Canada (i), (ii) capital adequacy ratios (i) controls (i), (ii), (iii), (iv) flight and the euro (i) foreign (i), (ii) immobile (i) markets (i), (ii) and the rise of living standards (i) Carr, Jimmy (i) Case-Shiller house price index (i) Catalonia (i) Central African Republic (i) central banks and bailouts (i) expansion of remit (i) and government debt (i) and illusory wealth (i) interest rates (i) and a new monetary framework (i) nominal GDP targeting (i) and politics (i), (ii), (iii) and redistribution (i) see also quantitative easing (QE) Chicago (i) China and commodity prices (i) financial systems (i) and globalization (i) income inequality (i), (ii) living standards (i) per capita incomes (i) and regional tensions (i) renminbi currency (i) silver standard (i), (ii) trading partners (i) and the US (i), (ii) Chinese Exclusion Act (i) Chrysi Avgi (i) Churchill, Winston (i) circuit breakers (i), (ii) Coinage Act (i) Committee on National Expenditure (i) commodity prices (i), (ii), (iii) conduits (i) Connecticut (i) consumer credit (i), (ii), (iii) contingent redistribution (i) credit consumer (i), (ii), (iii) derivation of word (i) expansion (i) and the property boom (i) and protectionism (i) queues (i), (ii), (iii), (iv) Creditanstalt (i) creditors creditor nations (i), (ii) and debtors (i), (ii), (iii), (iv), (v) foreign (i), (ii), (iii) home grown (i) Japan (i) cross-subsidization, of banking services (i) currencies (i), (ii) ‘currency wars’ (i), (ii) see also eurozone; renminbi; ringgit; sterling Darling, Alistair (i) debt and asset prices (i) and central banks (i) eurozone crisis (i), (ii) excessive (i), (ii) France (i) household (i), (ii), (iii) and inflation (i) Japan (i) and national incomes (i), (ii), (iii) and quantitative easing (QE) (i) repaying (i) debt deflation (i) debtors and creditors (i), (ii), (iii), (iv), (v) eurozone (i) home grown (i) deficient demand (i), (ii) deficit expansion (i) deficit reduction (i) deficits (i), (ii), (iii), (iv), (v) France (i) Germany (i) Korea (i) pension funds (i), (ii) Spain (i) and surpluses (i), (ii) UK (i), (ii), (iii) US (i), (ii), (iii) deflation (i), (ii) democratic deficit (i), (ii) Deng Xiaoping (i), (ii) Denmark (i) the Depression (i), (ii), (iii), (iv), (v) and the UK (i), (ii) Dexia (i) Diamond, Bob (i) Dickens, Charles (i) disaster-avoidance (i) District of Columbia (i) dollar standard (i) dotcom bubble (i) Draghi, Mario (i) economics profession (i), (ii), (iii) Edelman Trust Barometer (i) education (i) financial (i) literacy (i) training (i) Edward III (i) Egana, Amaia (i) emerging nations (i), (ii) employment (i) see also labour; unemployment enfranchisement (i), (ii) the Enlightenment (i), (ii), (iii) entitlement culture (i), (ii), (iii), (iv), (v), (vi) absent from Asia (i), (ii) need to reduce (i), (ii) equities (i), (ii) ethics (i) Ethiopia (i) European Central Bank (ECB) (i), (ii), (iii), (iv), (v) eurozone banking union (i) crisis (i), (ii) and the European Central Bank (i) northern creditors and southern debtors (i), (ii), (iii), (iv), (v), (vi) and trust (i) and the UK (i), (ii) variations in borrowing costs (i) exchange rates (i), (ii), (iii), (iv) executive pay (i) exports (i), (ii) extremism, political (i) Fannie Mae (i) Federal Reserve (i), (ii), (iii), (iv) and the Great Depression (i), (ii) Ferguson, Niall (i) Ferguson, Roger (i) feudalism (i) financial services (i) innovations (i), (ii), (iii) Financial Services Authority (FSA) (i) Finland (i) First World War (i), (ii) ‘fiscal club’ concept (i) fiscal policy (i), (ii), (iii), (iv), (v) fiscal trap (i) fiscal unions (i) Fisher, Irving (i), (ii) football (i) forecasting (i), (ii), (iii), (iv), (v) Fortis (i) France age-related expenditure (i) ancien régime and the Revolution (i) and Austria (i) benefits (i) budget deficit (i) exports (i) Latin monetary union (i) per capita incomes (i), (ii) and political extremism (i) and public spending (i) Franco-Prussian War (i) Frank, Barney (i) fraudulent acts (i) Freame, John (i) Freddie Mac (i) free banking (i), (ii) French Revolution, and the ancien régime (i) Freud, Sigmund (i) Friedman, Milton (i), (ii), (iii), (iv), (v) Fuld, Dick (i) GDP forecasts (i), (ii) targeting (i) General Strike (i) generational divide (i), (ii), (iii) see also ageing populations Germany ageing population (i), (ii), (iii) benefits (i) budget deficit (i) and the eurozone crisis (i), (ii), (iii), (iv), (v) exports (i) Franco-Prussian War reparations (i), (ii) government borrowing (i), (ii) interest rates (i) late 19th-century economy (i), (ii) living standards (i) national income (i) per capita incomes (i), (ii) and the Protestant work ethic (i) and public spending (i) surplus (i) Treaty of Versailles (i) unification (i) Weimar Republic (i), (ii) GfK/NOP Inflation Attitudes Survey (i) globalization (i), (ii), (iii), (iv), (v) Gold Standard (i) and Germany (i) and the UK (i), (ii), (iii), (iv), (v) and the US (i), (ii), (iii) gold standards (i), (ii) Golden Dawn Party (i) Goodwin, Fred (i) Gordon, Robert J.


pages: 292 words: 87,720

Volt Rush: The Winners and Losers in the Race to Go Green by Henry Sanderson

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, animal electricity, autonomous vehicles, Boris Johnson, carbon footprint, Carl Icahn, circular economy, commodity super cycle, corporate governance, corporate social responsibility, COVID-19, David Attenborough, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Elon Musk, energy transition, Extinction Rebellion, Exxon Valdez, Fairphone, Ford Model T, gigafactory, global supply chain, Global Witness, income per capita, Internet of things, invention of the steam engine, Kickstarter, lockdown, megacity, Menlo Park, oil shale / tar sands, planned obsolescence, popular capitalism, purchasing power parity, QR code, reality distortion field, Ronald Reagan, Scramble for Africa, short squeeze, Silicon Valley, Silicon Valley startup, smart grid, sovereign wealth fund, Steve Jobs, supply-chain management, tech billionaire, Tesla Model S, The Chicago School, the new new thing, three-masted sailing ship, Tony Fadell, UNCLOS, WikiLeaks, work culture

Another person who travelled with him for two days said he dressed modestly and carried only a small suitcase, wearing the same clothes. But in meetings he showed ‘great business acumen’. Xiang was also ruthlessly focused and ambitious. Tsingshan had its origins in the explosion of private enterprise in the city of Wenzhou, in China’s eastern Zhejiang province, in the 1980s, following reforms brought in by Deng Xiaoping to loosen the state’s grip on the economy. Xiang had been born into an ordinary working family in 1958 and worked at a state-owned marine fisheries company doing machine repairs. He was quickly promoted to become director of the workshop. As Wenzhou’s private economy began to boom Xiang and his relative Zhang Jimin decided to leave the security of the state sector and founded a company to make car doors and windows in 1988.

Friedland first went to China in 1981 and has maintained close links to the country ever since. In the 1990s he entered a partnership to build six-storey plastic apartment buildings in Shanghai with a highly connected Communist Party organisation – the China Disabled Persons’ Federation. The federation was at the time headed by Deng Pufang, the son of former leader Deng Xiaoping, who became disabled after being pushed out of a building during Mao Zedong’s chaotic and bloody Cultural Revolution in the 1960s.15 In the same decade Friedland explored for gold in south-east Fujian province and met Chen Jinghe, who would go on to become head of Zijin Mining, China’s largest gold producer, which is listed in Hong Kong with a market capitalisation of HK$80 billion.

Index Adkerson, Richard 178 Agrium 85 Albemarle 59, 66, 77 Allen, Matthew 152 Allende, Salvador 78, 79 Altura 64, 65 aluminium 3, 211 Amnesty International 90, 132–5, 139–40 Amoco 199 Annan, Kofi 102 Anno, Yasuo 219, 220 Apple 112, 123, 131, 133–4, 213 Arctic Circle 224–5 Arfwedson, Johan 49 Argentina 34, 51–2, 68–70 Arnstadt (Germany) 32–3 Asahi Kasei Corporation 21, 30 ASM, see mining: artisanal A&T Battery 30 Atacama Desert (Chile) 3, 57, 73–8 ATL 37–9, 42, 43 Attenborough, David 195 Audi 32, 40 Australia 5, 34, 57, 59–66, 67–8, 84 and coal 97 and copper 179 and nickel 154, 157 AVZ Minerals 68 Bacanora Lithium 48 Bachelet, Michelle 85 baitong (white copper) 155 Bajo people 166 Baros, Vanja 110 Barron, Gerard 188–90, 191, 192, 195–6 batteries 2–3, 7–8, 25–7, 34–5, 36–9, 50–1 and Edison 15–16, 17–18 and electric cars 13–14 and Europe 32–4, 218, 219–22 and Global Alliance 141 and Goodenough 27–8, 29 and history 23–5 and Japan 29–31 and LFP 245–6 and lithium-ion 19–20, 21–2 and Northvolt 222–3 and recycling 209–10, 213–17 and UK 243–4 see also cobalt; lithium; nickel Beijing, see China Belgium 135–6, 137, 184, 202–4; see also Leopold II of Belgium, King Bell Labs 37 ‘Belt and Road Initiative’ (BRI) 162–3 Berlin, Anton 226 Best, Eric 100 beta-alumina 25 BHP 154–5, 176 BHR Partners 179 Biddle, Neil 61–2, 63 Biden, Hunter 179 Biden, Joe 180 billionaires 3, 34–5, 71, 173, 178, 192, 224–5; see also Gertler, Dan; Glasenberg, Ivan; Jiang Weiping; Musk, Elon; Ponce Lerou, Julio Bitrán, Eduardo 76–7, 78, 81–2, 85, 86, 87 Bitumba, Robert 146, 147–8 BMW 32, 33, 42, 66, 140 Bobenrieth, Eduardo 81 Bolloré 220 Boscawen family 231, 240 Boskalis 199 BP (British Petroleum) 115 Braungart, Michael: Cradle to Cradle: Remaking the Way We Make Things 211 Brazil 154, 179 Brearley, Harry 155 Bringedal, Bård 153 Brinsden, Ken 62–4, 65, 67–8 Bristow, Mark 117 Brockovich, Erin 165 Brodesser, Bastian 90 Brooks, Tim 172 Broughton, David 172, 185 Brown, Steven 165, 166, 167 Bucher, Alejandro 76, 78 Büchi, Hernán 82 Buffett, Warren 41 Burma 183 Bush, George W. 105 BYD 38, 41, 129, 131, 245 Cade, John 49–50 Caesens, Elisabeth 130, 142 Calaway, James 52 Camba, Alvin 164 Cameron, James 192–3 Canada 68–9, 84 and nickel 154, 156, 157, 173, 182–3 carbon dioxide 27, 66–7, 165, 220 and deep sea 193, 196 and emissions 4, 212, 222, 224 Carlsson, Peter 218–20, 222–3 Carlyle Group 38–9 Carroll, Rory 129 cars 14, 15, 16–17, 18–19, 39–40, 212 and recycling 211, 214–16 see also electric vehicles Carson City (NV) 208–9 Carter, Assheton Stewart 135 Casement, Roger 137 Casson, Louisa 195 Castro, Fidel 78 cathodes 27, 29, 30, 31 CATL (Contemporary Amperex Technology) 32–3, 34–5, 42–6, 96, 131 and nickel 159, 164 CDM 122, 130, 132–3 Cerruti, Paolo 219 Challenger, HMS 197 Chamberlain, Matthew 141, 142 Chen, T.H. 37, 38 Chen Jinghe 186 Chen Xuehua 122, 127, 159 Chevrolet 52 ‘Chicago boys’ 72, 79, 81 child labour 90, 92, 93, 129, 139, 140–1 and Huayou 122–3, 124–5, 134–5 and Kasulo project 146, 147, 148 Chile 5, 51, 71–3, 78–81, 162 and copper 172, 175, 176, 180 see also Atacama Desert; SQM (Sociedad Química y Minera de Chile) China 2, 3, 4–5, 105, 128, 185–7 and Amnesty 139 and Argentina 68–9 and Australia 60–1, 62–6, 67–8 and BRI 162–3 and cars 39–40 and CATL 32–9 and Chile 71–2, 75 and cobalt 96, 122 and commodities boom 109, 110 and copper 170, 171, 175–7, 178–9 and deep sea 200 and DRC 143, 144 and electric cars 40–6 and Europe 221–2, 223–4 and Indonesia 154 and Jiang Weiping 83–5 and nickel 155, 158–60 and PNG 150–1, 152, 153 and pollution 244 and supply chain 92 and Tianqi Lithium 85–7 and Tsingshan 160–2, 163–4, 167 and USA 113–14 and Wang Xiaoshen 47–8 and Xinjiang 56–8 and Xinyu 52–6, 58–9 see also Huayou Cobalt China Africa-Development Fund 131 China Molybdenum 117, 178–80 Church of England 119, 120 CIA 198–9 circular economy 213 CITIC Metal 170, 186 Clarion-Clipperton-Zone 189–90, 192, 194, 200, 204 Clean Air Act (1970) 23 Climate Action 100+ 119 climate change 1, 2, 23, 27, 33, 40, 50 coal 4, 5, 11, 67, 109 and China 57, 61, 222 and Glencore 97, 119 and nickel 157, 163–4, 165 cobalt 3, 4–5, 9, 30, 34–5, 124 and deep sea 191 and DRC 92–4, 99–102, 106, 107–8, 115–18, 121–3 and electric cars 138–40 and Glencore 89–90, 95–7, 142–3 and health risks 124–5 and LME 141–2 and PNG 150–3 and prices 143–4 and recycling 209–10, 213 and Volkswagen 88–9, 90–1 see also Huayou Cobalt Cohen, Michael 110 Colby, William 198 Coldelco 74 Communist Party 34, 40, 56, 83, 84 Congo, see Congo Free State; Democratic Republic of Congo (DRC) Congo Dongfang Mining International (CDM) 122 Congo Free State 135–7 Conrad, Joseph 137 Conservation International 195 consumerism 123–4 Contesse, Patricio 76, 79 copper 3, 5, 9, 97, 173–6, 180–1 and Australia 67 and Bougainville 152 and Chile 73–5, 78–9 and China 176–7, 178–80 and Cornwall 236 and DRC 100–2, 106, 107–9, 169–73, 177–8, 183–5, 186–7 and Japan 157 Corfo 77, 79, 80, 81 Corliss, Jack 193 Cornwall 228–9, 230, 231, 232–6, 238–9 and landowners 239–41 and tin mining 236–7 corruption 72, 76, 80, 98, 142 and DRC 92–3, 104, 107 and Gertler 102–3, 110–12 Covid-19 pandemic 7, 65, 67, 167–8, 218 Crane, Lucy 235, 237, 239 Crawford, Matthew 13 Cronstedt, Axel Fredrik 155 Cultural Revolution 36, 40, 83 Daimler-Benz 23, 33 Dauvergne, Peter 123, 124, 244 deep sea 188–201, 202–6 and tailings 150, 152, 153 DeepGreen 189–90, 196 DEME 202–5 Democratic Republic of Congo (DRC) 3, 4, 34, 68, 115–17, 142–3 and Amnesty 132–5 and BRI 162 and cobalt 89, 92–4, 95–7, 121–3, 124 and copper 169–73, 177, 179–80, 183–5, 186–7 and electric cars 138–40 and Gertler 102–3, 104–5, 110–12 and health risks 124–5 and Huayou Cobalt 125–8 and Katumba Mwanke 106–7 and mining 99–102, 107–9, 117–18, 128–9 see also Congo Free State; Kolwezi Deng Pufang 186 Deng Xiaoping 161, 186 Deripaska, Oleg 227 diamond industry 103–5, 200, 203 diesel 220 Diess, Herbert 223 Dodd-Frank Act (2010) 122 Dongguan (China) 35–9 Dos Santos, Isabel 183 Double, Steve 233 DRC, see Democratic Republic of Congo (DRC) Dunlop, John 136 Earth Day 22 Edison, Thomas 10, 13, 14–16, 17–19, 21 and copper 174 and nickel 156 electric vehicles (EVs) 1–3, 4–5, 7–9, 11–14, 16–17 and Australia 62 and carbon footprint 66–7 and China 40–6, 54–6, 63, 64, 96 and cobalt 115–16, 126–7 and copper 74, 174–5, 180 and DRC 138–40 and Edison 15–16, 17–18 and Europe 220–1, 223–4 and ExxonMobil 26–7 and Ford 24–5 and Germany 32–4 and history 10 and lithium 52 and nickel 154–5, 158, 164 and outsourcing 92 and recycling 213–17 and Straubel 207–9 and SUVs 244–5 and UK 243–4 and Volkswagen 22, 88–9, 90–1 see also batteries electricity 14–15, 23–4, 174; see also electric vehicles emissions, see carbon dioxide Environmental Protection Agency 23 environmentalism 124, 126, 165–6, 167–8, 244 ERG 141 Europe 33, 218–22, 223–4, 227; see also Belgium; Germany; Sweden; United Kingdom European Battery Alliance 221 EVs, see electric vehicles ExxonMobil 22, 25, 26–7 Fadell, Tony 4 Fairphone 140 Falconbridge Nickel Mines 156 ferrite 39 Figureres, Christiana 246 fishing 151, 166 FMC 51–2, 58, 59 Foote Mineral 51 Force Publique 136 forced labour 136, 137 Ford, Henry 8, 9, 10, 14–15, 18–19, 24–5 and natural resources 210–11 Ford (company) 145 Freeport-McMoRan 176, 178, 179 Friedland, Robert 117, 173, 175, 180–7 Gait, Paul 186–7 Galvani, Luigi 23–4 Galyen, Bob 33, 42, 43, 45 Ganfeng Lithium 47–9, 52–3, 54–6, 58–60, 66 and Argentina 68–70 and Australia 64 Garrett, Nicholas 139 gas 67 Gécamines 106, 107, 108, 113, 114, 115–17 GEM Co. 96, 164, 165 General Electric 216 General Lithium 63 General Motors 8, 19 geopolitics 4, 67, 92 geothermal energy 237–8 Germany 32–4, 35; see also Volkswagen Gertler, Dan 93, 102–5, 107, 108, 110–11 and Glencore 111–12, 118 and sanctions 112–13, 114, 142 Ginting, Pius 166, 168 Glasenberg, Ivan 90, 95–9, 109, 111, 113, 117 and coal 119, 120 Glencore 89–90, 92–3, 95–7, 113–15, 117, 213 and artisanal mining 140 and coal 119–20 and cobalt 142–3 and copper 176–7 and DRC 99, 100–2, 107–9 and Gertler 102–3, 111–12, 113 and nickel 154–5, 156 and Tesla 118–19 Global Battery Alliance 141 global warming, see climate change Glomar Explorer (ship) 198–9 gold 62, 73, 117, 171, 182–3, 186 and recycling 213 and South Africa 169, 230 Goldman, Jack 25 Goldman Sachs 43, 64, 110, 223 Good Shepherd 147 Goodenough, John 21, 22, 23, 27–9, 31 Google 213 Grant, Alex 66–7, 237–8, 239 Great Wall Motor 64 Greenberger, Jim 43–4 Greenbushes (Australia) 57, 59, 64, 84, 86 greenhouse gases, see carbon dioxide Greenpeace 195, 225 Groupe Bazano 107–8 GSR (Global Sea Mineral Resources) 202–6 Guilbert, John 177 Haley, Nikki 112 Hamanaka, Yasuo 157 Hamze, Alex 107–8 Hanrui Cobalt 135 Hanwa 164 Harita Group 165 Hayes, Denis: Rays of Hope: The Transition to a Post-Petroleum World 23 Hayward, Tony 115, 119 health 49–50, 124–5, 165 Hein, James 192, 196 Heizmann, Jochem 43 Heydon, David 191 Hoekstra, Auke 245 Hong Kong 36, 37 Hoover, Herbert 62 Hu Yaobang 35 Huawei 44, 67 Huayou Cobalt 90, 93, 122–3, 125–8, 129–31, 138 and Amnesty 132–5 and Kasulo project 144–8 and nickel 159, 165 and public opinion 246 Hughes, Howard 198 Hull (UK) 243–4 hydrogen 208, 245 Icahn, Carl 178, 179 India 85, 97, 119, 181, 182 Indonesia 5, 34, 162–4, 176, 237 and nickel 154, 157, 158–60, 164–8 internal combustion engines 14, 18, 32, 33 International Energy Agency (IEA) 9 International Seabed Authority (ISA) 192, 200–2, 204, 205 iPods 4, 19–20, 37, 38 Iran 98 Iraq 11–12 Irish, Stephen 244 iron ore 17, 60–1, 62, 67 Israel 103 Ivanhoe Mines 117, 186 ivory 135, 136, 137 Japan 29–31, 37, 38, 39, 157 Jarvis, Andrew 239–40 Jasanoff, Maya 136 Jevons, William Stanley 212 Jiang Weiping 83–5 Jinchuan 129 Jobs, Steve 117, 181, 182 Johnson, Boris 233 Johnston, Bill 68 Jokowi, President 159, 160, 167 Jones, Dan 195 Kabila, Joseph 93, 102, 105, 106, 107, 112 and China 128, 177 and mining 116, 117–18 Kabila, Laurent 104–5, 106, 128, 183–4 Kama, Geoffrey 153 Kamisa, Yossi 104 Kamoa-Kakula mine (DRC) 169–73, 185, 186–7 Kanellitsas, John 48–9, 69 Kansuki (DRC) 108 kaolin 228–9 Kara, Siddharth 130 Kasulo (DRC) 121, 124, 126, 132, 144–8 Katanga Mining 113, 114 Katumba Mwanke, Augustin 106–7, 110 Kavanagh, Michael 121 Keevil, Norman 173 Kenwright, Mark 100 Kiribati 189 Kobylkin, Dmitry 225 Kolwezi (DRC) 101, 113, 116, 121–3, 129–31, 139 and Amnesty 132 and Kasulo project 144–8 Kuka 34, 55 Kummer, Joseph 24 Kumungu, Vital 130 Lagos, Ricardo 81 Landerretche, Óscar 74 Larmer, Miles 184 laterites 157 Law of the Sea 192, 195, 199, 200–1, 205 LDK Solar 54 lead-acid batteries 15–16, 17, 19, 24–5, 190 Leclanché 220 Lee, Bryce 125–6, 127, 130, 134, 135, 144–5, 146–7 Leibovitz, Chaim 105 Lempers, Monique 140 Lennon, Jim 160, 164, 165 Leopold II of Belgium, King 102, 115, 135, 136, 137 LG Chem 43, 131, 138, 145, 167 Li, Gabriel 39 Li, Steele 117 Li Changdong 159 Li Liangbin 58 Liang Shaokang 37 Liao, Anna 54–5 Lithco 51 lithium 3, 4–5, 8–9, 34, 49–51 and Argentina 68–70 and Australia 61–6, 67, 68 and Chile 71–3, 74, 75–6, 77–8, 81–2 and Cornwall 228, 229, 232, 233–6, 238–9 and geothermal energy 237–8 and iron phosphate (LFP) batteries 245–6 and prices 47–8 and producers 51–2 and recycling 209–10, 213 and Tianqi Lithium 83, 84–7 and Xinjiang 57–8 and Xinyu 52–3, 54–6, 58–9 Lithium Americas 68–9 lithium-ion battery 19–20, 21–2, 26–7, 30–1, 37–9, 42–6 Lockheed Martin 198–9, 200 Lodge, Michael 200–2 London Metal Exchange (LME) 91–2, 112, 141–2 and copper 175–6, 178 and nickel 157–8, 159 Longueira, Pablo 76 Low, Andrew 84 Lowry, Joe 48, 52, 59, 68 Luhut Binsar Pandjaitan 159–60, 167 Lukas, Wolf-Dieter 33–4 Lundin, Adolf 177–8 McCall, Bruce 13 MacDonald, Norman 183 McDonough, William: Cradle to Cradle: Remaking the Way We Make Things 211 McGregor, Ewan 214 McKibben, Bill 4 Macri, Mauricio 69 Madhavpeddi, Kalidas 179 Maersk 189 magnetics 36, 37, 39, 156 Magnitsky Act (2012) 112–13 malachite, see copper Malaysia 119, 237 Malnic, Julian 190–1 manganese 31, 197, 199, 201 Manthiram, Arumugam 27–8 Mao Zedong 83, 127, 186 Marc Rich & Co. 98–9 marine systems 150–4, 166–7 Mason, Edward 120 Mazzocco, Ilaria 41 Melin, Hans 216–17 mental health 49–50 Mercedes-Benz 32, 34 Mero, John: The Mineral Resources of the Sea 197, 199 Metallurgical Corporation of China (MCC) 153 Mexico 48, 236 MG 34 Midea 34 military, the 50 Miller, W.A. 234 mining 3–5, 8–9, 84, 90, 182 and artisanal 128–9, 130–1, 139–41 and Australia 60–2, 63–5 and Chile 74–5 and coal 119 and cobalt 91–2, 93–4 and copper 169–73, 176–8, 179–81, 184 and Cornwall 228–9, 230, 231, 232, 233–7, 238–9, 240–1 and deep sea 189–91, 194–7, 199–206 and DRC 99–103, 106–8, 116–18 and environmentalism 245 and Huayou 143–6 and Kolwezi 121–3 and lithium 50 and nickel 165–8 and PNG 150–4 and Xinjiang 56–7 Mistakidis, Aristotelis (Telis) 109, 112, 114 mobile phones 30, 37, 38, 213 Mobutu Sese Seko 95, 104, 106, 177–8 Mojon, Alex 150–3 Mongolia 173, 183 Morel, Edmund 137 Morowali Industrial Park (Indonesia) 162, 163–4, 166 Morrison, Scott 67 Motorola 38 Muller, Liz 134 Musk, Elon 2, 3, 7–9, 64, 118–19 and Indonesia 167 and nickel 154–5 and Russia 225 Mutanda (DRC) 99–102, 107–8, 113 NAATBatt 43 Namibia 200, 203 natural resources 210–13 Nauru 189 Nautilus Minerals 190, 203 Nemery, Benoit 124, 148 New Caledonia 157 Newman, Mark 30–1 nickel 3, 9, 31, 34, 97, 182–3 and deep sea 191 and Edison 17, 18 and history 155–7 and Indonesia 162–8 and PNG 150–4 and prices 157–8 and recycling 209–10 and Russia 224, 226–7 and Tesla 154–5 and Tsingshan 158–60, 161–2, 163–4 Ningbo Lygend 165 Ningde (China) 32, 33, 35, 36, 42 Nio 34 Nissan 52 Nixon, Richard 23 Nobel Prize 21 nodules 189–91, 192, 193–4, 197, 199, 204 Nokia 37, 38, 131 Norilsk Nickel (Russia) 224–7 Northvolt 218–20, 222–3 NTT Docomo 37 nuclear weapons 50, 56 Ocean Minerals Co. 199 Och-Ziff 110–11 oil 3, 4, 9, 11–12, 98 and China 34, 39, 40, 57–8, 67 and pollution 22–3, 224–5 and prices 27 and Saudi Arabia 115–16 and shortages 25 see also petrol Olenga, François 112 oligarchs 226–7 OMI 199 Organisation for Economic Co-operation and Development (OECD) 123, 140, 143 Outokumpu 159 Pacific Ocean 189–90, 194 Pakenham, Thomas 136 Pakistan 97, 119 paktung 155 Pampa Calichera 80 Papua New Guinea (PNG) 150–4, 191 Pardo, Arvid 199 Patania II (robot) 202–3, 204 Peru 176–7 petrol 1–2, 8, 11–12, 14–15, 16–17, 18–19 Philippines 157, 196 Pilbara Minerals 61–4, 65 Piñera, Sebastián 85–6 Pinochet, Augusto 51, 71, 72, 73, 79, 81, 82 Pinochet, Verónica 72, 78, 79 planned obsolescence 213, 216 Planté, Gaston 16, 24 Poldark (Graham) 229, 241 pollution 22–3, 34, 150–4, 165–6, 224–6 and China 2, 39, 40, 58, 244 polyacetylene 30 Ponce, Eugenio 79, 82 Ponce Lerou, Julio 59, 71–3, 76, 77, 78 and SQM 79–81, 82–3 and Tianqi Lithium 85, 86 potassium chloride 75 Potanin, Vladimir 224, 226–7 Potash Corp 85 Putin, Vladimir 224–5 Quadricycle 14, 15 Quitter, Matthew 214–16 Raby, Geoff 67 Ramu (PNG) 150–3 Randgold 117 Rautenbach, Billy 129–30 RCS Global 145, 146 re-use, see recycling Reagan, Ronald 27 Reagen, Kongolo Mashimango 123 recycling 126–7, 195, 209–10, 213–17 Redwood Materials 209–10 Rees-Mogg, Jacob 233 Rich, Marc 98–9, 120 Rio Tinto 152, 183 robots 34, 55, 202–3, 204–5 Rockwood 59, 84–5 Romney, Mitt 158–9 rubber 135–6, 137 Russia 154, 157, 224–7; see also Soviet Union SAE Magnetic 36 Saft 220 Samsung 43, 131, 133, 142, 213 Sangadji, Arianto 165–6, 167 Santillo, David 195 Schnitzer, Moshe 103 Schulders, Franck 89–90 sea, the 150–4; see also deep sea Seascape 193, 194 Secker, Peter 48 Šefčovič, Maroš 221, 222, 224 Shell Billiton 199 Sicomines 128 SK Innovation 142 slave labour 136, 137 smartphones, see mobile phones Smil, Vaclav 246 Smith, Paul 113 Sobotka, Benedikt 141 software 12, 13 solar power 54, 69, 73, 75, 245 and China 4–5, 45 Sony 30, 31, 38, 51, 131, 219 Sorensen, Charles 9 South Africa 97–8, 109, 157, 169, 201, 230 Soviet Union 56, 198–9 Sovocool, Benjamin 138–9 Sparenberg, Ole 197, 199 SQM (Sociedad Química y Minera de Chile) 51, 57, 58, 59, 75–8, 81–2 and Argentina 68–9 and Ponce Lerou 72–3, 79–81 and Tianqi Lithium 85–7 Srivastava, Anil 220 stainless steel 155–6, 158, 159, 161, 163–4 steam 16–17 steel 3, 4, 67, 245; see also stainless steel Stone, Greg 193 Storebrand 153 Straubel, J.B. 207–10 sulphides 157 Sun, Miles 186 Sweden 218, 219–20, 222–3 Sweeney, William 111 Taiwan 36 Takei, Takeshi 39 Talison Lithium 84–5 tantalum 61 TDK 36, 39 Tenke Fungurume (DRC) 177–8, 179–80 Tesla 1, 5, 11, 12, 48, 208–9 and Australia 62 and Carlsson 219 and China 44, 52–3, 54, 69 and cobalt 89 and Germany 33 and Glencore 112 and Model X 138 and nickel 165 see also Musk, Elon 3i Group 38 Tianqi Lithium 54, 71, 73, 83, 84–7 tin 84, 162, 213, 231, 232, 236–7 titanium 25, 26 Tonga 189 Toshiba 30 Toyota 23, 41, 211 trading, see London Metal Exchange Tregothnan estate (Cornwall) 231, 239–40 Trump, Donald 48, 113–14 Tsingshan 158–62, 163–5, 167, 246 tungsten 213 Ukraine 217 Umpula, Emmanuel 133, 147 United Kingdom (UK) 34, 200, 243–4; see also Cornwall United States of America (USA) 8–9, 14–18, 92, 198–9, 210–13 and copper 179 and corruption investigations 110–11, 112–13, 114–15 and Glencore 113–14 and gold mining 182 and lithium 48, 51–2 and pollution 22–3 and recycling 209–10 Vale 154–5, 167 Van Nijen, Kris 202–6 Van Reybrouck, David 129 Vescovo, Victor 192 Vietnam 119 Volkswagen (VW) 5, 8, 22, 33, 220, 222 and China 43 and cobalt 88–9, 90–1, 92 and DRC 145 and Glencore 112 and Huayou 131, 133 and Northvolt 223 Volta, Alessandro 24 Volvo 145 Wan Gang 40 Wang Xiaoshen 47–9, 55–6, 57, 58–9, 64, 69–70 waste 97, 150–5, 166–7, 209, 211, 213 Weaver, Phil 193 Weber, Neill 24 Wendt, Andreas 140 Wenzhou (China) 161 Whittingham, Stanley 21–2, 25–7, 55 Williams, Neil 234–5 wind power 97, 171, 174, 189, 243, 245 World Economic Forum (WEF) 141 World Trade Organization (WTO) 38, 159 Wrathall, Jeremy 228, 229–35, 236, 237, 238 Wu, Vivian 71, 84 Xi Jinping 35, 126, 162–3 Xi Zhongxun 35 Xiang Guangda 159, 160–2, 164 Xiaomi 213 Xinjiang province (China) 56–7 Xinyu (China) 47, 52–6, 58–9 Xpeng 34 Xstrata 109, 156 Xu Bu 86 Yama, Peter 152–3 Yang, Neill 44 Yantai Cash 142 Yeltsin, Boris 226 Yibin Tianyi Lithium 68 Yoshino, Akira 21, 29–30, 31 Yu Bo 178–9 Yudhoyono, Susilo Bambang 162, 163 Yuma, Albert 115–17, 143 Zahawi, Nadhim 233 Zaire, see Democratic Republic of Congo (DRC) Zambia 107, 172, 184–5 Zeng, Robin 32, 34, 35–8, 42, 43, 44, 45–6 and carbon emissions 224 Zhang Jimin 161 Zijin Mining 171, 186 A Oneworld Book First published by Oneworld Publications in 2022 This ebook edition published in 2022 Copyright © Henry Sanderson 2022 The moral right of Henry Sanderson to be identified as the Author of this work has been asserted by him in accordance with the Copyright, Designs, and Patents Act 1988 All rights reserved Copyright under Berne Convention A CIP record for this title is available from the British Library ISBN 978-0-86154-375-5 eISBN 978-0-86154-376-2 Typeset by Geethik Technologies Oneworld Publications 10 Bloomsbury Street London WC1B 3SR England


pages: 809 words: 237,921

The Narrow Corridor: States, Societies, and the Fate of Liberty by Daron Acemoglu, James A. Robinson

Affordable Care Act / Obamacare, agricultural Revolution, AltaVista, Andrei Shleifer, bank run, Berlin Wall, British Empire, California gold rush, central bank independence, centre right, classic study, collateralized debt obligation, collective bargaining, colonial rule, Computer Numeric Control, conceptual framework, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Dava Sobel, David Ricardo: comparative advantage, Deng Xiaoping, discovery of the americas, double entry bookkeeping, Edward Snowden, en.wikipedia.org, equal pay for equal work, European colonialism, export processing zone, Ferguson, Missouri, financial deregulation, financial innovation, flying shuttle, Francis Fukuyama: the end of history, full employment, Glass-Steagall Act, Great Leap Forward, high-speed rail, income inequality, income per capita, industrial robot, information asymmetry, interest rate swap, invention of movable type, Isaac Newton, it's over 9,000, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Kula ring, labor-force participation, land reform, Mahatma Gandhi, manufacturing employment, mass incarceration, Maui Hawaii, means of production, megacity, Mikhail Gorbachev, military-industrial complex, Nelson Mandela, obamacare, openstreetmap, out of africa, PageRank, pattern recognition, road to serfdom, Ronald Reagan, seminal paper, Skype, spinning jenny, Steven Pinker, the market place, transcontinental railway, War on Poverty, WikiLeaks

They would make us eat shit and drink urine and call it eating fried dough sticks and drinking wine. They were really inhuman. Luo was not arrested during the Great Leap Forward, but in March 2001, when China was already a respected member of the international community and an economic powerhouse. Indeed, the Reeducation Through Labor system was expanded after 1979 by Deng Xiaoping, the engineer of China’s legendary economic growth over the last four decades, who saw it as a useful complement to his “economic reform” program. In 2012 there were around 350 reeducation camps with 160,000 detainees. A person can be committed to such a camp for up to four years without any legal process.

Over the next 2,000 years China was periodically rocked by various attempts to reassert the model of Shang Yang, the most recent being the rise to power of the Communists after 1949 who implemented their own version of the well-field system in the form of collectivized agriculture. The contemporary incarnation of the Confucian model is what we have seen since 1978 under Deng Xiaoping when collectivization went into reverse and Chinese leaders started attacking corruption, since this violated Confucian principles of virtuous rule. To know what’s likely to happen in the future in China, it is important to understand this historical oscillation between legalism and Confucianism.

Merchants and industrialists were treated pretty much the same way as they were under the imperial state, and were only allowed to become members of the party in 2001. It was not until 2007 that a law governing private property rights was passed that made their assets more secure. Growth Under Moral Leadership Things changed after Mao’s death in 1976. A bitter power struggle at the top of the Communist Party concluded with Deng Xiaoping’s dominance over the party and the state in 1978. Deng initiated a radical transformation of the economy, preparing the ground for the subsequent massive boom of the Chinese economy. Should we see a rupture with the past in this transition? Though there are undoubtedly many new elements in the post-1978 Chinese economy and politics, and it is critical to recognize these, there are remarkable continuities too.


pages: 386 words: 91,913

The Elements of Power: Gadgets, Guns, and the Struggle for a Sustainable Future in the Rare Metal Age by David S. Abraham

"World Economic Forum" Davos, 3D printing, Airbus A320, Boeing 747, carbon footprint, circular economy, Citizen Lab, clean tech, clean water, commoditize, Deng Xiaoping, Elon Musk, en.wikipedia.org, Fairphone, geopolitical risk, gigafactory, glass ceiling, global supply chain, information retrieval, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Large Hadron Collider, new economy, oil shale / tar sands, oil shock, planned obsolescence, reshoring, Robert Metcalfe, Ronald Reagan, Silicon Valley, Solyndra, South China Sea, Steve Ballmer, Steve Jobs, systems thinking, telemarketer, Tesla Model S, thinkpad, upwardly mobile, uranium enrichment, WikiLeaks, Y2K

Countries such as Japan that are unable to meet resource demands either through their own mining and production or through secure stable trade, will find companies leaving their shores and taking thousands of jobs with them. When it comes to rare earth and other rare metals, this is a migration that China is counting on. The importance of rare metals and specifically rare earth elements in China’s development goes back to the country’s revolutionary leader, Deng Xiaoping. In 1992 he said, “There is oil in the Middle East; there is rare earth in China.” By then, China, out of necessity, had begun to mine its rare metal resource deposits. Fifteen years earlier, the country had started developing its manufacturing and construction sectors, which led to a growing reliance on imported material supplies.

To achieve these goals, China reversed its export incentives for rare earths and other metals during the beginning of the first decade of the 2000s and began export restrictions, including quotas, to stem the overseas flow of resources. Lower domestic prices enticed foreign companies to bring their operations to China for unrestricted access to its abundant rare metal resources base. Echoing Deng Xiaoping, Gan Yong, the head of the China Society of Rare Earths put into words what had long been Chinese policy in 2013: “The real value of rare earths is realized in the final product.”34 China’s unabashed attempt to control the entire high-tech supply chain, from rare earths to finished products, worries many.

See also Rare metals Critical Materials Strategy (Department of Energy), 207 Cukier, Kenneth, 119 Currid, Arch, 255n35 Da Costa, Jeová Moreira, 42 Daido Steel, 113 Dalahai, China, pollution in, 175–77 DDG 51 Aegis destroyers, 168 Decision-making processes, for rare metal usage, 227–28 Deckinger, Ken, 187–88 Defense Logistics Agency, 240n31 Defense sector. See Military (U.S.); Wars Dell Corporation, 14, 224 Democratic Party of Japan, 23–24 Democratic Republic of Congo, rare metals production in, 48 Deng Xiaoping, 32 Dentistry, historical origins, 115 Department of ___. See U.S. Department Design Journal, on Sinclair’s calculator, 118 Developing countries: challenges to metal operations in, 48–49 rise in standard of living in, 10–11 technological improvements in, 218–19 technology use in, 125–27 Diamond, Jared, 10 Diaoyu Islands (Senkaku Islands), territorial dispute over, 22–24 Didymium, 72 Dingnan, China, 173–75 Diodes, 117, 164–65, 277n27, 278n30.


The Despot's Accomplice: How the West Is Aiding and Abetting the Decline of Democracy by Brian Klaas

Asian financial crisis, Ayatollah Khomeini, Berlin Wall, Boris Johnson, citizen journalism, clean water, crowdsourcing, cuban missile crisis, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, eurozone crisis, failed state, financial independence, Francis Fukuyama: the end of history, friendly fire, global pandemic, Great Leap Forward, moral hazard, Ronald Reagan, selection bias, Seymour Hersh, Skype, Steve Jobs, trade route, Transnistria, Twitter Arab Spring, unemployed young men, Washington Consensus, zero-sum game

This has become particularly threatening to the Western model in the wake of the financial crisis of 2008–9, because China’s economy grew by 9 per cent in 2009, while the economy of countries like Japan contracted by more than 5 per cent.30 And, until late 2008, “nearly every top Chinese official still lived by Deng Xiaoping’s old advice to build China’s strength while maintaining a low profile in international affairs.”31 Now, Beijing is promoting its pathway of econoÂ�mic, but not political, liberalization as the Beijing Consensus, a € 206 THE BEAR AND THE DRAGON term specifically modeled to parrot and mock the liberal Washington Consensus.

€ € € 256 INDEX Air Force One, 58 Ajax, 22, 38, 230 Alert, Nunavut, 231 Alfonso IX, King of Léon, 30–1 Algeria, 155 Aliyev, Ilham, 82–5 Allende, Salvador, 45–7 amplification effect, 57 Anaconda Copper, 48 Anglo-Iranian Oil Company, 38 Angola, 112–13 Antananarivo, Madagascar, 7, 85, 86 Apple, 20, 83, 135–6, 145, 151 Arab Spring (2011), 2, 10, 12–16, 18, 65, 94, 124–6, 130, 132–3, 163, 168, 218 Argentina, 34–5, 149, 156 Aristide, Jean-Bertrand, 114–15, 117 Aristogeiton, 28 Aristophanes, 29 Aristotle, 29 Armenia, 59–60, 209 Armitage, Richard, 53 Asghabat, Turkmenistan, 25 Ashkelon, Israel, 102 Asian financial crisis (1997), 196 Abbas, Mahmoud, 100 Abbottabad, Pakistan, 53 Abdullah bin Abdulaziz, King of Saudi Arabia, 172 Abdullah II, King of Jordan, 18, 214 Abidjan, Côte d’Ivoire, 19, 105, 106–7 Abraham, 124 Achilles, 22, 230 Afghanistan, 2, 5, 20, 49, 54, 67, 69, 70, 78, 98, 136–8, 213 1982 arrival of Bin Laden, 78 2001 US-led invasion, 70, 71, 84, 98 2009 presidential election, 70–1 2014 presidential election, 71; power-sharing agreement, 75–6; USAID announces women’s empowerment project, 136–8, 145 Afifi, Omar, 163–4, 247 African-Americans, 176, 207, 250 Ahmadinejad, Mahmoud, 168 Ahmed, Mohammed, 123–4, 126, 130, 224 AIDS (acquired immune deficiency syndrome), 116, 207 257 INDEX al-Assad, Bashar, 120 AT&T, 135 Athena, 22 Athens, 20, 27–30, 31, 156 Australia, 29–30, 112, 153, 156 Azerbaijan, 20, 82–5, 90, 209, 211, 238 Ba’ath party, 63, 72, 77, 124, 128 Badawi, Raif, 16 Baghdad, Iraq, 72 Bahrain, 59, 155, 209, 225 Bangkok, Thailand, 198, 200, 202, 203, 223 Bangladesh, 106 Bardo Museum attack (2015), 131 Barraket Essahel affair (1991), 123, 126, 224 Basra, Iraq, 72, 73 beheadings, 11, 12, 16, 19 Beijing Consensus, 206–7 Belarus, 3, 19, 60–7, 154, 192–5, 205–6, 212, 218, 222 1991 dissolution of Soviet Union; independence, 192–3 1994 presidential election; Lukashenko comes to power, 193–4 1996 Commonwealth with Russia established, 194 2002 proposal for re-integration with Russia, 194 2004 US passes Belarus Democracy Act, 63, 194; referendum on Lukashenko’s third term; Western sanctions, 63 2006 presidential election, 61; EU asset ban on Lukashenko, 63 2010 presidential election, 61–2, 65; Statkevich impris- 258 oned for organizing protest, 61–2, 222 2015 economic crisis, 64; release of political prisoners, 65, 222; presidential election, 64–5; pressured by Russia to host military base, 65, 195 2016 EU suspends sanctions, 65, 67, 195 Belarus Democracy Act (2004), 63, 194 Belgian Congo (1908–60), 42 Belgium, 43–4, 90, 220 Ben Ali, Zine El Abidine, 13, 123–33, 155 benign dictatorship, 215, 220 Benin, 23, 27, 156 Berlin Wall, 35, 201 Bermudo II “the Gouty”, King of Léon, 30, 231 Bever, James, 101 Bhumibol Adulyadej, King of Thailand, 165 Biamby, Philippe, 117 Bible, 179 Big Brother, 180 Bin Laden, Osama, 18, 50, 52–3, 78 Binti Salan Mustapa, Sumiati, 12 Biya, Paul, 121 Black Hawk Down incident (1993), 116 Black Sea Economic Cooperation (BSEC), 211 blackballing, 29 Blagoy, Ivan, 208 Blair, Anthony “Tony”, 6, 92 Blueberry Hill (Fats Domino), 207 Boehner, John, 181 Bohemian Rhapsody (Queen), 121 Boko Haram, 177 Bolivia, 143, 154 INDEX Bolšteins, Ludvigs, 147 Bono (Paul Hewson), 92 Boston University, 111 Botswana, 149 Bourguiba, Habib, 126 BP (British Petroleum), 38 Bradley effect, 176, 250 Brazil, 56, 149, 152, 156 Bremer, Lewis Paul, 72 Brexit, 1 bribery, 170–1 British Broadcasting Corporation (BBC), 94 Brunei, 155, 229 bubonic plague, 6 BudgIT, 171 Buenos Aires, Argentina, 34 Bulgaria, 149 Burkina Faso, 177–8 Burundi, 95 Bush, George Herbert Walker, 115, 121, 190 Bush, George Walker, 54–7, 63, 69, 99, 100, 101, 190, 194, 201 Bush, Sarah, 59 Cairo, Egypt, 9–10, 13, 163–4, 218 California, United States, 26, 188, 209 Cambodia, 59 Cameroon, 121 Canada, 94, 112, 143, 153, 155, 156, 230–1 Caravana de la Muerte, 47 Carnegie Endowment for International Peace, 52, 73 Carothers, Thomas, 52, 73, 141, 144, 189 Carter Center, 89, 238 Carter, James Earl “Jimmy”, 116, 120, 238 Caspian Sea, 84 Castro, Fidel, 49 Castro, Raul, 49 caudillos, 33 Cédras, Raoul, 115–20 censorship, 161–3, 165 Central Intelligence Agency (CIA), 20, 39–49, 59, 98, 201, 207, 208 Chan-ocha, Prayuth, 164, 203 Charles I, King of England, Scotland and Ireland, 31 Chemonics, 58, 138 Chicago, Illinois, 182 Chile, 27, 36, 38, 45–8, 153, 220, 225 Chiluba, Frederick, 190 China, 4, 23–7, 105–6, 109, 168– 70, 176, 190, 191–2, 196–212, 215–16, 218, 221, 223, 229 1958 launch of Great Leap Forward, 24 1990 Deng Xiaoping’s “24-Character Strategy”, 206 1992 propaganda-industry tax introduced, 209 2003 SARS outbreak, 25–6 2013 endorsement of Azerbaijani election, 211; monitoring of Malagasy election, 211 2014 Umbrella Movement protests in Hong Kong, 168–9, 176, 221; rail deal with Thailand, 203 2016 Lunar New Year celebrations, 208; Mong Kok riots, 169 China Central Television (CCTV), 207–9 Chow, Holden, 169 Christianity, 105, 179 Churchill, Winston, 22, 190, 215 259 INDEX Ciftci, Bilgin, 20, 161–3, 165, 176 citizen journalism, 135 citizen participation, 27 Citizens United v.

Federal Election Commission, 185, 188 City on a Hill, 10, 35, 179, 188, 189 Cleisthenes, 28 climate change, 209 Clinton, Hillary, 5–6, 112, 178, 190 Clinton, William “Bill”, 52, 92, 102, 112, 115–16, 184, 190 Cobra Gold, 201 Cold War, 1, 20, 35–6, 37–50, 55, 66, 75, 81, 93, 149, 150, 200–1, 204, 221 Colombia, 27, 33, 171, 189 Commonwealth of Independent States Observation Mission (CISEMO), 211 Communist Party of China, 208 of Moldova, 195 of Thailand, 199 Community College of Denver, 209 Confucius Institutes, 209 Congo, 20, 36, 38, 42–4, 47, 48, 95, 121 Congress, US, 32, 33, 35, 184, 194 Connecticut Compromise, 32–3 constitutions, 31–2, 150–1, 190, 197 Contadora Island, Panama, 117 COPPPAL (Conferencia Permanente de Partidos Políticos de América Latina y el Caribe), 211 Corner House, Riga, 147–8, 160, 225 corruption, 73, 82, 99, 107, 139, 260 170–1, 197, 200, 201, 209, 210, 219 Côte d’Ivoire, 3, 19, 104–10, 111, 119 2000 presidential election, 104 2002 outbreak of civil war, 104 2010 presidential election, 104–5; outbreak of violence, 105–6, 119; Gbabgbo offered asylum in the US, 111 2011 UN/French intervention, 106, 108–10; Gbabgbo extradited to ICC, 106, 109, 119 2015 presidential election, 110 Council of Europe, 84 Council of Five Hundred, 29 counterfeit democracies, 3, 6–9, 20, 23, 33–4, 52, 70, 73, 79, 82–90, 158–9, 173, 175, 204, 210, 216–17, 220, 223 Crimea, 64, 65 crisis of democracy, 180 Critias, 29 Croatia, 75 Cuba, 45, 49–50, 176 curse of low expectations, see Madagascar Effect Daily Show, The, 53 Dark Ages, 30, 219 Dayton, Mark, 186–7 DDoS (Distributed Denial-ofService), 168 death squads, 47, 114, 117 Delian League, 29 democracy deficit, 180 democracy promotion industry, 58–60, 138 democracy wars, 67, 69–79, 220 Democratic Party, 35, 58, 84, 92, 124, 142, 182–8 INDEX Democratic Republic of the Congo, see Congo demos, 27, 28 Deng Xiaoping, 206 Denmark, 77, 220 Denver, Colorado, 209 Department for International Development (DFID), 59 Department of Defense, 115 Detention Site Green, Udon Thani, 201 Development Alternatives Inc., 138 Development Assistance Committee (DAC), 58 Devlin, Larry, 43 Diamond, Larry, 171 Dictator’s Learning Curve, The (Dobson), 210 digital communications, 49, 125, 161–75, 207, 208, 221, 223 Dirección de Inteligencia Nacional (DINA), 48 direct democracy, 28–9 disabled rights, 141, 144 disinformation, 207–8 Dobson, Will, 210 “Don’t Forget Me” (GooGoosha), 140 Dubai, 82 Duékoué, Côte d’Ivoire, 105 Dulles, Alan, 41 Durack, Western Australia, 29–30 Duvalier, Jean-Claude “Baby Doc”, 114 Ebola, 184 echo chamber effect, 165 Egypt, 6, 9–10, 13–16, 27, 88, 155, 163–4, 225 1987 US aid payments begin, 14 2001 EU Association Agreement, 155 2008 Afifi exiled to US, 163 2009 Clinton describes Mubaraks as ‘friends of my family’, 6; Obama’s Cairo speech, 9–10, 218 2011 Tahrir Square protests begin, 10, 13, 163–4; Mubarak ousted, 13, 164 2012 Morsi elected president, 14; anti-Morsi demonstrations begin, 164, 247 2013 coup d’état; el-Sisi comes to power, 14–16, 88, 164; Saudi Arabia announces aid package, 15 Eid al-Kabir, 124 Eisenhower, Dwight David, 38, 43 elections campaign finance, 185–8, 238 foreign aid/intervention, 97–110, 143 “free and fair”, 8, 14, 88–90, 102, 159, 193 gerrymandering, 180–5, 188, 251 grade inflation, 88–9, 158, 159 inclusivity, 24, 129–31, 221 observation/monitoring, 8, 65, 81, 83–4, 88–90, 102, 158–9, 173–4, 178, 211, 223 polling, 174–6 respect for, 5, 37–48 rigging of, 22–3, 34, 61, 63–4, 70–1, 83–5, 87, 112, 158–9, 166, 210–11 short-term thinking, 26, 54, 56 turnout, 180, 184 Electoral Integrity Project, 189, 238 Elizabethville, Congo, 43 “emerging democracy”, 88 Emory University, 136 261 INDEX “End of History”, 163, 214 English Civil War (1642–51), 31 Ennahda party, 126–8 Equatorial Guinea, 6, 11, 121, 173, 220 Erdoggan, Recep Tayyip, 20, 161–3, 176 Eritrea, 11, 24 Estonia, 17, 149, 151 Ethiopia, 27 Eton College, Berkshire, 202 European Commission, 150 European Parliament, 84, 180 European Partnership for Democracy (EPD), 58 European Union (EU), 2, 3, 56, 61–3, 65–7, 84, 90, 100, 143, 145, 148–56, 160, 180, 195, 214, 223, 225, 247 1999 European Parliament elections, 180 2004 Eastern Bloc countries accede to Union, 148–9 2005 intervention in Palestinian election campaign, 100 2006 asset ban on Lukashenko government, 63 2008 aid given for Ghanaian election, 143 2009 Eurozone crisis begins, 180, 190 2013 endorsement of Azerbaijani election, 84; endorsement of Malagasy election, 90 2014 Riga designated European Capital of Culture, 148, 225 2015 Riga summit; Juncker slaps Orbán, 150 2016 Belarus sanctions suspended, 65, 67, 195; Zimbabwe sanctions suspended, 247; UK € 262 holds membership referendum, 1 Eurozone crisis, 180, 190 Facebook, 125, 161–3, 165, 168, 172, 223 Falls Church, Virginia, 163 famine, 24 Fatah, 99–102 Fats Domino, 207 Ferjani, Said, 125–33, 142, 156, 221, 224 Fidesz Party, 150–2 financial crisis (2008–9), 185, 206 FixMyStreet, 171 Florida, United States, 117 Forces Nouvelles, 106 Ford, Gerald, 45 Foreign Affairs, 53 foreign aid, 14–15, 47, 49, 52, 57, 89, 90, 92, 93, 95, 100–1 Fourteen Points (1918), 35 France, 2, 33, 44, 55–6, 58, 72, 89, 106, 108–10, 115, 129, 214, 225 “free and fair”, 8, 14, 88–90, 102, 159, 193 free speech, 94, 103, 161–3, 165, 188 free trade zones, 152–60 Freedom House, 139, 140, 189 Friedrich Ebert Foundation, 189 Front Populaire Ivorien, 105 FSB (Federal’naya sluzhba bezopasnosti), 61 Fukuyama, Francis, 74, 163, 214 fungibilty, 95 Gaddafi, Muammar, 24, 76–9, 102, 113, 129 Gambia, The, 121 Gandhi, Jennifer, 136 INDEX Gaza, Palestine, 100–1, 240–1 Gbabgbo, Laurent, 105–10, 111, 119 General Motors, 48 Geneva Convention, 177 Geneva, Switzerland, 140 George III, King of the United Kingdom, 31 Georgia, 143 Geraldton, Western Australia, 30 Germany, 17, 23, 35, 44, 56, 58, 74–5, 103–4, 147–8, 165, 189, 201, 204, 208, 213, 223 Gerry, Elbridge, 181–2 gerrymandering, 180–5, 188, 251 Ghana, 17, 143, 144, 171 Ghani, Rula, 137 globalization, 153 Globe & Mail, 94 golden handcuffs, 111, 119–21, 154 golden parachutes, 19, 116–21 Gollum, 20, 161–3, 165, 176 Google, 164 GooGoosha (Gulnara Karimova), 140, 145 Government Organized NonGovernmental Organizations (GONGOs), 209–10, 212 grade inflation, 88, 99, 158, 159 Great Leap Forward (1958–61), 24 Greece, 20, 21, 22, 27–30, 31, 156, 230 Green Revolution (2009), 135–6, 166–8 gridlock, 184–5, 187 Guardian, 166 gun regulation, 186–7 gunboat diplomacy, 116, 118, 120 Gutiérrez, Luis, 182 Guyana, 171, 220 Guys and Dolls, 40 Hague, William, 77 Haiti, 114–21 Hamas, 99–104, 241 Harmodius, 28 Harvard University, 45 health care, 184–5 Henry IV “the Impotent”, King of Castile and Léon, 30, 231 Herodotus, 29 Higiro, Robert, 94 Hipparchus, 28 Hitler, Adolf, 23, 103–4, 165 HIV (human immunodeficiency virus), 116, 207 Hobart, Tasmania, 153 homosexuality, 12, 20 Hong Kong, 168–70, 176, 221 House of Representatives, 33, 181 human rights, 10, 11, 52, 54, 57, 64, 113, 118, 139, 209, 213 Humphrey, Hubert, 21 Hungary, 150–2, 160, 171 Hussein, Saddam, 63, 72, 73, 79, 124, 156–7 I Paid a Bribe, 170–1 Ibragimbekov, Rustam, 82 Iceland, 88 Iglesias, Julio, 140 “illiberal democracy”, 227 Illinois, United States, 182–3 Iloniaina, Alain, 222–3 imihigo program, 93 Immunization of the Revolution, 127 inclusion, 24, 129–31 India, 56, 98, 152, 156, 170–1, 172, 220 Indonesia, 27, 156, 218 Indyk, Martin, 102 insidious model effect, 46, 48 Inter-Commission Working Group 263 INDEX on International Cooperation, 211 Inter-Services Intelligence (ISI), 52, 53 International Criminal Court (ICC), 106, 109, 118, 119 International Monetary Fund (IMF), 105 International Republican Institute (IRI), 58, 142 Internet, 49, 125, 161–75, 207, 208, 221, 223 iPad, 151 iPhones, 20, 83, 135–6, 145 Iran, 26, 30, 36, 38, 47, 48, 69, 98, 117, 135–6, 145, 208, 232 1951 nationalization of AngloIranian Oil Company, 38 1953 Operation Ajax; Mossadegh ousted, 38–42, 98, 208 1979 Islamic Revolution, 42, 117, 216 2009 intervention in Lebanese election, 98; presidential election; Green Revolution protests, 135–6, 166–8 2010 VOA announces “citizen journalism” iPhone app, 135–6, 145 2015 nuclear deal, 26 Iraq, 2, 5, 20, 49, 63, 67, 72–5, 77, 78, 79, 98, 124, 128, 129, 133, 156–7, 198, 213 1979 Saddam comes to power, 72, 129 1990 invasion of Kuwait, 156 2003 US-led invasion, 63, 72–3, 77, 84, 98, 156, 201, 234; de-Ba’athification campaign, 72, 77, 124, 128 2006 formation of al-Maliki government, 73 264 2015 IS execute election officials, 74 Ireland, 90, 217 Islam, 11, 12, 16, 99, 105, 123–6, 129, 131, 177, 218 Islamic State (IS), 74, 78, 131 Islamism, 99, 123–6, 129, 131, 177 Israel, 14, 99–104 Italy, 98, 192 Jackson, Peter, 162 Jammeh,Yahya, 121 Japan, 17, 24, 35, 56, 58, 74–5, 89, 112, 154, 156, 164, 204, 206, 217, 218, 220 al-Jazeera, 76 Jeddah, Saudi Arabia, 172 Joan of Portugal, Queen consort of Castile, 231 Jobs, Steve, 151 Johnson, Boris, 202 Jordan, 18, 60, 155 Juncker, Jean-Claude, 150 Kabila, Joseph, 121 Kabul, Afghanistan, 70 Kagame, Paul, 6, 91–6 Kagan, Robert, 217–18 Kakul Military Academy, 53 Kallel, Abdallah, 124 Kant, Immanuel, 118 Karbala, Iraq, 201 Karegeya, Patrick, 94 Karimov, Islam, 139–40, 142, 154 Karimova, Gulnara, 139–40, 145 Karnataka, India, 170 Karoui, Nébil, 131 Karzai, Hamid, 70 Katanga, Congo, 43–4 Keane, John, 30 INDEX Kennedy, John Fitzgerald, 11, 35–6, 55, 190, 192 Kenya, 220 KGB (Komitet Gosudarstvennoy Bezopasnosti), 3, 61–2, 147–8, 194, 225 Khan, Rana Sanaullah, 52 Khomeini, Ruhollah, 167 Kim Jong-un, 136, 181 Kingdom of Ebla, 28 Kipling, Rudyard, 69 Kissinger, Henry, 44–7, 214 knee-jerk reactions, 26, 55 Koch Brothers, 185–6 Konrad Adenauer Foundation, 58, 189 Kounalakis, Eleni, 151 kratos, 27 Kununurra, Western Australia, 30 Kuwait, 156, 229 Kyrgyzstan, 185 2011 NATO-led intervention, 76–7; death of Gaddafi, 76–7, 113 2013 Political Isolation Law, 77, 128 LINE, 164–5 Literary Digest, 174 lobbying, 186–7 local-level democracy, 3, 18, 169–73 locusts, 6–7 London, England, 132–3 long-term thinking, 4, 46, 48, 51–67, 138, 141, 234 Lord of the Rings (Tolkien), 20, 161–3, 165, 176 “Luck Be a Lady Tonight”, 40 Lukashenko, Alexander, 61–7, 154, 193–5, 206, 222 Lumumba, Patrice, 42–4 Lumumbashi, Congo, 43 Lake, Anthony, 117 Landon, Alf, 174 Langouste (Ramakavélo), 87 Laos, 200 Latin Earmuffs, 182 Latvia, 147–50, 151–2, 154, 160, 225 League of Democracies, 152–60, 212 Lebanon, 98 Léon, 30–1, 231 Léopoldville, Congo, 43 Levy, Phil, 157 Libya, 2, 5, 20, 24, 49, 67, 69, 76–9, 102, 113, 128, 129, 133, 156, 213 1969 coup d’état; Gaddafi comes to power, 78, 113, 129 2008 Rice makes visit, 76 MacCann, William, 34 Madagascar, 3, 6–9, 17, 20, 59, 85–91, 96, 200, 220, 222–3, 234–5 1991 Panorama Convention, 87 1992 presidential election, 87 1993 population census, 89 2006 presidential election, 85–6 2009 coup d’état; Rajoelina comes to power, 6, 90 2012 Rajoelina announces capture of bandits’ sorcerer, 7 2013 general election, 8, 89–90, 211, 222–3 Madagascar Effect, 6–8, 17, 81, 96, 159, 204, 234–5 Madison, James, 31–2 Malaysia, 153, 218 al-Maliki, Nouri, 73–4 Mao Zedong, 23, 24 265 INDEX marketplace of ideas, 24, 219 Mauritius, 220 May, Theresa, 26 McCain, John, 77 McMahon, Michael, 83 McSpedon, Joe, 49 Megara, 156 Mejora Tu Escuela, 171 El Mercurio, 47 Merkel, Angela, 208 Mesopotamia, 28 Mexico, 27, 149, 155, 156, 171, 172, 178 MI6, 43 Miami, Florida, 117 Miloševicc, Slobodan, 98, 120 Minnesota, United States, 21, 186–7 Minsk, Belarus, 19, 61–2, 66, 192, 193 Mo Ibrahim Foundation, 119 Mobutu, Joseph-Desiré, 43–4 Mogadishu, Somalia, 116 Moghaddam, Ismail Ahmadi, 167 Mohammad Reza Pahlavi, Shah of Iran, 39–42, 117 Moldova, 195–6 Mondale, Walter, 21 Mong Kok riots (2016), 169 Mongolia, 17, 30, 189 Morjane, Kamel, 130 Morocco, 155, 171 Morsi, Mohammed, 14, 15, 164, 247 Moscow, Russia, 210 Mossadegh, Mohammed, 38–42, 43, 232 Mosul, Iraq, 72, 73 al-Moubadara, 130 Mubarak, Hosni, 6, 13, 164 Mugabe, Robert, 112–13, 157–8 Mugenzi, Rene Claudel, 94–5, 189 € 266 Muhirwa, Alice, 93 Muñiz de Urquiza, María, 90 Munyuza, Dan, 94 Musharraf, Pervez, 51–7 Myanmar, 218, 225 Nasiri, Nematollah, 40 Nation, The, 198 National Council for Peace and Order (NCPO), 197 National Democratic Institute (NDI), 58, 92, 142 National Endowment for Democracy (NED), 58, 60, 144, 247 National Rifle Association (NRA), 186–7 Native Americans, 32, 33 Nawabshah, Pakistan, 51 Nazi Germany (1933–45), 23, 44, 74–5, 103–4, 147–8, 165 Nepal, 98 Netherlands, 58, 89, 143 Netherlands Institute for Multiparty Democracy, 58 New Stanford Hospital, Palo Alto, 26 NewYork Times, 71, 93, 185–6 New Zealand, 112, 156, 209 Nicaragua, 24, 98 Nidaa Tounes, 131 Niger, 185 Nigeria, 171, 172 Nixon, Richard, 44–7 Niyazov, Saparmurat, 25 Nobel Prize, 18, 24, 131, 156, 163 non-alignment, 43 non-governmental organizations (NGOs), 58–60, 141–2, 144, 158, 209–10, 212, 238 North Atlantic Treaty Organization (NATO), 45, 55, 77 INDEX North Carolina, United States, 183 North Korea, 4, 11, 136, 138, 144, 173, 176, 181 Norway, 24, 77, 205, 219 nuclear power/weapons, 26, 192 Nunavut, Canada, 153, 230–1 Nunn, Sam, 116 Nuristan, Afghanistan, 70 Nyaklyayew, Uladzimir, 61–2, 65 Nyamwasa, Faustin Kayumba, 94 Obama, Barack, 6, 9–10, 14, 49, 54, 55, 57–8, 76, 96, 111, 183, 204, 205, 218 Obiang, Teodoro, 6, 121 Odysseus, 22, 153 oil, 4, 11, 16, 24, 84, 192, 229 olive oil, 125 Operation Ajax (1953), 38–42, 98, 208 Operation Desert Storm (1991), 156 Operation Enduring Freedom (2001–14), 70 Operation Uphold Democracy (1994–5), 116 Orbán, Viktor, 150–2 Organization for Security and Co-operation in Europe (OSCE), 64 Ortega, Daniel, 98 Orwell, George, 15, 101, 199 Oswald, Lee Harvey, 192 Ouattara, Alassane, 105–10, 119 Oxford University, 198, 202 OxfordGirl, 166 Pakistan, 18, 50–7, 70, 220, 233 Palestine, 99–104, 108, 240–1 Palestine Liberation Organization (PLO), 99 Panama, 117 Panorama Convention (1991), 87 Papua New Guinea, 188 parliaments, 31 partisan engagement, 99–104 Peloponnesian War (431–404 BC), 156 People’s Alliance for Democracy (PAD), 197, 202 Pericles, 29 Persia, 28 Peru, 153 Philadelphia, Pennsylvania, 33 Philippines, 218 Pinochet, Augusto, 47–8, 225 Piromya, Kasit, 204–5 Plateau Dokui, Abidjan, 107 Plato, 29 Poland, 201 Political Isolation Law (2013), 77, 128 polling, 174–6 Pomerantsev, Peter, 210 Pongsudhirak, Thitinan, 165 Port-au-Prince, Haiti, 117 Portugal, 218, 231 Pouraghayi, Saeedah, 167 Powell, Colin, 116, 120 Préval, René, 117 Price, Melissa, 30 Princeton University, 186 prisoner’s dilemma, 200 process engagement, 99–100 propaganda-industry tax, 209 protectionism, 177 proto-democracy, 28 Public Diplomacy of the Public Chamber of Russia Elections, 211 Pul-i-Charki, Kabul, 71 Putin, Vladimir, 63, 64–5, 194–5, 204, 207, 214 267 INDEX al-Qaeda, 18, 50, 52–3, 55, 78, 177, 234 Qatar, 155, 229 Qatif, Saudi Arabia, 11, 16 Queen, 121 racism, 176, 218, 250 Rajoelina, Andry, 6 Ramadan, 126 Ramakavélo, Desiré-Philippe, 86–7 Rao, Bhaskar, 170 Rassemblement des Républicains, 105 Ratchaburi, Thailand, 199 Ravalomanana, Marc, 6 Reagan, Ronald, 35–6, 55 realpolitik, 4, 45, 48, 98, 104 refugees, 208 representative democracy, 30–3 Republican Party, 39, 58, 79, 124, 142, 181, 182–8 Rever, Judi, 94 Riahi, Taghi, 39–40 Rice, Condoleeza, 76, 102 Riga, Latvia, 147–8, 150, 160, 225 rock lobster, 87 Rojanaphruk, Pravit, 198–9, 221, 223–4 Romania, 149, 209 Rome, Ancient (753 BC–476 AD), 21, 30 Romney, Mitt, 112 Roosevelt, Franklin Delano, 39, 174 Roosevelt, Kermit, 38–40, 208 Roosevelt, Theodore “Teddy”, 39 de Rosas, Juan Manuel, 34–5 Roskam, Peter 183 rule of law, 10, 27, 73, 77, 136, 159, 209, 218 Rumsfeld, Donald, 145 Russia Today (RT), 207–9 268 Russian Federation, 24, 27, 60–1, 63–5, 82, 106, 140, 149, 190, 191–6, 204, 205–12, 214, 221, 229 1996 Commonwealth with Belarus established, 194 2002 proposal for re-integration of Belarus, 194 2005 support for Moldovan opposition on Transnistria, 195–6; Russia Today established, 207 2010 Putin sings Fats Domino’s Blueberry Hill, 207 2013 endorsement of Azerbaijani election, 211 2014 annexation of Crimea; intervention in Ukraine, 64, 65; RT reports “genocide” in Ukraine, 207; RT reports CIA behind Ebola outbreak, 207 2015 NED banned, 60; pressure on Belarus to host military base, 65, 195 2016 RT report on rape of “Lisa” in Germany, 208; Putin praised by Trump, 214 Rwanda, 6, 20, 91–6, 120, 185, 189, 215, 216 Rwandan Patriotic Front (RPF), 91 San Diego State University, 209 sanctions, 52, 62–5, 67, 103, 106, 135–6, 145, 156–8, 160, 195, 247, 253 Sandinista National Liberation Front, 98 Sandy Hook massacre (2012), 186 dos Santos, José Eduardo, 112–13 Sarkozy, Nicolas, 108 INDEX SARS (severe acute respiratory syndrome), 25–6 Saudi Arabia, 5–6, 9–12, 15–16, 19–20, 85, 98, 138, 144, 200, 216, 229 1962 slavery abolished, 11 2009 intervention in Lebanese election, 98; children sentenced to prison and lashes for stealing exam papers, 11, 16; Jeddah floods, 172 2010 Indonesian maid mutilated by employer, 11, 12; arms deal with US, 10–12 2011 Qatif protests, 16 2013 aid package to Egypt announced, 15; purchase of US naval craft announced, 16; Badawi sentenced to prison and lashes, 16 Saudi Arabia Effect, 5, 9, 16, 85, 138, 200 Schneider, René, 45 School of the Americas, 115 Seattle, Washington, 77 Secret Intelligence Service (SIS), 43 Sen, Amartya, 24 Senate, US, 32–3, 187 Senegal, 42, 121 September 11 attacks (2001), 18, 52–3, 55, 70 Serbia, 98, 120 Shanghai Cooperation Organization, 211 Sharif, Nawaz, 51–2, 233 Shinawatra, Thaksin, 196, 199, 201, 202, 205 Shinawatra,Yingluck, 198 short-term thinking, 3–4, 26, 46, 48, 51–67, 120, 138, 141, 234 Shushkevich, Stanislav, 192–3 Siberia, 147, 148 Sidick, Koné Abou Bakary, 107–9 Sierra Leone, 88, 171, 209 Singapore, 23, 24, 27, 93, 155, 215, 216, 217, 229 Siripaiboon, Thanakorn, 165 el-Sisi, Abdel Fattah, 15 Skujenieks, Knuts, 148 Skype, 62 slavery, 11, 29, 32 social media, 49–50, 125, 161–70, 173, 176, 199, 207, 208, 223 Socrates, 29 Solon, 28 Somalia, 42, 116 Sophocles, 29 Sopko, John, 137 Sousse attacks (2015), 131 South Africa, 27, 94, 157, 189 South Korea, 17, 27, 112, 152, 156, 218 Soviet Union (1922–91), 1, 22–3, 35–6, 37–50, 61, 64, 82, 121, 147–8, 150, 160, 192–4, 201, 204, 206–7 Spain, 218 Sparta, 28, 29 St John’s College, Oxford, 202 Stalin, Joseph, 23 Stanford University, 171 State Department, 11, 15, 54, 202 state power, 27 Statkevich, Mikalai, 61–2, 65, 222 Stewart, Jon, 53 Sting (Gordon Sumner), 140 Stockholm Syndrome, 199 Sudan, 206 Sukondhapatipak, Werachon 198 Sundaravej, Samak, 197 Super PACs, 185 Supreme Court, US, 185, 188 Sweden, 92, 220 269 INDEX Switzerland, 118, 140, 205 Syria, 78, 120, 131, 198, 208, 217, 224, 225 Szájer, József, 151 Tahrir Square, Cairo, 10, 13, 163–4 Taiwan, 27, 218 Taliban, 18, 52, 56, 71, 138 tame democracy promotion, 59 Taming of Democracy Assistance, The (Bush), 59 Tarakhel Mohammadi, 70–1 Tasmania, Australia, 153 Tasting and Grumbling, 197 Tea Party, 185 terrorism, 11, 16, 18, 19, 20, 26, 52–3, 55, 63, 70, 78, 97, 100, 101, 131, 156, 201, 234 Tetra Tech, 138 Thailand, 3, 19, 27, 154, 164–5, 196–206, 212, 221, 223–4, 253 1973 pro-democracy uprising, 199 1976 student protests, 199 1982 launch of Cobra Gold exercises with US, 201 2003 troops dispatched to Iraq, 201 2006 coup d’état, 196, 197 2008 judicial coup, 196, 197, 202, 253 2010 protests and crackdown, 202 2014 NCPO coup d’état, 164, 196–206, 221; junta gives out free haircuts, 154; rail deal with China, 203; junta releases LINE “values stickers”, 164–5 2015 man arrested for insulting Tongdaeng, 165 270 2016 constitutional referendum, 197, 223 Thirty Tyrants, 29 Thucydides, 28, 29 time horizon, 55 Tobruk, Libya, 77 Togo, 170, 177–8 Tolkien, John Ronald Reuel, 20, 161–3, 165, 176 Tongdaeng, 165 torture, 11, 28, 43, 48, 52, 124–7, 132, 139, 141, 222, 224 Trans-Pacific Partnership, 153 Transnistria, 196 transparency, 26, 82, 170, 174, 212, 218 Tripoli, Libya, 77 Trojan War, 22 Trump, Donald, 1, 20, 25, 79, 178, 180, 187, 188, 204, 205 Tudeh Party, 41, 232 Tunisia, 12–13, 17, 18, 19, 27, 65, 77, 123–33, 142, 143, 144, 155, 156, 209, 218, 221, 224–5 1987 coup d’état; Ben Ali comes to power, 124, 126, 129 1991 Barraket Essahel affair, 123, 126, 224 1995 EU Association Agreement, 155 2010 self-immolation of Bouazizi; protests begin, 12, 126, 224 2011 ousting of Ben Ali, 13, 124–6, 130 2014 assembly rejects bill on political exclusion, 128; law on rehabilitation and recognition of torture victims, 224; presidential election, 130 2015 Bardo Museum and Sousse attacks, 131, 156; National INDEX Dialogue Quartet awarded Nobel Peace Prize, 18, 131 Tunisia’s Call, 131 Turkey, 20, 27, 39, 149, 161–3, 165, 176 Turkmenistan, 11, 25, 26, 138, 144, 154 Twitter, 49, 162, 163, 166, 168, 176, 199, 208 U2, 92 Udon Thani, Thailand, 201 Uganda, 166, 176 Ukraine, 2, 27, 64, 65, 171, 198, 207, 213 Umbrella Movement (2014), 168, 176, 221 United Arab Emirates (UAE), 229 United Kingdom (UK), 1–3, 31, 33, 38, 43–4, 56, 58, 71–2, 92, 94–5, 126, 129, 132–3, 156, 166, 171–2, 180, 189, 202, 214 1707 Acts of Union, 31 1947 Churchill’s statement on democracy, 22, 190, 215 1951 Mossadegh nationalizes Anglo-Iranian Oil Company, 38 1987 Ferjani arrives in exile, 126 1999 European Parliament election, 180 2003 invasion of Iraq, 72–3 2009 OxfordGirl tweets on Iranian Green Revolution, 166; Blair meets with Kagame, 6, 92 2011 intervention in Libya, 77; Kagame appears on BBC radio; threat against Mugenzi, 94–5, 189 2012 launch of FixMyStreet, 171 2016 EU membership referendum, 1 United Nations (UN), 104, 105, 106, 108–10, 118, 130, 132, 140, 152 United States (US) 1787 Constitutional Convention, 31 1812 redrawing of Massachusetts senate election districts, 181–2 1869 Wyoming grants women vote, 33 1870 non-white men receive vote, 33 1913 Seventeenth Amendment enacted, 32 1917 Wilson’s “safe for democracy” speech, 35 1918 Wilson’s Fourteen Points, 35 1920 women receive vote, 33 1924 protections to ensure Native American voting rights, 33 1936 presidential election, 174 1948 CIA intervention in Italian election, 98 1953 Operation Ajax; Mossadegh ousted in Iran, 38–42, 98, 208 1960 plot to assassinate Lumumba with poisoned toothpaste, 43 1961 Foreign Assistance Act, 14–15 1962 Saudi Arabia pressured into abolishing slavery, 11; Cuban Missile Crisis, 50 1963 Kennedy’s Berlin speech, 35; assassination of Kennedy, 192 271 INDEX 1965 protections to ensure minority voting rights, 33 1973 ousting of Allende in Chile, 47 1982 launch of Cobra Gold exercises with Thailand, 201 1987 Reagan’s Berlin speech, 35; aid payments to Egypt begin, 14 1988 Reagan’s “city on a hill” speech, 10, 35, 179, 188, 189 1990 intervention in Nicaraguan election, 98 1991 launch of Operation Desert Storm in Iraq, 156 1992 presidential and House of Representatives elections, 183–4 1993 Clinton assumes office, 115; Battle of Mogadishu, 116 1994 launch of Operation Uphold Democracy in Haiti, 116; Cessna crash at White House, 116; Cédras given “golden parachute”, 116–17 1997 USAID Cambodia claims to have “exceeded expectations”, 59 1999 Pakistan urged to return to democracy, 52, 53 2001 September 11 attacks, 18, 52–3, 55, 70; cooperation with Pakistan begins, 52–3, 55; invasion of Afghanistan, 70, 71, 84, 98 2002 Bush announces new approach for Israel/Palestine conflict, 99 2003 invasion of Iraq, 63, 72–3, 77, 84, 98, 156, 201, 234 272 2004 Belarus Democracy Act, 63, 194 2005 Senate vote on armorpiercing bullet ban, 187; intervention in Palestinian election campaign, 99–104 2006 Musharraf appears on The Daily Show, 53 2008 Afifi arrives in exile, 163, 247; Rice’s visit to Libya, 76 2009 Obama assumes office, 55, 57; Clinton describes Mubaraks as “friends of my family”, 6; Obama’s Cairo speech, 9–10, 218; military helicopter drops ballot boxes in Afghanistan, 70; Kagame receives Clinton Global Citizen award, 92 2010 VOA announces “citizen journalism” app for Iran, 135, 145; Citizens United v.


pages: 325 words: 99,983

Globish: How the English Language Became the World's Language by Robert McCrum

Alistair Cooke, anti-communist, AOL-Time Warner, Berlin Wall, Bletchley Park, British Empire, call centre, Charles Lindbergh, classic study, colonial rule, credit crunch, cuban missile crisis, Deng Xiaoping, Etonian, export processing zone, failed state, Fall of the Berlin Wall, Ford Model T, Francis Fukuyama: the end of history, invention of movable type, invention of writing, invisible hand, Isaac Newton, jimmy wales, knowledge economy, Livingstone, I presume, Martin Wolf, Naomi Klein, Norman Mailer, Parag Khanna, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, sceptred isle, Scramble for Africa, Silicon Valley, Steven Pinker, the new new thing, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade route, transatlantic slave trade, transcontinental railway, upwardly mobile

The beginnings of the new China are to be found not in the Communist takeover of 1949 but in the prelude to the Third Plenum of the Eleventh Central Committee, which met in December 1978. Mao Zedong had been dead for just over two years but his revolutionary heirs still held the reins of power. So it was all the more remarkable that the new party chairman, Deng Xiaoping, a feisty survivor of the Cultural Revolution, should make a speech in advance of the Third Plenum arguing that the reality of the world economy, not narrow party ideology, should govern China’s future policy and direction. ‘It does not matter if it is a black cat or a white cat,’ Deng observed.

Some commentators, like the (London) Observer’s Will Hutton, do not believe it can be done. In The Writing on the Wall, Hutton declares: ‘for all China’s success to date, ultimately the system that the communists have created is structurally unstable.’ China’s ‘new left’, who support the market reforms inaugurated by Deng Xiaoping in 1979, disagree with this bleak diagnosis, which they see as uninformed, and talk instead about institutional innovation, with frequent references to low–price health care, green development programmes and the reform of property laws to incentivise workers in the state’s project. According to Leonard, ‘the balance of power in Beijing is subtly shifting towards the [new] left’.

One Night @ the Call Centre is a romantic comedy set in a call centre office where bored young Indians try to resolve the mindless enquiries of midwestern American technophobes. Bhagat says that his novel reflects a generational divide in India. His model society is China, not the modernising China of Deng Xiaoping, but the radicalising China of Mao Zedong. ‘India needs a cultural revolution to change mindsets,’ Bhagat told the Guardian. ‘In China it was bloody, but India needs to learn that the old ways are not always the best ways.’ One Night @ the Call Centre has already sold about 2 million copies. In October 2008 it reached a new audience when a Bollywood film adaptation went on general release.


pages: 381 words: 101,559

Currency Wars: The Making of the Next Gobal Crisis by James Rickards

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, bank run, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Big bang: deregulation of the City of London, Black Swan, borderless world, Bretton Woods, BRICs, British Empire, business climate, buy and hold, capital controls, Carmen Reinhart, Cass Sunstein, collateralized debt obligation, complexity theory, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, cross-border payments, currency manipulation / currency intervention, currency peg, currency risk, Daniel Kahneman / Amos Tversky, deal flow, Deng Xiaoping, diversification, diversified portfolio, Dr. Strangelove, Fall of the Berlin Wall, family office, financial innovation, floating exchange rates, full employment, game design, German hyperinflation, Gini coefficient, global rebalancing, global reserve currency, Great Leap Forward, guns versus butter model, high net worth, income inequality, interest rate derivative, it's over 9,000, John Meriwether, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, Long Term Capital Management, low interest rates, mandelbrot fractal, margin call, market bubble, Mexican peso crisis / tequila crisis, Money creation, money market fund, money: store of value / unit of account / medium of exchange, Myron Scholes, Network effects, New Journalism, Nixon shock, Nixon triggered the end of the Bretton Woods system, offshore financial centre, oil shock, one-China policy, open economy, paradox of thrift, Paul Samuelson, power law, price mechanism, price stability, private sector deleveraging, proprietary trading, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, Ronald Reagan, short squeeze, sovereign wealth fund, special drawing rights, special economic zone, subprime mortgage crisis, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, time value of money, too big to fail, value at risk, vertical integration, War on Poverty, Washington Consensus, zero-sum game

Implementation was delayed, however, due to disruptions caused by Zhou’s death in January 1976, followed by the death of Communist Party chairman Mao Zedong in September of that year and the arrest one month later of the radical Gang of Four, including Madame Mao, after a brief reign. Mao’s designated successor, Hua Guofeng, carried forward Zhou’s vision and made a definitive break with the Maoist past at a National Party Congress in December 1978. Hua was aided in this by the recently rehabilitated and soon to be dominant Deng Xiaoping. Real change began the next year, followed by a period of experimentation and pilot programs aimed at increasing autonomy in decision making on farms and in factories. In 1979, China took the landmark decision to create four special economic zones offering favorable work rules, reduced regulation and tax benefits designed to attract foreign investment, especially in manufacturing, assembly and textile industries.

For the Communist Party of China, the dollar-yuan peg was an economic bulwark against another Tiananmen Square. By 1992, reactionary elements in China opposed to reform again began to push for a dismantling of Deng’s special economic zones and other programs. In response, a visibly ailing and officially retired Deng Xiaoping made his famous New Year’s Southern Tour, a personal visit to major industrial cities, including Shanghai, which generated support for continued economic development and which politically disarmed the reactionaries. The 1992 Southern Tour marked a second-stage takeoff in Chinese economic growth, with real GDP more than doubling from 1992 to 2000.

Dawes, Charles Dawes Plan, 1924 de Gaulle, Charles debasement Defense, U.S. Department of, and financial war game deficits under gold exchange standard international trade and U.S. dollar vulnerability deflation China’s yuan exchange rate and 1920s gold prices and in 1930s and U.S. gold devaluation U.S. fears during 2000, 2002–2011 Deng Xiaoping derivatives derivatives contracts Deutsche Bundesbank devaluations China’s fears of U.S. currency devaluation competitive 1930s currency U.S. 1930s gold devaluation Dodd-Frank reform legislation of 2010 dollar inflation dollar, U.S. black market trade of Bretton Woods system and collapse in complexity theory collapse of dollar-denominated markets collapse of, potential counterfeit one-hundred-dollar bills devaluation of dollar-gold parity early warning attacks on euro-dollar exchange rate Federal Reserve and dollar price stability on floating rate system 1920s Germany, value in 1930s devaluation against gold 1970s devaluation against gold 1980s return of under Nixon’s New Economic Policy reserve currency, as global Russian ruble and and SDRs in dollar replacement strategy as supercurrency yen-dollar relationship yuan-dollar exchange rate Dow Jones Industrial Average Drudge Report Dubai economics behavioral financial misuse of efficient markets theory Eichengreen, Barry elite rent seeking embargoes Emergency Banking Act of 1933 emergent properties, in complex system energy, money-as-energy model England and depression of 1920–1921 and German hyperinflation gold reserves and gold standard London Gold Pool 1960s sterling crisis 1968 closing of gold market and Panic of 1931 and Paris Peace Conference of 1919 and Treaty of Versailles and Tripartite Agreement of 1936 “Enhancing International Monetary Stability—A Role for the SDR?”


pages: 388 words: 99,023

The Emperor's New Road: How China's New Silk Road Is Remaking the World by Jonathan Hillman

"World Economic Forum" Davos, British Empire, cable laying ship, capital controls, colonial rule, coronavirus, COVID-19, Deng Xiaoping, Donald Trump, drone strike, energy security, facts on the ground, high-speed rail, intermodal, joint-stock company, Just-in-time delivery, land reform, low interest rates, M-Pesa, Malacca Straits, megaproject, moral hazard, offshore financial centre, rent-seeking, Scramble for Africa, Silicon Valley, smart cities, South China Sea, special economic zone, Suez canal 1869, Suez crisis 1956, supply-chain management, trade route, transcontinental railway, undersea cable, union organizing, Washington Consensus

Viewing China as a bulwark against the Soviet Union, U.S. policy makers authorized the sale of military equipment to China. They also encouraged Japan to increase its foreign aid to China. Eager to access China’s large and growing market, Japan was happy to oblige. Japanese aid to China began in 1979, driven in part by a desire to encourage economic reforms announced by Deng Xiaoping, and climbed quickly. The floodgates had been opened, and by 1983, China was Japan’s top aid recipient. In many ways, Japan Inc. helped create China Inc. During the 1980s and 1990s, Japan provided roughly $24 billion in aid to China, much of which was used for infrastructure projects. A Japanese-government survey in 1998 found that a third of China’s total electrified railway network was constructed using Japanese loans.41 In 2000, more than 60 percent of all China’s bilateral aid was from Japan.42 As China’s defense budget grew, enthusiasm began to wane among Japanese officials, who also complained that Chinese officials were not adequately publicizing Japan’s generosity within China.

Reaching the Limits of Power and Growth (Boston: Harvard Business Review Press, 2014); Jude Blanchette, China’s New Red Guards: The Return of Radicalism and the Rebirth of Mao Zedong (Oxford: Oxford University Press, 2019); Elizabeth Economy, The Third Revolution: Xi Jinping and the New Chinese State (Oxford: Oxford University Press, 2018); David M. Lampton, Following the Leader: Ruling China, from Deng Xiaoping to Xi Jinping (Berkeley: University of California Press, 2014); George Magnus, Red Flags: Why Xi’s China Is in Jeopardy (New Haven, CT: Yale University Press, 2018); Dinny McMahon, China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle (Boston: Houghton Mifflin Harcourt, 2018); Andrew Nathan, “China’s Changing of the Guard: Authoritarian Resilience” and “A Factionalism Model for CCP Politics,” in Critical Readings on the Communist Party of China (Leiden: Brill, 2017), 86–99, 849–886; David Shambaugh, China’s Future (New York: Wiley, 2016). 17.

See China-Pakistan Economic Corridor Credit Mobilier, (i) criminal activities at Piraeus Port (Greece), (i) CRRC Corporation Limited (Chinese railroad company), (i) currency transactions between Russia and China, (i) Darius the Great, (i) Davis, Raymond, (i) Dawn (Pakistani newspaper) on CPEC aims, (i), (ii) Dawood, Abdul Razak, (i) debt diplomacy, (i), (ii), (iii), (iv), (v), (vi), (vii) decolonization, (i), (ii), (iii) Deng Xiaoping, (i) Diamer-Bhasha Dam (Pakistan), (i), (ii)n80 digital technology. See technology and digital infrastructure Djibouti: author’s experiences in, (i), (ii), (iii); Camp Lemonnier (U.S. military base) in, (i), (ii); Chinese investment in, (i), (ii), (iii); Chinese military base in, (i), (ii), (iii), (iv), (v); Chinese use of drones and lasers in, (i); Doraleh Container Terminal, (i), (ii); Doraleh Multipurpose Port, (i); DP World’s exclusive rights to container-handling facilities in, (i); French colonial history in, (i), (ii); French military base in, (i), (ii); Italian military base in, (i); Japanese military base in, (i); location and demographics of, (i); railways in, (i), (ii), (iii); as telecommunications hub, (i), (ii), (iii) Djibouti Telecom, (i) Dostyk railway station (Kazakhstan), (i), (ii) DP World, (i), (ii) Dulles, John Foster, (i) EAEU (Eurasian Economic Union), (i), (ii), (iii)n46 East Africa, (i), (ii); author’s experiences in, (i), (ii), (iii), (iv), (v); Chinese digital and high-tech goals in, (i); Chinese investment in and use of resource-credit swaps, (i); colonial history of, (i), (ii), (iii), (iv); digital infrastructure in, (i), (ii); new U.S. policy announced by John Bolton, (i).


pages: 189 words: 52,741

Lifestyle Entrepreneur: Live Your Dreams, Ignite Your Passions and Run Your Business From Anywhere in the World by Jesse Krieger

Airbnb, always be closing, bounce rate, call centre, carbon credits, carbon footprint, commoditize, Deng Xiaoping, different worldview, do what you love, drop ship, financial independence, follow your passion, income inequality, independent contractor, iterative process, off-the-grid, Ralph Waldo Emerson, Salesforce, search engine result page, Skype, software as a service, South China Sea, Steve Jobs, subscription business, systems thinking, warehouse automation

However, if you are selling products that are generally available or commoditized emphasize the customer service or satisfaction guarantee. FINDING YOUR SALES STRATEGY “Cross The River By Feeling The Stones” — Deng Xiaoping Taking into account the tips above regarding general sales skills and industry-specific knowledge, you will ultimately develop your own unique sales strategy. In doing so, Deng Xiaoping’s advice proves helpful; to cross the river “by feeling the stones” basically means that you should move slowly and feel out each step before you move to the next one. Start by offering what you think is a reasonable product at a fair price, and try out different tactics to improve effectiveness.


pages: 225 words: 189

The Coming Anarchy: Shattering the Dreams of the Post Cold War by Robert D. Kaplan

Berlin Wall, bread and circuses, clean water, Deng Xiaoping, edge city, European colonialism, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Honoré de Balzac, mass immigration, military-industrial complex, Peace of Westphalia, Ronald Reagan, Thomas Malthus, trade route, unemployed young men, Yom Kippur War

A true conservative is in fact a hesitant progressive: he or she seeks to slow change when society is reforming too fast and to instigate moderate change when society is not reforming at all. Burke's writings are the epitome of this search for pacing. I imagine that Kissinger's tolerance of the late Chinese ruler Deng Xiaoping and his successor, Jiang Zemin, can be explained by the fact that the two Chinese dictators represented enlightened conservatism within their own cultural and historical limits. Both fos­ tered gradual but unmistakable reform that has bettered the material lives of tens of millions of people. At the same time, they averted the kind of revolutionary up­ heaval that might result from instituting democracy across a vast and geographically riven landscape in which less than 10 percent of the population is middle-class.

., The Twenty Years' Crisis, 170,181 Carter, Jimmy, 103,139 Castlereagh, Robert Stewart, 130,138, 143,144 Catholicism, 122,135 Caucasus, 28-29, 38, 43, 44, 47,114, 144 Ceausescu, Nicolae, 114 Central America, 25 Central Asia, 20, 27, 28, 50 I N D E X Central Intelligence Agency, post-Cold War role of, 105,109,110 Chamberlain, Neville, 131 Chersonites, 114 Chile, 63,133 China, 25,134,146 authoritarianism in, 64-65, 71 crime in, 26 Cultural Revolution, 149 economy, 25, 65, 71 environmental problems, 25-26 human rights, 65, 99,139 Inner, 50 Nixon/Kissinger policy in, 132-33, 148-50 population growth, 25-26 Christianity, 6, 59-60, 79, 94, 98,112 Edward Gibbon on, 115-16,135 Orthodox, 28, 29, 59 in West Africa, 6,15 Christopher, Warren, 127 Churchill, Winston, 170 Clarke, Jonathan, "Searching for the Soul of American Foreign Policy," 139-40 Claudius, 113 Clausewitz, Carl von, 46 climatic change, 52-54,106 Clinton, Bill, 20,140,147,157 cocoa economy, 10 Cold War, 20,102,144,154,171,177 democracies after, 60-98 end of, 18,40, 60, 69, 71,103,141, 154,171,173,177 foreign policy, 20-21,103,148-51, 154,171 peace, 171,177-78 Colombia, 49, 63,177 colonialism, 38-39,102 and cartography, 38-40 French, 10-14,148,158 in West Africa, 10-15 communalism, 6 communism, 13, 49, 73 end of, 60, 69, 71,144 / 189 computers, 86, 93 Comte, Auguste, 180 Conakry, 9,17-18 Congo, 70 Congressional Black Caucus, 55 Conrad, Joseph, 159 Heart of Darkness, 159,160 Nostromo: A Tale of the Seaboard, 157-68 conservatism, 119,136,181 Constantinople, 33 Coon, Carleton Stevens, 35 corporate power, 175 rise of, 80-95, 96 crime, 4 in China, 26 as human trait, 175-76 and Turkey, 32, 41 in United States, 84-86 and war, 48-49,99-104 in West Africa, 4-7,12-15, 26,49, 55 Croatia, 47,102 Cromwell, Oliver, 68, 73, 79, 95 cultural and racial conflict, 19, 26-37, 55-56,122 in Balkans, 29-30, 99-103 and future of war, 43-50 and Islam, 28-30 and mass murder, 99-104 in Turkey, 28-29, 30-37 in United States, 54-56, 87, 94,171 currency, 12-13 Cyprus, 144 Czechoslovakia, 13, 65, 69,106,131 D deforestation, 7, 8-9,18, 20, 25, 52 de Gaulle, Charles, 148 democracy, 21, 59-98,119,122,163, 141,180 in Africa, 62, 63, 66-71, 77-78, 81 early American, 61, 67-68, 95 and ethnic politics, 68-70,102 in Haiti, 65-66,157-58 and hybrid regimes, 78-80, 94, 96,98 190 / I N D E X democracy (cont'd) in India, 51, 71 in Latin America, 63-64, 70, 75 and oligarchy, 95-98 post-Cold War, 60-98 and rise of corporate power, 80-95, 96 in Rome, 113-14 in Russia, 64, 67 and shrinking domain of "politics," 83-89 and umpire regimes, 89-95 value-neutrality of, 61-72 and "world government," 80-83 Deng Xiaoping, 136 Deudney, Daniel, 23 Diana, Princess of Wales, 173 Diani, Marco, 158 Dickens, Charles, 17 Bleak House, 119-20 Diocletian, 113 disease, 3, 20, 51, 57,130,176 in Africa, 3, 7, 9,16-18,121 see also specific diseases displaced-persons camps, 8 Doe, Samuel, 48 Dreiser, Theodore, 87 drugs, 86 cartels, 7,13, 50, 78,106 smuggling, 57,107,109,176,177 Dubrovnik, 47 Dulles, John Foster, 129 E Eagleburger, Lawrence, 127 East Germany, 13,103 Economist, The, 128 economy, 45,46, 67, 80, 96,116 in China, 25, 65, 71 and corporate power, 80-95 in India, 51, 71,120 in Israel, 41 in West Africa, 10,12,13,15 world, 76-77, 80-83,182-83 education, 8, 45,157 and corporate power, 85 political science, 158,167-68 in Turkey, 33 in United States, 54-55 women's, 123 Egypt, 20, 24, 32, 36, 53-54, 71,145, 148 Aswan High Dam, 36 climatic change, 53 Eisenhower, Dwight D., 97,146 Eisner, Michael, 88 El Salvador, 49 Ends of the Earth, The (Kaplan), 146 enlightened despotism, 24, 61, 66, 71-73 Enlightenment, 24, 38, 60, 61, 69, 86, 114,116,135 entertainment, 88,173-75,183 environmental degradation, 18-26, 27, 42 in China, 25-26 deforestation, 7-9,18, 20, 25, 52 and national security, 19-26 rising water levels, 20, 24-25, 53 water shortages, 20, 21, 24, 25 in West Africa, 7-9,18, 25 Ethiopia, 15, 20, 38,100,103,174,178 ethnic cleansing, 69-70 ethnic politics, 18,19, 26-37,122,141 Arab-Israeli, 30, 41, 57,148-52 cultural and racial conflict, 26-37, 99-104 and democratization, 68-70,102 and environment, 20, 25, 27 and mass murder, 99-104 Euripides, 89 Executive Outcomes, 81 existentialism, 175 expatriatism, 92-93 Eyadema, Etienne, 12 F family, 47 planning, 122,123 in West Africa, 6-7 I N D E X famine, 15, 65,166 Ferguson, Adam, 89 feudalism, 38, 39 Finley, Sir Moses, 97 Politics in the Ancient World, 92 Focus on Africa, 6 Ford, Gerald, 148 Foreign Affairs, 20-21, 26, 28 foreign policy, 18,19-20 Cold War, 20-21,148-51,154,171 development assistance, 120-23 early warning, 122,123 and environmental degradation, 19-26 idealism, 137-39 intervention, 122,123-25,139-40 and Henry Kissinger, 127-55 post-Cold War, 69,171-72 proportionalism for Third World, 119-25 Fort Bragg, North Carolina, 105-10 France, 92 colonialism, 10-14,148,158 Revolution, 116,134,135 Franco-Prussian War, 130 Franklin, Benjamin, 61 Freetown, 4, 8, 9,48 Fujimori, Alberto, 75 Fukuyama, Francis, 22, 24 / 191 G Gordion, 112 Goths, 114 government, 49 early American, 61, 67-68, 95 hybrid regimes, 73-80, 94, 96, 98 oligarchy, 60-61, 95-98 and peace, 174-75 post-Cold War democracies, 60-98 and rise of corporate power, 80-95, 96 and shrinking domain of "politics," 83-89 in West Africa, 7-9,12-15,48, 63,81 "world," 80-83 see also specific forms of government Great Britain, 3, 68, 79 appeasement policy, 128,131-33,170 and Castlereagh, 130,138,143 colonialism, 102 Greece, 132,138 ancient, 50, 60-61, 73, 89, 94, 95-96, 98 democracy in, 69-70 oligarchy, 60-61, 95-96 Greenberg, Alan, 16 Greene, Graham, The Heart of the Matter, 9 Grenada, 139 Guinea, 8,13,17-18 Gulf War (1991), 29,40,101,105,133, 181 Garreau, Joel, The Nine Nations of North America, 56 gated communities, 83-84,176 Germany, 29, 54,114,130,141 Nazi, 72, 73, 99,100,101-3,128,129, 133-35,170,174 post-World War I, 62,134,170 post-World War II, 102 Ghana, 8,12,16, 70 Gibbon, Edward, 111, 135 The History of the Decline and Fall of the Roman Empire, 111-17 globalization, 80-98,182 Gondama, 8 Haig, Alexander, 127 Haiti, 45, 55,101,107,121,139 democracy in, 65-66,107,157-58 Hapsburg Empire, 130,141 Harrington, James, 73, 89 Harvard University, 26,129 Hegel, Georg Wilhelm Friedrich, 24 Helms, Christine M., 42 Henderson, Loy, 144 Herodotus, 30 Herzen, Alexander, 98 Hinduism, 27, 52 H 192 / I N D E X Hitler, Adolf, 61,100,101,114, 128-33,170,174 Hobbes, Thomas, ix, 24, 61,66, 72-73, 75-76 Holocaust, 48, 72, 73, 99,100,101-3, 128,129,133-35 homelessness, 24 Homer-Dixon, Thomas Fraser, 37,45, 52 "On the Threshold: Environmental Changes as Causes of Acute Conflict," 21-26, 29-30 Houphouèt-Boigny, Félix, 11-12 human rights, 72, 99 in China, 65, 99,139 and mass murder, 99-104 Hume, David, 115 Hungary, 20, 65 Huntington, Samuel P., "The Clash of Civilizations," 26-29 Hussein, King, 71,148 Hussein, Saddam, 21, 63,101,133, 181 hybrid regimes, 73-80,94,96, 98 I idealism, 69,99-104,137,177 of Isaiah Berlin, 72-73 foreign-policy, 137-39 and mass murder, 99-104 India, 19, 25, 34, 50-53,179 climatic change, 52-53 cultural conflict, 27, 43, 51-52 economy, 51, 71,120 government, 51-52, 71 population, 51 Indonesia, 21, 39 industrialization, 24,87,114 intelligence, military, future of, 105-10 Iraq, 22, 37, 38-40,41,94,134,139 Gulf War, 40,101,133 Isaacson, Walter, 150 Islam, 6,17,18, 35, 52, 71 and Arabs, 38,41-42, 53 clash between Turks and Iranians, 28-29 cultural war and, 28-30 North Africa, 6 spread of, 38,41-42 terrorism, 47 in Turkey, 28-29, 30-37 in West Africa, 6,15, 35 Islamic Revolution (1978), 36 isolationism, 121,138,140,180,182 Israel, 30, 36 -Arab conflict, 30,41-42, 57,148-52 economy, 41 Lebanese invasion, 151-52 military-security system, 104 Nixon/Kissinger policy, 148 peace treaty with Egypt (1979), 148 Istanbul, 43 Italy, 62 collapse of Rome, 111-17 Ivory Coast, 4, 8,9-11,14,15 AIDS in, 16 population, 11-12 J Japan, 27,41, 54,114,170 Jews, 114,115 in Palestine, 134 persecution of, 102,104,128,134-35 Jiang Zemin, 136 Johnson, Lyndon B., 144,149 Johnson, Prince, 48 Jordan, 42,133,148,151,152 Judd, Dennis, 84 juju spirits, 6, 30 International Security, 21 intervention policy, 122,123-25, 139-40 Iran, 28, 29,40,110,134,144 oil, 36, 67 and Turkey, 28-29,40-41, 50 K Karachi, 52, 74,109 Kedourie, Elie, 102 Keegan, John, A History of Warfare, 48 I N D E X Kennan, George F., 30,124,133,137, 144 Foreign Affairs article (1947), 20-21 Kennedy, John F., 144 Khartoum, 62,166 Khmer Rouge, 99-101,102,146 Kirkpatrick, Jeane, 139 Kissinger, Henry, 72,127-55 on appeasement, 128,131-33,143, 150 German-Jewish background of, 128, 133-34,140 and Nixon, 132-33,140,145-52 Nuclear Weapons and Foreign Policy, 129 reputation of, 127-28,143,152, 155 on Vietnam, 139,140,144-52,155 A World Restored: Metternich, Castlereagh and the Problems of Peace 1812-1822, 98,128-45, 153-55 Kohut, Andrew, 139 Korea, 124,139,146,171 Korean War, 146,181 Kosovo, 57,140 Kurdistan, 63 Kurds, 38,40-41,43, 50,101 Kurth, James, 54 Kuwait, 133 L Lagos, 4,15, 52 language, 27 Latin America, 83 democratization of, 63-64, 70, 75 see also specific countries Lebanon, 49, 79,151-52 Lee Kuan Yew, 76-77,174 Levin, Bernard, 133 Liberia, 8,44,47 civil war, 6, 8,48 Lincoln, Abraham, 88 literacy rates, 32, 62, 69, 97,120,122, 123,125 / 193 literature, 157-68 Conrad's Nostromo, 157-68 and policy makers, 158-59,168 Lomé, 12 London Observer, The, 13 Los Angeles Times, 55 Lowell, Robert, "For the Union Dead," 184-85 M Madison, James, 61, 95 The Federalist, 93,116 mafias, 49, 50 malaria, 3, 9,16-17 Malaysia, 80-81 Mali, 63 Malraux, André, Man's Fate, 44 Mandelbaum, Michael, 20 maps, 7,10, 37-43 and cartography, 19, 37-43 and colonialism, 38-40 future, 50-57 political, 19,41-43 as three-dimensional hologram, 50-51 and Turkey, 37-43 Marshall, George, 152 mass culture, 90-95 mass murder, 99-104,114 in Bosnia, 99-103 and idealism, 99-104 in Rwanda, 68-69, 99-101 Matthews, Jessica Tuchman, 53-54 Mazrui, Ali A., 13-14 media, 173-75,180 Menem, Carlos, 64 Mengistu Haile Mariam, 100,103, 174 Mesquida, Christian G., 76 Metternich, Prince Clemens von, 128, 130-42,153-54 Mexico, 56, 63, 83,177 -U.S. border, 50-51, 97,119 Middle Ages, 46-47, 50, 59, 93, 94, 98 194 / I N D E X middle class, 44, 70, 95,114,122,136, 157 African, 121 apathy, 89-90 and corporate power, 83-88 and democratization, 64, 70 world, 182 Middle East, see specific countries Middle East peace conference (1973), 145 migrations of populations, 20, 26, 51 Milosz, Czeslaw, 91 Mogadishu, 166 Mohamad, Mahathir, 80-81 money laundering, 13,109 Montesquieu, Baron de, 113 Morgan, J.


pages: 498 words: 153,927

The River at the Centre of the World by Simon Winchester

British Empire, Deng Xiaoping, Great Leap Forward, Khartoum Gordon, Nelson Mandela, offshore financial centre, out of africa, placebo effect, South China Sea, Suez canal 1869, trade route

It did not pass unnoticed that the projected date for the highly symbolic closing of the Yangtze's flow – a central part of a dam-building project, when the waters are passed around the dam site in diversion tunnels – was due to take place in 1997. That was also the year when Hong Kong would revert from British rule back to China's, after 155 years in the barbarian wilderness. The idea that Li Peng's China – or Deng Xiaoping's China, for the former is little more than a puppet of the latter – could in the same year also fly in the face of the barbarian opposition, which was already mounting, and stop up her greatest river: the symbolism of such coincidence augured exceedingly well, in the minds of the masters of the moment.

His determination to have the dam built, come what may, stems both from that fact – his interest in capital projects, the bigger the better – and from his hope that his regime will leave a memorial to Mao and Maoism (and to himself, of course) that will last a thousand years. ‘The pet project of the red emperor' is how Dai Qing has styled the dam, and both Li and Deng Xiaoping have made it clear they expect their engineers to erect a structure of enduring nobility. But almost all of the criticism of the dam is based on the assumption that it will not last for a fraction of the anticipated time, and that its effects will be by turn minimally beneficial and a wholesale environmental disaster – indeed, that it may turn out to be a catastrophe waiting to happen.

Moreover, added the rubric below, ‘If your cigarette end burns the carpet, furniture, wall-paper, curtain or anything else in the room, you will be punished 50 yuan for each hole. ‘If the end burns anything on the bed, you will be punished as wholly as it costs. ‘Welcome,’ the notice ends with a flourish, ‘to our hotel.’ * Sichuan is the birthplace of Li Peng, China's premier; it was where Deng Xiaoping was born, too, and the guttural accents of both men remain. In Yibin the locals claim Mr Li as their own, though official biographies published in more disinterested cities say he was born in Chengdu. His picture is everywhere, however, and most notably in the one institution for which the town is known across all China – the great Wuliangye distillery, where China's best-known liquor has been fashioned for the last six hundred years.


pages: 535 words: 151,217

Pacific: Silicon Chips and Surfboards, Coral Reefs and Atom Bombs, Brutal Dictators, Fading Empires, and the Coming Collision of the World's Superpowers by Simon Winchester

9 dash line, Albert Einstein, Boeing 747, BRICs, British Empire, California gold rush, classic study, colonial rule, company town, Deng Xiaoping, desegregation, Easter island, Frank Gehry, Intergovernmental Panel on Climate Change (IPCC), Korean Air Lines Flight 007, Kwajalein Atoll, land tenure, Larry Ellison, Loma Prieta earthquake, Maui Hawaii, Monroe Doctrine, ocean acidification, oil shock, polynesian navigation, Ralph Waldo Emerson, RAND corporation, Ronald Reagan, Seymour Hersh, Silicon Valley, South China Sea, The Day the Music Died, three-masted sailing ship, trade route, transcontinental railway, UNCLOS, UNCLOS, undersea cable, uranium enrichment

The bankers asked the then-governor of Hong Kong, Murray MacLehose, to put this question to his Chinese counterparts in the Chinese capital, in what was then generally known as Peking. His Excellency duly flew there and was given banquets and taken to the Great Wall, the Winter Palace, and the Forbidden City and was accorded appropriate respect. And he got the answer to the bankers’ question, from Deng Xiaoping, the Chinese leader at the time. It was not what he, the bankers, or anyone else in the colony wanted to hear. There was absolutely no question, the diminutive Deng declared, of extending any lease. Hong Kong was most assuredly being shepherded back to its motherland. The Chinese wanted all of their territory returned.

They wanted the New Territories. They wanted Kowloon. They wanted Hong Kong Island. They wanted, in short, everything. There was no point in any clever British lawyers spluttering that the three treaties signed during Victorian times gave some of the territory to Britain in perpetuity. As far as Deng Xiaoping was concerned, all three treaties were unequal and unfair, had no standing in law or modern reality, and could be torn up and turned into confetti at will. Deng insisted that everyone understand that Hong Kong’s existence as a British overseas territory was coming to an end. June 30, 1997, was the fixed date when the bills came due.

On the Chinese side, there is the late Admiral Liu Huaqing, the revered architect of the country’s long-term naval strategy, the Chinese equivalent of Alfred Mahan or of Teddy Roosevelt.9 The plan China appears to be undertaking today was essentially laid down and promoted by the admiral and his political superior Deng Xiaoping, in 1985. At the time, both men were well on in years: the admiral was seventy, the Chinese leader eighty-one. They were old friends, die-hard Communist revolutionaries, Long March veterans, and as it happens, true visionaries, men whose thinking has had a major impact on the warp-speed development of China in recent decades.


pages: 174 words: 58,894

London Review of Books by London Review of Books

Albert Einstein, cuban missile crisis, David Attenborough, Deng Xiaoping, Donald Trump, failed state, fake news, Jeremy Corbyn, Mikhail Gorbachev, Neil Kinnock, Piers Corbyn, Sapir-Whorf hypothesis, tulip mania, Wolfgang Streeck

’ * Every so often Taubman’s book halts, and unleashes a jostling, barking pack of questions. Most have real bite. Why did Gorbachev do this, why didn’t he do that, when a different decision might have avoided a defeat or hastened progress? But the question raised by Andropov is one of the biggest, and now overshadows all reflections on Gorbachev’s six years in power. Deng Xiaoping in China was to share broadly the same priorities as Andropov: let us first build an economy that works, enriching both state and people – and only then turn towards political transformation (some day, if we feel it’s safe). So why did Gorbachev do the opposite after he reached the leadership in 1985?

The H-Word reconstructs the long history of the concept of hegemony in 12 chapters, moving from Thucydides via Lenin and Gramsci to various German and other imperialists, and from there to British, American and French postwar international relations theory. It takes in American political science and US strategic doctrine; the political economy of the Thatcher years; the work of Ernesto Laclau and Giovanni Arrighi; and, after a particularly exciting treatment of Asia and China from the time before the Warring Kingdoms to Mao and Deng Xiaoping, ends with today’s European Union. Antinomies deals with Gramsci alone; essentially it is a reprint of a long essay published in 1977 in New Left Review . Both books are remarkable examples of the deep, historically situated reading of complex texts. Antinomies contains a preface reflecting on the interval since the first publication of the essay forty years ago, and in an appendix a fascinating report from 1933 on Gramsci in prison, written for the leadership of the Partito Comunista Italiano by a fellow prisoner, published in English here for the first time.


pages: 215 words: 59,188

Seriously Curious: The Facts and Figures That Turn Our World Upside Down by Tom Standage

"World Economic Forum" Davos, agricultural Revolution, augmented reality, autonomous vehicles, Big Tech, blood diamond, business logic, corporate governance, CRISPR, deep learning, Deng Xiaoping, Donald Trump, Dr. Strangelove, driverless car, Elon Musk, failed state, financial independence, gender pay gap, gig economy, Gini coefficient, high net worth, high-speed rail, income inequality, index fund, industrial robot, Internet of things, invisible hand, it's over 9,000, job-hopping, Julian Assange, life extension, Lyft, M-Pesa, Mahatma Gandhi, manufacturing employment, mega-rich, megacity, Minecraft, mobile money, natural language processing, Nelson Mandela, plutocrats, post-truth, price mechanism, private spaceflight, prosperity theology / prosperity gospel / gospel of success, purchasing power parity, ransomware, reshoring, ride hailing / ride sharing, Ronald Coase, self-driving car, Silicon Valley, Snapchat, South China Sea, speech recognition, stem cell, supply-chain management, transaction costs, Uber and Lyft, uber lyft, undersea cable, US Airways Flight 1549, WikiLeaks, zoonotic diseases

The summit meeting (called a forum) attracted the largest number of foreign dignitaries to Beijing since the Olympic Games in 2008. Yet few European leaders showed up. For the most part they have ignored the implications of China’s initiative. What are those implications, and is the West right to be sanguine? The project is the clearest expression so far of Mr Xi’s determination to break with Deng Xiaoping’s dictum to “hide our capabilities and bide our time; never try to take the lead”. The Belt and Road Forum (with its unfortunate acronym, BARF) was the second set-piece event in 2017 at which Mr Xi laid out China’s claim to global leadership. (The first was a speech against protectionism made at the World Economic Forum in Davos in January.)

For more explainers and charts from The Economist, visit economist.com Index A Africa child marriage 84 democracy 40 gay and lesbian rights 73, 74 Guinea 32 mobile phones 175–6 see also individual countries agriculture 121–2 Aguiar, Mark 169 air pollution 143–4 air travel and drones 187–8 flight delays 38–9 Akitu (festival) 233 alcohol beer consumption 105–6 consumption in Britain 48, 101–2 craft breweries 97–8 drink-driving 179–80 wine glasses 101–2 Alexa (voice assistant) 225 Algeria food subsidies 31 gay and lesbian rights 73 All I Want for Christmas Is You (Carey) 243 alphabet 217–18 Alternative for Germany (AfD) 223, 224 Alzheimer’s disease 140 Amazon (company) 225 America see United States and 227–8 Angola 73, 74 animals blood transfusions 139–40 dog meat 91–2 gene drives 153–4 size and velocity 163–4 and water pollution 149–50 wolves 161–2 Arctic 147–8 Argentina gay and lesbian rights 73 lemons 95–6 lithium 17–18 Ariel, Barak 191 Arizona 85 arms trade 19–20 Asia belt and road initiative 117–18 high-net-worth individuals 53 wheat consumption 109–10 see also individual countries Assange, Julian 81–3 asteroids 185–6 augmented reality (AR) 181–2 August 239–40 Australia avocados 89 forests 145 inheritance tax 119 lithium 17, 18 shark attacks 201–2 autonomous vehicles (AVs) 177–8 Autor, David 79 avocados 89–90 B Babylonians 233 Baltimore 99 Bangladesh 156 bank notes 133–4 Bateman, Tim 48 beer consumption 105–6 craft breweries 97–8 Beijing air pollution 143–4 dogs 92 belt and road initiative 117–18 betting 209–10 Bier, Ethan 153 Bils, Mark 169 birds and aircraft 187 guinea fowl 32–3 birth rates Europe 81–3 United States 79–80 black money 133–4 Black Power 34, 35 Blade Runner 208 blood transfusions 139–40 board games 199–200 body cameras 191–2 Boko Haram 5, 15–16 Bolivia 17–18 Bollettieri, Nick 197 bookmakers 209–10 Borra, Cristina 75 Bosnia 221–2 brain computers 167–8 Brazil beer consumption 105, 106 Christmas music 243, 244 end-of-life care 141–2 gay and lesbian rights 73 murder rate 45, 46 shark attacks 202 breweries 97–8 Brexit, and car colours 49–50 brides bride price 5 diamonds 13–14 Britain alcohol consumption 101–2 car colours 49–50 Christmas music 244 cigarette sales 23–4 craft breweries 98 crime 47–8 Easter 238 gay population 70–72 housing material 8 inheritance tax 119 Irish immigration 235 life expectancy 125 manufacturing jobs 131 national identity 223–4 new-year resolutions 234 police body cameras 191 sexual harassment 67, 68, 69 sperm donation 61 see also Scotland Brookings Institution 21 Browning, Martin 75 bubonic plague 157–8 Bush, George W. 119 C cables, undersea 193–4 California and Argentine lemons 95, 96 avocados 90 cameras 191–2 Canada diamonds 13 drones 188 lithium 17 national identity 223–4 capitalism, and birth rates 81–2 Carey, Mariah 243 Carnegie Endowment for International Peace 21 cars colours 49–50 self-driving 177–8 Caruana, Fabiano 206 Charles, Kerwin 169 cheetahs 163, 164 chess 205–6 Chetty, Raj 113 Chicago 100 children birth rates 79–80, 81–3 child marriage 84–5 in China 56–7 crime 47–8 and gender pay gap 115–16, 135–6 obesity 93–4 Chile gay and lesbian rights 73 lithium 17–18 China air pollution 143–5 arms sales 19–20 avocados 89 beer consumption 105 belt and road initiative 117–18 childhood obesity 93 construction 7 dog meat 91–2 dragon children 56–7 flight delays 38–9 foreign waste 159–60 lithium 17 rice consumption 109–10 Choi, Roy 99 Christian, Cornelius 26 Christianity Easter 237–8 new year 233–4 Christmas 246–7 music 243–5 cigarettes affordability 151–2 black market 23–4 cities, murder rates 44–6 Citizen Kane 207 citrus wars 95–6 civil wars 5 Clarke, Arthur C. 183 Coase, Ronald 127, 128 cocaine 44 cochlear implants 167 Cohen, Jake 203 Colen, Liesbeth 106 colleges, US 113–14 Colombia 45 colours, cars 49–50 commodities 123–4 companies 127–8 computers augmented reality 181–2 brain computers 167–8 emojis 215–16 and languages 225–6 spam e-mail 189–90 Connecticut 85 Connors, Jimmy 197 contracts 127–8 Costa Rica 89 couples career and family perception gap 77–8 housework 75–6 see also marriage cows 149–50 craft breweries 97–8 crime and avocados 89–90 and dog meat 91–2 murder rates 44–6 young Britons 47–8 CRISPR-Cas9 153 Croatia 222 Croato-Serbian 221–2 D Daily-Diamond, Christopher 9–10 Davis, Mark 216 De Beers 13–14 death 141–2 death taxes 119–20 democracy 40–41 Deng Xiaoping 117 Denmark career and family perception gap 78 gender pay gap 135–6 sex reassignment 65 Denver 99 Devon 72 diamonds 13–14, 124 digitally remastering 207–8 Discovery Channel 163–4 diseases 157–8 dog meat 91–2 Dorn, David 79 Dr Strangelove 207 dragon children 56–7 drink see alcohol drink-driving 179–80 driverless cars 177–8 drones and aircraft 187–8 and sharks 201 drugs cocaine trafficking 44 young Britons 48 D’Souza, Kiran 187 E e-mail 189–90 earnings, gender pay gap 115–16, 135–6 Easter 237–8 economy and birth rates 79–80, 81–2 and car colours 49–50 and witch-hunting 25–6 education and American rich 113–14 dragon children 56–7 Egal, Muhammad Haji Ibrahim 40–41 Egypt gay and lesbian rights 73 marriage 5 new-year resolutions 233 El Paso 100 El Salvador 44, 45 emojis 215–16 employment gender pay gap 115–16, 135–6 and gender perception gap 77–8 job tenure 129–30 in manufacturing 131–2 video games and unemployment 169–70 English language letter names 217–18 Papua New Guinea 219 environment air pollution 143–4 Arctic sea ice 147–8 and food packaging 103–4 waste 159–60 water pollution 149–50 Equatorial Guinea 32 Eritrea 40 Ethiopia 40 Europe craft breweries 97–8 summer holidays 239–40 see also individual countries Everson, Michael 216 exorcism 36–7 F Facebook augmented reality 182 undersea cables 193 FANUC 171, 172 Federer, Roger 197 feminism, and birth rates 81–2 fertility rates see birth rates festivals Christmas 246–7 Christmas music 243–5 new-year 233–4 Feuillet, Catherine 108 films 207–8 firms 127–8 5G 173–4 flight delays 38–9 Florida and Argentine lemons 95 child marriage 85 Foley, William 220 food avocados and crime 89–90 dog meat 91–2 lemons 95–6 wheat consumption 109–10 wheat genome 107–8 food packaging 103–4 food trucks 99–100 football clubs 211–12 football transfers 203–4 forests 145–6, 162 Fountains of Paradise, The (Clarke) 183 fracking 79–80 France career and family perception gap 78 Christmas music 244 exorcism 36–7 gender-inclusive language 229–30 job tenure 130 sex reassignment 66 sexual harassment 68–9 witch-hunting 26, 27 wolves 161–2 G gambling 209–10 games, and unemployment 169–70 Gandhi, Mahatma 155 gang members 34–5 Gantz, Valentino 153 gas 124 gay population 70–72 gay rights, attitudes to 73–4 gender sex reassignment 65–6 see also men; women gender equality and birth rates 81–2 in language 229–30 gender pay gap 115–16, 135–6 gene drives 153–4 Genghis Khan 42 genome, wheat 107–8 ger districts 42–3 Germany beer consumption 105 job tenure 130 national identity 223–4 sexual harassment 68, 69 vocational training 132 witch-hunting 26, 27 Ghana 73 gig economy 128, 130 glasses, wine glasses 101–2 Goddard, Ceri 72 Google 193 Graduate, The 207 Greece forests 145 national identity 223–4 sex reassignment 65 smoking ban 152 Gregg, Christine 9–10 grunting 197–8 Guatemala 45 Guinea 32 guinea fowl 32–3 guinea pig 32 Guinea-Bissau 32 Guo Peng 91–2 Guyana 32 H Haiti 5 Hale, Sarah Josepha 242 Hanson, Gordon 79 Hawaii ’Oumuamua 185 porn consumption 63–4 health child obesity 93–4 life expectancy 125–6 plague 157–8 and sanitation 155 high-net-worth individuals (HNWIs) 53 Hiri Motu 219 holidays Easter 237–8 St Patrick’s Day 235–6 summer holidays 239–40 Thanksgiving 241–2 HoloLens 181–2 homicide 44–6 homosexuality attitudes to 73–4 UK 70–72 Honduras 44, 45 Hong Kong 56 housework 75–6, 77–8 Hudson, Valerie 5 Hungary 223–4 Hurst, Erik 169 I ice 147–8 Ikolo, Prince Anthony 199 India bank notes 133–4 inheritance tax 119 languages 219 rice consumption 109 sand mafia 7 sanitation problems 155–6 Indonesia polygamy and civil war 5 rice consumption 109–10 inheritance taxes 119–20 interest rates 51–2 interpunct 229–30 Ireland aitch 218 forests 145 St Patrick’s Day 235–6 same-sex marriage 73 sex reassignment 65 Italy birth rate 82 end of life care 141–2 forests 145 job tenure 130 life expectancy 126 J Jacob, Nitya 156 Jamaica 45 Japan 141–2 Jighere, Wellington 199 job tenure 129–30 jobs see employment Johnson, Bryan 168 junk mail 189 K Kazakhstan 6 Kearney, Melissa 79–80 Kennedy, John F. 12 Kenya democracy 40 mobile-money systems 176 Kiribati 7 Kleven, Henrik 135–6 knots 9–10 Kohler, Timothy 121 Kyrgyzstan 6 L laces 9–10 Lagos 199 Landais, Camille 135–6 languages and computers 225–6 gender-inclusive 229–30 letter names 217–18 and national identity 223–4 Papua New Guinea 219–20 Serbo-Croatian 221–2 Unicode 215 World Bank writing style 227–8 Latimer, Hugh 246 Leeson, Peter 26 leisure board games in Nigeria 199–200 chess 205–6 gambling 209–10 video games and unemployment 169–70 see also festivals; holidays lemons 95–6 letter names 217–18 Libya 31 life expectancy 125–6 Lincoln, Abraham 242 lithium 17–18 London 71, 72 longevity 125–6 Lozère 161–2 Lucas, George 208 M McEnroe, John 197 McGregor, Andrew 204 machine learning 225–6 Macri, Mauricio 95, 96 Macron, Emmanuel 143 Madagascar 158 Madison, James 242 MagicLeap 182 Maine 216 Malaysia 56 Maldives 7 Mali 31 Malta 65 Manchester United 211–12 manufacturing jobs 131–2 robots 171–2 summer holidays 239 Maori 34–5 marriage child marriage 84–5 polygamy 5–6 same-sex relationships 73–4 see also couples Marteau, Theresa 101–2 Marx, Karl 123 Maryland 85 Massachusetts child marriage 85 Christmas 246 Matfess, Hilary 5, 15 meat dog meat 91–2 packaging 103–4 mega-rich 53 men career and family 77–8 housework 75–6 job tenure 129–30 life expectancy 125 polygamy 5–6 sexual harassment by 67–9 video games and unemployment 169 Mexico avocados 89, 90 gay and lesbian rights 73 murder rate 44, 45 microbreweries 97–8 Microsoft HoloLens 181–2 undersea cables 193 migration, and birth rates 81–3 mining diamonds 13–14 sand 7–8 mobile phones Africa 175–6 5G 173–4 Mocan, Naci 56–7 Mongolia 42–3 Mongrel Mob 34 Monopoly (board game) 199, 200 Monty Python and the Holy Grail 25 Moore, Clement Clarke 247 Moretti, Franco 228 Morocco 7 Moscato, Philippe 36 movies 207–8 Mozambique 73 murder rates 44–6 music, Christmas 243–5 Musk, Elon 168 Myanmar 118 N Nadal, Rafael 197 national identity 223–4 natural gas 124 Netherlands gender 66 national identity 223–4 neurostimulators 167 New Jersey 85 New Mexico 157–8 New York (state), child marriage 85 New York City drink-driving 179–80 food trucks 99–100 New Zealand avocados 89 gang members 34–5 gene drives 154 water pollution 149–50 new-year resolutions 233–4 Neymar 203, 204 Nigeria board games 199–200 Boko Haram 5, 15–16 population 54–5 Nissenbaum, Stephen 247 Northern Ireland 218 Norway Christmas music 243 inheritance tax 119 life expectancy 125, 126 sex reassignment 65 Nucci, Alessandra 36 O obesity 93–4 oceans see seas Odimegwu, Festus 54 O’Reilly, Oliver 9–10 Ortiz de Retez, Yñigo 32 Oster, Emily 25–6 ostriches 163, 164 ’Oumuamua 185–6 P packaging 103–4 Pakistan 5 Palombi, Francis 161 Papua New Guinea languages 219–20 name 32 Paris Saint-Germain (PSG) 203 Passover 237 pasta 31 pay, gender pay gap 115–16, 135–6 Peck, Jessica Lynn 179–80 Pennsylvania 85 Peru 90 Pestre, Dominique 228 Pew Research Centre 22 Phelps, Michael 163–4 Philippe, Édouard 230 phishing 189 Phoenix, Arizona 177 Pilgrims 241 plague 157–8 Plastic China 159 police, body cameras 191–2 pollution air pollution 143–4 water pollution 149–50 polygamy 5–6 pornography and Britain’s gay population 70–72 and Hawaii missile alert 63–4 Portugal 145 Puerto Rico 45 punctuation marks 229–30 Q Qatar 19 R ransomware 190 Ravenscroft, George 101 Real Madrid 211 religious observance and birth rates 81–2 and Christmas music 244 remastering 207–8 Reynolds, Andrew 70 Rhodes, Cecil 13 rice 109–10 rich high-net-worth individuals 53 US 113–14 ride-hailing apps and drink-driving 179–80 see also Uber RIWI 73–4 robotaxis 177–8 robots 171–2 Rogers, Dan 240 Romania birth rate 81 life expectancy 125 Romans 233 Romer, Paul 227–8 Ross, Hana 23 Royal United Services Institute 21 Russ, Jacob 26 Russia arms sales 20 beer consumption 105, 106 fertility rate 81 Rwanda 40 S Sahara 31 St Louis 205–6 St Patrick’s Day 235–6 salt, in seas 11–12 same-sex relationships 73–4 San Antonio 100 sand 7–8 sanitation 155–6 Saudi Arabia 19 Scotland, witch-hunting 25–6, 27 Scott, Keith Lamont 191 Scrabble (board game) 199 seas Arctic sea ice 147–8 salty 11–12 undersea cables 193–4 secularism, and birth rates 81–2 Seles, Monica 197 self-driving cars 177–8 Serbia 222 Serbo-Croatian 221–2 Sevilla, Almudena 75 sex reassignment 65–6 sexual harassment 67–9, 230 Sharapova, Maria 197 sharks deterring attacks 201–2 racing humans 163–4 shipping 148 shoelaces 9–10 Silk Road 117–18 Singapore dragon children 56 land reclamation 7, 8 rice consumption 110 single people, housework 75–6 Sinquefeld, Rex 205 smart glasses 181–2 Smith, Adam 127 smoking black market for cigarettes 23–4 efforts to curb 151–2 smuggling 31 Sogaard, Jakob 135–6 Somalia 40 Somaliland 40–41 South Africa childhood obesity 93 diamonds 13 gay and lesbian rights 73 murder rate 45, 46 South Korea arms sales 20 rice consumption 110 South Sudan failed state 40 polygamy 5 space elevators 183–4 spaghetti 31 Spain forests 145 gay and lesbian rights 73 job tenure 130 spam e-mail 189–90 sperm banks 61–2 sport football clubs 211–12 football transfers 203–4 grunting in tennis 197–8 Sri Lanka 118 Star Wars 208 sterilisation 65–6 Strasbourg 26 submarine cables 193–4 Sudan 40 suicide-bombers 15–16 summer holidays 239–40 Sutton Trust 22 Sweden Christmas music 243, 244 gay and lesbian rights 73 homophobia 70 inheritance tax 119 overpayment of taxes 51–2 sex reassignment 65 sexual harassment 67–8 Swinnen, Johan 106 Switzerland sex reassignment 65 witch-hunting 26, 27 T Taiwan dog meat 91 dragon children 56 Tamil Tigers 15 Tanzania 40 taxes death taxes 119–20 Sweden 51–2 taxis robotaxis 177–8 see also ride-hailing apps tennis players, grunting 197–8 terrorism 15–16 Texas 85 Thailand 110 Thanksgiving 241–2 think-tanks 21–2 Tianjin 143–4 toilets 155–6 Tok Pisin 219, 220 transgender people 65–6 Trump, Donald 223 Argentine lemons 95, 96 estate tax 119 and gender pay gap 115 and manufacturing jobs 131, 132 Tsiolkovsky, Konstantin 183 Turkey 151 turkeys 33 Turkmenistan 6 U Uber 128 and drink-driving 179–80 Uganda 40 Ulaanbaatar 42–3 Uljarevic, Daliborka 221 undersea cables 193–4 unemployment 169–70 Unicode 215–16 United Arab Emirates and Somaliland 41 weapons purchases 19 United Kingdom see Britain United States and Argentine lemons 95–6 arms sales 19 beer consumption 105 chess 205–6 child marriage 84–5 Christmas 246–7 Christmas music 243, 244 drink-driving 179–80 drones 187–8 end of life care 141–2 estate tax 119 fertility rates 79–80 food trucks 99–100 forests 145 gay and lesbian rights 73 getting rich 113–14 Hawaiian porn consumption 63–4 job tenure 129–30 letter names 218 lithium 17 manufacturing jobs 131–2 murder rate 45, 46 national identity 223–4 new-year resolutions 234 plague 157–8 police body cameras 191–2 polygamy 6 robotaxis 177 robots 171–2 St Patrick’s Day 235–6 sexual harassment 67, 68 sperm banks 61–2 Thanksgiving 241–2 video games and unemployment 169–70 wealth inequality 121 unmanned aerial vehicles (UAVs) see drones V video games 169–70 Vietnam weapons purchases 19 wheat consumption 110 Virginia 85 virtual reality (VR) 181, 182 Visit from St Nicholas, A (Moore) 247 W Wang Yi 117 Warner, Jason 15 wars 5 Washington, George 242 Washington DC, food trucks 99 waste 159–60 water pollution 149–50 wealth getting rich in America 113–14 high-net-worth individuals 53 inequality 120, 121–2 weather, and Christmas music 243–5 Weinstein, Harvey 67, 69 Weryk, Rob 185 wheat consumption 109–10 genome 107–8 Wilson, Riley 79–80 wine glasses 101–2 Winslow, Edward 241 wireless technology 173–4 witch-hunting 25–7 wolves 161–2 women birth rates 79–80, 81–3 bride price 5 career and family 77–8 child marriage 84–5 housework 75–6 job tenure 129–30 life expectancy 125 pay gap 115–16 sexual harassment of 67–9 suicide-bombers 15–16 World Bank 227–8 World Health Organisation (WHO) and smoking 151–2 transsexualism 65 X Xi Jinping 117–18 Y young people crime 47–8 job tenure 129–30 video games and unemployment 169–70 Yu, Han 56–7 Yulin 91 yurts 42–3 Z Zubelli, Rita 239


pages: 382 words: 107,150

We Are All Fast-Food Workers Now: The Global Uprising Against Poverty Wages by Annelise Orleck

"World Economic Forum" Davos, airport security, American Legislative Exchange Council, anti-communist, Bernie Sanders, big-box store, Black Lives Matter, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, card file, clean water, collective bargaining, corporate social responsibility, deindustrialization, Deng Xiaoping, Donald Trump, export processing zone, Ferguson, Missouri, financial deregulation, food desert, Food sovereignty, gentrification, gig economy, global supply chain, global value chain, immigration reform, independent contractor, indoor plumbing, Jeremy Corbyn, Kickstarter, land reform, land tenure, Mahatma Gandhi, mass immigration, McJob, means of production, new economy, payday loans, precariat, race to the bottom, Rana Plaza, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Reagan, Rosa Parks, shareholder value, Shenzhen special economic zone , Skype, special economic zone, Triangle Shirtwaist Factory, union organizing, War on Poverty, women in the workforce, working poor

Ronald Reagan popularized that view in his critical 1964 speech “A Time for Choosing,” a clarion call to cut “big government.” But that argument did not become dominant until the 1980s, with the elections of Reagan in the United States, Margaret Thatcher in the United Kingdom, and the rise of Deng Xiaoping in China. The new era they heralded did more than limit progressive taxation and shred the social safety net. The creation of the World Trade Organization (WTO) in 1995 institutionalized the “neoliberal” vision that profit-taking was a virtue in and of itself. Over the next two decades almost all the world’s countries joined the WTO.

We are witnessing the first truly global uprisings since the 1980s “People Power” movements that toppled Duvalier in Haiti, Marcos in the Philippines, Ershad in Bangladesh, and Communist dictatorships across Central and Eastern Europe. That same wave of mass movements unsuccessfully challenged dictators in Nepal, Thailand, Burma, and Tibet. China’s Tiananmen Square student uprising in 1989 was the last of the People Power movements, a tragically suppressed move to weld political freedoms onto the market forces that Deng Xiaoping had unleashed. Like the global 1968 student uprisings before them, the People Power movements of the 1980s spread across national borders, sweeping many parts of the globe. Resistance is contagious; rebellion feels good. The uprisings against poverty wages that are the subject of this book have spread with similar speed.

See also agribusiness Dancers’ Union of Bagong Silangan (DUBS), 63 danger zone areas, Manila, 62 Day of Disruption, 2016, 69 “Day of the Landless” actions, 183–84 debts, national, and corporate control over poorer nations, 6 Deida, Lyle, 192 Deida, Lymarie, 198 Dembélé, Antoinette, 184 Democratic Republic of Congo, sexual violence in, 50 Deng Xiaoping, 43 Department of Motor Vehicles (DMV), Vermont, cooperation with ICE, 193 de Quiro, Conrado, 173 Dhaka, Bangladesh, garment factory, 40, 134, 148 Diamond Island, Cambodia, NagaWorld Casino, 22 Diaz, Victor, 196 Dina (Cambodian Worker Information Center facilitator), 162–64 Disneyland workers, hunger strikes by, 90 divorce rights, 50 domestic workers: invisibility, 21; in Manila, organizing approaches, 52–53; working conditions, 52.


pages: 565 words: 122,605

The Human City: Urbanism for the Rest of Us by Joel Kotkin

"World Economic Forum" Davos, Alvin Toffler, autonomous vehicles, birth tourism , blue-collar work, British Empire, carbon footprint, Celebration, Florida, citizen journalism, colonial rule, crony capitalism, deindustrialization, demographic winter, Deng Xiaoping, Downton Abbey, edge city, Edward Glaeser, financial engineering, financial independence, Frank Gehry, gentrification, Gini coefficient, Google bus, housing crisis, illegal immigration, income inequality, informal economy, intentional community, Jane Jacobs, labor-force participation, land reform, Lewis Mumford, life extension, market bubble, mass immigration, McMansion, megacity, megaproject, microapartment, new economy, New Urbanism, Own Your Own Home, peak oil, pensions crisis, Peter Calthorpe, post-industrial society, RAND corporation, Richard Florida, rising living standards, Ronald Reagan, Salesforce, Seaside, Florida, self-driving car, Shenzhen was a fishing village, Silicon Valley, starchitect, Stewart Brand, streetcar suburb, Ted Nelson, the built environment, trade route, transit-oriented development, upwardly mobile, urban planning, urban renewal, urban sprawl, Victor Gruen, Whole Earth Catalog, women in the workforce, young professional

These poor places—most with median incomes between Dhaka at US$3,100 per capita and Bangkok at US$23,000 per capita—will continue to grow, although their growth rates may also slow due to smaller family size and competition from other generally smaller cities. China, not surprisingly, is home to six megacities, the most of any country, reflecting the country’s extraordinarily rapid urbanization. The second-fastest-growing megacity over the past decade, Shenzhen, was a small fishing village before it became a focus of former Chinese leader Deng Xiaoping’s first wave of modernization policies. In 1979, the village had roughly 30,000 people;19 now, it is a thriving metropolis of 12 million whose population grew 56 percent in the past decade. Its rise has been so recent and quick that the Asia Society has labeled it “a city without a history.”20 India matches Japan with three megacities, all growing much faster than any city in the high-income world.

This policy resulted in a high proportion of technically trained professionals, leading the Center on International Education Benchmarking to name the country “among the most technically competent in the world.”63 THE RISE OF CHINESE GLOBAL CITIES Arguably, the most important export of Singapore was its system. When the Chinese leader Deng Xiaoping visited the country in 1978, he quickly saw an ideal formula for elevating his own then very poor country. Deng, Lee would later recall, was most captivated by Singapore’s modern prosperity. “What he saw in Singapore in 1978,” Lee writes, “had become the point of reference as the minimum the Chinese people should achieve.”

., 145 Culture(s) in ancient cities, 21–22 flattening of, 104 migration and, 137–138 in new consumer cities, 37 in peripheral developments, 142 post-familial society’s influence on, 130–132 of Singapore, 1, 80 D Dallas, 46 Dallas-Fort Worth, 82–83, 85, 185 Damascus, 24 Dang Giang, 77 Datar, Ashok, 49–50 Davies, Alan, 148 De Blasio, Bill, 102 Delhi, 54, 55, 66, 68 Deng Xiaoping, 91 Denmark, 98, 118 Densification, 12–13, 44–45 aging and decline in childbearing as drivers of, 179 enforced, 169–170 environmental concerns with, 189–191 opposition to, 199 suburban resistance to, 178–179 Density, 6 affordability and, 11–12 attractiveness of, 164–165, 168 climate change and, 10–11 cult of, 6–8 in megacities, limits of, 76–78 moral justification for, 10 population growth and, 9–10 prosperity and, 54–56 Denver, 9 DePaulo, Bella, 127 Desai, Rajiv, 65 Descartes, René, 1 De-Shalit, Avner, 22, 104 Des Moines, 9 Detached housing, 152–153, 160 Detroit, 9, 32 Developers desires of citizens vs., 201 of multigenerational homes, 183 Dhaka, Bangladesh, 53, 65, 68–69 Dharavi, 198 Disney, 130 Dispersion, 141–168.


pages: 297 words: 108,353

Boom and Bust: A Global History of Financial Bubbles by William Quinn, John D. Turner

accounting loophole / creative accounting, Alan Greenspan, algorithmic trading, AOL-Time Warner, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, Big bang: deregulation of the City of London, bitcoin, blockchain, book value, Bretton Woods, business cycle, buy and hold, capital controls, Celtic Tiger, collapse of Lehman Brothers, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, cryptocurrency, debt deflation, deglobalization, Deng Xiaoping, different worldview, discounted cash flows, Donald Trump, equity risk premium, Ethereum, ethereum blockchain, eurozone crisis, fake news, financial deregulation, financial intermediation, Flash crash, Francis Fukuyama: the end of history, George Akerlof, government statistician, Greenspan put, high-speed rail, information asymmetry, initial coin offering, intangible asset, Irish property bubble, Isaac Newton, Japanese asset price bubble, joint-stock company, Joseph Schumpeter, junk bonds, land bank, light touch regulation, low interest rates, margin call, market bubble, market fundamentalism, Martin Wolf, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, negative equity, Network effects, new economy, Northern Rock, oil shock, Ponzi scheme, quantitative easing, quantitative trading / quantitative finance, railway mania, Right to Buy, Robert Shiller, Shenzhen special economic zone , short selling, short squeeze, Silicon Valley, smart contracts, South Sea Bubble, special economic zone, subprime mortgage crisis, technology bubble, the built environment, total factor productivity, transaction costs, tulip mania, urban planning

What had caused this transformation? In 1978, under the leadership of the reformist Deng Xiaoping, the Chinese government initiated its policy of ‘socialism with Chinese characteristics’, which gradually introduced markets into the existing communist structure. As part of this reform, Shenzhen was designated a special economic zone in which economic activities were largely driven by market forces, leaving it free to attract foreign investment, technology and companies. The main purpose of the zone was to produce manufactured goods for export. When Deng Xiaoping first came to power, China was an economic backwater, with a GDP per capita less than one-thirteenth that of Western Europe.

In 2015 only 0.7 per cent of the population lived below this threshold. Similarly, infant mortality fell from 52.6 per 1,000 live births in 1978 to 9.2 in 2015. China’s astounding economic development resulted in the creation of the world’s largest middle class, which is estimated to consist of 400 million people. The reform and opening-up policy of Deng Xiaoping moved pragmatically and gradually – summarised by Xiaoping himself as ‘crossing the river by touching stones’ in a famous speech that he made before the Communist Party Plenary in 1978. As well as setting up special economic zones, farmers were given land cultivation rights and were empowered to make their own decisions.


pages: 740 words: 217,139

The Origins of Political Order: From Prehuman Times to the French Revolution by Francis Fukuyama

Admiral Zheng, agricultural Revolution, Andrei Shleifer, Asian financial crisis, Ayatollah Khomeini, barriers to entry, Berlin Wall, blood diamond, California gold rush, cognitive dissonance, colonial rule, conceptual framework, correlation does not imply causation, currency manipulation / currency intervention, Day of the Dead, demographic transition, Deng Xiaoping, double entry bookkeeping, endogenous growth, equal pay for equal work, European colonialism, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Francisco Pizarro, Garrett Hardin, Hernando de Soto, hiring and firing, invention of agriculture, invention of the printing press, John Perry Barlow, Khyber Pass, land reform, land tenure, means of production, offshore financial centre, out of africa, Peace of Westphalia, principal–agent problem, RAND corporation, rent-seeking, Right to Buy, Scramble for Africa, selective serotonin reuptake inhibitor (SSRI), spice trade, Stephen Hawking, Steven Pinker, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade route, Tragedy of the Commons, transaction costs, Washington Consensus, zero-sum game

By breaking the link between individual effort and reward, collectivization undermined incentives to work, leading to mass famines in Russia and China, and severely reducing agricultural productivity. In the former USSR, the 4 percent of land that remained privately owned accounted for almost one-quarter of total agricultural output. In China, once collective farms were disbanded in 1978 under the leadership of the reformer Deng Xiaoping, agricultural output doubled in the space of just four years. A good deal of theorizing about the importance of private property rights concerns what is called the tragedy of the commons. Grazing fields in traditional English villages were collectively owned by the village’s inhabitants; since no one could be excluded from access to these fields, whose resources were depletable, they were overused and made worthless.

Even today, the Chinese family remains a powerful institution that jealously guards its autonomy against political authority. There has been an inverse correlation between the strength of the family and the strength of the state. During the decrepitude of the Qing Dynasty in the nineteenth century, southern China’s powerful lineages took over control of most local affairs.24 When China decollectivized under Deng Xiaoping’s household responsibility reforms in 1978, the peasant family sprang back to life and became one of the chief engines of the economic miracle that subsequently unfolded in the People’s Republic.25 The Legalists, by contrast, were forward looking and saw Confucianism and its glorification of the family as obstacles to the consolidation of political power.

It endures in the countless Chinese mothers around the world who save money to send their children to the best possible schools and push them to excel in standardized examinations. The self-satisfaction that led Emperor Chengu’s successors to cancel long-distance voyages has been replaced by an extraordinary willingness of Chinese leaders to learn from foreign experiences and adopt them when they seem practically useful. It was Deng Xiaoping, the statesman who inaugurated China’s opening to the world, who said, “It doesn’t matter whether the cat is white or black as long as it catches mice.” It is far likelier that cultural attitudes toward science, learning, and innovation explain why China did so poorly in the global economic race in previous centuries, and is doing so well at the present, rather than any fundamental defect in its political institutions.


pages: 196 words: 61,981

Blockchain Chicken Farm: And Other Stories of Tech in China's Countryside by Xiaowei Wang

4chan, AI winter, Amazon Web Services, artificial general intelligence, autonomous vehicles, back-to-the-land, basic income, Big Tech, bitcoin, blockchain, business cycle, cloud computing, Community Supported Agriculture, computer vision, COVID-19, cryptocurrency, data science, deep learning, Deng Xiaoping, Didi Chuxing, disruptive innovation, Donald Trump, drop ship, emotional labour, Ethereum, ethereum blockchain, Francis Fukuyama: the end of history, Garrett Hardin, gig economy, global pandemic, Great Leap Forward, high-speed rail, Huaqiangbei: the electronics market of Shenzhen, China, hype cycle, income inequality, informal economy, information asymmetry, Internet Archive, Internet of things, job automation, Kaizen: continuous improvement, Kickstarter, knowledge worker, land reform, Marc Andreessen, Mark Zuckerberg, Menlo Park, multilevel marketing, One Laptop per Child (OLPC), Pearl River Delta, peer-to-peer lending, precision agriculture, QR code, ride hailing / ride sharing, risk tolerance, Salesforce, Satoshi Nakamoto, scientific management, self-driving car, Silicon Valley, Snapchat, SoftBank, software is eating the world, surveillance capitalism, TaskRabbit, tech worker, technological solutionism, the long tail, TikTok, Tragedy of the Commons, universal basic income, vertical integration, Vision Fund, WeWork, Y Combinator, zoonotic diseases

The system was a mechanism by the government to control urban consumption, agricultural prices, and yields. The food coupons would be used all the way into the 1990s. Beginning in the 1980s, technology shifted from a means of survival to a way of imagining a uniquely Chinese future. The country’s policies changed drastically, as Deng Xiaoping presided over the combination of free market strategies and socialism: socialism with Chinese characteristics. China’s economy boomed, laying the foundation for companies like Huawei and Alibaba. The countryside became an economic incubator in this ambitious experiment. Both Jean C. Oi, a Stanford political scientist, and the MIT economist Yasheng Huang emphasize the importance of Town and Village Enterprises (TVEs) in the 1980s.

You have to really use a lot of water to force the larvae to come off the fish and to grow into a large-enough mussel.” Zhao’s father-in-law was one of the earliest pearl farmers in the Shanxiahu area and a pioneer of the industry. While pearl farming has existed in China since the thirteenth century, it wasn’t until the 1980s that it became industrialized under China’s “reform and opening up,” initiated by Deng Xiaoping, when the state enacted policies for market privatization. The change in production scale demanded a shift in mussel species as well. Early industrial-scale farmers like Zhao’s father-in-law started switching to the Hyriopsis cumingi mussel, the “three-corner mussel” (sanjiaobang, 三角蚌), which has far higher pearl yields than traditional mussels.


pages: 437 words: 113,173

Age of Discovery: Navigating the Risks and Rewards of Our New Renaissance by Ian Goldin, Chris Kutarna

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, Airbnb, Albert Einstein, AltaVista, Asian financial crisis, asset-backed security, autonomous vehicles, banking crisis, barriers to entry, battle of ideas, Bear Stearns, Berlin Wall, bioinformatics, bitcoin, Boeing 747, Bonfire of the Vanities, bread and circuses, carbon tax, clean water, collective bargaining, Colonization of Mars, Credit Default Swap, CRISPR, crowdsourcing, cryptocurrency, Dava Sobel, demographic dividend, Deng Xiaoping, digital divide, Doha Development Round, double helix, driverless car, Edward Snowden, Elon Musk, en.wikipedia.org, epigenetics, experimental economics, Eyjafjallajökull, failed state, Fall of the Berlin Wall, financial innovation, full employment, Galaxy Zoo, general purpose technology, Glass-Steagall Act, global pandemic, global supply chain, Higgs boson, Hyperloop, immigration reform, income inequality, indoor plumbing, industrial cluster, industrial robot, information retrieval, information security, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invention of the printing press, Isaac Newton, Islamic Golden Age, Johannes Kepler, Khan Academy, Kickstarter, Large Hadron Collider, low cost airline, low skilled workers, Lyft, Mahbub ul Haq, Malacca Straits, mass immigration, Max Levchin, megacity, Mikhail Gorbachev, moral hazard, Nelson Mandela, Network effects, New Urbanism, non-tariff barriers, Occupy movement, On the Revolutions of the Heavenly Spheres, open economy, Panamax, Paris climate accords, Pearl River Delta, personalized medicine, Peter Thiel, post-Panamax, profit motive, public intellectual, quantum cryptography, rent-seeking, reshoring, Robert Gordon, Robert Metcalfe, Search for Extraterrestrial Intelligence, Second Machine Age, self-driving car, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart grid, Snapchat, special economic zone, spice trade, statistical model, Stephen Hawking, Steve Jobs, Stuxnet, synthetic biology, TED Talk, The Future of Employment, too big to fail, trade liberalization, trade route, transaction costs, transatlantic slave trade, uber lyft, undersea cable, uranium enrichment, We are the 99%, We wanted flying cars, instead we got 140 characters, working poor, working-age population, zero day

Since many of them were poor, gradually this term came to refer to underdeveloped countries in general (now such labels are considered pejorative). Today, this map is obsolete. By the 1980s, the failings of centrally planned economies—clunky industries, perverted incentives, uninterested workers—had become painfully obvious, and even the biggest among them bowed to economic reality. Deng Xiaoping opened up China, and his then 1-billion-person economy began to normalize trade relations with the West. Soviet President Mikhail Gorbachev pronounced his perestroika (“restructuring”). Economic collapse across a wide range of countries, from the Philippines to Zambia, Mexico, Poland, Chile, Bangladesh, Ghana, Korea, Morocco and others, led them all in search of a better growth model.

Between 1982 and 1986, the dismantling of state-planned agriculture released surplus workers from their rural posts. China’s urban population catapulted from about 200 million to almost 400 million people in four short, hectic years of transformation.48 China’s next urban boom began after 1992: Deng Xiaoping embarked on his historic Southern Tour of China’s southeast coastal region (during which he may have proclaimed, “To get rich is glorious”), solidified pro-market reforms as Communist Party dogma, and prompted an export-driven expansion that lured rural labor to the coast. Shenzhen, on China’s Pearl River Delta, became the modern-day Seville.

See also Catholic Church; Protestant Reformation citizenship, 81, 230, 248, 260–1 climate change, 4, 183, 200, 211, 231, 251–4, 260 Clinton, Bill, 24 Cold War, 10, 21–3, 41, 90, 165, 242 collective dangers, 166–7 collective doubt and diminishing returns, 153–5 and missed expectations, 152–3 in the Renaissance, 150–1 and statistical stagnation, 151–2 collective effort, 141–2 cathedrals, 142–5 citizen science platforms, 148–9 language, 145–7 libraries, 143–5 in the Renaissance, 142–4 and scale, 142–9 collective genius, 132–9 Columbus, Christopher, 1, 7, 19, 39, 60, 67, 143, 150–1, 157, 242, 253 communism and China, 24, 54, 223, 265 and Iron Curtain, 21 complexity and climate change, 200 and cognitive blind spots, 176 and disease, 186 and education, 79 and entanglement, 64–8 and finance, 45–50, 189–90, 214, 227 and flow of ideas, 134–5 international investment flows, 49 and people, 50–60 and policy, 254–5 and printing, 28, 135 in the Renaissance, 2, 7 and supply chains, 43–4 and systemic risk, 8, 175–8, 189–90, 198, 200–1 and technology, 60–4, 136, 198 and trade, 39–44 and video, 34–5 and virtues, 257 concentration and climate change, 200–1 and inequality, 23, 214, 225, 227, 262 and infrastructure, 192–7 and place, 246, 247–8 and systemic risk, 8, 175, 178–9, 186, 190–7, 254–6 and urbanization, 55 Congo, Democratic Republic of, 181, 183 connectivity beyond connected (entanglement), 64–8 and competition, 66–8 and extremism, 205, 207–8 and finance, 45–50 and the New Renaissance, 241–3, 246–9, 255, 259, 266 and people, 50–60 in the Renaissance, 2, 7 and social stresses, 230 and systemic risk, 8, 175–6, 184, 186–7, 189, 192, 194, 196–201 and technology, 31–4, 60–4 and trade, 39–44 Constantinople, 10, 18, 29, 55, 75, 164, 194, 248 convergence, 94 Copernicus, Nicolaus, 1, 29, 105–8, 110–12, 132–5, 141, 150, 236–8 Cortés, Hernán, 19 Crick, Francis, 112 crowdsourcing, 239 Cuba, 19, 24 D-Wave Systems, 126 da Feltre, Bernardino, 204 da Feltre, Vittorino, 80–1 da Gama, Vasco, 1, 18–19, 39–40, 63, 194 da Vinci, Leonardo, 6, 9–10, 132–5, 141, 213, 229, 246, 264, 266 Mona Lisa, 1, 109, 110 Vitruvian Man, 70, 71 DeGeneres, Ellen, 33 della Mirandola, Giovanni Pico, 69–70, 256–6 democracy, 22–5, 68, 89–90, 211, 219 and corruption, 226 defined, 23 democratic revolutions, 22–3 and new maps, 252 and protest, 221–2, 224, 228 and stagnation, 230 Deng Xiaoping, 21, 54 deregulation, 45, 48, 187, 191, 196, 227 Dias, Bartholomew, 18 Dickson, Leonard, 158 digitization, 30–2 and amplification of speech, 35, 237, 261 cloud services, 33, 198 freelance platforms, 111 and group intelligence, 36 impacts, 32–7 international data flows, 34 of shipping, 62 video-sharing, 34–5 See also Internet disease, 2, 7–8, 74, 83–4, 91, 93–4, 127, 129, 153, 155, 162–4, 225 syphilis, 175–7, 179, 205 and systemic risk, 173–7, 179–87 See also health and medicine; pandemics division.


pages: 393 words: 115,178

The Jakarta Method: Washington's Anticommunist Crusade and the Mass Murder Program That Shaped Our World by Vincent Bevins

Albert Einstein, American ideology, anti-communist, Berlin Wall, Branko Milanovic, British Empire, capitalist realism, centre right, colonial rule, crony capitalism, cuban missile crisis, Deng Xiaoping, disinformation, European colonialism, Fall of the Berlin Wall, feminist movement, Gini coefficient, Great Leap Forward, income inequality, land reform, market fundamentalism, megacity, military-industrial complex, Nelson Mandela, RAND corporation, Ronald Reagan, sexual politics, South China Sea, structural adjustment programs, union organizing

Suspicious that the Soviets were trying to hold him back, he ignored their agricultural advice and launched a wildly utopian farming program. Millions died in the resulting famine, and the other leaders of the Chinese Communist Party put the blame, rightfully, on Chairman Mao. He was forced to resign from party and national leadership, and starting in 1960 watched as Liu Shaoqi and Deng Xiaoping took control of the economy, reintroduced small-scale capitalism, and temporarily reduced Mao to an ideological figurehead.6 More importantly, the PKI didn’t think it had to take orders from anybody.7 It was now the third-largest communist party in the world, the largest outside China and the Soviet Union, and its strategy of nonviolent, direct engagement with the masses had led to impressive results.

Historians who study violence in Latin America believe that 1966 in Guatemala was the first time the region suffered from disappearances as a tactic of state terror.21 The People’s Republic of China October 1 is a special date on the Communist Chinese calendar. It’s National Day, the celebration of the founding of the People’s Republic of China, which turned sixteen years old in 1965. When Mao, Zhou Enlai, and Deng Xiaoping gave speeches that day in Tiananmen Square, some Indonesian students and leftists were in the crowd.22 At a banquet afterward, the Indonesians were the largest foreign delegation.23 As Suharto consolidated control over a new regime in Indonesia, anticommunists used the coincidence of that date to make bad faith accusations that China had somehow engineered the September 30th Movement.

Vietnam took over most of the country, closed down the killing fields, and allowed Cambodians to return to the cities under a government of their own creation. Around a quarter of Cambodians were dead.30 The United States did not celebrate the fall of the murderous Khmer Rouge. China, which had been moving closer to Washington since Nixon’s visit in 1973, was allied with Pol Pot. Deng Xiaoping was furious, and unwilling to tolerate what he perceived as Vietnam’s aggression against China’s ally. He resolved to invade Vietnam, and told the US about the plan. President Carter said he could not openly condone an attack but assured Deng he understood that “China cannot allow Vietnam to pursue aggression with impunity,” and he privately promised to support Beijing if the Soviets threatened to assist the Vietnamese.31 The Chinese invasion of Vietnam in 1979 is often forgotten, for two reasons.


pages: 251 words: 69,245

The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality by Branko Milanovic

Berlin Wall, Branko Milanovic, colonial rule, crony capitalism, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, endogenous growth, Fall of the Berlin Wall, financial deregulation, full employment, Gini coefficient, high net worth, illegal immigration, income inequality, income per capita, Joseph Schumpeter, means of production, open borders, Pareto efficiency, plutocrats, purchasing power parity, Simon Kuznets, very high income, Vilfredo Pareto, Washington Consensus, zero-sum game

The economic rise of Pacific Asia, spreading from Japan to Singapore to South Korea to Taiwan, then to Malaysia, increased wealth in these regions to the level of advanced Western countries. These countries became practically a part of the first (rich) world. They also developed institutions (democracy) similar to those existing in the first world. In addition, China’s economic rise combined with the ascendance of Deng Xiaoping and his conservative successors who showed a marked lack of interest in “typical” third world issues further undermined the cohesiveness of the third world. India, too, became much more economically than ideologically minded. It did not seem clear any longer what the third world countries may have in common, and the Non-Aligned Movement, so active in the past, became moribund.

society and taxation and wages and welfare Carnegie, Andrew Cassius Dio Cavafy, Constantine Center of Reception and Emergency Aid, Italy Chad Charity Chávez, Hugo Chelsea soccer club Chiang Kai-shek Chile China direct foreign investment in economic growth in GDP per capita in Gini coefficient for global inequality and growth rate in household surveys in income distribution in intercountry inequality and interpersonal inequality and population in price level in Chongqing, China Christianization Citizenship Clark, Gregory Class income distribution and interpersonal inequality and society and solidarity and Clinton, Bill Cohen, Joshua Collins, Reverend William Colquhoun, Robert Commodus (Emperor) Communism intercountry inequality and interpersonal inequality and The Communist Manifesto (Marx) Communist Party Congo Constantine the Great (Emperor) Coprosperity sphere Corsica Cosmopolitans (in political philosophy) Crassus, Marcus Croesus, Greek King Cuba Cultural Revolution (China) Czech Republic Czechoslovakia Dalton, Hugh Darcy, Mr. Das Kapital (Marx) De Silva, Lula Deglobalization See also Globalization Democracy Democratic Party, Democrats Deng Xiaoping Denmark Developed countries household surveys and interpersonal inequality and technology and Discrimination Disney Productions Djilas, Milovan Domestic Servant Pocket Register Dominican Republic Dostoyevsky, Fyodor Dreams from My Father (Obama) East Germany Economic development in China education and income distribution and in India interpersonal inequality and social monopoly and taxation and technology and Economics geopolitics and income distribution and neoclassical Edgeworth, Francis Education economic development and interpersonal inequality and poor and socialism and taxation and wealth and Egypt “80/20 Law,” El Salvador Elites communist income distribution and interpersonal inequality and Employment government socialism and Engels, Friedrich England.


pages: 391 words: 71,600

Hit Refresh: The Quest to Rediscover Microsoft's Soul and Imagine a Better Future for Everyone by Satya Nadella, Greg Shaw, Jill Tracie Nichols

3D printing, AlphaGo, Amazon Web Services, anti-globalists, artificial general intelligence, augmented reality, autonomous vehicles, basic income, Bretton Woods, business process, cashless society, charter city, cloud computing, complexity theory, computer age, computer vision, corporate social responsibility, crowdsourcing, data science, DeepMind, Deng Xiaoping, Donald Trump, Douglas Engelbart, driverless car, Edward Snowden, Elon Musk, en.wikipedia.org, equal pay for equal work, everywhere but in the productivity statistics, fault tolerance, fulfillment center, Gini coefficient, global supply chain, Google Glasses, Grace Hopper, growth hacking, hype cycle, industrial robot, Internet of things, Jeff Bezos, job automation, John Markoff, John von Neumann, knowledge worker, late capitalism, Mars Rover, Minecraft, Mother of all demos, Neal Stephenson, NP-complete, Oculus Rift, pattern recognition, place-making, Richard Feynman, Robert Gordon, Robert Solow, Ronald Reagan, Salesforce, Second Machine Age, self-driving car, side project, Silicon Valley, Skype, Snapchat, Snow Crash, special economic zone, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, subscription business, TED Talk, telepresence, telerobotics, The Rise and Fall of American Growth, The Soul of a New Machine, Tim Cook: Apple, trade liberalization, two-sided market, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, young professional, zero-sum game

Charter cities, on the other hand, are experimental reform zones engineered entirely to create jobs and growth. Citizens could opt in or not. Some will be ready and some won’t. His illustration is Hong Kong and Shenzhen. Hong Kong, located in China but ruled for generations by Great Britain, was free of antimarket Communist rule and became an economic engine, attracting and training workers. Deng Xiaoping, grasping that China needed to become more open in order to grow, created a de facto charter city in nearby Shenzhen, which could take advantage of its neighbor’s talent pool and infrastructure. Unlike the rest of China, Shenzhen’s rules would be attractive to foreign investment and international trade.

., 177 Carroll, Pete, 4 Case, Anne, 236 Cavium Networks, 20 CD-ROM, 28 CEO as curator of culture, 100, 241 “disease,” 92 panoramic view of, 118 cerebral palsy, 8–10 Chang, Emily, 129 charter city, 229 Cheng, Lili, 197 chess, 198–99 Chik, Joy, 58 child exploitation, 190 Chile, 223, 230 China, 86, 195, 220, 222, 229, 232, 236 chip design, 25 CIA, 169 Cisco, 174 civil liberties, 172–73 civil rights, 24 civil society, 179 Civil War, 188 clarity, 119 Clayton, Steve, 155 client/server era, 45 climate change, 142, 214 Clinton, Hillary, 230 cloud, 13, 41–47, 49, 51–62, 68, 70, 73, 81, 88, 110, 125, 129, 131, 137, 140, 150, 164, 166, 172, 180–81, 186, 189–92, 216, 219, 223–25, 228 cloud-first mission and, 57–58, 70, 76, 79, 83 public, 42–43, 57 Cloud for Global Good, 240–41 Codapalooza, 104 cognition, 89, 150, 152–53 Cohen, Leonard, 10 collaboration, 88, 102–3, 106–8, 126, 135, 163–64, 166, 200 collaborative robots (co-bots), 204 collective IQ, 142, 143 Colombia, 78 Columbia University, 165 Comin, Diego, 216–17, 226 commitment, shared, 77, 119 Common (hip hop artist), 71 Common Objects in Context challenge, 151 communication, 76–77 Compaq, 29 comparative advantage, 222, 228 competition, internal, 52 competitive zeal, 38–39, 70–71, 102 competitors, 39 partnerships and, 78, 125–38 complexity, 25, 224 computers early, 21–22, 24–26 future platforms, 110–11 programs by, 153–54 computing power, massive, 150–51 Conard, Edward, 220 concepts, 122–23, 141 consistency, 77–78, 182 Constitution Today, The (Amar), 186–87 constraints, 119 construction companies, 153 consumers, 49–50, 222 context, shared, 56–57 Continental Congress, 185 Continuum, 73 Convent of Jesus and Mary (India), 19 Cook, Tim, 177 cook stoves, 43 coolness, 75–76 core business, 142 Cortana, 125, 152, 156–58, 195, 201 Couchbase company, 58 counterintuitive strategy, 56–57 Coupland, Douglas, 74 Courtois, Jean-Philippe, 82 courts, 184–85 Covington and Burling lawyers, 3 Cranium games, 7 creativity, 58, 101, 119, 201, 207, 242 credit rating, 43, 204–5 Creed (film), 44–45 cricket, 18–22, 31, 35–40, 115 Cross-country Historical Adoption of Technology (CHAT), 217 culture bias and, 205 “live site first,” 61 three Cs and, 122–23, 141 transforming, 2, 11, 16, 40, 76–78, 81–82, 84, 90–92, 98–103, 105, 108–10, 113–18, 120, 122–23, 241–42 Culture (Eagleton), 91 Curiosity (Mars rover), 144 customer needs, 42, 59, 73, 80, 83, 88, 99, 101–2, 108, 126, 138 customization, 151 cybersecurity, 171, 190 cyberworld, rules for, 184 data, 60, 151 data analytics, 50 databases, 26 Data General company, 68 data management, 54 data platform, 59 data security, 175–76, 188–89 Deaton, Angus, 236 Deep Blue, 198–99 deep neural networks, 153 Delbene, Kurt, 3, 81–82 Delhi, India, 19, 31, 37 Dell, 63, 87, 127, 129–30 Dell, Michael, 129 democracy, 180 democratization, 4, 13, 69, 127, 148, 151–52 Deng Xiaoping, 229 Depardieu, Gerard, 33 design, 50, 69, 141, 239 desktop software, 27 Detroit, 15, 225, 233 developed economies, 99–100 share of world income, 236 developing economies, 99–100, 217, 225 device management solutions, 58 digital assistants, 142, 156–58, 195–98, 201 digital cable, 28 digital evidence, 191–92 Digital Geneva Convention, 171–72 digital ink, 142 digital literacy, 226–27 digital publishing laws, 185 digital transformation, 70, 126–27, 132, 235 dignity, 205 disabilities, 103, 200 disaster relief, 44 Disney, 150 disruption, 13 distributed systems, 49 diversity, 101–2, 108, 111–17, 205–6, 238, 241 Donne, John, 57 drones, 209, 226 Drucker, Peter, 90 dual users, 79 Dubai, 214, 228 Duke University, 3 Dupzyk, Kevin, 147 D-Wave, 160 Dweck, Carol, 92 dynamic learning, 100 Dynamics, 121 Dynamics 365, 152 dyslexia, 44, 103–4 Eagleton, Terry, 91 earthquakes, 44 EA Sports, 127 economic growth, 211–34 economic inequality, 12, 207–8, 214, 219–21, 225, 227, 236–41 Edge browser, 104 education, 42–44, 78, 97, 104, 106–7, 142, 145, 206–7, 224, 226–28, 234, 236–38 Egypt, 218–19, 223, 225 E-health companies, 222–23 8080 microprocessor, 21 elasticity, 49 electrical engineering (EE), 21–22 elevator and escalator business, 60 Elop, Stephen, 64, 72 email, 27, 169–73, 176 EMC, 129 emotion, 89, 197, 201 emotional intelligence (EQ), 158, 198 empathy, 6–12, 16, 40, 42–43, 93, 101, 133–34, 149, 157, 182, 197, 201, 204, 206, 226, 239, 241 employee resource groups (ERGs), 116–17 employees, 66–68, 75, 138 diversity and, 101, 111–17 empowerment and, 79–80, 126 global summit of, 86–87 hackathon, 10–11 talent development and, 117–18 empowerment, 87–88, 98–99, 106, 108–10, 126 encryption, 161–62, 175, 192–93 energy, generating across company, 119 energy costs, 237 Engelbart, Doug, 142 Engelbart’s Law, 142–43 engineers, 108–9 Enlightiks, 222–23 Enterprise Business, 81 entertainment industry, 126 ethics, 195-210, 239 Europe, 193 Excel, 121 experimental physicists, 162–64 eye-gaze tracking, 10 Facebook, 15, 44, 51, 125, 144, 174, 200, 222 failures, overcoming, 92, 111 Fairfax Financial Holdings, 20 fairness, 236 Federal Bureau of Investigation (FBI), 170, 177–78, 189 Federal Communications Commission (FCC), 28 fear of unknown, 110–11 feedback loop, 53 fertilizer, 164 Feynman, Richard, 160 fiefdoms, 52 field-programmable gate arrays (FPGAs), 161 Fields Medal, 162 firefighters, 43, 56 First Amendment, 185, 190 Flash, 136 focus, 135–36, 138 Foley, Mary Jo, 52 Ford Motor Company, 64 foreign direct investment, 219, 225, 229 Foreign Intelligence Surveillance Act (FISA), 173 Fourth Amendment, 185–88, 190, 193 France, 223, 236 Franco, James, 169 Franklin, Benjamin, 186 Freedman, Michael, 162, 166 free speech, 170–72, 175, 179, 185, 190, 238 Fukushima nuclear plant, 44 G20 nations, 219 Galaxy Explorer, 148 game theory, 123–24 Gandhi, Mohandas Mahatma, 16 Gartner Inc., 145 Gates, Bill, 4, 12, 21, 28, 64, 46, 67–69, 73–75, 87, 91, 127, 146, 183, 203 Gavasker, Sunil, 36 GE, 3, 126–27, 237 Gelernter, David, 143, 183 Geneva Convention, Fourth (1949), 171 Georgia Pacific, 29 Germany, 220, 223, 227–36 Gervais, Michael, 4–5 Gini, Corrado, 219 Gini coefficient, 219–21 GLEAM, 117 Gleason, Steve, 10–11 global competitiveness, 78–79, 100–102, 215 global information, policy and, 191 globalization, 222, 227, 235–37 global maxima, 221–22 goals, 90, 136 Goethe, J.W. von, 155 Go (game), 199 Goldman Sachs, 3 Google, 26, 45, 70–72, 76, 127, 160, 173–74, 200 partnership with, 125, 130–32 Google DeepMind, 199 Google Glass, 145 Gordon, Robert, 234 Gosling, James, 26 government, 138, 160 cybersecurity and, 171–79 economic growth and, 12, 223–24, 226–28 policy and, 189–92, 223–28 surveillance and, 173–76, 181 Grace Hopper, 111–14 graph coloring, 25 graphical user interfaces (GUI), 26–27 graphics-processing unit (GPU), 161 Great Convergence, the (Baldwin), 236 Great Recession (2008), 46, 212 Greece, 43 Green Card (film), 33 Guardians of Peace, 169 Gutenberg Bible, 152 Guthrie, Scott, 3, 58, 60, 82, 171 H1B visa, 32–33 habeas corpus, 188 Haber, Fritz, 165 Haber process, 165 hackathon, 103–5 hackers, 169–70, 177, 189, 193 Hacknado, 104 Halo, 156 Hamaker, Jon, 157 haptics, 148 Harvard Business Review, 118 Harvard College, 3 Harvey Mudd College, 112 Hawking, Stephen, 13 Hazelwood, Charles, 180 head-mounted computers, 144–45 healthcare, 41–42, 44, 142, 155–56, 159, 164, 198, 218, 223, 225, 237 Healthcare.gov website, 3, 81, 238 Heckerman, David, 158 Hewlett Packard, 63, 87, 127, 129 hierarchy, 101 Himalayas, 19 Hindus, 19 HIV/AIDS, 159, 164 Hobijn, Bart, 217 Hoffman, Reid, 232, 233 Hogan, Kathleen, 3, 80–82, 84 Holder, Eric, 173–74 Hollywood, 159 HoloLens, 69, 89, 125, 144–49, 236 home improvement, 149 Hong Kong, 229 Hood, Amy (CFO), 3, 5, 82, 90 Horvitz, Eric, 154, 208 hospitals, 42, 78, 145, 153, 223 Hosseini, Professor, 23 Huang, Xuedong, 151 human capital, 223, 226 humanistic approach, 204 human language recognition, 150–51, 154–55 human performance, augmented by technology, 142–43, 201 human rights, 186 Hussain, Mumtaz, 36, 37 hybrid computing, 89 Hyderabad, 19, 36–37, 92 Hyderabad Public School (HPS), 19–20, 22, 37–38, 136 hyper-scale, cloud-first services, 50 hypertext, 142 IBM, 1, 160, 174, 198 IBM Watson, 199–200 ideas, 16, 42 Illustrator, 136 image processing, 24 images, moving, 109 Imagine Cup competition, 149 Immelt, Jeff, 237 Immigration and Naturalization Act (1965), 24, 32–33 import taxes, 216 inclusiveness, 101–2, 108, 111, 113–17, 202, 206, 238 independent software vendor (ISV), 26 India, 6, 12, 17–22, 35–37, 170, 186–87, 222–23, 236 immigration from, 22–26, 32–33, 114–15 independence and, 16–17, 24 Indian Administrative Service (IAS), 16–17, 31 Indian Constitution, 187 Indian Institutes of Technology (IIT), 21, 24 Indian Premier League, 36 IndiaStack, 222–23 indigenous peoples, 78 Indonesia, 223, 225 industrial policy, 222 Industrial Revolution, 215 Fourth or future, 12, 239 information platforms, 206 information technology, 191 Infosys, 222 infrastructure, 88–89, 152–53, 213 innovation, 1–2, 40, 56, 58, 68, 76, 102, 111, 120, 123, 142, 212, 214, 220, 224, 234 innovator’s dilemma, 141–42 insurance industry, 60 Intel, 21, 45, 160, 161 intellectual property, 230 intelligence, 13, 88–89, 126, 150, 154–55, 160, 169, 173, 239 intelligence communities, 173 intensity of use, 217, 219, 221, 224–26 International Congress of the International Mathematical Union, 162 Internet, 28, 30, 48, 79, 97–98, 222 access and, 225–26, 240 security and privacy and, 172–73 Internet Explorer, 127 Internet of Things (IoT), 79, 134, 142, 228 Internet Tidal Wave, 203 Intersé, 3 Interview, The (film), 169–71 intimidation, 38 investment strategy, 90, 142 iOS devices, 59, 72, 123, 132 iPad, 70, 141 iPad Pro, 123–25 iPhone, 70, 72, 85, 121–22, 125, 177–79 Irish data center, 176, 184 Islamic State (ISIS), 177 Istanbul, 214 Jaisimha, M.L., 18, 36–37 Japan, 44, 223, 230 Japanese-American internment, 188 JAVA, 26 Jeopardy (TV show), 199 Jha, Rajesh, 82 jobs, 214, 231, 239–40.


pages: 353 words: 355

The Long Boom: A Vision for the Coming Age of Prosperity by Peter Schwartz, Peter Leyden, Joel Hyatt

"World Economic Forum" Davos, Alan Greenspan, Alvin Toffler, American ideology, Asian financial crisis, Berlin Wall, business cycle, centre right, classic study, clean water, complexity theory, computer age, crony capitalism, cross-subsidies, Danny Hillis, dark matter, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, double helix, edge city, Electric Kool-Aid Acid Test, European colonialism, Fall of the Berlin Wall, financial innovation, George Gilder, glass ceiling, global village, Gregor Mendel, Herman Kahn, hydrogen economy, industrial cluster, informal economy, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, It's morning again in America, junk bonds, Just-in-time delivery, Kevin Kelly, knowledge economy, knowledge worker, life extension, market bubble, mass immigration, megacity, Mikhail Gorbachev, Neal Stephenson, Nelson Mandela, new economy, oil shock, open borders, out of africa, Productivity paradox, QR code, Richard Feynman, Ronald Reagan, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, The Hackers Conference, the scientific method, Thomas L Friedman, upwardly mobile, Washington Consensus, We are as Gods, Whole Earth Catalog, women in the workforce, Y2K, zero-sum game

Technically, these events also fell in the realm of politics and economics, but with more global implications than what Reagan and Thatcher represented. In 1980, Mikhail Gorbachev became a Politburo member and began the process that led to the Soviet Union's move toward democracy and capitalism. And in 1978, Deng Xiaoping wrestled control of political power in the People's Republic of China and began moving the Chinese toward the market economy. It's hard to exaggerate the significance of these two events. They created the starting point for our truly globalized world. The world had made other attempts to integrate on a more global scale.

And there was no alternative political opposition to lead the country with a fresh set of ideas. The Chinese have managed great economic success during the Long Boom years, even though they have not followed the rule of 116 The Lowq BOOM twos in the political sphere. They may not continue to be so lucky in the future. In 1978, Deng Xiaoping was able to broker a political succession out of the Mao era and fundamentally change the direction of economic policy. Due to Deng, China did have a credible alternative that time around, but the communist system has no institutional way of replicating that kind of succession again. Any credible alternative must grow furtively within the monolithic culture of Communist Party politics.

See microprocessors Connections, See Networks Christian Democratic coalition, 94, Control vs. complexity, 263-265 113 Copernicus, 212 Chrysler, 60, 175 Corporations, 2, 42-45, 121 Citibank, 262 Climate change Corruption, 114-115, 126 COX2, 190 developing vs. developed worlds, 157-159 Crime, 285-286 floods, 150 Culture preservation, 234 forest fires, 150-151 Cuyahoga River, 156 global warming, 10, 152-154 Cyberspace libraries, 89 Hurricane Andrew, 149,150 Cystic fibrosis, 198 Hurricane Mitch, 150 overview, 148-154 Daimler-Benz, 60,171, 174 pollution in China, 158-159 D'Alema, Massimo, 94 regional weather problems, 151 Dark matter, 213 tornadoes, 151 Databases, 215-216 United Nation's Conference on Decentralization Climate Change, 157 personal computers and, 19, 26 Clinton, President Bill, 41, 52, 76, ragtag computer techies fostering, 92, 121 28-30 Cloning, 195-199 of telecommunications, 22,178 Club of Rome, 162 of utilities industry, 178-181 Coal, 158-159 Defense Advanced Research Projects Coca Cola, 112 Agency (DARPA), 50 Code of honor, 28-30 Delphi Energy & Engine Cold fusion, 219-220 Management Systems, 176 Cold War, 48, 49, 134-135, 22 Deming, W, Edwards, 119 Colorado, 267 Democracy Communism, 40, 116, 262 free markets and, 111-112, 115 Compassionate conservatism, 274 growth of middle class and, 235 Complexity theory, 263-265 media freedom in, 114 Computers rule of twos in, 112-114 economic decentralization and, in Singapore, 269 19, 26, 28-30 transparency rule, 114-115 impact of, 189-190 women in, 250 326 Democratic Party, 76-77 Democrats of the Left, 92 Deng, Xiaoping, 48, 116 Depression, 51-52 Deregulation of European businesses, 93 of U.S. businesses, 41 of utilities industry, 178,180-181 in Washington consensus, 96 Detroit Edison, 178 Digital technologies, 25-26 Diversity, 248, 273 DNA, 188-189, 197-198 Dolly, 195 Dow Jones Industrial Average, 47, 92 Downsizing, 42, 93 Drake, Frank, 220 Drake's equation, 220 Drexler, Eric, 203-204, 208 Dust Bowl, 149 Earth Day, 160 Earth Summit, 157 East vs.


pages: 419 words: 124,522

Shadow of the Silk Road by Colin Thubron

Ayatollah Khomeini, British Empire, Day of the Dead, dematerialisation, Deng Xiaoping, failed state, government statistician, Great Leap Forward, invention of gunpowder, invention of the telescope, Lao Tzu, Pax Mongolica, South China Sea, trade route

But the whole site is resurrecting as a national shrine, and already the older temple is filled with the memorial stelae of China’s statesmen offering homage to ‘the father of the nation’. Here is the stone calligraphy of Sun Yatsen from 1912, and of Chiang Kai-shek, predictably coarse; of Mao Zedong, who was later to condemn the Yellow Emperor as feudal; of Deng Xiaoping and the hated Li Peng. The clamour of restoration dies as you climb the track where it snakes through the cypress woods. From somewhere sounds the drilling of a woodpecker, and human voices echo and fade above you. Here and there a yellow flag on a bamboo pole marks the way. You are sinking back in time.

He planted them in space, like aerial seeds. ‘Soon maybe one of the friends will tell me: Oh, Mr Huang, I have good news–my father or my uncle works in a company that needs…’ So he was planning to make the move most coveted now: out of administration and into business. He had grown up in the new China of Deng Xiaoping, the land where riches were glorious, an arena of accelerating mobility. But I felt an amazed misgiving for him. I said: ‘Do you know anything about Brazil?’ ‘Brazil is in South America. It has some economic problems. Many people have no job. But some economies are better than here in China, some companies.

The Shah flees 1980–88 Iran–Iraq war 1989 Death of Ayatollah Khomeini The West 680 Battle of Kerbela 800 Charlemagne crowned Holy Roman Emperor 1099 First Crusade captures Jerusalem 1260 Mamelukes turn back the Mongols 1453 Ottoman Turks capture Constantinople 1498 Portuguese pioneer the seaway round Africa 1914–18 First World War 1917 The Russian Revolution 1939–45 Second World War 1984–97 Kurdish rebellions in Turkey 2001 World Trade Center attack 2003 US-led invasion of Iraq Searchable Terms Abbasid Caliphate Abdullah (Kurdish driver) Abdurahman, King Afghanistan journey in Afrasiab Africa, seaway round Aga Khan Ahmadjan Ahuramazda (god) Aimaq (nomads) Ain Jalut, battle of Akayev, President of Kyrgyzstan Akbar Khan al- for names beginning al- see under following element of name Alamut Alamut river Alaric Alexander the Great Alexandria Ali (statistician) Ali, Caliph Alik (ex-policeman) Aloban (Nestorian priest) Altun mountains Amanullah, King America see United States of America Amin, Hafezullah Amirali (artist and poet) Amithaba (Buddha of Infinite Light) Amu Darya/Oxus river Anatolia Ancestors, claimed see also Manas Andijan Andkvoi Annar (Kyrgyz) Ansari Antioch Antiochus IV, King Antoninus Pius, emperor Apak Hoja mausoleum, Kashgar Apollo Arabian Incense Road Arabs Aral Sea Arhun (watchman) Armenia Armenians Aryans Asmu, Imam: tomb Assassins Assyria Assyrian church At-Bashy Athens Ata, Mohammed Attar Augustus Caesar, emperor Aurelian, emperor Azerbaijan Iranian Azeris Babur, emperor Babylon Bacon, Francis Bactria Bactrians Badakshan Baghdad Baisanghur, prince Balkh Barnabas, St Basra ‘Beauty of Kroran, The’ Behesht-e Zahra Beijing see also Tiananmen Square Bethlehem Bibi Khanum mosque Samarkand Bihzad bin Laden, Osama Birecik Bishkek Black Jade river, Khotan Black Mountains Bodh Gaya Bolsheviks Bombyx mori (silk moth) Book of Changes Book of Odes Book of Rites Borders Brazil British, the Buddhism in China Bukhara Byron, Robert Byzantine empire Caesar, Julius Canada Carrhae, battle of (53 BC) Caspian Sea Caucasus, the Central Asia time line see also names of countrie Chaldean Church Changan (Xian) palace ruins see also Xian chariots Charklik (Ruoqiang) Charlemagne, emperor Chatyr lake Chechens Chechnya Cherchen (Qiemo) salt plateau of Chiang Kai-shek Chilamachin China journey in time line Chinese (outside China) Chingiz (builder) Chinon Christianity in Antioch in China in modern Iran and Mongols Chrysostom, St John Chychkan river Cicero Cizre Cleopatra Cologne cathedral Columbus, Christopher Communism compass, the magnetic Confucianism Confucius Conrad of Montferrat Constantine the Great, emperor Constantinople Crassus, triumvir Crete crossbows Crusades Cultural Revolution Cyrus, King of Persia Czechoslovakia Da Qin Dalai Lama Damascus Damghan Daniar (Kyrgyz) Daniel (builder) Daphne, groves of (near Antioch) Dasht-e-Laili Demavend, Mount Deng Xiaoping Deobandi schools, Pakistan Dharamsala Dokuz Khatun Dolkon (Uighur) Dost Mohammed, King Dostum, Abdul Rashid Dowlatabad drugs Dubs, Homer Dudayev, General Dunhuang East Turkestan Islamic Movement Edward I, King of England Egypt Eighth Imam (Shia) Elburz mountains Eleanor of Castile, queen Elnura (Kyrgyz) England English language Euclid Euphrates Europe Fatima (daughter of Mohammed) Feng (Hui) Fergana Fergana valley Firdausi Shahnama tomb First Pass under Heaven, The Fitzgerald, Edward Flanders Fraser, James (British traveller) Friendship Bridge Friday Mosque, Herat Gang of Four Gansu corridor Gate of Sorrows, Jiayuguan Gawhar Shad, queen mausoleum of Gawhad Shah mosque and college, Herat Gawhar Shad mosque, Meshed Gazargah Gazur Khan Gelia (artist’s wife) Genghis Khan Germans Germany al-Ghazali Ghorid dynasty Gobi desert Goes, Bento de Golden Horde ‘Golden House’, Antioch Golmud Goths Great Game Great Leap Forward Great Wall Greece Gromov, General Guanyin (goddess) Guarong (Song Guorong) Gul (Uighur) Gulag Gulja Guma Gumbaz mosque, Namangan gunpowder Gutenberg Gwelin Hafizullah (Afghan) Hairatan Hakkari Hamed Han Hangzhou Hari river Haroun al-Rashid Hasan-i-Sabah Hazara Hazrat Ali shrine, Mazar-e- Sharif Heavenly mountains see Tian Shan mountains Hekmatyar, Gulbuddin Helena, St Herat Herodotus Hindu Kush Hinduism Homs Hongming (film-maker) Horses Hu Ji (historian) Huang Huangling Huatuguo Hui Hulagu, emperor Hunan Huns 70 134 Husain Baiqara, sultan Hussein (Iranian acquaintance) Hussein (son of Caliph Ali) Hussein, Saddam Ibn BattutaId Kah mosque, Kashgar Ilkhanid dynasty India Indians Innocent IV, Pope Inventions, Chinese see also crossbows, stirrups Iran journey in time line see also Iran-Iraq war Iran-Iraq war Iranian Azerbaijan Iraq see also Iran-Iraq war Isfahan, Qadi of Islam/Muslims in China see also Mevlevi sect; Naqshbandi sect; Shia; Sunni Ismail, 281, 282 Ismailis see also Assassins Israelis Italy see also Romans; Rome jade Jade Gate Jade Road Jafar (trainee doctor) Japan Jaxartes (Syr Darya) river Jelaleddin Rumi Jerusalem Crusader king of Patriarch of Jesuit missionaries Jesus Christ Jews Jiahuang (painter) Jiayuguan Jielu Jiuquan Jumgal valley Justinian, emperor Juvenal Kabul Kalan minaret, Bukhara Kanikay Karakoram Karakoram mountains Karakoram Highway Karimov, President of Uzbekistan Karzai, President of Afghanistan Kashgar Kazakhs Kazakhstan Kekemeren river Kenkol ravine Kerbela, battle of (AD 680) Keriya Khameini, Supreme Leader, Iran Khan, Ismail Khan family, Bukhara Khatami, President of Iran Khoja Parsa shrine, Balkh Khomeini, Ayatollah tomb of Khorasan Khotan Kitbogha Kizilkum desert Kiziltepe Kochkor mazar near Kochoi, tomb of Kokand Koran Korea Koreans Kublai Khan, emperor Kuchi Kun Lun mountains Kunduz Kurds Kushans Kyanizyak-khatun, princess Kyrgyz Kyrgyzstan journey in Labrang Living Buddha of Lady of the Silk Worms (Lei-tzu) Lanchou University Lanzhou Lao-tzu Lattimore, Owen Lei-tzu see Lady of the Silk Worms Lenin (village) Lenin, V.I.


pages: 401 words: 122,457

Salt: A World History by Mark Kurlansky

British Empire, clean water, Deng Xiaoping, domestication of the camel, haute cuisine, Hernando de Soto, Honoré de Balzac, invention of movable type, long peace, Mahatma Gandhi, spice trade, The Wealth of Nations by Adam Smith, trade route

—Lu Wenfu, The Gourmet, 1979 In China, southern food, especially Cantonese, is usually said to be the best. But after 1949, when Mao Zedong from Hunan and Deng Xiaoping from Sichuan came to power, the hot spicy food, la, from southwestern China, came into official fashion. “If you don’t eat la, you are not a revolutionary” became a popular saying. In 1959, a restaurant for the political elite was established in a Beijing house of gardened courtyards built for the son of a seventeenth-century emperor. Predictably, it was a Sichuan restaurant, and was simply named the Sichuan Restaurant. Zhou Enlai, the long-time premier, and Deng Xiaoping were regulars. For years it was considered one of the few good restaurants in Communist Beijing.

In 1835, when the well was drilled, it had an estimated 8,500 cubic meters of gas. In the year 2000, the operators believed it had 1,000 cubic meters left. The Shaanxi guild hall remained a guild hall until the fall of the last emperor. Then it became a local headquarters for the Chinese nationalist movement of Chiang Kai-shek. After the Communists came to power, Deng Xiaoping, a native of Sichuan who became secretary general of the Chinese Communist Party, decided to make it a salt museum. Today in Zigong, there are still some crumbling tile-roofed Chinese houses with the roof tips turned up in the southern style, but most of them are in disrepair, seemingly awaiting demolition.


Enriching the Earth: Fritz Haber, Carl Bosch, and the Transformation of World Food Production by Vaclav Smil

agricultural Revolution, Albert Einstein, demographic transition, Deng Xiaoping, Great Leap Forward, Haber-Bosch Process, invention of gunpowder, Louis Pasteur, military-industrial complex, Pearl River Delta, precision agriculture, recommendation engine, The Design of Experiments

Given a very close fit between China’s pre-1958 average per capita food supply (2,100–2,200 kcal/day) and demand (age- and sex-adjusted needs were about 2,200 kcal/day), the combination of such irrational decisions had a drastic effect on food availability: by the spring of 1959 there was famine in 1/3 of China’s provinces. Weather only exacerbated the suffering.48 During the three years from 1959 to 1961 at least 30 million Chinese died in the greatest famine in human history.49 More pragmatic policies favored by Liu Shaoqi and Deng Xiaoping finally put the end to that tragedy. One of their results was the purchase of five midsized ammonia-urea plants from the United Kingdom and the 168 Chapter 8 Netherlands between 1963 and 1965. By 1965 synthetic fertilizers supplied more than 1/4 of all nitrogen. Then the more normal development was cut short again in 1966 with the launching of Mao’s destructive time of ideological frenzy, political vendettas, and localized civil war that became known, most incongruously, as the Cultural Revolution.

China’s food: availability, requirements, composition, prospects. Food Policy 6:67–77. 52. CIA (44), pp. 6–7; Chang (44), pp. 50–52. 53. Based on consumption and production figures for calendar years in the FAO’s database at http:/ /apps.fao.org. 54. China’s annual per capita meat consumption has more than doubled since 1979, the beginning of Deng Xiaoping’s reforms. The FAO’s food balance sheets (http:/ /apps.fao.org) 306 Notes to Chapter 8 show that nationwide the average meat supply almost tripled between 1979 and 1996 to more than 40 kg/capita, but Chinese consumption surveys indicate a less dramatic growth, with rural per capita consumption rising from just 6 kg/year in 1978 to about 13 kg/year by 1995; urban consumption in 1995 was about 24 kg/year; see State Statistical Bureau. 1996.

Name Index Abegg, Richard, 68, 72, 227 Arrhenius, Svante, 72, 229 Commoner, Barry, 189 Crookes, William, 58–60 Bacque, Henry, 46 Beck, Christoph, 99 Beijerinck, Martinus, 15 Bergius, Friedrich, 85, 224 Bernthsen, August, 76, 80 Berthelot, Marceline, 13 Berthollet, Claude-Louis, 3, 5, 61 Birkeland, Kristian, 53 Bohn, René, 75 Borchardt, Philipp, 102 Borlaug, Norman, 139 Bosch, Carl, 64, 75 Boussingault, Jean-Baptiste, 5–6, 12–13 Bradley, Charles, 53 Brauer, Eberhard, 98 Brunck, Heinrich von, 62, 64, 80, 82–83, 87 Buchner, Hans, 2 Buck, John L., 31, 35 Bunsen, Robert Wilhelm, 66 Bunte, Hans, 67 Deng, Xiaoping, 167 Deville, Henri-Étienne Saint-Claire, 61–62 Döbereiner, Johann W., 62 Duisberg, Carl, 87, 223 Dumas, Jean-Baptiste André, 5 Cagniard-Latour, Charles, 2 Caro, Nikodemus, 51 Casale, Luigi, 114 Cato, Marcus, 22, 30 Cavendish, Henry, 53 Chaptal, Jean Antoine, 4 Châtelier, Henry Louis Le, 61, 64, 201 Claude, Georges, 113 Columella, Lucius Junius, 27, 30 Gayon, Ulysse, 16 Gilbert, John Henry, 5, 11–13 Guyton de Morveau, Louis Bernard, 3, 61 Ehrlich, Paul, 103 Einstein, Albert, 103, 231 Engelhorn, Friedrich, 75 Engler, Carl, 76 Erdmann, Otto, 62 Eyde, Samuel, 53 Fahrenhorst, Johannes, 100, 102 Fauser, Giacomo, 114 Fischer, Emil, 103 Fourcroy, Antoine-François de, 3, 41, 61 Frank, Adolf, 51 Frank, Albert, 15 Fulda, Ludwig, 103 Haber (Nathan), Charlotte, 228–229 Haber (Immerwahr), Clara, 68 Haber, Eva, 228 Haber, Fritz, 61, 64, 83, 86, 223 Haber, Hermann, 68, 226, 229–230 330 Name Index Haber, Ludwig Fritz, 228 Haber, Paula, 65 Haber, Siegfried, 65 Hahn, Otto, 231 Hellriegel, Hermann, 14–16 Hessberger, Johannes, 75 Hildebrand, Georg F., 62 Hitler, Adolf, 224, 229–230 Hoffmann, August Wilhelm von, 66 Humboldt, Alexander von, 41 Ingenhousz, Jan, 1 Pasteur, Louis, 2 Pierce, William, 202 Planck, Max, 230 Pope, William, 231 Priestley, Joseph, 1, 3, 53 Raffles, Stamford, 31 Ramsay, William, 61–62, 69, 71 Rathenau, Walter, 103 Revelle, Roger, 178 Rossignol, Robert Le, 61, 71–74, 77–79, 81, 84, 201–202, 229 Rutherford, Daniel, 3 Jost, Fritz, 70, 100, 201 Keller, Hans, 102 Knietsch, Rudolf, 75, 86, 91 Knorr, Ludwig, 67 König, A., 74, 77 Koppel, Leopold, 226, 231 Kranz, Julius, 81 Krassa, Paul, 78, 81 Krauch, Carl, 98, 105, 225 Kuhlmann, Charles F., 99 Landis, W.


pages: 521 words: 118,183

The Wires of War: Technology and the Global Struggle for Power by Jacob Helberg

"World Economic Forum" Davos, 2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, active measures, Affordable Care Act / Obamacare, air gap, Airbnb, algorithmic management, augmented reality, autonomous vehicles, Berlin Wall, Bernie Sanders, Big Tech, bike sharing, Black Lives Matter, blockchain, Boris Johnson, Brexit referendum, cable laying ship, call centre, Cambridge Analytica, Cass Sunstein, cloud computing, coronavirus, COVID-19, creative destruction, crisis actor, data is the new oil, data science, decentralized internet, deep learning, deepfake, deglobalization, deindustrialization, Deng Xiaoping, deplatforming, digital nomad, disinformation, don't be evil, Donald Trump, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, fail fast, fake news, Filter Bubble, Francis Fukuyama: the end of history, geopolitical risk, glass ceiling, global pandemic, global supply chain, Google bus, Google Chrome, GPT-3, green new deal, information security, Internet of things, Jeff Bezos, Jeffrey Epstein, John Markoff, John Perry Barlow, knowledge economy, Larry Ellison, lockdown, Loma Prieta earthquake, low earth orbit, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, move fast and break things, Nate Silver, natural language processing, Network effects, new economy, one-China policy, open economy, OpenAI, Parler "social media", Peter Thiel, QAnon, QR code, race to the bottom, Ralph Nader, RAND corporation, reshoring, ride hailing / ride sharing, Ronald Reagan, Russian election interference, Salesforce, Sam Altman, satellite internet, self-driving car, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart grid, SoftBank, Solyndra, South China Sea, SpaceX Starlink, Steve Jobs, Steven Levy, Stuxnet, supply-chain attack, Susan Wojcicki, tech worker, techlash, technoutopianism, TikTok, Tim Cook: Apple, trade route, TSMC, Twitter Arab Spring, uber lyft, undersea cable, Unsafe at Any Speed, Valery Gerasimov, vertical integration, Wargames Reagan, Westphalian system, white picket fence, WikiLeaks, Y Combinator, zero-sum game

Rare-earth metals are the critical materials used in everything from missile guidance systems to the motor in your Prius. A rare-earth metal called tungsten is what makes your iPhone vibrate in your pocket. And who produces 97 percent of the world’s supply of rare earths? You guessed it, China.51 It’s an overwhelming dominance that the former Chinese premier Deng Xiaoping recognized when he declared that “the Middle East has oil, but China has rare earths.”52 When the Japanese coast guard detained a Chinese fishing captain caught fishing in disputed waters in 2010, the Chinese government didn’t hesitate to retaliate. It halted rare-earth exports to Japan. Within weeks, the fishing captain was released.II * * * In some ways, the Chinese government’s overt manipulation of supply chains is the best-case scenario.

In other words, these protections could be eviscerated under a new regime. China’s leaders understand this truth all too well. In the early days of the People’s Republic, Beijing shunned international bodies. Until 1971, mainland China didn’t belong to the United Nations. Today, however, we’re witnessing what China analyst David Kelly calls “a shift from Deng Xiaoping’s doctrine of ‘hiding and biding’ to one that involves stepping in where the U.S. steps back.”104 From the World Health Organization to the International Civil Aviation Organization, China has tried to co-opt existing institutions.105 China has exceeded the United States in the number of global diplomatic posts106 and is now the second-biggest contributor to the UN budget.107 Chinese representatives lead four of the UN’s fifteen agencies or affiliated groups (no other country leads more than one), and only a concerted effort prevented China, a major abuser of intellectual property rights, from taking over the World Intellectual Property Organization.108 Reportedly, the Chinese government has paid bonuses to those who secure leadership positions in organizations that set international standards.109 Where it can’t work within established institutions, China has created its own, including establishing the Asian Infrastructure Investment Bank to fund development projects around the world.

., 8, 20–24, 28, 52, 121, 133, 154, 185, 188, 208–9, 216, 244 and birth of Internet, 20–22, 30, 39 competitiveness investing and, 239–40 cybersecurity and, 24, 30–31 Silicon Valley–Washington relations and, xi, 164–65, 171, 176, 178, 181, 189–90 supply chains and, 98–100, 239 Democrats, 24, 55, 87, 159, 162, 188, 191, 202, 209, 233, 239, 264 cyberattacks and, 11–12, 48–49 and elections of 2016, xi, 11, 81, 154, 170 strengthening Western techno–bloc and, 218–20 Dempster, Andrew, 109 Deng Xiaoping, 98–99, 113 Denver, Operation, 28 deterring, disrupting, and degrading authoritarians’ global ambitions, 221–31 Dickson, Paul, 232 digital citizenship strengthening, 259–66 Digital Connectivity and Cybersecurity Partnership, 220 digital defense of democracy, 206–10 digital Maginot lines, 79–83, 85 DiResta, Renee, 79–80 disinformation, ix, xiii, 19, 28, 72, 79, 129, 137, 142–43, 227, 267–68 digital citizenship strengthening and, 260–63, 265 digital Maginot lines and, 80–83 and elections of 2020, 84–87 information laundering and, 69–71 of IRA, 42, 49, 56–60, 63 Silicon Valley–Washington relations and, 163, 170, 173 Sputnik and, 233–34 tech role reimagining and, 250, 252 Dorsey, Jack, 6, 175 Doshi, Rush, 236–37 Dragonfly, Project, 178–80, 191 drones, xv, 100, 154, 162, 215 Silicon Valley–Washington relations and, 178, 181, 189 dual–use technologies, xiv–xv, 147, 181–82, 213, 215, 248, 250 Economy, Elizabeth, 192 Ecuador, 83, 149 Egypt, 37–39 Eisenhower, Dwight, 165, 232–33 elections of 2008, 30, 35 elections of 2016, ix–xi, xix, 8–13, 16–19, 35, 40, 67–68, 137 and cyberattacks, 11–12, 48–49, 83–84, 154, 234 and digital Maginot lines, 80–81 and emails, 11–12, 48–49, 83–85 and fake news, ix, 13, 17, 19, 54, 61 and IRA, x, 57–60, 67, 234 presidential campaigns in, xi, 8–12, 16–17, 48–49, 58–60, 67, 70, 81, 153–54, 170 and Russia, 12, 28, 48–49, 54, 57–61, 79n, 83–84, 154, 161, 170, 234, 256 and tech industry, 16–17, 256 elections of 2018, 85, 191, 228 elections of 2020, 17, 83–87, 188 and disinformation, 84–87 and Russia, xix, 83–84, 86, 228 Elemental Technology, 99–100 emails, ix, 21, 24, 33, 45, 47, 119, 143, 151, 153, 161, 174, 195, 251 and elections of 2016, 11–12, 48–49, 83–85 process in sending of, 42–43, 94–96, 102, 106–7, 109–10, 112, 116–17, 124 Ericsson, 119, 122, 217–19 Estonia, 29–30, 151, 197–98 European Union (E.U.), 41, 57, 108, 122, 124, 155, 203, 212, 214, 267 Facebook, 6, 21, 143–44, 153, 162, 193, 201, 219, 227, 244 advertising of, 59–60, 68, 85, 174 AI and, 134, 143 Arab Spring and, 37–38 deepfakes and, 138–39 digital citizenship strengthening and, 260–63 digital Maginot lines and, 80, 82 and elections of 2016, 17, 49, 54, 67–68 and elections of 2020, 84–86 fake accounts on, 53, 63, 70, 80 fake news and, 17, 54 IRA disinformation and, 58–60 Silicon Valley–Washington relations and, 170, 172, 174–75, 251 tech industry congressional hearings and, 64, 159–60, 174 tech role reimagining and, 251–52, 254, 256–58 telecom infrastructure and, 103–5 facial recognition technology: China and, 117, 134, 156, 186, 229 controlling everything and, 147, 149 fake news, 53–56, 70, 142, 154, 159 deepfakes and, 137–39 digital citizenship strengthening and, 260–61, 264 and elections of 2016, ix, 13, 17, 19, 49, 54, 61 Google and, 19–20, 61, 66 Russia and, 19, 42, 49, 54, 63 Farook, Syed Rizwan, 168–69 Federal Bureau of Investigation (FBI), xvii, 74, 85, 146, 226n, 249, 262 cyberattacks and, 44, 48 cybersecurity and, 22–24, 28–29 Silicon Valley–Washington relations and, 168–69 Federal Communications Commission (FCC), 81–82, 119, 210, 255 strengthening Western techno–bloc and, 218–19 telecom infrastructure and, 105–6 Federal Trade Commission, 68, 170, 251, 254, 258 fiber–optic cables, xiv–xv, 42, 103 Chinese African investments and, 156–57 email sending and, 106–7, 109–10, 112 telecom infrastructure and, 107–8, 111 filter bubbles, 54–55, 138, 264 Finland, 119, 260–61 firehosing, 72–79, 227, 263 Skripal case and, 72–76, 141 5G, xv China and, 42, 118–24, 131, 149, 212, 214, 217–19 competitiveness investing and, 241, 244 strengthening Western techno–bloc and, 212, 215, 217–20 Flournoy, Michèle, 216, 224 Foreign Agents Registration Act, 227 Foreign Intelligence Surveillance Court, U.S.


pages: 708 words: 176,708

The WikiLeaks Files: The World According to US Empire by Wikileaks

affirmative action, anti-communist, banking crisis, battle of ideas, Boycotts of Israel, Bretton Woods, British Empire, capital controls, central bank independence, Chelsea Manning, colonial exploitation, colonial rule, corporate social responsibility, credit crunch, cuban missile crisis, Deng Xiaoping, drone strike, Edward Snowden, energy security, energy transition, European colonialism, eurozone crisis, experimental subject, F. W. de Klerk, facts on the ground, failed state, financial innovation, Food sovereignty, Francis Fukuyama: the end of history, full employment, future of journalism, high net worth, invisible hand, Julian Assange, Kickstarter, liberal world order, Mikhail Gorbachev, millennium bug, Mohammed Bouazizi, Monroe Doctrine, Nelson Mandela, no-fly zone, Northern Rock, nuclear ambiguity, Philip Mirowski, post-war consensus, RAND corporation, Ronald Reagan, Seymour Hersh, Silicon Valley, South China Sea, statistical model, Strategic Defense Initiative, structural adjustment programs, too big to fail, trade liberalization, trade route, UNCLOS, UNCLOS, uranium enrichment, vertical integration, Washington Consensus, WikiLeaks, zero-sum game, éminence grise

No world region received more “aid.”17 Driven by Cold War exigencies—that is, an obsession with the containment or rollback of communism at any cost—the US ended up supporting anticommunist Southeast Asian dictators such as Ferdinand Marcos (Philippines) and Suharto (Indonesia), who committed egregious human rights violations and stubbornly blocked any form of genuine democratization at home.18 THE UNIPOLAR MOMENT By the 1980s, a wave of democratization was sweeping across East Asia, toppling authoritarian regimes in the Philippines, South Korea, and Taiwan. But “regime change” did not significantly alter these countries’ strategic relationship with—and dependency on—the US. Meanwhile, post-Mao Beijing, under Deng Xiaoping, emerged as a major Western strategic partner, further isolating Moscow and post-unification Hanoi.19 The decisive collapse of the Soviet Union in 1991 sparked a triumphalist celebration of American prowess, with conservative thinkers such as Francis Fukuyama prematurely declaring “The End of History.”

Chinese leaders argue vehemently that extra-regional actors such as the US should not intervene in what are essentially bilateral, regional disputes in Southeast Asia. CHINA With the disappearance of the Soviet Union, communist China represented a potential source of threat to US hegemony in Asia in the post–Cold War era. But the pragmatic leadership of Deng Xiaoping—who built on the nascent rapprochement between Chairman Mao and President Nixon in the early 1970s—and of his successors, especially Jiang Zemin, paved the way for almost three decades of “strategic co-habitation” between Beijing and Washington.33 For much of the post–Cold War period, Indonesia tried to balance its relations with China and the US equally, welcoming strategic cooperation and economic engagement with both powers.

For decades, Singapore sought a perfect balance between its relations with the US and China, serving as diplomatic intermediary between the two great powers. Singapore’s paramount leader, Lee Kuan Yew, always maintained strong ties with the upper echelons of the Chinese Communist Party, even serving as a trusted advisor to luminaries such as Mao Zedong and Deng Xiaoping. Singapore also played a crucial role in facilitating China’s efforts to improve relations with ASEAN countries, with Singaporean leaders repeatedly emphasizing the benign aspects of China’s rise and downplaying concerns with its opaque political system and rapid military modernization program.36 In a diplomatic cable titled “Singapore Takes Notice as China Becomes More Assertive,” the American embassy in Singapore, after extensive discussions with leading local academics and journalists, aptly reflects the shifting regional attitude toward China in recent years: Singapore hopes the United States will not back down in the face of Chinese pressure because that would encourage China to become increasingly assertive in its dealings with other countries on issues such as its claims in the South China Sea.


pages: 603 words: 182,781

Aerotropolis by John D. Kasarda, Greg Lindsay

3D printing, air freight, airline deregulation, airport security, Akira Okazaki, Alvin Toffler, An Inconvenient Truth, Asian financial crisis, back-to-the-land, barriers to entry, Bear Stearns, Berlin Wall, big-box store, blood diamond, Boeing 747, book value, borderless world, Boris Johnson, British Empire, business cycle, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, Charles Lindbergh, Clayton Christensen, clean tech, cognitive dissonance, commoditize, company town, conceptual framework, credit crunch, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, deskilling, digital map, disruptive innovation, Dr. Strangelove, Dutch auction, Easter island, edge city, Edward Glaeser, Eyjafjallajökull, failed state, financial engineering, flag carrier, flying shuttle, food miles, Ford Model T, Ford paid five dollars a day, Frank Gehry, fudge factor, fulfillment center, full employment, future of work, Future Shock, General Motors Futurama, gentleman farmer, gentrification, Geoffrey West, Santa Fe Institute, George Gilder, global supply chain, global village, gravity well, Great Leap Forward, Haber-Bosch Process, Hernando de Soto, high-speed rail, hive mind, if you build it, they will come, illegal immigration, inflight wifi, intangible asset, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), intermodal, invention of the telephone, inventory management, invisible hand, Jane Jacobs, Jeff Bezos, Jevons paradox, Joan Didion, Kangaroo Route, Kickstarter, Kiva Systems, knowledge worker, kremlinology, land bank, Lewis Mumford, low cost airline, Marchetti’s constant, Marshall McLuhan, Masdar, mass immigration, McMansion, megacity, megaproject, Menlo Park, microcredit, military-industrial complex, Network effects, New Economic Geography, new economy, New Urbanism, oil shale / tar sands, oil shock, One Laptop per Child (OLPC), peak oil, Pearl River Delta, Peter Calthorpe, Peter Thiel, pets.com, pink-collar, planned obsolescence, pre–internet, RFID, Richard Florida, Ronald Coase, Ronald Reagan, Rubik’s Cube, savings glut, Seaside, Florida, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, SimCity, Skype, smart cities, smart grid, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, spinning jenny, starchitect, stem cell, Steve Jobs, Suez canal 1869, sunk-cost fallacy, supply-chain management, sustainable-tourism, tech worker, telepresence, the built environment, The Chicago School, The Death and Life of Great American Cities, the long tail, The Nature of the Firm, thinkpad, Thomas L Friedman, Thomas Malthus, Tony Hsieh, trade route, transcontinental railway, transit-oriented development, traveling salesman, trickle-down economics, upwardly mobile, urban planning, urban renewal, urban sprawl, vertical integration, Virgin Galactic, walkable city, warehouse robotics, white flight, white picket fence, Yogi Berra, zero-sum game

The story of China in the coming decades is where they will fly once their top export is ideas, like our own. This transformation has been hastened by the global downturn. Abandoned by many of their shadowy clients, ambitious companies like Casey’s are learning to innovate instead. Both stories begin in Shenzhen. Liam Casey arrived in 1996, a few years after paramount leader Deng Xiaoping declared “to get rich is glorious” while passing through the city on his farewell tour. Deng is the father of Shenzhen, having chosen this sleepy fishing village as the first of China’s “special economic zones” in 1980. Foreign firms were invited to open shop here with few constraints or taxes, triggering the transformation of the Pearl River Delta into “the factory of the world” and Shenzhen into the “Overnight City,” having grown two-hundred-fold since then.

The impact of the FedEx hub and its customers in orbit is officially pegged at $63 billion by 2020, compounded by billions more once the battery makers and windmill fabricators envisioned by Beijing are compelled to set up shop around it. Adjacent to the hub is an industrial park modeled on the Guangzhou Economic and Technological Development Zone, one of the first commissioned by Deng Xiaoping. Factory zones are to China’s instant cities what the exurbs were to American ones—the simplest formula for propelling growth. A common strategy is to clear the land, flip it to factory owners at below-market rates, and subsidize their investors with tax breaks. The GETDZ pioneered this approach to become the world’s factory for chewing gum, toothpaste, and artificial flavors.

It’s too early to tell whether the central bank will succeed in deflating bubbles (or defer-ring them into the future), although one thing is certain: if beggaring the world is what it takes to raise a billion of its own people out of poverty, China is determined to try. Maybe the most notable feature of its record-breaking build-out is where it’s taking place: in the west. Only a few years ago, government investment was still focused along the coast, especially in the Delta, Shanghai, and Beijing. “Let some get rich first,” Deng Xiaoping had ordained, which meant life expectancy in Guizhou province is a decade shorter than in the Delta, only a few hundred miles away. Such massive inequality is the primary source of China’s unrest—an estimated eighty thousand protests each year in rural towns and villages, suppressed and kept (mostly) out of sight.


pages: 1,373 words: 300,577

The Quest: Energy, Security, and the Remaking of the Modern World by Daniel Yergin

"Hurricane Katrina" Superdome, "World Economic Forum" Davos, accelerated depreciation, addicted to oil, Alan Greenspan, Albert Einstein, An Inconvenient Truth, Asian financial crisis, Ayatollah Khomeini, banking crisis, Berlin Wall, bioinformatics, book value, borderless world, BRICs, business climate, California energy crisis, carbon credits, carbon footprint, carbon tax, Carl Icahn, Carmen Reinhart, clean tech, Climategate, Climatic Research Unit, colonial rule, Colonization of Mars, corporate governance, cuban missile crisis, data acquisition, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, diversification, diversified portfolio, electricity market, Elon Musk, energy security, energy transition, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, fear of failure, financial innovation, flex fuel, Ford Model T, geopolitical risk, global supply chain, global village, Great Leap Forward, Greenspan put, high net worth, high-speed rail, hydraulic fracturing, income inequality, index fund, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), It's morning again in America, James Watt: steam engine, John Deuss, John von Neumann, Kenneth Rogoff, life extension, Long Term Capital Management, Malacca Straits, market design, means of production, megacity, megaproject, Menlo Park, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, mutually assured destruction, new economy, no-fly zone, Norman Macrae, North Sea oil, nuclear winter, off grid, oil rush, oil shale / tar sands, oil shock, oil-for-food scandal, Paul Samuelson, peak oil, Piper Alpha, price mechanism, purchasing power parity, rent-seeking, rising living standards, Robert Metcalfe, Robert Shiller, Robert Solow, rolling blackouts, Ronald Coase, Ronald Reagan, Sand Hill Road, Savings and loan crisis, seminal paper, shareholder value, Shenzhen special economic zone , Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, smart grid, smart meter, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, Suez crisis 1956, technology bubble, the built environment, The Nature of the Firm, the new new thing, trade route, transaction costs, unemployed young men, University of East Anglia, uranium enrichment, vertical integration, William Langewiesche, Yom Kippur War

The burning still mainly came not from the cars but rather from the many hundreds of thousands of oldfashioned coal ovens throughout the city that people were still using to cook and heat their homes. The dinner had gone on for a long time in the China Club, once the home of a merchant, and then a favorite restaurant of Deng Xiaoping, who had launched China’s great reforms at the end of the 1970s. Coal may have been in the air that night, but oil was on the agenda. With the dinner over, the CEO of one of China’s state-owned oil companies had stepped out into the enclosed courtyard with the other guests. Everybody’s overcoats were buttoned to the top against the cold.

For China, this was a means to strengthen its strategic position against the Soviet Union and reduce the risk of a “two-front war” with the Soviet Union and the United States. This was no mere theoretical matter, for Russian and Chinese military forces had already clashed on the border along the Amur and Ussuri rivers. The Chinese had a second set of reasons as well. The most virulent phase of the Cultural Revolution was over. Vice Premier Deng Xiaoping and others were trying to get the country working again. They knew that self-reliance could not work. China needed access to international technology and equipment to modernize the economy and restore economic growth. But a very big obstacle stood in the way: How to pay for such imports? “Petroleum export–led growth”—that was Deng’s answer.

“You never had to be competitive before.”13 THE “GO OUT” STRATEGY: USING TWO LEGS TO WALK China has become a growing presence in the global oil and natural gas industry. This new role goes by the name of the “go out” strategy. It was enunciated as policy around 2000, though the policy’s roots extend back to the original reforms of Deng Xiaoping. The first steps abroad were very small ones, beginning in Canada, then Thailand, Papua–New Guinea, and Indonesia. In the mid-1990s, CNPC acquired a virtually abandoned oil field in Peru. By applying the kind of intense recovery techniques it had honed to coax more oil out of complex older oil fields in China, it took the field from 600 barrels a day to 7,000.


pages: 238 words: 73,121

Does Capitalism Have a Future? by Immanuel Wallerstein, Randall Collins, Michael Mann, Georgi Derluguian, Craig Calhoun, Stephen Hoye, Audible Studios

affirmative action, blood diamond, Bretton Woods, BRICs, British Empire, business cycle, butterfly effect, company town, creative destruction, deindustrialization, demographic transition, Deng Xiaoping, discovery of the americas, distributed generation, Dr. Strangelove, eurozone crisis, fiat currency, financial engineering, full employment, gentrification, Gini coefficient, global village, hydraulic fracturing, income inequality, Isaac Newton, job automation, joint-stock company, Joseph Schumpeter, junk bonds, land tenure, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, loose coupling, low skilled workers, market bubble, market fundamentalism, mass immigration, means of production, mega-rich, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, offshore financial centre, oil shale / tar sands, Ponzi scheme, postindustrial economy, reserve currency, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, Suez crisis 1956, too big to fail, transaction costs, vertical integration, Washington Consensus, WikiLeaks

If the world had gone down this pathway, Gorbachev would now appear the political “sphinx” astutely placating different constituencies with his opaque messages. The visionary pragmatist then would have been praised for taking his country “across the river feeling with his foot one stone at a time” to the shores of capitalist prosperity. The river-crossing metaphor is, of course, Chinese, and it refers to Deng Xiaoping. It is perhaps worth remembering that until the end of 1989, or even later, Gorbachev was universally praised as democracy promoter and the bold unifier of Europe, while Deng was vilified as the butcher of Tiananmen Square. The difference between the Chinese and Soviet exits from communism, however, was not only in the leading personalities and their political styles.

In 1989 the Chinese party cadres closed their ranks against the movement because the previous episode of upper-echelon factionalism provoking student militancy, the ultra-Maoist Cultural Revolution of the late 1960s, was very much in their memory. Perhaps more importantly, senior Chinese cadres remained the veterans of armed struggle—unlike Gorbachev and his comrades who were career apparatchiks two generations removed from revolution and civil war. For people like Deng Xiaoping, the notion of power growing from a gun barrel was not merely a metaphor. The suppression of the Tiananmen protests, however, came at a steep ideological cost. The activist students laid claim on the same ideals that legitimated the Communist party itself. The leftist attack on a leftist regime produced a turn to the right even if nobody from the top ever dared to officially acknowledge it.


pages: 264 words: 76,643

The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations by David Pilling

Airbnb, Alan Greenspan, banking crisis, Bernie Sanders, Big bang: deregulation of the City of London, Branko Milanovic, call centre, carbon tax, centre right, clean tech, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, dark matter, Deng Xiaoping, Diane Coyle, Donald Trump, double entry bookkeeping, Easter island, Erik Brynjolfsson, falling living standards, financial deregulation, financial engineering, financial intermediation, financial repression, Gini coefficient, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Google Hangouts, Great Leap Forward, Hans Rosling, happiness index / gross national happiness, Higgs boson, high-speed rail, income inequality, income per capita, informal economy, invisible hand, Jeremy Corbyn, job satisfaction, Mahatma Gandhi, Mahbub ul Haq, market fundamentalism, Martin Wolf, means of production, military-industrial complex, Monkeys Reject Unequal Pay, mortgage debt, off grid, old-boy network, Panopticon Jeremy Bentham, peak oil, performance metric, pez dispenser, profit motive, purchasing power parity, race to the bottom, rent-seeking, Robert Gordon, Ronald Reagan, Rory Sutherland, science of happiness, shareholder value, sharing economy, Simon Kuznets, sovereign wealth fund, TED Talk, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, Tragedy of the Commons, transaction costs, transfer pricing, trickle-down economics, urban sprawl, women in the workforce, World Values Survey

Even a country as big and important as China is not comfortable with economic statistics that suggest it is doing too well. For months Beijing fought fiercely behind the scenes to prevent the release in 2014 of data, compiled under the auspices of the World Bank, that showed China overtaking the US as the world’s biggest economy measured in local prices.12 The Communist Party had long adhered to Deng Xiaoping’s dictum that China should mask its prodigious rise by “hiding its light” and biding its time. Here were meddling economists from the World Bank, of all places, blowing the gaff. Kale had realized just how delicate a subject he was dealing with three years earlier. In 2011, when he had first been approached to oversee the recalculation of Nigeria’s national income, he knew he would have to work out the practicalities of conducting the exercise carefully in such a sprawling and complicated country.

They have to forge forward, and the highly educated people in Africa must get even better health services and education, and then everyone else must follow,” he said. In the long run you need policies to bridge the divide and to redistribute some of the wealth created. If not, you risk social friction or worse. “But the difference between the worst off and the best off doesn’t have to diminish until one to two decades down the road.” Deng Xiaoping made the same argument. The man who set China on the path to transformational growth also famously tweaked the egalitarian principles of communism with his dictum “Let some people get rich first.” Growth and social improvement can be self-reinforcing. “It’s mutual. More money brings better social well-being, and better social well-being gets more money if you run your policies wisely,” Rosling said.


pages: 232

Planet of Slums by Mike Davis

barriers to entry, Branko Milanovic, Bretton Woods, British Empire, Brownian motion, centre right, clean water, company town, conceptual framework, crony capitalism, declining real wages, deindustrialization, Deng Xiaoping, disinformation, Dr. Strangelove, edge city, European colonialism, failed state, gentrification, Gini coefficient, Hernando de Soto, housing crisis, illegal immigration, income inequality, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, jitney, jobless men, Kibera, labor-force participation, land reform, land tenure, Lewis Mumford, liberation theology, low-wage service sector, mandelbrot fractal, market bubble, megacity, microcredit, Nelson Mandela, New Urbanism, Pearl River Delta, Ponzi scheme, RAND corporation, rent control, structural adjustment programs, surplus humans, upwardly mobile, urban planning, urban renewal, War on Poverty, Washington Consensus, working poor

In a thought-provoking article comparing recent inner-city redevelopment in the PRC to urban renewal in the United States in the late 1950s and early 1960s, Yan Zhang and Ke Fang claim that Shanghai forced the relocation of more than 1.5 million citizens between 1991 and 1997 to make way for skyscrapers, luxury apartments, malls, and new infrastructure; in the same period nearly 1 million residents of Beijing's old city were pushed into the outskirts 29 In the beginning, urban redevelopment in Deng Xiaoping's China, as in Harry Truman's America, consisted of pilot housing projects that seemed to pose little threat to the traditional urban fabric. When localities scaled up these experiments and accelerated the pace of housing redevelopment, however, there was not a provision in the programs to limit market-rate housing and nonresidential uses.

Chapin, Edwin 22 slum-dwellers 23, 27 ChapJin, Susan 140, 149 squatters 29, 33, 39, 43 Chatterjee, Gautam 18 state repression 110-11 Chatterjimitra, Banashree 100 traffic accidents 132-3 chawls 34, 36, 178, 202 urbanization 58 Chennai 170, 190 youth disaffection 202 Cheru, Fantu 148 Zamalek 115 Chicago 16 Calcutta see Kolkata children Caldeira, Teresa 118 abandoned 205 Cali 49 child labor 181,186-8 callejones 34 malnutrition 159, 160, 172 Cambodia 15, 54 mortality rates 25, 146, 148-9, Cape Town 60-1, 117, 146 capitalism 23, 50, 80, 199, 202 China 60 crony 92 161, 171, 172, 200 witchcraft 192, 196-8 Chile 109, 156, 157 China informal sector 179,181 agricultural land 135 structural adjustment programs automobiles 132, 133 153 Caracas 54-5, 59, 93 economic development 168-70 evictions 103 housing 176 illegal land speculation 88 riots 162 industrial growth 13 soil instability 122-3 informal sector 177, 178 squatters 38, 39-40 public housing 31, 62 Caribbean 148 rural migration 53-4 Carlos Alfredo Diaz 49 sewage 140 Casablanca 201, 202 slum population 24 Castells, Manuel 89, 176, 185n40 social struggle in 91 Castro, Fidel 61 urbanization 2, 6-7, 9, 11-12, 60 Ceylon 52 women 158 Chad 23 Chittagong 147 The Challenge of Slums 20-1, 22, 25, Choguill, Charles 74 153, 154, 163, 174-5 Chossudovsky, Michel 148 Chamoiseau, Patrick 174, 198 churches 195, 196-7 Chang, Ha-Joon 154 Cite-Soleil 92, 142 Chant, Sylvia 158, 184 Ciudad Juarez 16 civil society 76 housing 66 class see social class pollution 133 Clausen, Eileen 131-2 population 4 clientelism 57, 58, 76, 77 refugees 55—6 Cochabamba 25 satellite cities 99 Colombia 48, 49, 165, 200 sewage 340 Colombo 11, 32, 86, 136, 188 slum-dwellers 18, 23, 26 colonialism 51-3, 96, 97, 114, 139 Congo, Democratic Republic of (formerly Zaire) 16, 53, 191-8 urban/rural hybridization 10 Demarest, Geoffrey 205 democracy 68, 154 Connolly, Priscilla 17 Deng Xiaoping 103 corruption 88, 125-6, 150, 165 deregulation 15 Costa Rica 157, 160 desakotas 9n27, 10, 11 criminals 41, 49 Devas, Nick 68 Cuba 61, 62 development agencies 99 Czegledy, Andre 117 Devisch, Rene 191, 193-4, 195, 196 Dewar, Neil 97 Dhaka Dabu-Dabu 104-5 Dadaad 48 child labor 186 Dakar 46, 53, 74, 98, 102 disease 147 dalals 41 environmental disasters 129 Dar-es-Salaam 16, 51, 74, 134, 146, evictions 111 fires 128 155, 182 Darman, Richard 153 Grameen Bank 183 Darwin, Charles 182 hazardous slum locations 121 Das, Arvind 181 inequality 95-6 Das, P.K. 77-8 informal sector 177 Datta, Kavita 72 land speculation 86 Davis, Diane 55 population 4, 5 De Boeck, Filip 191-2, 194, 197 poverty 191 debt crisis 14, 84, 149, 152, 153-4, refugees 55-6 renting 43 159 deindustrialization 167 Delhi 33, 36, 356, 159, rickshaws 189 sewage 138, 139 slum-dwellers 23, 26, 27 evictions 100 urbanization 2 fires 128 water sales 145 Dhapa dump 47 Dharavi 92, 93 Diaz Ordaz, Gustavo 60 Dick, Philip K. 120 Dickens, Charles 23 disease 52, 142-50, 172 domestic service 188 Dominican Republic 105-6 Drakakis-Smith, David 10 Dublin 16, 31, 175 Diindar, Ozlem 85 Durand-Lasserve, Alain 91 Dushanbe 204 Dutton, Michael 112 earthquakes 126—7 East Asia 6-7, 12-13, 37 Eastern Europe 167-8 Eckstein, Susan 43 economic development 168-73 Ecuador 159 Edwards, Michael 35 Egypt land speculation 85 poverty 165 public housing 69 slum population 24 squatting 38 state repression 110 urbanization 9 El Paso 42 El Salvador 204 Elbasan 168 elites 69, 96, 119, 120, 149-50 see ako middle classes Eltayeb, Galal Eldin 21n3 employment 27, 29, 30, 4 6 - 7 child labor 181, 186-8 China 168-9 India 171, 172-3 informal sector 157, 159, 160^-1, 167, 175-94, 198 structural adjustment programs 157, 163-4 surplus labor 182, 199 women 158-9 see also unemployment empowerment 75 Engels, Friedrich 20, 23, 137, 138 England 137-8 entrepreneurs 41, 46, 80, 144-5, 179, 180, 182 environmental issues 121-50 epidemics 52 Escobar, Augustin 160 Estrada, Joseph 104 Ethiopia 23, 24 ethnic violence 185 Etienne, Yolette 184 Europe 31, 183 Evers, Hans-Dieter 65, 83, 183 evictions 98, 99-103 Bangkok 65 beautification campaigns 104-8 Delhi 66, 100 Manila 92, 99 excrement 137—42 exploitation 181, 186-90 Fabre, Guilhem 54 Faisalabad 145 Fakulteta 167 family separation 160,161 Fang, Ke 103 favelas 27, 34, 93, 202 demolition of 108 Gooptu, Nandini 52, 69, 97-8, 140n67, 178 hazardous locations 122 Gorky, Maxim 22 population growth 17 Goulart, Jao 62 regularization projects 81 Graham, Stephen 205-6 water contamination 136 GrameenBank 183 see also shantytowns grassroots groups 76, 77 Findley, Sally 14n41 Great Britain 137 fire 127-8 gross domestic product (GDP) 13 Firozabad 187-8 Guadalajara 159-60 Flight, Thomas 83 Guangzhou 16 flooding 123-6 Guatemala City 32, 126, 188 Gandy, Matthew 128-9 Guldin, Gregory 8 - 9 Guayaquil 16, 159 gated communities 115—20 Gauteng (Witwatersrand) 4, l l n 3 1 Haiti 16, 184 Gaviria, Cesar 165 Hanoi 135-6, 139, 145 Gaza 48 Harare 96-7, 102, 113-14, 160-1 Gazzoli, Ruben 77 Hardt, M. 201 GDP see gross domestic product Harms, Hans 109 gecekmdus Harris, Nigel 14 37, 38-9, 57, 85, 127, 136, 202 Hart, Keith 178 Geddes, Patrick 134 Haussman, Baron 64, 98 Geertz, Clifford 182 Havana 32, 61 gentrification 43, 73, 85 health issues 142-50,159 geology 122-3 see also sanitation Ghana 35, 141-2, 148 Hewitt, Kenneth 126 Ghannam, Farha 110-11 highways 118-19 Giddens, Anthony 119 Hilat Kusha 47 Gilbert, Alan 43, 50, 81-2, 90 HIV/AIDS 143, 149, 150, 153, GINI coefficients 157,165,166 160-1, 192, 196 Glasser, David 32 Hodges, Tony 102 globalization 11, 150, 163, 168, Hoffman, Kelly 180 174 Goma 48 homelessness 36-7 Hong Kong 3 1 , 3 5 , 3 6 Gonzalez, Mercedes 160 evictions 102 "good governance" 79, 82 gated communities 115 Hong Kong (Cont'd.) public housing 62, 63-4 Triads 41 Horton, Richard 147 middle class 150 sewage 139-40 slum improvement projects 78-9 slum population 24 House, William 180 surplus labor 199 housing 27-9, 30, 176, 200 urbanization 8, 9, 16, 55—6 Beijing 103 individualism 184 hand-me-down 31—4 Indonesia 10, 24, 26, 177 privatization 63, 71 Indore scheme 78-9 public 31, 61-7, 69 industrialization 13, 14, 16, 57, 147 Russia 167 inequality 7, 95, 154, 157-8 self-help 71, 72, 81-2, 90 Africa 96-7 Howard, Allen 97 Angola 164 human organ trade 190 China 168 Human Rights Watch 106,186,187 Colombia 165 Huntington, Samuel 56 India 97 Hyderabad 8, 56, 88, 128, 170 informal sector 181 Hylton, Forrest 201 Pakistan 166 hypercities 5 Russia 166 transport 131-2 IDPs see internally displaced people ILO see International Labour Organization infant mortality 25, 146, 148-9, 161, 171, 172, 200 informal sector 17, 157, 159, 160-1, IMF see International Monetary Fund 167, 175-94, 198 imperialism 76, 78, 174 see also street vendors India inner city poverty 31—7 agricultural land 135 inquilinatos British colonialism 52 insurgency 203-4 34 child labor 187-8 internally displaced people (IDPs) 48 economic development 168, International Labour Organization 170-3 exclusionary geography 97-8 (ILO) 17, 156, 189 International Monetary Fund (IMF) housing policy 34, 65-6, 69 14, 15, 18, 70, 84, 200 human organ trade 190 Congo 192, 193, 194 informal sector 177,178 protests against 161—3 interethnic solidarity 185 structural adjustment programs land ownership 84 62, 148, 152-3, 155, 193 taxation 68,155 Soweto 44-5, 142 involution 182-3,201 Jones, Gareth A. 72 Iran 24, 48, Jones, Gareth Stedman 82-3 Ishash al-Turguman 110 Josaphat, Lovly 142 Islamism 165 Joseph, Jaime 183-4 Israel 111 Istanbul 37, 38-9, 42, 57, 202 Kabul 48, 134, 204 earthquakes 127 Kakkar, Prahlad 140 Omerli forest 136 Kalle, Pepe 121 population 4 Kampala 137, 142 property investment 85 Kamwokya 142 Ivory Coast 156 Kanji, Nazneen 160-1 Kanpur 140n67 Jacquemin, Alain 68-9 Kaplan, Robert D. 202 Jakarta Karachi child labor 188 dalals 41 desakotas 10 informal sector 177 evictions 102 land speculation 84, 88 gated communities 116 military planning 204 land ownership 91 population 4, 5 motorization 131 refugees 55-6 NGOs 77 slum dwellers 18, 23, 26, 27, 31 pollution 129 waste disposal 134 population 4, 5 water sales 145 poverty 26 Kaunda, Kenneth 111 public housing 64 Keeling, David 39, 41 sewage 139 Kelly, Philip 10n30 state repression 112-13 Kenya 16, 18, 48, 87, 142 urbanization 1 Keyder, Qaglar 37, 57-8, 85 waste disposal 134 Khan, Akhtar Hameed 41 Jamaica 67 Khan, Azizur 168 Java 16, 182 Khartoum Jellinek, Lea 77 flooding 124 Jiang Zemin 168 growth of 16, 37 Johannesburg 33, 116-17, 118 Hilat Kusha 47 deindustrialization 13 informal sector 177 geology 122 refugees 48 Khartoum (Cont'd.)


pages: 248 words: 73,689

Age of the City: Why Our Future Will Be Won or Lost Together by Ian Goldin, Tom Lee-Devlin

15-minute city, 1960s counterculture, agricultural Revolution, Alvin Toffler, Anthropocene, anti-globalists, Berlin Wall, Bonfire of the Vanities, Brixton riot, call centre, car-free, carbon footprint, Cass Sunstein, charter city, Chuck Templeton: OpenTable:, clean water, cloud computing, congestion charging, contact tracing, coronavirus, COVID-19, CRISPR, data science, David Brooks, David Ricardo: comparative advantage, decarbonisation, deindustrialization, Deng Xiaoping, desegregation, Edward Glaeser, Edward Jenner, Enrique Peñalosa, fake news, Fall of the Berlin Wall, financial engineering, financial independence, future of work, General Motors Futurama, gentrification, germ theory of disease, global pandemic, global supply chain, global village, Haight Ashbury, Hernando de Soto, high-speed rail, household responsibility system, housing crisis, Howard Rheingold, income per capita, Induced demand, industrial robot, informal economy, invention of the printing press, invention of the wheel, Jane Jacobs, Jeff Bezos, job automation, John Perry Barlow, John Snow's cholera map, Kickstarter, knowledge economy, knowledge worker, labour mobility, Lewis Mumford, lockdown, Louis Pasteur, low interest rates, low skilled workers, manufacturing employment, Marshall McLuhan, mass immigration, megacity, Neal Stephenson, Network effects, New Urbanism, offshore financial centre, open borders, open economy, Pearl River Delta, race to the bottom, Ray Oldenburg, remote working, rent control, Republic of Letters, Richard Florida, ride hailing / ride sharing, rising living standards, Salesforce, Shenzhen special economic zone , smart cities, smart meter, Snow Crash, social distancing, special economic zone, spinning jenny, Steve Jobs, Stewart Brand, superstar cities, the built environment, The Death and Life of Great American Cities, The Great Good Place, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban sprawl, Victor Gruen, white flight, working poor, working-age population, zero-sum game, zoonotic diseases

Over the past four decades, more than 800 million people have been lifted out of extreme poverty in China, which alone has reduced the number of desperately poor people in the world by 75 per cent.28 At some point in the 2020s, China will probably pass the World Bank threshold for a high-income country, an incredible turnaround given that in 1950 it ranked in the bottom 20 poorest countries in the world.29 As elsewhere, cities have been the engine room for this development. Never before have so many people moved in such a short time from the countryside to cities. By 2030 one in five city dwellers in the world will be Chinese. The economic modernization of China began in earnest at the close of the 1970s under the leadership of Deng Xiaoping. First for reform was agriculture, where land was decollectivized and the ‘Household Responsibility System’ was introduced, shifting responsibility for profits and losses back to farmers. This set the foundations for a rapid acceleration in improvements in cereal yields, as farmers became incentivized to adopt more efficient practices.

Index abortion here abstract mathematics here Achaemenid Empire here Adani, Gautam here agglomeration effects here agriculture here, here, here, here, here, here, here, here, here and carbon emissions here and disease here, here productivity here, here vertical farming here Ahmedabad here air-conditioning here, here airports here, here, here, here Albuquerque here Alexandria here Allen, Paul here Allen, Thomas here Altrincham here Amazon here, here, here Amazon rainforest here Amsterdam here Anatolia here Anderson, Benedict here Anheuser-Busch here antibiotics here, here, here Antonine Plague here Anyang here apartment conversions here, here Apple here, here, here Aristotle here Arizona State University here Arlington here Assyrian merchants here Athens, Ancient here, here, here, here, here, here Atlanta here, here Austin here, here, here automation here, here, here, here, here, here, here, here axial precession here Baghdad, House of Wisdom here Baltimore here, here Bangalore here, here Bangkok here Bangladesh here, here, here, here Barlow, John Perry here Bauhaus here Beijing here, here Belmar redevelopment here Berkes, Enrico here Berlin here, here, here Berlin Wall, fall of here Bezos, Jeff here biological weapons here ‘biophilia’ here biospheres here bird flu here Birmingham here, here Black Death here, here, here Blake, William here Bloom, Nick here BMW here ‘bobo’ (bourgeois bohemian) here, here, here Boccaccio, Giovanni here Boeing here, here, here Bogota here Bologna here Bonfire of the Vanities here Borneo here Boston here, here, here Boston University here, here Brand, Stewart here Brazil here, here Brexit here, here, here Bristol here Britain broadcasting here deindustrialization here education here enclosure movement here foreign aid here high-speed rail here, here house prices here immigration here industrialization here, here infant mortality here ‘levelling up’ here life expectancy here mayoralties here per capita emissions here per capita incomes here remote working here social housing here Brixton riots here broadcasting here Bronze Age here, here, here, here bronze, and shift to iron here Brooks, David here Brynjolfsson, Eric here Burgess, Ernest here bushmeat here, here Byzantine Empire, fall of here Cairncross, Frances here Cairo here calendar, invention of here Cambridge, Massachusetts here Cambridge University here canals here, here, here ‘cancel culture’ here Cape Town here Catholic Church here C40 Cities partnership here Chadwick, Edwin here Chang’an (Xi’an) here, here, here, here Charles, Prince of Wales here charter cities here Chengdu here Chiba here Chicago here, here, here, here, here, here, here, here childbirth, average age at here childcare here, here, here, here, here China here ancient here, here, here, here call-centre workers here cereal production here civil strife here and Covid-19 pandemic here Cultural Revolution here definition of cities here economic liberalization here entry into WTO here Household Responsibility System here hukou system here One Child Policy here Open Coastal Cities here per capita emissions here rapid ageing here Special Economic Zones here technology here urbanization here China Towns here Chinese Communist Party here cholera here, here, here, here Chongqing here cities, definition of here Citigroup here city networks here civil wars here Cleveland here, here, here, here climate change here, here, here, here, here, here, here, here, here, here coastal cities here, here, here, here commuting here, here, here, here, here, here, here, here Concentric Zone Model here Confucius here conspiracy theories here Constantinople here, here containerization here, here Copenhagen here, here Corinth here Cornwall here corruption here Coventry here, here covid-19 see pandemics crime rates here ‘cyberbalkanization’ here cycling here, here, here, here Damascus here Dark Ages here, here data science here de Soto, Hernando here deforestation here, here, here, here Delhi here Dell here Delphic oracle here democracy here, here, here Democratic Republic of Congo here, here, here, here, here, here Deng Xiaoping here dengue fever here Denmark here, here Detroit here, here, here, here, here, here, here Dhaka here, here, here, here, here Dharavi here Diana, Princess of Wales here diasporas here, here Dickens, Charles here district heating systems here Dresden here drought here, here, here, here, here, here, here Drucker, Peter here dual-income households here, here Dubai here, here, here Dunbar, Kevin here Düsseldorf here East Antarctic ice sheet here East China Sea here, here Easterly, William here Eastern Mediterranean here, here, here Ebola here Edinburgh here education here, here, here, here, here, here, here, here, here, here, here, here, here, here higher education here, here, here, here; see also universities Japanese school system here Egypt here, here Ancient here, here, here, here Ehrenhalt, Alan here electric vehicles (EVs) here Engels, Friedrich here Enlightenment here Epic of Gilgamesh here Erfurt here Ethiopia here, here Euripides here European Enlightenment here exchange rates here Facebook here, here, here fake news here famine here, here fertility rates here, here, here ‘15-minute city’ principle here Fischer, Claude here Fleming, Alexander here flooding here, here, here, here, here, here, here Florida, Richard here, here food shortages here Ford, Henry here, here foreign aid here fossil fuels here, here France here, here, here, here, here, here, here, here, here, here, here Frankfurt here Franklin, Benjamin here Friedman, Thomas here, here Fryer, Roland here Fukuoka here, here Gaetani, Ruben here Galileo Galilei here Ganges River here Garden Cities here Garden of Eden here Gates, Bill here, here gay community here General Electric here General Motors here genetic engineering here gentrification here, here, here, here, here George, Andy here Germany here, here, here, here, here, here Gingrich, Newt here glaciers here Glasgow here Glass, Ruth here global financial crisis here, here, here global population, size of here globalization here, here, here, here, here, here, here, here, here, here Goldstein, Amy here Google here, here, here Goos, Maarten here Grant, Adam here Great Depression here, here Greece, Ancient here, here, here, here, here Griffith Observatory here Gropius, Walter here Gruen, Victor here Gulf Stream here Haiti here Hamburg here Hanseatic League here, here Harappa here, here Harry, Prince here Harvard University here hate speech here Haussmann, Baron here, here Hawaii here Hazlitt, William here healthcare here, here, here, here, here, here, here, here, here, here heatwaves here, here Hebei here Heckscher, Eli here Herodotus here Himalayas here Hippocrates here Hippodamus here Hittite Empire here HIV here, here Ho Chi Minh City here Holocene here, here, here homophily here Hong Kong here house prices here, here, here, here, here, here, here Houston here, here, here Howard, Ebenezer here Hudson River here Hugo, Victor here Hume, David here Hurricane Katrina here hybrid working, see remote and hybrid working ice melting here, here import substitution industrialization here InBev here India here, here, here, here, here, here, here, here, here fertility rates here Indonesia here, here Indus River here Indus Valley here, here, here inequality here, here, here, here, here, here, here, here, here, here, here infant and child mortality here, here, here, here influenza here, here, here ‘information cocoons’ here Instagram here internet here, here, here, here, here, here invention here, here, here, here, here, here, here, here, here, here irrigation here, here, here, here Italy here Jacobs, Jane here, here, here Jakarta here, here James, Sheila here Japan here, here, here, here, here, here, here, here, here post-war development here schooling system here Jenner, Edward here Jesus Christ here Jobs, Steve here jobs apprenticeships here ‘lousy’ and ‘lovely’ here tradeable and non-tradeable here Justinian Plague here Kashmir here Kenya here Kinshasa here, here Kish here knowledge workers here, here, here, here, here, here, here, here, here, here, here, here Koch, Robert here Kolkata here Korean War here Krugman, Paul here Kushim Tablet here Lagash here Lagos here, here, here, here, here, here, here Lahore here land titling programmes here Las Vegas here Latin language here Lee Kuan Yew here, here Leeds here, here Leicester here Leipzig here, here, here, here Letchworth here life expectancy here, here, here, here, here, here Liverpool here, here Ljubljana here London here, here, here, here, here, here, here bike lanes here Canary Wharf here, here Chelsea here, here, here China Town here cholera outbreaks here City of London here, here coffeehouses here and Covid-19 pandemic here financial services here gentrification here, here, here Great Stink here, here heatwaves here, here house prices here, here hybrid working here, here immigration here, here incomes here, here mayoralty here migration into inner London here population growth here, here, here poverty here, here public transport here, here, here slum housing here social housing here suburbanization here Los Angeles here, here, here, here Louisville here Luoyang here Luther, Martin here Luton Airport here Luxembourg here, here Lyon here McDonald’s here McDonnell Douglas here McLuhan, Marshall here Madagascar here malaria here, here, here, here Malaysia here Mali here malls, reinvention of here Manchester here, here, here, here, here, here, here Manila here Manning, Alan here Markle, Meghan here marriage here Marshall, Alfred here Marshall, Tim here Marx, Karl here Maya here, here measles here, here, here Meetup here mega regions here Mekong River here Memphis, Egypt here, here Mesoamerica here, here Mesopotamia here, here, here metallurgy here metaverse here methane here, here Mexico here Miami here, here, here microbiology here Microsoft here, here, here middle class, rise of here migration policy here millennial generation here Milwaukee here, here Minoan civilization here Mistry, Rohinton here MIT here MMR vaccine here ‘modernization’ theory here Mohenjo-Daro here, here Moretti, Enrico here, here mortality rates here, here, here, here, here, here, here, here, here, here, here, here motor car, invention of here Moynihan, Daniel here Mumbai here, here Mumford, Lewis here, here, here, here Munich here, here Mycenaean civilization here Nagoya here, here Nairobi here Nashville here National Landing, Arlington here Natural History Museum here natural resource exports here Nestlé here Netherlands here network effects here New Economics Foundation here New Orleans here, here New York here, here, here, here, here, here, here, here, here, here carbon emissions here and Covid-19 pandemic here gentrification here, here housing here, here, here incomes here, here Manhattan here, here, here, here, here population growth here, here and rising sea levels here slum housing here suburbanization here, here subway here waste and recycling here New York Central Railroad here New York World Fair here Newcastle here Nextdoor here Niger here Nigeria here, here, here, here Nilles, Jack here, here Nipah virus here Norway here, here Nottingham here Novgorod here ocean and air circulation here office rental and sales prices here Ohlin, Bertil here Oldenburg, Ray here online deliveries here OpenTable here Osaka here, here Oslo here Ottoman Empire here Oxford, population of here Oxford University here Pacific Belt Zone here Padua here Pakistan here, here, here pandemics here, here, here, here, here, here, here, here, here, here, here, here, here, here and zoonotic diseases here paramyxovirus here Paris here, here, here, here, here, here, here, here, here, here, here, here, here, here, here, here Paris Conference (2015) here Park Chung-hee, General here parks here Pasteur, Louis here Pearl River Delta here, here Peñalosa, Enrique here per capita income here Philadelphia here Philippines here, here Phoenix here, here Pixar here plague here, here, here, here Plato here plough, invention of here pollution here, here, here, here air pollution here, here, here, here population growth here, here, here, here, here, here, here, here PORTL here potter’s wheel, invention of here printing press here, here productivity here, here, here, here, here agricultural here, here Protestantism, rise of here public transport here, here, here, here, here, here, here, here, here, here, here, here, here, here Putnam, Robert here, here quarantine here railways here, here, here, here, here high-speed rail here, here, here Ralston Purina here Reagan, Ronald here recycling here, here religion here remote and hybrid working here, here, here, here Renaissance Florence here, here, here renewable energy here, here Republic of Letters here République des Hyper Voisins here ‘resource curse’ here Rheingold, Howard here Ricardo, David here Rio de Janeiro here Riverside, San Francisco here robotics here Rockefeller, John D. here Roman Empire here, here, here Rome, Ancient here, here, here, here, here, here Romer, Paul here Rotterdam here Rousseau, Jean-Jacques here, here Sahel here, here sailboat, invention of here St Augustine here St Louis here, here, here Salesforce here San Diego here San Francisco here, here, here, here, here, here, here, here, here, here, here gentrification here, here hybrid working here, here San Francisco Bay Area here, here, here Santa Fe here São Paulo here Savonarola, Girolamo here Scientific American here Scott, Emmett J. here sea levels, rising here, here, here Seattle here, here, here, here, here, here Second Opium War here Seneca here Seoul here Shanghai here, here, here, here, here Shantou here Sheffield here, here, here Shen Nung here Shenzhen here, here Siemens here Silk Roads here, here Sinclair, Upton here Singapore here, here, here, here Slater, Samuel here smallpox here, here Smith, Adam here, here Snow, John here social capital here social housing here, here social media here, here, here, here, here Socrates here solar panels here South Africa here South Korea here, here, here, here, here, here Southdale Center here specialization here, here, here, here, here, here Spengler, Oswald here Starbucks here Stephenson, Neal here Stewart, General William here Stuttgart here Sub-Saharan Africa here subsidiarity principle here suburbanization here, here, here, here, here, here, here, here, here Sunstein, Cass here Sweden here, here Sydney here, here, here, here, here, here Syrian refugees here, here Taiwan here Tanzania here telegraph here Tempest, Kae here Thailand here Thames River here, here Thatcher, Margaret here, here, here ‘third places’ here Tianjin here Tocqueville, Alexis de here Toffler, Alvin here Tokyo here, here, here, here trade liberalization here trade routes here Trump, Donald here, here tuberculosis here, here, here Twain, Mark here Twitter here, here typhoid here, here typhus here, here Uber here Uganda here Ukraine here, here Umayyad Caliphate here unemployment here, here United Nations here, here United States anti-global populism here anti-trust regulation and industrial consolidation here anxiety and depression here broadcasting here car registrations here cost of education here decline in trust here deindustrialization here Gilded Age here Great Migration here house prices here, here immigration here industrialization here inequality here labour mobility here ‘magnet schools’ here parking spaces here patent filings here per capita emissions here, here per capita incomes here remote working here, here, here return on equity here Rust Belt here schools funding here slavery here socioeconomic mobility here suburbanization here tax revenues here US Federal Housing Authority here US General Social Survey here US Trade Adjustment Assistance Program here universities here, here, here University College London here University of Texas here university-educated professionals here Ur here urban heat island effect here urbanism, subcultural theory of here Uruk here, here, here, here, here vaccines here, here Van Alstyne, Marshall here Vancouver here Venice here, here Vienna here, here Vietnam here voluntary associations here, here Wakefield, Andrew here walking here, here, here Wall Street here Warwick University here Washington University here WELL, The here Welwyn Garden City here wheel, invention of here wildfires here, here William the Conqueror here Wilson, Edward Osborne here, here Wilson, William here World Bank here, here World Health organization here World Trade Organization here World Wide Web here writing, invention of here Wuhan here, here Xiamen here Yangtze River here, here Yangtze River Delta here yellow fever here Yellow River here, here Yersinia pestis here Yokohama here YouTube here, here Yu the Great here Zhuhai here Zoom here Zoroastrianism here BLOOMSBURY CONTINUUM Bloomsbury Publishing Plc 50 Bedford Square, London, WC1B 3DP, UK 29 Earlsfort Terrace, Dublin 2, Ireland BLOOMSBURY, BLOOMSBURY CONTINUUM and the Diana logo are trademarks of Bloomsbury Publishing Plc This electronic edition first published in Great Britain 2023 Copyright © Ian Goldin and Tom Lee-Devlin 2023 Ian Goldin and Tom Lee-Devlin have asserted their right under the Copyright, Designs and Patents Act, 1988, to be identified as Authors of this work All rights reserved.


Evil Genes: Why Rome Fell, Hitler Rose, Enron Failed, and My Sister Stole My Mother's Boyfriend by Barbara Oakley Phd

agricultural Revolution, Alfred Russel Wallace, Barry Marshall: ulcers, cognitive dissonance, conceptual framework, corporate governance, dark triade / dark tetrad, Deng Xiaoping, disinformation, double helix, Great Leap Forward, Gregor Mendel, impulse control, Mahatma Gandhi, meta-analysis, Milgram experiment, mirror neurons, Mustafa Suleyman, Norbert Wiener, phenotype, Ponzi scheme, prisoner's dilemma, Richard Feynman, rolodex, Ronald Reagan, seminal paper, Silicon Valley, Stanford prison experiment, Steven Pinker, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, twin studies, union organizing, Y2K

China's economy was in a shambles; its agriculture based on inefficient, backbreaking hand toil; its industrial base worthless, turning out heaps of defective equipment. As a military power, China's only claim to fame was a multitude of warm bodies. There were entire fleets of planes that could not fly and a navy that could barely navigate the seas. (Of course today, with the free-market reforms initiated by Mao's successor, Deng Xiaoping, things are quite different.) Mao's many pathologies that led to China's sad deterioration were almost certainly rooted in his genetic predisposition. If his obstreperous, argumentative temperament was present early on, which is natural to suppose, it would have had a particularly poor fit with his father's brutal authoritarianism.

“Everyone was against me,” said Marshall, “but I knew I was right.” Marshall eventually proved his theory by drinking a petri dish of bacteria and giving himself gastritis (and to his wife's dismay, bad breath). A dose of antibiotics cured him. Marshall—and his stomach—eventually won the Nobel Prize for his groundbreaking work. f.Anyone, that is, except Deng Xiaoping, who easily bested the “Iron Lady” in negotiations for Hong Kong. But then, the brilliant, wily Deng had trained by surviving for decades under Mao. g.As with Reagan's Alzheimer's, Thatcher's case is particularly poignant. Her daughter noted: “She had such a brilliant memory—like a website. She could quote inflation statistics going back years without reference to a single note.”

See also gaslighting; lying; manipulation antisocial personality disorder and, 50, 135 as dimensional trait of psychopathy, 167 problem of detecting deceitful Machiavellians, 332–39 as strategy in “tit for tat,” 258 defense, psychological: neuroimaging study reveals processes underlying, 190 defense mechanisms, 37 De Forest, Lee, hijacked Edwin Armstrong's invention of FM radio, 291 De Gaulle, Charles (president of France), temper and remarkable memory of, 313 deinstitutionalization and resultant increased prison populations, 330 delusional thinking. See under cognitive dysfunction democracy. See politics, capitalism Democratic party. See also politics in relation to neuroimaging study of political partisanship, 189–90 Deng Xiaoping (leader of China), 248, 309n denial. See gaslighting; lying; manipulation dependent personality disorder, defined, 136 depersonalization, a trait of schizotypal personality disorder, 135 depression borderline personality disorder and, 140, 149 genetic effects BDNF alleles, 77–78 chromosome 2 region, 160 DARPP-32, 82–83 MAO-A, 80–81 serotonin transporters, 73–75 stress in relation to, 66 neural characteristics limbic system dysfunction in borderlines, 193–95 negative moods generated by right hemisphere, 92 theta rhythms, 148 ventromedial cortex, inactive in depressed people who find no meaning in what they do, 182 in people Lincoln, Abraham, 219n Mao, 224, 229–32 Milosevic, 161 Wiener, Norbert, 86 polio and, 116 Derby, Lord, on Winston Churchill: “He is absolutely untrustworthy…,” 285 despotism, as discussed by researcher Laura Betzig, 268–70 Despotism and Differential Reproduction (Laura Betzig), 268 despots.


pages: 496 words: 131,938

The Future Is Asian by Parag Khanna

3D printing, Admiral Zheng, affirmative action, Airbnb, Amazon Web Services, anti-communist, Asian financial crisis, asset-backed security, augmented reality, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Basel III, bike sharing, birth tourism , blockchain, Boycotts of Israel, Branko Milanovic, British Empire, call centre, capital controls, carbon footprint, cashless society, clean tech, clean water, cloud computing, colonial rule, commodity super cycle, computer vision, connected car, corporate governance, CRISPR, crony capitalism, cross-border payments, currency peg, death from overwork, deindustrialization, Deng Xiaoping, Didi Chuxing, Dissolution of the Soviet Union, Donald Trump, driverless car, dual-use technology, energy security, European colonialism, factory automation, failed state, fake news, falling living standards, family office, financial engineering, fixed income, flex fuel, gig economy, global reserve currency, global supply chain, Great Leap Forward, green transition, haute couture, haute cuisine, illegal immigration, impact investing, income inequality, industrial robot, informal economy, initial coin offering, Internet of things, karōshi / gwarosa / guolaosi, Kevin Kelly, Kickstarter, knowledge worker, light touch regulation, low cost airline, low skilled workers, Lyft, machine translation, Malacca Straits, Marc Benioff, Mark Zuckerberg, Masayoshi Son, megacity, megaproject, middle-income trap, Mikhail Gorbachev, money market fund, Monroe Doctrine, mortgage debt, natural language processing, Netflix Prize, new economy, off grid, oil shale / tar sands, open economy, Parag Khanna, payday loans, Pearl River Delta, prediction markets, purchasing power parity, race to the bottom, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, Ronald Reagan, Salesforce, Scramble for Africa, self-driving car, Shenzhen special economic zone , Silicon Valley, smart cities, SoftBank, South China Sea, sovereign wealth fund, special economic zone, stem cell, Steve Jobs, Steven Pinker, supply-chain management, sustainable-tourism, synthetic biology, systems thinking, tech billionaire, tech worker, trade liberalization, trade route, transaction costs, Travis Kalanick, uber lyft, upwardly mobile, urban planning, Vision Fund, warehouse robotics, Washington Consensus, working-age population, Yom Kippur War

Pol Pot’s commitment to autarky and social uniformity led to widespread famine and genocide until Vietnamese forces toppled the Khmer regime in 1979. Vietnam and China fought a brief border war as well in 1979, but China withdrew its forces once satisfied that the Soviets would not assist Vietnam. Starting in 1978, Mao’s successor, Deng Xiaoping, sought to blend socialism with the opportunities of the global economy. He decollectivized agriculture, allowed private enterprise, and opened the country to foreign trade and investment as the “tiger” economies had done in the preceding decade. In May 1980, Shenzhen in the Pearl River delta became the first Chinese Special Economic Zone, luring foreign capital with tax exemptions and light regulation.

Despite their socialist pretensions, those regimes proved not to be particularly utilitarian, willfully ignoring evidence contradicting their policies and failing to adapt to the international economic environment. After Mao, China recovered some of the virtues (old and new) of technocratic theory and practice. Deng Xiaoping’s admiration of Singapore’s success inspired his pragmatic opening of the economy, unleashing its potential through a mix of shock therapy and small-scale experimentation. Since that time, China has gained four decades’ worth of experience with markets, making many adaptations and course corrections.

Western, 357–58 Cold War, 2, 3, 6, 14, 19, 51–58, 86, 138, 283 colleges and universities, Asian: all-English programs in, 231 ethnic and cultural diversity in, 338 colleges and universities, European, Asian campuses of, 257 colleges and universities, US: Asian campuses of, 231–32 Asian enrollment in, 224–27 Asian studies departments in, 230 study-abroad programs in, 230–31 colonialism, 6, 22, 24, 27, 329 legacies of, 77–78 Columbus, Christopher, 43 commodities, trade in, 100, 111, 113, 160, 176, 322 China and, 21, 150, 157, 158, 273, 276–77 Russia and, 85, 88 Turkey and, 93, 94 Communist Party, Chinese, 49, 159–60, 300, 301 conflict, regional systems and, 11 Confucianism, 32, 34, 70, 300, 301 Congress, US, 195, 207, 222, 284 Asian Americans in, 221 Congressional Research Service (CRS), 293 Conrad, Sebastian, 28 Constantinople, 36, 39 sacking of, 43, 73, 91 consumerism, 23 corruption, 161, 267, 305 cosmetics industry, 346 Costa Rica, 274 Council of Europe, 57, 92, 241 coworking spaces, 204 Crazy Rich Asians (film), 347 Crimea, Russia’s annexation of, 83 Crimean War, 47 crusades, 39 Cuba, 271 Asian immigrants in, 275 cuisine, Asian: fusion, 345 global spread of, 343–45 Cultural Revolution, 56 culture, Asian, growing cross-border and global awareness of, 340–51 currency exchange rates, 169 Cyprus, 91 Cyrus the Great, Persian emperor, 30 Dalai Lama, 55, 120, 222, 358 Damico, Flávio, 277 Daoism, 31, 34 Darius I, Persian emperor, 30 Darius III, Persian emperor, 32 Defense Department, US, 98, 143 defense spending: in Asia, 17, 105, 137, 138 by Europe, 240, 248 Delhi Sultanate, 38–39 Demetrius, king of Bactria, 33 democracy, 15, 281–86 appeal of stability over ideals of, 285–86, 296, 309–13 Asian versions of, 21–22, 23, 281, 288–89 capitalism and, 352 failures and weaknesses of, 282–86, 294, 302–3 parliamentary, 295 Plato on, 286, 291 policy vs. politics in, 289, 296 populists’ hijacking of, 3 post–Cold War triumph of, 2 Singapore’s melding of technocracy and, 288–89, 290, 298 Deng Xiaoping, 57, 300 Dharma Bums (Kerouac), 331 Didi Chuxing (DiDi), 174–75, 198 digital integration, 186–89 digital technology: Asia and, 324 in governance, 318–20 Djibouti, 263 DNA editing, 201 Doha, art scene in, 342 dollar reserves, Asian holdings of, 163 Dream of the Red Chamber, 353 drones, commercial, 209 drug trade, 106–7 Duara, Prasenjit, 358 Dubai, 172, 173, 202, 212, 251, 261, 334 Dubai Ports World, 104, 261, 263 Durban, 265 Durov, Pavel, 173 Dutch, Southeast Asian colonies of, 45 Duterte, Rodrigo, 123–24, 305, 340 illiberal policies of, 306 Dyson, 210, 257 East Asia, 6, 51, 70, 140 cross-border literary tradition of, 353 democratization of, 61 economic growth of, 9 economic stability of, 63 exports of, 153, 154 Gulf states investments in, 103–4 oil and gas imports of, 82–83, 84–85, 106, 152, 175 in post–Cold War era, 60–61 prehistoric civilizations in, 29 US and, 140–41 US presence in, 16, 73 see also specific countries East Asian Community (EAC), 9 eco-activism, 182 e-commerce, 210–11, 228 Economic Cooperation Organization (ECO), 58 economic growth, 3, 4 rule of law and, 309–10 economy, global, 321–22 eco-tourism, 340 Ecuador, 274 education and professional training, 204–5, 317 Egypt, 29, 262 Eilat, 99 election, US, of 2016, 83, 320 electricity transmission systems, 112 electric vehicles, 179 energy: Asian need for, 9, 17, 62, 82–83, 84–85, 96, 100, 102, 103, 106, 152, 175–80, 177, 207 Europe’s need for, 84 Enlightenment, 22 Erdoğan, Recep, 87, 91, 92, 222, 310 Ethiopia, 262 eugenics, 200–201 Eurasia, 81 Eurasian Economic Union (EEU), 85, 87 Europe: alternative energy in, 175 anti-Muslim movements in, 255 anti-Soviet revolutions in, 58 Arabs in, 253, 255, 258 Asians in, 253–58 austerity policies in, 299 China and, 243, 246, 248–50 as coherent regional system, 7 defense spending by, 240, 248 energy needs of, 84 global civilization as influenced by, 21, 22–23 governance systems in, 284 internal trade in, 152 postwar rebuilding of, 14 Russia and, 83–84, 85, 89 Syrian refugees in, 63 US financial holdings of, 164–65 US relations with, 240 in voyages of discovery, 43–44, 68 see also specific countries Europe, Asia and, 239–58 arms sales in, 251 Asian investment in, 163, 246–47 financial sector in, 246, 247 food transport and, 244, 248 free trade agreements in, 250 infrastructure connectivity and, 243–44 retail sector in, 244 tourism in, 254–55 trade in, 13, 14, 241, 250 urban development and, 245–46 European Bank for Reconstruction and Development (EBRD), 241 European Central Bank, 243 European Coal and Steel Community, 7 European Customs Union, 92 European Economic Community, 57 European Investment Bank (EIB), 250 European Union, 2, 11, 13, 14, 127, 133, 249 expansion of, 241, 258 Israel and, 97 execution rates, in Asia, 308 Export-Import Bank of China, 84–85, 110, 273 Facebook, 208, 209, 219, 320 family-run businesses, Asian, 159–60 Far East, use of term, 5–6 Far Eastern Economic Review, 353 fashion: Asian, spread of, 345–46 Asian models in, 346 European, Asianization of, 345–46 Filipino Americans, 217 film industry: in Asia, 347–51 Asian directors in, 347 cross-Asian collaborations in, 348–49 Hollywood’s use of Asian themes in, 346–47 US-Asian collaboration in, 348 finance industry, Asian, 163 bonds in, 163, 164, 165–67 commodities markets in, 176 cross-border investments in, 166 foreign investments in, 167, 168, 171–72 IPO’s in, 167 private equity in, 171–72 privatization and, 169–71 stock markets in, 167–68 US and European investments by, 163–64 venture capital in, 173–74 finance industry, US, 166 Asia and, 167 financial crises: Asian (1997–98), 61, 62, 121, 151 Western (2007–08), 3, 14, 17, 62, 147, 152, 164, 233, 299 fintech (financial technology), 158, 168, 169, 188, 213 Flanagan, Owen, 357 flashpoints, geopolitical, in Asia, 11 food: Asian demands for, 244, 248 Asian production of, 177, 180–81, 182 Foreign Affairs, 8 Fosun International, 159–60 Foxconn, 132, 153, 194, 228 France: Arab immigrants in, 253 Asian immigrants in, 253 Asian trade of, 244 Indochina colonized by, 45 and loss of Indochina, 52 West Asian mandates of, 49 Francis I, Pope, 358 Franco-Prussian War, 286 Freedom House, 308 free trade: Asia and, 8, 102, 124, 129, 133, 153, 154, 158, 223, 250, 252, 272, 273 Western promotion of, 2–3, 158 Fujimori, Alberto, 276 Fukuoka, 135–36 Funabashi, Yoichi, 8–9 Funan Kingdom, 34 Fung, Spencer, 184 Future Forward Party, Thailand, 307 Gama, Vasco da, 43 Gandhara, 32, 33, 34 Gandhi, Mohandas K., 49, 265, 316 Ganges region, 29, 32 Ganges River, 33, 35, 46 “Gangnam Style” (music video), 343 Gates, Bill, 317 Geely, 194 General Electric, 110, 168, 211 Genghis Khan, 39–40 Georgia, Republic of, 59 technocracy in, 307 Germany, Nazi, 50 Germany, unified: Arab refugees in, 255 Asian immigrants in, 253, 254, 256 Asia’s relations with, 242 multiparty consensus in, 284 Ginsberg, Allen, 331 Giving Pledge, 317 Global-is-Asian, 22 globalization: Asia and, 8–9, 162, 357–59; see also Asianization growth of, 14 global order, see world order Goa, 44, 89, 186 Göbekli Tepe, 28 Goguryeo Kingdom, 34 Go-Jek, 187 Golden Triangle, 123 Google, 199, 200, 208–9, 219 Gorbachev, Mikhail, 58 governance: digital technology in, 318–19 inclusive policies in, 303 governance, global: Asia and, 321–25 infrastructure and, 322 US and, 321 government: effectiveness of, 303 trust in, 291, 310 violence against minorities by, 308–9 Government Accountability Office (GAO), 293 GrabShare, 174–75 grain imports, Asian, 90 Grand Canal, China, 37, 42 Grand Trunk Road, 33 Great Britain: Asian investments in, 247 Brexit vote in, 283–84, 286, 293–94 civil service in, 293–94 colonial empire of, 46–47 industrialization in, 46 Iran and, 252 populism in, 283–84 South Asian immigrants in, 253, 254 West Asian mandates of, 49–50 Great Game, 47 Great Leap Forward, 55 Great Wall of China, 31 Greece, 60, 91, 248 Greeks, ancient, 29, 34 greenhouse gas emissions, 176–77, 182 gross domestic product (GDP), 2, 4, 150 Grupo Bimbo, 272 Guam, 50, 136 Guangdong, 42, 98 Guangzhou (Canton), 37, 48, 68 Gulf Cooperation Council (GCC), 58, 101, 102 Gulf states (Khaleej), 6, 9, 57, 62, 81 alternative energy projects in, 251 Asianization of, 100–106 China and, 101, 102 European investment in, 251 India and, 102 Israel and, 99–100, 105 Japan and, 102 oil and gas exports of, 62, 74, 100–101, 176 South Asian migrants in, 334 Southeast Asia’s trade with, 102 South Korea and, 102 technocracy in, 311–12 US arms sales to, 101 women in, 315 see also specific countries Gulliver, Stuart, 148, 150 Gupta Empire, 35 H-1B visas, 219 Hamas, 59, 100, 139 Hamid, Mohsin, 184 Han Dynasty, 32, 33, 34, 300 Hanoi, 180 Han people, 31–32, 37, 69 Harappa, 29 Hardy, Alfredo Toro, 275 Hariri, Saad, 95 Harun al-Rashid, Caliph, 37 Harvard University, 230 Haushofer, Karl, 1 health care, 201–2 Helmand River, 107 Herberg-Rothe, Andreas, 75 Herodotus, 30 heroin, 106–7 Hezbollah, 58, 95, 96, 106 Hindus, Hinduism, 29, 31, 32, 34, 38, 70–71 in Southeast Asia, 121 in US, 220, 221 Hiroshima, atomic bombing of, 51 Hispanic Americans, 217 history, Asian view of, 75 history textbooks: Asia nationalism in, 27–28 global processes downplayed in, 28 Western focus of, 27–28, 67–68 Hitler, Adolf, 50 Ho, Peter, 289 Ho Chi Minh, 52 Ho Chi Minh City, 56 Honda, 275 Hong Kong, 56, 74 American expats in, 234 art scene in, 342 British handover of, 60, 141 civil society in, 313 Hongwu, Ming emperor, 42 honor killings, 315 Hormuz, Strait of, 103, 106 hospitality industry, 190, 214 Houthis, 106, 107 Huan, Han emperor, 33–34 Hulagu Khan, 40 Human Rights Watch, 313 human trafficking, 318 Hunayn ibn Ishaq, 37 Hungary, 40, 248, 256 Huns, 35, 76 hunter-gatherers, 28 Huntington, Samuel, 15 Hu Shih, 332 Hussein, Saddam, 58, 62, 101 Hyundai, 104 IBM, 212 I Ching, 30 Inclusive Development Index (IDI), 150 income inequality: in Asia, 183–84 in US, 228, 285 India, 101, 104 Afghanistan and, 118 Africa and, 264–66 AI research in, 200 alternative energy programs in, 178–79, 322 Asian investments of, 118 Australia and, 128 British Raj in, 46, 49 charitable giving in, 316–17 China and, 19–20, 113, 117–18, 155, 156, 332 civil society in, 313 in Cold War era, 52, 55, 56 corporate debt in, 170 corruption in, 161, 305 demonetization in, 184, 186–87 diaspora of, 333–34 early history of, 29, 30–31 economic growth of, 9, 17, 148, 185–86 elections in, 63 European trade partnerships with, 250–51 expansionist period in, 38, 41–42 failure of democracy in, 302 family-owned businesses in, 160 film industry in, 349–51 financial markets in, 186 foreign investment in, 192 gender imbalance in, 315 global governance in, 322–23 global image of, 331–32 Gulf states and, 102 inclusive policies in, 304 infrastructure investment in, 63, 110, 185 Iran and, 116, 118 Israel and, 98–99 IT industry in, 204, 275 Japan and, 134, 156 Latin America and, 275 manufacturing in, 192 as market for Western products and services, 207 naval forces of, 105 Northeast Asia and, 154–55 oil and gas imports of, 96, 107–8, 176 Pakistan and, 53, 55, 61, 77–78, 117–18 partitioning of, 52–53 pharmaceutical industry in, 228, 275 population of, 15, 186 in post–Cold War era, 61, 62 privatization in, 170 returnees in, 226 Russia and, 86–87 service industry in, 192 Southeast Asia and, 154–55 special economic zones in, 185 spiritual heritage of, 332 technocracy in, 304–6 technological innovation in, 186–87 territorial claims of, 11 top-down economic reform in, 305 traditional medicine of, 355 West Asia and, 155 Indian Americans, 217, 218, 219–20, 222 Indian Institutes of Technology (ITT), 205 Indian Ocean, 38, 47, 74, 105, 261, 262, 266 European voyages to, 44 Indians, in Latin America, 276 IndiaStack, 187 Indochina, 45, 50, 52 see also Southeast Asia Indo-Islamic culture, 38 Indonesia, 53, 61, 121, 125, 182 art scene in, 342 in Cold War era, 54 economic growth of, 17, 148 eco-tourism in, 340 failure of democracy in, 302 foreign investment in, 187 illiberal policies of, 306 inclusive policies of, 304 Muslims in, 71 technocracy in, 304–5 Indus River, 32, 113 Industrial and Commercial Bank of China (ICBC), 92, 159 industrialization, spread of, 22 Industrial Revolution, 2, 46, 68 Indus Valley, 29 infrastructure investment, in Asia, 6, 62, 63, 85, 88, 93, 96, 104, 108, 109, 110–11, 185, 190, 191, 243–44 see also; Asian Infrastructure Investment Bank; Belt and Road Initiative Institut d’Études Politiques de Paris (Sciences Po), 257, 286–87 insurance industry, 210 intermarriage, 336, 337–38 International Monetary Fund (IMF), 162, 163, 166, 323 International North-South Transport Corridor (INSTC), 116 International Renewable Energy Agency (IRENA), 100 International Systems in World History (Buzan), 7 Internet of Things (IoT), 134, 136, 197 Interpol, 324 Iran, 11, 15, 62, 92, 95, 98, 101, 140 China and, 101, 106–7, 116 in Cold War era, 54 European trade with, 251–52 growing opposition to theocracy in, 312 India and, 116, 118 Islamic revolution in, 57 Israel and, 99, 100 nuclear program of, 62 oil and gas exports of, 50, 94, 106, 107–8, 118, 176 in post–Cold War era, 58–59 privatization in, 170 re-Asianization of, 81, 106 Russia and, 87 Saudi Arabia and, 95–96, 100, 105–6 Syria and, 106 tourism in, 252 Turkey and, 94 US sanctions on, 87, 107, 241, 251, 252 women in, 315 Yemen and, 107 Iran-Iraq War, 58, 106 Iraq, 9, 11, 16, 49 Kuwait invaded by, 59 oil exports of, 55, 96 Sunni-Shi’a conflict in, 312 Iraq Reconstruction Conference (2018), 96 Iraq War, 3, 62, 91, 217, 240 Isfahan, 41 Islam, 40, 316 politics and, 71–72 spread of, 36, 38–39, 43, 69–72, 74 Sunni-Shi’a conflict in, 95, 312 Sunni-Shi’a division in, 36 see also Muslims; specific countries Islamic radicalism, 58, 59, 62, 65, 68, 71, 72, 115, 117, 139 see also terrorism Islamic State in Iraq and Syria (ISIS), 63, 71, 94, 96, 117 Israel, 11, 54, 96 arms sales of, 98 China and, 98–99 desalinzation technology of, 181 EU and, 97 Gulf states and, 99–100, 105 India and, 98–99 Iran and, 99, 100 Russia and, 88 see also Arab-Israeli conflict; Palestinian-Israeli conflict Japan, 14, 16, 63, 68, 69, 73 Africa and, 265 Allied occupation in, 51 alternative energy technologies in, 322 Asian investments of, 118, 156 Asianization of, 81 Asian migrants in, 336–37 Asian trade with, 273 capitalism in, 159 cashless economy in, 189 China and, 19–20, 77, 134, 136–37, 140–42 in Cold War era, 5, 55 corporate culture of, 132 early history of, 29, 31, 34–35 economic growth of, 55, 132, 148, 158, 163 economic problems of, 132, 134–35 in era of European imperialism, 47–48 EU trade agreement with, 133 expansionist period in, 38, 42, 44 foreign investment in, 135 in global economy, 133–37 global governance and, 322–23 global image of, 331 Gulf states and, 102 immigration in, 135–36 India and, 134, 156 infrastructure investment in, 110 Latin America and, 275 precision industries in, 134, 135–36 robotic technology in, 134 Russia and, 82, 86–87 Southeast Asia and, 133, 153–54, 156 South Korea and, 141–42 technological innovation in, 134, 196, 197 territorial claims of, 11 tourism in, 135 US and, 136 in World War I, 49 in World War II, 50–51 Japan International Cooperation Agency (JICA), 265 Japan-Mexico Economic Partnership Agreement, 273 Java, 35, 38, 39, 45 Javid, Sajid, 254 Jericho, 28 Jerusalem, 54, 98 Jesus Christ, 35 jihad, 38 Jinnah, Muhammad Ali, 52 Jobs, Steve, 331 Joko Widodo (Jokowi), 305, 306, 320 Jollibee, 172 Jordan, 54, 62, 97, 99 Syrian refugees in, 63 Journal of Asian Studies, 352 Journey to the West, 353 Judaism, 36 Kagame, Paul, 268 Kanishka, Kush emperor, 35 Kapur, Devesh, 218 Karachi, 113 Karakoram Highway, 113 Kashmir, 53, 55, 61, 77–78, 117–18, 119 Kazakhstan, 59, 140, 207 China and, 20, 108 economic diversification in, 190 energy investment in, 112 as hub of new Silk Road, 111–12 Kenya, 262, 263 Kerouac, Jack, 331 Khaleej, see Gulf states Khmer Empire, 70 Khmer people, 34, 38, 239 Khmer Rouge, 56 Khomeini, Ayatollah, 57, 59 Khorgas, 108 Khrushchev, Nikita, 56 Khwarizmi, Muhammad al-, 37 Kiev, 40 Kim Il Sung, 55 Kim Jong-un, 142 Kish, 28 Kissinger, Henry, 357 Koran, 316 Korea, 11, 31, 51, 68, 69 early history of, 34 expansionist period in, 38 Japanese annexation of, 48 reunification of, 142–43 see also North Korea; South Korea Korea Investment Corporation, 164 Korean Americans, 217 Korean War, 51 Kosygin, Alexei, 56 K-pop, 343 Kuala Lampur, 121, 246 Kublai Khan, 40 Kurds, Kurdistan, 87, 94, 99, 256 Kushan Empire, 32, 35 Kuwait, 101 Iraqi invasion of, 59 Kyrgyzstan, 59, 108, 182 language, Asian links in, 68–69 Laos, 45, 52, 60, 122, 154 Latin America: Asian immigrants in, 275–76 Asian investment in, 273–75, 276–77 Indian cultural exports to, 350 trade partnerships in, 272–73, 274, 275 US and, 271–72 Lebanon, 49, 54, 58, 95, 106 Syrian refugees in, 63 Lee, Ang, 347 Lee, Calvin Cheng Ern, 131 Lee Hsien Loong, 296–97 Lee Kuan Yew, 56, 127, 268, 288, 289, 292–93, 299, 305 voluntary retirement of, 296 Lee Kuan Yew School of Public Policy, 22, 299 Lenin, Vladimir, 49, 89 Levant (Mashriq), 81, 95, 97 LG, 275 Li & Fung, 184–85 Liang Qichao, 48–49 Liberalism Discovered (Chua), 297 Lien, Laurence, 317 life expectancies, 201 literature, Asian, global acclaim for, 353–54 Liu, Jean, 175 Liu Xiaobo, 249 logistics industry, 243 Ma, Jack, 85–86, 160, 189 Macao (Macau), 44 MacArthur, Douglas, 51 McCain, John, 285 McKinsey & Company, 160, 213 Macquarie Group, 131 Maddison, Angus, 2 Made in Africa Initiative, 262 Magadha Kingdom, 31 Magellan, Ferdinand, 43 Mahabharata, 35 Mahbubani, Kishore, 3 Mahmud of Ghazni, Abbasid sultan, 38 Malacca, 38, 43, 44, 124 Malacca, Strait of, 37, 39, 102, 103, 118, 125 Malaya, 46, 50 Malay Peninsula, 39, 53 Malaysia, 53, 61, 188 Asian foreign labor in, 335 China and, 123, 124 in Cold War era, 54 economic diversification in, 190 economic growth of, 17 technocracy in, 308 Maldives, 105 Malesky, Edmund, 308 Manchuria, 38, 48, 50, 51 Mandarin language, 229–30, 257 Manila, 121, 245 Spanish colonization of, 44 Mansur, al-, Caliph, 37 manufacturing, in Asia, 192 Mao Zedong, 51–52, 55, 56, 261, 300, 301 Marawi, 71 Marcos, Ferdinand, 53–54, 61 martial arts, mixed (MMA), 340–41 Mashriq (Levant), 81, 95, 97 Mauritius, 268 Mauryan Empire, 32–33, 68 May, Theresa, 293 Mecca, 57 media, in Asia, 314 median ages, in Asia, 148, 149, 155 Median people, 29 Mediterranean region, 1, 6, 29, 30, 33, 68, 84, 92, 95, 99, 106 see also Mashriq Mehta, Zubin, 332 Mekong River, 122 Menander, Indo-Greek king, 33 mergers and acquisitions, 212–13 meritocracy, 294, 301 Merkel, Angela, 242, 254 Mesopotamia, 28 Mexico, 7 Asian economic ties to, 272, 273, 274, 277 Microsoft, 208 middle class, Asian, growth of, 3, 4 Mihov, Ilian, 309 mindfulness, 332 Ming Dynasty, 42–43, 44, 69, 73, 75, 76, 105, 137, 262 mobile phones, 157, 183–84, 187, 188, 189, 193, 199, 208–9, 211 Modi, Narendra, 63, 98, 117, 119, 154–55, 161, 180, 185, 222, 265, 305, 306, 307, 320 Mohammad Reza Pahlavi, Shah of Iran, 54 Mohammed bin Salman, crown prince of Saudi Arabia, 72, 247, 310, 312, 315 Mohenjo-Daro, 29 Moluku, 45 MoneyGram, 196 Mongolia, 92, 111–12 alternative energy programs in, 112, 182 technocracy in, 307 Mongols, Mongol Empire, 39–40, 42, 44, 68, 69, 73, 76, 77, 239 religious and cultural inclusiveness of, 40, 70–71 Monroe Doctrine, 271 Moon Jae-in, 142 Moscow, 81, 82 Mossadegh, Mohammad, 54 MSCI World Index, 166, 168 Mubadala Investment Company, 88, 103, 104 Mughal Empire, 41–42, 46 religious tolerance in, 70–71 Muhammad, Prophet, 36 Mumbai, 185–86 Munich Security Conference, 241 Murakami, Haruki, 354 Murasaki Shikibu, 353 music scene, in Asia, 343 Muslim Brotherhood, 59 Muslims, 70–72 in Southeast Asia, 38–39, 43, 70–71, 121 in US, 220 see also Islam; specific countries Myanmar, 60, 63, 161 Asian investment in, 118–19 charitable giving in, 316 failure of democracy in, 302 financial reform in, 184 Rohingya genocide in, 122–23 see also Burma Nagasaki, atomic bombing of, 51 Nanjing, 42, 49 Napoleon I, emperor of the French, 1 nationalism, 11, 20, 22, 49–50, 52–55, 77, 118, 137, 138–39, 222, 312, 329, 337, 352 Natufian people, 28 natural gas, see oil and gas natural gas production, 175–76 Nazism, 200 Nehru, Jawaharlal, 52, 55 Neolithic Revolution, 28 neomercantilism, 20, 22, 158 Nepal, 46, 119–20, 333 Nestorian Christianity, 36, 70 Netanyahu, Benjamin, 97, 98, 100 Netflix, 348 New Deal, 287 New Delhi, 245 Ng, Andrew, 199 NGOs, 313 Nigeria, 265 Nisbett, Richard, 357 Nixon, Richard, 56, 101 Nobel Prize, 48, 221, 249, 323, 353–54 nomadic cultures, 76 Non-Aligned Movement, 55 Non-Proliferation of Nuclear Weapons Treaty, 61 North America: Asian trade with, 13, 14, 207 as coherent regional system, 7 energy self-sufficiency of, 175, 272 internal trade in, 152 see also Canada; Mexico; United States North American Free Trade Agreement (NAFTA), 7 North Atlantic Treaty Organization (NATO), 2, 57, 92, 116 Northeast Asia, 141 India and, 154–55 internal trade in, 152 manufacturing in, 153 North Korea, 55, 61 aggressiveness of, 63 China and, 143 cyber surveillance by, 142 nuclear and chemical weapons program of, 142 Russia and, 143 South Korea and, 142 US and, 142–43 Obama, Barack, 18, 82, 229, 240 oil and gas: Asian imports of, 9, 62, 82–83, 84–85, 96, 102, 106, 107–8, 152, 175, 176, 207 Gulf states’ exports of, 62, 74, 100–103, 176 Iranian exports of, 50, 94, 106, 107–8, 118, 176 Iraqi exports of, 55, 96 OPEC embargo on, 57 price of, 61 Russian exports of, 82–83, 84, 87–88, 175, 176 Saudi exports of, 58, 87–88, 102, 103 US exports of, 16, 207 West Asian exports of, 9, 23, 57, 62, 152 Okakura Tenshin, 48 oligarchies, 294–95 Olympic Games, 245 Oman, East Asia and, 104 ONE Championship (MMA series), 341 OPEC (Organization of Petroleum Exporting Countries), 57 Operation Mekong (film), 123 opium, 47, 123 Organization for Security and Co-operation in Europe (OSCE), 241 Oslo Accords, 59 Osman I, Ottoman Sultan, 41 Ottoman Empire, 40–41, 43, 45, 46–47, 48, 73, 91 partitioning of, 49–50 religious tolerance in, 70–71 Out of Eden Walk, 4 Overseas Private Investment Company (OPEC), 111 Pacific Alliance, 272 Pacific Islands, 181–82 US territories in, 48 Pacific Rim, see East Asia Pakistan, 52–53, 58, 62, 72, 95, 102, 105 AI research in, 200 Asianization of, 81, 113–18 as Central Asia’s conduit to Arabian Sea, 113–14 China and, 20, 114–16, 117–18 corruption in, 161 failure of democracy in, 302 finance industry in, 168–69 foreign investment in, 115 GDP per capita in, 184 India and, 55, 61–62, 117–18 intra-Asian migration from, 334 logistics industry in, 185 as market for Western products and services, 207 US and, 114–15 Pakistan Tehreek-e-Insaf (PTI), 307 Palestine, Palestinians, 49, 54, 99 Palestine Liberation Organization (PLO), 59 Palestinian-Israeli conflict, 59, 62, 97, 100 Pan-Asianism, 48, 351–52 paper, invention of, 72 Paris climate agreement, 178, 240 Paris Peace Conference (1918), 49 Park Chung-hee, 56 Park Geun-hye, 313 parliamentary democracy, 295 Parthians, 33, 76 Pawar, Rajendra, 205 Pearl Harbor, Japanese attack on, 50 peer-to-peer (P2P) lending, 169 People’s Action Party (PAP), Singapore, 294 People’s Bank of China (PBOC), 110, 188 Pepper (robot), 134 per capita income, 5, 150, 183, 186 Persia, Persian Empire, 29, 30, 42, 45, 47, 50, 68, 75 see also Iran Persian Gulf War, 61, 101, 217 Peru: Asian immigrants in, 275, 276 Asian trade with, 272 Peshawar, 32 Peter I, Tsar of Russia, 45, 90 pharmaceutical companies, 209–10 Philippines, 61, 157, 165 alternative energy programs in, 180 Asian migrants in, 333 China and, 123–24 Christianity in, 74 in Cold War era, 53–54 eco-tourism in, 340 foreign investment in, 124 illiberal policies of, 306 inclusive policies in, 304 as market for Western products and services, 207 Muslims in, 71 privatization in, 170 technocracy in, 304–5 urban development in, 190 US acquisition of, 48 US and, 123–24 philosophy, Asian vs.


pages: 466 words: 127,728

The Death of Money: The Coming Collapse of the International Monetary System by James Rickards

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Alan Greenspan, Asian financial crisis, asset allocation, Ayatollah Khomeini, bank run, banking crisis, Bear Stearns, Ben Bernanke: helicopter money, bitcoin, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, Bretton Woods, BRICs, business climate, business cycle, buy and hold, capital controls, Carmen Reinhart, central bank independence, centre right, collateralized debt obligation, collective bargaining, complexity theory, computer age, credit crunch, currency peg, David Graeber, debt deflation, Deng Xiaoping, diversification, Dr. Strangelove, Edward Snowden, eurozone crisis, fiat currency, financial engineering, financial innovation, financial intermediation, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, G4S, George Akerlof, global macro, global reserve currency, global supply chain, Goodhart's law, Growth in a Time of Debt, guns versus butter model, Herman Kahn, high-speed rail, income inequality, inflation targeting, information asymmetry, invisible hand, jitney, John Meriwether, junk bonds, Kenneth Rogoff, labor-force participation, Lao Tzu, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, low interest rates, mandelbrot fractal, margin call, market bubble, market clearing, market design, megaproject, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mutually assured destruction, Nixon triggered the end of the Bretton Woods system, obamacare, offshore financial centre, oil shale / tar sands, open economy, operational security, plutocrats, Ponzi scheme, power law, price stability, public intellectual, quantitative easing, RAND corporation, reserve currency, risk-adjusted returns, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Satoshi Nakamoto, Silicon Valley, Silicon Valley startup, Skype, Solyndra, sovereign wealth fund, special drawing rights, Stuxnet, The Market for Lemons, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, trade route, undersea cable, uranium enrichment, Washington Consensus, working-age population, yield curve

The leadership did not promise high growth, jobs, or opportunities; instead, it promised sufficient food and life’s basic necessities. Collective farms, forced labor, and central planning were enough to deliver on these promises, but not much more. Stability was the goal, and growth was an afterthought. Beginning in 1979, Deng Xiaoping broke the iron rice bowl and replaced it with a growth-driven economy that would not guarantee food and necessities so much as provide people the opportunity to find them on their own. It was not a free market by any means, and there was no relaxation of Communist Party control. Still, it was enough to allow local managers and foreign buyers to utilize both cheap labor and imported know-how in order to create comparative advantage in a wide range of tradable manufactured goods.

The new financial warlords operate through bribery, corruption, and coercion. They are a cancer on the Chinese growth model and the so-called Chinese miracle. After the 1949 Communist takeover of China, all businesses were owned and operated by the state. This model prevailed for thirty years, until Deng Xiaoping’s economic reforms began in 1979. In the decades that followed, state-owned enterprises (SOEs) took one of three paths. Some were closed or merged into larger SOEs to achieve efficiencies. Certain SOEs were privatized and became listed companies, while those remaining as SOEs grew powerful as designated “national champions” in particular sectors.

., 209–10 Da Silva, Tekoa, 236 Davoudi, Parviz, 151 “Day After, The” (Ambinder), 63 debasement, of money, 172 debt, 171–80, 290–91 Federal Reserve monetary policy’s relation to, 176–77, 180–89 Federal Reserve Notes as, 167 monetization of, 287–88 sustainable, 171–72, 176–80 tests for acceptable government spending, 173–76 of United States, 171–73 Debt-Deflation Theory of Great Depressions, The (Fisher), 246–47 debt-to-GDP ratio, 159–60, 173 deflation, impact of, 9, 258–59 of Japan, 159, 259, 261 of United Kingdom, 159 of United States, 159, 173, 259 defensive aspects of financial war, 46 deficits, 172–73, 176–80 deflation, 9–11, 76–83, 243–52, 256–64 banking system, impact on, 9, 259 Bernanke’s response to, 76, 77 Chinese imports and, 76 debt-to-GDP ratio and, 9, 258–59 deleveraging after housing market collapse and, 76–77 government debt repayment and, 9, 258 Greenspan’s response to, 76 versus inflation, in depression of 2007 to present, 243–52, 260, 290–91 in Japan, 160–61, 260–62, 264 post-2000 deflationary bias, 76 SDR issuance to prevent, 213–14 tax collection and, 9, 259–60 unemployment and, 77 De Gasperi, Alcide, 116 degree distribution, 265–66 de Léry, Jean, 115 deleveraging, 76–77, 246 DeMint, Jim, 205 Democrats, 175–76, 179, 180, 294 Deng Xiaoping, 93, 97 depressions defined, 244 deflation in, 246–47 Great Depression, 84, 85, 125–26, 155, 221–22, 223–24, 234, 244, 245 Long Depression, in Japan, 160 of 1920, 246–47 regime uncertainty and, 125–26 2007 to present, 3, 76, 87, 126, 197, 243–52, 260, 290–91 derivatives, 80–81 gold as not constituting, 217–18 mortgage-related, 290 risk posed by, 11–12 size of positions in, 11 Deutsche Bank, 32–33 Deutsche Bundesbank, 232 devaluations, 158, 200 of dollar, U.S., 1, 10–11, 235 Gold Bloc devaluations, 222 Great Depression and, 223 digital currencies, 254 dollar, U.S., 161 alternatives to, 254 Beijing Consensus and, 120–21 confidence in, 253–56, 291 contract theory of, 165–67, 169 deflation as threat to, 9–11 demise of, potential paths of, 292–95 devaluation of, 1, 10–11, 235 financial war as threat to, 6–7 geopolitical threats to, 12–13 gold convertibility abandoned, in 1971, 1, 2, 5, 209, 220, 235, 285 inflation as threat to, 7–9 King Dollar (sound-dollar) policy, 118, 176–77, 210, 211 loss of confidence in, in 1970s, 1–2, 5 market collapse as threat to, 11–12 MARKINT as means of detecting attacks on, 40 pegging to, effect of, 155 SDRs as potential reserve currency replacement for, 211–14, 292–93 threats to, 5–13 Volcker’s efforts to save, 2 Washington Consensus and, 118–20 dollar index in 1978, 1, 253–54 in 1995, 2, 253–54 in 2011, 2–3, 253–54 in 2013, 253–54 SDR issuance and weakness in, 210–11 Dr.


pages: 565 words: 134,138

The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources by Javier Blas, Jack Farchy

accounting loophole / creative accounting, airport security, algorithmic trading, Asian financial crisis, Ayatollah Khomeini, banking crisis, book value, BRICs, business climate, business cycle, collapse of Lehman Brothers, commodity super cycle, coronavirus, corporate raider, COVID-19, Deng Xiaoping, Donald Trump, electricity market, energy security, European colonialism, failed state, financial innovation, Ford Model T, foreign exchange controls, Great Grain Robbery, invisible hand, John Deuss, junk bonds, Kickstarter, light touch regulation, lockdown, low interest rates, margin call, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, oil-for-food scandal, Oscar Wyatt, price anchoring, proprietary trading, purchasing power parity, Ronald Reagan, Scramble for Africa, sovereign wealth fund, special economic zone, stakhanovite, Suez crisis 1956, trade route, vertical integration, WikiLeaks, Yom Kippur War, éminence grise

The sheer size of its population meant it could only be a matter of time before the country would become one of the most important factors in the global supply and demand of commodities. But no one knew when that would happen. The shift in the Chinese economy began in 1978, while Davis was still a student at Rhodes University in South Africa. At the Communist Party gathering that year in Beijing, Deng Xiaoping, the Chinese leader who came to power after the death of Mao Zedong, set out a new direction for the country. Deng rejected the chaos and terror of Mao’s Cultural Revolution, and called for a new economic era under the rubric of reform and opening: a limited embrace of capitalism and growing engagement with the outside world.

., US District Court for the District of Columbia, Civil No. 1: 99CV01875, Washington, 8 July 1999, accessed: https://www.justice.gov/atr/case-document/file/490676/download . Eight: Big Bang 1 ‘XSTRATA – A Leap Upwards’, memo sent by Mick Davis to Brian Azzopardi, Gavin Foley and Benny Levene, 27 June 2001, copy in the authors’ possession. 2 Deng Xiaoping, ‘Emancipate the Mind, Seek Truth From Facts and United as One in Looking to the Future’, Beijing, 13 December 1978, accessed: http://cpcchina.chinadaily.com.cn/2010-10/15/content_13918199.htm . 3 Leung, Guy C. K., Li, Raymond, and Low, Melissa, ‘Transitions in China’s Oil Economy, 1990–2010. 4 Yiping Xiao, Yan Song, and Xiaodong Wu, ‘How Far Has China’s Urbanisation Gone?’

Tennant, Sons & Co, 57 Calil, Ely, 222 Caltex, 89 Canada, 70 , 75 , 76 , 83 , 170 , 239 , 273 , 286 Caracas, Venezuela, 154 Cargill, 14 , 17 , 25 , 26 , 29 –31 , 57 , 69 , 135 , 170 , 241 , 242 –3 , 326 animal feed trade, 261 billionaires, 19 Communist Bloc, trade with, 30 –31 Continental acquisition (1998), 170 , 173 –4 global financial crisis (2007–8), 243 Great Grain Robbery (1972), 38 –42 , 57 , 69 , 135 , 310 IPO, views on, 277 –8 metals trade, 57 profits, 38 , 248 , 249 shareholders, 277 –8 Soviet Union, trade with, 31 , 38 –42 , 135 Suez Crisis (1956), 36 Tradax International and, 30 , 40 –41 , 242 Ukraine, trade with, 162 Zimbabwe, trade with, 230 –32 Cargill, Margaret, 277 Cargill family, 19 , 249 , 277 Carter, James ‘Jimmy’, 94 Casablanca, Morocco, 33 Casimiro, Didier, 313 Castaño, Enrique, 152 Castro, Fidel, 9 , 48 , 151 –3 , 156 –8 , 161 , 306 caustic washing, 235 , 236 Cayman Islands, 281 , 289 , 308 Central Intelligence Agency (CIA), 43 , 76 , 316 Ceyhan, Turkey, 285 Chad, 206 , 222 , 273 , 294 –6 , 302 Chalmers, David, 64 , 203 Chase Manhattan, 60 Chelsea FC, 148 Chelyabinsk, Russia, 165 Chernoy, Lev, 133 –4 , 139 –44 , 148 Chevron, 32 , 65 , 89 , 170 , 213 –14 , 254 , 255 , 295 Chicago, Illinois, 13 , 102 , 243 , 246 Chile, 85 , 87 , 181 , 190 , 226 China, 17 , 18 , 106 , 130 , 138 , 175 –81 , 187 , 204 , 207 , 210 , 263 , 319 –20 Africa, trade with, 220 , 221 , 224 , 226 ballistic missile development, 43 ChinaOil, 320 coal market, 177 , 188 , 190 , 273 Coastal Corporation, trade with, 64 Cofco, 320 copper consumption, 18 , 179 , 181 , 195 , 226 , 233 coronavirus pandemic (2019–), 315 , 321 cotton consumption, 230 Cultural Revolution (1966–76), 177 economic slowdown (2011–), 315 food price crisis (2007–8), 239 –42 Kurdish crude in, 286 oil market, 179 –80 , 194 –5 , 211 –12 reform and opening-up (1978–2005), 177 –8 rice trade, 177 Unipec, 320 US trade war (2017–), 317 –18 WTO accession (2001), 179 , 196 , 317 Zhuhai Zhenrong, 320 , 326 China Investment Corporation, 262 China National Chemical Corporation, 212 ChinaOil, 320 Chivas Regal, 294 Chocfinger, 251 chocolate, 251 , 318 Citigroup, 194 –5 Claridge’s, London, 272 climate change, 21 , 188 , 255 , 318 , 326 , 327 Clinton, Hillary, 241 Clinton, William ‘Bill’, 97 –8 coal, 21 , 87 , 135 , 177 , 181 , 183 , 186 –93 , 258 , 273 , 318 Coastal Corporation, 64 , 110 , 200 , 203 cobalt, 9 , 223 , 224 , 226 , 273 , 314 , 318 Cobuco, 91 –4 cocoa, 251 , 318 Cofco, 320 coker gasoline, 234 –8 Collins, Phil, 314 Colombia, 131 , 183 , 187 , 258 Cometti, Antonio, 128 Compagnie Tommy, 236 –8 Concord Resources, 245 Congo Belgian Congo (1908–60), 33 , 218 , 222 Democratic Republic of Congo 20 , 85 , 199 , 218 –29 , 258 , 263 , 312 –13 , 314 Free State (1885–1908), 218 Republic of the Congo, 314 Congo river, 218 Conservative Party (UK), 3 , 147 , 273 , 290 Constanta, Romania, 168 ContiFinancial, 170 Continental Grain Company, 39 , 40 , 170 , 173 Convention on Combating Bribery, 275 Cook Colliery, Australia, 186 Cook Industries, 39 , 309 Cool Runnings , 78 copper, 13 , 14 , 15 , 16 , 27 , 35 , 56 , 172 , 233 arsenic in, 233 Australian production, 193 –4 Chinese consumption, 18 , 179 , 181 , 195 Congolese production, 223 , 224 , 225 , 226 –9 , 263 , 314 futures trade, 102 , 193 Glencore, 223 , 224 , 225 , 226 –9 , 258 , 263 , 264 nationalisation and, 85 Soviet production, 135 Sumitomo, 250 Zambian production, 226 , 232 CorElf, 64 corn, 9 , 27 , 30 , 40 , 162 , 171 , 240 , 247 , 253 coronavirus pandemic (2019–), 15 , 249 , 296 , 315 , 321 –5 corruption, 20 , 68 –9 , 98 , 167 , 207 , 247 , 260 , 275 , 308 –15 , 326 in Brazil, 313 –4 in Chad, 294 in China, 314 in Congo, 220 , 225 , 229 in Kurdistan, 288 in Nigeria, 221 in Russian Federation, 213 in Switzerland, 20 , 69 , 310 CÔte d’Ivoire, 20 , 232 , 233 –8 , 251 , 304 , 314 cotton, 230 Crandall, Mark, 88 , 121 , 125 , 126 , 128 , 132 , 238 Credit Suisse 312 credit, 60 –61 Crimea, 300 , 313 Crude Oil Trading, 164 Cuba, 9 , 48 , 77 , 151 –3 , 156 –61 , 165 , 174 , 305 –8 Cubametales, 158 Cubazucar, 158 Cultural Revolution (1966–76), 177 Cushing, Oklahoma, 104 Cyprus, 201 , 211 Czechoslovakia, 22 , 118 Dagli , 88 Dakar, Senegal, 33 Daley, Jim, 16 Dali, Salvador, 198 Dar es Salaam, Tanzania, 232 Dauphin, Claude, 14 , 120 , 122 , 125 , 126 , 128 –30 BNP Paribas, relations with, 304 –8 Cuba, trade with, 159 death (2015), 325 Kurdish oil trade, 286 toxic waste scandal (2006), 235 –7 , 304 Trafigura foundation (1993), 129 –30 Davis, Carlton, 84 Davis, Craig, 124 Davis, Mick China prediction, 175 –6 , 178 , 181 , 192 –3 , 227 Glencore coal mines deal (2001–2), 191 –2 Glencore merger, 264 –5 , 267 , 269 –73 Mount Isa Mines deal (2002), 193 –4 Vale bid (2007), 264 –5 , 269 Déby, Idriss, 294 –6 , 302 Democratic Republic of Congo, 20 , 85 , 199 , 218 –29 , 258 , 263 , 312 –13 , 314 democratisation of information, 316 –17 Deng Xiaoping, 177 Department of Agriculture, US, 70 , 244 Deripaska, Oleg, 147 , 148 , 312 –3 derivatives, 101 –5 , 110 , 114 , 116 , 171 Brent crude, 115 copper, 102 , 193 food, 102 , 104 , 243 , 252 oil, 115 , 195 zinc, 124 Detiger, Jacques, 163 , 165 Deuss, Johannes ‘John’, 64 –6 , 68 , 89 , 90 , 95 , 114 –16 , 122 , 123 , 308 , 325 Deutsche Bank, 130 diamonds, 222 , 223 , 224 diesel, 2 , 5 , 7 , 23 , 24 , 72 , 90 , 164 , 168 , 206 , 232 , 253 Diocletian, Roman Emperor, 252 Dole, Robert ‘Bob’, 253 Dominican Republic, 154 Dreyfuss, Danny, 120 , 131 Drujan, Josef, 288 Druzhba pipeline, 208 DT Group, 230 Dubai, United Arab Emirates, 199 , 281 , 288 , 297 Dublin, Ireland, 281 Duelfer Report (2004), 202 Dunand, Marco, 211 , 216 East India Company, 25 Ebner, Martin, 126 –7 Eilat–Ashkelon pipeline, 43 , 45 , 46 –7 , 49 –51 , 285 –6 Egloff, Eddie, 86 Egypt, 28 food price crisis (2007–8), 240 October War (1973), 53 oil production, 168 Revolution (2011), 247 Six-Day War (1967), 45 Suez Crisis (1956), 36 Eilat–Ashkelon pipeline, 43 , 45 , 46 –7 , 49 –51 , 94 , 285 –6 electric cars, 9 , 223 electricity, 79 , 81 , 172 Elf Aquitaine, 61 , 64 , 170 Elizabethville, Belgian Congo, 33 Elman, Richard, 196 , 277 emerging markets, 17 , 85 Emmitt, Bill, 65 Endt, Friso, 65 Enex, 190 –92 Engelhart Commodities Trading Partners, 244 Enron, 172 –3 , 174 , 195 Equatorial Guinea, 206 , 273 Erbil, Iraq, 198 , 285 , 287 , 289 Es Sider, Libya, 5 –6 Estonia, 209 ethanol, 253 –6 Ethiopia, 232 Euro-Asian Oil, 299 Euromin, 143 , 165 Europe , 322 , 323 , 324 Exmor Group, 288 Exportkhleb, 38 , 135 Exxon, 54 , 78 , 97 , 170 , 316 ExxonMobil, 32 , 44 , 213 , 319 Fair Trade, 318 Fallujah, Iraq, 283 Farmer, Michael, 195 Federal Bureau of Investigation (FBI), 95 , 313 , 327 Fegel, Gary, 259 ferroalloys, 29 , 140 , 146 , 190 , 273 , 275 Ferruzzi, 114 Fina, 170 Financial Services Authority (FSA), 250 Financial Times , 10 , 112 , 278 financialisation, 18 , 101 –5 , 110 , 113 –14 , 252 Finch, Bob, 167 , 207 Flacks, Alan, 49 Flaux, Julian Martin, 169 food price crises (2007–10), 239 –42 , 248 , 250 , 252 , 255 –6 Forbes , 147 Ford, Henry, 253 Foreign Affairs , 52 Foreign Corrupt Practices Act (1977), 310 France, 36 , 70 , 200 , 294 Frank, Ernst, 35 Fransen, David, 7 , 159 Fribourg, Michel, 39 frontier markets, 292 FTSE 100 index, 15 , 269 , 276 , 278 , 282 futures, 101 –3 , 104 , 110 , 113 , 116 backwardation, 193 food, 102 , 104 , 243 , 246 , 252 copper, 102 , 193 oil, 115 , 195 zinc, 124 G7 summit (1979), 70 G12 (traders), 131 Gaddafi, Muammar, 1 , 3 , 4 , 5 , 6 , 8 , 64 , 166 , 247 Gaddafi, Saif al-Islam, 4 gas, 21 , 172 Gdansk, Poland, 210 , 211 Gecamines, 228 Geller, Uri, 224 General Agreement on Tariffs and Trade (1947), 317 Geneva, Switzerland, 63 Genovese, Lucio, 131 , 149 George Town, Cayman Islands 281 Gerald Metals, 143 Germany coal consumption, 183 , 273 East Germany (1949–90), 29 Nazi period (1933–45), 22 , 24 , 26 , 47 , 87 wheat futures ban (1897), 252 West Germany (1949–90), 22 –4 , 28 , 70 Gertler, Dan, 222 –9 , 313 Gibraltar, 49 Gilvary, Brian, 172 Giuliani, Rudolph ‘Rudy’, 97 Glasenberg, Ivan, 11 , 14 , 21 , 131 , 148 , 175 , 181 –5 , 260 –61 , 325 , 326 –7 coal trade, 21 , 185 –94 , 260 Congo, trade with, 225 –9 , 314 IPO (2011), 257 –9 , 263 , 266 –9 , 273 , 274 , 276 Russia, trade with, 300 , 302 , 328 share price crisis (2015), 276 Xstrata merger, 263 –5 , 269 –73 , 276 glasnost , 135 GlaxoSmithKline, 278 Glencore, 9 –12 , 14 , 15 , 21 , 59 , 119 , 130 –32 , 167 –9 , 174 aluminium trade, 205 , 245 bonuses, 131 bribery, use of, 314 Chad, trade with, 295 –6 coal trade, 21 , 186 –93 , 258 , 273 , 318 Congo, trade with, 219 , 222 –9 , 263 , 312 –13 , 314 copper trade, 223 , 224 , 225 , 226 –9 , 263 , 264 , 314 coronavirus pandemic (2019–), 321 –4 corruption probe (2018), 314 debt, 263 , 267 , 276 Enex, 190 –92 foundation (1994), 128 Glasenberg takes over (2002), 185 global financial crisis (2007–9), 265 –6 grain trade, 245 –7 , 273 IPO (2011), 257 –61 , 262 –9 , 273 –9 , 282 , 319 Iraq, trade with, 197 –9 , 202 –3 , 285 , 287 –91 , 292 Jamaica, trade with, 84 , 205 Kurdistan, trade with, 285 , 287 –90 , 292 Nigeria, trade with, 12 , 168 , 314 Oilflow SPV I DAC, 281 –2 , 287 –90 , 292 profits, 248 , 249 Roche, relationship with, 188 –92 , 267 Romania, trade with, 167 –9 Russia, trade with, 143 , 145 –6 , 147 –8 , 300 , 301 –2 share price crisis (2015), 276 shareholders, 19 , 131 –2 , 257 –69 , 273 –5 , 276 Südelektra, 189 –91 Tajikistan, trade with, 162 Venezuela, trade with, 314 women in, 15 Xstrata and, 175 –6 , 178 , 181 , 189 –94 , 263 –73 , 276 , 301 zinc trade, 258 , 273 global financial crisis (2007–9), 243 , 244 , 265 –6 , 292 God squad, 195 gold standard, 51 , 70 –71 Golden Age of Capitalism, 24 Goldman Sachs, 13 , 111 , 130 , 206 , 266 Gorbachev, Mikhail, 135 Gore, Albert ‘Al’, 65 grain, 9 , 14 , 18 , 19 , 25 , 26 , 27 , 170 Cargill, see Cargill, Chinese consumption, 239 –42 food price crises (2007–10), 239 –42 , 248 , 250 , 252 , 255 –6 futures trade, 102 , 243 , 246 Glencore, 245 Great Grain Robbery (1972), 38 –42 , 57 , 69 , 135 , 310 Granaria, 245 Great Grain Robbery (1972), 38 –42 , 57 , 69 , 135 , 310 Green, Pincus, 50 , 52 –3 , 55 , 57 –8 , 60 , 61 , 94 , 97 , 118 , 120 Greenwich, Connecticut, 100 , 113 Grenada, 77 Guatemala, 161 Guinea, 75 Gulf Oil, 36 Gulf War (1990–91), 100 –101 , 106 , 108 –10 , 157 , 200 Gunvor, 20 , 207 –16 , 230 , 262 , 300 , 313 , 314 , 318 , 326 Gurov, Evgeny, 23 , 24 , 35 Gutfreund, John, 108 , 112 , 113 Guyana, 76 Haaretz , 46 Hachuel, Jacques, 60 Hackel, Alexander ‘Alec’, 60 , 98 , 125 Haiti, 154 Hall, Andy, 11 , 105 –13 , 116 , 171 , 173 , 243 , 249 , 325 China trade, 194 –5 Gulf War trade, 100 –101 , 106 –10 , 322 , 323 Hamanaka, Yasuo, 250 Hamze, Alex Hayssam, 226 , 227 Hansen, Mark, 20 , 245 Harrisburg, Pennsylvania, 280 Hart, Hugh, 72 –4 , 78 , 80 Havana, Cuba, 151 –3 Hawrami, Ashti, 291 hedging, 13 , 103 , 105 , 109 , 194 , 228 , 229 , 244 , 265 , 276 Helms–Burton Act (1996), 160 Hendel, Stephen, 111 Heunis, Chris, 89 Hobbs, Jeremy, 250 Holder, Eric, 307 –8 Holocaust (1941–5), 27 Hong Kong, 176 , 183 , 196 , 269 , 277 Horstmann, Udo, 88 , 183 HSBC, 312 Hungary, 31 Hunt Oil, 36 Hussein, Saddam, 9 , 64 debt crisis (1990), 107 Gulf War (1990–91), 101 , 108 , 110 , 157 , 199 –200 , 283 Kurds, relations with, 283 oil surcharges, 200 –201 , 202 , 207 , 210 US invasion (2003), 201 , 283 ICI, 154 Incomed Trading Corporation, 202 India, 17 , 25 , 28 , 48 , 85 , 86 , 180 , 226 Indonesia, 17 , 85 , 180 intelligence networks, 36 International Energy Agency, 70 International Monetary Fund (IMF), 78 , 83 , 252 , 294 , 296 , 303 , 310 International Petroleum Exchange, 115 Iran, 12 , 168 Burundi, trade with, 93 coronavirus pandemic (2019–), 321 Islamic Revolution (1979), 45 , 67 , 88 , 94 , 105 Israel pipeline, 43 , 45 , 46 –7 , 49 –51 , 94 , 285 Marc Rich, trade with, 68 –9 , 94 –7 Marimpex, trade with, 64 OPEC established (1960), 44 Philipp Brothers oil deal (1973), 52 –3 , 55 Rotterdam market trade, 62 sanctions on, 305 , 309 , 312 South Africa, trade with, 88 Taylor in, 154 , 166 US hostage crisis (1979–81), 20 , 94 , 96 US sanctions, 305 , 320 –21 Vitol, trade with, 166 , 309 Iraq, 9 , 197 –203 , 325 Bayoil, trade with, 64 , 203 Coastal Corporation, trade with, 64 , 110 , 200 , 203 debt crisis (1990), 107 Glencore, trade with, 197 –9 , 202 –3 Gulf War (1990–91), 100 –101 , 106 , 108 –10 , 157 , 200 Iran-Iraq War (1980–88), 110 Islamic State in, 283 Kurdistan, 198 , 280 –91 , 295 , 298 , 299 , 302 , 328 oil-for-food programme (1995–2003), 197 –203 , 207 , 210 , 310 OPEC established (1960), 44 Trafigura, trade with, 201 , 203 US-led War invasion (2003–11), 201 , 283 , 311 Vitol, trade with, 201 , 203 , 285 , 286 –7 , 291 , 310 Ireland, 281 iron ore, 175 –6 , 181 , 261 , 264 Islamic State, 8 , 288 , 289 , 302 Israel, 36 Diamond Exchange, 223 Eilat–Ashkelon pipeline, 43 , 45 , 46 –7 , 49 –51 , 94 , 285 –6 Rich’s citizenship, 97 , 98 Six-Day War (1967), 45 Yom Kippur War (1973), 53 Issroff, David, 140 , 146 , 275 Italy, 70 , 321 Ivory Coast, 20 , 232 , 233 –8 , 251 , 304 , 314 J.P.


The End of the Cold War: 1985-1991 by Robert Service

Able Archer 83, active measures, Ayatollah Khomeini, Berlin Wall, cuban missile crisis, Deng Xiaoping, disinformation, Dr. Strangelove, Fall of the Berlin Wall, Great Leap Forward, Kickstarter, Korean Air Lines Flight 007, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Neil Kinnock, Norman Mailer, nuclear winter, precautionary principle, RAND corporation, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Strategic Defense Initiative, The Chicago School, Vladimir Vetrov: Farewell Dossier

When the proposal was made to end financial support for Bulgaria, he came down firmly against anything that might weaken the togetherness of the ‘world communist movement’. He quietly overrode the argument that the USSR received little benefit from Bulgarian agricultural supplies. His fear was that the Chinese would offer to plug the gap if the USSR ended its funding.42 This had happened in Albania since the 1960s and Deng Xiaoping could well decide to make further mischief. While preserving the East European economic lifeline, Andropov was determined to avoid any indulgence to the Romanians. The Romanian President Nicolae Ceauşescu held up a Political Consultative Committee meeting with his objections to the draft summary communiqué, and no amount of persuasion made a difference.

In July 1987 he urged the need to offer to withdraw a hundred nuclear missiles from the USSR’s Asian territory.2 In his opinion, Soviet leaders had to give definite proof to China and Japan that their plans for disarmament were not restricted to America and Europe. A unilateral initiative could help towards this end. Gorbachëv refused to be rushed, for the Chinese question was fraught with dilemmas. Deng Xiaoping made no secret of his scepticism about the Soviet perestroika; and Gorbachëv in any case was wary about jeopardizing his ties with Washington by becoming over-friendly with Beijing.3 He also worried about the USSR’s security. While agreeing on the complete removal of medium-range nuclear missiles from Europe, he kept a hundred of them on its Asian territory.

Li baulked at the idea of issuing a joint communiqué since Shevardnadze had failed to quieten his doubts about Vietnam’s sincere intention to withdraw all its forces from Cambodia by September – the Chinese, he said, knew the Vietnamese better than the Soviets did. China was putting the Soviet leaders on notice that much needed to be done before they could count on its compliance.20 Shevardnadze flew south to Shanghai in a Chinese Boeing-737 to hold talks with Deng Xiaoping at his guesthouse. Old and wizened though he was, the tiny Deng had a firm handshake and left no doubt about his mental vigour. He entered the conversation without preliminary flim-flam and eschewed small talk. Deng called in very broad terms for a fresh start to be made in the Sino-Soviet relationship.


pages: 762 words: 206,865

Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earth by Frederick Kempe

Berlin Wall, cuban missile crisis, Deng Xiaoping, desegregation, disinformation, Fall of the Berlin Wall, full employment, index card, Kitchen Debate, Mikhail Gorbachev, open borders, Ronald Reagan, Seymour Hersh, Ted Sorensen, trade liberalization, traveling salesman, zero-sum game

Yuri Andropov: Harrison, Driving the Soviets up the Wall, 164–165; Zagoria, The Sino-Soviet Conflict; Chen Jian, Mao’s China and the Cold War. Chapel Hill: University of North Carolina Press, 2001; Vladislav M. Zubok, “‘Look What Chaos in the Beautiful Socialist Camp!’: Deng Xiaoping and the Sino-Soviet Split, 1956–1963,” CWIHP-B, No. 10 (1998), http://www.wilsoncenter.org/topics/pubs/ACF185.pdf, 152–162; Chen Jian, “Deng Xiaoping, Mao’s ‘Continuous Revolution,’ and the Path Toward the Sino-Soviet Split: A Rejoinder,” CWIHP-B, No. 10 (1998), 162–164, 165–183; Joachim Krüger, “Die Volksrepublik China in der Aussenpolitischen Strategie der DDR (1949–1989),” in Kuo Heng-yue and Mechthild Leutner, eds., Deutschland und China.

Only a dozen country delegations among the eighty-one sided with China’s objections to Khrushchev’s course of liberalizing communism at home and peaceful coexistence abroad. Still, even that level of opposition to Soviet rule was unprecedented. With Mao in Beijing, Khrushchev and Chinese General Party Secretary Deng Xiaoping locked horns behind closed doors at the Kremlin’s St. George’s Hall. Khrushchev called Mao a “megalomaniac warmonger.” He said Mao wanted “someone you can piss on…. If you want Stalin that badly, you can have him—cadaver, coffin, and all!” Deng attacked the Soviet leader’s speech, saying, “Khrushchev had evidently been talking without knowing what he was saying, as he did all too frequently.”

“Ted,” de Gaulle, Charles Eisenhower’s and Roosevelt’s disapproval of on exclusion of Britain from Common Market on German reunification as Kennedy’s host in Paris opposition to negotiation with Khrushchev support for U.S. in Cuban Missile Crisis on U.S. Berlin policy Demichev, Pyotr Deng Xiaoping Dimmer, John Dobrynin, Anatoly as adviser for Vienna Summit concessions from U.S. on missiles in Turkey diplomatic postings linking of Berlin and Cuban issues Doherr, Annamarie Dönhoff, Marion Donner, Jörn Dowling, Walter “Red” under Adenauer’s influence admiration for Adenauer barring of, from East Berlin in Berlin bureaucracy on Clay’s appointment to Berlin on Soviet policy Dulles, Allen Dulles, John Foster East Berlin Bernauer Strasse job placement in optimism during Vienna Summit response to border closure RIAS radio broadcasts Stalinist architecture tourism See also East German border closure East German border closure Allied civilians military escorts for restrictions on breach of Wall, plans for confrontation at Checkpoint Charlie escape attempts expansion of first public mention of implementation of initial discussions of Kennedy acquiescence inaction on prospect of closure relief at closure Khrushchev approval satisfaction limitation to East German territory logistical challenges long-term consequences official statement on permanent barriers plans and preparations press conference on punishment of escapees’ families separation of friends and family shoot-to-kill police orders single crossing point for Westerners tourism violation of four-power agreements Warsaw Pact states’ approval of East Germany Allied access rights Chinese assistance to economic decline and hardships farm collectivization Miss Universe refugee refugee exodus Soviet oil pipeline Soviet treaty proposal granting control of access Steinstücken access West German trade See also East Berlin; East German border closure Economist Eikemeier, Fritz Eisenhower, Dwight D.


pages: 306 words: 79,537

Prisoners of Geography: Ten Maps That Explain Everything About the World (Politics of Place) by Tim Marshall

9 dash line, Admiral Zheng, anti-communist, Berlin Wall, British Empire, California gold rush, Charlie Hebdo massacre, colonial rule, cuban missile crisis, Deng Xiaoping, drone strike, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, Hans Island, Kickstarter, LNG terminal, market fragmentation, megacity, Mercator projection distort size, especially Greenland and Africa, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Nelson Mandela, oil shale / tar sands, Scramble for Africa, South China Sea, Suez canal 1869, Suez crisis 1956, trade route, transcontinental railway, Transnistria, UNCLOS, UNCLOS, zero-sum game

The country had been put back together; Mao would spend the rest of his life ensuring it stayed that way and consolidating Communist Party control in every facet of life but turning away from much of the outside world. The country remained desperately poor, especially away from the coastal areas, but unified. Mao’s successors tried to turn his Long March to victory into an economic march toward prosperity. In the early 1980s, the Chinese leader Deng Xiaoping coined the term “socialism with Chinese Characteristics,” which appears to translate as “total control for the Communist Party in a capitalist economy.” China was becoming a major trading power and a rising military giant. By the end of the 1990s it had recovered from the shock of the Tiananmen Square massacre of 1989, regained Hong Kong and Macau from the British and Portuguese, respectively, and could look around its borders, assess its security, and plan for its great move out into the world.

See also Latin America and names of specific countries Central American Free Trade Agreement, 230 Cerrado, 215 Cha, Victor, 202 Chad, 109, 112, 116–17, 125 Charles XIII, 13 Charlie Hebdo massacre (2015), 106 Chechnya, 15, 18, 29, 183 Chiang Kai-shek, 43 Chile, 215, 217, 218, 220–21, 230–32, 232 China, 8–9, 36–37, 38–61, 55, 168–69, 171, 193 and Africa, 60–61, 84, 119, 122, 125, 126–31 Air Defense Identification Zone, 56–57, 81–82, 211 annexation of Tibet, 7, 41, 43–44, 46–50, 51, 178, 188–90 and Arctic/Arctic Circle, 249 as BRICS country, 235 deep-water port investments, 60 energy resources, 50, 56–58, 60, 81, 82–83 and India, 2–3, 46–49, 178, 188–91, 260 and Japan, 43, 55–56, 206, 209–13 and Korea, 194–96, 198–200, 203–4 land reclamation, 58–59 languages, 40, 50–51 laser technology, 262–63 and Latin America, 83, 226, 227–29, 230–31, 235 naval capacity, 6, 38–39, 53–60, 79, 81, 82, 192 and Pakistan, 46, 49, 60, 177, 179 railway to Tibet, 48–49 and Russia, 18, 33–35, 45 space exploration, 54, 262 and United Kingdom, 43, 44 and United States, 38–39, 78–83 Chou En-lai, 52 Christians and Christianity, 71, 91, 139, 143, 150, 164, 175, 190 Chukchi Sea, 240–41, 245 Churchill, Winston, 12 Clinton, Hillary, 79 Cold War, 81, 94, 107, 118, 198–200, 205, 221, 235, 251–53 Collective Security Treaty Organization (CSTO), 20 Colombia, 215, 218, 224, 230–31 Colorado, 62–63, 71 coltan, 119–20 Communism, 13–14, 16, 18, 34–35, 43–48, 51–52, 81, 83, 126, 165, 195–200, 209 Confucius, 41 Congo, 109, 112 Congo Rainforest, 118 Congo River, 109, 113 Congress of Vienna (1815), 99 Conrad, Joseph, 117 Costa Rica, 226 cotton, 179 Crete, 86–87 Crimea, 13, 21–27, 29, 30, 33, 35, 102, 107 Crimean War (1853–56), 13, 30 Croatia, 3, 86–87, 90, 91, 98 Cuba, 62–63, 80, 83, 226 and Africa, 125–26 and the United States, 72–73, 195 culture wars, 105–6 Cyprus, 86–87, 133, 141, 163 Cyrenaica, 116–17 Czech Republic, 14, 20–21, 32, 33, 86–87, 91 DAESH (Dawlat al-Islamiya f’al-Iraq wa al-Shams), 147 Dagestan, 18 Dalai Lama, 47, 51, 178, 189 Damascus, 145, 156–57, 160 Danube River, 30, 86–87, 89–90, 91, 113 Dardanelles Strait, 163–64 Dead Sea, 153 Declaration of Independence (1776), 67 demilitarized zone (DMZ), in Korea, 200–204 Democratic People’s Republic of Korea (DPRK). See North Korea Democratic Republic of the Congo (DRC), 109, 116, 117–20, 125–28, 130, 131 Deng Xiaoping, 44 Denmark, 8–9, 23, 86–87, 98, 101, 249, 251, 254–55 Destroyers for Bases Agreement, 75, 78 “developing world,” 117–18 Devon Island, 240–41 Dharamsala, 189 Diamond, Jared, 110, 113 Diaoyu/Senkaku Islands, 36–37, 55–56, 211 Diego Garcia, 7 Dnieper River, 29 Dniester River, 30 Dokdo/Takeshima Islands, 193, 206 Dominican Republic, 72 drones, 124–25, 148–49, 183, 186–87 drugs, 70, 224–25 Durand Line, 181, 182 Durand, Mortimer, 182 East African Community (EAC), 127, 131 East China Sea, 36–37, 38–39, 45, 54, 55–56, 75, 205, 206, 211 East Coast Plain (U.S.), 62–63, 65 East Siberian Sea, 240–41 East Turkestan, 50–51 economic crisis of 2008, 77, 93, 94–95, 100, 101, 107–8 Economic Exclusion Zone (EEZ), 249, 250, 254 Ecuador, 215, 218, 221, 229 EEZ (Economic Exclusion Zone), 249, 250, 254 Egypt, 109, 120–22, 133, 136, 141, 153, 154, 156, 159, 163, 166–67 Suez Canal, 22, 75–76, 109, 111, 121 Suez Crisis (1956), 75–76 Elbe River, 86–87, 100 Elburz Mountains, 157, 158 Elizabeth Islands, 240–41 Ellesmere Island, 240–41, 254 El Salvador, 226 energy resources in Africa, 60, 121, 122–23, 125–27, 131–32 in Arctic/Arctic Circle, 6–7, 34, 72, 242, 248–49, 251, 254, 255–57 and China, 50, 56–58, 60, 81, 82–83 hydroelectricity, 60, 120, 122, 131–32, 218 in Japan, 208 in Latin America, 223, 227, 233, 236–38 liquefied natural gas (LNG), 33 in the Middle East, 135, 150, 157, 159–61, 163 nuclear production, 159, 253, 255 in Pakistan, 177, 180 and Russia, 25, 30–35 shale gas production, 33, 82, 227, 236–37, 238 in United States, 33, 82, 84 English Channel, 98, 104 Erdogan, Recep Tayyip, 162–63, 164 Eritrea, 109, 112, 119, 120, 133 Estonia, 8–9, 14, 16, 18, 20–21, 27–29, 32, 86–87, 240–41 Ethiopia, 60, 109, 120, 121–22, 129, 133 ethnic Russians, 24–28 Euphrates River, 133, 135, 139, 261 Eurasian Union, 20 Europe.


pages: 282 words: 82,107

An Edible History of Humanity by Tom Standage

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

In some areas senior Party officials managed to install local leaders who were prepared to reverse Mao’s collectivization and get agriculture going again, by granting small plots to peasant households for their own use, as had previously been done in the Soviet Union. Collective kitchens were also dismantled, officials who had been dismissed for their opposition to collectivization were given their jobs back, and in some cases punishment was meted out to those who had brutally enforced Mao’s policies. Deng Xiaoping, one of the reformers who had recognized that things had to change, famously declared at a meeting in March 1961 (at which Mao was not present) that “it does not matter whether a cat is black or white as long as it catches mice.” In short, ideological considerations were less important than providing food.

Within a few years China had overtaken the United States to become the world’s leading consumer of fertilizer, and then became the biggest producer. China also quickly adopted the new high-yield dwarf varieties of wheat and rice. But policy reforms were needed, too. After Mao’s death in 1976, reformers led by Deng Xiaoping concluded that agriculture was the bottleneck preventing further economic progress. They introduced a “two-tier” system in which households were allocated land and could decide what to cultivate on it. Provided they met a state quota of around 15 to 20 percent of their output, they could sell the rest and keep the proceeds.


pages: 287 words: 81,970

The Dollar Meltdown: Surviving the Coming Currency Crisis With Gold, Oil, and Other Unconventional Investments by Charles Goyette

Alan Greenspan, bank run, banking crisis, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bernie Madoff, Bretton Woods, British Empire, Buckminster Fuller, business cycle, buy and hold, California gold rush, currency manipulation / currency intervention, Deng Xiaoping, diversified portfolio, Elliott wave, fiat currency, fixed income, Fractional reserve banking, housing crisis, If something cannot go on forever, it will stop - Herbert Stein's Law, index fund, junk bonds, Lao Tzu, low interest rates, margin call, market bubble, McMansion, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, National Debt Clock, oil shock, peak oil, pushing on a string, reserve currency, rising living standards, road to serfdom, Ronald Reagan, Saturday Night Live, short selling, Silicon Valley, transaction costs

The Department of Agriculture reports that food accounts for 35 percent of household expenditures in China. Only 5.7 percent of Americans’ household expenditures go to food. That percentage will go up, particularly when a currency of declining value is used to bid in global auctions. Natural Resources Deng Xiaoping, the Chinese reformer, has to be given enormous credit for cracking open a door to the middle class for such a great number of the world’s people. The fall of the Soviet Union opened it a little wider. India, too, has been slowly shedding its socialist somnolence. With an added entrée to the developed world thanks to the English language left behind by British occupiers, India has experienced annual growth of 7 percent for a decade and falling poverty rates.

See Foreign currency as investment hard currencies DB Commodity Services LLC, Debt, federal. See Federal debt Debt securities exchange-traded notes (ETNs) U.S. government. See Treasury bonds Deflation bailout, effects on economic impact of myths about “pushing on a string” argument De Gaulle, Charles Deng Xiaoping Digital gold currencies GoldMoney Dollar as currency reserves deterioration, and oil-pricing alternatives devaluation and Fed overseas holdings Dollar standard benefits to U.S. global dumping of Economic collapse, signs of Economic crisis (2008- ) bailouts command economy threat credit crisis and dollar standard federal debt government actions.


pages: 280 words: 83,299

Empty Planet: The Shock of Global Population Decline by Darrell Bricker, John Ibbitson

"World Economic Forum" Davos, affirmative action, agricultural Revolution, Berlin Wall, Black Lives Matter, Brexit referendum, BRICs, British Empire, Columbian Exchange, commoditize, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, en.wikipedia.org, full employment, gender pay gap, gentrification, ghettoisation, glass ceiling, global reserve currency, Great Leap Forward, Gunnar Myrdal, Hans Rosling, Hernando de Soto, illegal immigration, income inequality, James Watt: steam engine, Jeff Bezos, John Snow's cholera map, Kibera, knowledge worker, labor-force participation, Mark Zuckerberg, megacity, New Urbanism, nuclear winter, off grid, offshore financial centre, out of africa, Potemkin village, purchasing power parity, reserve currency, Ronald Reagan, Silicon Valley, South China Sea, statistical model, Steve Jobs, Steven Pinker, The Wealth of Nations by Adam Smith, Thomas Malthus, transcontinental railway, upwardly mobile, urban planning, working-age population, young professional, zero-sum game

India tried to jump-start its economy by throwing up protective tariffs that instead held the country back; Mao’s Great Leap Forward aimed to bring on rapid industrialization but instead produced the Great Chinese Famine of the late 1950s, which killed upward of forty-five million people—“the greatest manmade disaster in history”69—a catastrophic slaughter even by twentieth-century standards. But with the passing of Mao and the arrival of Deng Xiaoping, China finally took off. The economy doubled between 1980 and 1990, tripled between 1990 and 2000, and more than tripled between 2000 and 2010. Let’s put it another way. In 1980, the wealth created by a Chinese citizen in one year was $205 (in constant dollars based on purchasing power parity).

At the launch of the fourth Five-Year Plan in 1971, the government inaugurated a campaign they called “Later, Longer, Fewer,” which urged citizens to marry later, have fewer children, and wait longer between having children.288 That would probably have been enough to bring the fertility rate down to replacement rate. By 1979, it had already fallen from 6.2 in 1960 to 2.5, thanks to state encouragement and urbanization. (In 1960, only 16 percent of China’s population lived in urban areas. Today, the figure is 54 percent. By 2050, it will be 76 percent.)289 But planners love to plan. In that year, Deng Xiaoping imposed a compulsory one-child policy. There were many exceptions (ethnic minorities were exempt, and in many cases a second child was permitted if the first child was a girl), but state officials estimate four hundred million births were prevented by the time the policy was phased out in 2016.


pages: 389 words: 81,596

Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required by Kristy Shen, Bryce Leung

Affordable Care Act / Obamacare, Airbnb, Apollo 13, asset allocation, barriers to entry, buy low sell high, call centre, car-free, Columbine, cuban missile crisis, Deng Xiaoping, digital nomad, do what you love, Elon Musk, fear of failure, financial independence, fixed income, follow your passion, Great Leap Forward, hedonic treadmill, income inequality, index fund, John Bogle, junk bonds, longitudinal study, low cost airline, Mark Zuckerberg, mortgage debt, Mr. Money Mustache, obamacare, offshore financial centre, passive income, Ponzi scheme, risk tolerance, risk/return, side hustle, Silicon Valley, single-payer health, Snapchat, Steve Jobs, subprime mortgage crisis, supply-chain management, the rule of 72, working poor, Y2K, Zipcar

Once, while hauling a two-hundred-pound rock with a friend, he slipped in the wet mud, rolled down a hill, and almost got crushed to death. He lost hope of having a future or any chance of improving his situation. Every day was as grueling and hopeless as the last. In 1977, after Chairman Mao died, the new leader, Deng Xiaoping, decided to overhaul the system and reopen the schools. The National College Entrance Exam (NCEE), or Gaokao, which dates back to 1952 and can be taken by anyone, regardless of political or socioeconomic status, was reinstated. It dawned on my dad—a factory worker at this point—that this was his shot.

See kids China/Chinese becoming wealthy, 259 middle class, 70, 78–79, 113 poverty, 3–4, 6–7, 8, 10, 13–14, 15, 17, 20, 22–24, 26, 34–35, 36–37, 46–47, 49 ChooseFi (Facebook group), 251 clay (Guan Yin), eating, 6–7 closet map, 18–20, 19, 70 closing the loop, 213–17, 214, 216 Coates, Dan, 63 Coca-Cola, 10–11, 20, 57, 67, 90, 96, 97, 107, 156, 157, 183 cocaine, 65 Colby’s story, 201, 259 Collins, JL, vii–x, 93, 94, 251, 273 Colorado, 82, 234, 235, 246 Columbine shootings, 21 commissions, 91, 98, 109 common stock vs. preferred shares, 180 Communists, viii, 6, 22, 34, 107, 111, 121 community, loss of, the fear it generates, 248, 249–51 compound interest, 35–36, 45 computer engineering, 15, 16, 27, 28, 28, 29, 47, 48, 156, 160, 164, 186, 253, 273 constraints, importance of, 11–12 consumer debt, 37–39, 44 contribution-matching program, 125, 130 contributions, 124, 124, 130–33, 130–34 control theory, 213–14, 214 corporate bonds, 182–83, 183, 185, 187 cost of living increases, 220–21 CRAP (creativity, resilience, adaptability, perseverance), 12–16, 20 creative writing, 27–28, 28, 29 creativity, 13–14 credit card international medical insurance, 198 credit cards, 34–35, 36, 38, 45, 196–97, 202 Cultural Revolution, 22, 23 Current-Year Spending Bucket, 204, 205, 206, 206–7, 210, 212, 217 deadline, writing a paper under a, 11 debt, avoiding at all costs, 34–45, 78–79, 197 debt, using to reduce risk (Investors), 271 deductible contributions, 123, 124, 124, 125, 126, 126–27, 127–29, 130–33, 130–34, 135 defaulting on debt, 38, 39, 41 Deng Xiaoping, 23 designing a portfolio, 104–5, 104–10, 107–8, 110, 120 diabetes and rich people, 17 digging, medical waste, 3–4, 9, 111, 157, 189 diminishing happiness effect, 64–65 discount stores, taking advantage of, 235 dividends, 123, 124, 137, 137, 178, 183–84, 184–86, 187. See also qualified dividends doctors, 31, 31–32 dollars, percentages beating, 91–92 don’t follow your passion (yet), 26–33, 252–53 dope on dopamine, 17, 56, 62–77, 76.


pages: 290 words: 82,871

The Hidden Half: How the World Conceals Its Secrets by Michael Blastland

air freight, Alfred Russel Wallace, banking crisis, Bayesian statistics, behavioural economics, Berlin Wall, Brexit referendum, central bank independence, cognitive bias, complexity theory, Deng Xiaoping, Diane Coyle, Donald Trump, epigenetics, experimental subject, full employment, George Santayana, hindsight bias, income inequality, Jeremy Corbyn, manufacturing employment, mass incarceration, meta-analysis, minimum wage unemployment, nudge unit, oil shock, p-value, personalized medicine, phenotype, Ralph Waldo Emerson, random walk, randomized controlled trial, replication crisis, Richard Thaler, selection bias, the map is not the territory, the scientific method, The Wisdom of Crowds, twin studies

Mao Zedong, the revolutionary leader, maintained its relative isolation until his death in 1976. By this point, the Chinese economy was stagnant, living standards were wretched by comparison with many other countries, and technology lagged far behind the rich world. Mao’s eventual successor – after a good deal of infighting – was Deng Xiaoping. Deng began to open China to trade and foreign investment. After a temporary shift in political power away from Deng and his supporters with the violent repression of public protest in Tiananmen Square, there then followed a revival of Deng’s reformist influence. China under his leadership finally began to emerge as a world manufacturing power.17 Its rise was stunning.

Index abstract formulas 141 Academy of Medical Sciences 133 adoption studies 41 aid, economic development 141 aid-effectiveness craze, the 153 alcohol consumption 180 AllTrials campaign 114–5 Altman, Doug 129–30 Amano, Yukiya 185 ambiguity 209–10 Amgen 111–2 Analysis (radio programme) 102 analytic validity 158, 263n18 anarchy 224 aphorisms 68–9, 149 apprenticeships 205–6 argument, beliefs and habits of 186 asthma 135 Attanasio, Orazio 225–9, 230 Autho, David 219–23 average knowledge 173 background influences 23–34 background norms, rejecting 24–5 bacon 161–3, 162–3 Banerjee, Abhijit 150–4, 157 Bangladesh 80–2, 82, 101–2, 158, 261n6 Bank of England 103, 216 Bank of Japan 103 Basbøll, Thomas 244–5 baseline data 165 base-rate neglect 176–7 basic laws 140 Bateson, William 245 BBC 88, 98 Beatles, the 52–3, 259n33 Begley, Glenn 111–7 behaviour context-specific 42–3 environmental cues 65–7 behavioural economics 157 Behavioural Insight Team 155, 156, 232 beliefs 60 contradictory 63–4 inconsistency of 60–6 justification 60–1, 63 manipulation 62–3 power of information on 66–8 self-contradiction 61–2 Berlin, Isaiah 199 betting, on knowledge 236–7 big causes, power of 35 big events causal intricacy 193–6 complexity 185–7 difficulty determining causality 188–96 power of circumstance 196–9 big picture, the 215–6 Bijani, Ladan 40–1 Bijani, Laleh 40–1 biographies 49 biological randomness 43–4 biomedical science, research standards 129–36 Bolsover 217–8 Boorstin, Daniel 17, 136, 138, 264n24 Booth, Charles 146–7 BP 211 brain, the 64 plasticity 56 self-justifying 83 breast cancer 45–6, 46 Brexit referendum 18–9, 20, 90, 214–8, 223–4, 241 Bunnings 77 Burckhardt, Jacob 255n20 Burke, Edmund 269n1 Burns, Terry 102–3 business decisions, failures 210–1 cancer 45–8 breast 45–6, 46 lung 174–5 risk 162–3, 166, 174–5 screening 132–3 Cancer Research UK 133 canned laughter 154–5 capitalism 118 Carillion 211 Carp, Joshua 123–4 Cartwright, Nancy 79, 79–82, 82, 193–4, 195, 202–3, 203–4, 263n18 causal instincts 123 causal interactions, complexity 239 causal intricacy 193–4 causal models 242–4, 243, 269–70n3 causal theorizing 212–4 causality assumption of 212–4 difficulty determining 188–96 existence of 276–7n12 hard 225–9 importance of 212 mechanical models 242–4, 243 in one person 48 cause and effect dependable 203–4 patterns of 23, 25–6, 26 supposed 248 unreliable 204 causes and causal influences 90, 94 competing 248 criminals 29 interaction 193–6 and luck 178 secret life of 8–11 simple 184–5 cells, biographical stories 47–8 certainty, desire for 235 Chadwick, Edwin 146–7 chance 14, 37–8, 247, 281n1 chaos theory 56–7, 276n10 Chater, Nick 59, 60, 63, 64–5, 66–7 Chernobyl disaster 185 child and adolescent development 23–6, 41–2 child mental health 206–7 childhood influences 23–5 delinquent boys 26–34 China, rise of 218–23, 279n19 choice, situated 31–3, 34 choice blindness 62 choices 60 Cialdini, Robert 154–5 Cifu, Adam 131–2 circumstances 70 power of 196–9 claims inflation 130 climate change 238–9 Clinton, Hillary 222 Cochrane Collaboration, the 189–90 cognition 64 cognitive biases 14 cognitive limitations 14, 214 Comaroff, John 107–8 common sense 69–70 comparative cost analysis 173 competence 236–7 complacency 237 complexity adding 244 big events 185–7 facing 15 hidden 184–201 of reality 245 complexity theory 276n10 complexity-avoidance 187 complications, hidden 187 Conan Doyle, Arthur 108 confidence 72 consistency 68–75, 202–4, 260n6, 260n8 constructive realism 17 consumer behaviour 77 context 41–2, 72, 101 context-specific behaviour 72 context-specific learning 42–3 control alternative to 248–9 elusiveness of 85–6 powers of 195 conviction 104 coping strategies 16–7, 225–46 adapting 230–3 betting 236–7 communicate uncertainty 237–9 embracing uncertainty 234–6 exceptions 244–5 experiment 230–3 governing for uncertainty 239–41 managing for uncertainty 241–2 metaphors 242–4 negative capability 234 relax 246 triangulation 233–4 use of probability 242 Corbyn, Jeremy 20 corporate power 241 cost/benefit analysis, cows 117–22 cows, cost/benefit analysis 117–22 Coyle, Diane 216, 262n12 Crabbe, John 85–7 credibility 238–9 credibility crisis 18 crime causes of 142–4 heroes and villains view 142 opportunist 144–5 reduced opportunity 144–5 theory of 142–6, 143 victims and survivors view 142–3 criminals causal influences 29 childhood influences 26–34 desisters 30 high rate chronics 30 life-course persistent offenders 28–9 life-courses 28, 236 variables 31 critical factors 83–5 crowds, wisdom of 149 cultural difference 79–82, 79–85 Daniels, Denise 43–4, 57 Darwin, Charles 50–1 data granularity 216–7 interpretation 98–100 Dawid, Philip 276–7n12 De Rond, Mark 198, 201 de Vries, Ymkje Anna 114 deadweight cost 205–6 debate 98 decision making 58–60 influences 32–3 situated choice 31–3 deep preferences 65 deeper rationale, construction of 60 Deepwater Horizon 211 defining characteristics 43 degrees of freedom 122–9 delinquent boys 26–34 dementia 176–7, 274n16 democracy 20 Deng Xiaoping 219 Denrell, Jerker 199, 201 desires 59 details importance of 49–54 neglecting 151–2 problem of 229 selective 26 determinism 28 development economics 150–3 developmental difference, sources of variation 9–11 developmental noise 10 difference 15 pockets of 214–24 Dilnot, Andrew 237, 275n3 disciplined pluralism 231 disorder 45 forces of 11–3 doubt 238 Down’s syndrome 166 drugs comparative cost analysis 173 impact 171–2 medical effect 167–9, 169, 170–4 non-responders 172 Numbers-Needed-to-Treat (NNTs) 168, 169, 170, 173–4 predictive weakness 170–3 duelling certainties 235 Duflo, Esther 83, 84, 141, 150–3, 157–8, 158–9, 230–1 ecological validity 263n18 economic development, aid 141 economic forecasting 92, 102–7 economic recovery 217–8 economics 233 economy, the 87–100, 91, 93, 94, 95 education 151–2, 206–7, 275– 6n7 Einstein, Albert 140–1 Emerson, Ralph Waldo 68 enigmatic variation 13–6, 48 environment context 72 non-shared 37 shared 35 environmental influences 43–4 epidemiology 181 epigenetics 6–7 erratic influences 60 essential you, the 59–60 estimates 89–91, 96 European Central Bank 103 evidence 21 balance of 114 conclusive 186, 187 the Janus effect 121, 122–9 limitations of 117–22 statistical significance 137 strength of 137 evidence-based medicine 133–4 exceptions 214–24, 244–5 expectations 35 big 196 frustration of 15 of regularity 47, 202–4 unrealistic 182 experience, influence of 33, 34, 55–7 experiment 230–3 expertise, crisis of 18–9 experts, credibility crisis 18–9 external validity 101, 158, 263n18, 264n19 extreme performance 199 failure 204–11 fairness 66–7 false negatives 113–4 false positives 113–4, 122 falsification 245 family, changes of 41 farmer and a chicken, the 202–4 fate 30 fears, exaggerated 46 Financial Times 77 First World War 108 Fitzroy, Robert 50 flat mind, the 60, 60–8 Flaubert, Gustave 139 forecasting 109 former Yugoslavia 108 foxes 199 France 186–7 Freedman, Sir Lawrence 108, 109 freedom 236 Fukushima nuclear power station meltdown 185–7 fundamentals 141 identifying 153 further education 208–9 Galbraith, John Kenneth 110 Gartner, Klaus 87 Gash, Tom 142–3 Gates, Bill 199 GDP data 262n12 growth estimation 88–100, 91, 93, 94, 95, 262–3n14 local 214–5, 216, 218 Gelman, Andrew 124–5, 244 gene–environment interaction 6–7 general principles 140 generalities 174 generalization 76–8, 146, 152, 263n18 genes and genetics influence of 34–7, 39–41, 44, 45–7 overclaiming 134–5 power of 33, 45 genetic risk 45–7 genius, dangerous 212–4 genotype 8 Germany 185, 186, 188 Gillam, John 77 global financial crisis, 2008–9 104, 106, 210, 235 globalization 213 Gove, Michael 18–9 granularity 216–7 ground truth 217 groupthink 149 guarantees, lack of 160 Guardian 207 Gupta, Rajeev 117, 118 Haldane, Andy 216–7, 218 Harford, Tim 156–7, 237 Harris, Judith Rich 40–2, 72 Hayek, Friedrich 105–6 health screening 177 heart disease 163–6 hedgehogs 199 Henry (ex-delinquent) 32 Hensall, Abigail 39–40, 41 Hensall, Brittany 39–40, 41 herd mentality 154–5 hidden causes 35–8 hidden half, the coping strategies 225–46 ignoring 202–24 mystery of 35 power of 44–5 hidden trivia 8–9 hindsight 78 hindsight bias 83 history 107–8 lessons of 109 Homebase 76–7 Honda, US motorcycle market penetration 196–9 hubris 77 human sameness irregularity 45–9 limits of 34–45 human understanding, fundamentals 213 Human Zoo, The (radio programme) 60–6 humility 224, 248–9 IBM 199 ibuprofen 163–5 ideological divide 240 ideologies 9–10 idiosyncratic influence 53–4 ignorance 21, 107 disguising 242 the shock of 7 imagination 138 impulsive judgement, value of 149 incarceration rates, United States of America 222, 240, 280n10 incidentals, effect of 51–2 incoherency problem, the 149 inconsistency beliefs 60–6 justifiable 70–1 incredible certitude 209 Indian Express 117 individual differences 56 individuality conjoined twins 39–42 neurological foundation of 56 industrial policy 208 inflation 102–7 influences background 23–34 childhood 26–34 criminals 26–34 decision making 32–3 environmental 43–4 erratic 60 hidden 204 microenvironmental 8–9, 253–4n12 information power of 66–8 selective 66–7 Institute for Fiscal Studies 205–6 Institute for Government 208–9 intangible differences 253n11 intangible variation 10, 229 interaction, problems of 193–6 internal validity 101–2, 158 International Journal of Epidemiology 43 intuition 54, 204 Ioannidis, John 121, 133–6 irrationality, human 14 irregularity 94 disruptive power of 224 frustration of 15 human 45–9 influence 12 problem of 229 underestimating 214–24 Islamic State 108 it’s-all-because problem 91, 96 James, Henry 29, 56 James, William 141 Janus effect, the 121, 122–9 Johansen, Petter 62 Johnson, Samuel 214 Johnson, Wendy 71–2 Jones, Susannah Mushatt 162–3, 165 journalism 237–8 Juno (film) 193 Kaelin, William 130 Kawashima, Kihachiro 197 Kay, John 16, 68, 197, 231, 232 Keats, John 138–9, 234 Kempermann, Gerd 56, 57 Keynes, John Maynard 107, 271n9 Keynesianism 103 King, Mervyn 103, 104, 106, 110 Kinnell, Galway 28 Knausgaard, Karl Ove 86–7 Knight, Frank 107 Knightian uncertainty 107 knowledge 12–3, 170 advance of 20–1 average 173 betting on 236–7 credibility crisis 18 critical factors 83–5 failures of 19, 76–8, 79–82 fallibility of 248 generalizable 234 generalization 76–8 illusion of 136, 138 lessons of the past 102–7, 107–10 in medicine 182 negative capability 138–9 as obstacle to progress 17 obvious 82 paths to 136–9 plausibility mistaken for 132 practical 30–1 pretence of 105–6 probabilistic 160, 161, 163–4, 172–3 and probability 180 problem of scale 177–80 provenance 116 relevant 82–5 replication crisis 111–7 subverting 76–110 and time variations 87–100, 91, 93, 94, 95 transfer 37, 76–8, 83, 101–2 unknowns 85–7 validity 100–2 validity across time 107–10 weakest-link principle 79–82 Krugman, Paul 210 Lancet 225–6 Langley, Winnie 51, 165, 178 Laub, John 26–34, 42 law-like effects, claims about 21 learning styles 207 Leicester City Football Club 199–201 Leon (ex-delinquent) 31–2 Leyser, Ottoline 114 life, mechanics of 51 life-course persistent offenders 28–9 limits and limitations 16–7, 44, 75 base-rate neglect 176–7 of cleverness 278n14 individual level 174–6, 178–9, 181–3 lack of guarantees 160 marginal probabilistic outcomes 176–7 medical effect 167–9, 169, 170–4 on prediction 165–6 on probability 160–83 problem of scale 161–6, 174– 6, 177–80, 181–3 Liskov Substitution Principle 261n3 Little Britain (TV comedy) 192 Liu, Chengwei 198, 201 lives, understanding 29 location shift 264n20 Loken, Erik 124–5 long-acting reversible contraceptives (LARCS) 190 luck 37–8, 48, 178, 198 lung cancer 174–5 Lyko, Frank 1, 2 machine mode thinking 151–2 Macron, Emmanuel 20 Manski, Charles 209, 235 Mao Zedong 218 marginal probabilistic outcomes 176–7 marmorkrebs 1–9, 4, 10, 12, 12–3, 22, 35, 81, 182, 252n2 Marteau, Theresa 65 Martin, George 52 May, Theresa 208 Mayne, Stephen 77 measurement 99–100 mechanical relationships 212, 242, 244 mechanical thinking 242–4, 243 media stigma 192–3 medical effect, drugs 167–9, 169, 170–4 medical reversal 131–3 medicine comparative cost analysis 173 knowledge in 182 non-responders 172 Numbers-Needed-to-Treat (NNTs) 168, 169, 170, 173–4 personalized 181–3 predictive weakness 170–3 probability and 167–9, 169, 170–4 memory 56, 102–7 Mendelian randomization 233 Menon, Anand 214–5 mental shortcuts 14–5 mere facts 202–3 meta-science 19, 20 methodological revisions 97–8, 120 mice 55 microenvironmental influences 8–9, 253–4n12 micro-irregularity 35–7 micro-particulars 128 Microsoft 147–50, 199 Miller, Helen 66–7, 67 mind, the flat 59–60, 60–8 shape 59 models and modelling 140, 242–4, 243, 269–70n3 moment when, the 52 morality, changing 108 More or Less (radio programme) 237 Munafò, Marcus 234 Nadella, Satya 147–8 National Survey of Family Growth 192 National Surveys of Sexual Attitudes and Lifestyles 191–2 nationalism 108 Nature 2, 112, 136, 168, 174 nature/nurture debate 3, 5–6, 9–10 negative capability 138–9, 234 neurology 58 New England Journal of Medicine 131–2 Newcastle upon Tyne 214 Newton, Isaac 140–1 noise 14 definition 10 developmental 10 as intellectual dross 11 re-appraisal of 11–3 non-shared environment 37 Nosek, Brian 129 noses 49–51 Nottingham 217 Numbers-Needed-to-Treat (NNTs) 168, 169 nurture, influence of 44 O’Connor, Sarah 217–8 Office for National Statistics 89, 92, 98, 99–100, 216 O’Neill, Onora 238 opinions 21, 59 order 11–2, 13 organ donation campaign 155–6 outside influence 44 overclaiming 134–5 overconfidence 21 overseas business expansion 76–8 Oxfam, sexual abuse scandal 210 Paphides, Pete 52–3 parental behaviour 41 parents, impact of 41 Parris, Matthew 63 parthenogenesis 1–2 particularism 271–2n15 particularity problem, the 93 past, the, lessons of 102–7, 107–10 pattern-making instinct 21 patterns 13 pendulums 57 perceptual systems 64 performance 72–5 personalized medicine 181–3 Peto, Richard 47–8 phenotypes 8 physiognomy, and character 50 plausibility 132 Plomin, Robert 43–4, 49, 57 pluralism 231–2 polarization 235 policy making 231–2 appraisal 277n4 chances of success 208 failures 204–9 governing for uncertainty 239–41 and probability 178–9 secret of 209 seminar 207–8 sequential changes 208 political assumptions, fall of 20 political beliefs 60–6 population validity 263n18 populism, rise of 20 poverty 240–1 Prasad, Vinayak 131–2 precision 183 predictability 28 predictive weakness 165–6, 170–3 preferences 59, 62 deep 65 priming 126–8 probabilistic knowledge 160, 161, 163–4, 170, 172–3 probability 54, 70, 107, 258n25, 272n2 advantages 177–80 base-rate neglect 176–7 difference in 30 fear of low probabilities 166 individual level 174–6, 178–9, 181–3 limits and limitations 160–83 marginal 176–7 medical effect 167–9, 169, 170–4 paradox 170 and policy making 178–9 predictive weakness 165–6 problem of scale 161–6, 174– 6, 177–80, 181–3 recognizing significance 161 risk evaluation 161–6 suggestion of knowledge 180 use of 242 usefulness 161 problems, conceptualizing 17 productivity growth 209–10 progress, knowledge as obstacle to 17 psychoanalysis 58 psychology 58 Pullinger, John 278n14 Pullman, Philip 37 quantification, risk and risk-taking 162–5 racism 125–6 radical uncertainty 106, 107 Radio, Andrew 102 rage to conclude, the 139 randomized controlled trials, value of 280n6 randomness, pure 9 Ranieri, Claudio 200–1 rationality 68, 260n6, 260n8 reality 230, 245, 254n14 reciprocity 155 reflection 65–6 regularity 73, 160 assumption of 212–4 expectations of 47, 202–4 search for 212, 230 statistical 240–1 replication crisis 18, 111–7, 117– 22, 129, 136, 138 Replication Project 129 research 111–39 balance of evidence 114 breadth 130 claims inflation 130 confidence in 115–6 credibility crisis 18 decision rules 136–9 depth 130 evidence-based medicine 133–4 false negatives 113–4 false positives 113–4, 122 fragility 128–9 freedom 122–9 half wrong 113, 115–6 the Janus effect 121, 122–9 limitations of 117–22 micro-particulars 128 multiple analyses 125–6 multiple conclusions 117–22 overclaiming 134–5 priming 126–8 redemption 20 replication crisis 111–7, 117– 22, 129, 136, 138 rigour 19 scepticism 115–6 standards 129–36 statistical significance 122 triangulation 138 validity 101–2 research-credibility crisis 18 rigour 19, 246 risk and risk-taking 70–1, 107, 186 alcohol consumption 180 cancer 162–3, 166, 174–5 communication of 133 evaluation 161–6 heart disease 163–6 quantification 162–5, 166 quantified 187 risk-perception 71 Rockhill, Beverly 181 Rolling Stone magazine 23 Rose, Geoffrey 175–6 Rowntree Joseph 146–7 Royal Bank of Scotland 211 Russell, Bertrand 202, 202–3 samples, validity 100–2 Sampson, Robert 26–34, 42, 236 sanitation 225–9 Santayana, George 109 scale, problem of 161–6, 174–6, 177–80, 181–3 scepticism 105, 115–6, 128, 206 schizophrenia 34–6, 256n10 Science 56 Scientific American 55 Scotland, Triple-P parenting programme 206 screening 132–3, 177 searing memory, doctrine of the 102–7 selection bias 244 self-understanding 67 Sense about 115 serendipitous events 43, 52–3 sex education, role of 189–90 short-term gene–environment interaction 7 significance, recognizing 161 Silberzahn, Raphael 125–6 Simmons, Joseph 122–3 situated choice 31–3, 34, 42 situations, appraisal of 72 sliding-doors moments 50 small differences, power of 56–7 small effects, influence of 49–54 small experiences, influence of 35–7 smartphones 97, 191 Smith, George Davey 50, 51, 234, 281n1 social contexts 31, 195 social media 191 social mobility 240–1 social policy 195 social proof 154–6 social reformers 146–7 social science, utility of 146–50 special theory of relativity 140–1 Spiegelhalter, David 180, 244–5 spontaneous interaction 9 stagflation 103 statins 171 statistical regularities 240–1 statistical significance 122, 137 stents, use of 131 stories and storytelling 25–6, 53–4, 244–5, 247, 248, 258n25, 258n27 structural forces 54 Sun, the 51 support factors 194 Surfers Against Sewage 70–1 surgeons, skills 73–4 system 1 thinking 149 systematic forces 54 systems-level thinking 153 Tamil Nadu 79–82, 101–2 Tangiers, Morocco 84 technology, changing 108 Teen Mom (TV show) 193 teenage pregnancy rate decline in 184, 188–96 estimates 275n3 terrible simplifiers 255n20 Tesco 77, 211 Thaler, Richard 157 theories 140–59 analytic validity 158 arguments about 150–4 of crime 142–6, 143 development economics 150–3 fitness 157 implementation 152 limitations 157 and practice 141 refining 156–7 relevance 157–8 social science 146–50 tension in 154–9 using 156–7 ‘thick’ description 86 time, validity across 107–10 Time magazine 193 time variations, and knowledge 87–100, 91, 93, 94, 95 The Times 63 toilets 225–9 Toshiba 211 trade-offs 190–1 trends 54 trials 156 triangulation 138, 233–4 Triple-P parenting programme 206–7 trivia, importance of 84–5 true uncertainty 107 Trump, Donald 20, 218, 222, 223–4 trust 238 trust deficit 218 trustworthiness 238 Tufte, Edward 139 turning points, variety 49–54 TV crime shows 143, 143 twins and twin studies conjoined 39–42 identical 34–7, 39, 256n10 Tyson, Mike 23, 23–6 Tyson, Rodney 24–5, 255n3 Uhlmann, Eric 125–6 uncertainty 89–90, 100, 209– 12, 254n14 admitting 238 communicating 237–9 data 89–91 embracing 234–6 erratic 93 governing for 239–41 Knightian 107 language of 238 managing for 241–2 in medicine 167–9, 169, 170–4 perpetual 230 radical 106, 107 true 107 uncertainty laundering 268n33 understanding hidden half of 13 limiting effects on 14 limits of 54 unemployment 221–2, 263n17 unintended consequences 105, 229 United States of America China trade 220–3 incarceration rates 222, 240, 280n10 labour market 221 minimum wage 266–7n10 unemployment 221–2 universal gravitational attraction, theory of 140–1 unknowns 85–7, 206 unusual, the 195 upbringing 23–5 Uyeno, Lori 47 validity across time 107–10 analytic 158, 263n18 ecological 263n18 external 101, 158, 263n18, 264n19 internal 101–2, 158 knowledge 100–2, 107–10 population 263n18 research 101–2 samples 100–2 values 59, 232 variation, sources of 5–8 Volkswagen, diesel emissions scandal 211 Wall Street Journal 219 Wallace, Alfred Russel 259n33 Walmart 77 Watts, Duncan 68, 69, 147–50 weakest-link principle 79–82 Wedgwood, Josiah 50–1 Wellington, Duke of 51 Wesfarmers 76–7 West Germany, motorcycle thefts 142–4 Western, Bruce 54 Wilson, Harold 99 World Bank Independent Evaluation Group 79 World Health Organization 162 world picture 63–4 Wright, Sewall 253n11


pages: 324 words: 80,217

The Decadent Society: How We Became the Victims of Our Own Success by Ross Douthat

Affordable Care Act / Obamacare, AI winter, Apollo 13, Bernie Sanders, bitcoin, Black Lives Matter, Boeing 747, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, centre right, Charlie Hebdo massacre, charter city, crack epidemic, CRISPR, crowdsourcing, David Graeber, Deng Xiaoping, deplatforming, Donald Trump, driverless car, East Village, Easter island, Elon Musk, fake news, Flynn Effect, Francis Fukuyama: the end of history, Francisco Pizarro, ghettoisation, gig economy, Golden age of television, green new deal, Haight Ashbury, helicopter parent, hive mind, Hyperloop, immigration reform, informal economy, intentional community, Intergovernmental Panel on Climate Change (IPCC), Islamic Golden Age, Jeff Bezos, Jeremy Corbyn, Joan Didion, Kevin Kelly, Kickstarter, knowledge worker, life extension, low interest rates, mass immigration, mass incarceration, means of production, megacity, meritocracy, microaggression, move fast and break things, multiplanetary species, Neal Stephenson, Neil Armstrong, New Journalism, Nicholas Carr, Norman Mailer, obamacare, Oculus Rift, open borders, opioid epidemic / opioid crisis, out of africa, Panopticon Jeremy Bentham, Paris climate accords, peak TV, Peter Thiel, plutocrats, pre–internet, private spaceflight, QAnon, quantitative easing, radical life extension, rent-seeking, Robert Bork, Robert Gordon, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Snapchat, Snow Crash, Social Justice Warrior, social web, Steve Bannon, Steve Jobs, Steven Pinker, technoutopianism, TED Talk, the built environment, The Rise and Fall of American Growth, Tyler Cowen, Tyler Cowen: Great Stagnation, wage slave, WeWork, women in the workforce, Y2K

Compared with China’s social credit system, the version of this strategy visible in the Western world is much more decentralized and haphazard, more circumscribed and civilized by the residual liberal traditions of the West, less designed and more evolved. But to appropriate the famous description of Deng Xiaoping’s vision as “capitalism with Chinese characteristics,” the emerging system of social control in a decadent West might be usefully described as “a police state with liberal characteristics.” Both its rules and its ruthlessness will be shaped and checked by the West’s cultural individualism and its political emphasis on human rights.

., vii Days of Rage protests, 129 deBoer, Freddie, 145–46, 149 debt, national, 70 ratio of GDP to, 192, 193 debt, overhang of, 34 decadence, 10 aesthetic definition of, 6–7 author’s definition of, 8–10, 239 Barzun on, 8, 12, 69, 91, 96, 100, 113, 135, 172, 184 birthrate and, see birthrates, decline in convergence of, in West and non-Western world, 165–69, 173 economic, see stagnation, economic as ending in dystopia, 184–85 end of, see decadence, deaths of EU as case study in, 82–86 hope for renewal as possible under, 179 institutions and, 69 Islamic world and, 159 moral definition of, 7 and need for a Messiah, 237–39 opposition to, political and social risks of, 178–80, 182–83 policy limits imposed by, 87 political sclerosis as, see sclerosis, political possible inevitability of, 234–36, 240 repetition as, see repetition seductiveness of, 217 use of term, 6–7 decadence, deaths of, 115, 187–240 catastrophe as, see catastrophe divine intervention scenario for, 239–40 neo-medieval scenario for, 200–203 renaissance scenario for, see renaissance space travel scenario for, 236, 239–40 decadence, sustainable, 115, 117–85, 240 arguments in favor of, 177–85 authoritarian systems in, 137–54; see also pink police state benefits of, 180–82 climate change and, 173–75 comfortable numbness in, 119–36 as contradiction in terms, 179 dystopian elements of, 184–85 management of, 181–83 meritocracy in, 169–73 politics and, 129–36 pornography and, 119–22 prescription drugs and, 126–28 virtual entertainments and, 122–26, 128–29 Deep Throat (film), 119 Defense Department, US, UFO videos released by, 233–34 deficit, investment constrained by, 34 deficit spending, 192–93 DeLong, Brad, 192 Democracy in Europe Movement 2025 (DiEM25), 219 democratic norms, 68–69, 78, 163 Democrats, Democratic Party: 1960s–70s reform in, 77 Senate controlled by, 67 demographic change, weight of, 34, 56–58 religious renewal and, 222–23 stagnation and, 57 see also aging populations Deneen, Patrick, 215–17 Deng Xiaoping, 140 depression, among teenagers, 123 deregulation, 24 despair, declining birthrate and, 61–62 developed world: aging populations of, 34, 56–58, 60, 66 limits to growth in, 32–36 shrinking family size in, 59–60 developing world, emergence of decadence in, 165–69, 173 Didion, Joan, 110, 131 Discovery (space shuttle), 37 disease, spread of, 190–91 Disneyland, 37 dissent, marginalization of, 151–52 divine intervention, as scenario for end of decadence, 239–40 divorce rate, 51, 55 Dobson, James, 119, 120 “Dope Show, The” (music video), 140–41 dot-com bubble, 24 Douthat family, 59–60 Dreamland (Quinones), 127 drone warfare, 150 drugs, prescription: antidepressant, 126 increased use of, 126 opioid epidemic and, 126–27 social upheaval repressed by, 126–27 Dune (Herbert), 229 Dunham, Lena, 95 Durant, Will, 189, 202 Dworkin, Andrea, 120 Dylan, Bob, 110 dynamism, 25, 46, 58, 110 dangers of, 179–80 immigration and, 62, 64 nostalgia for, 206 Dyson, Freeman, 6 dystopias, 3, 47–50, 65–66, 94, 95, 122, 128, 144, 155–56, 179 economic catastrophe, 191–95, 200 economic stagnation, see stagnation, economic economy, declining birthrate and, 56–58 economy, US, deceleration of, 24 education: constraints on, 34–35 productivity and, 34–35 Ehrenreich, Barbara, 224 Ehrlich, Paul, 43 Eisenhower-era America, 2 elections, US: of 2008, 67 of 2016, 162, 182 Emanuel, Rahm, 67 Encyclopædia Britannica, 107 End of History and the Last Man, The (Fukuyama), 112–13 energy revolution, 210 Engels, Friedrich, 219 Enlightenment Now (Pinker), 165 entertainment, politics as, 153–54 entrepreneurship, declining rate of, 25–26 environment: constraints imposed by, 35 see also climate change Erdog˘an, Recep Tayyip, 163 Eurafrica, 198–200, 206–10, 218, 228–29 Christianity revitalized by, 207–8 euro, 82 destructive consequences of, 83–85 Europe, 197 aging population of, 198 economic stagnation in, 25 far right in, 85, 155, 162 left’s scenario for renaissance of, 219 mass migration to, 197–99, 200 nationalism in, 85, 172–73, 218 pink police state in, 143–44 populist resurgence in, 85 US economy vs., 166 US governmental system vs., 82, 83 European Union, 172–73, 217, 219 birthrate in, 50 centralization of authority in, 83, 84–85 financial crisis in, 84, 192 Muslim refugees in, 160 possible collapse of, 194 public distrust of government in, 83 sclerosis in, 82–86 unrealistic assumptions of, 82–83 Euro Tragedy: A Drama in Nine Acts (Mody), 84 evangelical Protestantism, 53, 101, 119, 222 Everlasting Man, The (Chesterton), 238–39 exhaustion, cultural and intellectual, decadence as, 9 expansionism, 3–4 environmental and social cost of, 5–6 exploration: abandonment of, 5–6 ideology of, 3–4, 231–32 Fake News, 153 families, shrinking of, 58–62 far left, 172, 194 far right, 134, 193, 194, 227 in Europe, 85, 155, 162 fascism, 112, 160, 194 feminism, 47, 51, 53, 54, 90, 97, 108, 120, 121, 156, 227 fiction, literary, declining sales of, 91 Fight Club (film), 113, 185 filibuster, 78 finance industry, see Wall Street financial crisis of 2008, 11, 69, 80, 84, 137, 192 Finland: decline of sexual relations in, 55 declining birthrate in, 52–53 Fire Next Time, The (Baldwin), 97 Flynn effect, 35 Flynt, Larry, 120 food production, climate change and, 195–96 Ford, John, 110 Foreign Policy, 133 Fox News, 77 France, 32 immigrants in, 64 pronatalist policies of, 52 protest movements in, 171, 172 Francis, Pope, 103 Freedom Time: Negritude, Decolonization, and the Future of the World (Wilder), 208 free-market policies, 25 free trade, 24, 28, 29 French Revolution, 206 From Dawn to Decadence (Barzun), 8 frontier: closing of, 5, 135 New, 181 space as, 2, 6, 231–32; see also Apollo moon program Turner on importance of, 3–4 Fukuyama, Francis, 12, 83, 112–13, 115, 135, 159 Fyre Festival, 17–18, 21 Game of Thrones (TV show), 95, 96 Garland, Merrick, 78 gay rights, revolution in, 99 gender, wage gap and, 99 genetic engineering, 11, 43, 211, 229, 230 Germany, 192 immigrants in, 64, 85 Germany, Nazi, 225 Germany, Weimar, 129, 131 Gersen, Jacob, 142 Gharbi, Musa al-, 97 Gibson, Mel, 189–90, 202 gig economy, decline of traditional freelancing in, 27 gilets-jaunes, 171 Gingrich, Newt, 77 globalism, 218 global South: climate change and, 174–75, 202 mass migration from, 208 global warming, see climate change God and Man at Yale (Buckley), 97 Goebbels, Joseph, 132 Gordon, Robert, 12, 33, 34, 35, 40–41, 46 government: informal norms of, 78 policy failures of, 71 public distrust of, 75 public expectation of action by, 74–75 uncontrolled sprawl of, 72, 76 Government’s End (Rauch), 72 Graeber, David, 12, 38, 40, 41 Gramsci, Antonio, vii Grantland, 93–94 Great Awakening, 103, 222, 228 Great Britain: Brexit in, see Brexit US technological mastery vs., 165 Great Depression, 30, 109 Great Filter, 234–36, 240 Great Recession, 11, 23, 27, 69, 114, 124, 193, 194 falling birthrate in, 51 Great Society, 77 Great Stagnation, The (Cowen), 33–34, 45 Greece, 84, 85 in 2008 financial crisis, 192 Green New Deal, 221 Green Revolution, 43, 196 growth, limits on, 32–36, 46 Guardian (Australia), 220 Guinea, 206 Habits of the Heart (Bellah et al.), 97 Handmaid’s Tale, The (Atwood), 47–50, 65 Handmaid’s Tale, The (TV show), 95 Hanson, Robin, 234 Harris, Mark, 93–94 Harris, Sam, 224 Hazony, Yoram, 218, 219 health care reform: interest groups and, 73 Obama and, 68, 69–70, 73–74, 76 Heavens and the Earth, The (McDougall), 2 Herbert, Frank, 229 Heterodox Academy, 97 Hinduism, 225 history: end of, 112–15, 135, 163, 177 return of, 129, 183, 195 viewed as morality play, 157 hive mind, 106–7 Holmes, Elizabeth, 18–19, 22 hookup culture, 121 horoscopes, 225 Houellebecq, Michel, 155–57, 159, 160–61, 172, 226, 227 House of Representatives, US, 68 “How the Wealth Was Won” (2019 paper), 26 Hubbard, L.


The Ages of Globalization by Jeffrey D. Sachs

Admiral Zheng, AlphaGo, Big Tech, biodiversity loss, British Empire, Cape to Cairo, circular economy, classic study, colonial rule, Columbian Exchange, Commentariolus, coronavirus, cotton gin, COVID-19, cuban missile crisis, decarbonisation, DeepMind, demographic transition, Deng Xiaoping, domestication of the camel, Donald Trump, en.wikipedia.org, endogenous growth, European colonialism, general purpose technology, global supply chain, Great Leap Forward, greed is good, income per capita, invention of agriculture, invention of gunpowder, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, job automation, John von Neumann, joint-stock company, lockdown, Louis Pasteur, low skilled workers, mass immigration, Nikolai Kondratiev, ocean acidification, out of africa, packet switching, Pax Mongolica, precision agriculture, profit maximization, profit motive, purchasing power parity, rewilding, South China Sea, spinning jenny, Suez canal 1869, systems thinking, 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, trade route, transatlantic slave trade, Turing machine, Turing test, urban planning, warehouse robotics, Watson beat the top human players on Jeopardy!, wikimedia commons, zoonotic diseases

Japan had pioneered the strategy back at the time of the Meiji Restoration in 1868 and the years that followed, and had applied it again in Japan’s post–World War II recovery. Then the four “Asian tigers”—South Korea, Taiwan, Hong Kong, and Singapore—had demonstrated the success of export-led, labor-intensive manufacturing. China embarked on that path decisively with the rise to power of the brilliant pragmatic reformer Deng Xiaoping in 1978. Following Deng’s sage advice on pragmatic market opening and his famed nonideological approach (“It doesn’t matter whether a cat is black or white so long as it catches mice”), China achieved around 10 percent per year GDP growth for nearly thirty-five years, roughly from 1980 to 2015.

See carbon dioxide coal, 16, 18, 51, 131; Britain’s access to, 137, 143; geological deposits of, 145; in industrialization, 27–28, 145 coastal regions, 25–27 Code of Hammurabi, 66 coffee, 119–20 cold zones, 24 colonial era, 163–64 Columbian exchange, 100–103, 101 Columbus, Christopher, 11, 99, 99, 108 Commentariolus (Copernicus), 105 Commonwealth of Independent States (CIS), 27, 112, 113 communications, 15 competitive exclusion, 37 computers, 4–5, 170–71, 175 Conference of Berlin (1885), 152 conflict risks, 192–93 Confucianism, 69, 71–72, 90 consensus, lack of, 211 consonantal writing system, 73 Constantine XI (Byzantine emperor), 98 Constantinople, fall of, 104–5 consumerism, in Europe, 119 Copernicus, Nicolaus, 105, 135 Copper age, 3, 61 Corded Ware culture, 63 cotton, 120–21 countries: illiteracy of, 164, 164–65; life expectancy of, 164, 164–65; per capita GDP of, 142; population and global output of, 209, 209–10 crops, 50, 101, 101 Crosby, Alfred, 100 Cuban Missile Crisis, 213 cultural acceleration, 37–38 Cultural Revolution, 148 cuneiform, 47–48, 66 Cw temperate monsoon climate, 23 Cyrus the Great, 73 da Gama, Vasco, 11, 98–99, 100 data, 4, 169, 172, 219–20, 226n7 da Vinci, Leonardo, 135 Declaration of Independence, 131 Decline and Fall of the Roman Empire (Gibbon), 131 decolonization, 163–67 Deep Blue (IBM computer), 175 demographic changes, 2 Deng Xiaoping, 180 Denisovans, 3, 35–37 Department of Defense, U.S., 171 developing countries, 178, 179 Diamond, Jared, 46 Dias, Bartolomou, 98 Digital Age, 2, 4–5, 196; economic growth in, 193–94; global interactions in, 11 digital revolution, 166, 168, 170–77, 186 digital technologies, 181 Diocletian (Roman emperor), 77–80 directed technical change, 199 diseases: of Africa, 152; from Europe, 102; of livestock, 101–2; smallpox, 102; tropical vector-borne, 49, 117; trypanosomiasis, 50 divergence, great global, 143–46, 144 dog domestication, 54–55 domestication, animal, 18–19, 46, 54–59 donkeys, 47, 55, 57–59, 67 Drake, Francis, 109, 116 dromedary camels, 55 droughts, 190, 191 dryland empires, 51 dry regions, 22, 24 Dutch East India Company, 108–9, 120 Dylan, Bob, 30 Earth, 103, 138 East Asia, 165 East India Company, 108–10, 116, 120, 148 East Indies, 108 ecological crisis, 170 ecological zones, 45–46 Economic Consequences of the Peace, The (Keynes), 155–56, 158 economic development: Britain and U.S., 154, 154; in China, 180; extreme poverty ended by, 198–99; primary energy reserves in, 27–28; riverine cities in, 47–48; from technologies, 21 economic growth, 10, 138; in Digital Age, 193–94; living standard through, 196–97; sustainable, 187 economics, 10, 159, 184 egalitarianism, 39–40 Egypt, 47, 60, 73; Britain controlling, 154; earliest kingdoms of, 66 Eisenhower, Dwight D., 199 Eldorado city, 117 electricity, 141 Elizabeth (queen of England), 110, 116 Emancipation Decree of 1861, 121 Empire of Cotton (Beckert), 120 empires: Achaemenid, 74–75, 77; Africa divided by European, 153; Akkadian, 66; of Alexander the Great, 76; British, 112, 154–55; Byzantine, 85–88, 86; of Classical Age, 69; climate zones distribution of, 83–84, 84; dryland, 51; of Eurasia, 82, 82–83; globalization with competing, 28; greed in building, 114–15; Habsburg, 157; Han, 80–83; Hellenistic, 76; land-based, 3–4, 73–76; lucky latitudes and land, 73–74; Maratha, 148; Mongol, 65, 86, 91–93, 92; Mughal, 111, 148; multiethnic multireligious, 11; Neo-Assyrian, 66, 73–74, 74; Ottoman, 89, 111, 158; Parthian, 82–83; Portugal and, 110, 110–11; Roman, 77–80, 82–83, 85–88, 156; Romanov, 158; Russian, 27, 112–14; Safavid, 111; Seleucid, 77; temperate zone, 51; Timurid, 93, 93–94; transoceanic, 4; Umayyad, 87, 87.


pages: 300 words: 81,293

Supertall: How the World's Tallest Buildings Are Reshaping Our Cities and Our Lives by Stefan Al

3D printing, autonomous vehicles, biodiversity loss, British Empire, Buckminster Fuller, carbon footprint, Cesare Marchetti: Marchetti’s constant, colonial rule, computer vision, coronavirus, COVID-19, Deng Xiaoping, digital twin, Disneyland with the Death Penalty, Donald Trump, Easter island, Elisha Otis, energy transition, food miles, Ford Model T, gentrification, high net worth, Hyperloop, invention of air conditioning, Kickstarter, Lewis Mumford, Marchetti’s constant, megaproject, megastructure, Mercator projection, New Urbanism, plutocrats, plyscraper, pneumatic tube, ride hailing / ride sharing, Salesforce, self-driving car, Sidewalk Labs, SimCity, smart cities, smart grid, smart meter, social distancing, Steve Jobs, streetcar suburb, synthetic biology, Tacoma Narrows Bridge, the built environment, the High Line, transit-oriented development, Triangle Shirtwaist Factory, tulip mania, urban planning, urban sprawl, value engineering, Victor Gruen, VTOL, white flight, zoonotic diseases

At the time it was built, in 2015, the Shanghai Tower’s elevator was the world’s fastest, even faster than the 39 miles per hour of Disney’s haunted elevator, the Twilight Zone Tower of Terror. This record is only the icing on the cake of China’s meteoric rise, which is a function of rapid urbanization. Deng Xiaoping’s 1978 economic experiment unleashed development on the nation that was unrivaled in the world. Within a generation came a completely new nationwide highway system, a high-speed train network, subway systems in almost every major city, and more than a hundred million new housing units. Where less than 18 percent of people in China lived in cities in 1978, today more than 61 percent of the country’s 1.4 billion people reside in cities.

See also cement; reinforced concrete; Roman concrete alternatives to, 43–48 annual quantity used, 22 of Burj Khalifa, 4, 23, 38–41, 67 cement as component of, 23 compressive strength of, 4–5, 23, 29–30, 34 creep of, 42 curing of, 26, 28, 31, 33–34 deteriorating with time, 26, 27, 34, 35 of early curtain wall buildings, 59 functioning of modern world and, 22–23 high-performance, 4–5, 23, 33, 34, 267 molds for, 27, 30, 46, 83 recycling of, 43 solar-powered production of, 43 tensile forces on, 29–30 concrete-filled steel tubes, 9 Cook, Peter, 14 Cooper, Peter, 92 Copenhagen, 221–22, 249 Corner, James, 201 COVID-19, 12, 16, 207, 208, 210–11, 235, 271 cross-laminated timber (CLT), 45–46, 47, 267, 271 CTF Finance Center, Guangzhou, 107 Cuomo, Andrew, 208 curtain wall buildings, 59, 122, 126, 190, 195. See also glass Debord, Guy, 171 de Botton, Alain, 164, 165–66 de Mestral, George, 82–83 Deng Xiaoping, 101 density, and human behavior, 228–29 de Portzamparc, Christian, 195 design computational methods, 9, 84 principles broken by super slenders, 178 structural efficiency and, 81–82 sustainable ratings of, 137 DeWitt Chestnut Apartments, Chicago, 61 digital twin, 140, 264 Diller Scofidio + Renfro, 201 domes, 27–28, 32, 56, 82, 130–31 Dubai, 3, 13, 36, 37.


pages: 537 words: 158,544

Second World: Empires and Influence in the New Global Order by Parag Khanna

Abraham Maslow, Admiral Zheng, affirmative action, anti-communist, Asian financial crisis, Bartolomé de las Casas, Branko Milanovic, British Empire, call centre, capital controls, central bank independence, cognitive dissonance, colonial rule, complexity theory, continuation of politics by other means, crony capitalism, death from overwork, Deng Xiaoping, different worldview, Dissolution of the Soviet Union, Donald Trump, dual-use technology, Edward Glaeser, energy security, European colonialism, export processing zone, facts on the ground, failed state, flex fuel, Francis Fukuyama: the end of history, friendly fire, gentrification, Gini coefficient, global reserve currency, global supply chain, Great Leap Forward, guns versus butter model, haute couture, Hernando de Soto, illegal immigration, income inequality, informal economy, invisible hand, Islamic Golden Age, karōshi / gwarosa / guolaosi, Khyber Pass, Kickstarter, knowledge economy, land reform, Londongrad, low cost airline, low skilled workers, mass immigration, means of production, megacity, meritocracy, military-industrial complex, Monroe Doctrine, Nelson Mandela, no-fly zone, oil shale / tar sands, oil shock, oil-for-food scandal, open borders, open economy, Parag Khanna, Pax Mongolica, Pearl River Delta, pirate software, Plutonomy: Buying Luxury, Explaining Global Imbalances, Potemkin village, price stability, race to the bottom, RAND corporation, reserve currency, restrictive zoning, rising living standards, Robert Solow, Ronald Reagan, Silicon Valley, Skype, South China Sea, special economic zone, stem cell, Stephen Hawking, Suez crisis 1956, Thomas L Friedman, trade route, trickle-down economics, uranium enrichment, urban renewal, Washington Consensus, women in the workforce

The largest share of Kyrgyz exports now go to China, while the Dordoi bazaar in Bishkek is flooded with Chinese-made clothing and tools. Far more than in Kazakhstan, the cross-border shuttle trade has meant the settlement of more Chinese communities in Kyrgyzstan, with organized Chinatowns now a feature of all but a few cities. In Bishkek itself, Lenin Avenue has been renamed after Deng Xiaoping. As America’s strategic rationale moves beyond Afghanistan to securing pipelines and monitoring China, Kyrgyzstan has returned to its role as a Great Game listening post, and its maneuvering is also reminiscent of the original version: Each power attempts to establish military garrisons, gradually placing themselves cheek by jowl.

Singapore is the exception to the notion that China is shaping the rest of Asia, for the overseas Chinese of Singapore not only run their own country but are also shaping China itself. The question is thus not whether China will dominate Asia, but rather which model of China will prevail. Singapore can already claim some credit for the major changes in Chinese decision making over the past two decades. Deng Xiaoping opened China after visiting Singapore, where he saw that Chinese were smarter and more successful than at home. Toynbee’s impression seems more valid now than it did a half century ago: “Singapore may have been founded by British enterprise, but today it is a Chinese city: The future capital of a Chinese ‘Co-prosperity Sphere’ which is likely to last, because it will have been established by business ability and not by military force.”19 * * * INDIA LOOKS EAST The devastating 2004 tsunami, which centered on Indonesian Sumatra and swelled over islands and coasts from India to Somalia, reinforced the reality of a seamless oceanic space in the world’s Eastern Hemisphere. 20 As lunar gravity dictates the tides, however, the Indian Ocean increasingly serves as the western bay of a greater Pacific space centered on East Asia.

.”*54 In the name of modernization and the “victory of the world revolution,” he was willing to sacrifice all three hundred million of China’s population at the time. Ultimately, over seventy million perished due to the Great Leap Forward, the Cultural Revolution, and constant internal purges in which more people died of starvation and overwork than were killed by Hitler and Stalin combined. Deng Xiaoping continued the focus on development as the vehicle for overcoming insecurity, launching the “four modernizations” of agriculture, industry, defense, and technology and initiating the internal reform and external opening necessary to achieve them.3 But it is the current leadership’s continuation of both experimental and accumulative development that assures China’s rise out of the third world.


pages: 497 words: 144,283

Connectography: Mapping the Future of Global Civilization by Parag Khanna

"World Economic Forum" Davos, 1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Anthropocene, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, Carl Icahn, charter city, circular economy, clean water, cloud computing, collateralized debt obligation, commoditize, complexity theory, continuation of politics by other means, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, digital capitalism, digital divide, digital map, disruptive innovation, diversification, Doha Development Round, driverless car, Easter island, edge city, Edward Snowden, Elon Musk, energy security, Ethereum, ethereum blockchain, European colonialism, eurozone crisis, export processing zone, failed state, Fairphone, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, fixed income, forward guidance, gentrification, geopolitical risk, global supply chain, global value chain, global village, Google Earth, Great Leap Forward, Hernando de Soto, high net worth, high-speed rail, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial cluster, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, LNG terminal, low cost airline, low earth orbit, low interest rates, manufacturing employment, mass affluent, mass immigration, megacity, Mercator projection, Metcalfe’s law, microcredit, middle-income trap, mittelstand, Monroe Doctrine, Multics, mutually assured destruction, Neal Stephenson, New Economic Geography, new economy, New Urbanism, off grid, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Parag Khanna, Peace of Westphalia, peak oil, Pearl River Delta, Peter Thiel, Philip Mirowski, Planet Labs, plutocrats, post-oil, post-Panamax, precautionary principle, private military company, purchasing power parity, quantum entanglement, Quicken Loans, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Solow, rolling blackouts, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, systems thinking, TaskRabbit, tech worker, TED Talk, telepresence, the built environment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, Tim Cook: Apple, trade route, Tragedy of the Commons, transaction costs, Tyler Cowen, UNCLOS, uranium enrichment, urban planning, urban sprawl, vertical integration, WikiLeaks, Yochai Benkler, young professional, zero day

Such “re-pats” are accelerators of innovation because they bring Western ideas back to more rigid societies and dilute traditional power structures; indeed, diaspora figures have taken prominent political roles in each of these countries and numerous others. The great Sinosphere of over fifty million ethnic Chinese spanning Asia and spreading across the oceans is also a gravitational field unto itself. In the 1980s, Deng Xiaoping tapped the ethnic Chinese industrialists of Taiwan, Hong Kong, Malaysia, and Thailand to fund the country’s nascent SEZs. If Beijing were to offer dual citizenship to some of its forty million members, it might lure many more overseas Chinese, bringing in fresh talent and replenishing the aging population.

But humanity’s rapid urbanization only means that people are moving into cities, not that the cities are prepared for their arrival. Successful economic strategy today must therefore include strategic city-level investments to absorb the masses and catapult societies into modernity. SEZs have proven to be enormous catalysts for connectivity and growth across underdeveloped countries. In 1979, Deng Xiaoping designated Shenzhen, then a fishing village north of Hong Kong, as China’s first special economic zone. Since that time, Shenzhen has grown into a thriving international hub of fifteen million people with a per capita GDP a hundred times larger than three decades ago.3 That same year, Mauritius opened its first textile SEZ and launched itself on a 6 percent growth path and all but eliminated unemployment.

There is no doubt that connectivity brings greater complexity and uncertainty, yet the places where one can be sure that tomorrow will be the same as today are often the places one would rather not be. If the world population has a common goal, it is the quest for modernization and connectivity—the latter a principal path to the former. Connectivity is unquestionably a greater force than all the political ideologies in the world combined. Deng Xiaoping, who managed to dismantle the Soviet-style communes of Mao’s Great Leap Forward and even opposed the Cultural Revolution, subsequently launched the reforms of the 1970s that connected China to the world economy and catapulted it from backwater to superpower. The same is true of religions. In most places, religion and the marketplace peacefully coexist.


pages: 585 words: 151,239

Capitalism in America: A History by Adrian Wooldridge, Alan Greenspan

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, agricultural Revolution, air freight, Airbnb, airline deregulation, Alan Greenspan, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, barriers to entry, Bear Stearns, Berlin Wall, Blitzscaling, Bonfire of the Vanities, book value, Bretton Woods, British Empire, business climate, business cycle, business process, California gold rush, Charles Lindbergh, cloud computing, collateralized debt obligation, collective bargaining, Corn Laws, Cornelius Vanderbilt, corporate governance, corporate raider, cotton gin, creative destruction, credit crunch, debt deflation, Deng Xiaoping, disruptive innovation, Donald Trump, driverless car, edge city, Elon Musk, equal pay for equal work, Everybody Ought to Be Rich, Fairchild Semiconductor, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, fixed income, Ford Model T, full employment, general purpose technology, George Gilder, germ theory of disease, Glass-Steagall Act, global supply chain, Great Leap Forward, guns versus butter model, hiring and firing, Ida Tarbell, income per capita, indoor plumbing, informal economy, interchangeable parts, invention of the telegraph, invention of the telephone, Isaac Newton, Jeff Bezos, jimmy wales, John Maynard Keynes: technological unemployment, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, labor-force participation, land bank, Lewis Mumford, Louis Pasteur, low interest rates, low skilled workers, manufacturing employment, market bubble, Mason jar, mass immigration, McDonald's hot coffee lawsuit, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Michael Milken, military-industrial complex, minimum wage unemployment, mortgage debt, Myron Scholes, Network effects, new economy, New Urbanism, Northern Rock, oil rush, oil shale / tar sands, oil shock, Peter Thiel, Phillips curve, plutocrats, pneumatic tube, popular capitalism, post-industrial society, postindustrial economy, price stability, Productivity paradox, public intellectual, purchasing power parity, Ralph Nader, Ralph Waldo Emerson, RAND corporation, refrigerator car, reserve currency, rising living standards, road to serfdom, Robert Gordon, Robert Solow, Ronald Reagan, Sand Hill Road, savings glut, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, supply-chain management, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, total factor productivity, trade route, transcontinental railway, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, Unsafe at Any Speed, Upton Sinclair, urban sprawl, Vannevar Bush, vertical integration, War on Poverty, washing machines reduced drudgery, Washington Consensus, white flight, wikimedia commons, William Shockley: the traitorous eight, women in the workforce, Works Progress Administration, Yom Kippur War, young professional

Now they had additional worries—that the global trading system would seize up under the pressure of terrorist attacks and intrusive inspections designed to prevent further such attacks.1 Bitter conflict between America and its allies, particularly France, about the invasion of Iraq added to the sense that the global trading order was under threat. U.S. IMPORTS BY COUNTRY OF ORIGIN 1971 – 2016 The country’s mood was darkened still further by the China shock. China’s embrace of capitalism, albeit “capitalism with Chinese characteristics,” which meant a leading role for the state and the Communist Party under Deng Xiaoping from the late 1970s onward, produced nothing less than an economic miracle, with the Chinese economy growing at an annualized rate of 10.1 percent a year from 1980 to 2010. China became not only the world’s largest producer of labor-intensive goods such as toys, clothes, and electronics, but also the world’s most popular location for multinational transplants.

America had been shaken before by the rise of Japan and Germany in the 1960s and 1970s. But this was the first time that America had been confronted with a challenge from such a big country. Americans rightly worried that the twenty-first century would be China’s century in the way that the twentieth had been America’s century. China’s surge in economic activity following Deng Xiaoping’s adoption of “capitalism with Chinese characteristics” was coupled with a surprising degree of economic liberalism that accelerated through the regime of Jiang Zemin (1989–2002) and his premier, Zhu Rongji (though, regrettably, the progression toward a more liberal regime has come to a halt with the recent indefinite extension of Xi Jinping’s presidential tenure).

See national debt debt deflation, 232–34 decennial census, 13, 35, 195, 452 Deere, John, 46–47, 118, 396–97 deflation, 152, 174, 192, 232–34 de Forest, Lee, 203 Dell, Michael, 347 Delligatti, Jim, 293 Deming, W. Edwards, 314, 344 Democratic Convention (1896), 150–52 Democratic Party, 89, 152, 157–59 “democratization,” 206, 213 Deng Xiaoping, 370, 371 department stores, 92 deregulation, 22–23, 328–29, 330 of finance, 338–43 derivatives, 340–41 Detroit, 312–13, 321–22 Dewson, Mary, 251 Dickens, Charles, 48 “dietician,” 122 Dillon, Clarence Douglas, 302 direct current (DC), 106 Disney, Walt, 264 Dodd-Frank Act of 2010, 27–28, 388, 411, 413, 444, 447 Dodge, Horace, 197 Doerr, John, 355 Donghai Bridge, 395 Dorn, David, 371 Dos Passos, John, 225 dot-com bubble, 355–56, 369, 375, 382 Douglas, Donald, 262–63 Dow Jones Industrial Average, 221–23, 222, 280, 330, 332, 342, 359, 374, 382 Drake, Edwin, 101 Dreiser, Theodore, 177 Drew, Daniel, 124, 139 Drexel Burnham Lambert, 341–42 Drift and Mastery (Lippmann), 174–75 Drucker, Peter, 281, 288, 333 drug laws, 398–99 Dryden, John, 168 Dubai World Central, 395 Dulles, Allen, 279 Duncan, Stephen, 79 Duplex Printing Press Co. v.


pages: 511 words: 151,359

The Asian Financial Crisis 1995–98: Birth of the Age of Debt by Russell Napier

Alan Greenspan, Asian financial crisis, asset allocation, bank run, banking crisis, banks create money, Berlin Wall, book value, Bretton Woods, business cycle, Buy land – they’re not making it any more, capital controls, central bank independence, colonial rule, corporate governance, COVID-19, creative destruction, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, currency risk, debt deflation, Deng Xiaoping, desegregation, discounted cash flows, diversification, Donald Trump, equity risk premium, financial engineering, financial innovation, floating exchange rates, Fractional reserve banking, full employment, Glass-Steagall Act, hindsight bias, Hyman Minsky, If something cannot go on forever, it will stop - Herbert Stein's Law, if you build it, they will come, impact investing, inflation targeting, interest rate swap, invisible hand, Japanese asset price bubble, Jeff Bezos, junk bonds, Kickstarter, laissez-faire capitalism, lateral thinking, Long Term Capital Management, low interest rates, market bubble, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, Michael Milken, Money creation, moral hazard, Myron Scholes, negative equity, offshore financial centre, open borders, open economy, Pearl River Delta, price mechanism, profit motive, quantitative easing, Ralph Waldo Emerson, regulatory arbitrage, rent-seeking, reserve currency, risk free rate, risk-adjusted returns, Ronald Reagan, Savings and loan crisis, savings glut, Scramble for Africa, short selling, social distancing, South China Sea, The Wealth of Nations by Adam Smith, too big to fail, yield curve

By that stage about 80% of China’s trade was already priced using the market rate, but the devaluation still had an important impact on both trade and capital flows. More importantly, this lower Chinese exchange rate arrived just as the country was shifting its huge resources in labour from agriculture to manufacturing. Deng Xiaoping’s so-called ‘southern tour’, from January to February 1992, had sent a very clear message to China’s budding entrepreneurs that the mobilisation of capital and savings, even if mobilised in the pursuit of riches, was now legitimate. Millions of previously relatively unproductive farm workers poured into the cities to work in the new factories created by the ideologically enfranchised entrepreneurs.

While foreign competition threatens returns on equity across Asia, the power of Hong Kong guanxi in China is likely to continue to assure decent returns on equity for the foreseeable future. The Hong Kong bull market continues and Hong Kong equities remain attractive on a regional basis. Deng Xiaoping died on 19 February 1997, just a few months before the handover of Hong Kong to the PRC. There was a sense of loss in Hong Kong. Deng had been a victim of the Cultural Revolution in China as had many of the people of Hong Kong who had fled that terror. That much of the prosperity of the colony emanated from the growth of the Chinese economy was apparent to everyone and everyone knew of Deng’s key role in delivering the economic reform that had enabled that growth.

We watched the Royal Yacht Britannia carrying Prince Charles and the last governor, Chris Patten, sail out of the harbour and then life went on. As I left that night I walked out of the elevator on the ground floor and, looking up rather than down, fell straight into the lap of a man in a wheelchair. I was rapidly raised to my feet by some security guards. I had fallen upon Deng Pufang, the son of Deng Xiaoping, the former premier of China. Deng Pufang had been confined to a wheelchair since 1968, when he was thrown from the third floor of a building by the Red Guards. I was not given the time to ask him for his thoughts on the evening. The next day, 1 July, was a holiday. It was a new holiday that continues to this day and is gloriously named – Hong Kong Special Administrative Region Establishment Day – but perhaps it sounds better in Cantonese.


pages: 3,292 words: 537,795

Lonely Planet China (Travel Guide) by Lonely Planet, Shawn Low

Albert Einstein, anti-communist, bike sharing, birth tourism , carbon footprint, clean water, colonial rule, country house hotel, credit crunch, Deng Xiaoping, G4S, gentrification, Great Leap Forward, haute couture, haute cuisine, high-speed rail, income inequality, indoor plumbing, Japanese asset price bubble, Kickstarter, land reform, mass immigration, off-the-grid, Pearl River Delta, place-making, Rubik’s Cube, Shenzhen special economic zone , Skype, South China Sea, special economic zone, sustainable-tourism, trade route, upwardly mobile, urban planning, urban renewal, urban sprawl, women in the workforce, Xiaogang Anhui farmers, young professional

Mao’s government fires missiles near islands under the control of Taiwan in an attempt to prevent rapprochement between the US and USSR in the Cold War. 1962 The Great Leap Forward causes mass starvation. Politburo members Liu Shaoqi and Deng Xiaoping reintroduce limited market reforms, which lead to their condemnation during the Cultural Revolution. 1966 The Cultural Revolution breaks out, and Red Guards demonstrate in cities across China. The movement is marked by violence as a catalyst for transforming society. 1972 US President Richard Nixon visits China, marking a major rapprochement during the Cold War, and the start of full diplomatic relations between the two countries. 1973 Deng Xiaoping returns to power as deputy premier. The modernising faction in the party fights with the Gang of Four, who support the continuing Cultural Revolution. 1976 Mao Zedong dies, aged 83.

Oriental Pearl TV TowerBUILDING (Dongfang Mingzhu Guangbo Dianshi Ta MAP GOOGLE MAP ; %5879 1888; h8am-10pm, revolving restaurant 11am-2pm & 5-9pm; mLujiazui) Love it or hate it, it’s hard to be indifferent to this 468m-tall poured-concrete tripod tower, especially at night, when it dazzles. Sucking in streams of visitors, the Deng Xiaoping–era design is inadvertently retro, but socialism with Chinese characteristics was always cheesy back in the day. The highlight is the excellent Shanghai History Museum, in the basement. You can queue up for views of Shanghai, but there are better views elsewhere and the long lines are matched by a tortuous ticketing system.

The outcome was the ill-fated Great Leap Forward and later the chaos of the Cultural Revolution. China saw significant gains in education, women’s rights, and average life expectancy under Mao’s rule; however, by most estimates between 40 and 70 million people died during that era of change. Five years after Mao’s death, Deng Xiaoping famously announced Mao had been 70% right and 30% wrong in an effort, some say, to tear down Mao’s cult of personality. Yet today, Mao remains revered as the man who united the country, and he is still commonly referred to as the ‘Great Leader’, ‘Great Teacher’ and ‘supremely beloved Chairman’.


pages: 298 words: 95,668

Milton Friedman: A Biography by Lanny Ebenstein

Abraham Wald, affirmative action, Alan Greenspan, banking crisis, Berlin Wall, Bretton Woods, business cycle, classic study, 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, Lao Tzu, liquidity trap, means of production, Modern Monetary Theory, Mont Pelerin Society, Myron Scholes, Pareto efficiency, Paul Samuelson, Phillips curve, Ponzi scheme, price stability, public intellectual, rent control, road to serfdom, Robert Bork, Robert Solow, Ronald Coase, Ronald Reagan, Sam Peltzman, 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

At the same time, to the extent that there were less consistent relationships between money and prices than Friedman postulates, a larger discretionary role for government might be required. Empirical Keynesianism is inherently more interventionist than empirical monetarism. Friedman had a significant 1988 meeting with Zhao Ziyang, the reforming general secretary of the Communist Party and the heirapparent to Deng Xiaoping, about eight months before the Tiananmen Square crackdown and Zhao’s fall from power. Friedman and Zhao spoke (through a translator) at the meeting of about two hours, much longer than Zhao’s typical meetings with visitors, particularly foreign ones. In addition, a reporter from the People’s Daily, China’s leading paper, was present, and—almost unheard of—Zhao accompanied Milton and Rose to the driveway, where photos were taken that were printed in Chinese newspapers.

See also John Bates Clark Medal Clark, Maurice, 26 Clinton administration, 198 Coase theorem, 167 Coase, Ronald, 167–68 Cockett, Richard, 211 Columbia University, 25–30, 38, 48, 50, 127 MF’s graduate studies at, 25–27, 31–32 MF a visiting professor at, 151 Colwell, Ernest, 51 Committee on Social Thought, 54, 136, 216 communism, 54, 69, 109, 114, 148, 190, 203, 213–14, 21, 232 Cowles Commission of econometricians, 51, 54–59, 67, 158 Cowles Foundation, 158 Crane, Ed, 235, 241 Declaration of Independence, 201 Deng Xiaoping, 213–14 Dewey, John, 229 Dicey, A. V., 138, 142, 220 Director, Aaron, 24, 32, 53, 54, 60, 130, 136, 167–70, 216 on MF’s marriage to Rose, 39 Dorfman, Joseph, 132 Douglas, Paul, 22–23, 54, 137 Davenport, John, 132 de Soto, Hernando, 236 Eccles, Marriner, 43 economic data collection, 35–36 economics: cyclical fluctuations and, 37, 88, 115, 117 empirical approach to, 1, 26–27, 38, 39, 63–67, 75, 101, 114, 131, 133, 217, 238–39 institutional approach to, 26, 27 history of, 20 mathematical approach to, 51, 55 positive, 63–75, 119, 217, 234, 239–40 prediction in, 55, 64–68 Eisenhower, Dwight D., 17, 185 European Coal and Steel Community, 80 exchange rates, 72–73, 100, 171, 173, 185–86, 213, 227 Family Assistance Program, 174 Federal Reserve: Great Contraction and, 18, 117–18, 120, 122–23, 128 MF’s briefings to, 136–37 stabilization policy and, 156 See also Bernanke, Ben; Burns, Arthur; Eccles, Marriner; Greenspan, Alan; Jones, Homer Federal Communications Commission, 171–72 Federalist, The, 143 Ferguson, David, 125 Feulner, Ed, 166 fiscal policy, 23, 73–74, 103, 108, 110, 115, 156–57, 175, 177–78, 181, 198, 211–212 Fisher, Irving, 23, 110, 115 flexible international exchange rates, 72–73, 100, 171, 173, 185–86, 213, 227 Ford, Gerald, 167, 200 Foundation for Economic Education, 51, 140 Frazer, William, 35, 50, 58, 66, 217 free market, 3, 17, 20–21, 60, 73, 109, 144, 149, 151, 166, 189, 206, 213 Committee on Social Thought, 136 Congressional testimony of, 43, 113–14, 135–38, 174 criticism of, 137–38, 162–64, 190–92, 216–17 development of views, 175–76 economic theorist, 2 empiricist, 1, 26–27, 38, 39, 63–67, 75, 101, 114, 131, 133, 217, 238–39 entrepreneurial ventures, 14 Fulbright recipient, 80 Hoover Institution, 197–98 influence, 1–2, 46, 73, 88, 159, 210–214, 238 monetarist, 115–17 Mont Pelerin Society president, 164 National Bureau of Economic Research, 37 National Resources Committee, 33–37, 101, 135, 167 New Individualist Review advisor, 165, 216 Newsweek column, 169–71, 180, 181, 183, 185–86 Nobel laureate, 190–95 offered job at Stanford, 153 positivism and, 217 predictions, 150, 170, 179, 199 price theory course of, 59, 86–90, 94, 105, 147 professional organization involvement, 164–67 professorship at Chicago (1946–76), 51–52, 53, 85–95, 129–33 professorship at Chicago (1963–1964), 151 professorship at Madison, 41–42, 115 professorship at University of Minnesota, 47, 51 public intellectual, 1, 74, 139, 147, 181, 183, 237 public policy advocate, 135–37 Saturday Evening Post essays, 207 statistician, 14, 35, 50–51, 66, 97 supply-sider, 178 “teacher of economics,” 1, 93 theory of permanent and transitory income, 90, 101–104 visiting fellow at Cambridge, 80–81 visiting professor at Columbia (1964–1965), 153 visiting scholar at Federal Reserve Bank of San Francisco, 200 Volker lectures, 139–40 Wesley Clair Mitchell Research Professorship in Economics, 153 on influence, 144–45 on international exchange, 73 on limited government, 143 on Keynes, 24, 107, 160 on “lucky accidents,” 11 on Mises, 221 on MIT, 157 on A Monetary History of the United States, 127–28 on monetary policy, 108, 115–16, 232–33 on Mont Pelerin Society, 164 on his mother, 11 on New Deal Washington, 33–34 on Nixon, 185, 188 on Nobel prize, 191 on Phillips Curve, 160 on planned economic development, 150 on positive economics, 75, 87–88, 240 on prediction in economics, 64–66 on price stabilization, 116 on public policy, 233–34 on Reagan, 210 on rent control, 35, 49–50, 136, 171 on Rose, 32, 101, 140, 204 on Schultz, 33 on Simons, 25 on Stigler, 47 on taxation, 175–77 on teaching, 92, 95 on undergraduate experience, 14 on the University of Chicago, 22–23, 53, 60–61, 131, 133 on unjustified government activities, 171–73 on writing for public audiences, 182–83 Friedman, Milton, works: Capitalism and Freedom, 118, 147, 151, 162, 178, 181–82, 210, 223, 225 as better than Free to Choose, 145 dedicated to Janet and David, 83 development of, 137–143 excerpts from, 114, 141, 142–43, 194, 221, 231, 235 political philosophy in, 140–43 praise for, 156 Reagan’s having read, 206 unjustified government activities listed in, 171–72 use of “destiny” in, 73 “The Case for Flexible Exchange Rates,” 68, 72, 80 “Comments on Monetary Policy,” 68, 73–74 in Chicago, 53, 77–79, 94–95, 97 desire to return the West Coast, 153, 197 engagement to MF, 36–37, 39 family of, 31–32 in France, 80 graduate student at Chicago, 31, 32–33, 36, 232 Hoover Institution office, 198 making of Free To Choose, 200–204 marriage to MF, 39–41 meets MF, 31 in Minnesota, 51 religion, 31 research assistant to Knight, 36 in San Francisco, 197–200 sister to Aaron, 24, 32, 151 stillborn childbirth, 42 support for school vouchers, 228–29 undergraduate at Chicago, 32 Wanderjahr (wandering year), 147–51 in Washington, 36, 42, 44 White House lunch, 236–37 in Wisconsin, 41–42 Friedman, Rose Director, opinions and commentary: on the AEA, 165 on Free To Choose, 200, 204 on Knight and Viner, 33 on MF, 32 on MF’s Nobel prize, 191, 193 on MF’s teaching, 94–95 on New York, 50 on Samuelson, 156 Friedman, Rose Director, works of: author of “Poverty: Definition and Perspective,” 167 coauthor of “The Tide in the Affairs of Men,” 198, 219–20 coauthor of “The Tide Is Turning,” 198 coauthor of Studies in Income and Wealth, 100–101 coauthor of Two Lucky People, 235 coauthor of Tyranny of the Status Quo, 231 coauthor on Free to Choose, 199 role in A Theory of the Consumption Function, 101 role in Capitalism and Freedom, 140 Friedman, Ruth (MF’s sister), 7, 83 Friedman, Sarah Ethel Landau (MF’s mother), 5–8, 11, 18, 27, 46, 82–83, 153 Friedman, Tilllie “Toots” (MF’s sister), 82–83, 153 Gaidar, Yegor, 214 Galbraith, John Kenneth, 105–106, 152, 155, 157–58, 180, 200 Gandhi, Mohandas, 159 Gates, Tom, 179 Goldwater, Barry, 151–53, 169, 170, 181, 185, 232 Gordon, Donald, 72 Great Contraction (1929–1933), 18, 118–28, 238 Great Depression, 2, 18, 34, 69, 85, 113–27, 135, 162, 177 Keynes’ causation theory of, 123–24 Marxism and, 124 MF’s causation theory of, 2, 113, 119–23 MF’s lessons on, 125 myths surrounding, 119–23 Greenspan, Alan, 161, 179, 208, 237, 238 gross national product (GNP), 119, 234 Friedman, David Director (MF’s son), 46, 53, 77–78, 80–83, 147, 148, 150, 181, 197, 203, 228, 232 Friedman, Helen, (MF’s sister), 7 Friedman, Janet (MF’s daughter), 44, 53, 77–78, 80–83, 147, 148, 150, 197, 203, 228 Friedman, Jeno Saul (MF’s father), 5–8, 11, 13 Friedman, Milton, personal life and traits: agnosticism, 9, 11, 82 birth of,5,7 in Boy Scouts, 9 California residence, 199–200 Capitaf (Vermont residence), 182, 200 Chicago residence, 53, 78–79 childhood and youth, 7–11 childrearing philosophy, 82 death of, 241 decision to become an economist, 18 enjoyment of debate, 106–107 family history, 5–7 family life, 77–83 summer vacations, 80–81 father’s death, 11, 13 friendships, 16, 27, 32, 44, 47, 50, 52, 62, 148, 157, 164, 168, 181, 216 grandchildren, 203 Fortune magazine article, 180–81 Judaism, 9, 11–12 libertarian views, 1, 3, 55, 72, 75, 132–38, 151, 156, 165–66, 215, 218, 232, 239 love of mathematics, 11 marriage to Rose, 39–41 as “moral example,” 93 move to San Francisco, 197 New York Times Magazine cover, 181 open heart surgery, 188–89 pessimism, 206 physical appearance, 7 political views, 34–35, 135, 187, 237 precocity, 8, 10 professorial temperament, 187 sense of humor, 1, 90, 181, 194–95 television appearances, 181, 235 visit to Chile, 189–90 as word extremist, 85–87 Wanderjahr (wandering year), 147–48 Friedman, Milton, career: advisor to Goldwater, 152–53, 169, 185 advisor to Nixon, 185–88 advisor to Reagan, 185, 208–210 AEA president, 160–61, 164, 168 Center for Advanced Study, 81 Friedman, Milton, education: elementary school, 8–9 graduate school at Chicago, 19–25 graduate school at Columbia, 25–27, 31–32 high school, 10–12 receives masters degree from Chicago, 25 receives Ph.D. from Columbia, 48 research assistant to Knight, 36 research assistant to Kuznets, 38 research assistant to Schultz, 32–33 undergraduate at Rutgers, 13–18, 19 Friedman, Milton, influences: Burns, 15–17 childhood, 34 father’s death, 11, 13 founding fathers, 143 Hayek, 142–43, 144 Hotelling, 26 Jones, 15–17 libertarian, 15–16, 34, 141–42 Mill, 140–42 Mints, 162 Mises, 144 Simons, 70, 116 Viner, 20–21 Friedman, Milton, opinions and commentary: on balanced budgets, 177 on capitalism, 239 on Capitalism and Freedom, 145 on communism, 214 on Cowles Commission, 56–57 on critics, 68, 70, 159 on democracy and economics, 144 on equality, 35 on his family, 7 on fiscal policy, 178, 181, 212 on flat tax, 178 on foreign policy, 231–32 on free market, 109, 234 on freedom, 140–42, 152–53 on Galbraith, 157–58 on Goldwater, 152–53 on graduate school at Chicago, 19, 22–23, 27 on graduate school at Columbia, 26, 27 on the Great Depression, 125 on Hayek, 219 on Hotelling, 26 on immigrants, 6 on importance of early career, 55 on individualism, 140, 142–43, 204 on inflation, 42, 43, 73–74, 107, 115–16, 149, 218 “The Counter-Revolution in Monetary Theory,” 110, 211–212 Dollars and Deficits, 149–50 “The Expected Utility Hypothesis and Measurability of Utility,” 68 Free to Choose (book), 118, 141, 145, 199, 201–204, 205, 207, 209–210 Free to Choose (television series), 200–204, 205, 207, 210–211 “The Goldwater View of Economics,” 152–53 Income from Independent Professional Practice (dissertation), 48–49, 101 “Inflation and Unemployment” (Nobel lecture), 193 “Liberalism, Old Style,” 139 “The Marshallian Demand Curve,” 68, 70 “The Methodology of Positive Economics,” 63–69, 72, 100, 193, 239 “A Monetary and Fiscal Framework for Economic Stability,” 68–71, 74, 116 A Monetary History of the United States, 1867–1960, 49, 88, 135, 147, 151–52, 173, 181 development of, 113–18 importance of, 2, 123, 125–26 MF on, 127 reception of, 126–27 Money Mischief: Episodes in Monetary History, 233, 235 The Optimum Quantity of Money and Other Essays, 83 Price Theory: A Provisional Text, 87, 147 “Professor Pigou’s Method for Measuring Elasticities of Demand from Budgetary Data,” 37 “The Role of Monetary Policy,” 160–61, 168 “Social Responsibility: A Subversive Doctrine,” 169 Taxing to Prevent Inflation, 42 A Theory of the Consumption Function, 83, 97, 100–103, 113, 235 “The Tide in the Affairs of Men,” 198, 219–20 “The Tide Is Turning,” 198 Tyranny of the Status Quo, 199, 231 “The Utility Analysis of Choices Involving Risk,” 68 “Why Government Is the Problem,” 198 Friedman, Rose Director (MF’s wife): birth and childhood, 31–32 birth of daughter, Janet, 44, 77 birth of son, David, 46, 78 Hall, Thomas, 125 Hammond, Daniel, 93 Hansen, Alvin, 99 Harberger, Arnold, 62,189–90 Harrington, Michael, 202 Harris, Seymour, 139 Harrod, Roy, 110–11 Hawley-Smoot tariff, 121 “Hayek Tide,” 220 Hayek, Friedrich, 51, 86, 87, 136, 139, 140, 142–45, 151 Hazlitt, Henry, 206 Heller, Walter, 42, 180 Heritage Foundation, 166 Hitler, Adolf, 41 Hoffman, Nicholas von, 202 Homan, Paul, 132 Hoover Institution, 90, 167, 197–99, 208, 210, 233 Hoover, Herbert, 114, 123, 197 Hotelling, Harold, 25–26, 38, 50 housing, government built, 172 Hume, David, 65 Humphrey, Hubert, 188 Hutchins, Robert Maynard, 51, 79 inflation, 17, 127, 150, 160–62, 170–75, 179–81, 193, 199 average annual world consumer price index, 238 causes of, 233 MF on, 42, 43, 73–74, 107, 115–16, 149, 216, 218 monetary phenomenon, 1, 42, 171, 204, 213, 237 intellectual tides, 220 Intercollegiate Society of Individualists (ISI), 165–66, 216 Levi, Edward, 168 Levi, Kate, 168 Lewis, Anthony, 190 Lewis, H.


pages: 310 words: 91,151

Leaving Microsoft to Change the World: An Entrepreneur's Odyssey to Educate the World's Children by John Wood

airport security, Alan Greenspan, Apollo 13, British Empire, call centre, clean water, corporate social responsibility, Deng Xiaoping, Donald Trump, fear of failure, glass ceiling, high net worth, income per capita, Jeff Bezos, Johann Wolfgang von Goethe, Marc Andreessen, microcredit, Own Your Own Home, random walk, rolodex, Salesforce, shareholder value, Silicon Valley, Skype, Steve Ballmer

In contrast, the average annual GNP per Chinese citizen was $725. Bill’s wealth was thus the equivalent to the annual earnings of 83 million Chinese citizens. By March of 1999, nobody really believed the old orthodoxy that the country was purely Communist. A saying popularized by past leader Deng Xiaoping was “To get rich is glorious.” As if to prove it, we had a backlog of requests for meetings with Bill so long that a month of his time could not have met the demand. The level of enthusiasm the Chinese had for the world’s greatest capitalist spoke volumes. In one generation, the Chinese had gone from viewing a person like Bill as a “running dog of capitalism” to elbowing each other out of the way to get their photo taken with him.

(CML) Colorado Commodore PET computers Computer Room program of Room to Read Cambodia of Room to Read Nepal of Room to Read Vietnam computers for china memory in programming of shortcut keys of Confucius Congressional Committee on Human Rights Continental Bank Dalai Lama data-driven approach Deng Xiaoping Devkota, Kripali Digantar Dim Boramy disasters, human responses to Donohoe, Robin Richards Dostoyevksy, Fyodor dot-com bubble Draper, William H., III Draper Richards Foundation (DRF) drinking water, safe Edelman Edison, Thomas 85 Broads Eisenhower, Mary employee stock ownership plans (ESOP) Erensel, Brent Flynn, John Foege, William France Francis de Sales, Saint Friedman, Thomas fund-raising annual amount of cash flow and challenge grants as form of by children core principles in DRF pledge in enhanced airport security and Global Catalyst Foundation grant in global travelers and maintaining positive reputation in Microsoft grant in multiple donor sources as goal of optimistic emphasis in passionate attitude in post-9/11 rejections in for Room to Grow for Room to Read Sri Lanka for Room to Read Vietnam salesmanship in Sponsored Silence as technique of tax-deductible charity status needed for tenacious employees needed for thinking big in Tibet Fund grant in virtuous circle in volunteer fund-raisers in see also “Adopt a Project” model fund-raising events as “awareness raisers” in Boston in Chicago in Hong Kong in London at Mount Everest in New York City post-9/11 for Room to Grow for Room to Read Cambodia slide shows at in Vancouver fund-raising network city chapters of competitive spirit in international for large-scale philanthropy motivation for involvement in Nepali-Americans in planning of super-empowered individuals in Ganju, Erin Keown, (chief operating officer) Gates, Bill “batboy” of charities of clothing of as data-driven haircut of net worth of personality of Gates, Bill, China visited by Chinese youth and clothing sent ahead in Hong Kong border crossing of Microsoft Venus launch in photo ops in preparations for press conference on schedule of Shui Junyi television interview of Gates, Melinda French JW’s job interview with Gates Foundation Gehrig, Lou girls, long-term scholarships for, see Room to Grow girls’ scholarship program Global Catalyst Foundation Goethe, Johann Wolfgang von Goldman Sachs 85 Broads of Grameen Bank guinea worm, eradication of Habitat for Humanity Haman, Anja Hanson, Janet Harris, Ed Hillary, Sir Edmund Himalayan Primary School Himalayan Trust Hong Kong Hong Kong fund-raising chapter fund-raising event of Hue IBM illiteracy immigrants, U.S.


pages: 351 words: 93,982

Leading From the Emerging Future: From Ego-System to Eco-System Economies by Otto Scharmer, Katrin Kaufer

Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Asian financial crisis, Basel III, behavioural economics, Berlin Wall, Branko Milanovic, cloud computing, collaborative consumption, collapse of Lehman Brothers, colonial rule, Community Supported Agriculture, creative destruction, crowdsourcing, deep learning, dematerialisation, Deng Xiaoping, do what you love, en.wikipedia.org, European colonialism, Fractional reserve banking, Garrett Hardin, Glass-Steagall Act, global supply chain, happiness index / gross national happiness, high net worth, housing crisis, income inequality, income per capita, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Johann Wolfgang von Goethe, Joseph Schumpeter, Kickstarter, market bubble, mass immigration, Mikhail Gorbachev, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, new economy, offshore financial centre, Paradox of Choice, peak oil, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, smart grid, Steve Jobs, systems thinking, technology bubble, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Tragedy of the Commons, vertical integration, Washington Consensus, working poor, Zipcar

It was among the most advanced societies and economies for much of its history, but missed the Industrial Revolution in the nineteenth century and saw its decline accelerate through invasions by colonial powers from Europe. After a period of civil war in the first part of the twentieth century, China moved into the 1.0 stage under the leadership of Mao (1949), and thirty years later into stages 2.0 and 3.0 under the leadership of Deng Xiaoping and his successors. In the Organisation for Economic Co-operation and Development (OECD) countries, stages 1.0 to 3.0 tend to blend together as a single economic system (“many countries, one system”). In contrast, in China there are highly developed market economies in one part of the country and largely traditional state-led economies in other parts of the country, making China a new type of model that can best be described as “one country, many systems.”

See Natura Creativity-appreciating vs. creativity-depreciating technologies, 108 Cross-sector cooperation, 55 Cruyff, Johan, 124–125 Crystallizing, 29 Cunningham, Dayna, 154–156, 160, 161, 183, 248–249 Currencies, complementary, 101–102 Cynicism, 172, 174–175 Dalai Lama, 164–165 Democracy 4.0 directed, distributed, digital, and dialogic, 197–203 shifting to, 198–201 Deng Xiaoping, 60 Denial the discourse of, 84–85 as obstacle, 174–175 Denmark, regional health transformation in, 207–209 Depression, 39, 174–175 Dialogue economic, 119–120 multilateral stakeholder, 177–178 shifting from debate to, 23 See also Government 4.0 Diener, Ed, 263n29 Digital Revolution.


pages: 287 words: 95,152

The Dawn of Eurasia: On the Trail of the New World Order by Bruno Macaes

active measures, Berlin Wall, Brexit referendum, British Empire, computer vision, deep learning, Deng Xiaoping, different worldview, digital map, Donald Trump, energy security, European colonialism, eurozone crisis, failed state, Francis Fukuyama: the end of history, gentrification, geopolitical risk, global value chain, illegal immigration, intermodal, iterative process, land reform, liberal world order, Malacca Straits, mass immigration, megacity, middle-income trap, open borders, Parag Khanna, savings glut, scientific worldview, Silicon Valley, South China Sea, speech recognition, Suez canal 1869, The Brussels Effect, trade liberalization, trade route, Transnistria, young professional, zero-sum game, éminence grise

Now that China is, according to most estimates, already the largest economy in the world, it feels that its political and cultural influence needs to grow proportionately, starting with its periphery in South-East and Central Asia. In my conversations with Chinese students in Beijing, they all repeated that China wants to give back to the world all that it received since Deng Xiaoping’s Reform and Opening almost forty years ago. With the Belt and Road, the Chinese authorities intend to move the country from the image of a willing participant in the global economy into a new phase, as a state with responsibilities for organizing and shaping it. By expanding its influence outside its borders, China will be called upon to develop new political concepts to rival the Western abstractions of human rights and liberal democracy.

Before leaving, there is one question I need Wang Wen to answer: ‘Your description of the Belt and Road is entirely based on economic value. There is nothing on political or cultural values. Why is that? Why do you think economic values have an ability to become universal and to appeal to different peoples in a way that political values do not?’ Wang Wen smiled and burst into an impassioned explanation: ‘Deng Xiaoping said that practice is the test of truth. 实践是检验真理的唯一标准.’ He turned to his assistant, quickly discussing what the best word in English might be: test, criterion? They settled on test, unwittingly showing that the exact words of the master had to remain unmodified. ‘So you see, practice should lead us.


pages: 369 words: 94,588

The Enigma of Capital: And the Crises of Capitalism by David Harvey

accounting loophole / creative accounting, Alan Greenspan, anti-communist, Asian financial crisis, bank run, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, cotton gin, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, equal pay for equal work, European colonialism, failed state, financial innovation, Frank Gehry, full employment, gentrification, Glass-Steagall Act, global reserve currency, Google Earth, Great Leap Forward, Guggenheim Bilbao, Gunnar Myrdal, guns versus butter model, Herbert Marcuse, illegal immigration, indoor plumbing, interest rate swap, invention of the steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Just-in-time delivery, land reform, liquidity trap, Long Term Capital Management, market bubble, means of production, megacity, microcredit, military-industrial complex, Money creation, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Northern Rock, oil shale / tar sands, peak oil, Pearl River Delta, place-making, Ponzi scheme, precariat, reserve currency, Ronald Reagan, Savings and loan crisis, sharing economy, Shenzhen special economic zone , Silicon Valley, special drawing rights, special economic zone, statistical arbitrage, structural adjustment programs, subprime mortgage crisis, technological determinism, the built environment, the market place, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, Timothy McVeigh, too big to fail, trickle-down economics, urban renewal, urban sprawl, vertical integration, white flight, women in the workforce

Furthermore, wage labour must either already be in existence or at least procurable through either expelling people from the land or attracting them into the labour market by some means. For this to happen requires that social and political barriers to individual capital accumulation must be overcome. When the Chinese leader Deng Xiaoping pronounced that making money and getting rich was good, he let the capitalist genii out of the bottle across the length and breadth of China – with astonishing results. But a mere pronouncement and the loosening of administrative constraints does not guarantee success. Success can be gauged only after the coercive laws of competition have determined that this initiative has been successful in this particular place rather than that.

Index Numbers in italics indicate Figures; those in bold indicate a Table. 11 September 2001 attacks 38, 41–2 subject to perpetual renewal and transformation 128 A Abu Dhabi 222 Académie Française 91 accumulation by dispossession 48–9, 244 acid deposition 75, 187 activity spheres 121–4, 128, 130 deindustrialised working-class area 151 and ‘green revolution’ 185–6 institutional and administrative arrangements 123 ‘mental conceptions of the world’ 123 patterns of relations between 196 production and labour processes 123 relations to nature 123 the reproduction of daily life and of the species 123 slums 152 social relations 123 subject to perpetual renewal and transformation 128 suburbs 150 technologies and organisational forms 123 uneven development between and among them 128–9 Adelphia 100 advertising industry 106 affective bonds 194 Afghanistan: US interventionism 210 Africa civil wars 148 land bought up in 220 neocolonialism 208 population growth 146 agribusiness 50 agriculture collectivisation of 250 diminishing returns in 72 ‘green revolution’ 185–6 ‘high farming’ 82 itinerant labourers 147 subsidies 79 AIG 5 alcoholism 151 Allen, Paul 98 Allende, Salvador 203 Amazonia 161, 188 American Bankers Association 8 American Revolution 61 anarchists 253, 254 anti-capitalist revolutionary movement 228 anti-racism 258 anti-Semitism 62 après moi le déluge 64, 71 Argentina Debt Crisis (2000–2002) 6, 243, 246, 261 Arizona, foreclosure wave in 1 Arrighi, Giovanni: The Long Twentieth Century 35, 204 asbestos 74 Asia Asian Currency Crisis (1997–98) 141, 261 collapse of export markets 141 growth 218 population growth 146 asset stripping 49, 50, 245 asset traders 40 asset values 1, 6, 21, 23, 26, 29, 46, 223, 261 Association of South East Asian Nations (ASEAN) 200 Athabaska tar sands, Canada 83 austerity programmes 246, 251 automobile industry 14, 15, 23, 56, 67, 68, 77, 121, 160–61 Detroit 5, 15, 16, 91, 108, 195, 216 autonomista movement 233, 234, 254 B Baader-Meinhof Gang 254 Bakunin, Michael 225 Balzac, Honoré 156 Bangalore, software development in 195 Bangkok 243 Bank of England 53, 54 massive liquidity injections in stock markets 261 Bank of International Settlements, Basel 51, 55, 200 Bank of New England 261 Bankers Trust 25 banking bail-outs 5, 218 bank shares become almost worthless 5 bankers’ pay and bonuses 12, 56, 218 ‘boutique investment banks’ 12 de-leveraging 30 debt-deposit ratio 30 deposit banks 20 French banks nationalised 198 international networks of finance houses 163 investment banks 2, 19, 20, 28, 219 irresponsible behaviour 10–11 lending 51 liquidity injections by central banks vii, 261 mysterious workings of central banks 54 ‘national bail-out’ 30–31 property market-led Nordic and Japanese bank crises 261 regional European banks 4 regular banks stash away cash 12, 220 rising tide of ‘moral hazard’ in international bank lending practices 19 ‘shadow banking’ system 8, 21, 24 sympathy with ‘Bonnie and Clyde’ bank robbers 56 Baran, Paul and Sweezey, Paul: Monopoly Capital 52, 113 Barings Bank 37, 100, 190 Baucus, Max 220 Bavaria, automotive engineering in 195 Beijing declaration (1995) 258 Berlin: cross-border leasing 14 Bernanke, Ben 236 ‘Big Bang’ (1986) 20, 37 Big Bang unification of global stock, options and currency trading markets 262 billionaire class 29, 110, 223 biodiversity 74, 251 biomass 78 biomedical engineering 98 biopiracy 245, 251 Birmingham 27 Bismarck, Prince Otto von 168 Black, Fischer 100 Blackstone 50 Blair, Tony 255 Blair government 197 blockbusting neighbourhoods 248 Bloomberg, Mayor Michael 20, 98, 174 Bolivarian movement 226, 256 bonuses, Wall Street 2, 12 Borlaug, Norman 186 bourgeoisie 48, 89, 95, 167, 176 ‘boutique investment banks’ 12 Brazil automobile industry 16 capital flight crisis (1999) 261 containerisation 16 an export-dominated economy 6 follows Japanese model 92 landless movement 257 lending to 19 the right to the city movement 257 workers’ party 256 Bretton Woods Agreement (1944) 31, 32, 51, 55, 171 British Academy 235 British empire 14 Brown, Gordon 27, 45 Budd, Alan 15 Buenos Aires 243 Buffett, Warren 173 building booms 173–4 Bush, George W. 5, 42, 45 business associations 195 C California, foreclosure wave in 1, 2 Canada, tightly regulated banks in 141 ‘cap and trade’ markets in pollution rights 221 capital bank 30 centralisation of 95, 110, 113 circulation of 90, 93, 108, 114, 116, 122, 124, 128, 158, 159, 182, 183, 191 cultural 21 devalued 46 embedded in the land 191 expansion of 58, 67, 68 exploitations of 102 export 19, 158 fixed 191, 213 industrial 40–41, 56 insufficient initial money capital 47 investment 93, 203 and labour 56, 88, 169–70 liquid money 20 mobility 59, 63, 64, 161–2, 191, 213 and nature 88 as a process 40 reproduction of 58 scarcity 50 surplus 16, 28, 29, 50–51, 84, 88, 100, 158, 166, 167, 172, 173, 174, 206, 215, 216, 217 capital accumulation 107, 108, 123, 182, 183, 191, 211 and the activity spheres 128 barriers to 12, 16, 47, 65–6, 69–70, 159 compound rate 28, 74, 75, 97, 126, 135, 215 continuity of endless 74 at the core of human evolutionary dynamics 121 dynamics of 188, 197 geographic landscape of 185 geographical dynamics of 67, 143 and governance 201 lagging 130 laws of 113, 154, 160 main centres of 192 market-based 180 Mumbai redevelopment 178 ‘nature’ affected by 122 and population growth 144–7 and social struggles 105 start of 159 capital circulation barriers to 45 continuity of 68 industrial/production capital 40–41 inherently risky 52 interruption in the process 41–2, 50 spatial movement 42 speculative 52, 53 capital controls 198 capital flow continuity 41, 47, 67, 117 defined vi global 20 importance of understanding vi, vii-viii interrupted, slowed down or suspended vi systematic misallocation of 70 taxation of vi wealth creation vi capital gains 112 capital strike 60 capital surplus absorption 31–2, 94, 97, 98, 101, 163 capital-labour relation 77 capitalism and communism 224–5 corporate 1691 ‘creative-destructive’ tendencies in 46 crisis of vi, 40, 42, 117, 130 end of 72 evolution of 117, 118, 120 expansion at a compound rate 45 first contradiction of 77 geographical development of 143 geographical mobility 161 global 36, 110 historical geography of 76, 117, 118, 121, 174, 180, 200, 202, 204 industrial 58, 109, 242 internal contradictions 115 irrationality of 11, 215, 246 market-led 203 positive and negative aspects 120 and poverty 72 relies on the beneficence of nature 71 removal of 260 rise of 135, 192, 194, 204, 228, 248–9, 258 ‘second contradiction of’ 77, 78 social relations in 101 and socialism 224 speculative 160 survival of 46, 57, 66, 86, 107, 112, 113, 116, 130, 144, 229, 246 uneven geographical development of 211, 213 volatile 145 Capitalism, Nature, Socialism journal 77 capitalist creed 103 capitalist development considered over time 121–4 ‘eras’ of 97 capitalist exploitation 104 capitalist logic 205 capitalist reinvestment 110–11 capitalists, types of 40 Carnegie, Andrew 98 Carnegie foundation 44 Carnegie Mellon University, Pittsburgh, Pennsylvania 195 Carson, Rachel: Silent Spring 187 Case Shiller Composite Indices SA 3 Catholic Church 194, 254 cell phones 131, 150, 152 Central American Free Trade Association (CAFTA) 200 centralisation 10, 11, 165, 201 Certificates of Deposit 262 chambers of commerce 195, 203 Channel Tunnel 50 Chiapas, Mexico 207, 226 Chicago Board Options Exchange 262 Chicago Currency Futures Market 262 ‘Chicago School’ 246 Chile, lending to 19 China ‘barefoot doctors’ 137 bilateral trade with Latin America 173 capital accumulation issue 70 cheap retail goods 64 collapse of communism 16 collapse of export markets 141 Cultural Revolution 137 Deng’s announcement 159 falling exports 6 follows Japanese model 92 ‘Great Leap Forward’ 137, 138 growth 35, 59, 137, 144–5, 213, 218, 222 health care 137 huge foreign exchange reserves 141, 206 infant mortality 59 infrastructural investment 222 labour income and household consumption (1980–2005) 14 market closed after communists took power (1949) 108 market forcibly opened 108 and oil market 83 one child per family policy 137, 146 one-party rule 199 opening-up of 58 plundering of wealth from 109, 113 proletarianisation 60 protests in 38 and rare earth metals 188 recession (1997) 172 ‘silk road’ 163 trading networks 163 unemployment 6 unrest in 66 urbanisation 172–3 and US consumerism 109 Chinese Central Bank 4, 173 Chinese Communist Party 180, 200, 256 chlorofluoral carbons (CFCs) 74, 76, 187 chronometer 91, 156 Church, the 249 CIA (Central Intelligence Agency) 169 circular and cumulative causation 196 Citibank 19 City Bank 261 city centres, Disneyfication of 131 City of London 20, 35, 45, 162, 219 class consciousness 232, 242, 244 class inequalities 240–41 class organisation 62 class politics 62 class power 10, 11, 12, 61, 130, 180 class relations, radical reconstitution of 98 class struggle 56, 63, 65, 96, 102, 127, 134, 193, 242, 258 Clausewitz, Carl von 213 Cleveland, foreclosure crisis in 2 Cleveland, foreclosures on housing in 1 Clinton, Bill 11, 12, 17, 44, 45 co-evolution 132, 136, 138, 168, 185, 186, 195, 197, 228, 232 in three cases 149–53 coal reserves 79, 188 coercive laws of competition see under competition Cold War 31, 34, 92 Collateralised Bond Obligations (CBOs) 262 Collateralised Debt Obligations (CDOs) 36, 142, 261, 262 Collateralised Mortgage Obligations (CMOs) 262 colonialism 212 communications, innovations in 42, 93 communism 228, 233, 242, 249 collapse of 16, 58, 63 compared with socialism 224 as a loaded term 259–60 orthodox communists 253 revolutionary 136 traditional institutionalised 259 companies joint stock 49 limited 49 comparative advantage 92 competition 15, 26, 43, 70 between financial centres 20 coercive laws of 43, 71, 90, 95, 158, 159, 161 and expansion of production 113 and falling prices 29, 116 fostering 52 global economic 92, 131 and innovation 90, 91 inter-capitalist 31 inter-state 209, 256 internalised 210 interterritorial 202 spatial 164 and the workforce 61 competitive advantage 109 computerised trading 262 computers 41, 99, 158–9 consortia 50, 220 consumerism 95, 109, 168, 175, 240 consumerist excess 176 credit-fuelled 118 niche 131 suburban 171 containerisation 16 Continental Illinois Bank 261 cooperatives 234, 242 corporate fraud 245 corruption 43, 69 cotton industry 67, 144, 162 credit cards fees vii, 245 rise of the industry 17 credit crunch 140 Credit Default swaps 262 Crédit Immobilièr 54 Crédit Mobilier 54 Crédit Mobilier and Immobilier 168 credit swaps 21 credit system and austerity programmes 246 crisis within 52 and the current crisis 118 and effective demand problem 112 an inadequate configuration of 52 predatory practices 245 role of 115 social and economic power in 115 crises crises of disproportionality 70 crisis of underconsumption 107, 111 east Asia (1997–8) 6, 8, 35, 49, 246 financial crisis of 1997–8 198, 206 financial crisis of 2008 34, 108, 114, 115 general 45–6 inevitable 71 language of crisis 27 legitimation 217 necessary 71 property market 8 role of 246–7 savings and loan crisis (US, 1984–92) 8 short sharp 8, 10 south-east Asia (1997–8) 6, 8, 35, 49, 246 cross-border leasing 142–3 cultural choice 238 ‘cultural industries’ 21 cultural preferences 73–4 Cultural Revolution 137 currency currency swaps 262 futures market 24, 32 global 32–3, 34 options markets on 262 customs barriers 42, 43 cyberspace 190 D Darwin, Charles 120 DDT 74, 187 de-leveraging 30 debt-financing 17, 131, 141, 169 decentralisation 165, 201 decolonisation 31, 208, 212 deficit financing 35, 111 deforestation 74, 143 deindustrialisation 33, 43, 88, 131, 150, 157, 243 Deleuze, Gilles 128 demand consumer 107, 109 effective 107, 110–14, 116, 118, 221, 222 lack of 47 worker 108 Democratic Party (US) 11 Deng Xiaoping 159 deregulation 11, 16, 54, 131 derivatives 8 currency 21 heavy losses in (US) 261 derivatives markets creation of 29, 85 unregulated 99, 100, 219 Descartes, René 156 desertification 74 Detroit auto industry 5, 15, 16, 91, 108, 195, 216 foreclosures on housing in 1 Deutsches Bank 20 devaluation 32, 47, 116 of bank capital 30 of prior investments 93 developing countries: transformation of daily lives 94–5 Developing Countries Debt Crisis 19, 261 development path building alliances 230 common objectives 230–31 development not the same as growth 229–30 impacts and feedbacks from other spaces in the global economy 230 Diamond, Jared: Guns, Germs and Steel 132–3, 154 diasporas 147, 155, 163 Dickens, Charles: Bleak House 90 disease 75, 85 dispossession anti-communist insurgent movements against 250–51 of arbitrary feudal institutions 249 of the capital class 260 China 179–80 first category 242–4 India 178–9, 180 movements against 247–52 second category 242, 244–5 Seoul 179 types of 247 under socialism and communism 250 Domar, Evsey 71 Dongguan, China 36 dot-com bubble 29, 261 Dow 35,000 prediction 21 drug trade 45, 49 Dubai: over-investment 10 Dubai World 174, 222 Durban conference on anti-racism (2009) 258 E ‘earth days’ 72, 171 east Asia crash of 1997–8 6, 8, 35, 49, 246 labour reserves 64 movement of production to 43 proletarianisation 62 state-centric economies 226 wage rates 62 eastern European countries 37 eBay 190 economic crisis (1848) 167 economists, and the current financial crisis 235–6 ecosystems 74, 75, 76 Ecuador, and remittances 38 education 59, 63, 127, 128, 221, 224, 257 electronics industry 68 Elizabeth II, Queen vi-vii, 235, 236, 238–9 employment casual part-time low-paid female 150 chronic job insecurity 93 culture of the workplace 104 deskilling 93 reskilling 93 services 149 Engels, Friedrich 89, 98, 115, 157, 237 The Housing Question 176–7, 178 Enron 8, 24, 52, 53, 100, 261 entertainment industries 41 environment: modified by human action 84–5 environmental movement 78 environmental sciences 186–7 equipment 58, 66–7 equity futures 262 equity index swaps 262 equity values 262 ethanol plants 80 ethnic cleansings 247 ethnicity issues 104 Eurodollars 262 Europe negative population growth in western Europe 146 reconstruction of economy after Second World War 202 rsouevolutions of 1848 243 European Union 200, 226 eastern European countries 37 elections (June 2009) 143 unemployment 140 evolution punctuated equilibrium theory of natural evolution 130 social 133 theory of 120, 129 exchange rates 24, 32, 198 exports, falling 141 external economies 162 F Factory Act (1848) 127 factory inspectors 127 ‘failed states’ 69 Fannie Mae (US government-chartered mortgage institution) 4, 17, 173, 223 fascism 169, 203, 233 Federal Deposit Insurance Corporation (FDIC) 8 rescue of Continental Illinois Bank 261 Federal Reserve System (the Fed) 2, 17, 54, 116, 219, 236, 248 and asset values 6 cuts interest rates 5, 261 massive liquidity injections in stock markets 261 rescue of Continental Illinois Bank 261 feminists, and colonisation of urban neighbourhoods 248 fertilisers 186 feudalism 135, 138, 228 finance capitalists 40 financial institutions awash with credit 17 bankruptcies 261 control of supply and demand for housing 17 nationalisations 261 financial services 99 Financial Times 12 financialisation 30, 35, 98, 245 Finland: Nordic cris (1992) 8 Flint strike, Michigan (1936–7) 243 Florida, foreclosure wave in 1, 2 Forbes magazine 29, 223 Ford, Henry 64, 98, 160, 161, 188, 189 Ford foundation 44, 186 Fordism 136 Fordlandia 188, 189 foreclosed businesses 245 foreclosed properties 220 fossil fuels 78 Foucault, Michel 134 Fourierists 168 France acceptance of state interventions 200 financial crisis (1868) 168 French banks nationalised 198 immigration 14 Paris Commune 168 pro-natal policies 59 strikes in 38 train network 28 Franco-Prussian War (1870) 168 fraud 43, 49 Freddie Mac (US government-chartered mortgage institution) 4, 17, 173, 223 free trade 10, 33, 90, 131 agreements 42 French Communist Party 52 French Revolution 61 Friedman, Thomas L.: The World is Flat 132 futures, energy 24 futures markets 21 Certificates of Deposit 262 currency 24 Eurodollars 262 Treasury instruments 262 G G7/G8/G20 51, 200 Galileo Galilei 89 Gates, Bill 98, 173, 221 Gates foundation 44 gays, and colonisation of urban neighbourhoods 247, 248 GDP growth (1950–2030) 27 Gehry, Frank 203 Geithner, Tim 11 gender issues 104, 151 General Motors 5 General Motors Acceptance Corporation 23 genetic engineering 84, 98 genetic modification 186 genetically modified organisms (GMOs) 186 gentrification 131, 256, 257 geographical determinism 210 geopolitics 209, 210, 213, 256 Germany acceptance of state interventions 199–200 cross-border leasing 142–3 an export-dominated economy 6 falling exports 141 invasion of US auto market 15 Nazi expansionism 209 neoliberal orthodoxies 141 Turkish immigrants 14 Weimar inflation 141 Glass-Steagall act (1933) 20 Global Crossing 100 global warming 73, 77, 121, 122, 187 globalisation 157 Glyn, Andrew et al: ‘British Capitalism, Workers and the Profits Squeeze’ 65 Goethe, Johann Wolfgang von 156 gold reserves 108, 112, 116 Goldman Sachs 5, 11, 20, 163, 173, 219 Google Earth 156 Gould, Stephen Jay 98, 130 governance 151, 197, 198, 199, 201, 208, 220 governmentality 134 GPS systems 156 Gramsci, Antonio 257 Grandin, Greg: Fordlandia 188, 189 grassroots organisations (GROS) 254 Great Depression (1920s) 46, 170 ‘Great Leap Forward’ 137, 138, 250 ‘Great Society’ anti-poverty programmes 32 Greater London Council 197 Greece sovereign debt 222 student unrest in 38 ‘green communes’ 130 Green Party (Germany) 256 ‘green revolution’ 185–6 Greenspan, Alan 44 Greider, William: Secrets of the Temple 54 growth balanced 71 compound 27, 28, 48, 50, 54, 70, 75, 78, 86 economic 70–71, 83, 138 negative 6 stop in 45 Guggenheim Museu, Bilbao 203 Gulf States collapse of oil-revenue based building boom 38 oil production 6 surplus petrodollars 19, 28 Gulf wars 210 gun trade 44 H habitat loss 74, 251 Haiti, and remittances 38 Hanseatic League 163 Harrison, John 91 Harrod, Roy 70–71 Harvey, David: A Brief History of Neoliberalism 130 Harvey, William vii Haushofer, Karl 209 Haussmann, Baron 49, 167–8, 169, 171, 176 Hawken, Paul: Blessed Unrest 133 Hayek, Friedrich 233 health care 28–9, 59, 63, 220, 221, 224 reneging on obligations 49 Health Care Bill 220 hedge funds 8, 21, 49, 261 managers 44 hedging 24, 36 Hegel, Georg Wilhelm Friedrich 133 hegemony 35–6, 212, 213, 216 Heidegger, Martin 234 Helú, Carlos Slim 29 heterogeneity 214 Hitler, Adolf 141 HIV/AIDS pandemic 1 Holloway, John: Change the World without Taking Power 133 homogeneity 214 Hong Kong excessive urban development 8 rise of (1970s) 35 sweatshops 16 horizontal networking 254 household debt 17 housing 146–7, 149, 150, 221, 224 asset value crisis 1, 174 foreclosure crises 1–2, 166 mortgage finance 170 values 1–2 HSBC 20, 163 Hubbert, M.


pages: 323 words: 90,868

The Wealth of Humans: Work, Power, and Status in the Twenty-First Century by Ryan Avent

3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, Big Tech, BRICs, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, currency risk, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, disruptive innovation, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, driverless car, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, financial engineering, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, general purpose technology, gig economy, global supply chain, global value chain, heat death of the universe, hydraulic fracturing, income inequality, independent contractor, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low interest rates, low skilled workers, lump of labour, Lyft, machine translation, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, post-work, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Robert Solow, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, tacit knowledge, TaskRabbit, tech billionaire, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, uber lyft, very high income, warehouse robotics, working-age population

One possibility is that, like Japan and South Korea before it, China’s institutions evolved in a way that encouraged the accumulation of capital and technological know-how. This is a difficult thing to assess: decades of communist rule have warped the social capital across Chinese civic society. It is clear, however, that in the late 1970s Deng Xiaoping’s Communist Party began experimenting with tolerance of market activity and openness to foreign trade. Property rights in China have never been secure, nor has the market been the primary force allocating capital. But property rights have been secure enough to satisfy lots of multinational firms, who have been willing to contract with Chinese companies or invest directly in the Chinese economy.

Acemoglu, Daron ageing populations agency, concept of Airbnb Amazon American Medical Association (AMA) anarchism Andreessen, Marc Anglo-Saxon economies Apple the iPhone the iPod artisanal goods and services Atkinson, Anthony Atlanta, Georgia austerity policies automation in car plants fully autonomous trucks of ‘green jobs’ during industrial revolution installation work as resistant to low-pay as check on of menial/routine work self-driving cars and technological deskilling automobiles assembly-line techniques automated car plants and dematerialization early days of car industry fully autonomous trucks self-driving cars baseball Baumol, William Belgium Bernanke, Ben Bezos, Jeff black plague (late Middle Ages) Boston, Massachusetts Brazil BRIC era Bridgewater Associates Britain deindustrialization education in extensions of franchise in financial crisis (2008) Great Exhibition (London 1851) housing wealth in and industrial revolution Labour Party in liberalization in political fractionalization in real wages in social capital in surpassed by US as leading nation wage subsidies in Brontë, Charlotte Brynjolfsson, Erik bubbles, asset-price Buffalo Bill (William Cody) BuzzFeed Cairncross, Frances, The Death of Distance (1997) capital ‘deepening’ infrastructure investment investment in developing world career, concept of cars see automobiles Catalan nationalism Central African Republic central banks Chait, Jonathan Charlotte chemistry, industrial Chicago meat packers in nineteenth-century expansion of World’s Columbia Exposition (1893) China Deng Xiaoping’s reforms economic slow-down in era of rapid growth foreign-exchange reserves ‘green jobs’ in illiberal institutions in inequality in iPod assembly in technological transformation in wage levels in Chorus (content-management system) Christensen, Clayton Cisco cities artisanal goods and services building-supply restrictions growth of and housing costs and industrial revolution and information membership battles in rich/skilled and social capital clerical work climate change Clinton, Hillary Coase, Ronald Columbia University, School of Mines communications technology communism communities of affinity computing app-based companies capability thresholds cloud services cycles of experimentation desktop market disk-drive industry ‘enterprise software’ products exponential progress narrative as general purpose technology hardware and software infrastructure history of ‘Moore’s Law’ and productivity switches transistors vacuum tubes see also digital revolution; software construction industry regulations on Corbyn, Jeremy Corliss steam engine corporate power Cowen, Tyler craft producers Craigslist creative destruction the Crystal Palace, London Dalio, Ray Dallas, Texas debt deindustrialization demand, chronically weak dematerialization Detroit developing economies and capital investment and digital revolution era of rapid growth and industrialization pockets of wealth in and ‘reshoring’ phenomenon and sharp slowdown and social capital see also emerging economies digital revolution and agency and company cultures and developing economies and distance distribution of benefits of dotcom tech boom emergence of and global imbalances and highly skilled few and industrial institutions and information flows investment in social capital niche markets pace of change and paradox of potential productivity and output and secular stagnation start-ups and technological deskilling techno-optimism techno-pessimism as tectonic economic transformation and trading patterns web journalism see also automation; computing; globalization discrimination and exclusion ‘disruption’, phenomenon of distribution of wealth see inequality; redistribution; wealth and income distribution dotcom boom eBay economics, classical The Economist education in emerging economies during industrial revolution racial segregation in USA and scarcity see also university education electricity Ellison, Glenn Ellison, Sara Fisher emerging economies deindustrialization economic growth in education in foreign-exchange reserves growth in global supply chains highly skilled workers in see also developing economies employment and basic income policy cheap labour as boost to and dot.com boom in Europe and financial crisis (2008) ‘green jobs’ low-pay sector minimum wage impact niche markets in public sector ‘reshoring’ phenomenon as rising globally and social contexts and social membership as source of personal identity and structural change trilemma in USA see also labour; wages Engels, Friedrich environmental issues Etsy euro- zone Europe extreme populist politics liberalized economies political fractionalization in European Union Facebook face-recognition technology factors of production land see also capital; labour ‘Factory Asia’ factory work assembly-line techniques during industrial revolution family fascism Federal Reserve financial crisis (2008) financial markets cross-border capital flows in developing economies Finland firms and companies Coase’s work on core competencies culture of dark matter (intangible capital) and dematerialization and ‘disruption’ ‘firm-specific’ knowledge and information flows internal incentive structures pay of top executives shifting boundaries of social capital of and social wealth start-ups Ford, Martin, Rise of the Robots (2015) Ford Motor Company fracking France franchise, electoral Friedman, Milton Fukuyama, Francis Gates, Bill gender discrimination general purpose technologies enormous benefits from exponential progress and skilled labour supporting infrastructure and time lags see also digital revolution Germany ‘gig economy’ Glaeser, Ed global economy growth in supply chains imbalances lack of international cooperation savings glut and social consensus globalization hyperglobalization and secular stagnation and separatist movements Goldman Sachs Google Gordon, Robert Gothenburg, Sweden Great Depression Great Depression (1930s) Great Exhibition, London (1851) Great Recession Great Stagnation Greece ‘green jobs’ growth, economic battle over spoils of boom (1994-2005) and classical economists as consistent in rich countries decline of ‘labour share’ dotcom boom emerging economies gains not flowing to workers and industrial revolution Kaldor’s ‘stylized facts of’ and Keynes during liberal era pie metaphor in post-war period and quality of institutions and rich/elite cities rich-poor nation gap and skilled labour guilds Hansen, Alvin Hayes, Chris, The Twilight of the Elites healthcare and medicine hedge funds and private equity firms Holmes, Oliver Wendell Hong Kong housing in Bay-Area NIMBY campaigns against soaring prices pre-2008 crisis zoning and regulations Houston, Texas Huffington Post human capital Hungary IBM identity, personal immigration and ethno-nationalist separatism and labour markets in Nordic countries and social capital income distribution see inequality; redistribution; wealth and income distribution India Indonesia industrial revolution automation during and economic growth and growth of cities need for better-educated workers and productivity ‘second revolution’ and social change and wages and World’s Fairs inequality and education levels between firms and housing wealth during industrial revolution during liberal era between nations pay of top executives rise of in emerging economies and secular stagnation in Sweden wild contingency of wealth see also rich people; wealth and income distribution inflation in 1970s hyperinflation information technology see computing Intel interest rates International Space Station (ISS) iRobot ISIS Italy Jacksonville, Florida Jacquard, Joseph Marie Japan journalism Kaldor, Nicholas Keynes, John Maynard Kurzweil.


pages: 307 words: 88,180

AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee

"World Economic Forum" Davos, AI winter, Airbnb, Albert Einstein, algorithmic bias, algorithmic trading, Alignment Problem, AlphaGo, artificial general intelligence, autonomous vehicles, barriers to entry, basic income, bike sharing, business cycle, Cambridge Analytica, cloud computing, commoditize, computer vision, corporate social responsibility, cotton gin, creative destruction, crony capitalism, data science, deep learning, DeepMind, Demis Hassabis, Deng Xiaoping, deskilling, Didi Chuxing, Donald Trump, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, full employment, future of work, general purpose technology, Geoffrey Hinton, gig economy, Google Chrome, Hans Moravec, happiness index / gross national happiness, high-speed rail, if you build it, they will come, ImageNet competition, impact investing, income inequality, informal economy, Internet of things, invention of the telegraph, Jeff Bezos, job automation, John Markoff, Kickstarter, knowledge worker, Lean Startup, low skilled workers, Lyft, machine translation, mandatory minimum, Mark Zuckerberg, Menlo Park, minimum viable product, natural language processing, Neil Armstrong, new economy, Nick Bostrom, OpenAI, pattern recognition, pirate software, profit maximization, QR code, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, risk tolerance, Robert Mercer, Rodney Brooks, Rubik’s Cube, Sam Altman, Second Machine Age, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, SoftBank, Solyndra, special economic zone, speech recognition, Stephen Hawking, Steve Jobs, strong AI, TED Talk, The Future of Employment, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, urban planning, vertical integration, Vision Fund, warehouse robotics, Y Combinator

The blistering pace of China’s economic rise hasn’t alleviated that scarcity mentality. Chinese citizens have watched as industries, cities, and individual fortunes have been created and lost overnight in a Wild West environment where regulations struggled to keep pace with cutthroat market competition. Deng Xiaoping, the Chinese leader who pushed China from Mao-era egalitarianism to market-driven competition, once said that China needed to “let some people get rich first” in order to develop. But the lightning speed of that development only heightened fears and concerns that if you don’t move quickly—if you don’t grab onto this new trend or jump into that new market—you’ll stay poor while others around you get rich.

Renren, 42–43 lean startup methodology, 44–45 Ma, Jack, and, 34–37 search habit divergence and, 37–38 Silicon Valley and, 22–25, 28, 30–34, 39–40, 49 Wang Xing and, 22–24, 26, 31, 32–33, 42, 46–49 War of a Thousand Groupons, 45–49 Zhou Hongyi and, 40–42 corporate oligarchy, 171 corporate research and proprietary technology, 91–92 corporate social responsibility, 216–17 craftsmanship, 229 credit industry, 10–11, 110, 112–13, 116 crime disruption, 75 Cultural Revolution in China, 33 Cybersecurity Law in China, 125 D Daimler, 135 data age of, 14, 18 AI algorithms and, 14, 17, 56, 138 AI-rich countries and, 168–69 businesses and, 110–11 China’s abundance of, 15, 16, 17, 50, 55–56, 73, 79 collection of, and privacy, 124–25 deep learning and, 14, 17, 19–20, 56 internet companies and, 107–8 medical diagnosis and, 114 from mobile payments, 77 neural networks and, 9 pattern-finding in, 10 private, 124–25 self-driving cars and, 131–32, 133 structured, 111–12 Deep Blue, 4, 5 deep learning AI revolution and, 5, 12–13, 25, 92, 94, 143 business AI and, 111 data and, 14, 17, 19–20, 56 Google and, 92 history of, 6–10 implementation of, 12–14, 86 machine perceptual abilities and, 166 next, 91–92, 94 pattern-finding and, 10–11, 13, 166–67 rapid progress of, 161 DeepMind AI in United Kingdom and, 169 AlphaGo and, 2, 11 AlphaGo Zero and, 90 Google and, 2, 11, 92 iFlyTek compared to, 105 publishing by, 91 reinforcement learning and, 143 Deng Xiaoping, 28 desktop computers, 96 Dianping (Yelp copycat), 48, 49, 71–72 Didi four waves of AI and, 106 going heavy, 72–73 self-driving cars and, 131 services using model of, 213–14 Uber and, 40, 68–69, 79, 137 Didi Chuxing, 68–69, 70 discovery to implementation, transition from, 13, 15 Disneyland replica in China, 31 Disruptor (Zhou), 42 DJI, 130–31 domestic workers, 130 drones, autonomous, 130–31, 136, 167–68 dual-teacher model, 122 dystopians vs. utopians, 140–44 E EachNet, 35 Eat24, 72 eBay, 35–37, 39 economy and AI, 144–73 competition and, 106 deep-learning breakthroughs and, 4–5 general purpose technologies (GPTs), 148–55 global economic inequality, 146, 168–70, 172 intelligent vs. physical automation, 167–68 job loss, two kinds of, 162–63 job losses, bottom line, 164–65 job loss studies, 157–61 jobs and inequality crisis, 145–47 machine learning as driver, 25, 84, 91, 94–95 monopolies, 20, 96, 168–69, 170–71 psychological crisis, 5, 21, 147, 173–74 risk of replacement, 155–57 science-fiction visions and, 144–45 techno-optimists and the Luddite fallacy, 147–48 unemployment.


pages: 304 words: 90,084

Net Zero: How We Stop Causing Climate Change by Dieter Helm

3D printing, autonomous vehicles, Berlin Wall, biodiversity loss, blockchain, Boris Johnson, carbon credits, carbon footprint, carbon tax, clean water, congestion charging, coronavirus, COVID-19, CRISPR, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, electricity market, Extinction Rebellion, fixed income, food miles, Ford Model T, Francis Fukuyama: the end of history, general purpose technology, Great Leap Forward, green new deal, Greta Thunberg, Haber-Bosch Process, high-speed rail, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jevons paradox, lockdown, market design, means of production, microplastics / micro fibres, North Sea oil, ocean acidification, off grid, off-the-grid, oil shale / tar sands, oil shock, peak oil, planetary scale, precautionary principle, price mechanism, quantitative easing, remote working, reshoring, rewilding, Ronald Reagan, smart meter, South China Sea, sovereign wealth fund, statistical model, systems thinking, Thomas Malthus

The Great Leap Forward (1958–62) and the Cultural Revolution (1966–76) left around 70 million Chinese dead from famine and the intellectual class decimated. China was a poor country, insignificant except for its nuclear weapons and its challenge to Russia for communist leadership. Few noticed too the changeover at the top. Deng Xiaoping, like the rest of the ageing leadership, was a hangover from the Mao regime, lucky to have survived being purged. His great opening of the Chinese economy took time to gather pace, and the fear of a loss of Communist Party control hung over the experiments, as well as the people, who found their new hopes and opportunities crushed in Tiananmen Square in 1989.

acid rain 25, 194 Africa xiv, xv, 2, 25, 30, 38, 44, 45, 47, 48, 51, 137, 229 agriculture 2, 6, 12, 13, 14, 23, 35–6, 43, 44–5, 70, 76, 86, 87–8, 95, 100, 102, 109, 116, 146–7, 149, 159, 163–80, 181, 183, 192, 197, 198, 206, 220 baseline, the 164–8 biodiversity loss and 2, 5, 100, 164, 165, 168, 169, 171, 172, 174, 180 biofuels and 197–8 carbon emissions and 2, 12, 13, 35–6, 76–7, 146–7, 163–80 carbon price and 167–70, 171, 172, 173, 180 China and 28–9, 35, 45, 180 economics of 76, 165, 166–7, 171, 174 electricity and 13, 166, 168, 174, 178, 180 fertiliser use see fertiliser lobby 14, 110, 164, 165, 169, 170, 197 methane emissions 23, 84, 177, 178, 179 net gain and 172–4 net value of UK 76, 166 new technologies/indoor farming 87–8, 174–9, 180, 213 peat bogs and 2, 179 pesticide use see pesticides petrochemicals and 166 polluter-pays principle and 76, 168–70, 172, 173 pollution 36, 86, 163, 165–6, 168–70, 172, 173, 177–8, 230 public goods, agricultural 170–4, 180 sequestering carbon and 12, 95, 163, 166, 168, 169, 170, 171, 172, 173–4, 177, 179, 180 soils and 2, 146, 163, 164, 165, 166, 168, 169, 171, 172, 175, 179 subsidies 14, 76, 102, 109, 116, 164, 165, 166, 167, 169, 170, 172, 180, 228 25 Year Plan and 179–80 Agriculture Bill (2018), UK 170 air conditioning 135–6, 224, 233 air quality xiii, 13, 25, 46, 52, 61, 70, 135, 153, 177, 180, 201, 216, 230, 232 air transport 3–4, 6, 11, 13, 22, 50, 53, 73, 87, 88, 92, 107, 125, 128, 129, 132, 133, 134, 149, 156–7, 186, 195, 201, 203–5 aluminium 7, 117 Amazon rainforest 2, 34, 35, 95, 145, 149–50, 151, 155, 229, 230 ammonia 35, 137, 191 anaerobic digesters 35, 165, 230 animal welfare 167, 177 antibiotics 93, 165, 174 Arctic 26, 46, 114, 178 artificial intelligence (AI) 32, 175, 220, 231 autonomous vehicles 13, 129, 132, 175, 189–90, 231 Balkans 137–8 Bank of England 121 batteries 6, 31, 131, 135, 141, 183, 184, 185–90, 191, 199, 204, 213, 214, 219, 220, 221, 225, 231 beef 5, 95, 116, 117, 167, 230 Berlin, Isaiah 104 big 5 polluter products 117–18, 120 bin Salman, Mohammad 27 biocrops 36 biodiversity xiv, 2, 5, 12, 13, 28, 35, 51, 76, 94, 100, 148, 149, 152, 153, 158, 159, 164, 165, 168, 169–70, 171, 172, 174, 180, 227, 233 bioenergy 31, 34–5, 36 biofuels 21, 35, 49, 50, 67, 70, 95, 135, 183, 184, 197–8, 210, 230 biomass 32, 34, 49, 50, 67, 69, 109, 146, 147, 151, 210, 217 bonds, government 220 BP 27, 149, 187, 199 Deepwater Horizon disaster, Gulf of Mexico (2010) 147 Brazil 2, 35, 38, 44–5, 47, 95, 145, 149–50, 155, 198 Brexit 42, 47, 56, 117, 165 British Gas 102, 139 British Steel x, 194 broadband networks 6, 11, 90, 92, 125, 126, 127–8, 130–1, 132–3, 135, 140–1, 199, 201, 202, 205, 211, 214, 231, 232 Brundtland Commission 45 BT 127–8, 141 Openreach 214 Burn Out (Helm) ix, xiv Bush, George W. 36, 48, 53, 103 business rates 76, 165 Canada 52, 191, 193 capitalist model 26, 42, 99, 227 carbon border tax/carbon border adjustment xii, 11, 13, 60, 80, 115–20, 194–6, 204 carbon capture and storage (CCS) xiv, 12, 75–6, 95, 109, 146, 147–8, 149, 154, 159, 203–4, 207, 209, 222, 223 Carbon Crunch, The (Helm) ix, xiv, 221 carbon diary 4–5, 8, 10, 11, 64–6, 83, 86, 116, 143, 144, 155, 156, 167, 180, 181, 185, 203, 205 carbon emissions: agriculture and see agriculture by country (2015) 30 during ice ages and warm periods for the past 800,000 years 21 economy and 81–159 electricity and see electricity global annual mean concentration of CO2 (ppm) 19 global average long-term concentration of CO2 (ppm) 20 measuring 43–6 since 1990 1–14, 17–37 transport and see individual method of transport 2020, position in 36–7 UN treaties and 38–57 unilateralism and 58–80 see also unilateralism carbon offsetting xiii–xiv, 4, 5, 12, 34, 45, 72, 74, 79, 94–6, 97, 105, 143–59, 192, 201, 203, 207, 214, 222, 223, 234 for companies 148–50 for countries 151–5 for individuals 155–7 markets 71–2, 110–13, 117, 144, 157–9, 208 travel and 156, 201–3 see also sequestration carbon permits 71–2, 79, 110–13, 117, 144, 208 carbon price/tax xii, xiii, xv, 8, 11, 12, 13, 26, 60, 61, 71, 72, 77, 79, 80, 84, 85–6, 102–3, 105, 106–24, 134, 143, 146, 147, 150, 151–4, 157, 159, 192, 197, 198, 199, 203, 227–30, 232, 234 agriculture and 167, 168, 169–70, 171, 173, 180 domain of the tax/carbon border adjustment xii, 11, 13, 60, 80, 115–20, 121, 124, 192, 194–6, 197, 204, 227 electric pollution and 216–18 ethics of 107–10 floor price 115, 117, 208 for imports 11, 13 prices or quantities/EU ETS versus carbon taxes 110–13 setting 113–15 transport and 192–9 what to do with the money 121–4 where to levy the tax 119–20 who fixes the price 120–1 carbon sinks 2, 5, 166, 169, 203 carboniferous age 34 cars 1, 3, 4, 7, 20, 22, 36, 44, 70, 73, 114, 129, 181, 182, 183, 184–5, 190, 191, 193, 196, 197, 198, 199 see also electric vehicles cartels 39, 40, 43, 45, 46, 47, 56 cattle farming 35, 36, 95, 150, 166, 167, 173, 177, 198 Central Electricity Generating Board (CEGB) 102, 139, 218 cement 6, 7, 26, 29, 34, 87, 117, 171 charging networks, electric vehicle 91, 129–30, 141–2, 184, 185–90, 199, 200, 202, 219 Chernobyl 78 China xi, xv, 1–2, 5, 8, 18, 42, 46, 47, 48, 64, 66, 74, 101, 180, 229 Belt and Road Initiative 28, 45 coal use 1–2, 8, 23–4, 24, 28, 31, 38, 117, 154, 206, 208 Communist Party 2, 27, 42, 46 demand for fossil fuels/carbon emissions 1–2, 8, 18, 20, 22, 23–4, 24, 25, 27–31, 36, 38, 51, 73, 117, 154, 206, 208 export market x–xi, 5, 9, 64, 66, 117, 155, 194 fertiliser use 35 GDP xv, 27, 29 nationalism and 42 petrochemical demand 22 renewables companies 9, 32, 73, 74, 77, 79 Tiananmen Square 42 unilateralism and 58, 59 UN treaties and 46, 47, 48, 53, 54, 55, 58, 59 US trade war 56, 118 Churchill, Winston 183 citizen assemblies 99–101 climate change: carbon emissions and see carbon emissions 1.5° target 38, 57 2° target 1, 10, 22–3, 28, 30, 38, 39, 45, 47, 54, 55, 57, 108, 122, 155, 206 see also individual area of climate change Climate Change Act (2008) 66, 74–7 Clinton, Bill 40, 48 Club of Rome 98 coal 1–2, 5, 8, 13, 20, 23–5, 28, 29, 30, 31, 32, 34, 36, 38, 50, 52, 53, 60–1, 67, 72, 77, 78–9, 101, 109, 112, 116, 117, 119, 134, 136, 145, 147, 148, 151, 154, 155, 182, 183, 194, 196, 206–9, 210, 212, 214, 216, 217, 218, 229, 230 coastal marshes 146, 159 colonialism 45 Committee on Climate Change (CCC), UK x–xi, 7, 74–5, 120, 164, 166, 169, 217, 235 ‘Net Zero: The UK’s Contribution to Stopping Global Warming’ report x–xi conference/video calls 6, 129, 156, 202, 205 Conference of the Parties (COP) xii, 10, 48, 50, 53–4, 55, 59, 205 congestion charges 198 Copenhagen Accord 48, 53–4, 59 Coronavirus see Covid-19 cost-benefit analysis (CBA) 71, 108, 110, 114, 138 cost of living 116 Covid-19 x, xi–xii, 1, 3, 6, 9, 18, 19, 22, 25, 27, 30, 37, 44, 46, 50, 57, 65, 69, 80, 89, 93, 129, 135, 148, 171, 201, 202, 204, 232 CRISPR 176 crop yields 172, 177 dams 2, 36, 52–3, 179 DDT (Dichlorodiphenyltrichloroethane) 100 deforestation 2, 5, 34, 35, 36, 38, 43, 44, 47, 55, 87, 95, 145, 146, 149–50, 155, 172–3, 179, 197–8, 229 Defra (Department for Environment, Food and Rural Affairs) 170 deindustrialisation x, 29, 46, 52, 54, 59, 72–4, 218 Deng Xiaoping 27 Denmark 69–70, 136–7 desalination 135–6, 179 diesel 4, 20–1, 70, 76, 86, 109, 119, 121, 129, 132, 164, 165, 166, 174, 175, 178, 179, 181, 182, 185, 186, 191, 192, 196–7, 208, 217, 230 ‘dieselgate’ scandal 196–7 digitalisation 1, 8, 11, 13, 33, 92, 117, 136, 174, 175, 180, 206, 211, 215, 221, 228–9, 231 DONG 69 Drax 147, 151, 154, 218 economy, net zero 10–12, 81–159 delivering a 96–103 intergenerational equity and 96–7 markets and 103–5 net environmental gain see net environmental gain political ideologies and 98–101 polluter-pays principle see polluter-pays principle public goods, provision of see public goods, provision of technological change and 98 EDF 139, 218 Ehrlich, Paul 98 electricity 1–2, 4, 6, 11, 12, 13, 23, 31, 32, 49, 53, 61, 65, 66, 68, 70, 73, 77, 78, 79, 91, 92, 101, 102, 109, 117, 125, 127, 128, 129–30, 131–2, 134, 135, 136, 137, 139, 140, 141, 149, 158, 166, 168, 174, 178, 180, 182, 183, 228, 229, 231, 232, 234, 235 coal, getting out of 206–7 electric pollution and the carbon price 216–18 electric vehicles 4, 6, 13, 20, 23, 49, 61, 91, 92, 94, 121, 125, 128, 129–30, 131–2, 134, 141, 183–92, 193, 194, 197, 200, 201, 202, 206, 219, 228 equivalent firm power auctions and system operators 210–16 future of 206–25 gas, how to get out of 207–9 infrastructure, electric 185–90, 218–20 low-carbon options post-coal and gas 209–10 net gain and our consumption 222–5 R&D and next-generation renewables 220–2 renewable see renewables Energy Market Reform (EMR) 219 equivalent firm power (EFP) 212–16, 217, 220 ethanol 35, 71, 95, 197 eucalyptus trees xiv, 152 European Commission 60, 71, 72, 112 European Union (EU) xiv, 2, 7, 8, 9, 37, 42, 44, 46, 47, 117, 137, 165, 166, 197; baseline of 1990 and 51–2 Common Agricultural Policy (CAP) 76, 165 competition regime and customs union 56 deindustrialisation and 46, 52, 54, 59, 72–4 directives for 2030 66 Emissions Trading System (EU ETS) 71–2, 73, 79, 110–13, 117, 144, 208 importing carbon emissions 59 Internal Energy Market (IEM) 68, 71 Kyoto and 9, 51, 59, 66–7 Mercosur Agreement 44, 95 net zero target for 2050 66, 115, 143, 155, 167, 180 Paris and 54 Renewable Energy Directive 68–71, 73, 109 2020 targets signed into law 66 2020–20–20 targets 67, 69, 74 unilateralism and 59, 66–71, 80 Eurostar 133 externalities 104, 170, 180, 196 Extinction Rebellion 6 farmers 14, 26, 35, 36, 43, 71, 76, 86, 95, 102, 109, 110, 146–7, 164, 165, 166, 169, 170, 174, 175, 196, 197, 198 fertiliser 4, 6, 7, 26, 29, 35, 61, 73, 86, 87, 116, 117, 119, 163, 165, 169, 174, 175, 178, 179, 191, 194, 197 fibre/broadband networks 6, 11, 90, 92, 125, 126, 127–8, 130–1, 132–3, 135, 140–1, 201, 202, 205, 211, 214, 231, 232 financial crisis (2007/8) 1, 19, 69 first-mover advantage 75 First Utility 199 flooding 13, 77, 149, 152, 153, 159, 170, 233 food miles 167 food security 170–1 food waste 178, 180, 231 Forestry Commission xiv Formula One 186, 196 fossil fuels, golden age of 20–5 see also individual fossil fuel France 46, 47, 52, 56, 73, 78, 101, 113, 130, 136, 138 free-rider problem 39–40, 43, 62–4, 106, 119 fuel duty 121, 195–6 fuel efficiency 197 fuel prices 26, 112–13, 209 fuel use declaration 195 Fukushima Daiichi nuclear disaster (2011) 52, 78 Fukuyama, Francis: The End of History and the Last Man 40–1 gardens 6, 43, 143, 156 gas, natural ix, 2, 5, 8, 20, 23, 24, 25, 26, 29, 31, 32, 36, 50, 52, 68, 69, 79, 102, 109, 117, 119, 129, 136, 137, 146, 147–8, 149, 183, 190, 193, 194, 207–9, 210, 211, 214, 216–17 G8 47 gene editing 172, 176, 231 general election (2019) 121 genetics 98, 172, 174–6, 231 geoengineering 177 geothermal power 137, 178 Germany 9, 30, 47, 52, 59, 60, 62, 66, 67, 69, 70, 71, 72, 73, 75, 77–80, 83, 91, 101, 112, 136, 137, 138, 144, 206, 208, 209 Energiewende (planned transition to a low-carbon, nuclear-free economy) 59, 69, 77–80, 112, 144, 208 Gilets Jaunes 101, 113 GMOs (genetically modified organisms) 176, 177 Great Northern Forest, Britain 151 Green and Prosperous Land (Helm) xiii, xiv, 165, 169, 234 greenbelt 173 greenhouse effect 17 green new deal 90, 102, 234 green parties/green votes 69, 77, 78 green QE (quantitative easing) 102–3 green walls 153, 231 greenwash 156 gross domestic product (GDP) xii, xv, 1, 25, 27, 29, 41, 57, 59, 73, 76, 83, 93, 98, 103, 133, 165, 207, 227, 229, 233 growth nodes 133 G7 47 G20 47 Haber-Bosch process 35, 163 Hamilton, Lewis 186 ‘hands-free’ fields 175 Harry, Prince 6 Heathrow 133, 134 hedgerow 76, 166, 167, 172 Helm Review (‘The Cost of Energy Review’) (2017) ix, 120, 141, 200, 210, 212, 215, 217, 220, 238 herbicide 163 home insulation 102 House of Lords 170 housing 101, 223–4 HS2 92, 125, 132–4, 138, 202 Hume, David 49 hydrogen 13, 49, 92, 125, 128, 135, 137, 183, 184, 190–2, 199, 200, 204, 206, 213, 228 hydro power 31, 35, 36, 50, 52–3, 70, 136, 137, 191 Iceland 137, 178 imports x–xi, xiii, 5, 8, 10, 11, 12, 13, 62, 68, 70, 117–18, 155, 167, 178, 173, 180, 196, 227 income effect 72, 111 income tax 121, 122, 232 India xiv, xv, 25, 30, 31, 38, 43, 44, 47, 48, 51, 54, 55, 57, 154, 229 individuals, net zero for 155–7 Indonesia 2, 35 indoor farming 87–8, 177–8, 180, 213 indoor pollutants 223, 232 Industrial Revolution 1, 18, 19, 25, 47, 116, 145 INEOS Grangemouth petrochemical plant xi information and communications technology (ICT) 117, 202, 231 infrastructures, low-carbon xiii, xiv, 11–12, 14, 28, 60, 62, 65, 66, 90, 91–4, 96, 105, 109, 123, 125–42, 143, 147, 151, 154, 159, 171, 184, 186, 187, 190, 199–200, 214, 218–20, 228, 230, 231–2, 234–5 centrality of infrastructure networks 128–30 electric 125–41, 218–20 making it happen 141–2 net zero national infrastructure plan 130–6 private markets and 125–8, 141–2 regional and global infrastructure plan 136–7 state intervention and 126, 127–8, 141–2 system operators and implementing the plans 138–41 inheritance tax 76, 165 insects 164, 177, 231 insulation 102, 224 Integrated Assessment Models 114 intellectual property (IP) 75 Intergovernmental Panel on Climate Change (IPCC) 17–18, 47, 55, 57, 108, 172 internal combustion engine 13, 22, 181–2, 183, 184, 200, 221, 228 Internal Energy Market (IEM) 68, 71, 138 International Energy Agency (IEA) 25, 207 International Monetary Fund (IMF) 51 internet banking 131, 213 internet-of-things 128, 175 Iran 27, 42, 113, 137 Iraq 56, 192 Ireland 43, 157 Italy 137, 182 Japan 27, 28, 30, 52, 73, 78, 101, 185 Jevons Paradox 224 Johnson, Boris 89–90 Kant, Immanuel 104 Keynes, John Maynard 89, 102, 103, 105 Kyoto Protocol (1997) xii, 2, 7, 9, 13, 17–18, 37, 38, 39, 40–1, 47–8, 49, 51, 52–3, 59, 66–7, 119 laissez-faire 104, 138, 188 land use 35, 61, 95, 172, 237 LED (light-emitting diode) lighting 87, 178, 179, 180, 213 liquefied natural gas (LNG) 136, 183 lithium-ion battery 185 lobbying 10, 14, 33, 69, 71, 109, 110, 111–12, 115, 121, 157, 169, 170, 187, 197, 209, 223, 227, 228 location-specific taxes 194 maize 35, 165, 197 Malaysia 2, 229 Malthus, Thomas 98 Mao, Chairman 27, 42 meat xi, 65, 164, 177, 180, 232 Mekong River 2, 28, 179, 229 Mercosur Agreement 44, 95 Merkel, Angela 78 methane 4, 23, 84, 177, 178, 179, 216 microplastics 22 miracle solution 49–50, 55, 209 mobile phone 5, 125, 185 National Farmers’ Union (NFU) 110, 164, 165, 169, 170, 171 National Grid 139, 141, 189, 200, 211, 214, 219 nationalisations 101–2, 126–7 nationalism 41, 43, 55, 56, 138 nationally determined contributions (NDCs) 54–5 natural capital xiii, 14, 33–6, 51, 85, 86, 88, 90, 94, 97, 154, 158, 168, 171, 173–4, 236 Nature Fund 123, 169, 234 net environmental gain principle xiii, xiv, 10, 12, 62, 84, 94–6, 105, 143–59, 169, 172–4, 192, 201–3, 222–5 agriculture and 169, 172–4 carbon offsetting and see carbon offsetting electricity and 222–5 principle of 94–6, 143–4 sequestration and see sequestration transport and 192, 201–3 Netherlands 138 Network Rail 214 net zero agriculture and see agriculture defined x–xv, 3–14 economy 10–12, 81–159 see also economy, net zero electricity and see electricity transport and see individual method of transport 2025 or 2030 target 89 2050 target x, xi, 5, 59, 66, 74, 75, 115, 120, 135, 143, 155, 167, 169, 180, 184, 216, 217, 222, 226, 230, 231, 232 unilateralism and see unilateralism NHS 65 non-excludable 91, 93, 126, 170 non-rivalry 91, 93, 126, 170 North Korea 42 North Sea oil/gas 9, 40, 75, 97, 102, 137, 139, 147, 148, 193 Norway 130, 137, 191 nuclear power 5, 9, 12, 18, 23, 52, 60, 73, 77–9, 109, 125, 128, 129, 136, 140, 178, 194, 199, 206, 207, 208, 209–10, 212, 214, 216, 218, 219, 222, 228 Obama, Barack 48, 53, 54, 59 oceans 2, 14, 22, 33, 85, 86, 88, 148, 163, 231 offsetting see carbon offsetting offshore wind power 31, 69, 75–6, 208, 212, 219, 221 Ofgem 220 oil ix, 2, 20, 22–3, 25, 26, 27, 31, 32, 33, 36, 39, 40, 50, 67, 69, 86, 97, 117, 119, 129, 136, 137, 146, 147, 148–9, 150–1, 152, 181–3, 184, 185, 187, 189, 190, 192–4, 196, 197, 199, 206, 209, 210, 216–17, 229 OPEC 39, 40, 193 Orbán, Viktor 41, 42 organic food 61, 87, 178 Ørsted 70 palm oil 2, 5, 6, 35, 36, 66, 71, 167, 173, 197–8, 230 pandemic see Covid-19 Paris Climate Change Agreement (2015) xii, 2, 10, 13, 18, 30, 37, 38, 39, 48, 49, 54–5, 56, 57, 58, 66, 80, 105, 106, 118, 119, 227 peat bogs xiv, 2, 13, 14, 33, 35, 36, 43, 109, 146, 169, 179 pesticides 4, 26, 61, 163, 165, 169, 174, 178, 231 petrochemicals xi, 7, 8, 20, 22–3, 29, 73, 80, 86, 117, 166, 182 petrol 4, 86, 119, 121, 129, 185, 186, 187, 191, 192, 199 photosynthesis 34, 197 plastics 1, 22, 28, 35, 43, 66, 86, 87, 119, 143, 166, 184, 231 polluter-pays principle xiii, xv, 84–90 agriculture and 76, 168–70, 172, 173 carbon price and see carbon price/tax generalised across all sources of pollution 86 identifying polluters that should pay 86 importance of 10–11, 13, 61, 62, 65 intergenerational balance and 96–7 net environmental gain and 94 sequestration and see sequestration, carbon sustainable economy and 96–7, 105, 106 transport and 192–5, 198–9 see also individual type of pollution population growth 93, 97, 177, 178, 179, 232 privatisation 127, 140, 218–19, 220 property developers 94 public goods, provision of xiii, 10, 11–12, 62, 75, 84, 90–4, 96, 104, 105, 109, 122, 123, 126, 128, 141, 147, 151, 153, 159, 164, 168, 173–4, 180, 192, 199–200, 202, 218, 229, 230 agricultural 170–4, 180 low-carbon infrastructures see infrastructures, low-carbon research and development (R&D) see research and development (R&D) Putin, Vladimir 27, 41, 42, 89 railways 11, 13, 13, 87, 91, 92, 94, 125, 128, 129, 130, 131, 132–3, 138, 139, 156, 182, 183, 187, 202, 212, 214, 232 rainforest 2, 5, 34, 35, 36, 38, 44, 47, 55, 87, 95, 145, 149, 155, 173, 179–80, 197, 229 rationalism 40–1 Reagan, Ronald 103 red diesel 76, 109, 164, 165, 196 regulated asset base (RAB) 127, 141, 215, 220 remote working 128, 156, 201–2, 205 renewables ix, 6, 8, 9–10, 18, 19, 21, 26, 31–5, 36, 49, 50, 55, 61, 67, 72, 77, 79, 85, 86, 109, 110, 112, 123, 125, 128, 131, 135, 138, 140, 144, 149, 178, 188, 191, 194, 197, 199, 207, 209–10, 211, 212, 213, 214, 215, 216, 217, 219, 220–2, 224, 228 Chinese domination of market 9, 32, 73, 74, 77, 79 cost-competitiveness of 9–10, 49, 51, 61, 68 failure of, 1990-now 19, 31–3, 36 modern global renewable energy consumption measured in TWh per year 32 miracle solution and 49–51 Renewable Energy Directive 68–71, 73, 109 subsidies ix, 9, 10, 50, 68–9, 71, 79, 80 see also individual renewable energy source Renewables UK 110 research and development (R&D) xiv, 12, 13, 14, 62, 65, 66, 90, 93–4, 104, 109, 123, 165, 172, 192, 200, 218, 220–2, 223, 228, 234 reshoring businesses 8, 204 rivers 2, 22, 28, 86, 128, 152, 165, 169, 179, 214, 230 roads 11, 28, 45, 91, 92, 125, 129, 131–2, 140, 165, 182, 189, 194, 198, 202, 232 robotics 32, 175, 204, 206, 231 Rosneft 26 Royal Navy 183 Russia 26, 27, 30, 40, 42, 44, 45, 46, 47, 48, 50, 52, 55, 56, 192, 193 RWE 139, 218 Ryanair 156–7 rye grass 35 salmon 169, 177 Saudi Arabia 26, 33, 40, 42, 50, 137, 192, 193 Saudi Aramco 26, 50 seashells 34 sequestration, carbon xi, xiv, 12, 61, 66, 85, 90, 95, 143–59, 228, 229, 231, 232 agriculture and 12, 163, 166, 168, 169, 170, 171, 172, 173, 176–7, 179, 180 baseline definition and 146–7 biofuels and 35, 146, 217 carbon capture and storage (CCS) xiv, 12, 75–6, 95, 109, 146, 147–8, 149, 154, 159, 203–4, 207, 209, 222, 223 companies, net zero for 148–51 countries, offsetting for 151–5 electricity and 222, 223 gas and 207 individuals, net zero for xi, xiv, 155–7 markets, offsetting 157–9 natural capital destruction and 2, 19, 33–6, 44, 45, 51 natural sequestration xi, xiii, 2, 7, 12, 14, 33–6, 37, 45, 52, 66, 85, 90, 94–6, 105, 143–59, 163, 168, 171, 173, 176–7, 179, 180, 203, 206, 207, 222, 223 net gain principle and 143–4, 146, 149–50 offsetting principle and 143–5 peat bogs and see peat bogs principle of xi, xiii, 2, 7, 12–13 soils and see soils transport and 185, 190, 203 tree planting and see trees, planting/sequestration and types of 145–8 wetlands/coastal marshes and 146, 159, 233 shale gas 8, 208 Shell 27, 149, 199 shipping 8, 13, 22, 28, 36, 49, 114, 125, 137, 181, 182–3, 191, 194–5, 203–5, 217 Siberia 2, 46 smart appliances 128, 129, 132 smart charging 11, 13, 128, 129, 130, 139, 214, 219 soils xiii, 2, 5, 7, 12, 14, 33, 35, 36, 43, 55, 76, 109, 146, 149, 152, 156, 159, 163, 164, 165, 166, 168, 169, 171, 172, 175, 179, 203, 228 solar panels/solar photovoltaics (PV) 5, 6, 9, 12, 13, 21, 31, 32, 33, 49, 53, 68, 69, 71, 74, 79, 87, 91, 135, 136, 137, 178, 179, 188, 204, 207, 208, 209, 210, 211, 213, 214, 216, 217, 221, 222, 223, 224–5 Sony 185 Soviet Union 18, 40, 52, 67–8, 89 soya 95 Spain 69, 130, 137 sport utility vehicles (SUVs) 106, 121, 192 spruce xiv, 152, 170 standard of living xv, 1, 5, 8, 10, 11, 14, 229, 233 staycations 201 steel x–xi, 6, 7, 8, 26, 28, 29, 53, 66, 73, 80, 87, 116, 117, 118, 119, 171, 184, 194–5 Stern, Nicholas: The Economics of Climate Change 41, 63 subsidies ix, 9, 10, 14, 32, 50, 51, 52, 53, 69, 71, 76, 79, 80, 89, 102, 109, 110, 113, 116, 123, 140, 154, 164, 165, 166, 167, 169, 170, 172, 180, 193, 196, 198, 209, 215, 221, 222, 228, 230 sugar cane 35, 71, 95, 197, 198 sulphur pollution 22, 25, 28, 78, 191, 194, 197, 230 sustainable economic growth xv, 10, 12, 14, 61, 83, 92, 94, 97, 98, 105, 227, 233 Taiwan 42 taxation xii, 11, 62, 71, 72, 76, 80, 87, 89, 90, 91, 92, 97, 101, 102, 103, 106–24, 126, 127, 130, 133, 147, 150, 151–2, 153–4, 157, 159, 165, 169, 170, 192–6, 197, 198, 199, 203, 232, 234 technological change 98, 127, 141, 174–5, 221 Thatcher, Margaret 17 Thompson, Emma 6 3D printing 175, 204 Thunberg, Greta 6, 205 tidal shocks 159 top-down treaty frameworks 13, 38–57, 80, 110, 119 tourism/holidays 6, 22, 36, 88, 94, 107, 114, 128, 156, 201, 204–5 transport, reinventing 181–205 aviation 195, 201, 203–5 see also air transport batteries and charging networks 185–90 biofuels 196–8 electric alternative 183–5 hydrogen and fuel cells 190–2 innovation, R&D and new infrastructures 199–200 internal combustion engine 181–2 net gain and offsets (reducing travel versus buying out your pollution) 201–3 oil 183–4 polluter pays/carbon tax 192–6 shipping 203–5 urban regulation and planning 198–9 vehicle standards 196–8 see also individual type of transport Treasury, UK 120–2 trees, planting/sequestration and xi, xiii, xiv, 2, 7, 13, 14, 33, 34, 45, 76, 85, 94–6, 146, 148, 149–51, 152–3, 155, 156, 157, 158, 159, 168, 169, 172, 179, 203, 231 trophy project syndrome 133 Trump, Donald 2, 8, 41, 42, 48, 89, 99, 103, 121 25 Year Environment Plan xiii, 153, 170, 179–80 UK 47, 69 agriculture and 164, 166, 167, 173 carbon emissions (2015) 30 carbon price and 115, 120 Climate Change Act (2008) 66, 74–7 coal, phasing out of 24–5, 60–1, 77, 208 Committee on Climate Change (CCC) x–xi, 7, 74–6, 120, 164, 166, 169, 217, 235 deindustrialisation and 72–4 80 per cent carbon reduction target by 2050 74 electricity and 206, 208, 218, 219, 224 Helm Review (‘The Cost of Energy Review’) (2017) ix, 120, 141, 200, 210, 212, 215, 217, 220, 238 infrastructure 125, 132–3, 134, 137, 139–40 net zero passed into law (2019) 66 sequestration and 145, 150, 153, 154, 155, 156 transport and 195–6, 197, 198 unilateralism and 58–9, 60–1, 65, 66, 69, 72–7, 80 unilateralism xi, 8, 10, 11, 25, 58–80, 83, 105, 106, 119, 125, 143, 144, 155, 164, 167, 197, 203, 227 in Europe 66–80 incentive problem and 58–60 morality and 62–6 no regrets exemplars and/showcase examples of how decarbonisation can be achieved 60–2 place for 80 way forward and 80, 83 United Nations xi, xii, 6, 10, 17, 37, 38, 118 carbon cartel, ambition to create a 39–40, 43, 45, 46–7, 56 climate treaty processes xi, 6, 10, 13, 17–18, 36, 37, 38–57, 59, 80, 110, 118, 119, 204–5 see also individual treaty name Framework Convention on Climate Change (UNFCCC) 17–18, 36, 38, 59 miracle solution and 50–1 origins and philosophy of 41 Security Council 46, 47, 57 United States 8, 74, 139, 206 agriculture in 175, 176, 197 carbon emissions 8, 29, 30 China and 27–8, 42, 118 coal and 2, 24, 28, 29, 208 economic imperialism 45 energy independence 50 gas and 8, 20, 23, 24, 29, 50, 208 oil production 40, 50, 193 pollution since 1990 29 unilateralism and 58, 59, 74 UN climate treaty process and 38, 40–1, 44, 45, 46, 47, 48, 53, 54, 56 universal service obligations (USOs) 92, 126, 131, 202 utilitarianism 41, 63–4, 108, 110 VAT 117, 119–20, 121, 122, 232 Vesta 69 Volkswagen 196–7 water companies 76, 214, 230 water pollution/quality xiv, 12, 22, 61, 76, 152, 153, 165, 169, 170, 171, 172, 175, 177, 178, 179, 180, 232 Wen Jiabao 53, 59 wetlands 159, 233 wildflower meadow 164, 184 wind power 5, 9, 12, 21, 31, 32, 33, 49, 53, 68, 69–70, 71, 74, 75, 76, 78, 79, 91, 135, 136, 137, 138, 139, 178, 188, 191, 207, 208, 209, 210, 211, 212, 213, 214–15, 216, 217, 219, 221, 222 wood pellets 67, 217, 230 Woodland Trust 156, 158 World Bank 51 World Trade Organization (WTO) 52, 56, 118 World War I 183 World War II (1939–45) 78, 90, 92, 101, 106, 171 Xi Jinping 27, 41, 42 ACKNOWLEDGEMENTS So much is now discussed, written and published about climate change that it is impossible to keep track of all the ideas and conversations that have influenced my understanding of the subject.


Reaganland: America's Right Turn 1976-1980 by Rick Perlstein

8-hour work day, Aaron Swartz, affirmative action, air traffic controllers' union, airline deregulation, Alan Greenspan, Alistair Cooke, Alvin Toffler, American Legislative Exchange Council, anti-communist, Apollo 13, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, Boeing 747, Brewster Kahle, business climate, clean water, collective bargaining, colonial rule, COVID-19, creative destruction, crowdsourcing, cuban missile crisis, currency peg, death of newspapers, defense in depth, Deng Xiaoping, desegregation, disinformation, Donald Trump, Dr. Strangelove, energy security, equal pay for equal work, facts on the ground, feminist movement, financial deregulation, full employment, global village, Golden Gate Park, guns versus butter model, illegal immigration, In Cold Blood by Truman Capote, index card, indoor plumbing, Internet Archive, invisible hand, Julian Assange, Kitchen Debate, kremlinology, land reform, low interest rates, Marshall McLuhan, mass immigration, military-industrial complex, MITM: man-in-the-middle, Monroe Doctrine, moral panic, multilevel marketing, mutually assured destruction, New Journalism, oil shock, open borders, Peoples Temple, Phillips curve, Potemkin village, price stability, Ralph Nader, RAND corporation, rent control, road to serfdom, Robert Bork, Robert Solow, rolodex, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, Suez crisis 1956, three-martini lunch, traveling salesman, unemployed young men, union organizing, unpaid internship, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, wages for housework, walking around money, War on Poverty, white flight, WikiLeaks, Winter of Discontent, yellow journalism, Yom Kippur War, zero-sum game

Ronald Reagan called it another example of “Uncle Sam putting his tail between his legs and creeping away” and cabled a personal apology to Taipei. But it wasn’t just conservatives who objected. “In what he clearly takes to be a major coup,” the liberals at the New Republic editorialized, “Carter has now just about told the Chinese government in Peking that Taiwan is theirs for the taking.” A state visit from the premier of China, Deng Xiaoping, sealed the deal. It proved a tonic for the battered president’s soul. “He’s small, tough, intelligent, frank, courageous, personable, self-assured, friendly, and it’s a pleasure to negotiate with him,” Carter wrote in his diary—something he’d never say of the congressional leadership of his own party.

His next column in Nofziger’s Citizens for the Republic Newsletter predicted Communist China would invade Taiwan with Jimmy Carter’s permission. An accompanying article called Carter’s move “a shameful and totally unnecessary act of appeasement” just like Neville Chamberlain’s cave to Adolf Hitler. The following issue compared Time magazine’s choice of Deng Xiaoping as 1978 Man of the Year to their pick of Hitler in 1938 and Stalin in 1939, the two men “most responsible for the most devastating war the world had yet seen,” and asked, “And what of 1980? Will America have someone to call on to lead it out of danger? Someone who believes not in appeasement but who will seek, in Churchill’s words, ‘Victory at all costs, victory in spite of all terror, and victory however long and hard the road may be, for without victory there is no survival.’ ” In a world with thousands of thermonuclear warheads ready to launch, “Victory at all costs, victory in spite of all terror” was not precisely the message with which John Sears wished Reagan to be associated.

He was the candidate of noblesse oblige—for which he made no apology: “Listen, I believe in it. It was inculcated in me by my father. My kids believe in it. Maybe it has eroded in this country, but with me and with my family it is traditional.” But he was also the candidate of globaloney. He arrived in Indiana following a visit to China at the personal invitation of Deng Xiaoping. The trip had been a success; Deng toasted Bush as “old friend” and his petroleum company won a breakthrough deal allowing them to prospect for oil off the Communist state’s seacoasts. But it was not exactly the kind of thing you wanted on your résumé if your aim was seducing the conservative grass roots.


pages: 585 words: 165,304

Trust: The Social Virtue and the Creation of Prosperity by Francis Fukuyama

Alvin Toffler, barriers to entry, Berlin Wall, blue-collar work, business climate, business cycle, capital controls, classic study, collective bargaining, corporate governance, corporate raider, creative destruction, deindustrialization, Deng Xiaoping, deskilling, double entry bookkeeping, equal pay for equal work, European colonialism, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, Glass-Steagall Act, global village, Gunnar Myrdal, hiring and firing, industrial robot, Jane Jacobs, job satisfaction, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kanban, Kenneth Arrow, land reform, liberal capitalism, liberation theology, low skilled workers, manufacturing employment, mittelstand, price mechanism, profit maximization, RAND corporation, rent-seeking, Ronald Coase, scientific management, Silicon Valley, Steve Jobs, Steve Wozniak, The Death and Life of Great American Cities, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, transfer pricing, traveling salesman, union organizing, vertical integration, W. E. B. Du Bois

Its purest manifestations are in Taiwan, Hong Kong, and Singapore, where the Chinese are an ethnic majority and the state has not forced economic development along an ideologically determined path, as in the PRC. But this culture can also be seen within the minority Chinese ethnic enclaves in Malaysia, Thailand, Indonesia, and the Philippines, and it has appeared in the open, private economy that has flourished in the PRC since Deng Xiaoping’s economic reforms of the late 1970s. And, as the story of Wang Laboratories suggests, it is even evident among Chinese in the United States, despite the relatively higher degree of assimilation into the dominant culture there than in Southeast Asia. The fact that a similar pattern of economic behavior emerges whenever governments allow Chinese communities to organize their own affairs suggests that it is in some sense a natural outgrowth of Sinitic culture.

Those in power today may be the underdogs of tomorrow. By contrast, the family provides at least a modicum of certainty: in providing for one’s old age, it is far better to put one’s faith in one’s sons than in the law or changeable political authorities. Monumental changes have taken place in China since Deng Xiaoping’s reforms of the late 1970s and the marketization of a large part of the Chinese economy since then. But the reform was, in another sense, simply the restoration of older Chinese social relationships. It turned out that the self-sufficient peasant household had not been destroyed by communism, and it came roaring back when given a chance by the rural responsibility system.

E, 154 Bismarck, Otto von, 217, 219 Blim, Michael, 109-110 Boeing, 197, 199 Bon Marché, 117 Boy Scouts, 31 Brand names, 31, 79-80,137, 203, 275 Brazil, 45,52 Briefs, Goetz, 232 Broadbanding, 317 Buchanan, James, 17 Buddenbrooks phenomenon, 78, 83-95 Buddhism, 37, 84, 131, 182-183, 287, 344 Bureaucracy Chinese, 84 French, 115, 118-122 Japanese, 52, 170 Weber on, 222 Bushido, 179, 360 Cadbury-Schweppes, 213 Calabria, 100 Calvinism, 44 Campbell Soup, 64 Canada, 47,163, 279, 345 Capitalism, 3, 4, 11, 28, 40, 41, 44, 311-312, 350, 351, 353, 354, 356, 358-361 Carnegie, Andrew, 276 Cartels, 14, 157, 158,204, 214-215, 332 Catholic Church, 40-41, 44, 108,286, 288, 304-305 Chaebol system, 73, 128-130, 133-138, 142,144,145, 333 Chandler, Alfred, 65, 212 Chaplin, Charlie, 228 Character, concept of, 35-36 Charles VII, King of France, 120 Cheating, 152 Chemical industry, 142, 211, 212 Chiang Kai-shek, 138 Chile, 41, 45 China, 16, 31, 52 Chinese-Americans, 300-302 Chinese societies, 20, 28, 69-95. see also specific countries adoption in, 89,173, 174 Confucianism in, 29, 31, 34, 36, 56, 57,84-86,92,93,115,131,134, 172, 177-180, 284, 285, 287, 343, 344, 350 familism in, 56-57, 62, 65, 66, 70, 73-95, 97-98, 107, 111, 114, 115, 345 family structure in, 34, 83, 88, 90-91, 94, 106, 115 firm size in, 79, 345 industrial policy and structure in, 57 inheritance in, 77, 79, 88, 173-174 lineage in, 91-92, 175, 176 management style in, 70, 75-78 self-sufficiency in, 87-88 women in, 90, 93 Chinyang Company, 134 Chonmin class, 132 Christianity, 141-142, 284, 286, 287 Chrysler, 199 Chu Hsi school, 179 Chung Ju Yung, 133, 135,137, 139, 145 Ciba-Geigy, 211 Civic community, 100, 104 Civilizational clash, 5 Civil Law of 1898 (Japan), 167 Civil Rights Act of 1964, 314, 352 Civil rights movement, 314 Civil society, 4-5, 54-55, 150, 360 Classical economics, 17-18, 226 Classical liberalism, 31, 285-286 Clayton Anti-Trust Act, 204, 214, 276 Clinton, Bill, 4, 61, 185 Coal industry, 16 Coase, Ronald, 200, 204 Colbert, Jean-Baptiste, 122 Coleman, James, 10 Commercial law, 64, 149-151, 223, 275, 330, 336, 350 Commercial Law of 1893 (Japan), 167 Commission for the Dissolution of Zaibatsu, 168 Communications revolution, 23-25, 125, 340-341, 353, 354 Communism, collapse of, 40, 189, 352, 353 Communist Party (France), 121 Communitarian capitalism, 28 Companies des Machines Bull, 123 Compaq, 24 Comparative advantage, 31 Competitiveness literature, 49, 50, 271 Complex family, 105-106 Computer industry, 24, 69-70, 80-81, 114, 165, 170, 340, 341 Concubinage, 174 Conformism, 277 Confucianism, 29, 31, 34, 36, 56,57, 84-86, 92, 93, 115, 131, 134, 172, 177-180, 284, 285, 287, 343, 344, 350 Congregationalists, 289 Conspiracy theories, 53 Constitution of the United States, 273, 285, 288, 315-316 Contract, 26, 27, 63, 65, 149-152, 187, 222-223, 336, 350 Cooperativeness, 43, 46 Corruption, 15, 358 Counter-Reformation, 44 Courtney’s, 79 Craft production, 224, 229, 232 Crédit Lyonnais, 123, 124 Crédit Mobüier, 122, 214 Crime, 11, 51, 310 Criminal organizations, 101, 337-338 Cross-shareholding, 170, 203, 206, 332 Crozier, Michael, 118-119, 235 Culture, 5-6, 15, 34-41, 43-48 Culture of poverty, 38 Cunningham, John, 69 Czech Republic, 361 Daewoo Foundation, 130, 133, 134, 265 Dai-Ichi Kangyo group, 198 Daimaru department store chain, 168-169 Daimler-Benz, 7, 8,214 Decentralized decision making, 65 Declaration of Independence, 273, 284-285 Defense contracting, 153 de Gaulle, Charles, 39 Democracy in America (Tocqueville), 39 Deng Xiaoping, 71, 94 Denmark, 345 Dependency theory, 298 Deterding, Henry, 250 Deutsche Bank, 7, 9,214 Deutsche Edison-Gesellschaft, 212 Digital Equipment Corporation (DEC), 165 Division of labor, 3, 27, 31, 87, 227-228 Divorce, 51, 309 Dore, Ronald, 28, 190 Downsizing, 24, 48, 185, 271, 340 Dreyfus, Pierre, 114 Du Bois, W E.


pages: 579 words: 164,339

Countdown: Our Last, Best Hope for a Future on Earth? by Alan Weisman

air freight, Albert Einstein, Anthropocene, anti-communist, Ayatollah Khomeini, Berlin Wall, biodiversity loss, Bretton Woods, British Empire, call centre, carbon footprint, clean water, colonial rule, David Attenborough, degrowth, demographic transition, Deng Xiaoping, Edward Jenner, El Camino Real, epigenetics, Filipino sailors, Garrett Hardin, Great Leap Forward, Haber-Bosch Process, happiness index / gross national happiness, haute couture, housing crisis, ice-free Arctic, Ignaz Semmelweis: hand washing, illegal immigration, immigration reform, Intergovernmental Panel on Climate Change (IPCC), land reform, liberation theology, load shedding, Louis Pasteur, Mahatma Gandhi, Mahbub ul Haq, megacity, Menlo Park, Michael Shellenberger, microdosing, Money creation, new economy, ocean acidification, oil shale / tar sands, out of africa, Pearl River Delta, planetary scale, Ponzi scheme, race to the bottom, rolling blackouts, Ronald Reagan, Satyajit Das, Seymour Hersh, Silicon Valley, South China Sea, stem cell, Stephen Hawking, Stewart Brand, unemployed young men, upwardly mobile, urban sprawl, Whole Earth Catalog, WikiLeaks

Both had been ravaged during the Cultural Revolution, with top scientists exiled to farms and factories. But now China was poised to make one of history’s most astonishing forward leaps. The “Great Helmsman,” Mao Zedong, was dead. In his waning years, a power struggle ignited between Mao’s fourth wife, a former movie actress named Jiang Qing, and a Zhou Enlai protégé named Deng Xiaoping, who was purged during the Cultural Revolution yet managed to resurrect himself. An advocate of market-based economic reforms, he was purged again by Madame Mao, but by 1979 her “Gang of Four” had been disgraced and deposed, and Deng was back, taking charge. The population symposium was a convocation of social scientists: demographers, sociologists, humanists, and ethnographers, all finally reinstated as universities and institutes reopened.

Song’s presentation included a graph showing that if the current fertility rate of three children per woman continued, by 2075, China would have more than 4 billion people. “Our conclusion,” says Jiang, spreading his arms, “was that we had no chance of holding population below one billion by the year 2000—even if every family immediately started having only one child.” The demographers and social scientists knew that Deng Xiaoping believed that population must be checked before it became an economic impediment rather than an asset—he had once famously been banished for expressing such anti-Marxist blasphemy. To that end, they had prepared gradual plans involving incentives for voluntary limits, birth spacing, and postponed childbirth.

Accordingly, Song’s paper was joined by a front-page editorial advocating a one-child policy to halt population growth. Jiang Zhenghua’s work, using different mathematics to arrive at the same conclusions, became an important corroboration of Song’s hypothesis. Rebuttals by social scientists who’d been blindsided by the statistical barrage of these defense scientists were drowned out in the Deng Xiaoping government’s clamor for a one-child policy, which, in 1980, became official. Several of those rebuttals proved prescient, as in the coming years social problems materialized that the mathematical models missed, problems such as: What was the value of a child on a farm compared to a city? What was the traditional value of a son compared to a daughter, and how did those values change depending on class and setting?


The China Mission: George Marshall's Unfinished War, 1945-1947 by Daniel Kurtz-Phelan

anti-communist, Bretton Woods, British Empire, Charles Lindbergh, classic study, clean water, Deng Xiaoping, disinformation, facts on the ground, failed state, Great Leap Forward, haute couture, Kwajalein Atoll, land reform, long peace, South China Sea

Amid lush rice paddies north of Nanjing, his parents gave him a name that meant “advent of grace,” and expected greatness. As a young man, he had lived in France. “Paris is beautiful,” he wrote on a postcard, “and so are the women!” He had joined leftist discussion groups at cafes near the Sorbonne and read Marx in English translation. He met young Chinese radicals, including future comrades Deng Xiaoping and Zhu De. By the time Zhou left Europe and returned to China, he was a Communist. At the time, the Nationalists and Communists were attempting their first united front, and when Zhou was assigned to work for Chiang Kai-shek at the Whampoa military academy, they struck a mutually satisfactory arrangement.

A more enlightened policy toward the Communists, the argument went, could have won them over as anti-Soviet allies a quarter century before Nixon ultimately did, with the help of Zhou Enlai. (Other key CCP figures from the time of the China mission also went on to play central roles in subsequent events, including Deng Xiaoping, China’s great economic reformer, and Xi Zhongxun, father of current Chinese president Xi Jinping.) The historian Odd Arne Westad has called these the myths of the “loss” and the “lost chance,” both fanciful, both of them reassuring in their affirmation of American omnipotence. “It would not have been possible for the United States to prevent a Communist victory in China by military force, covert operations, or diplomatic initiatives,” Westad wrote.

., 226–27 social interactions with Nationalists, 103–4 Soviet support of, 197 use of propaganda, 210, 219, 232, 256–57 willingness to work with Americans during WWII, 29–30 See also Mao Zedong; Zhou Enlai; other names of specific Communists constitution: Marshall’s efforts to influence, 314 ratification of, 316 corruption: effect on tax revenue, 302 Nationalists appropriation of land and property, 189 Chiang’s toleration of, 107–8 in military, 319–20 Soong family and, 70, 107 WWII and, 59 Cravath, Paul, 107 D-Day invasion, 15 defensive annihilation, 226 demobilization of troops American troops, 91–92 Communist armies, 121 See also military unification Democratic League, 142, 149, 235, 258, 332 democratic reform: American promotion of political solution, 106–9 Communists’ interpretation of, 143 efforts of Committee of Five, 254 PCC, 106, 110–11, 117 Deng Xiaoping, 362 Dewey, Thomas, 19, 345 diplomacy Marshall’s diplomacy skills, 95 negative capability of Chinese, 361 shuttle diplomacy, 211, 219 See also cease-fire agreements; Committee of Three Dixie Mission, 30, 64, 197 John Stewart Service, 80, 82 Marshall’s visit to, 2–3, 137 “Draft Marshall” movement, 149 Durdin, Tillman, 117, 188, 248, 324 economy: collapse of, 307–8 effect of political instability on, 236–37 Eisenhower, Dwight: appointment to D-Day command, 15 on death of Marshall, 357 on Marshall’s self-control, 34 praising Marshall from White House, 355 public criticism of Marshall, 354 visit to Nanjing, 186–87 “elementary school” military training program (for Communists), 124, 160, 169, 196, 337 Elsey, George, 283–84 espionage.


pages: 670 words: 169,815

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

Ayatollah Khomeini, banking crisis, British Empire, classic study, colonial rule, Corn Laws, corporate governance, Deng Xiaoping, discovery of penicillin, Etonian, illegal immigration, imperial preference, invisible hand, Khartoum Gordon, land reform, sceptred isle, Scientific racism, Scramble for Africa, Suez canal 1869, Suez crisis 1956, trade route, urban planning, Yom Kippur War

In this context, Crosland asserted that there had to be a ‘representative of working class interests’ on the Legislative Council.13 It was unlikely that many people in Hong Kong saw their society in such narrowly defined social categories. There was grotesque inequality in Hong Kong, but the Chinese hawkers and traders had never subscribed to a Marxist philosophy which saw everything in terms of class. In this respect, the Hong Kong Chinese were more like Victorian liberals who believed, as Deng Xiaoping later said, that ‘to grow rich is glorious’ and that wealth was a reward for industry and individual initiative. The issue of the death penalty revealed how out of touch the Labour government in London was with sentiment in Hong Kong. In the 1970s, despite its abolition in Britain, the death penalty still existed in Hong Kong and, although the Governor and his predecessor had commuted every death sentence since the late 1960s, ‘public opinion there [was] still strongly in favour of its being applied’.14 In 1975, the Foreign Office had noticed that there was ‘no sign that public pressure in Hong Kong for the implementation of death sentences is yet diminishing’ and capital punishment was so popular that the Executive Council accepted that ‘they would be unwise to press their proposal that the death penalty in Hong Kong should be suspended’.15 The feelings of the left wing of the Labour Party were well articulated by the Reverend John Gingell, the self-styled Industrial Adviser to the Bishop of Derby, who wrote the Foreign Office a series of letters on the issue of Hong Kong in the mid-1970s.

The people of Hong Kong, in his rather complacent judgement, were ‘content not to have elections on any substantial scale, and would not welcome the uncertainties that would accompany them’.18 The background of international politics had, by 1978, shifted against the democratic movement in Hong Kong. With the death of Mao and the accession of Deng Xiaoping, a new era of economic liberalization had begun in China, which was accompanied by friendlier relations with the West, coupled with a more pragmatic attitude to Hong Kong. In the 1960s, Beijing had accused the British of hypocrisy because they had not let the people of Hong Kong rule themselves, but by the late 1970s the Chinese were anxious for the old order to remain.

She recalled in her memoirs that ‘Britain’s standing in the world and my own had been transformed as a result of victory in the Falklands.’27 In the course of the discussions, it appeared that the British Prime Minister rejected the presumption since 1945 that all of Hong Kong really belonged to China and would be given back when the lease on the New Territories expired in 1997. As the South China Morning Post reported, citing ‘Chinese sources’, Margaret Thatcher was ‘probably the first British statesman in the past decade to dispute China’s sovereignty over Hong Kong’.28 In the course of his interview with Mrs Thatcher, Deng Xiaoping reiterated that the ‘Chinese were not prepared to discuss sovereignty’.29 In this statement Deng implied that the sovereignty of Hong Kong was an issue which Mrs Thatcher believed to be a subject of negotiation in the early 1980s. Yet by the late 1970s, there was a considerable degree of agreement between Britain and China on the issue of Hong Kong and China’s sovereignty had been fully accepted in the 1950s and 1960s, when Robert Black and Alexander Grantham had ruled out independence for Hong Kong, recognizing that the colony’s future lay in China.


pages: 526 words: 160,601

A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney

1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, AlphaGo, American Society of Civil Engineers: Report Card, Bear Stearns, Bernie Madoff, Bernie Sanders, Black Lives Matter, bond market vigilante , book value, Boston Dynamics, Bretton Woods, business cycle, buy and hold, carbon footprint, carbon tax, Charles Lindbergh, classic study, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, DeepMind, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, financial engineering, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Glass-Steagall Act, Haight Ashbury, Higgs boson, high-speed rail, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jane Jacobs, junk bonds, Kitchen Debate, labor-force participation, Long Term Capital Management, low interest rates, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Michael Milken, military-industrial complex, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Armstrong, neoliberal agenda, Network effects, Nixon triggered the end of the Bretton Woods system, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Ponzi scheme, price stability, prosperity theology / prosperity gospel / gospel of success, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Ronald Reagan, Rubik’s Cube, Savings and loan crisis, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, stock buybacks, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, warehouse robotics, We are all Keynesians now, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game

Current releases available at: http://bea.gov/newsreleases/national/GDP/GDPnewsrelease.htm (accessed here October 10, 2016). 5. FRED, A939RX0Q048SBEA (BEA); author’s calculations. 6. Iritani, Evelyn. “Great Idea but Don’t Quote Him.” Los Angeles Times, 9 Sept. 2004, articles.latimes.com/2004/sep/09/business/fi-deng9/2; Bao Tong. “How Deng Xiaoping Helped Create a Corrupt China.” New York Times, 3 June 2015, www.nytimes.com/2015/06/04/opinion/bao-tong-how-deng-xiaoping-helped-create-a-corrupt-china.html?_r=0. 7. Iritani. 8. Congressional Budget Office. “Trends in Family Wealth, 1989 to 2013.” 2016, www.cbo.gov/publication/51846, underlying tables; author’s calculations. 9. “Intergenerational Justice in Aging Societies: A Cross-National Comparison of 29 OECD Countries.”

While helpful in calling attention to the issues of inequality, some of the post-2008 jeremiads about the 1 percent were too facile, ignoring as they did that even fairly large degrees of inequality have a certain inevitability. Inequality is a consequence of a capitalist system for which there is no replacement, as the utter failures of North Korea, Cuba, Venezuela, Bolivia, and the Soviet Union showed (many of which proved that “communist” regimes also had extreme inequality). Deng Xiaoping, himself the leader of a then socialist state, realized this decades years ago and loosened the communitarian leash on Chinese entrepreneurship. Whether Deng actually said “to get rich is glorious” or openly acknowledged that some people would “get rich first,” that’s been the People’s Republic’s modus vivendi ever since, and successful (so far).6 That’s the nature of capitalism everywhere, even “socialism with Chinese characteristics.”7 Capitalism is, if not a perfect machine for generating general prosperity, then the best one yet devised and the only one conceivable in America.


pages: 614 words: 174,226

The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society by Binyamin Appelbaum

90 percent rule, airline deregulation, Alan Greenspan, Alvin Roth, Andrei Shleifer, anti-communist, battle of ideas, Benoit Mandelbrot, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, Celtic Tiger, central bank independence, clean water, collective bargaining, Corn Laws, correlation does not imply causation, Credit Default Swap, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, desegregation, Diane Coyle, Donald Trump, Dr. Strangelove, ending welfare as we know it, financial deregulation, financial engineering, financial innovation, fixed income, flag carrier, floating exchange rates, full employment, George Akerlof, George Gilder, Gini coefficient, greed is good, Greenspan put, Growth in a Time of Debt, Ida Tarbell, income inequality, income per capita, index fund, inflation targeting, invisible hand, Isaac Newton, It's morning again in America, Jean Tirole, John Markoff, Kenneth Arrow, Kenneth Rogoff, land reform, Les Trente Glorieuses, long and variable lags, Long Term Capital Management, low cost airline, low interest rates, manufacturing employment, means of production, Menlo Park, minimum wage unemployment, Mohammed Bouazizi, money market fund, Mont Pelerin Society, Network effects, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, Paul Samuelson, Philip Mirowski, Phillips curve, plutocrats, precautionary principle, price stability, profit motive, public intellectual, Ralph Nader, RAND corporation, rent control, rent-seeking, Richard Thaler, road to serfdom, Robert Bork, Robert Gordon, Robert Solow, Ronald Coase, Ronald Reagan, Sam Peltzman, Savings and loan crisis, Silicon Valley, Simon Kuznets, starchitect, Steve Bannon, Steve Jobs, supply-chain management, The Chicago School, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, trickle-down economics, ultimatum game, Unsafe at Any Speed, urban renewal, War on Poverty, Washington Consensus, We are all Keynesians now

Following the death of Mao Zedong in 1976, some Chinese policy makers and intellectuals began to assert cautiously that the nation could achieve greater economic growth by heeding what they described as “objective economic laws.”13 This was bold talk in a country that had only recently stopped imprisoning people for the crime of “economism,” but China’s new leader, Deng Xiaoping, had been deeply impressed by a 1978 visit to Japan, and wanted to bring intellectuals back into policy making. Deng described this approach as “seeking truth from facts.” Chinese leaders cast a broad net. They invited economists from socialist countries in Eastern Europe and from the United States.

In the 1970s, the government set the price of a basic baguette — itself a twentieth-century innovation — but not of fancier breads. In 1978, the government announced the end of price controls. As in other industries, it turned out many consumers preferred lower-quality bread at lower prices. 14. Zhao Ziyang then was serving under Deng Xiaoping as China’s premier, the titular head of the government. He was the chief architect of China’s economic reforms until he lost power as a result of the Tiananmen Square protests in 1989. For the best account of that remarkable river cruise, and of China’s broader engagement with Western economists and ideas, see Julian Gewirtz, Unlikely Partners: Chinese Reformers, Western Economists, and the Making of Global China (Cambridge: Harvard University Press, 2017). 15.

Bush, ref1; and Walter Heller, ref1; Robert Mundell on, ref1, ref2; Richard Nixon on, ref1; and Ronald Reagan, ref1, ref2, ref3, ref4, ref5; Franklin Roosevelt on, ref1, ref2 de Gaulle, Charles, ref1 Delors, Jacques, ref1, ref2 Dembs, Manny, ref1 Democratic Party: on economic efficiency, ref1; and Federal Reserve Bank, ref1, ref2; and Keynesian economics, ref1, ref2; and taxation, ref1, ref2, ref3, ref4; on unemployment, ref1, ref2 Demsetz, Harold, ref1, ref2 DeMuth, Christopher, ref1, ref2, ref3 Deng Xiaoping, ref1, ref2 Dillon, C. Douglas, ref1, ref2, ref3, ref4 Director, Aaron: on corporations, ref1, ref2; education of, ref1, ref2, ref3, ref4, ref5; and Milton Friedman, ref1, ref2, ref3, ref4; influence of, ref1, ref2, ref3, ref4, ref5, ref6; and Richard Posner, ref1 Dole, Robert, ref1, ref2, ref3 Domenici, Pete, ref1, ref2 economic efficiency: and antitrust regulation, ref1, ref2, ref3, ref4, ref5; and consumer welfare, ref1; Democratic Party on, ref1; and economic conservatism, ref1, ref2; and economic regulation, ref1, ref2; of markets, ref1, ref2, ref3, ref4, ref5, ref6; and unemployment, ref1 economic equality: and antitrust regulation, ref1; effect of market revolution on, ref1, ref2, ref3; and limiting inequality, ref1, ref2, ref3, ref4, ref5, ref6, ref7; and public policy, ref1, ref2, ref3; and redistribution of income, ref1, ref2, ref3, ref4; rise of inequality, ref1, ref2, ref3, ref4, ref5 economic growth, ref1, ref2, ref3, ref4, ref5, ref6 economic nationalism, ref1 economic regulation: of airline industry, ref1, ref2, ref3, ref4, ref5, ref6; and competition, ref1, ref2, ref3, ref4, ref5; and Great Depression, ref1, ref2; George Stigler on, ref1, ref2, ref3, ref4; of trucking industry, ref1, ref2, ref3, ref4; and U.S.


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

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

The failure was a catastrophe.) It is worth remembering that market failures, while sometimes serious, are never as tragic as the worst failures of governments like Mao’s. In 1976, after many more crimes against his own people, Mao died. After a short interregnum, he and his followers were replaced by Deng Xiaoping and his allies in December 1978. Just five years later, the change in China’s economy was incredible. Agricultural output, always the headache of the Chinese planners, had grown by 40 percent. Why? Because those planners had brought the “world of truth” into China. As we discovered in Cameroon, incentives matter.

and institutions, 189, 190–93 and free markets, 228–29 and taxation, 185, 187–88 prices, 6–8, 12–13, 31–35, 38, 39– Cosi, 6, 7, 13 40 Costa Coffee, 31–34, 39, 42 and rents, 8–11, 12–13, 31–35 coupons, 36 and scarcity, 31–35 Crescent, 171 collective bargaining, 25 crime, 23–25 collectives, 236 Cuba, 226 collusion, 16, 160–65 Cultural Revolution, 232, 239 command economies, 235 currency exchange, 207 Common Agricultural Policy, 217, 218 cynicism, 155 compact discs (CDs), 53 Czech Republic, 121 comparative advantage, 201–11, 225, 236 dams, 193–97 competition deductibles, 119, 124 among professionals, 26–27 demand, 26 avoiding, 160 democracy, 199, 226 and comparative advantage, 201– Deng Xiaoping, 235, 237, 240, 242 11, 225, 236 development entry into marketplaces, 21 capital investments, 237–41 and free markets, 78 in China, 180–81, 231–32, 233, international, 26, 203 237–41, 249–52 preventing, 23–25 and foreign direct investment, and prices, 68 212–13, 214, 215–16, 246, 247 and production choices, 66 impact of corruption, 197–200 and profitability, 24 and institutions, 189 and rents, 15, 21–23 irrigation projects, 193–97 and starting positions, 73 and poverty, 193–97, 197–200, sustainable competitive advantage, 228–30 19 dictatorships, 182–86, 187 UK spectrum auction, 169 digital media, 53 complexity of economic systems, 2, diminishing returns, 180 10, 14, 65, 66 discounts, 36, 56 computer industry, 51–52, 80 disease, 53–54, 58, 251.


pages: 334 words: 98,950

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

"there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Albert Einstein, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, business cycle, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, export processing zone, falling living standards, Fellow of the Royal Society, financial deregulation, financial engineering, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, land reform, liberal world order, liberation theology, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, mega-rich, moral hazard, Nelson Mandela, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

But, even in these sectors, some degree of competition may be injected by boosting some ‘neighbouring’ industries (airlines vs railways).27 In conclusion, there is no hard and fast rule as to what makes a successful state-owned enterprise. Therefore, when it comes to SOE management, we need a pragmatic attitude in the spirit of the famous remark by China’s former leader Deng Xiao-ping: ‘it does not matter whether the cat is white or black as long as it catches mice.’ * There is no agreed definition of what is a controlling stake in an enterprise’s shares. A holding of as little as 15% could give the shareholder effective control over an enterprise, depending on the holding structure.

There lies the explanation for the sight of the professional hand-raisers for the geriatric members of the Nationalist Party Politburo that amused the rest of the world so much in the 1980s. Taiwan’s second president, Chiang Ching-Kuo, who succeeded his father, Chiang Kai-Shek, as the leader of the party and the head of the state, was a communist as a young man and studied in Moscow with future leaders of the Chinese Communist Party, including Deng Xiao-ping. He met his Russian wife when he was studying in Moscow. 8 Korea also had its share of Marxist influence. General Park Chung-Hee, who masterminded the Korean economic miracle, was a communist in his young days, not least because of the influence of his brother, who was an influential local communist leader in their native province.


pages: 353 words: 98,267

The Price of Everything: And the Hidden Logic of Value by Eduardo Porter

Alan Greenspan, Alvin Roth, AOL-Time Warner, Asian financial crisis, Ayatollah Khomeini, banking crisis, barriers to entry, behavioural economics, Berlin Wall, British Empire, capital controls, carbon tax, Carmen Reinhart, Cass Sunstein, clean water, Credit Default Swap, Deng Xiaoping, Easter island, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, financial engineering, flying shuttle, Ford paid five dollars a day, full employment, George Akerlof, Glass-Steagall Act, Gordon Gekko, guest worker program, happiness index / gross national happiness, housing crisis, illegal immigration, immigration reform, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: technological unemployment, Joshua Gans and Andrew Leigh, junk bonds, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, longitudinal study, loss aversion, low skilled workers, Martin Wolf, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Michael Milken, Monkeys Reject Unequal Pay, new economy, New Urbanism, peer-to-peer, pension reform, Peter Singer: altruism, pets.com, placebo effect, precautionary principle, price discrimination, price stability, rent-seeking, Richard Thaler, rising living standards, risk tolerance, Robert Shiller, Ronald Reagan, search costs, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, superstar cities, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, transatlantic slave trade, ultimatum game, unpaid internship, urban planning, Veblen good, women in the workforce, World Values Survey, Yom Kippur War, young professional, zero-sum game

Still, authorities in Jiangxi would fine her perhaps up to five thousand yuan, she says, to register her illicit kids and send them to school. “If you don’t pay the fine,” she said, “they take your house; they sterilize you.” Jiang Jin’s predicament is not unusual. Like many other Chinese, she wanted a boy, and kept having children until one came. Other Chinese have resorted to more radical solutions. When Deng Xiaoping instituted China’s one-child policy in 1979, his intention was to limit the size of the population so that it would peak at 1.2 billion before shrinking to 700 million by the middle of this century. But he didn’t foresee one of its most notorious consequences. The systematic killing of girls, as families who had a baby girl got rid of her to make space for the boy they needed to take the bloodline to the next generation.

Congressional Budget Office (CBO) Consumer Product Safety Commission consumers, consumption free things and contraception Cook, James Copernicus, Nicolaus copyright corporations wages and Corrupt and Illegal Practices Prevention Act (1883) corruption politics and cotton coyote credit crime Crompton, Samuel Cruise, Tom Cuba culture affordable traits and politics and repugnance and Daimler AG Dark Knight, The (movie) Darwin, Charles Darwinism Das Gupta, Monica Dasgupta, Partha Deaton, Angus De Beers Defense Department, U.S. demand democracy Deng Xiaoping Denmark, Danes Denver shoppers deregulation Descartes, René Desperate Housewives (TV show) developing world climate change in garbage dumps in sex in Dickens, Charles Digital Rights Management technologies (DRM) discount rate discrimination divorce finances and dogs, as food dot.com bubble dowries drivers drugs abuse of Duke University Dunkin’ Donuts dwarf tossing Easter Island Easterlin, Richard Eastern Europe, former Soviet satellites in Eastman, George Eastman Kodak Company economic growth happiness and economics for a new world “Economics of Superstars, The” (Rosen) education of children wages and of women efficient markets eggs Egypt, Egyptians Ehrlich, Paul R.


pages: 363 words: 101,082

Earth Wars: The Battle for Global Resources by Geoff Hiscock

Admiral Zheng, Asian financial crisis, Bakken shale, Bernie Madoff, BRICs, butterfly effect, carbon tax, clean tech, clean water, corporate governance, demographic dividend, Deng Xiaoping, Edward Lorenz: Chaos theory, energy security, energy transition, eurozone crisis, Exxon Valdez, flex fuel, Ford Model T, geopolitical risk, global rebalancing, global supply chain, Great Leap Forward, high-speed rail, hydraulic fracturing, Long Term Capital Management, Malacca Straits, Masayoshi Son, Masdar, mass immigration, megacity, megaproject, Menlo Park, Mohammed Bouazizi, new economy, oil shale / tar sands, oil shock, Panamax, Pearl River Delta, purchasing power parity, Ralph Waldo Emerson, RAND corporation, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, smart grid, SoftBank, Solyndra, South China Sea, sovereign wealth fund, special economic zone, spice trade, trade route, uranium enrichment, urban decay, WikiLeaks, working-age population, Yom Kippur War

Even in this difficult environment, Japan remained the world’s second-largest economy until 2010; its domestic demand, its science and technology, its proven manufacturing expertise—including its ability to establish world-class plants offshore—its trading networks and its intellectual and financial capital ensured its continued importance in global business circles. Meanwhile, China’s paramount leader Deng Xiaoping (who died in 1997) had reinvigorated the reform process at the beginning of the 1990s, and his new team led by President Jiang Zemin, joined later by Premier Zhu Rongji, was presiding over a long period of 8 percent or better growth that catapulted China’s economy into the major league. The special economic zones that began in the early 1980s with the sleepy fishing village of Shenzhen, just across from Hong Kong on the Chinese mainland, were beginning to deliver on their trade and investment potential.

Black Sea Blavatnik, Leonard Bogdanov, Vladimir Bohai Sea Bolivia Bontang, Indonesia Borneo Botswana Bouazizi, Mohammed BP Gulf of Mexico in Russia Brahmaputra River Brazil ethanol iron ore nuclear power, uranium oil and gas presalt Bridas Corp BrightSource Energy Brookings Institution Brunei Bryant, Robert BSG Group, BSG Resources Buenos Aires Buffett, Warren Bulgheroni, Carlos Bumi Resources Bunge Burma (Myanmar) Burundi BYD Co Cairo Caithness Energy Calderon, Felipe Calicut, India Cambodia Cameco Canada tar sands LNG shale nuclear power, uranium Canadian Association of Petroleum Producers Canadian Natural Resources Canadian Solar Inc Cantarell oil field, Mexico Carabobo, Venezuela Cargill Caribbean Sea Carrizo Oil & Gas Carroll, Cynthia Caspian Sea Cecil, Ronnie Central Asia Centre for Global Energy Studies Century Aluminium Cerrejon Ceyhan, Turkey Chad Chalco Changlang district, India Chatterji, Zohra Chavez, Hugo Chenab River Cheniere Energy Chesapeake Energy Chevron Chile copper lithium China 12th Five-Year Plan coal Communist Party copper iron ore investment abroad nuclear power oil and gas rare metals solar power water wind power China Coal Energy China Development Bank China Guangdong Nuclear Power Group (CGNPG) China Investment Corp (CIC) China Iron and Steel Association (CISA) China Metallurgical Group Corp China Metallurgical Mines Association China Minmetals China Mobile China National Coal Group China National Nuclear Corp (CNNC) China National Offshore Oil Corp (CNOOC) China National Petroleum Corp (CNPC) China Nonferrous Metal Mining Group Co (CNMC) China Petroleum & Chemical Corp (Sinopec) China Railway Construction Corp China Railway Engineering Corp China Shenhua Coal China State Shipbuilding Corp Chinalco Chodiev, Patokh Chromium Chubu Electric Power Co Chung Joon-yang Chunxiao gas field CITIC Clinton, Bill Clinton, Hillary CNOOC Coal production clean technology metallurgical thermal Coal India Ltd Codelco Codexis COFCO Colombia Common Economic Space Comtec Solar Conde, Alpha Conga, Peru Congo, Democratic Republic (DRC) ConocoPhillips Cosmo Oil Consolidated Thompson Iron Ore Mines Conte, Lansana Copper Cosan Critical Materials Strategy report Cuba Cubapetroleo Currie, Jeffrey Curtis, Nicholas Cyprus Dadis Camara, Moussa Dalian (Port Arthur) D’Amato, Richard Danube River Daqing, China Datong Coal Dauphin, Claude Davis, Mick Daye Non-ferrous Metals Co (DNMC) De Beers DeKastri oil terminal De Margerie, Christophe De Turckheim, Eric Deng Xiaoping Denmark Deripaska, Oleg Diaoyutai (Senkaku islands) Disi-Saq aquifer Domen Kazunari DONG Energy Dongfang Turbine DP Clean Tech Drummond Co Du Plessis, Jan Dubai Dudley, Robert (Bob) Dunand, Marco Dutch East India Company (VOC) Eagle Ford shale field East China Sea East Prinovozemelsky field East Timor (Timor-Leste) EBX Ecuador EDF Elenin, Platon (Boris Berezovsky) Empresas Frisco Enbridge Encana Enercon Enex EngelInvest Group England Eni E.ON Equinox Minerals Erdenes-Tavan Tolgoi Eritrea Escondida mine, Chile Essar Oil Essar Steel Estonia Ethanol Ethiopia Eurasian Energy Corp Eurasian National Resources Corp Europe nuclear power solar power shale wind power European Union (EU) European Wind Energy Association Eurozone Evraz Group Exxon Neftegas ExxonMobil Falklands (Malvinas) Fan Shenggen Fayetteville shale Fedun, Leonid Ferghana Valley, Central Asia Ferreira, Murilo First Quantum First Solar Ford Motor Forrest, Andrew Fortescue Metals Group Foster, Maria das Gracas Silva Fosun International Fox, Josh Fracturing, “fracking” France nuclear power Freeport McMoRan Fresnillo Friedland, Robert Fridman, Mikhail Frolov, Alexander Fu Chengyu Fukushima Gabon Gaddafi, Muammar Galp Energia Gamesa Gandhi, Rahul Gandur, Jean Claude Ganges River Gangotri Glacier Gao Jifan Garnaut, Ross Gas Authority of India Ltd (GAIL) Gazprom Gazprom Neft GCL Poly Energy Gecamines General Electric (GE) GE Wind Energy General Motors (GM) Germany nuclear power solar power wind power Gevo Ghawar oil field, Saudi Arabia Gidropress Gindalbie Metals Gladstone LNG Glasenberg, Ivan Glencore International Glencore Xstrata International Global Wind Energy Council (GWEC) Gold Goldman, Arnold Goldman Sachs Google Gorgon LNG project Grasberg mine, Indonesia Great Artesian Basin Great Lakes Great Man-made River (GMR), Libya Greece Green Energy Technology Greenland Greenland Minerals and Energy Grupo Carso Grupo Mexico Guangzhou Guarani aquifer Guinea Gunvor Group Guodian United Power Technology Gutseriev, Mikhai Hainan island Hancock Coal, Hancock Prospecting Hansen Transmissions Hanwha Solarone Hasankeyf Haynesville shale field Hayward, Tony Hebei Iron & Steel Heilongjiang-Amur aquifer Himalayas Hindalco Hindustan Copper Hitachi Hokkaido Holland Hong Kong Hormuz, Strait of Houser, Trevor HRT Participacoes em Petroleo HSBC Hu, Stern Hunan Valin Hunt, Simon Hydro power Ibragimov, Alijan Idemitsu Kosan Ilisu Dam, Turkey Impeccable, USNS Imperial Oil India coal copper hydropower iron ore nuclear power oil and gas solar power wind power Indian Ocean Indian Oil Corp Ltd (IOCL) Indonesia coal oil and gas Indus River Industrial & Commercial Bank of China Industrias Nucleares do Brazil (INB) Industrias Penoles Inmet Inner Mongolia Yitai Coal Inpex International Atomic Energy Agency International Copper Study Group International Energy Agency International Finance Corp International Food Policy Research Institute International Monetary Fund Interros Inuit Iran South Pars Iraq Iraq National Oil Co (INOC) Ireland Iron ore Israel Istanbul Itaipu Dam Italy ITOCHU Ivanhoe Mines Ivory Coast JA Solar Jaeggi, Daniel Jakarta Jamnagar Japan earthquake and tsunami nuclear power and Fukushima disaster solar power steel industry trading houses Japan Oil, Gas and Metals National Corp (JOGMEC) Japan Petroleum Exploration Co (Japex) Japan Renewable Energy Foundation Jazan JFE Jhelum River Jiang Jiemin Jiang Zemin Jiangsu Shagang Jiangxi Copper Corp Jin Baofang Jinchuan Group Jindal Steel Jordan, Jordan River JSW Steel Jubail JX Holdings Kaltim Prima Coal, Indonesia Kamchatka peninsula Kan Naoto Kansai Electric Power Co Karachaganak field, Kazakhstan Karachi, Pakistan Karakoram Pass Kashagan field, Kazakhstan Kashgar, China Kashmir Katanga Mining Kazmunaigas Khan, German Khartoum, Sudan Kazakhmys Kazakhstan coal copper nuclear test site, uranium oil and gas Kazzinc Kazatomprom Kenya Keystone pipeline Khabarovsk, Russia Khodorkovsky, Mikhail Khudainatov, Eduard Khunjerab Pass Khuzestan province, Iran Kim, Vladimir Kloppers, Marius Koc Holding Koizumi Junichiro Kolkata (Calcutta) Kolomoisky, Igor Korea Electric Power Corp (Kepco) Korea Gas (KoGas) Krishna-Godavari (KG) Basin, India Kuantan, Malaysia Kudankulam, India Kulibayev, Timur Kuwait Kuwait Foreign Petroleum Exploration (Kufpec) Kuwait Petroleum Corp (KPC) Kuzbassrazrezugol Kyrgyzstan Kyushu Electric Power Co Kvanefjeld, Greenland Lagos Lanco Infratech Laos Las Bambas, Peru Lavrov, Sergey LDK Solar Lead Lebanon Legacy Iron Ore Li Keqiang Li Xianshou Li Yihuang Liang Guanglie Liberia Libya Lifton, Jack Liquefied natural gas (LNG) Lisin, Vladimir Lithium Lithuania Lombok Strait Lomonosov ridge Lorenz, Edward Los Bronces, Chile Louis Dreyfus Lu Tingxiu Lu Xiangyang LUKOIL Lumwana, Zambia Lundin Mining Lynas Corp Ma Zhaoxu Maanshan Iron & Steel Macarthur Coal McArthur River McClendon, Aubrey McMahon Line MacMines AustAsia Madagascar Magnitogorsk Iron & Steel (MMK) Makhmudov, Iskander Malacca, Strait of Malaysia Malawi Malvinas (Falklands) Manila Mao Zedong Marcellus shale field Marubeni Corp Mary River Masdar Mashkevich, Alexander Mechel Medcalf, Rory Mediterranean Sea Medvedev, Dmitry MEG Energy Mehta, Sureesh Mekong River Mekong River Commission Melnichenko, Andrey MEMC Mercuria Group Merkel, Angela Metalloinvest Metorex Mexico Mexico City Mexico, Gulf of Miao Liansheng MidAmerican Energy Middle East Mikhelson, Leonid Miller, Alexei Mineralogy/Resourcehouse Mittal, Lakshmi Minmetals Resources Mitsubishi Chemical Mitsubishi Corp Mitsubishi Electric Mitsubishi Heavy Industries Mitsui & Co Modi, Narendra Molycorp Mongolia coal copper uranium Mongolia, Inner Montana Resources Morocco Mordashov, Alexei Mount Weld, Australia Mountain Pass, California Mozambique Mulva, Jim Mumbai (Bombay) Muziris, India Myanmar (Burma) Nabucco project Namcha Barwa, Tibet Namibia Nansha (Spratlys) National Iranian Oil Co (NIOC) National Oil Co of Libya National Mineral Development Corp (NMDC), India National Thermal Power Corp (NTPC), India Natuna field Natural gas Nazarbayev, Nursultan Neelum river Neira, Dr Maria Netherlands New Delhi New Hope Coal Newcastle, Australia Newmont Mining NewZim Steel Niger Nigeria Nigerian National Petroleum Corp Nile River Ningbo Niobrara shale field Niobium Nippon Mining Nippon Oil Nippon Steel Noble Group Noda Yoshihiko Nomura China Non-Proliferation Treaty Norilsk Nickel North Atlantic Gyre North Caspian Operating Co North Korea North Pacific Gyre North Pars field, Iran North Pole North Slope, Alaska North West Shelf, Australia Northern Sea Route, Russia Northwest Passage, Canada Norway Novatek Novolipetsk Steel (NLMK) NRG Energy Nubian Sandstone aquifer Nuclear power Nuclear Power Corp of India Ltd (NPCIL) NUKEM Nunavut Obama, Barack Occidental Petroleum Corp Ogallala aquifer OGX Petroleo & Gas Ohmae Kenichi Oil & Natural Gas Corp (ONGC) Oil India Ltd (OIL) Olam International Olympic Dam Oman Ombai Strait ONEXIM Group ONGC Videsh Opium Wars Organization of Petroleum Exporting Countries (OPEC) Origin Energy Oryx Petroleum Osaka Gas Osborne, Milton Oyu Tolgoi, Mongolia Palmer, Clive Pan American Energy Papua New Guinea Paracels Pakistan Paraguay Paraná River Pars Oil & Gas Co Pasha Bulker Patna Peabody Energy Pearl River Pemakochung monastery, Tibet Pemex Peng Xiaofeng Penn West Energy Persian Gulf Pertamina Peru Petrobras PetroChina PetroHawk Energy Petroleos de Venezuela (PDVSA) Petronas Petronet LNG PetroVietnam Philippines Pioneer Natural Resources Pilbara iron ore region, Australia Poland Polo, Marco Popov, Sergey Port Arthur (Dalian) Portugal POSCO Potanin, Vladimir Potash supplies Poussenkova, Dr Nina Praj Industries Pratas islands (Dongsha) Prelude LNG project, Australia Premier Oil Prigorodnoye, Russia PrivatGroup Probo Koala Prodeco Prokhorov, Mikhail Prokopyevskugol PTT Exploration & Production Puducherry (Pondicherry), India Punjab province, Pakistan Putin, Vladimir Qatar QatarGas Qatar General Petroleum Corp (QGPC) Qatar Investment Authority Qatar Petroleum Qteros Quadra FNX Mining Queensland coal basins (Bowen, Galilee, Surat) Rabigh, Saudi Arabia RAIPON Raizen Rare earths Rare metals and materials (indium, gallium, tellurium) Ras Tanura RasGas Rashtriya Ispat Nagam (Vizag Steel) Raspadskaya Rashnikov, Viktor Rave, Dr Klaus Ravi River Red Sea Refineries Reliance Industries ReneSola Renewable Energy Policy Network (REN21) REpower Repsol Repsol Brazil Repsol-YPF Rich, Marc Rio de Janeiro Rio Tinto Plc/Ltd coal copper iron ore uranium Rinehart, Gina Riversdale Mining Roeslani, Rosan Rosatom Rosneft Ross Sea Rothschild, Nathaniel Rousseff, Dilma Royal Dutch Shell Royal Society of Canada Ruia, Shashi and Ravi Rusal RusHydro Russia coal iron ore oil and gas nuclear/uranium Russian Far East Russky Ugol (Russian Coal) Russneft Rwanda RWE Power Saami Sabic Salar de Atacama Salar de Cauchari Salar de Olaroz Salar de Uyuni Sakhalin Sakhalin Oil & Gas Development Saleh, Ali Abdullah Salween River Samruk Energo Samruk Kazyna Samsung Electronics Samsung Heavy Industries Sanaa basin, Yemen Santos basin Santos Ltd Sao Paulo Sargasso Sea Saudi Arabia Saudi Aramco Sawyer, Steve Sechin, Igor Senkaku islands Serageldin, Ismail Sesa Goa Severstal Shanghai Shandong Iron & Steel Group Shanxi Meijin Energy Sharp Corp Shatt al-Arab waterway Shell Australia LNG Shen Wenrong Shenzhen Shi Zhengrong Shougang Beijing Group Shvidler, Eugene Siachen Glacier Siberia Siberian Coal Energy Co (SUEK) Sibneft Siemens Sierra Gorda, Chile Sierra Leone Silver Simandou, Guinea Sindh province, Pakistan Singapore Singh, Manmohan Sino American Silicon SinoHydro Sinopec (China Petroleum & Chemical Corp) Sinosteel Midwest Corp Sinovel Wind Sistema Slavneft Slovakia Soeryadjaya, Edwin SoftBank Sogo Shosha Sojitz Solar power Solar Reserve Son Masayoshi Sonangol Sonatrach South Africa South America South China Sea South Kara Sea South Korea South Kuzbass Coal South Pars field, Iran South Sudan South Yolotan, Turkmenistan Southeast Anatolia Development (GAP) Southeast Asia Southern California Edison Soya Strait Spain Spratlys State Grid, China State Oil Company of Azerbaijan Republic (SOCAR) Statoil Steel Authority of India Ltd (SAIL) Steinmetz, Beny Sterlite Industries Strait of Malacca Strait of Hormuz Strothotte, Willy SUAL Sudan Sumatra Sumitomo Chemicals Sumitomo Corp Sumitomo Metal Suncor Energy Sunda Strait Sundance Resources SunPower Suntech Surgutneftegas Sutlej River Suzlon Energy Swaminathan, M.S.


pages: 347 words: 99,317

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

"there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Albert Einstein, banking crisis, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, business cycle, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, export processing zone, falling living standards, Fellow of the Royal Society, financial deregulation, financial engineering, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, land reform, liberal world order, liberation theology, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, mega-rich, moral hazard, Nelson Mandela, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

But, even in these sectors, some degree of competition may be injected by boosting some ‘neighbouring’ industries (airlines vs railways).27 In conclusion, there is no hard and fast rule as to what makes a successful state-owned enterprise. Therefore, when it comes to SOE management, we need a pragmatic attitude in the spirit of the famous remark by China’s former leader Deng Xiao-ping: ‘it does not matter whether the cat is white or black as long as it catches mice.’ i There is no agreed definition of what is a controlling stake in an enterprise’s shares. A holding of as little as 15% could give the shareholder effective control over an enterprise, depending on the holding structure.

There lies the explanation for the sight of the professional hand-raisers for the geriatric members of the Nationalist Party Politburo that amused the rest of the world so much in the 1980s. Taiwan’s second president, Chiang Ching-Kuo, who succeeded his father, Chiang Kai-Shek, as the leader of the party and the head of the state, was a communist as a young man and studied in Moscow with future leaders of the Chinese Communist Party, including Deng Xiao-ping. He met his Russian wife when he was studying in Moscow. 8 Korea also had its share of Marxist influence. General Park Chung-Hee, who masterminded the Korean economic miracle, was a communist in his young days, not least because of the influence of his brother, who was an influential local communist leader in their native province.


pages: 414 words: 101,285

The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do About It by Ian Goldin, Mike Mariathasan

air freight, air traffic controllers' union, Andrei Shleifer, Asian financial crisis, asset-backed security, bank run, barriers to entry, Basel III, Bear Stearns, behavioural economics, Berlin Wall, biodiversity loss, Bretton Woods, BRICs, business cycle, butterfly effect, carbon tax, clean water, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, connected car, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, digital divide, discovery of penicillin, diversification, diversified portfolio, Douglas Engelbart, Douglas Engelbart, Edward Lorenz: Chaos theory, energy security, eurozone crisis, Eyjafjallajökull, failed state, Fairchild Semiconductor, Fellow of the Royal Society, financial deregulation, financial innovation, financial intermediation, fixed income, Gini coefficient, Glass-Steagall Act, global pandemic, global supply chain, global value chain, global village, high-speed rail, income inequality, information asymmetry, Jean Tirole, John Snow's cholera map, Kenneth Rogoff, light touch regulation, Long Term Capital Management, market bubble, mass immigration, megacity, moral hazard, Occupy movement, offshore financial centre, open economy, precautionary principle, profit maximization, purchasing power parity, race to the bottom, RAND corporation, regulatory arbitrage, reshoring, risk free rate, Robert Solow, scientific management, Silicon Valley, six sigma, social contagion, social distancing, Stuxnet, supply-chain management, systems thinking, tail risk, TED Talk, The Great Moderation, too big to fail, Toyota Production System, trade liberalization, Tragedy of the Commons, transaction costs, uranium enrichment, vertical integration

Prior to 1990, the former German Democratic Republic is excluded from the series of Germany; beginning in 2010, the series of the Russian Federation includes an adjustment for bilateral trade with Kazakhstan that is no longer recorded by customs following implementation of a bilateral customs union. WTO, 2013b, Statistics Database, World Trade Organization, accessed 4 February, http://stat.wto.org/Home/WSDBHome.aspx?Language=E. Used with permission. The transition to a trade-based economy is the direct result of political liberalization achieved by the late twentieth-century reforms of Deng Xiaoping, then leader of the Chinese Communist Party. In 1978 he launched a “second revolution” heralding the emergence of China’s closed economy into the global economy.9 The first stage of reform took place during the 1980s and aimed to facilitate growth and competition. It involved the decollectivization of agriculture, the creation of small businesses, and the reduction of tariffs to encourage investment.

See also Internet Data Center Knowledge, 118 debt: bank leverage ratios, 45–46, 46f, 68; collateralized debt obligations, 41, 42, 42b, 44f; corporate, 41–42, 43f; default risk, 54, 67; Eurozone crisis, 9–10, 188, 189, 190, 192, 209; of financial sector, 52; growth of, 40–41. See also mortgages default risk, 54, 67 Dell, 91 democracy: inequality and, 195; tensions with globalization, 60, 188–90; transitions to, 11–12. See also extremist political parties Deng Xiaoping, 74 density risk, 29–30. See also geographic concentration deregulation, financial, 38, 48–49, 50, 52, 52–53b, 62. See also financial regulation derivatives: credit default swaps, 41, 42b, 53b; definition of, 42b; innovations, 41, 61; market growth, 41, 53b; risks transferred through, 61. See also asset-backed securities developing countries: capital flow restrictions of, 20f; environmental concerns in, 134–36, 140–41, 143; foreign aid to, 21f, 186, 197; greenhouse gas emissions in, 134, 136; income inequality in, 176; incomes in, 169, 170, 177, 179t, 180; Internet access in, 14, 180, 196; mobile phone use in, 14, 180, 223n20; population growth in, 180; poverty in, 169.


pages: 390 words: 96,624

Consent of the Networked: The Worldwide Struggle for Internet Freedom by Rebecca MacKinnon

A Declaration of the Independence of Cyberspace, Bay Area Rapid Transit, Berlin Wall, blood diamond, business cycle, business intelligence, Cass Sunstein, Chelsea Manning, citizen journalism, Citizen Lab, cloud computing, cognitive dissonance, collective bargaining, conceptual framework, corporate social responsibility, Deng Xiaoping, digital divide, digital Maoism, don't be evil, Eben Moglen, Evgeny Morozov, Filter Bubble, Firefox, future of journalism, Global Witness, high-speed rail, illegal immigration, Jaron Lanier, Jeff Bezos, John Markoff, John Perry Barlow, Joi Ito, Julian Assange, Mark Zuckerberg, Mikhail Gorbachev, MITM: man-in-the-middle, national security letter, online collectivism, Panopticon Jeremy Bentham, Parag Khanna, pre–internet, race to the bottom, real-name policy, Richard Stallman, Ronald Reagan, sharing economy, Silicon Valley, Silicon Valley startup, Skype, Steve Crocker, Steven Levy, Tactical Technology Collective, technological determinism, WikiLeaks, Yochai Benkler

The 1989 Tiananmen Square protests were sparked by the death of a reformist leader, Hu Yaobang, but the fire was fueled by the historic Beijing visit of Soviet leader Mikhail Gorbachev soon thereafter. Students hoped that Chinese leaders would follow his policy of glasnost, the Russian word for “openness,” which became the catchphrase for a loosening of controls on the Russian press and discussion of political reform. After the bloody June 4 crackdown, Deng Xiaoping quashed all hopes that China would follow Gorbachev’s lead. Instead Deng focused aggressively and exclusively on the Chinese version of perestroika, or “restructuring”: accelerating the economic reforms that have made China the world’s second-largest economy today and a rising global power. Deng was betting that most Chinese people would agree that the trade-off between economic prosperity and political liberty was worthwhile—or at least enough of China’s elites would believe so and maintain their allegiance to the Communist Party as the guarantor of prosperity and stability.

Buzz Cade, Marilyn Cafferty, Jack Calvert Calyx Internet Access Cameron, David Castells, Manuel Cellan-Jones, Rory Censorship of categories of Internet traffic of data and text messages freedom vs. security Google and national-level filtering systems opposition to national censorship by private intermediaries Center for Democracy and Technology Center for Information Technology Policy, Princeton Center for Internet and Society Chandler, Mark Chaos Computer Club Charter of Human Rights and Principles for the Internet Chesterman, Simon Chile, net neutrality law in China, Internet in censorship controls on political information e-commerce market “e-parliament” Google government-friendly communities “great firewall of China” paradox of patriotic hackers role of government social networking sites China Digital Times, on censorship of Google pullout China Netcom China Unicom Chinese Communist Party control of dissent by economic leadership of use of Internet by Christopher, Warren Cisco Systems, sales of surveillance systems to authoritarian governments Citizen-centric society, threats to Citizen Lab, University of Toronto Citron, Danielle “Civil Rights in an Information Age” (Citron) Cleek, Ashley Clinton, Hillary The Cluetrain Manifesto (Searls) Code and Other Laws of Cyberspace (Lessig) Cognitive Surplus (Shirky) Cohen, Jared Comcast Committee to Protect Journalists Commotion Wireless Communication Power (Castells) “Communique on Principles for Internet Policymaking” (OECD) Contemporary Business News Copyright enforcement Anti-Counterfeiting Trade Agreement (ACTA) concerns about abuse of effects of lobbying on free expression and HADOPI as rationale for surveillance and censorship website shutdowns Council of Europe Crabgrass “Creating Passionate Users” (Sierra blog) Creative Commons Cryptome Cyber-separatism Cybersecurity and Internet Freedom Act of 2011 Dailymotion Daum Deep packet inspection (DPI) Deibert, Ronald Democracy Forum Democracy in America (de Tocqueville) Democracy movements, origin of Democratizing Innovation (von Hippel) Deng Xiaoping Deng Yujiao Denial of service attacks (DDoS) Denton, Nick Department of Homeland Security (DHS) Desai, Nitin Diaspora Diebold Election Systems Digital bonapartism defined in Russia Digital commons activism and licensing need for protection of individual rights role of technical protocols of Digital Due Process (DDP) bill Digital Economy Act (2010) Digital Justice Coalition Digital Millennium Copyright Act (DMCA) Digital real estate Discipline & Punish (Foucault) Doctorow, Cory Doherty, Will Domain name system (DNS) Domini DPI (deep packet inspection) Drumbeat Drummond, David Drupal Dui Hua Foundation Dynamic Coalition on Internet Rights and Principles Dynaweb e-G8 conference ECPA (Electronics Communications Privacy Act of 1986) Egypt activism in government control of mobile phones in surveillance in use of Tor in Egyptian Blogs Aggregator 18th Brumaire of Louis Napoleon (Marx) El-Fattah, Alaa Abd El-Hamalawy, Hossam Electronic Frontier Foundation (EFF) Electronic Industry Code of Conduct Electronics Communications Privacy Act of 1986 (ECPA) Ericsson Estrada, Joseph European Digital Rights Initiative (EDRI) European Service Providers Association EveryDNS Exodus International Extractive Industries Transparency Initiative ExxonMobil Facebook activism and addition of new encryption and security settings attitude toward anonymity digital commons and effectiveness for activists in Egypt inconsistency of policy enforcement lobby to update ECPA politicians and privacy issues protection from hate and harassment “Quit Facebook Day,” real-name policy The Facebook Effect (Kirkpatrick) Facebook Zero Fair Labor Association (FLA) Falun Gong FBI (Federal Bureau of Investigation) F&C Asset Management FCC (Federal Communications Commission) Federal Trade Commission Federalist No. 10 Feriani, Samir The File (Ash) The Filter Bubble (Pariser) Financial Times, on anonymity FinFisher Fiore, Mark Firefox Flickr, removal of photos of Egyptian state security agents from Folksam Ford Motor Company Foreign Affairs on Google’s vision of networked world on US obsession with circumvention Foreign Intelligence Surveillance Act (FISA) Amendments Act (2008) Foucault, Michel Franken, Al Free Press Freedom House Freedom of Connection—Freedom of Expression: The Changing Legal and Regulatory Ecology Shaping the Internet (UNESCO) FreedomBox Freegate Frydman, Gilles “Fugitivus,” The Future of Power (Nye) Gaddafi, Muammar Gamma International UK Ltd.


pages: 377 words: 97,144

Singularity Rising: Surviving and Thriving in a Smarter, Richer, and More Dangerous World by James D. Miller

23andMe, affirmative action, Albert Einstein, artificial general intelligence, Asperger Syndrome, barriers to entry, brain emulation, cloud computing, cognitive bias, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, en.wikipedia.org, feminist movement, Flynn Effect, friendly AI, hive mind, impulse control, indoor plumbing, invention of agriculture, Isaac Newton, John Gilmore, John von Neumann, knowledge worker, Larry Ellison, Long Term Capital Management, low interest rates, low skilled workers, Netflix Prize, neurotypical, Nick Bostrom, Norman Macrae, pattern recognition, Peter Thiel, phenotype, placebo effect, prisoner's dilemma, profit maximization, Ray Kurzweil, recommendation engine, reversible computing, Richard Feynman, Rodney Brooks, Silicon Valley, Singularitarianism, Skype, statistical model, Stephen Hawking, Steve Jobs, sugar pill, supervolcano, tech billionaire, technological singularity, The Coming Technological Singularity, the scientific method, Thomas Malthus, transaction costs, Turing test, twin studies, Vernor Vinge, Von Neumann architecture

If a Chinese brain-boosting program caused Chinese engineers to innovate in ways that were beyond what Americans were capable of, Americans would almost certainly still benefit economically from Chinese innovation. China’s current rapid economic growth shows why. The Chinese dictator Mao Zedong prevented China from making use of Western technology and imposed economic policies that effectively barred homegrown Chinese innovation. Mao’s successor Deng Xiaoping then opened up China’s economy to the rest of the world, causing China to experience extremely rapid economic growth, mainly because China was able to take advantage of the technologies that Western countries had previously developed. America’s technological “dominance” over China has, counterintuitively, greatly benefited China.

See Defense Department research agency (DARPA) Darwin, Charles, 91 dating market power of men, 194 debt-ridden countries, 177 Deep Blue (IBM’s supercomputer), 4, 132 Defense Department research agency (DARPA), 121 de Grey, Aubrey, 35 dementia, 108, 116, 149. See also Alzheimer’s demographic crisis from aging population, 157 Deng Xiaoping, 122 depression, 93 designer babies, 171 Devil. See ulta-AI, unfriendly diabetes, 178 dictators, 122, 128, 220 dictatorships, 94, 126, 128 digitally recorded music, 167 Dilbert, 43, 193 dining rooms, first-rate, 91 disabled children, 212 DNA brain’s, xi sequencing, 20, 72, 116 sequencing, automated, 96 sequencing technology, 72 of sperm, 86 donuts vs. antigravity flying cars, 136–37 donut wand, 137 double-blind tests, 111–12 double-blind trials, 110 Down Syndrome, 126 Drexler, Eric, 35, 213, 215 drug development, 183 drug studies, warnings about, 110–12 dual n-back computer game, 114–15, 212 dystopia, 21, 56 E Eastern Europe, xi, 127, 206 ecological niche, 75 economic prosperity, ix The Economist, 70 economists love mathematical models, 37 EconTalk (podcast), 165 educational innovation, 117 education for poor children, 172 egg marketing, 86–87 Einstein, Albert, xii, 91, 96 Eisenhower, President, xiii elite prep schools, 66 Ellison, Larry, 170 embryo-picking parents, 93 embryo selection autism, against, 91 autism and genius, against, 91 autism and lower prospects for survival of humanity, against, 92 for creating super-geniuses, 90 genetic tradeoffs of, 88 iterated, 98–99 procedure, 84–85 selection for noncognitive characteristics vs.


pages: 493 words: 98,982

The Tyranny of Merit: What’s Become of the Common Good? by Michael J. Sandel

affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, Boris Johnson, Brexit referendum, Capital in the Twenty-First Century by Thomas Piketty, centre right, coronavirus, COVID-19, Credit Default Swap, Deng Xiaoping, Donald Trump, ending welfare as we know it, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, global supply chain, helicopter parent, High speed trading, immigration reform, income inequality, Khan Academy, laissez-faire capitalism, meritocracy, meta-analysis, Nate Silver, new economy, obamacare, Occupy movement, open immigration, Paris climate accords, plutocrats, prosperity theology / prosperity gospel / gospel of success, Rishi Sunak, Ronald Reagan, smart grid, social distancing, Steve Jobs, Steven Levy, the market place, The Wealth of Nations by Adam Smith, W. E. B. Du Bois, Washington Consensus, Yochai Benkler

Notwithstanding the cultural differences, these Chinese students, like my Harvard students, are the winners of a hyper-competitive admissions process that unfolds against the background of a hyper-competitive market society. It is no wonder that they resist the thought that we are indebted for our success and attracted to the idea that we earn, and therefore deserve, whatever rewards the system bestows on our efforts and talents. MARKETS AND MERIT As Deng Xiaoping was launching China’s market reforms in the late 1970s and early 1980s, Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States were seeking to move their societies toward a greater reliance on markets. This period of market faith set the stage for the rise of meritocratic values and practices in the decades that followed.

., 203–204 credentialism, 73 , 80 , 81–112 , 205 Crimson Key Society, 182 Crosland, Anthony, 134–35 Curran, Thomas, 181 deaths of despair, 199–202 Deaton, Angus, 199–201 democracy, 17 , 29 , 53 , 55 , 119 , 121 , 158 , 184 , 192 , 224 , 227 ; direct, 28 ; higher education and, 155 , 156 ; humility and, 226–27 ; technocracy versus, 108–10 ; weakening of democratic societies, 28–29 Democracy in America (Tocqueville), 50 Democratic Party, Democrats, 4 , 20–23 , 27 , 50 , 52 , 56 , 65–66 , 83 , 87 , 99 , 102 , 104 ; climate change and, 109 , 110 ; and education level of voters, 102 ; education policies and, 88 ; financial crisis and, 90 , 91 ; science and, 109 Deng Xiaoping, 62 Denmark, 23 , 76 , 190 , 215 Depression, Great, 65 , 224 depression and anxiety, 179 , 180 , 183 deregulation, 21 , 29 , 55 , 217 deservingness (desert), 5 , 25 , 34 , 36 , 37 , 41 , 42 , 44 , 59–63 , 68–71 , 75 , 79 , 115 , 116–17 , 121 , 123 , 124 , 173 , 193 , 213–14 ; and contribution to society, 136–37 ; disagreement about, 133 ; entitlement versus, 141–43 ; hedge fund managers versus schoolteachers example, 127–28 ; jobs and income and, 120 , 127–28 , 134 , 136–37 ; luck egalitarianism and, 146 ; and merit versus value, 126–27 , 134–36 ; poverty and, 65 ; rejection of, 132–33 , 134 , 141 , 148 ; and rhetoric of rising, 59–63 , 68–71 , 75 , 79 , 121 ; of talents, 122–23 difference principle, 129–30 dignity of work, 19 , 28 , 29 , 89 , 104 , 198–99 , 205–207 , 210 , 212–19 , 221 , 222 distributive justice, 126 , 132 , 142 , 144 , 146 , 149 , 206 , 207 diversity, 18 , 97 , 165 ; college admission lottery system and, 186–87 Doepke, Matthias, 178–79 drinking and drug use, 180 , 199–202 Du Bois, W.


pages: 328 words: 96,678

MegaThreats: Ten Dangerous Trends That Imperil Our Future, and How to Survive Them by Nouriel Roubini

"World Economic Forum" Davos, 2021 United States Capitol attack, 3D printing, 9 dash line, AI winter, AlphaGo, artificial general intelligence, asset allocation, assortative mating, autonomous vehicles, bank run, banking crisis, basic income, Bear Stearns, Big Tech, bitcoin, Bletchley Park, blockchain, Boston Dynamics, Bretton Woods, British Empire, business cycle, business process, call centre, carbon tax, Carmen Reinhart, cashless society, central bank independence, collateralized debt obligation, Computing Machinery and Intelligence, coronavirus, COVID-19, creative destruction, credit crunch, crony capitalism, cryptocurrency, currency manipulation / currency intervention, currency peg, data is the new oil, David Ricardo: comparative advantage, debt deflation, decarbonisation, deep learning, DeepMind, deglobalization, Demis Hassabis, democratizing finance, Deng Xiaoping, disintermediation, Dogecoin, Donald Trump, Elon Musk, en.wikipedia.org, energy security, energy transition, Erik Brynjolfsson, Ethereum, ethereum blockchain, eurozone crisis, failed state, fake news, family office, fiat currency, financial deregulation, financial innovation, financial repression, fixed income, floating exchange rates, forward guidance, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, future of work, game design, geopolitical risk, George Santayana, Gini coefficient, global pandemic, global reserve currency, global supply chain, GPS: selective availability, green transition, Greensill Capital, Greenspan put, Herbert Marcuse, high-speed rail, Hyman Minsky, income inequality, inflation targeting, initial coin offering, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of movable type, Isaac Newton, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, knowledge worker, Long Term Capital Management, low interest rates, low skilled workers, low-wage service sector, M-Pesa, margin call, market bubble, Martin Wolf, mass immigration, means of production, meme stock, Michael Milken, middle-income trap, Mikhail Gorbachev, Minsky moment, Modern Monetary Theory, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Mustafa Suleyman, Nash equilibrium, natural language processing, negative equity, Nick Bostrom, non-fungible token, non-tariff barriers, ocean acidification, oil shale / tar sands, oil shock, paradox of thrift, pets.com, Phillips curve, planetary scale, Ponzi scheme, precariat, price mechanism, price stability, public intellectual, purchasing power parity, quantitative easing, race to the bottom, Ralph Waldo Emerson, ransomware, Ray Kurzweil, regulatory arbitrage, reserve currency, reshoring, Robert Shiller, Ronald Reagan, Salesforce, Satoshi Nakamoto, Savings and loan crisis, Second Machine Age, short selling, Silicon Valley, smart contracts, South China Sea, sovereign wealth fund, Stephen Hawking, TED Talk, The Great Moderation, the payments system, Thomas L Friedman, TikTok, too big to fail, Turing test, universal basic income, War on Poverty, warehouse robotics, Washington Consensus, Watson beat the top human players on Jeopardy!, working-age population, Yogi Berra, Yom Kippur War, zero-sum game, zoonotic diseases

China grew fast but the United States also grew robustly in the 1980s, easing any jitters that China might become a formidable adversary. Meanwhile, Chinese students flocked to US colleges, universities, and graduate schools to study science and business. They returned home with American technology and voracious appetites for free enterprise and a more market-oriented economy. The Chinese Communist Party under Chairman Deng Xiaoping encouraged private markets without relinquishing its iron grasp on power. Free enterprise zones proliferated. Yet the party did not view the West as a model to emulate. Partisan democracy saddled with economic stagnation looked to Chinese policy makers very much like the precipice that doomed the impoverished Soviet Union.

“We clung to this assumption that China, having been welcomed into the international order, would play by the rules,” McMaster said. “As it prospered it would liberalize its economy and liberalize its form of government, and of course that didn’t happen.”22 While the West nurtured false hopes, China bided its time and hid its growing strength, as former Communist Party chairman Deng Xiaoping had advised. Westerners failed to reckon with the deep-seated anger over injuries inflicted during China’s “century of humiliation” from 1839 until the establishment of the People’s Republic of China in 1949.23 It began with the two Opium Wars of the mid-nineteenth century, when Britain and France defeated the Qing Dynasty, taking control of territories and forcing trade concessions.


Growth: From Microorganisms to Megacities by Vaclav Smil

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, agricultural Revolution, air freight, Alan Greenspan, American Society of Civil Engineers: Report Card, Anthropocene, Apollo 11, Apollo Guidance Computer, autonomous vehicles, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Boeing 747, Bretton Woods, British Empire, business cycle, caloric restriction, caloric restriction, carbon tax, circular economy, colonial rule, complexity theory, coronavirus, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic dividend, demographic transition, Deng Xiaoping, disruptive innovation, Dissolution of the Soviet Union, Easter island, endogenous growth, energy transition, epigenetics, Fairchild Semiconductor, Ford Model T, general purpose technology, Gregor Mendel, happiness index / gross national happiness, Helicobacter pylori, high-speed rail, hydraulic fracturing, hydrogen economy, Hyperloop, illegal immigration, income inequality, income per capita, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, Isaac Newton, James Watt: steam engine, knowledge economy, Kondratiev cycle, labor-force participation, Law of Accelerating Returns, longitudinal study, low interest rates, mandelbrot fractal, market bubble, mass immigration, McMansion, megacity, megaproject, megastructure, meta-analysis, microbiome, microplastics / micro fibres, moral hazard, Network effects, new economy, New Urbanism, old age dependency ratio, optical character recognition, out of africa, peak oil, Pearl River Delta, phenotype, Pierre-Simon Laplace, planetary scale, Ponzi scheme, power law, Productivity paradox, profit motive, purchasing power parity, random walk, Ray Kurzweil, Report Card for America’s Infrastructure, Republic of Letters, rolodex, Silicon Valley, Simon Kuznets, social distancing, South China Sea, synthetic biology, techno-determinism, technoutopianism, the market place, The Rise and Fall of American Growth, three-masted sailing ship, total factor productivity, trade liberalization, trade route, urban sprawl, Vilfredo Pareto, yield curve

Only gains on the order of 3–4% are seen as “healthy,” while analysts and commentators are mesmerized by the utterly unsustainable rates approaching, even surpassing, double digits that were characteristic of the growth of the Japanese economy between 1955 and 1969, of the South Korean economy between the late 1960s and the late 1980s, and of the Chinese economy since the beginning of Deng Xiaoping’s reforms in 1980 (World Bank 2018). Japanese annual GDP growth was above 10% for most of the late 1950s and 1960s, with 1969 (at 12%) being the last year of double-digit gain (SB 1996). During the 20 years between 1968 and 1988 the South Korean economy experienced 12 years of double-digit growth, with a peak of almost 15% in 1973, and between 1980 and 2015 official Chinese statistics claimed 13 years of annual GDP growth in excess of 10%, with peaks of 14–15% in 1984, 1992, and 2007 (World Bank 2018).

With the logistic curve inflected already in 1910, its asymptotic value is 87.2%. China has been the greatest exception. Before the Communist takeover in 1949 only 9% of its population (about 50 million) was urban and 27 years later, when Mao Zedong died in 1976, the share had just doubled to 18% (UN 1969; NBS 2000). Deng Xiaoping’s post-1980 economic modernization allowed poor peasants to move to cities in search of new factory, construction, and service jobs and that radical departure from Maoist policies of tightly controlled internal migration resulted in an exceptionally rapid flight from the countryside to cities. By the year 2000, 36% of China’s population was urban, 57.6% was urban by 2015, and going from an urban share of 20% to 50% took just 20 years.

After almost four decades of post-imperial turmoil (including prolonged civil war and Japanese aggression), the Communist state established in October 1949 quickly integrated all traditional non-Han territories (Tibet, Xinjiang, Inner Mongolia, Manchuria), and only Taiwan (lost in 1895 to Japan) remained under Nationalist control. Then, after 27 years of Maoist orthodoxy and economic misery, Deng Xiaoping set China on a reformist course that boosted GDP (in constant 2010 dollars) from about $0.3 trillion to $10.2 trillion between 1980 and 2017 (World Bank 2018), making the country the world’s largest economy in terms of purchasing power parity and leading to the adoption of many policies strongly resembling ancient imperial practices (Frank 1998; Bergsten et al. 2009; Morrison 2017).


pages: 106 words: 33,210

The COVID-19 Catastrophe: What's Gone Wrong and How to Stop It Happening Again by Richard Horton

Anthropocene, biodiversity loss, Boris Johnson, cognitive bias, contact tracing, coronavirus, COVID-19, Deng Xiaoping, disinformation, Dominic Cummings, Donald Trump, fake news, Future Shock, global pandemic, global village, Herbert Marcuse, informal economy, lockdown, nowcasting, Panopticon Jeremy Bentham, Peace of Westphalia, Slavoj Žižek, social distancing, South China Sea, zoonotic diseases

After a century of humiliation at the hands of a colonially minded West, China, proud of its 5,000-year-old civilisation, finally achieved independence in 1949. The country grew erratically and with terrifying mistakes under Mao Zedong, but he at least succeeded in establishing secure national borders. Deng Xiaoping created the conditions for economic expansion, lifting as many as 800 million people out of poverty. The task for every Chinese leader today is to protect the territorial independence and integrity won by Mao and the economic security achieved by Deng. As China advances, so there is more and more to protect.


pages: 372 words: 109,536

The Panama Papers: Breaking the Story of How the Rich and Powerful Hide Their Money by Frederik Obermaier

air gap, banking crisis, blood diamond, book value, credit crunch, crony capitalism, Deng Xiaoping, Edward Snowden, family office, Global Witness, high net worth, income inequality, Jeremy Corbyn, Kickstarter, Laura Poitras, liquidationism / Banker’s doctrine / the Treasury view, mega-rich, megaproject, Mikhail Gorbachev, mortgage debt, Nelson Mandela, offshore financial centre, optical character recognition, out of africa, race to the bottom, vertical integration, We are the 99%, WikiLeaks

We’d be lost without him. We find more and more Chinese people every day; there’ll be thousands of them by the end. Here’s a small list of names that the research group led by Christoph Giesen and Alexa Olesen, ICIJ’s China specialist, have dug up: Wallace Yu Yiping, the husband of the niece of Deng Xiaoping, who ruled China for almost two decades. Wallace Yu Yiping is revealed as the director and sole shareholder of Galaxia Space Management, established in the British Virgin Islands.3 Lee Shing Put, the son-in-law of Zhang Gaoli, the current vice premier of China and member of the Politburo. Lee Shing Put is a shareholder of the offshore companies Glory Top Investments Ltd and Zennon Capital Management Ltd.4 Zeng Qinghuai, the brother of Zeng Qinghong, former vice premier of China.

[ ] The Panama Papers has also had some negative consequences. The term ‘Panama Papers’ was censored in China within a few hours of the story’s initial publication. One lawyer was arrested for sharing a comic photo montage showing the current leader of the Communist Party and two former leaders – Xi Jinping, Deng Xiaoping and Jiang Zemin – wading through the Panama Canal. In Hong Kong, Keung Kwok-yuen, the executive chief editor of the Ming Pao newspaper, was dismissed hours after the Panama Papers revelations were made public. The official reason given for the sacking was that the paper had to cut costs. Our newspaper colleagues in Panama had to print the first issues about the Panama Papers at a secret location for fear that someone would use violence to stop their work.


pages: 385 words: 105,627

The Man Who Loved China: The Fantastic Story of the Eccentric Scientist Who Unlocked the Mysteries of the Middle Kingdom by Simon Winchester

Berlin Wall, British Empire, David Attenborough, Deng Xiaoping, disinformation, double helix, Etonian, Fellow of the Royal Society, Great Leap Forward, index card, invention of gunpowder, Jarndyce and Jarndyce, New Urbanism, public intellectual, Ralph Waldo Emerson, stakhanovite, Stephen Hawking, Ted Kaczynski, trade route

Joseph Needham did occasionally ride a bicycle. And China is now well on the way to becoming the world’s greatest producer—and soon the world’s greatest consumer—of automobiles. Whatever Mao said or did not say to Joseph Needham on that summer’s day in 1972, he was dead four years later, and his successor, Deng Xiaoping, was to be bent single-mindedly on bringing China into the forefront of the modern world. And if that meant, as far as transportation was concerned, the wholesale scrapping of millions of Flying Pigeons and a nation shackled to a lifetime of pollution and traffic jams and countless miles of new roads to be built, then so be it.

., 227 Crescent Moon Lake, 129 Crick, Francis, 240 Crook, David, 58 Crowther, J. G., 53, 54, 57, 164 Cullen, Christopher, 251 Cultural Revolution (1966–1976), 231, 234, 235 names given to children during, 40n.7 Czechoslovakia, “Prague Spring” in (1968), 231 Dadu River, 85, 186 Daily Worker (Britain), 57 Daoism, 191, 192 Daquan River, 129 Darwinism, 13, 14 Deng Xiaoping (Chinese Communist leader), 237 Diamond Sutra, 101–2, 131, 138–39 Dictionary of National Biography (DNB), 230n.51 Diebold, John, 248, 249 dinosaur fossil Lufengosaurus, 156 DNA (deoxyribonucleic acid), double helix model of, 240 Dong Zhongshu, 168 Driberg, Tom, 233 Dujiangyan irrigation project, 108, 109 Dunhuang oasis and caves, 101, 102, 105, 128–32, 134–39 East Asian History of Science trust, 243–44 Eden, Anthony, 56 Eggleston, Frederick, 87 elements, five Chinese, 168 Elers, Peter, 233 Ellis, Havelock, 32 Emblica officinalis, 155 encyclopedia, imperial Chinese, 176–77 English Gymnosophist Society, 22 Epidemic Prevention Bureau, Lanzhou, China, 122 erotic texts, Chinese Daoist, 192 explorations, Chinese seagoing, 186, 194 extraterritoriality as legal concept, 72n.14 Far Eastern Survey, 228 Far East War Council, 54 Fessel, Klaus, 196 Fire-Drake Manual, The 199 Fisher, Ronald, 179–80 fishing reel, Chinese, 186 Fitch, James, 196 Foot, Dingle, 32 foot-binding practice in China, 119–20 Forster, E.


pages: 398 words: 105,917

Bean Counters: The Triumph of the Accountants and How They Broke Capitalism by Richard Brooks

"World Economic Forum" Davos, accounting loophole / creative accounting, Alan Greenspan, asset-backed security, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, blockchain, BRICs, British Empire, business process, Charles Babbage, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Strachan, Deng Xiaoping, Donald Trump, double entry bookkeeping, Double Irish / Dutch Sandwich, energy security, Etonian, eurozone crisis, financial deregulation, financial engineering, Ford Model T, forensic accounting, Frederick Winslow Taylor, G4S, Glass-Steagall Act, high-speed rail, information security, intangible asset, Internet of things, James Watt: steam engine, Jeremy Corbyn, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, light touch regulation, Long Term Capital Management, low cost airline, new economy, Northern Rock, offshore financial centre, oil shale / tar sands, On the Economy of Machinery and Manufactures, Ponzi scheme, post-oil, principal–agent problem, profit motive, race to the bottom, railway mania, regulatory arbitrage, risk/return, Ronald Reagan, Savings and loan crisis, savings glut, scientific management, short selling, Silicon Valley, South Sea Bubble, statistical model, supply-chain management, The Chicago School, too big to fail, transaction costs, transfer pricing, Upton Sinclair, WikiLeaks

If that means giving companies what they want, not what their investors and the public need, so be it. BREAKING CHINA Nowhere was the aggressively expansive strategy more evident, or effective, than in the country that by 2010 had grown to be the world’s second-largest economy. The Big Four firms had been given the right to audit Chinese companies in 1992 under Deng Xiaoping’s market reforms. In the twenty-first century, as the country’s financial borders opened wider, they began to dominate accounting in what was now a highly lucrative market. In its 2009 annual report, Deloitte could boast of 28% growth in China on the back of its ‘strategic interest in that country’.

., 73, 277 PricewaterhouseCoopers (PwC), 143 and Sarbanes–Oxley Act (2002), 122 Connolly, John, 89–90, 136, 137, 139, 146, 148, 150, 201 Conservative Party, 95, 185, 186 consultancy, 6, 10–12, 69, 70–83, 97, 114, 183–210, 261–7, 284–5 Continental Baking, 59 Continental Bank, 101 convergence, 123 Cook, Martin, 16 ‘cooking the books’, 36 Cooper, Cynthia, 109 Cooper, William and Arthur, 49 Coopers & Lybrand, 49, 56, 65, 87–8, 95, 185, 216 Coopers Brothers, 87 Copeland, James, 239 Corbyn, Jeremy, 201 Cornwall, England, 43 corruption, 211–32, 240 cost accounting, 42–4, 70–71, 76 cost–profit calculus, 3 Cotswolds, England, 26 Countrywide Financial Corporation, 48, 118, 257 Court of Appeal, 211 credit default swaps (CDSs), 120, 122, 134–5 credit rating agencies, 130, 149 Cruickshank, David, 166 Crystal Park, Luxembourg, 170 Cuba, 239 Cuomo, Andrew, 133 currency swaps, 156–7 cyber-security, 272–3 Daily Mirror, 88 Daniel, Vincent, 112–13 Dante, 33 Dassler, Horst, 220 Datini, Francesco di Marco, 25 Davey, Horace, Baron Davey, 52 Davos, see World Economic Forum Defoe, Daniel, 38 DeLany, Clarence Martin, 72 Delaware, United States, 8, 57, 92, 236, 284 Deloitte, 2, 5, 8, 12–13, 82, 90, 98, 276, 277 and Adelphia, 109 and bankers’ bonuses, 158 and Bankia, 241 in Brazil, 242–3 Brexit memo (2017), 195, 203 charity, 16–17 in China, 244, 251–2 client relationship partners, 12–13 cyber-security, 272 and Deutsche Bank, 158 dot after name, 12 and Duke Energy, 109 and Financial Crisis Inquiry Commission, 145 Global Impact Report, 17 global operations, 236 and Gol, 242–3 government, advice to, 187, 189, 190, 191, 193, 194 and GPT, 216 and Hong Kong protests (2014), 251–2 and House of Lords committee (2010), 146 integrated reporting, 18 Journey Declaration, 275 and National Health Service (NHS), 193, 194 and Parmalat, 239, 243 and private finance initiative (PFI), 187, 189, 190, 191, 203 and Public Company Accounting Oversight Board (PCAOB), 145 revolving door, 207, 208 and Royal Ahold, 238–9 and Royal Bank of Scotland, 47, 90, 136–40, 142, 147, 241, 259 and securitization, 121 and Standard Chartered Bank, 230 and tax avoidance, 157, 158, 166, 203 and technology, 271 and thrifts, 87 and World Economic Forum, 18 Deloitte, Haskins & Sells, 89 Deloitte, William Welch, 46–7, 49, 158 Deloitte & Touche, 89, 91, 136–40 Deloitte Touche Tohmatsu, 239 Deltour, Antoine, 166–8, 171, 173–4, 175, 175 Democratic Party, 58, 80, 159 Deng Xiaoping, 243 Department for Business, UK, 201 Department for Exiting the EU, 204 Department of Health, UK, 188, 191, 192 Department of Justice, US, 144, 161, 223 deregulation, 84, 85, 95, 112, 163, 273–4 derivatives, 117, 119–23, 125, 129–31, 133–40, 148, 265 Desmond, Dermot, 163 Deutsche Bank, 158, 166, 258 Deutsche Treuhand-Gesellschaft, 235 Devon, England, 73 Dickinson, Arthur, 55, 62, 73, 82 DiPiazza, Sam, 242 dirty pooling, 63 discrezione, 26, 29 Disney, 171 Dissenters, 43 dividends, 31, 39, 45 Donovan, John, 116–17 Doty, James, 260 ‘Double Irish’ scheme, 164 double-entry bookkeeping, 3–4, 6, 18, 22–41, 42–4, 96 Bank of England, 38 and Catholicism, 24–5, 26, 29, 34 Christoffels, 36 East India Company, 37 Goethe, 235 Japan, 235 Medicis, 26–32, 36 Pacioli, 32–6, 100, 124 and Protestantism, 42 Royal African Company, 37 South Sea Company, 39–41, 42 Washington, 53 Watt, 42–3, 44 Wedgwood, 43, 44 Dow Jones, 5, 95 Drucker, Jesse, 164, 165 drug trafficking, 229, 231 Dublin, Ireland, 163 Duke Energy, 109 Duncan, David, 103–4, 105, 106, 107, 108 Duranton International Ltd, 214 EADS, 216 East India Company, 37 Economist, The, 67, 238 EDF (Électricité de France), 205 Edinburgh, Scotland, 54 Edinburgh Society of Accountants, 47 Edison, Thomas, 55 Edward IV, king of England, 30 Edward VII, king of the United Kingdom, 68 Egypt, 21 Einzelunterschrift, 221 Eisenhower, Dwight, 76 Eisman, Steve, 112 Electronic Data Systems, 82 Elizabeth II, queen of the United Kingdom, 111–12 Elkind, Peter, 101 Ellis, Kevin, 256, 258 Enfield rifles, 71 England Bank of England, 38 East India Company, 37 Royal African Company, 37 slave trade, 37 Wars of the Roses (1455–1487), 30 woollen industry, 26, 30 see also United Kingdom Ennis, Jessica, 196 Enron, 16, 40, 99–108, 110, 130, 186, 190, 209, 221, 240, 261, 264 and Arthur Andersen & Co., 4, 7, 11, 74, 102–8, 113, 117 and consultancy arms, sale of, 262 and mark-to-market, 99–102, 113 and regulation, 6, 10, 122, 162, 222, 274, 279 Ernst & Ernst, 63, 71, 87 Ernst & Whinney, 86, 87 Ernst & Young, 2, 56, 91, 97, 132–3, 148–9 alumni system, 17 and Anglo Irish Bank, 144 Arthur Andersen structured finance purchase (2002), 121 ‘Building a Better Working World’, 12 and Civil Service Awards, 200 and Financial Crisis Inquiry Commission, 145 global operations, 236 government, advice to, 180, 187, 199, 202 and HealthSouth, 109 and Hong Kong protests (2014), 251–2 integrated reporting, 18 in Japan, 240–41 and Lehman Brothers, 12, 13, 132–3, 145, 148–9 and limited liability partnerships, 94, 95 and Lincoln Savings and Loan, 86–7 mark-to-model, 124 Panama Papers scandal (2016), 247 and private finance initiative (PFI), 187 and Public Company Accounting Oversight Board (PCAOB), 144–5 ‘Quality in Everything We Do’, 12 revolving door, 206, 207, 208 and securitization, 121 and Sino-Forest, 244 Tate sponsorship, 16 and tax avoidance, 7, 156–7, 162, 180, 182, 246, 247 tax policy development team, 180, 199 thought leadership, 12 and VAT avoidance, 7 and Warner, 224 Weinberger’s leadership, 17–18 and World Economic Forum, 17 European Central Bank, 10 European Commission, 170, 253–5, 268, 280 European Union (EU), 168, 170, 203, 253–5 eurozone, 273 Evans, Jonathan, 207 Evening Standard, 256 Everson, Mark, 159 executive pay, 76 ‘expectations gap’, 65, 257 ‘Eye of the Tiger’ (Survivor), 103 Facebook, 164 fair value, 123–5, 126 Fairhead, Rona, 230 Faisaliah Tower, Riyadh, 217 Falcon 900 jets, 100–101 Farah, Mohamed ‘Mo’, 196 Farrar, Michael, 208 Fastow, Andrew, 101–3, 104–5, 108, 109 Federal National Mortgage Association (‘Fannie Mae’), 118–19, 145, 257 Federal Reserve, 122, 133 Federal Trade Commission, 79 Fiat, 170 Fibonacci, Leonardo, 21–2, 32 FIFA (Fédération Internationale de Football Association), 219–28 Fife, Scotland, 48 Financial Conduct Authority, 140, 149, 281 financial crisis (2007–8), x, 4, 7, 10, 13–14, 18, 111–50, 210, 253, 256–9, 265 American International Group bailout, 133–5, 144, 145, 148 Anglo Irish Bank bailout, 144 Bear Stearns bailout, 139, 145 and China, 111 Fannie Mae crisis, 118–19, 145, 257 HBOS bailout, x, 140–41, 142–3, 149, 257 Lehman Brothers collapse, 12, 13, 92, 131–3, 138, 144, 145, 148–9 and IAS39 rules, 123–5, 126, 127, 147 and mark-to-market, 129–31 New Century Financial Corporation collapse, 115–18, 257 Northern Rock collapse, 125–9, 142–3, 148 Royal Bank of Scotland bailout, 47, 136–40, 142, 241 and securitization, 119–23, 129–31, 133–40, 265 and subprime mortgages, x, 10, 36, 48, 111–22, 126, 130, 133, 136, 142, 274 Washington Mutual collapse, 145 Financial Crisis Inquiry Commission, 134, 135, 144, 145 Financial Reporting Council, 138, 142, 144, 149, 182, 209–10, 213–14, 259, 261 Financial Services Authority, 127, 128, 137, 138, 140 Financial Times, 17, 94, 169, 275 Finland, 246 First World War (1914–18), 71 Flint, Douglas, 229 FLIP (Foreign Leveraged Investment Program), 159, 162, 181 Florence, Republic of (1115–1532), 16, 21, 25, 26–32 Flynn, Timothy, 149 Ford, 71, 181 Ford, Henry, 71 Fortune, 62 fossil fuels, 18 Foul!


pages: 352 words: 104,411

Rush Hour: How 500 Million Commuters Survive the Daily Journey to Work by Iain Gately

Albert Einstein, Alvin Toffler, autonomous vehicles, Beeching cuts, blue-collar work, Boris Johnson, British Empire, business intelligence, business process, business process outsourcing, California high-speed rail, call centre, car-free, Cesare Marchetti: Marchetti’s constant, Clapham omnibus, cognitive dissonance, congestion charging, connected car, corporate raider, DARPA: Urban Challenge, Dean Kamen, decarbonisation, Deng Xiaoping, Detroit bankruptcy, don't be evil, driverless car, Elon Musk, extreme commuting, Ford Model T, General Motors Futurama, global pandemic, Google bus, Great Leap Forward, Henri Poincaré, high-speed rail, Hyperloop, Jeff Bezos, lateral thinking, Lewis Mumford, low skilled workers, Marchetti’s constant, planned obsolescence, postnationalism / post nation state, Ralph Waldo Emerson, remote working, safety bicycle, self-driving car, Silicon Valley, social distancing, SpaceShipOne, stakhanovite, Steve Jobs, Suez crisis 1956, telepresence, Tesla Model S, Traffic in Towns by Colin Buchanan, urban planning, éminence grise

The bicycle they all wanted, which cost two months’ salary and had a three-year waiting list, was the Flying Pigeon, a single-gear, sit-up-and-beg affair with giant wheels and primitive brakes,*6 and which, like the Model T Ford, came only in black. At least 500 million Flying Pigeons have been built since the brand was born in 1950, making it the most popular wheeled vehicle in history. It is one of the few artefacts of the Cultural Revolution that evokes nostalgia in China. When Deng Xiaoping became ‘Paramount Leader’ in 1978, he defined prosperity as ‘a pigeon in every household’. Brides-to-be took him at his word, and often refused to accept their suitors until they could afford a Pigeon. When China started to admit Western tourists in the early 1980s, rush hour in Beijing (which then consisted of several million Flying Pigeons and only a handful of vehicles equipped with combustion engines) was accounted one of its wonders.

Index a Achen Motor Company 315 Acton 43, 46 Acts of Parliament 17 Acworth, Sir William Mitchell 73 aeroplanes 307 America cars 90–101 commuting 224–5 railways 66–80 American Automobile Association (AAA) 198, 209–10 American Bicycle Co. 91 American Motors 120 American School Bus Council (ASBC) 236 Andrade, Claudio 279, 280 Apple 295–6 Australia 232 autobahn 103, 109, 151, 166 b Bagehot, Walter 59 Balfour, A.J. 65 Barter, David Obsessive Compulsive Cycling Disorder 168 Bazalgette, Joseph 60 Beeching, Dr Richard cuts 137, 146, 158, 313, 328 Beerbohm, Max 58 Beijing 160, 161 Metro 160, 162 Benz, Karl 90 Bern, Switzerland 86, 87 Besant, Sir Walter 57 Best Friend of Charleston crash 69 Betjeman, John 109, 135, 272–3 bicycle Boris bikes 167 Brompton 167 commuting in Britain 101, 138–9, 166–8, 216–17 commuting in Europe 166, 222 Flying Pigeon 161–2 penny farthing 101 Raleigh 139 Rover 101–2 Birmingham HS2 329 number 8 bus 141 Birt, William 61 Bishop’s Waltham 313, 327 Blake, William Marriage of Heaven and Hell 104 Booth, Henry 27 Boris bikes 167 Boston 69, 97 Boston and Worcester Line 72 Botley station, Hampshire 1, 2, 3–5, 7, 313, 334 Bowser, Sylvanus Freelove 95 Brazil 279 British Telecom 291–3 Bromley 23, 46 Brompton bike 167 Brunel, Isambard Kingdom 331 Buchanan, Professor Sir Colin Traffic in Towns 145–6 buses 48, 140–41, 235–6, 275–6 c California High Speed Rail (CHSR) 330, 331 Callan Automobile Law 95 carriages (railway) 29–30, 54, 55 in America 71–3 in France 83–4 WCs 33, 72, 226–7 women-only 188–9 ‘workmen’s trains’ 33–4, 60, 61, 83 cars 89–92, 195 commuting in America 101, 113, 116–17 in Britain 107, 142–4, 249–52 in communist countries 151–2 in Italy 149–50 congestion 192–5 congestion charge 312 driverless 316–17, 320–27 ownership 97–8, 100, 103, 125 radio 119, 255–8 SUVs 204–8 Central Railroad of Long Island 76 C5 (electric tricycle) 309–11 Chaplin, William James 15 Cheap Trains Act 61 Chesterton, G.K. 57, 105, 109 Chicago Automobile Club 96–7, 256 Great Fire of 1871 79 Oak Park suburb 79–80 Park Forest suburb 113–15 China 160–62, 314–15 Chrysler 119, 160 Churchill, Winston 308–9 City and South London Railway 54–5, 62 Clean Air Act 286–7 Cobbett, William 334 Collins, Wilkie Basil 52 commuting (car) see cars commuting (cycling) see cycling commuting (rail) comic representation of 137 commuter etiquette 72–3, 82, 249 extreme commuting 233–4 in America 66–80 in France 81–7 in Germany 80, 86–7 in Japan 177–84 in the 1950s 136 in Victorian times 33–9, 42 food in England 36–7, 247 in France 84–5 origin of the term 67 overcrowding 171–83 coronations 140 County Durham 14 Coventry 102 Crawshay, William 35 Croton Falls 66 Croydon 56 Cultural Revolution (China) 161 Cunarders 140 cycling commuting in Britain 101, 138–9, 166–8, 216–17 commuting in Europe 166, 222 Cyclists’ Touring Club 102–3 d Dagenham 107 Dahl, Roald 129, 135–6 Daimler, Gottlieb 90 Dalai Lama 210 Darwin, Charles 13, 32 Daudet, Alphonse 83–4 Daumier, Honoré The Third-Class Carriage 83 The New Paris 86 Landscapists at Work 86 Defense Advance Research Projects Agency (DARPA) 317, 318 Delhi 211–13 Deng Xiaoping 161, 162 Denmark 222, 288 Detroit 110, 121, 123–4 ‘Detroit by the Volga’ 153 Dickens, Charles 12, 25, 50 food 36–7, 84–5, 247 Mugby Junction 84–5 Great Expectations 12 Our Mutual Friend 50 train travel in America 70, 71, 74 Diggins, John 3 Docklands Light Railway (DLR) 279 Downing, Andrew Jackson 66 driverless cars 316–17, 320–27 driving schools 215–16 driving tests New York State 94–5 UK 216 Duluth, Minnesota 79–80 e Ealing, London 38, 40, 42, 46, 56 Eden, Emily 58 Edinburgh 13, 14, 16, 329 Edmondson, Brad 314 Einstein, Albert 87 Eliot, William G.


pages: 459 words: 103,153

Adapt: Why Success Always Starts With Failure by Tim Harford

An Inconvenient Truth, Andrew Wiles, banking crisis, Basel III, behavioural economics, Berlin Wall, Bernie Madoff, Black Swan, Boeing 747, business logic, car-free, carbon footprint, carbon tax, Cass Sunstein, charter city, Clayton Christensen, clean water, cloud computing, cognitive dissonance, complexity theory, corporate governance, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, Dava Sobel, Deep Water Horizon, Deng Xiaoping, disruptive innovation, double entry bookkeeping, Edmond Halley, en.wikipedia.org, Erik Brynjolfsson, experimental subject, Fall of the Berlin Wall, Fermat's Last Theorem, financial engineering, Firefox, food miles, Gerolamo Cardano, global supply chain, Great Leap Forward, Herman Kahn, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, Jarndyce and Jarndyce, John Harrison: Longitude, knowledge worker, loose coupling, Martin Wolf, mass immigration, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Netflix Prize, New Urbanism, Nick Leeson, PageRank, Piper Alpha, profit motive, Richard Florida, Richard Thaler, rolodex, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, South China Sea, SpaceShipOne, special economic zone, spectrum auction, Steve Jobs, supply-chain management, tacit knowledge, the market place, The Wisdom of Crowds, too big to fail, trade route, Tyler Cowen, Tyler Cowen: Great Stagnation, Virgin Galactic, web application, X Prize, zero-sum game

Hachette Digital Little, Brown Book Group 100 Victoria Embankment London, EC4Y 0DY www.hachette.co.uk To Jess, Sophy and Emily, with love Contents Praise for Tim Harford’s Adapt Copyright One Adapting Two Conflict or: How organisations learn Three Creating new ideas that matter or: Variation Four Finding what works for the poor or: Selection Five Climate change or: Changing the rules for success Six Preventing financial meltdowns or: Decoupling Seven The adaptive organisation Eight Adapting and you Acknowledgements Notes Index About the author Adapting ‘The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.’ – Friedrich von Hayek ‘Cross the river by feeling for stones.’ – Attributed to Deng Xiaoping 1 ‘You could easily spend your life making a toaster’ The electric toaster seems a humble thing. It was invented in 1893, roughly halfway between the appearance of the light bulb and that of the aeroplane. This century-old technology is now a household staple. Reliable, efficient toasters are available for less than an hour’s wage.

., 55, 59, 71 catastrophe experts, 184–6, 191, 194–5, 208 Cave-Brown-Cave, Air Commodore Henry, 81, 83, 85, 88, 114 centralised decision making, 70, 74–5, 226, 227, 228; warfare and, 46–7, 67–8, 69, 71, 76, 78–9 centrally planned economies, 11, 21, 23–6, 68–9, 70 Challenger shuttle disaster, 184 Charles, Prince, 154 Chernobyl disaster, 185 Chile, 3, 69–72, 76, 148 China, 11, 94, 131, 143, 147, 150, 152 Christensen, Clayton, 239–40, 242, 245 Chuquicamata mine (Chile), 3 Churchill, Winston, 41–2, 82, 85 Citigroup, 205131 Clay Mathematics Institute, 110 climate change, 4, 20; carbon dioxide emissions and, 132, 156, 159–65, 166–9, 173, 176, 178–80; ‘carbon footprinting’, 159–66; carbon tax/price idea, 167–9, 178–80, 222; environmental regulations and, 169–74, 176, 177; ‘food miles’ and, 159, 160–1, 168; governments/politics and, 157–8, 163, 169–74, 176, 180; greenhouse effect and, 154–6; individual behaviour and, 158–63, 164, 165–6; innovation prizes and, 109, 179; methane and, 155, 156, 157, 159–60, 173, 179, 180; new technologies and, 94–5; simplicity/complexity paradox, 156, 157–8; Thaler-Sunstein nudge, 177–8; uncertainty and, 156 Coca-Cola, 28, 243 Cochrane, Archie, 123–7, 129, 130, 140, 238, 256 cognitive dissonance, 251–2 Cold War, 6, 41, 62–3 Colombia, 117, 147 complexity theory, 3–4, 13, 16, 49, 72103, 237 computer games, 92–3 computer industry, 11–12, 69, 70–1, 239–42 corporations and companies: disruptive technologies and, 239–44, 245–6; environmental issues and, 157–8, 159, 161, 165, 170–1, 172–3; flattening of hierarchies, 75, 224–5, 226–31; fraud and, 208, 210, 212–13, 214; innovation and, 17, 81–2, 87–9, 90, 93–4, 95–7, 108–11, 112, 114, 224–30, 232–4; limited liability, 244; patents and, 95–7, 110, 111, 114; randomised experiments and, 235–9; skunk works model and, 89, 91, 93, 152, 224, 242–3, 245; strategy and, 16, 18, 27–8, 36, 223, 224–34; see also business world; economics and finance cot-death, 120–1 credit-rating agencies, 188, 189, 190 Criner, Roy, 252 Crosby, Sir James, 211, 214, 250, 256 Cuban Missile Crisis, 41, 63 Cudahy Packing, 9 dairy products, 158, 159–60, 164–5, 166 Darwin, Charles, 86 Dayton Hudson, 243 de Montyon, Baron, 107–8 Deal or No Deal (TV game show), 33–5, 253 decentralisation, 73, 74–8, 222, 224–5, 226–31; Iraq war and, 76–8, 79; trial and error and, 31, 174–5, 232, 234 decision making: big picture thinking, 41, 42, 46, 55; consistent standards and, 28–9; diversity of opinions, 31, 44–5, 46, 48–50, 59–63; doctrine of unanimous advice, 30–1, 47–50, 62–3, 64, 78; grandiosity and, 27–8; idealized hierarchy, 40–1, 42, 46–7, 49–50, 55, 78; learning from mistakes, 31–5, 78, 119, 250–1, 256–9, 261–2; local/on the ground, 73, 74, 75, 76–8, 79, 224–5, 226–31; reporting lines/chain of command, 41, 42, 46, 49–50, 55–6, 58, 59–60, 64, 77–8; supportive team with shared vision, 41, 42, 46, 56, 62–3; unsuccessful, 19, 32, 34–5, 41–2; see also centralised decision making Deepwater Horizon disaster (April 2010), 36, 216–19, 220 Democratic Republic of Congo, 139–40 Deng Xiaoping, 1 Denmark, 148 Department for International Development (DFID), 133, 137–8 development aid: charter cities movement, 150–3; community-driven reconstruction (CDR), 137–40; corruption and, 133–5, 142–3; economic ‘big push’ and, 143–5, 148–9; feedback loops, 141–3; fundamentally unidentified questions (FUQs), 132, 133; governments and, 118, 120, 143, 144, 148–9; identification strategies, 132–5; microfinance, 116, 117–18, 120; Millennium Development Villages, 129–30, 131; product space concept, 145–8; randomised trials and, 127–9, 131, 132, 133, 134, 135–6, 137–40, 141; randomistas, 127–9, 132, 133, 135–40, 258; selection principle and, 117, 140–3, 149; SouthWest project in China, 131; success and failure, 116, 118–20, 130–1; Muhammad Yunus and, 116, 117–18 digital photography, 240–1, 242 Dirks, Ray, 211–12, 213 disk-drive industry, 239–40, 242 Djankov, Simeon, 135 domino-toppling displays, 185, 200–1 Don Basin (Russia), 21–2, 24, 27 dot-com bubble, 10, 92 Dubai, 147, 150 Duflo, Esther, 127, 131, 135, 136 Dyck, Alexander, 210, 213 eBay, 95, 230 econometrics, 132–5 economics and finance: banking system as complex and tightly coupled, 185, 186, 187–90, 200, 201, 207–8, 220; bankruptcy contingency plans, 204; Basel III regulations, 195; bond insurance business, 189–90; bridge bank/rump bank approach, 205–6; capital requirements, 203, 204; centrally planned economiepos=0000032004 >11, 21, 23–6, 68–9, 70; CoCos (contingent convertible bonds), 203–4; complexity and, 3–4; decoupling of financial system, 202, 203–8, 215–16, 220; Dodd-Frank reform act (2010), 195; employees as error/fraud spotters, 210, 211, 212, 213, 215; energy crisis (1970s), 179; evolutionary theory and, 14–17, 18–19, 174–5; improvements since 1960s, 215; inter-bank payments systems, 207; latent errors and, 209–10, 215; ‘LMX spiral’, 183–4, 189; narrow banking approach, 206–7, 215; need for systemic heat maps, 195–6; reinsurance markets, 183; zombie banks, 201–2; see also business world; corporations and companies; financial crisis (from 2007) Edison, Thomas, 236, 238 Eliot, T.S., 260 Elizabeth House (Waterloo), 170–1, 172 Endler, John, 221–2, 223, 234, 239 Engineers Without Borders, 119 Enron, 197–8, 200, 208, 210 environmental issues: biofuels, 84, 173, 176; clean energy, 91, 94, 96, 245–6; corporations/companies and, 159, 161, 165, 170–1, 172–3; renewable energy technology, 84, 91, 96, 130, 168, 169–73, 179, 245; see also climate change Equity Funding Corporation, 212 Ernst and Young, 199 errors and mistakes, types of, 208–10; latent errors, 209–10, 215, 218, 220 European Bank for Reconstruction and Development (EBRD), 188 European Union, 169, 173 Evans, Martin, 100 evolutionary theory, 6, 12–13, 15–17, 174, 258; business world and, 14–17, 174–5, 233–4; Darwin and, 86; digital world and, 13–14, 259–60; economics and, 14–17, 174–5; Endler’s guppy experiments, 221–2, 223, 239; fitness landscapes, 14–15, 259; Leslie Orgel’s law, 174, 175, 176, 177, 178, 180; problem solving and, 14–15, 16; selective breeding and, 175–6 expertise, limits of, 6–8, 16, 17, 19, 66 extinction events, biological, 18–19 Exxon (formerly Jersey Standard), 9, 12, 188, 245 F-22 stealth fighter, 93 Facebook, 90, 91 failure: in business, 8–10, 11–12, 18–19, 36, 148–9, 224, 239–46; chasing of losses, 32–5, 253–4, 256; in complex and tightly coupled systems, 185–90, 191–2, 200, 201, 207–8, 219, 220; corporate extinctions, 18–19; denial and, 32, 34–5, 250–3, 255–6; disruptive technologies, 239–44, 245–6; of established industries, 8–10; government funding and, 148–9; hedonic editing and, 254; honest advice from others and, 256–7, 258, 259; learning from, 31–5, 78, 119, 250–1, 256–9, 261–2; modern computer industry and, 11–12, 239–42; as natural in market system, 10, 11, 12, 244, 245–6; niche markets and, 240–2; normal accident theory, 219; recognition of, 36, 224; reinterpreted as success, 254–5, 256; shifts in competitive landscape, 239–46; ‘Swiss cheese model’ of safety systems, 186–7, 190, 209, 218; types of error and mistake, 208–10; willingness to fail, 249–50, 261–2; of young industries, 10 Fearon, James, 137, Federal Aviation Administration, 210 Federal Reserve Bank, 193–4 feedback, 25, 26, 42, 178, 240; in bureaucratic hierarchies, 30–1; development and, 141–3; dictatorships’ immunity to, 27; Iraq war and, 43–5, 46, 57–8, 59–62; market system and, 141; praise sandwich, 254; public services and, 141; self-employment and, 258; yes-men and, 30 Feith, Douglas, 44, 45 Ferguson, Chris ‘Jesus’, 32 Fermi nuclear reactor (near Detroit), 187 Festinger, Leon, 251 financial crisis (from 2007), 5, 11, 25; AIG and, 189, 193–5, 215–16, 228; bankers’ bonuses, 198; banking system as complex and tightly coupled, 185, 186, 187–90, 200, 201, 207–8, 220; bond insurance business and, 189–90; collateralised debt obligations (CDOs), 190, 209; credit default swaps (CDSs), 187–9, 190, 194; derivatives deals and, 198, 220; faulty information systems and, 193–5; fees paid to administrators, 197; government bail-outs/guarantees, 202, 214, 223; Lehman Brothers and, 193, 194, 196–200, 204–5, 208, 215–16; ‘LMX spiral’ comparisons, 183–4, 189; Repo 105 accounting trick, 199 Financial Services Authority (FSA), 214 Firefox, 221, 230 Fleming, Alexander, 83 Food Preservation prize, 107, 108 Ford Motor Company, 46–7 fossil record, 18 Fourier, Joseph, 155 fraud, corporate, 208, 210, 212–13, 214 Friedel, Robert, 80 Frost, Robert, 260 A Funny Thing Happened on the Way to the Forum (musical), 248 Gage, Phineas, 21, 27 Galapagos Islands, 86, 87 Gale (US developer), 152 Galenson, David, 260 Galileo, 187 Galland, Adolf, 81 Gallipoli campaign (1915), 41–2 Galvin, Major General Jack, 62, 256 game theory, 138, 205 Gates, Bill, 110, 115 Gates, Robert, 59, 64, 78 Gates Foundation, 110 Geithner, Tim, 193–5, 196 GenArts, 13 General Electric, 9, 12, 95 Gilbert, Daniel, 255, 256 GlaxoSmithKline, 95 Glewwe, Paul, 127–8 Global Positioning System (GPS), 113 globalisation, 75 Google, 12, 15, 90, 91, 239, 245, 261; corporate strategy, 36, 231–4; Gmail, 233, 234, 241, 242; peer monitoring at, 229–30 Gore, Al, An Inconvenient Truth, 158 Göring, Hermann, 81 government and politics: climate change and, 157–8, 163, 169–74, 176, 180; development aid and, 118, 120, 143, 144, 148–9; financial crisis (from 2007) and, 193–5, 198–9, 202, 214, 215–16, 223; grandiosity and, 27–8; ideal hierarchies and, 46pos=00002pos=0000022558 >7, 49–50, 62–3, 78; innovation funding, 82, 88, 93, 97, 99–101, 102–3, 104, 113; lack of adaptability rewarded, 20; pilot schemes and, 29, 30; rigorous evaluation methods and, 29* Graham, Loren, 26 Grameen Bank, 116, 117 Greece, 147 Green, Donald, 29* greenhouse effect, 154–6 Gulf War, first, 44, 53, 65, 66, 67, 71; Battle of 73 Easting, 72–3, 74, 79 Gutenberg, Johannes, 10 Haldane, Andrew, 195, 258 Halifax (HBOS subsidiary), 211 Halley, Edmund, 105 Halliburton, 217 Hamel, Gary, 221, 226, 233, 234 Hanna, Rema, 135 Hannah, Leslie, 8–10, 18 Hanseatic League, 150 Harrison, John, 106–7, 108, 110, 111 Harvard University, 98–9, 185 Hastings, Reed, 108 Hausmann, Ricardo, 145 Hayek, Friedrich von, 1, 72, 74–5, 227 HBOS, 211, 213, 214 healthcare sector, US, 213–14 Heckler, Margaret, 90–1 Henry the Lion, 149, 150, 151–2, 153 Hewitt, Adrian, 169 Hidalgo, César, 144–7, 148 Higginson, Peter, 230 Hinkley Point B power station, 192–3, 230–1 Hitachi, 11 Hitler, Adolf, 41, 82, 83, 150 HIV-AIDS, 90–1, 96, 111, 113 Holland, John, 16, 103 Hong Kong, 150 Houston, Dame Fanny, 88–9, 114 Howard Hughes Medical Institute (HHMI), 101–3, 112 Hughes (computer company), 11 Humphreys, Macartan, 136, 137, 138–40 Hurricane aircraft, 82* IBM, 11, 90, 95–6 In Search of Excellence (Peters and Waterman, 1982), 8, 10 India, 135, 136, 143, 147, 169 individuals: adaptation and, 223–4, 248–62; climate change and, 158–63, 164, 165–6; experimentation and, 260–2; trial and error and, 31–5 Indonesia, 133–4, 142, 143 Innocentive, 109 innovation: corporations and, 17, 81–2, 87–9, 90, 93–4, 95–7, 108–11, 112, 114, 224–30, 232–4; costs/funding of, 90–4, 99–105; failure as price worth paying, 101–3, 104, 184, 215, 236; government funding, 82, 88, 93, 97, 99–101, 102–3, 104, 113; grants and, 108; in health field, 90–1, 96; large teams and specialisation, 91–4; market system and, 17, 95–7, 104; new technologies and, 89–90, 91, 94–5; parallel possibilities and, 86–9, 104; prize methodology, 106–11, 112, 113–14, 179, 222–3; randomistas and, 127–9, 132, 133, 135–40, 258; return on investment and, 83–4; skunk works model, 89, 91, 93, 152, 224, 242–3, 245; slowing down of, 90–5, 97; small steps and, 16, 24, 29, 36, 99, 103, 143, 149, 153, 224, 259–60; space tourism, 112–13, 114; specialisation and, 91–2; speculative leaps and, 16, 36, 91, 99–100, 103–4, 259–60; unpredictability and, 84–5 Intel, 11, 90, 95 International Christelijk Steunfonds (ICS), 127–9, 131 International Harvester, 9 International Rescue Committee (IRC), 137–8, 139 internet, 12, 15, 63, 90, 113, 144, 223, 233, 238, 241; randomised experiments and, 235–6, 237; see also Google Iraq war: al Anbar province, 56–7, 58, 64, 76–7; civil war (2006), 39–40; Commander’s Emergency Response Program (CERP), 77; counterinsurgency strategy, 43, 45, 55–6, 58, 60–1, 63–4, 65; decentralisation and, 76–8, 79; feedback and, 43–5, 46, 57–8, 59–62; FM 3–24 (counter-insurgency manual), 63; Forward Operating Bases (FOBs), 51–3, 57, 65; Haditha killings (19 November 2005), 37–9, 40, 42, 43, 52; new technologies and, 71, 72, 74, 78–9, 196; Samarra bombing (22 February 2006), 39; Tal Afar, 51, 52, 53–5, 61, 64, 74, 77, 79; trial and error and, 64–5, 66–7; US turnaround in, 35, 40, 46, 50–1, 53–6, 57–8, 59–61, 63–5, 78; US/allied incompetence and, 38, 39–40, 42–5, 46, 50, 64, 67, 79, 223; Vietnam parallels, 46 J&P Coats, 9 Jacobs, Jane, 87 James, Jonathan, 30 Jamet, Philippe, 192 Janis, Irving, 62 Japan, 11, 143, 176, 204, 208 Jay-Z, 119 Jo-Ann Fabrics, 235 Jobs, Steve, 19 Joel, Billy, 247–8, 249 Johnson, President Lyndon, 46, 47, 49–50, 60, 62, 64, 78 Jones, Benjamin F., 91–2 Joyce, James, 260 JP Morgan, 188 Kahn, Herman, 93 Kahneman, Daniel, 32, 253 Kantorovich, Leonid, 68–9, 76 Kaplan, Fred, 77 Karlan, Dean, 135 Kauffmann, Stuart, 16, 103 Kay, John, 206–7, 208, 215, 259 Keller, Sharon, 252 Kelly, Terri, 230 Kennedy, President John F., 41, 47, 62–3, 84, 113 Kenya, 127–9, 131 Kerry, John, 20 Keynes, John Maynard, 181 Kilcullen, David, 57, 60–1 Klemperer, Paul, 96, 205 Klinger, Bailey, 145 Kotkin, Stephen, 25 Kremer, Michael, 127–8, 129 Krepinevich, Andy, 45 Lanchester, John, 188 leaders: decision making and, 40–2; failure of feedback and, 30–1, 62; grandiosity and, 27–8; ignoring of failure, 36; mistakes by, 41–2, 56, 67; need to believe in, 5–6; new leader as solution, 59 Leamer, Ed, 132* Leeson, Nick, 184–5, 208 Lehman Brothers, 193, 194, 196–200, 204–5, 208, 215–16 Lenin Dam (Dnieper River), 24 Levine, John, 48–9 Levitt, Steven, 132–3 Liberia, 136–9 light bulbs, 162, 177 Lind, James, 122–3 Lindzen, Richard, 156 Livingstone, Ken, 169 Lloyd’s insurance, 183 Lloyds TSB, 214 Local Motors, 90 Lockheed, Skunk Works division, 89, 93, 224, 242 Lomas, Tony, 196, 197–200, 204, 205, 208, 219 Lomborg, Bjorn, 94 longitude problem, 105–7, 108 Lu Hong, 49 Lübeck, 149–50, 151–2, 153 Luftwaffe, 81–2 MacFarland, Colonel Sean, 56–7, 64, 74, 76–7, 78 Mackay, General Andrew, 67–8, 74 Mackey, John, 227, 234 Madoff, Bernard, 208212–13 Magnitogorsk steel mills, 24–5, 26, 153 Malawi, 119 Mallaby, Sebastian, 150, 151 management gurus, 8, 233 Manhattan Project, 82, 84 Manso, Gustavo, 102 Mao Zedong, 11, 41 market system: competition, 10–11, 17, 19, 75, 95, 170, 239–46; ‘disciplined pluralism’, 259; evolutionary theory and, 17; failure in as natural, 10, 11, 12, 244, 245–6; feedback loops, 141; innovation and, 17, 95–7, 104; patents and, 95–7; trial and error, 20; validation and, 257–8 Markopolos, Harry, 212–13 Marmite, 124 Maskelyne, Nevil, 106 mathematics, 18–19, 83, 146, 247; financial crisis (from 2007) and, 209, 213; prizes, 110, 114 Mayer, Marissa, 232, 234 McDonald’s, 15, 28 McDougal, Michael, 252 McGrath, Michael, 252 McMaster, H.R.


Reset by Ronald J. Deibert

23andMe, active measures, air gap, Airbnb, Amazon Web Services, Anthropocene, augmented reality, availability heuristic, behavioural economics, Bellingcat, Big Tech, bitcoin, blockchain, blood diamond, Brexit referendum, Buckminster Fuller, business intelligence, Cal Newport, call centre, Cambridge Analytica, carbon footprint, cashless society, Citizen Lab, clean water, cloud computing, computer vision, confounding variable, contact tracing, contact tracing app, content marketing, coronavirus, corporate social responsibility, COVID-19, crowdsourcing, data acquisition, data is the new oil, decarbonisation, deep learning, deepfake, Deng Xiaoping, disinformation, Donald Trump, Doomsday Clock, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, Evgeny Morozov, failed state, fake news, Future Shock, game design, gig economy, global pandemic, global supply chain, global village, Google Hangouts, Great Leap Forward, high-speed rail, income inequality, information retrieval, information security, Internet of things, Jaron Lanier, Jeff Bezos, John Markoff, Lewis Mumford, liberal capitalism, license plate recognition, lockdown, longitudinal study, Mark Zuckerberg, Marshall McLuhan, mass immigration, megastructure, meta-analysis, military-industrial complex, move fast and break things, Naomi Klein, natural language processing, New Journalism, NSO Group, off-the-grid, Peter Thiel, planetary scale, planned obsolescence, post-truth, proprietary trading, QAnon, ransomware, Robert Mercer, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, single source of truth, Skype, Snapchat, social distancing, sorting algorithm, source of truth, sovereign wealth fund, sparse data, speech recognition, Steve Bannon, Steve Jobs, Stuxnet, surveillance capitalism, techlash, technological solutionism, the long tail, the medium is the message, The Structural Transformation of the Public Sphere, TikTok, TSMC, undersea cable, unit 8200, Vannevar Bush, WikiLeaks, zero day, zero-sum game

And these elements are not limited to just our handheld devices; they are essential ingredients of a wide range of other consumer and military-grade electronic appliances, from electric cars and other transportation technologies to LED displays on modern weapons systems. Most of the rare earth elements come from China, which occasionally makes for some interesting geopolitical dynamics. As president Deng Xiaoping declared in 1997, “the Middle East has oil, we have rare earth.” China holds the world’s largest reserves of rare earth elements, around 37 percent of the global total.293 (Vietnam and Brazil each have around 18 percent, while the United States has around one percent.) More importantly, Chinese firms control more than 85 percent of the existing rare earth element supply chain (down from about 97 percent in 2009), thanks to low labour costs and (until recently) lax environmental regulations around mining operations.

See also specific applications and abuse of power, 292–294 energy use by, 233–242 environmental impact, 210, 213, 227–229, 230–242, 297, 329–330 global governance of, 326–329 in historical context, 273, 310–311 infrastructure of, 208, 209–210 labour issues, 229–230 in political context, 273, 276, 323 communication technologies (continued) and privacy, 283–284 as restraint mechanisms, 323–324 restraint mechanisms for, 289–295, 305–309 rights around, 312–313 supply chain for, 225–227 waste generated by, 231, 243–245, 246, 248 compulsion loops, 98–100 Congo, Democratic Republic of (drc), 223–224, 227 conspiracy theories, 80–82, 129 on social media, 2, 84,88–89, 269 Consumer Reports, 75 cookies (web trackers), 43, 59–60, 61, 63 covid-19 pandemic, 3–4, 7, 30, 325 and abuse of power, 192–194, 196–197, 288 and communications ecosystem, 231–232, 301, 313 and cybercrime, 83–84 false information about, 80–83, 84–85, 130–131 social media and, 82–83, 263, 329 surveillance industry and, 193–194 Cox, Joseph, 188 Cray-i, 311 The Curse of Bigness (Wu), 304–305, 307 Cusack, John, 82 Cyberbit, 150–151 Dahua Technology, 166 Dalai Lama, 204 Dale, Daniel, 268 DarkMatter, 149–150 data centres, 236–237 data fusion, 178–183 data harvesting, 13, 14, 55–60, 65–66, 299. See also specific platforms by security agencies, 39, 41–45, 79 by social media, 13–14, 27–28, 63 Davidow, William, 100 Defense Advanced Research Projects Agency, 183 DemDex, 60 Democracy in Retreat (Freedom House), 200 Deng Xiaoping, 216 deregulation, 49–50, 287, 288 Deudney, Daniel, 277, 279, 281, 303–304, 316 Dewey, John, 114, 263, 279 dezinformatsiya, 121–122 Digital Minimalism (Newport), 261 Digital Wellbeing (app), 261–262 dji Technology Co., 15, 177 Doctorow, Cory, 78, 313 Dominion Energy (VA), 238 Donaghy, Rori, 150 Doomsday Clock, 132 Dorsey, Jack, 93 DoubleClick, 60 Douek, Evelyn, 301–302 Draganfly, 193 drones, 14–15, 52, 177–178, 193 drt boxes (cell site simulators), 190–191 DuckDuckGo, 270–271 Duterte, Rodrigo, 120, 125–126, 192 Ecuador, 73–74 education (public), 316–318, 319–321 edunet, 107 Egelman, Serge, 65–66 Electronic Frontier Foundation, 59, 264 The Elements of Power (Abraham), 217 Empire and Communications (Innis), 22–23, 24 encryption, 69, 195–196, 198, 292–293, 323–324.


pages: 777 words: 186,993

Imagining India by Nandan Nilekani

"World Economic Forum" Davos, addicted to oil, affirmative action, Airbus A320, BRICs, British Empire, business process, business process outsourcing, call centre, carbon credits, carbon tax, clean water, colonial rule, corporate governance, cuban missile crisis, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, digital map, distributed generation, electricity market, farmers can use mobile phones to check market prices, flag carrier, full employment, ghettoisation, glass ceiling, global supply chain, Hernando de Soto, income inequality, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, knowledge economy, land reform, light touch regulation, LNG terminal, load shedding, low cost airline, Mahatma Gandhi, market fragmentation, mass immigration, Mikhail Gorbachev, Network effects, new economy, New Urbanism, open economy, Parag Khanna, pension reform, Potemkin village, price mechanism, public intellectual, race to the bottom, rent control, rolodex, Ronald Reagan, school vouchers, Silicon Valley, smart grid, special economic zone, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Tragedy of the Commons, transaction costs, trickle-down economics, unemployed young men, upwardly mobile, urban planning, urban renewal, women in the workforce, working poor, working-age population

It is true that India is a young democracy, saddled with the problems of inexperience, and that it has endured ineffective, populist governments. But the flag-carriers for authoritarian rule should remember that such power is always more dangerous than it is worth. An authoritarian system is always susceptible to tyranny and abuse—it is as likely to produce a Robert Mugabe as a Deng Xiaoping. It also creates errors that cannot be easily corrected, as we have seen in China’s response to environmental issues and population growth. The democratic system, despite its flaws, is its own cure—in its guarantee of liberty for all people, irrespective of background and wealth, it offers the real drivers of change that can help overcome entrenched interests, inequalities and centuries-old divisions.

Ma Yinchu, made a proposal for a family planning program in China in the 1950s, he was opposed quite strongly, publicly ridiculed and lost his university job. But by the end of the 1970s, the Chinese government was also bitten by the population panic bug and began to emphasize population control to promote “social harmony” and optimum growth. The government first launched the “Later, Longer, Fewer” campaign, and then the one-child policy, which Deng Xiaoping implemented in 1981. Deng had a pretty unsparing approach to family planning and told his officials to “ ‘Just do it’—implement in any way and by any means possible.”14 What followed in China was the “technical policy on family planning,” which required intrauterine devices for women in families with one child, and sterilization for couples with two children.

Dasgupta, Asim Datta, Aniruddha Dave, Surendra DCM D-Company Deewar Defense Research and Development Organization “defined contributions,” Delhi Delhi Development Act (1957) Delhi Development Authority (DDA) Delhi Metro Delhi Public School Delhi School of Economics (DSE) Delhi University (DU) Delimitation Commission Deming awards “demographic dividend,” “Demographic Transitions and Economic Miracles in Emerging Asia” (Bloom) Deng Xiaoping Deshpande. K. de Soto, Hernando Dharavi slum Dhoni, Mahendra Singh diabetes Dickens, Charles dietary issues direct benefit payments disease “double-hump dividend,” Dravida Munnetra Kazhagam (DMK) Dreamworks SKG Dreze, Jean droughts Dube, S. C. Dumont, Louis Dutt, Sunil Dyer, General dysentery Dyson, Tim East India Company Economist economy, Indian: author’s views on ; of black market ; caste system and; closed vs. open; education and ; environmental impact of ; fragmentation of; global ; growth rate of; information technology (IT) in ; infrastructure and ; middlemen in ; migration in ; nationalization of ; “new” planned ; political impact of ; private vs. public sectors in ; reform of ; rural ; single market for ; subsidies in ; urban ; see also business, Indian Edison, Thomas Education Commission Education Guarantee Scheme (EGS) e-governance projects eGovernments Foundation Ehrlich, Paul Eisenhower, Dwight D. elderly population Election Commission electricity Electricity Act (2003) electronic order book system electronic voting machines (EVMs) Emergency Rule Employee Provident Fund (EPF) Employees’ Pension Scheme (EPS) Employees’ Provident Fund Organization (EPFO) energy resources ; see also specific types of energy engineers, software English language Enron Corp.


pages: 559 words: 178,279

The Cold War: Stories From the Big Freeze by Bridget Kendall

anti-communist, Berlin Wall, British Empire, collective bargaining, colonial rule, cuban missile crisis, Deng Xiaoping, Dissolution of the Soviet Union, European colonialism, Fall of the Berlin Wall, Great Leap Forward, Howard Zinn, Korean Air Lines Flight 007, land reform, Mikhail Gorbachev, Monroe Doctrine, mutually assured destruction, open borders, Prenzlauer Berg, Ronald Reagan, Suez canal 1869, white flight

It required millions of Red Guards, educated urban young people, to go out into the countryside to live and work alongside the rural poor. It meant that an entire generation of Chinese youth never completed their studies. Mao declared the Cultural Revolution at an end in 1969. But it was not finally laid to rest until after his death in 1976 when the next Chinese leader, Deng Xiaoping, began to dismantle Maoist polices and reverse the damage by introducing a programme of economic modernisation and by opening up contacts with the West. For some people in China, the era of the Cultural Revolution is still remembered with some nostalgia, as a time of inspiring revolutionary fervour, of pure ideals and a moment when politics really seemed to matter.

Vietnam’s invasion brought Pol Pot’s murderous rule to an end, but it also brought to a head another problem: the continued rivalry between the two Communist giants, Chinese and Soviet, who both saw the region as territory where they could and should have a decisive influence. Like the Khmer Rouge, China suspected that Vietnam – with Moscow scheming behind it – had evicted Pol Pot as part of a wider plan to extend its dominance over this part of South-east Asia. So, the Chinese leader, Deng Xiaoping, decided to teach the Vietnamese a lesson and launch China’s own border war on Vietnam. To reinforce the point, he also warned Moscow that he was putting Chinese troops stationed along the Sino-Soviet border on full alert. China’s invasion of Vietnam in February 1979 caught the rest of the world by surprise.

W. 445 Bush, George W. 492, 493 Cambodia (Kampuchea) 332–3 Campaign for Nuclear Disarmament see CND capitalism in Italy 38, 39 Mao on 70, 260 Soviet propaganda and 117, 244, 252 television debate on 163 and West Berlin 133, 211–12 ‘Carnation Revolution,’ Angola 368 Carter, President Jimmy 334, 387 Castro, Fidel 229–31 and Angola 369, 370 and Chile 314 and Five Points 230, 240 and Soviet Union 230, 231, 236 US view of 233 Castro, Raúl 229 Catholic Church 38, 40, 405–8 Ceaus¸escu, Nicolae 279, 442 censorship in Chile 315 in Cuba 235 in Czechoslovakia 278, 281 in East Germany 360 in Iran 152 and McCarthyism 113 in Soviet Union 163, 245, 254, 394, 440, 497 Central Intelligence Agency, US see CIA Checkpoint Charlie, Berlin 214, 224 Chernenko, Konstantin 439 Chiang Kai-shek 67, 68, 70, 76, 102, 108, 113 Chile CIA and 313, 314 coup 311–27 and Cuba 314 curfew 315, 325, 326 military dictatorship 315, 316 and Soviet Union 314 China and Angola 368, 369 atomic bomb 149 civil war 67–8, 71, 72 Cultural Revolution 244, 257–73 fall of Shanghai 65–79 ‘Four Olds’ 261 Great Leap Forward 259, 261, 262, 269 hyperinflation 72, 74 illiteracy 78 invasion by Japanese 67 invasion of Vietnam 333, 334 isolation 262 and Khmer Rouge 332 Kuomintang 67, 68–9, 70, 78 modernisation 263 Nationalists 67, 68, 75 and North Korea 85 nuclear tests 120, 259, 260 People’s Liberation Army 67, 68, 69, 70, 72, 74, 78, 84, 262 People’s Republic of 69–70, 78 and Soviet Union 259, 333, 334 and United States 349 Chios prison camp 17, 18 Church Committee 316 Churchill, Winston and Greece 3, 4, 5, 6, 11, 14 ‘iron curtain’ 24 ‘spheres of influence’ 21 Yalta agreement 47 CIA (Central Intelligence Agency), US and Afghanistan 387, 398, 399 and Angola 369 and Chile 313–17, 319, 321, 327 and Congo 205, 206 and coup in Guatemala 313 and coup in Iran 151, 152 Italian election and 38, 39, 43 and McCarthyism 111 and Russia 245 CND (Campaign for Nuclear Disarmament) 423, 428, 430 Comecon (Council for Mutual Economic Assistance) 177 Cominform 6 Commonwealth of Independent States (former Soviet Union) 494 Communism Polish view of 411, 412 US view of 7, 23, 24, 37, 39, 69, 84, 86, 297, 299, 300, 370, 422 Conférence de la Table Ronde (Conference of the Round Table) 202 Congo (formerly Belgian Congo) (later Zaire) and Angola 368, 380 crisis 193–208 inter-ethnic fighting 198 Independence Day 196 missionaries in 198, 200 MI6 and CIA involvement 198 mutiny by security forces 196, 197 uranium deposits 196 Congolese Round Table Conference, Brussels 195, 196 Congress of the Soviet Communist Party 1956 162 Council for Mutual Economic Assistance see Comecon cruise missiles 422–5, 427, 428, 435 Cuba and Angola 368, 370, 378, 379 Bay of Pigs invasion 152, 229, 236 missile crisis 227–40 nationalisation of US companies 229 revolution 229 Czechoslovakia border of 30–1 Communist Party 21–9 Communist coup 19–33, 52 culture in 277, 278 emigration 280 imprisonment and torture 26, 27 industrial unrest 134 and Munich agreement 23 Pioneer movement 28 post-war economy 22 show trials 278 Soviet invasion 244, 249, 250, 255, 256, 401 undesirables 28 ‘Victorious February’ 21 Warsaw Pact invasion 284, 289 see also Prague Spring Daniel, Yuli 245, 248, 249, 255 ‘December Events’ (Dekemvriana) 3, 14, 15 decolonisation 195, 198, 200, 367–8 Democratic Army of Greece 3 Deng Xiaoping 263, 333 de-Stalinisation 161–3, 243 détente 349–51 Deutschmark 52, 53 Dominican Republic 313 ‘domino theory’ 295, 296 Dubcˇek, Alexander 277, 282, 288, 289, 290 Action Programme 278, 279, 280 EAM (Ethnikó Apeleftherotikó Métopo) (National Liberation Front) 3, 4, 5, 7 East Germany (German Democratic Republic) creation of 54, 211 emigration from 211, 212 industrial unrest in 134 People’s Army 222 People’s Judges 142 People’s Police 145 Socialist Unity Party 142, 143 Stalinism 133 Stasi police 133 uprising 131–46 Eastern Europe ‘percentages agreement’ 6 Yalta agreement 21 Eden, Anthony 5, 14 EDES (Ethnikos Dimokratikos Ellinikos Syndesmos) (National Republican Greek League) 11 Ehrenburg, Ilya 163 Eisenhower, General Dwight and Cuba 229 ‘domino theory’ 295, 296 and Soviet Union 150 ELAS (Ellinikós Laïkós Apeleftherotikós Stratós) (Greek People’s Liberation Army) 3, 4, 5, 9, 11, 15 Élisabethville, Congo 207 Elsey, George 84 Elugelab island 118 Enewetak Atoll 118 EPON (Ethnikí Pánellenios Orgánosis Neoléas) (National Panhellenic Organisation of Youth) 7, 11 Estonia 32, 475–8 FBI (Federal Bureau of Investigation) 102, 106, 110, 111, 113, 114 FDJ see Free German Youth (Freie Deutsche Jugend) Federal Republic Germany see West Germany FIN (Fuente de Información Norteamericana) (news bulletin) 320 FNLA (Frente Nacional de Libertação de Angola) (National Front for the Liberation of Angola) 368, 377, 378 Fonda, Jane 307 France Communist Party 23 H-bomb research 120 and Indochina 295 and Italy 44 Popular Front 40 Suez Crisis 181 fraternisation 55, 56 Free German Youth (Freie Deutsche Jugend) (FDJ) 137, 217, 218, 222 Fuchs, Klaus 101, 117 Furtseva, Yekaterina 173 Gargarin, Yuri 244 Geneva Accord 295 Gerő, Ernő 179, 185 German Democratic Republic see East Germany Germany ‘Basic Treaty’ 350–1 division 51–2, 133 reunification 456, 457–8 Gierek, Edward 408 Ginzburg, Alexander 248, 249 Girón, Cuba 235 glasnost 440, 443, 448, 450, 475, 480, 495 Gomułka, Władysław 178, 278 Gorbachev, Mikhail and Eastern Europe 455 glasnost 440, 475, 480, 495 as new leader 439 perestroika 163, 246, 388, 400, 437–51 Perestroika: New Thinking for Our Country and the World 450 removal of 491–4 on reunified Germany 457 and US 424 Gorbachev, Raisa 439 Gorbanevskaya, Natalya 249, 255 Gottwald, Klement 22, 23, 277 ‘Great Game’ 367, 387 Greece Civil War 1–18 Communists 4, 5, 6, 7, 9, 11, 12–13 German occupation 9 German retreat 11 Italian invasion 8 military dictatorship 4 Nationalists 12 Nazi occupation 3–5, 6 ‘percentages agreement’ 6 resistance movement 3, 4, 5, 9 threat of Soviet control 9 Greece, King of 3, 4, 11 Greenham Common US base 423 Gromyko, Andrei 388, 439 Guantanamo Bay, Cuba 229, 232, 233 Guatemala 151, 313 Guevara, Ernesto ‘Che’ 229, 238 Gulf of Tonkin Resolution 296 Hagaru-ri, Korea 90, 91 Hamhung, Korea 91 Hammarskjöld, Dag 205, 206 Handelsorganisations 59 Harvard 111 Havana, Cuba 232, 235, 237 Havel, Václav 278, 281 H-bomb (hydrogen bomb) (thermo-nuclear bomb) 115–29 contamination 119, 125–9 nuclear arms race 118 Soviet ‘Tsar Bomba’ 120 US 120 Helms, Richard 313, 314 Helsinki Accords 351, 352, 362 Herat, Afghanistan 388 Hiroshima 117, 118 Hiss, Alger 101, 109, 110 Ho Chi Minh 295, 296 Ho Chi Minh Trail 331 Hoa people 334 ‘Hollywood Ten’ and McCarthyism 103 Honecker, Erich 350, 455 Hoover, J.


pages: 829 words: 187,394

The Price of Time: The Real Story of Interest by Edward Chancellor

"World Economic Forum" Davos, 3D printing, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, asset allocation, asset-backed security, assortative mating, autonomous vehicles, balance sheet recession, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Ben Bernanke: helicopter money, Bernie Sanders, Big Tech, bitcoin, blockchain, bond market vigilante , bonus culture, book value, Bretton Woods, BRICs, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, cashless society, cloud computing, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, commodity super cycle, computer age, coronavirus, corporate governance, COVID-19, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cryptocurrency, currency peg, currency risk, David Graeber, debt deflation, deglobalization, delayed gratification, Deng Xiaoping, Detroit bankruptcy, distributed ledger, diversified portfolio, Dogecoin, Donald Trump, double entry bookkeeping, Elon Musk, equity risk premium, Ethereum, ethereum blockchain, eurozone crisis, everywhere but in the productivity statistics, Extinction Rebellion, fiat currency, financial engineering, financial innovation, financial intermediation, financial repression, fixed income, Flash crash, forward guidance, full employment, gig economy, Gini coefficient, Glass-Steagall Act, global reserve currency, global supply chain, Goodhart's law, Great Leap Forward, green new deal, Greenspan put, high net worth, high-speed rail, housing crisis, Hyman Minsky, implied volatility, income inequality, income per capita, inflation targeting, initial coin offering, intangible asset, Internet of things, inventory management, invisible hand, Japanese asset price bubble, Jean Tirole, Jeff Bezos, joint-stock company, Joseph Schumpeter, junk bonds, Kenneth Rogoff, land bank, large denomination, Les Trente Glorieuses, liquidity trap, lockdown, Long Term Capital Management, low interest rates, Lyft, manufacturing employment, margin call, Mark Spitznagel, market bubble, market clearing, market fundamentalism, Martin Wolf, mega-rich, megaproject, meme stock, Michael Milken, Minsky moment, Modern Monetary Theory, Mohammed Bouazizi, Money creation, money market fund, moral hazard, mortgage debt, negative equity, new economy, Northern Rock, offshore financial centre, operational security, Panopticon Jeremy Bentham, Paul Samuelson, payday loans, peer-to-peer lending, pensions crisis, Peter Thiel, Philip Mirowski, plutocrats, Ponzi scheme, price mechanism, price stability, quantitative easing, railway mania, reality distortion field, regulatory arbitrage, rent-seeking, reserve currency, ride hailing / ride sharing, risk free rate, risk tolerance, risk/return, road to serfdom, Robert Gordon, Robinhood: mobile stock trading app, Satoshi Nakamoto, Satyajit Das, Savings and loan crisis, savings glut, Second Machine Age, secular stagnation, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, stock buybacks, subprime mortgage crisis, Suez canal 1869, tech billionaire, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tim Haywood, time value of money, too big to fail, total factor productivity, trickle-down economics, tulip mania, Tyler Cowen, Uber and Lyft, Uber for X, uber lyft, Walter Mischel, WeWork, When a measure becomes a target, yield curve

Only land and houses can be for long relied upon.5 Although paper money was invented in China, the verdict of most historians on the country’s monetary history is damning: ‘from having begun as a brilliant solution to a shortage of copper cash, paper money gradually turned into a bureaucratic monstrosity that hampered the productive forces whose growth it had originally done much to foster.’6 Financial repression served as a tool of political repression.fn2 In his brilliant account of Lord Marcartney’s embassy to the Court of Qianlong, Alain Peyrefitte comments that ‘the exploitation of poverty by usurers was all China knew of capitalism. Even this, however, was not really capitalism, but its opposite: money was made not to be invested but to be spent.’7 THE REFORM ERA In 1974, when Deng Xiaoping led a delegation of officials to a special session of the United Nations in New York, there was scarcely enough foreign currency in the whole of China to finance the trip: the sum total of foreign currency that could be located in Beijing’s banks was just $38,000.8 At the time, the People’s Bank of China was a branch of the Ministry of Finance.

Beijing now clamped down on foreign takeovers. Given its prominent role as shadow banker and serial acquirer of foreign companies, Anbang made a perfect scapegoat. The company was ordered to dispose of its foreign investments. Anbang’s chairman, Wu Xiaohui, a well-connected businessman married to a granddaughter of Deng Xiaoping, was arrested for ‘economic crimes’ (and later sentenced to eighteen years in prison). The company’s assets were seized. Neither international borders nor foreign laws impeded Beijing’s attempts to stop capital flight. In January 2017, a Chinese-Canadian tycoon named Xiao Jianhua, who had been accused of money-laundering, was abducted by plainclothes police from his suite in Hong Kong’s Four Seasons Hotel and spirited back to the Mainland where he was thrown in jail.122 ‘Crocodiles’ – the name given to overreaching business types – were becoming an endangered species.

., 72 Charles II, King of England, 33, 38 Chase National Bank, 87, 88 Chaumont, the Widow, 54–5 Child, Sir Josiah, xxii, 33–4, 35, 36–7, 37*, 38–40, 41, 43, 44, 202 China: authoritarian relapse in recent years, 288–9; back-alley banking, 281–3; capital controls in, 262, 266, 285; capital flight from, 285–6; and ‘commodity super-cycle (from 2010), 173–4, 255–6; corporate zombies in, 277, 281, 285, 289; corruption in, 270, 274, 275, 287–8, 287*; currency devaluation (2015), 227; debt-deflation in, 280–81; Deng’s reform era, 265, 266, 267; and digital currencies concept, 294; economic stimulus plan (2008/9), 270, 271–81, 282, 289, 292; export driven expansion, 132, 182, 267–70; and financial repression, 264–5, 265*, 266–81, 268*, 283, 286–9, 292; foreign capital inflows, 254–5, 256, 265–6, 267, 270, 270*; garlic bulb bubble, 173, 271, 282; ‘great divergence’ from West, 288; growing inequality in, 287–8, 287†; high occurrence of elevator accidents, 274, 274*; high-speed rail expansion, 275; housing boom during Covid pandemic, 310; increased share of world trade, 260; ‘iron rice bowl’ removed, 268; joins WTO (2001), 267; as leading producer of greenhouse gases, 277–8; long tradition of impressive investments, 276; ‘national team’ of state enterprises, 272, 272*; and new technologies, 177, 276, 283, 284; paper money invented in, 265; ‘Red Capitalism’, 280, 284, 292; savings/current account surpluses, 129, 268–9, 270; ‘shadow banks’ in, 266, 270, 282*, 283–5, 286; SHIBOR lending rate, 284; and taper tantrum (June 2013), 256, 284; treatment of Uighurs, 288; Trump’s trade wars with, 262; uncoordinated investment in, 266, 269, 270, 272–4, 275–9, 280–81; undervalued exchange rate, 267–8, 270, 271; unscrupulous vested interests, 270, 286–9; unstable bubbles in, 270, 271–4, 282, 288; unsustainable debt in, 270, 279–81, 282–5, 289; US loss of manufacturing jobs to, 261, 261*; vast investment boom in, xxiii, 128, 267–81, 280*, 282–9; wealth management product (WMP), 283–4; Wenzhou’s credit crunch (2011), 282–3 Chu, Charlene, 280 Citigroup, 232† Clapham, Sir John, 79 Clarida, Richard, 310 classical economists, 12, 14, 27–8, 31, 41, 85*, 130–31, 132–3, 183 see also Smith, Adam Clifford & Sons, 63 climate change, 255, 277–8 cloth trade, 14–15, 22, 23 Cobham, Thomas of, 19–20, 26 Coffin, Charles, 156 Cole, Christopher, 229*, 231 collateralized debt obligations (CDOs), 116, 227 collateralized loan obligations (CLOs), 227 Commerzbank, Germany, 245 compound interest, xvii, 8–9, 190, 200, 202 Conard, Joseph, 141* Connally, John, 251, 262 Consols (British bonds), 62–3, 65, 65†, 70, 77, 79, 80, 126 Conti, Louis Armand II, Prince of, 55 Coolidge, Calvin, 87, 92–3 corporate sector: benefits of low interest rates for, xxii; the financialized firm, 166–7; ‘good will’ on balance sheets, 169, 180; profits bubble in post-crisis USA, 183, 185, 211; ‘shareholder value’ philosophy, 163–6, 167, 170–71 corruption, 63, 258, 274, 275, 287*, 288; in China, 270, 274, 275, 287–8, 287*; Galbraith coins ‘bezzle’ term, 287 Coughlin, Father Charles, 242 Coupe, Mike, 160 ‘coveitise’, practice of, 24 Covid-19 pandemic, xxii, 224*, 304, 305–7, 309–10 Cowen, Tyler, 198 Coxey’s Army, 201 credit: in ancient Near East, 3, 5–10, 11, 15; and Borio’s financial cycle, 132, 134, 135; causes of booms, 42, 43, 44, 118, 176–7, 220; central bank dominion over markets, xxii, 292–3, 293*; collapse in quality in post-crisis decade, 222–4, 231, 233, 237–8; decline in quality during booms, 112, 116, 135–6; Defoe on, 28; emergence of modern credit cycle, 62–4; expansion in 1920s USA, 87–91, 92–4, 96–8, 112, 203; growth before 2008 crisis, 112–13, 114, 115, 116; Law’s credit theory, 47, 60; in medieval Italy, 22–3, 35; poor quality in expanding China, 266; as pre-dating barter, 3, 14; psychological elements, 64; rationing under Bretton Woods system, 291; strong growth of as red flag, 132, 135; unequal access to, xxii, xxv, 14, 15, 215; vast investment boom in China, xxiii, 128, 267–81, 280*, 282–9; Wenzhou’s credit crunch (2011), 282–3 Credit Suisse, 229 Creditanstalt, collapse of (1931), 93, 93*, 243, 261 Cruz, Gaspar da, 276 cryptocurrencies, 173, 177–9, 307–8, 312 Culpeper, Sir Thomas, the Younger, 34–5, 44 Culpeper, Sir Thomas, ‘Tract Against Usury’ (1621), 34, 35 Cyprus, 262 Dalio, Ray, 217, 229, 291 Datini, Francesco, 21–3, 24 Dawes Loan (1924), 91 Deaton, Angus, 213 debt: after 2008 crisis, 138–9, 237, 237†; ancient debt tablets, 5–6; ‘balance sheet recessions’, 191; cancellation/jubilees/clean slates, 9, 300; dangers of cheap credit, 32, 44; debt bondage, 5, 9, 18; ‘debt supercycle’, 135; ‘debt trap’, 43, 135, 280; debt-deflation, 98–9, 100, 119, 280–81; debt–service ratio, 135; ‘evergreening’ of bad debts, 136, 145–6, 280; late payment penalties, 10, 14, 25; Lord King on (2019), 304; as missing link in secular stagnation narrative, 135–6, 138–9; mortgage equity withdrawal, 112–13, 191, 205; problem of compound interest, 8–9; Proudhon on, xvii, xviii; revival of subprime market, 215, 221, 224; student debt ‘bubble’, 212, 213; tax structures favour over equity, 164; transferable/heritable in Babylon, 7 deflation: after 1929 Crash, 98–9, 100, 101, 105, 108; Austrian economists’ view of, 100, 101, 105, 113, 133–4; crisis of 2008 revives fears of, 119, 122; debt-deflation, 98–9, 100, 119, 280–81; in early-1920s Britain, 85–6; and Fed’s post-2008 policies, 236–8; ‘forgotten depression’ (1921), 84, 86, 100, 143; and high rates of interest, 42, 43, 64; impact of zombies, 237, 237†; impact on working people, 99–100; in Japan from 1990s, 100–101, 107–8, 114, 119, 135, 136, 145–6, 147, 148, 182, 191, 193; in late nineteenth century, 78–80, 99, 101; in post-Great War period, 84, 85–6; as preoccupation of modern central bankers, xxiii, xxv, 76, 112, 115, 115†, 122; Say’s view of, 99; and Victorian era, 76; view of as good/not harmful, 99–101, 113–14, 132; and Wicksell’s view of interest, 42 Defoe, Daniel, 28, 46, 47, 56, 57, 202, 308 Del Monte Foods, 222 democracy, 293, 293†, 296, 297; the old as largest voting cohort, 211–12; rise of populism, xxii, 299; weakening support for, 299 demographics: ageing societies, 29, 127; ‘Bank of Mum and Dad’, 212; generational impact of 2008 crisis, 211–12, 213; Alvin Hansen on, 126; and interest, xxiv, 10, 12, 126–7, 131, 133; largest voting cohort as old, 211–12; life expectancy statistics, 198, 213; and secular stagnation argument, 125, 126, 129; student debt ‘bubble’, 212, 213; and ‘time preference’ theory, 29 Demosthenes, 18† Deng Xiaoping, 265, 266, 267 Denmark, 242, 244, 245, 247 Deutsche Bank, 147* Dodd, David, 90–91 Dodd–Frank Act (2010), 232 Dogecoin, 308 Dollar Standard, 118, 251–2, 253, 261, 262–3, 267 Dostoyevsky, Fyodor, 294 Dotcom bubble, 111–12, 136–7, 176, 204, 206 double-entry bookkeeping, 21–2 Douglas, C.


pages: 1,152 words: 266,246

Why the West Rules--For Now: The Patterns of History, and What They Reveal About the Future by Ian Morris

addicted to oil, Admiral Zheng, agricultural Revolution, Albert Einstein, anti-communist, Apollo 11, Arthur Eddington, Atahualpa, Berlin Wall, British Empire, classic study, Columbian Exchange, conceptual framework, cotton gin, cuban missile crisis, defense in depth, demographic transition, Deng Xiaoping, discovery of the americas, Doomsday Clock, Eddington experiment, en.wikipedia.org, falling living standards, Flynn Effect, Ford Model T, Francisco Pizarro, global village, God and Mammon, Great Leap Forward, hiring and firing, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, Isaac Newton, It's morning again in America, James Watt: steam engine, Kickstarter, Kitchen Debate, knowledge economy, market bubble, mass immigration, Medieval Warm Period, Menlo Park, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, New Journalism, out of africa, Peter Thiel, phenotype, pink-collar, place-making, purchasing power parity, RAND corporation, Ray Kurzweil, Ronald Reagan, Scientific racism, sexual politics, Silicon Valley, Sinatra Doctrine, South China Sea, special economic zone, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, Suez canal 1869, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Thomas Malthus, trade route, upwardly mobile, wage slave, washing machines reduced drudgery

In a flourish that Soviet jokers might have appreciated, radical bigwigs (allegedly) argued that “a socialist train behind schedule is better than a revisionist train on schedule.” After 1972 the pragmatists pushed back, although it was only after Mao died in 1976 that the tide turned decisively in their favor. Deng Xiaoping, twice purged as a Right Deviationist under Mao and twice rehabilitated, now muscled his rivals aside and showed his true colors. Taking Mao’s old mantra “seek truth from facts” as his motto, Deng squarely confronted the most inconvenient truth in China: that the population was growing faster than the economy.

Assyria’s Tiglath-Pileser III and the Qin First Emperor both created terrible, centralized, high-end ancient empires; Europe’s Habsburgs and Japan’s Hideyoshi both failed to create great land empires in the sixteenth century; England’s Glorious Revolution in 1688 and the death of Mao in 1976 both put reformist cliques in power. Yet the most that any of these great men/bungling idiots did was to speed up or slow down processes that were already under way. None really wrestled history down a whole new path. Even Mao, perhaps the most megalomaniac of all, only managed to postpone China’s industrial takeoff, giving Deng Xiaoping the opportunity to be remembered as the great man who turned China around. If we could rerun the past like an experiment, leaving everything else the same but substituting bungling idiots for great men (and vice versa), things would have turned out much the same, even if they might have moved at a slightly different pace.

.: joke cited from Reynolds 2000, p. 541n. 544 “The dearest people”: China Youth Journal (September 27, 1958), cited from Becker 1996, p. 106. 544 “The Party Secretary”: Bo Yibo, Retrospective of Several Big Decisions and Incidents (1993), cited from Becker 1996, pp. 107–108. 544 “It is not”: Lu Xianwen (autumn 1959), cited from Becker 1996, p. 113. 544 “The air is filled”: Report from Jiangxi (autumn 1958), cited from Spence 1990, p. 580. 545 “Communism is paradise”: Song by Kang Sheng (1958), cited from Becker 1996, p. 104. 545 “No one in our family”: Informant, cited from Becker 1996, p. 136. 545 “The worst thing”: Informant, cited from Becker 1996, p. 138. 546 “It was class hatred”: “Li XX,” public poster in Beijing (September 2, 1966), cited from MacFarquhar and Schoenhals 2006, p. 127. 546 “This was the week”: President Richard Nixon, toast at a dinner in Shanghai (February 27, 1972), cited from Reynolds 2000, p. 329. 547 “bookworms who”: Zhang Tiesheng (1973), cited from Spence 1990, p. 638. In 1976 the “Gang of Four” (an ultraleftist clique including Mao Zedong’s widow) was accused of inventing this whole episode. 547 “a socialist train”: slogan attributed to the Gang of Four (1976), cited from Spence 1990, p. 651. 548 “During the ‘Cultural Revolution’”: Deng Xiaoping, speech (September 2, 1986), cited from Gittings 2005, p. 103. 548 “How do you double”: cited from “Soviet Cars: Spluttering to a Halt,” The Economist, July 10, 2008. 549 “We can’t go on”: Mikhail Gorbachev, private conversation (1985), cited from Gorbachev 1995, p. 165. 549 “In the Soviet Union”: Gorbachev 1995, p. 490. 549 “dregs of society”: Deng, speech to party leaders and army officers (June 9, 1989), cited from Spence 1990, p. 744. 550 “Our first objective”: Zalmay Khalilzad, Defense Planning Guidance, FY 1994–1999, Section IB, cited from http://www/gwu.edu/~nsarchiv/nukevault/ebb245/index.htm (accessed October 17, 2008). 551 “an official who believes”: Patrick Tyler, New York Times (March 8, 1992), p.


pages: 372 words: 115,094

Reagan at Reykjavik: Forty-Eight Hours That Ended the Cold War by Ken Adelman

anti-communist, Berlin Wall, British Empire, cuban missile crisis, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Dr. Strangelove, F. W. de Klerk, Fall of the Berlin Wall, Haight Ashbury, It's morning again in America, Kitchen Debate, kremlinology, Mikhail Gorbachev, mutually assured destruction, Nelson Mandela, old-boy network, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, Sinatra Doctrine, Strategic Defense Initiative, summit fever, War on Poverty, Yogi Berra

Years later he recalled, “We were increasingly behind the West . . . and I was ashamed for my country—perhaps the country with the richest resources on Earth, and we couldn’t provide toothpaste for our people.” There were several alternative paths of reform. One was to loosen central economic control while retaining tight political control—the route taken by South Korean strongman Park Chung-hee in the 1960s and ’70s and by Deng Xiaoping and Chinese leaders to this day. A second was to keep the economy largely in government hands but ease off political control, like reform-minded Gulf states are now attempting. A third was to decentralize and allow the regions to compete on their own, along the lines of Switzerland and Canada.

See Eastern Europe; Soviet Union comprehensive test ban, 130–31, 307 Confederation of Sovereign States, 293 Conquest, Robert, 341 Cromwell, Oliver, 268 Cronkite, Walter and Betsy, 211 Crowe, William, 137, 197, 219–20, 253, 266–68, 280, 290, 308, 359n267 Cuba, 26, 117, 144, 314, 320 Czechoslovakia, 268, 280–81, 318 Daniloff, Nicholas, 38 Davis, Patti, 310, 322, 339 Deaver, Mike, 18 de Klerk, F. W., 327 Deng Xiaoping, 317 Derek, Bo, 339 Dobbs, Michael, 289–90 Dobrynin, Anatoly, 25–27, 137, 257 Dolan, Tony, 232–33 Donaldson, Sam, 36, 51, 183 Douglas, Kirk, 339 Downing Street Years (Thatcher), 319 Dubcek, Alexander, 318 Dubinin, Yuri, 14 Dunsmore, Barry, 182 Dutch (Morris), 323 Eastern Europe beginning collapse, 3–4, 268 comparison to Soviet Union, 29 reconciling collapse, 282–83 “Tear down the Wall” speech, 234–35 See also individual country East Germany Communist collapse, 268, 280 Gorbachev visit, 272–73 Honecker departure, 273–74 opening border to West, 274–78 refugees in Hungary, 271–72 See also Berlin/Berlin Wall Eisenhower, Dwight, 26, 60, 260, 314 Eliason, Marcus, 34, 35 Estonia, 283, 289 “evil empire,” Soviet Union as, 64–68, 93, 145, 233, 256, 265, 338 Falin, Valentin, 116, 121–22 Finnbogadóttir, Vigdís, 42, 45, 48, 300–301, 335 Fischer, Bobby, 33 Ford, Gerald, 20, 71, 116, 119, 205, 260 Foreman, George, 19 Fridfinnsson, Bjorn, 50 Friedman, Milton, 318 G-7 Economic Summit, 11–12, 232 Gaddis, Lewis, 331 Gallagher, James, 32 Geneva arms control, 68, 84, 116, 118, 122, 131, 133, 231, 237, 243 Geneva Conference on Disarmament (1932), 111–12 Geneva summit of 1985, 10, 40, 69–73, 81, 95, 105, 125, 216, 265 Georgia, 24, 25, 285, 329 Gerasimov, Gennadi, 273 Gibbon, Edward, 320 “The Gipper,” nickname origin, 255 Gisladóttir, Ingibjörg Sólrún, 301 glasnost and perestroika, 228–30, 239–40, 262, 263–64 Glassboro summit of 1967, 3, 58–59 Glitman, Mike, 231 Gorbachev, Mikhail birthmark, 83 dealing with Soviet collapse, 283–85 departure for Iceland, 22–23 final address to Soviet people, 294–95 flight to/from Iceland, 22–23, 187–91 leadership qualities, 325–28 Nobel Peace Prize (1990), 327–28 reflections on Reykjavik, 1–2, 4–5 relationship with Reagan, 314, 340 rise to power, 31–33 surviving coup attempt, 285–89 Time “Man of” recognition, 328 U.S. intelligence assessment, 14 views on nuclear war, 307 visit to West Germany, 327 Gorbachev, Raisa Maksimovna death of, 328 description/personality, 46 marital relationship, 328 notice by media, 32 relations with Nancy, 72–73, 92, 324 surviving coup attempt, 289 travel with Mikhail, 10–23, 31–32, 46, 71, 191, 247 wardrobe and activities, 90–92, 98, 146–47 Gore, Al, 202 Greenway, John, 53 Griffin, Merv, 337 Gromyko, Andrei (“Mr.


pages: 385 words: 118,314

Cities Are Good for You: The Genius of the Metropolis by Leo Hollis

Airbnb, Alvin Toffler, banking crisis, Berlin Wall, Big Tech, Boris Johnson, Broken windows theory, Buckminster Fuller, call centre, car-free, carbon footprint, cellular automata, classic study, clean water, cloud computing, complexity theory, congestion charging, creative destruction, credit crunch, Credit Default Swap, crowdsourcing, Deng Xiaoping, digital divide, digital map, Disneyland with the Death Penalty, Donald Shoup, East Village, Edward Glaeser, Elisha Otis, Enrique Peñalosa, export processing zone, Firefox, Frank Gehry, General Motors Futurama, Geoffrey West, Santa Fe Institute, Gini coefficient, Google Earth, Great Leap Forward, Guggenheim Bilbao, haute couture, Hernando de Soto, high-speed rail, housing crisis, illegal immigration, income inequality, informal economy, Internet of things, invisible hand, Jane Jacobs, Jevons paradox, Kickstarter, knowledge economy, knowledge worker, Leo Hollis, Lewis Mumford, Long Term Capital Management, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, Masdar, mass immigration, megacity, negative equity, Neil Armstrong, new economy, New Urbanism, Occupy movement, off-the-grid, openstreetmap, packet switching, Panopticon Jeremy Bentham, place-making, power law, Quicken Loans, Ray Oldenburg, Richard Florida, sharing economy, Silicon Valley, Skype, smart cities, smart grid, spice trade, Steve Jobs, technoutopianism, the built environment, The Chicago School, The Death and Life of Great American Cities, The Great Good Place, the High Line, The Spirit Level, the strength of weak ties, The Wisdom of Crowds, Thomas Malthus, trade route, traveling salesman, urban planning, urban renewal, urban sprawl, walkable city, white flight, Y2K, Yom Kippur War

Both are vibrant, contemporary metropolises, places that people travel far to reach in the hope of making their fortune and calling them home. While each city has many qualities, each encapsulates those of the founding philosophical fathers. The modern face of Hobbestown can be found around the world: Beijing, the glistening capital of the Republic of China, has transformed since Deng Xiaoping’s economic reforms in the 1990s, yet it still remains a closely regulated city in which the party and the mayor have control over land, business and community. The city showed its best face in 2008, when it staged the most expensive Olympic Games in history, centred around the Bird’s Nest stadium, partly designed by local artist Ai Wei Wei.

It was also claimed that half of the world’s cranes can be found in the Pudong District, which has become the new city centre. It was in the Pudong District, in the former rice fields to the east of the Huangpu river, that the authorities first dreamed of a modern city in the 1980s; it was even renamed ‘the head of the dragon’ by President Deng Xiaoping himself. From this discarded agricultural land a new city was to be born, divided into the Jinqiao Export Processing Zone, the Waigaoqiao Free Trade Zone and, most important of all, the Lujiazui Financial and Trade District as well as a deep-water port leading to the Yangzte river to take the goods manufactured in the factories of the city to the rest of the world.


pages: 453 words: 117,893

What Would the Great Economists Do?: How Twelve Brilliant Minds Would Solve Today's Biggest Problems by Linda Yueh

3D printing, additive manufacturing, Asian financial crisis, augmented reality, bank run, banking crisis, basic income, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bike sharing, bitcoin, Branko Milanovic, Bretton Woods, BRICs, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, collective bargaining, computer age, Corn Laws, creative destruction, credit crunch, Credit Default Swap, cryptocurrency, currency peg, dark matter, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, endogenous growth, everywhere but in the productivity statistics, export processing zone, Fall of the Berlin Wall, fear of failure, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, fixed income, forward guidance, full employment, general purpose technology, Gini coefficient, Glass-Steagall Act, global supply chain, Great Leap Forward, Gunnar Myrdal, Hyman Minsky, income inequality, index card, indoor plumbing, industrial robot, information asymmetry, intangible asset, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, laissez-faire capitalism, land reform, lateral thinking, life extension, low interest rates, low-wage service sector, manufacturing employment, market bubble, means of production, middle-income trap, mittelstand, Money creation, Mont Pelerin Society, moral hazard, mortgage debt, negative equity, Nelson Mandela, non-tariff barriers, Northern Rock, Occupy movement, oil shale / tar sands, open economy, paradox of thrift, Paul Samuelson, price mechanism, price stability, Productivity paradox, purchasing power parity, quantitative easing, RAND corporation, rent control, rent-seeking, reserve currency, reshoring, road to serfdom, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, school vouchers, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, special economic zone, Steve Jobs, technological determinism, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, total factor productivity, trade liberalization, universal basic income, unorthodox policies, Washington Consensus, We are the 99%, women in the workforce, working-age population

Their communist revolution in 1917 led to the establishment of the Soviet Union, which vied with the capitalist United States as the economic model du jour during the Cold War which lasted from the end of the Second World War until the fall of the Berlin Wall in the late 1980s. Marx’s most notable success is communist China. The world’s second largest economy and its most populous nation adopted communism after its 1949 revolution and has remained governed by the Chinese Communist Party ever since. But starting in 1979, when economic stagnation led its leader Deng Xiaoping to adopt reforms, China has moved away from a planned economy towards a more market-based one. These reforms generated remarkable economic growth, which propelled China from being one of the poorest economies in the world to challenger to the United States. But China’s transition is ongoing and numerous difficulties remain, including how to sustain economic growth in a system that is still dominated by the communist state in certain sectors.

Buccleuch, Henry Scott, 3rd Duke of budget deficits and austerity Burns, Arthur Burns, Mary business cycle theory Fisher Hayek Schumpeter Callaghan, James Cambridge School see also Keynes, John Maynard; Marshall, Alfred; Robinson, Joan Cambridge University Girton College Kings College Newnham College St Johns and women Canon capital accumulation capital investment capitalism in aftermath of 2008 financial crisis and communism derivation of term and Engels and the financial crisis of 2008 free-market and Hayek inequality and capitalist economies laissez-faire see laissez-faire and Marx and the Occupy movement and Schumpeterian ‘creative destruction’ socialism vs welfare state capitalism car industry Carney, Mark Carter, Jimmy Case, Elizabeth central banks Bank of England Bank of Japan European Central Bank Fed see Federal Reserve forward guidance macroprudential policy monetary policy tools see also quantitative easing (QE) Chamberlin, Edward Chicago School see also Friedman, Milton Chile China 1949 revolution asset management companies banking system Beijing Consensus Communist Party corporate debt Cultural Revolution domestic innovation economic transformation ‘effect’/‘price’ employment system entrepreneurs exports Five Year Plan (1953) foreign direct investment (FDI) and Germany industrialization and reindustrialization inequality innovation challenge legal institutions manufacturing Maoism and Marx national debt openness ‘paradox’ poverty reduction privatization R&D investment regional free trade agreement renminbi (RMB) as second largest economy services sector shadow banking smartphones social networks trade-to GDP ratio and the USSR wage increases women Churchill, Winston class Engels’ The Condition of the Working Class in England and Marx middle see middle class and Ricardo wage earner class Classical School of economics see also Mill, John Stuart; Ricardo, David; Smith, Adam Clinton, Bill Clinton, Hillary cloth clothing Coase, Ronald Cold War Collectivist Economic Planning collectivization Collier, Paul Columbia University communism Bolshevik Party and capitalism Chinese Communist League First International Marxism see Marxism and Robinson Socialist/Second International Third International USSR see Soviet Union Vietnamese vs welfare state capitalism Communist League comparative advantage theory competition ‘competing down’ (Schumpeter) imperfect between money providers perfect and Robinson wages and competitiveness computers Conard, Ed construction consultancy firms consumerism consumption and comparative advantage theory consumer spending and marginal utility analysis convergence hypothesis corn, free trade in Corn Laws repeal and Ricardo corporate debt Cowles Commission Crafts, Nicholas crafts credit crunch credit default swaps (CDS) credit rating Crimean War crypto-currencies currency crises first-generation second-generation third-generation currency stability Cyprus death duties debt Chinese corporate debt-deflation spiral and government bonds indexation and protection from and Minsky’s financial instability hypothesis mortgage debt national see national debt private corporate as share of GDP decentralization defence deflation debt-deflation spiral Fisher and combating deflation Japan self-fulfilling deindustrialization and globalization premature reversing/reindustrialization and trade US Deng Xiaoping depression see Great Depression (1930s); Long Depression (1880s); recession/depression diminishing returns to capital distributive lag model Douglas, David, Lord Reston Douglas, Janet DuPont East Asian ‘tiger’ economies see also Hong Kong; Singapore; South Korea; Taiwan eastern Europe Eastman Kodak Econometric Society Econometrica economic development challenges and Beijing Consensus financial/currency crises and institutions and Lewis model Myanmar and North and path dependence poverty eradication/reduction South Africa Sustainable Development Goals Vietnam and Washington Consensus economic equilibrium economic freedom economic growth and austerity barriers convergence hypothesis development challenges see economic development challenges drivers of 2 see also innovation; institutions; public investment; technology endogenous growth theories inclusive growth through investment Japan’s growth and Japan’s ‘lost decades’ Lewis model mercantilist doctrine of and new technologies policy debates on raising and poverty reduction and productivity debate/challenge slow growth and the future Solow model UK government’s renewed focus on and unemployment Economic Journal economic rent Ricardo’s theory of economies ‘animal spirits’ of crises see financial crises deflation see deflation emerging see emerging economies equilibrium in GDP see gross domestic product global macroeconomic imbalances growth of see economic growth inequality and capitalist economies inflation see inflation and international trade and investment see investment; public investment national debt see national debt QE see quantitative easing rebalancing of recession see recession/depression services economy see services sector and stagnant wages state intervention Economist education higher role in reducing inequality universal Eliot, T.


pages: 359 words: 113,847

Siege: Trump Under Fire by Michael Wolff

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", Bernie Madoff, Boris Johnson, Cambridge Analytica, conceptual framework, cuban missile crisis, currency manipulation / currency intervention, Deng Xiaoping, disinformation, Donald Trump, fake news, forensic accounting, gig economy, Great Leap Forward, high net worth, hiring and firing, illegal immigration, immigration reform, impulse control, Jeffrey Epstein, Julian Assange, junk bonds, Michael Milken, oil shale / tar sands, opioid epidemic / opioid crisis, Potemkin village, Quicken Loans, Saturday Night Live, sovereign wealth fund, Steve Bannon, Steve Jobs, WikiLeaks

Eight days after the election, Kushner, in an introduction aided by Deng, had had dinner with Wu Xiaohui, the chairman of Anbang Insurance Group, the Chinese financial conglomerate. Wu, who had partnered with Schwarzman on a variety of deals, was a close associate of the Chinese leadership—Wu’s wife was the granddaughter of former Chinese leader Deng Xiaoping. One of the current financial era’s most successful global tycoons, Wu had built Anbang from a company with an annual turnover of a few million dollars to one with $300 billion in assets in just ten years. The Kushner family, through the early months of the administration, negotiated with Wu and pushed for a bailout deal for 666 Fifth Avenue.

Delta Kappa Epsilon (DKE) Democratic National Committee (DNC) Democratic Party Bannon’s contempt for Barr as attorney general and China and gain control of House government shutdown and Kavanaugh and midterms and Mueller report and Russian hacking and Steele dossier and Team America and Trump accuses, of colluding with Russia Wall and Deng, Wendi Deng Xiaoping deplorables Deripaska, Oleg “Mr. D” Dershowitz, Alan DeStefano, Johnny Deutsche Bank DeVos, Betsy Di Maio, Luigi Director of National Intelligence (DNI) Dobbs, Lou Dowd, John Dravis, Samantha Drexel Burnham Lambert D’Souza, Dinesh Eastern District of New York Eastern District of Virginia Edison Research Eisenhower, David Eisenhower, Julie elections of 2016 of 2018 (midterms) of 2020 Elizabeth II, Queen of England Elle El Salvador Emanuel, Ari Enron Epstein, Jeffrey Erdoğan, Recep Tayyip European Parliament European right wing European Union (EU) executive orders executive privilege exogenous events Face the Nation (TV show) Fahrenheit 11/9 (film) family separations Farage, Nigel Farrow, Mia Farrow, Ronan Fear (Woodward) Federal Anti-Nepotism Statute (1967) Federal Bureau of Investigation (FBI) Bill Clinton and Cohen raided by Comey and deep state and Flynn and Hillary Clinton and Jared and Kavanaugh and Mueller as director Federal Communications Commission (FCC) Federalist Society Feinstein, Dianne Ferguson, Niall Fifth Amendment financial collapse of 2008 First Step Act (2018) Five Star Movement Flake, Jeff Flood, Emmet Florida Flynn, Michael pardon and Fog of War, The (documentary film) Foreign Intelligence Surveillance Court (FISA) Fox & Friends (TV show) Fox Network Fox News France Freeh, Louis Front National (France) G20 Summit (Germany, 2017) Gates, Rick Gawker website George magazine Georgia (Europe) Georgia, gubernatorial race in German immigrants Germany Gilbert, Dan Gillibrand, Kirsten Gingrich, Newt Ginsburg, William H.


pages: 397 words: 110,130

Smarter Than You Think: How Technology Is Changing Our Minds for the Better by Clive Thompson

4chan, A Declaration of the Independence of Cyberspace, Andy Carvin, augmented reality, barriers to entry, behavioural economics, Benjamin Mako Hill, butterfly effect, citizen journalism, Claude Shannon: information theory, compensation consultant, conceptual framework, context collapse, corporate governance, crowdsourcing, Deng Xiaoping, digital rights, discovery of penicillin, disruptive innovation, Douglas Engelbart, Douglas Engelbart, drone strike, Edward Glaeser, Edward Thorp, en.wikipedia.org, Evgeny Morozov, experimental subject, Filter Bubble, folksonomy, Freestyle chess, Galaxy Zoo, Google Earth, Google Glasses, Gunnar Myrdal, guns versus butter model, Henri Poincaré, hindsight bias, hive mind, Howard Rheingold, Ian Bogost, information retrieval, iterative process, James Bridle, jimmy wales, John Perry Barlow, Kevin Kelly, Khan Academy, knowledge worker, language acquisition, lifelogging, lolcat, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Netflix Prize, Nicholas Carr, Panopticon Jeremy Bentham, patent troll, pattern recognition, pre–internet, public intellectual, Richard Feynman, Ronald Coase, Ronald Reagan, Rubik’s Cube, sentiment analysis, Silicon Valley, Skype, Snapchat, Socratic dialogue, spaced repetition, superconnector, telepresence, telepresence robot, The future is already here, The Nature of the Firm, the scientific method, the strength of weak ties, The Wisdom of Crowds, theory of mind, transaction costs, Twitter Arab Spring, Two Sigma, Vannevar Bush, Watson beat the top human players on Jeopardy!, WikiLeaks, X Prize, éminence grise

The Connected Society_ In China, they’re known as the “post-’90s,” and they don’t have a very good reputation. They’re youth who were born in the 1990s, and in the eyes of Chinese liberals and intellectuals, they’re regarded as quintessential slackers. They grew up in a world shaped by Deng Xiaoping’s go-go capitalism, in which the Communist Party had erased the 1989 Tiananmen Square revolt from history books and the local Internet. Politically ignorant and coddled by their parents—they are all “only children,” courtesy of China’s one-child-per-family policy—these post-’90s kids were regarded as feckless and materialist, interested only in video games, wasting time online, and fashion (such as their “exploded head” hairstyles).

See also innovation and discovery and urban density, 15 crowd wisdom, 155–56 Cunningham, Kevin, 264–65 Cute Cat Theory, 275 cutting and pasting, 98–99 Daily Review, 145 Daily Show, The (TV show), 97 DARPA, 39 Dash, Anil, 235 D’Assigny, Marius, 119 data literacy, 83–93 electoral district redrawing example, 84–86 pop/fun projects, 92–93 and public thinking, 91–92 self-tracking tools, 89–90 word cloud, 88–89 Davey, Eric, 187 Davis, Kevan, 160–61 Davis, Marc, 211 Day-Lewis, Cecil, 51 debate Greek tradition, 68–69, 75 writing online similarity to, 68–72 “Declaration of Independence of Cyberspace, A,” 273 Deep Blue supercomputer, 1–2, 5, 9–10, 280, 284 Del Cima, Pricilla, 155, 160 Deng Xiaoping, 245 Devonthink, 131 “Devouring Books,” 223 Dewey, Melville, 121–22 Dewey decimal system, 121–22 Diamandis, Peter, 230 Diaspora, 274 Dickinson, Emily, 54–55 Digital Democracy, 261 digital natives, 204 digital tools and access to information, 115–46 and ambient awareness, 210–44 bias of new tools, 8–9 cognitive future, optimistic view of, 11–13, 16–18 and collaboration, 149–73 for education and learning, 175–208 and new literacies, 83–113 and political change, 245–77 and public thinking, 45–82 distractions.


pages: 378 words: 120,490

Roads to Berlin by Cees Nooteboom, Laura Watkinson

Berlin Wall, centre right, Deng Xiaoping, Fall of the Berlin Wall, job satisfaction, Johann Wolfgang von Goethe, Martin Wolf, means of production, Mikhail Gorbachev, Peace of Westphalia, Plato's cave, Potemkin village, Prenzlauer Berg, rent control

Film recordings show them advancing on a masked enemy who is dressed in black and throwing stones: “They show more understanding for the Chaoten than for us.” Then more pictures: rooms full of police gathered around their new hero, the only one who understands. And concerned police unions, who cannot risk losing the twenty thousand Republikaner from their ranks. Then, still on this side, Beijing, Mikhail Gorbachev, Deng Xiaoping dropping a piece of meat from his chopsticks, tens of thousands of students calling for democracy. And on the other side: also Beijing, but no one is dropping any food, and no one is asking for democracy. Speeches, anthems, grand words, just like at home, where Honecker is welcoming Mengistu. The Ethiopian leader has a dream of a woman with him and is wearing a cornflower-blue kind of uniform without insignia.

(East Germany) 6–12, 39, 77, 101, 103, 120, 163, 193, 199, 335, 414 churches 206–7 crossing into from West Germany to 3–6, 50–51 differences between West Germany and 52 Gorbachev’s visit and kissing of Honecker 76–78, 77 under Honecker 233, 408 looting of monuments of during Korean War 296 Russian troops stationed in 240 and Soviet Union 52, 77 withdrawal of Russian troops 389 see also reunification de Gaulle, Charles 30, 317, 406 de Lattre de Tassigny 270 Deng Xiaoping 46 Deutsches Historisches Museum (Berlin) 119 Deutsches Technikmuseum (Berlin) 354–56 Deutsches Theater (Berlin) 281 Devil’s Bridge (Berlin) 217 Dijk, Ko van 44 Dine, Jim 117–19 Dom (Regensburg) 164 Domin, Hilde 100 Dönhoff, Marion Gräfin 192 Dresden 249, 251 Dubček, Alexander 103 Düsseldorf 84 eagles 283–84 East German Writers’ Union congress 180 East Germany see D.D.R.


Human Frontiers: The Future of Big Ideas in an Age of Small Thinking by Michael Bhaskar

"Margaret Hamilton" Apollo, 3D printing, additive manufacturing, AI winter, Albert Einstein, algorithmic trading, AlphaGo, Anthropocene, artificial general intelligence, augmented reality, autonomous vehicles, backpropagation, barriers to entry, basic income, behavioural economics, Benoit Mandelbrot, Berlin Wall, Big bang: deregulation of the City of London, Big Tech, Bletchley Park, blockchain, Boeing 747, brain emulation, Brexit referendum, call centre, carbon tax, charter city, citizen journalism, Claude Shannon: information theory, Clayton Christensen, clean tech, clean water, cognitive load, Columbian Exchange, coronavirus, cosmic microwave background, COVID-19, creative destruction, CRISPR, crony capitalism, cyber-physical system, dark matter, David Graeber, deep learning, DeepMind, deindustrialization, dematerialisation, Demis Hassabis, demographic dividend, Deng Xiaoping, deplatforming, discovery of penicillin, disruptive innovation, Donald Trump, double entry bookkeeping, Easter island, Edward Jenner, Edward Lorenz: Chaos theory, Elon Musk, en.wikipedia.org, endogenous growth, energy security, energy transition, epigenetics, Eratosthenes, Ernest Rutherford, Eroom's law, fail fast, false flag, Fellow of the Royal Society, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, general purpose technology, germ theory of disease, glass ceiling, global pandemic, Goodhart's law, Google Glasses, Google X / Alphabet X, GPT-3, Haber-Bosch Process, hedonic treadmill, Herman Kahn, Higgs boson, hive mind, hype cycle, Hyperloop, Ignaz Semmelweis: hand washing, Innovator's Dilemma, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of the printing press, invention of the steam engine, invention of the telegraph, invisible hand, Isaac Newton, ITER tokamak, James Watt: steam engine, James Webb Space Telescope, Jeff Bezos, jimmy wales, job automation, Johannes Kepler, John von Neumann, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Large Hadron Collider, liberation theology, lockdown, lone genius, loss aversion, Louis Pasteur, Mark Zuckerberg, Martin Wolf, megacity, megastructure, Menlo Park, Minecraft, minimum viable product, mittelstand, Modern Monetary Theory, Mont Pelerin Society, Murray Gell-Mann, Mustafa Suleyman, natural language processing, Neal Stephenson, nuclear winter, nudge unit, oil shale / tar sands, open economy, OpenAI, opioid epidemic / opioid crisis, PageRank, patent troll, Peter Thiel, plutocrats, post scarcity, post-truth, precautionary principle, public intellectual, publish or perish, purchasing power parity, quantum entanglement, Ray Kurzweil, remote working, rent-seeking, Republic of Letters, Richard Feynman, Robert Gordon, Robert Solow, secular stagnation, shareholder value, Silicon Valley, Silicon Valley ideology, Simon Kuznets, skunkworks, Slavoj Žižek, sovereign wealth fund, spinning jenny, statistical model, stem cell, Steve Jobs, Stuart Kauffman, synthetic biology, techlash, TED Talk, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, TikTok, total factor productivity, transcontinental railway, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, We wanted flying cars, instead we got 140 characters, When a measure becomes a target, X Prize, Y Combinator

China is the most obvious example of how, over the next century, big ideas will disperse around the world, no longer concentrated but rather drawing on the deep well of humanity everywhere. Several events have been key to this Sino-oriented transition. The Green Revolution fed the world and, after the Great Famine, Chinese peasants among them. Deng Xiaoping's reforms (which were in truth often bottom up) turned the axis of history. The Berlin Wall fell and the world was brought into one economic system just as the Internet stitched it together in a single information-rich communications superstructure. The results are readily apparent. In 1990, 60 per cent of global trade was between rich countries, while that between developing countries was just 6 per cent.

., and Uzzi, Brian (2007), ‘The Increasing Dominance of Teams in Production of Knowledge’, Science, Vol. 316 No. 5827, pp. 1036–9 Xinhua (2019), ‘China to build scientific research station on Moon's south pole’, Xinhua, accessed 18 January 2021, available at http://www.xinhuanet.com/english/2019-04/24/c_138004666.htm Yueh, Linda (2018), The Great Economists: How Their Ideas Can Help Us Today, London: Penguin Viking Index ‘0,10’ exhibition 103 ‘0-I’ ideas 31 Aadhaar 265 abstraction 103 AC motor 287, 288 academia 209 Académie des sciences 47 Adam (robot) 235–6 Adams, John 211 Adler, Alfred 188 Adobe 265 Advanced Research Projects Agency (ARPA) 180, 247, 253, 296, 317 AEG 34 aeroplanes 62–6, 68–70, 71, 219 Aeschylus 3 Africa 267, 279–80, 295 age/ageing 122, 158–60, 193 AGI see artificial general intelligence Agrarian Revolution 252 agricultural production 92–3 AI see artificial intelligence Akcigit, Ufuk 193 Alexander the Great 159 Alexander, Albert 52 Alexandrian Library 4, 295, 304 algorithms 175, 185, 196, 224, 235, 245 aliens 240–1, 306, 308–9, 337 Allison, Jim 58 Alphabet 193, 225, 265, 294, 295 AlphaFold software 225–6, 227, 228–9, 233 AlphaGo software 226–7, 228, 233 AlQuraishi, Mohammed 225, 226, 229 Amazon 84–5, 214, 272 Amazon Prime Air 71 American Revolution 139 amino acids 223, 226 Ampère, André-Marie 74–5 Anaximander 35 ancestors 10–12 ancient Greeks 1–6, 7–8, 291, 303–4 Anderson, Kurt 106 Angkor Wat 43 anthrax 47–8, 51 Anthropocene 14–15 anti-reason 211–12 anti-science 211–12 antibacterials 234 antibiotics 38, 52–3, 124, 125, 217, 315 resistance to 235 Apollo missions 70, 315, 316, 317, 318 Apple 33, 85, 159, 185, 186, 193, 272, 296, 312 Aquinas, Thomas 36 AR see augmented reality archaeology 153–4 Archimedes 1–6, 7–8, 19, 27, 32, 37, 39, 291, 304 architecture 103, 115, 188 ARIA 297 Aristarchus 5 Aristotle 24, 108, 282, 304 Arkwright, Richard 25, 26, 34, 253 Armstrong, Louis 103 ARPA see Advanced Research Projects Agency art 99–104, 107–8, 176–7, 236, 321, 339 Artemis (Moon mission) 71, 218 artificial general intelligence (AGI) 226, 237–8, 249, 250, 310, 313, 330, 341 artificial intelligence (AI) 225–9, 233–41, 246–7, 248, 249–52, 262, 266, 300, 310, 312–13, 323, 329, 330, 331, 338 arts 152, 293 see also specific arts Artsimovich, Lev 147 arXiv 116 Asia 264, 267–8, 273, 275 Asimov, Isaac, Foundation 45 Astor, John Jacob 288 astronomy 30, 231, 232 AT&T 85, 181, 183, 185, 197 Ates, Sina T. 193 Athens 24, 295 Atlantis 154 augmented reality (AR) 241–2, 338 authoritarianism 112–13, 284 autonomous vehicles 71, 72, 219 ‘Axial Age’ 108 Azoulay, Pierre 317–18 Bach, J.S. 236 bacillus 46 Bacon, Francis 25, 259 bacteria 38, 46, 53 Bahcall, Safi 31 Ballets Russes 99–100 Baltimore and Ohio railway 67 Banks, Iain M. 310 Bardeen, John 182 BASF 289 Batchelor, Charles 286 Bates, Paul 226 Bayes, Thomas 289 Beagle (ship) 36 Beethoven, Ludwig van 26 Beijing Genomics Institute 257, 294–5 Bell Labs 180–4, 186–8, 190, 206, 214, 217, 289, 296, 322 Benz, Karl 68, 219, 330 Bergson, Henri 109 Bessemer process 80 Bezos, Jeff 71, 326 Bhattacharya, Jay 201, 202, 321 Biden, Joe 59 Big Bang 117, 174, 181 Big Big Ideas 79–80 big ideas 5, 8, 11, 13–19 adoption 28 and an uncertain future 302–36 and art 99–103 artificial 223–38 and the Big Ideas Famine 13 and bisociation 36 blockers to 17–18 and breakthrough problems 46–73, 77, 86, 98, 222, 250, 301 and the ‘burden of knowledge’ effect 154–65, 175, 178, 235, 338 and business formation 95 ceiling 18 conception 37 definition 27–8, 40–1 Enlightenment 132–40, 136–40 era of 109–10 erroneous 176 evidence for 222, 223–54 execution 37 ‘fishing out’ mechanism 152 future of 45, 98, 302–36, 337–43 harmful nature 41–2 how they work 23–45 and the Idea Paradox 178–9, 187, 191, 217, 226, 250, 254, 283–4, 301, 312, 342 and the Kardashev Scale 337–43 long and winding course of 4, 5, 35–8, 136 and the low-hanging fruit paradox 149–54, 167, 178 and luck 38–9 moral 136, 138 nature of 169–72 necessity of 41–3 need for 42–3 normalisation of 171–5, 178 originality of 28 paradox of 143–79 and patents 97 process of 37–8 purchase 37–8 and resources 128 and rights 132–40 and ‘ripeness’ 39 and short-termism 192 slow death of 106–7 slowdown of 98 society's reaction to 216 and specialisation 156, 157–8 today 21–140 tomorrow 141–343 big pharma 31, 60, 185, 217–18, 226 Big Science 118–19 Bill of Rights 137 Bingham, Hiram 153 biology 243–8, 300 synthetic 245–6, 251, 310, 329 BioNTech 218, 298 biotech 195–6, 240, 246, 255–8, 262, 266, 307 bisociation 36 Björk 104 Black, Joseph 26 ‘black swan’ events 307, 310 Bletchley Park 180, 296 Bloom, Nick 91, 92, 93 Boeing 69, 72, 162, 165, 192, 238 Bohr, Niels 104, 118, 159 Boltsmann, Ludwig 188 Boston Consulting Group 204 Botha, P.W. 114 Bowie, David 107 Boyer, Herbert 243 Boyle, Robert 232 Brahe, Tycho 36, 229, 292 brain 166, 246–8, 299–300 collective 299, 300–1 whole brain emulations (‘ems’) 248–9, 341 brain drains 197 brain-to-machine interfaces 247–8 Branson, Richard 71 Brattain, Walter 182 Brazil 266–7, 268, 279 breakthrough organisations 294–9 breakthrough problems 46–73, 77, 86, 98, 222, 234, 250, 301 breakthroughs 2–5, 27–8, 32–7, 41, 129, 152, 156 and expedition novelty 333 hostility to 187 medical 58–60 missing 175 near-misses 160 nuclear power 145 price of 87–98 and short-termism 192 slowdown of 87, 94 society's reaction to 216 and universities 204 see also ‘Eureka’ moments breast cancer 94 Brexit referendum 2016: 208 Brin, Sergey 319, 326 Britain 24, 146, 259, 283, 297 see also United Kingdom British Telecom 196 Brunel, Isambard Kingdom 67 Brunelleschi 232 Bruno, Giordano 216 Buddhism 108, 175, 264–5, 340 Buhler, Charlotte 188–9 Buhler, Karl 188–9 ‘burden of knowledge’ effect 154–65, 175, 178, 235, 338 bureaucracy 198–87, 280–1 Bush, George W. 211 Bush, Vannevar 168, 314–15, 317 business start-ups 95–6 Cage, John 104 Callard, Agnes 111 Caltech 184 Cambridge University 75, 76, 124, 235–6, 257, 294–6 canals 67 cancer 57–61, 76, 93–4, 131, 234, 245, 318 research 59–61 capital and economic growth 88 gray 192, 196 human 275, 277 capitalism 36, 111–13, 186, 189, 191–8 CAR-Ts see chimeric antigen receptor T-cells carbon dioxide emissions 220–1 Cardwell's Law 283 Carey, Nessa 244 Carnap, Rudolf 189 Carnarvon, Lord 153 cars 289 electric 71 flying 71 Carter, Howard 153 Carter, Jimmy 58 Carthage 3, 43 Cartright, Mary 163 CASP see Critical Assessment of Protein Structure Prediction Cassin, René 135 Catholic Church 206, 230 Cavendish Laboratory 76, 294 Cell (journal) 234 censorship 210–11 Census Bureau (US) 78 Centers for Disease Control 212 Cerf, Vint 253 CERN 118, 233, 239, 252, 296 Chain, Ernst 52, 60, 124 Champollion, Jean-François 155 Chang, Peng Chun 135 change 10–13, 18–19, 24 rapid 30, 32 resistance to 222 slowdown 85 chaos theory 163 Chaplin, Charlie 104 Chardin, Pierre Teilhard de 300 Charpentier, Emmanuelle 244, 256 chemistry 49, 56, 104, 117, 118, 124, 149–50, 159, 241, 244 chemotherapy 57 Chicago 10 chicken cholera 46 chimeric antigen receptor T-cells (CAR-Ts) 58, 61 China 15, 25, 71–2, 111, 112, 138, 208, 213, 216, 255–64, 265, 266, 267, 268, 275, 277, 279, 280, 283, 284–5, 312, 313, 314, 319, 328 Han 259, 260 Ming 284, 308, 309 Qing 260 Song 24, 259–60, 306 Tang 259–60 Zhou 259 Christianity 108, 303–4, 340 Church, George 245 cities 270–2, 308–9, 340 civilisation collapse 42–4 decay 187 cleantech 195 climate change 219–21, 284, 313–14, 338 clinical trials 218 cliodynamics 339 coal 23, 24, 26, 80, 220 Cocteau, Jean 101 cognitive complexity, high 332–3 cognitive diversity 281–3 Cognitive Revolution 252 Cohen, Stanley N. 243, 244 collective intelligence 339 collectivism 282 Collison, Patrick 117, 272 colour 75 Coltrane, John 104 Columbian Exchange 177 Columbus 38 comfort zones, stepping outside of 334 communism 111, 133, 134, 173, 217, 284 companies creation 95–6 numbers 96–7 competition 87, 283 complacency 221–2 complexity 161–7, 178, 204, 208, 298, 302, 329 high cognitive 332–3 compliance 205–6 computational power 128–9, 168, 234, 250 computer games 107 computers 166–7, 240, 253 computing 254 see also quantum computing Confucianism 133, 259 Confucius 24, 108, 109, 282 Congressional Budget Office 82 connectivity 272 Conon of Samos 4 consciousness 248, 340 consequences 328–9 consolidation, age of 86 Constantine 303 convergence 174, 311–12 Copernicus 29, 30, 41, 152, 171, 229, 232, 292 copyright 195 corporations 204–5 cosmic background microwave radiation 117, 181 cotton weaving, flying shuttle 24–5 Coulomb, Charles-Augustin de 74–5 counterculture 106 Covid-19 (coronavirus) pandemic 13, 14, 15, 55, 86, 113–14, 193, 202, 208, 212, 218, 251–2, 263, 283–4, 297–8, 309, 318, 327 vaccine 125, 245 Cowen, Tyler 13, 82, 94–5, 221 cowpox 47 creativity 188, 283 and artificial intelligence 236 crisis in 108 decrease 106–8 and universities 203 Crete 43 Crick, Francis 119, 296 CRISPR 243, 244, 251, 255–8, 299 Critical Assessment of Protein Structure Prediction (CASP) 224–6, 228 Cronin, Lee 242 crop yields 92–3 cultural diversity 281–3 cultural homogenisation 177 cultural rebellion 106–7 Cultural Revolution 114, 305 culture, stuck 106 Cunard 67 Curie, Marie 104, 144, 203, 289–90, 332 Daniels, John T. 62–3 Daoism 259 dark matter/energy/force 338 DARPA see Defense Advanced Research Projects Agency Darwin, Charles 34, 35–6, 37–8, 41, 77, 109, 118, 171, 289 Darwin, Erasmus 35 data 233 datasets, large 28 Davy, Sir Humphrey 149, 150 Debussy, Claude 100–1 decision-making, bad 43–4 Declaration of Independence 1776: 137 Declaration of the Rights of Man and Citizen 1789: 137 DeepMind 225–9, 296 Defense Advanced Research Projects Agency (DARPA) 315 democracy 111–12 Deng Xiaoping 261 deoxyribonucleic acid (DNA) 119, 223–4, 243, 251, 255, 339 DNA sequencing 56 Derrida, Jacques 109 Deutsch, David 126, 203 Diaghilev, Sergei 99–101 Diamond, Jared 42 Digital Age 180 digital technology 241–2, 243 diminishing returns 87, 91, 94, 97, 118, 123, 126, 130–1, 150, 161, 169, 173, 222, 250, 276, 285, 301 Dirac, Paul 159–60 disruption 34, 96, 109, 119, 157 diversity, cultural 281–3 DNA see deoxyribonucleic acid Dorling, Danny 171 Doudna, Jennifer 244, 251, 256 Douglas, Mary 290 Douthat, Ross 14, 106 drag 65 Drake equation 306 Drezner, Daniel 214 drones, delivery 71, 72 Drucker, Peter 189 drugs 55–7, 124, 235 Eroom's Law 55, 57, 61, 92–3, 119, 161, 234, 245, 338 and machine learning 234 research and development 55–7, 61, 92–4, 119, 161, 172–3, 217–18, 234, 245, 315, 338 see also pharmaceutical industry Duchamp, Marcel 103, 171 DuPont 184 Dutch East India Company 34 Dyson, Freeman 120 dystopias 305–8 East India Company 34 Easter Island 42–3 Eastern Europe 138 ecocides 42–3 economic growth 240, 272, 273, 316 endogenous 94 and ideas 88, 89–92, 95 process of 87–8 slowdown 82, 83, 84, 85, 178 economics 87–9, 98, 339, 340 contradictions of 87 Economist, The (magazine) 188 Edelman annual trust barometer 209 Edison, Thomas 183–4, 286–9, 290, 293 education 127, 277, 324–8 Einstein, Albert 11, 29, 74, 77, 104, 109, 117, 119, 124, 159–60, 203, 332 Eisenstein, Elizabeth 231 Eldredge, Niles 30 electric cars 71 electricity 11, 74–7, 81, 286–7, 289 electromagnetic fields 76 electromagnetic waves 75, 76 elements (chemical) 149–50 Elizabeth II 144–5 employment 204–5 Encyclopædia Britannica 97, 128, 155 ‘End of History’ 112 energy 337–8, 341–2 availability 85 use per capita 85 see also nuclear power engineering 243 England 25, 144–5, 309 Englert, François 118 Enlightenment 130, 136–40, 252 see also Industrial Enlightenment; neo-Enlightenment Eno, Brian 295 entrepreneurship, decline 96 epigenetics 164 epigraphy 236–7 epistemic polarisation 210 Epstein, David 334 Eratosthenes 5 Eroom's Law 55, 57, 61, 92–3, 119, 161, 234, 245, 338 ethical issues 256–7 Euclid 3, 304 ‘Eureka’ moments 2–5, 35, 36–7, 129, 163 Europe 95, 247, 258–60, 268, 268, 271, 283, 304, 308 European Space Agency 71 European Union (EU) 206, 216, 262, 266 Evans, Arthur 153 evolutionary theory 30, 35–6 expedition novelty 333 experimental spaces 296–8 Expressionism 104 Facebook 34, 159, 170, 197 Fahrenheit 232 failure, fear of 335 Faraday, Michael 75 FCC see Future Circular Collider FDA see Food and Drug Administration Federal Reserve (US) 82 Feigenbaum, Mitchell 163 fermentation 49 Fermi, Enrico 143, 159, 306 Fermi Paradox 306 Fernández-Armesto, Felipe 109 fertility rates 269 Feynman, Richard 77, 166, 332 film 104, 106–7, 108, 115 financialism 191–8, 206–7, 214, 217, 219 Firebird, The (ballet) 99–100 ‘first knowledge economy’ 25–6 First World War 54, 99, 104, 187, 188–9 Fisk, James 182 Fleming, Alexander 38, 52, 60, 332 flight 36, 62–6, 68–70, 71, 335 Flint & Company 64 flooding 220, 284 Florey, Howard 52, 60, 124, 332 Flyer, the 62–4, 66, 72 Foldit software 225 Food and Drug Administration (FDA) 55, 60, 93, 212 food supply 81 Ford 34, 253 Ford, Henry 68, 104, 219 Fordism 81 Foucault, Michel 110 Fraenkel, Eduard 124 France 49–51, 54, 64, 67, 95, 279, 309, 332 franchises 31 Franklin, Benjamin 119, 211 Frederick the Great 292 French Revolution 137, 275 Freud, Sigmund 34, 36, 77, 104, 171, 188, 190, 216 frontier 278–9, 283–4, 302, 310–11 Fukuyama, Francis 111–12 fundamentalism 213 Future Circular Collider (FCC) 239 futurology 44 Gagarin, Yuri 70 Galen 303 Galileo 206, 231, 232, 291, 322 Galois, Évariste 159 GDPR see General Data Protection Regulation Gell-Mann, Murray 77 gene editing 243–4, 251, 255–8 General Data Protection Regulation (GDPR) 206 General Electric (GE) 33, 184, 265, 288, 333 General Motors 289 Generation Z 86 genes 223–4 genetic engineering 243–4, 251, 253, 255–8 genetic science 163–4, 202 genius 26 genome, human 119, 202, 244, 255–7, 296, 313 genome sequencing 243–4 germ theory of disease 50–1, 53 Germany 54, 95, 96, 279, 283, 292, 332 Gesamtkunstwerk 99 Gibson, William 241 Glendon, Mary Ann 135 global warming 147 globalisation 177 Go 226–7 Gödel, Kurt 41, 168 Goldman Sachs 197 Goodhart's Law 199 Google 34, 85, 185, 197, 240, 272, 318 20 per cent time 319–20 Google Glass 241 Google Maps 86 Google Scholar 116 Google X 294 Gordon, Robert 13, 83, 94–5 Gouges, Olympe de 137 Gould, Stephen Jay 30 Gove, Michael 208 government 205, 207, 214, 216, 252, 267–8, 297 funding 185–6, 249, 252, 314–19, 321 GPT language prediction 234, 236 Graeber, David 13–14, 111 grants 120, 185–6, 195, 202, 316, 317, 319, 321–3 gravitational waves 117–18, 119 Great Acceleration 309–10 Great Convergence 255–301, 339 Great Disruption 96 Great Enrichment (Great Divergence) 23, 26, 258 Great Exhibition 1851: 293, 309 Great Stagnation Debate 13–14, 16, 17, 45, 72, 82–3, 87, 94–6, 129, 150, 240, 279, 338 Greenland 42 Gropius, Walter 103 Gross Domestic Product (GDP) 82, 90, 128, 278, 318 GDP per capita 23, 78, 82 growth cultures 25 growth theory, endogenous 88–9, 94 Gutenberg, Johannes 36 Guzey, Alexey 200, 322 Haber, Fritz 332 Haber-Bosch process 289 Hadid, Zaha 152 Hahn, Otto 144 Hamilton, Margaret 316 Harari, Yuval Noah 114–15, 236 Harris, Robert 307 Harvard Fellows 200 Harvard, John 156 Harvey, William 34, 291–2 Hassabis, Demis 229, 233 Hayek, Friedrich 189 Hegel, Georg Wilhelm Friedrich 36 Heisenberg, Werner 41, 159, 168, 332 heliocentric theory 5, 29, 118, 232, 304 helium 145 Hendrix, Jimi 105 Henry Adams curve 85 Hero of Alexandria 39 Herper, Matthew 55 Hertz, Heinrich 76 Herzl, Theodor 188 Hesse, Herman 307 Hieron II, king of Syracuse 1–2 Higgs, Peter 118 Higgs boson 117–18, 119, 239 Hinduism 133 Hiroshima 144 Hitler, Adolf 138, 188 Hodgkin, Dorothy 124, 332 Hollingsworth, J.


Four Battlegrounds by Paul Scharre

2021 United States Capitol attack, 3D printing, active measures, activist lawyer, AI winter, AlphaGo, amateurs talk tactics, professionals talk logistics, artificial general intelligence, ASML, augmented reality, Automated Insights, autonomous vehicles, barriers to entry, Berlin Wall, Big Tech, bitcoin, Black Lives Matter, Boeing 737 MAX, Boris Johnson, Brexit referendum, business continuity plan, business process, carbon footprint, chief data officer, Citizen Lab, clean water, cloud computing, commoditize, computer vision, coronavirus, COVID-19, crisis actor, crowdsourcing, DALL-E, data is not the new oil, data is the new oil, data science, deep learning, deepfake, DeepMind, Demis Hassabis, Deng Xiaoping, digital map, digital rights, disinformation, Donald Trump, drone strike, dual-use technology, Elon Musk, en.wikipedia.org, endowment effect, fake news, Francis Fukuyama: the end of history, future of journalism, future of work, game design, general purpose technology, Geoffrey Hinton, geopolitical risk, George Floyd, global supply chain, GPT-3, Great Leap Forward, hive mind, hustle culture, ImageNet competition, immigration reform, income per capita, interchangeable parts, Internet Archive, Internet of things, iterative process, Jeff Bezos, job automation, Kevin Kelly, Kevin Roose, large language model, lockdown, Mark Zuckerberg, military-industrial complex, move fast and break things, Nate Silver, natural language processing, new economy, Nick Bostrom, one-China policy, Open Library, OpenAI, PalmPilot, Parler "social media", pattern recognition, phenotype, post-truth, purchasing power parity, QAnon, QR code, race to the bottom, RAND corporation, recommendation engine, reshoring, ride hailing / ride sharing, robotic process automation, Rodney Brooks, Rubik’s Cube, self-driving car, Shoshana Zuboff, side project, Silicon Valley, slashdot, smart cities, smart meter, Snapchat, social software, sorting algorithm, South China Sea, sparse data, speech recognition, Steve Bannon, Steven Levy, Stuxnet, supply-chain attack, surveillance capitalism, systems thinking, tech worker, techlash, telemarketer, The Brussels Effect, The Signal and the Noise by Nate Silver, TikTok, trade route, TSMC

Chinese Foreign Ministry deputy spokesman Zhao Lijian suggested that the U.S. Army might have started the outbreak in Wuhan. U.S. policymakers were enraged, and China’s actions accelerated pressures in Washington toward “decoupling” with China. For years, Chinese leaders had heeded the words of former Chinese leader Deng Xiaoping to “hide your strength and bide your time.” It would appear that the time is now. As the world reeled from the novel coronavirus, China moved beyond threats to action. In May 2020, Chinese troops entered Indian territory in the Himalayas, sparking a series of skirmishes that killed troops on both sides.

The Chinese Communist Party’s first great economic experiment was launched in 1958, less than a decade after the CCP had defeated the Chinese Nationalists and founded the People’s Republic of China. Mao Zedong’s Great Leap Forward was intended to accelerate China’s industrialization and economic development, but instead spurred the worst famine in human history, killing an estimated 20 to 40 million people. Following Mao’s death, Deng Xiaoping took the reins as China’s leader in 1978, launching the nation on a path to the greatest economic miracle in human history. Deng’s policies of “reform and opening,” characterized by careful and measured economic reforms and international engagement, sparked unprecedented growth. Over the next forty years, the country experienced an average annual GDP growth rate of nearly 10 percent in what the World Bank termed “the fastest sustained expansion by a major economy in history.”

., 5 and Tiananmen massacre, 68 U.S. links to, 157–58, 161, 166, 303 Chinese Ministry of Education, 162 Chinese People’s Institute of Foreign Affairs, 173 Chinese Talent Program Tracker, 33 chips, See semiconductor industry; semiconductors CHIPS and Science Act, 40, 180 Cisco, 109, 246 Citron, Danielle, 121, 130 Civil Aviation Industry Credit Management Measures, 100 Clarifai, 60–61, 63, 66, 224 Clark, Jack, 31, 117, 119–25 Clinton, Bill, and administration, 69–70, 97 CLIP (multimodal model), 295–96 cloud computing, 91, 215–16 CloudWalk, 105, 156, 389 CNIPA (China National Intellectual Property Administration), 353 COBOL (programming language), 204 cognitive revolution, 4 cognitization of military forces, 265 Colombia, 107 Command, Control, Communication, Cloud, Intelligence, Surveillance, and Reconnaissance (C4ISR), 107 command and control, 268 Commerce Department, 155–57, 166, 171, 184 Committee on Foreign Investment in the United States (CFIUS), 179 computational efficiency, 297–300 computational game theory, 47–50 compute, 25–29 control over, 27 global infrastructure, 178 hardware, 297–99 resources, size of, 294–96 trends in, 325 usage of, 26, 51 computer chips, See semiconductor industry; semiconductors Computer Science and Artificial Intelligence Laboratory (CSAIL), 156 computer vision, 55–57, 64, 224 Computer Vision and Pattern Recognition conference, 57 concentration camps, 81 confidence-building measures, 290–93 confinement, 82 content recommendations, 145 Cook, Matt, 203 cooperation, research, 303–4 Cornell University, 124 cost, of AI, 296–97 Côte d’Ivoire, 107 Cotton, Tom, 164 counter-AI techniques, 248 COVID pandemic, 74–75 CPUs (central processing units), 25 Crootof, Rebecca, 123 CrowdAI, 202, 224 CSAIL (Computer Science and Artificial Intelligence Laboratory), 156 Cukor, Drew, 57, 58–59 Customs and Border Patrol, 110–11 cyberattacks, 246 Cyber Grand Challenge, 195–96 Cybersecurity Law, 95, 174 “cyberspace,” 102 Cyberspace Administration of China, 99 cyber vulnerabilities, 238 adversarial examples, 239–44 data poisoning, 244–47 discovery, 195–96 model inversion attacks, 247 Czech Republic, 108 Dahua, 89, 156, 169, 353, 354–55, 388–89 Dalai Lama, 80 Dalian University of Technology, 212 DALL·E, 295 Darcey, Brett, 220, 249–50 DARPA (Defense Advanced Research Projects Agency), 1, 195, 210–13, 220 DARPA Squad X, 231, 233, 236 data, 18–24 explosion, 18–19 mapping, 204 open-source, 288 poisoning, 238, 244–47 privacy laws, 21–22, 111–12, 170–71, 174–77 storage, 91 usage, 51 Data Security Law, 95, 174 datasets publicly available, 139 reliance on, 323 training, see training datasets DAWNBench, 57 D-Day Invasion of Normandy, 46 dead hand, 289–90 Dead Hand, 447; See also Perimeter deception in warfare, 45 Deep Blue, 275 deepfake detection, 127, 132–33, 137–38 Deepfake Detection Challenge, 132–33 deepfake videos, 121, 130–32 deep learning, 2, 19, 31, 210, 236 Deep Learning Analytics, 209–13, 233 DeepMind, 23, 26, 32, 180, 221, 271–72, 295–96, 298–99, 441, 454 Deeptrace, 121, 130–33 defense acquisition policy, 217 Defense Advanced Research Projects Agency (DARPA), 1, 195, 210–13, 220 Defense Innovation Board, 65–66 Defense Innovation Unit (DIU), 35, 49, 57, 195–99, 214, 252 Defense One, 58 Defense Sciences Office, 231 defense start-ups, 222 Dell, 162 Deloitte, 246 Deng Xiaoping, 75, 85 Denmark, 108 Department of Defense, 35, 51–52, 56, 60–67, 70, 160, 166, 194 AI principles, 65–66 AI strategy, 249 budget, 297 contracts, 214–18 cyberattacks on, 246 innovation organizations, 198f reform, 225 Department of Energy, 246 Department of Energy’s Office of Science, 40 Department of Homeland Security, 246 Department of Justice, 164, 246 destruction, extinction-level, 282 deterrence, 51 DiCaprio, Leonardo, 130 Dick, Philip K., 81 dictator’s dilemma, 69 Didi, 92 digital devices, 18 DigitalGlobe, 204 Digital Silk Road, 110 DiResta, Renée, 139 disaster relief, 201, 204 disinformation, 117–26 AI text generation, 117–21 deepfake videos, 121 GPT-2 release, 123–24 Russian, 122 voice bots, 121–22 distributional shift, 233, 426 DIU, See Defense Innovation Unit (DIU) DNA database, 89–90 dogfighting, 1, 249–50, 272; See also Alpha Dogfight “Donald Trump neuron,” 295 Doom bots, 221 doomsday device, 282 Dota 2 (game), 26, 117, 267–72, 298 Dragonfly, 62 Drenkow, Nathan, 247 drone pilots, 223 drones, 229–30, 257, 286–87 drone video footage, 36, 53–56, 61, 65, 202–3; See also image processing; video processing drugs, 251 Dulles Airport, 110–11 Dunford, Joe, 62 Duplex, 121 Easley, Matt, 193 Eastern Foundry, 209 Economist, The, 18 Ecuador, 106 efficiency, algorithmic, 51 Egypt, 109 XVIII Airborne Corps at Fort Bragg, 194 elections, 122, 128, 129, 131, 134, 150 Elmer Fudd (fictional character), 231 Entity List, 155–57, 161, 163, 166–67, 171, 182, 184, 388–89 Environmental Protection Agency, 40 Erasmus University Medical Center, 158, 393–94 Esper, Mark, 67, 197, 205 espionage, 33, 163–64 Estonia, 108 “Ethical Norms for New Generation Artificial Intelligence,” 172 ethical use of technology, 140 ethics censorship, 175–76 Chinese standards, 171–75 data privacy, 176–77 international standards, 169–71 Ethiopia, 108 E-3 Sentry, 196 Europe AI research of, 30 in industrial revolution, 12–13 internet use, 22 and semiconductor market, 27 European Union, 76, 187 Europe Defender, 194 EUV (extreme ultraviolet lithography), 181 explainable AI, 237 export controls, 166–67, 181–86, 300 extinction-level destruction, 282 extreme ultraviolet lithography (EUV), 181 Eyes in the Sky (Michel), 54 F-35 stealth fighter jet, 254–55 Faber, Isaac, 193–94, 203 Face++, 88 Facebook account removal, 142 algorithms, 144–46 content moderation, 149 Deepfake Detection Challenge, 132 manipulated media policies of, 140 number of users, 22 and Trusted News Initiative, 139 face swapping, 121, 130–31 facial recognition attacks on, 241, 245 challenges in, 426 in China, 5–6, 80, 88–91, 103, 167 Chinese export of technology, 105–7 laws and policies for, 113, 159, 170 poor performance outside training data, 64–65 of Uighurs, 88–89, 158 in U.S., 22–23, 111, 159 fake news, 117–19, 122, 124–25 Falco (call sign), 1–2, 221, 226 Fan Hui, 298 FBI, 95–96, 164 Fedasiuk, Ryan, 162 Federal Emergency Management Agency (FEMA), 204 FedRAMP, 213 FEMA (Federal Emergency Management Agency), 204 Fidelity International, 157 field-programmable gate arrays (FPGAs), 180 “50 cent army,” 125 Fighting to Innovate (Kania), 222 filtering, of harmful content, 144 Financial Times, 157–58 Finland, 40, 187 fire perimeter mapping, 201–4 5G wireless networking, 37, 108, 182–83 Floyd, George, 143, 148 flu, H5N1 avian bird, 123 ForAllSecure, 196 Forbes magazine, 202 Ford, Harrison, 121 480th ISR Wing, 54 FPGAs (field-programmable gate arrays), 180 France, 40, 76, 108, 158, 187 Frazier, Darnella, 143 Frederick, Kara, 105 French Presidential election, 2017, 122 future, uncertainty of, 276 G7 group, 76, 187 Gab, 149 Gabon, 134 Gadot, Gal, 121 Game Changer, 206 games and gaming, 43–51, 266–73; See also specific games game trees, 47–49 GANs (generative adversarial networks), 127, 133 GAO, See Government Accountability Office (GAO) Garcia, Dominic, 203 Gates, Bill, 159 Gato, 295 GDP (gross domestic product), 69f, 85, 85f GDPR, See General Data Protection Regulation (GDPR) General Dynamics, 209, 212–13 generative adversarial networks (GANs), 127, 133 generative models, 125 genomics, 37 geopolitics, 129, 317 Germany, 12, 76, 107, 108, 158, 187 Gibson, John, 61 Gibson, William, 101, 102 Gizmodo, 120 Global AI Index, 15, 40 Global AI Vibrancy Tool, 319 go (game), 23, 47–48, 73, 180, 271, 275, 298 Golden Shield Project, 87 Goodfellow, Ian, 239 Google, 31, 32, 36, 57, 224, 294 and ASICs, 180 and Dragonfly, 339 Duplex, 121 Meena, 125 and Seven Sons of National Defense, 162 social app dominance, 143 and Trusted News Initiative, 139 work with Chinese researchers, 157, 392, 396 Google AI China Center, 62, 159, 167 Google Brain, 32, 294–96, 299 Google-Maven controversy, 22, 60–67 Google Photos, 64 Googleplex, 195 Google Translate, 234 Gorgon Stare, 53–55, 58 “Governance Principles for a New Generation of Artificial Intelligence,” 173 “Governance Principles for a New Generation of Artificial Intelligence: Develop Responsible Artificial Intelligence,” 172 Government Accountability Office (GAO), 195, 215, 217, 248 government contracting, 215–16, 222, 224–25 government-industry relationship, 95–96 government subsidies, 179–80 GPT-2 (language model), 20, 117–20, 122–25, 139, 294 GPT-3 (language model), 139, 294 GPUs (graphics processing units), 25, 28–29, 185, 296 Grace, Katja, 298 Great Britain, 191–92 Great Firewall, 62, 70, 102, 166 Great Gatsby, The (film), 130 Great Leap Forward, 85 Great Wall, 101 Greitens, Sheena, 105 Griffin, Michael, 200, 257 Guardian, The, 120, 148 Gulf War, 1991, 14, 219 HA/DR (humanitarian assistance/disaster relief), 201, 204 Hamad Bin Khalifa University, 142 Han Chinese, 81, 88 Harbin Institute of Technology, 161 hardware, computing, See compute Harvard University, 32 hashtags, 141 Hate Crimes in Cyberspace (Citron), 121 Heinrich, Martin, 37 Heritage Foundation, 105 Heron Systems in AlphaDogfight Trials, 1–2, 266, 272 background, 220–22 as defense start-up, 224 and real-world aircraft, 249–50 heuristics, 274 Hewlett Packard Enterprise, 157, 392 Hicks, Kathleen, 252 High-End Foreign Expert Recruitment Program, 33 Hikvision, 89, 91, 107, 156, 157, 353, 355, 389, 390 Hikvision Europe, 389 Himalayan border conflict, 75 Hindu, The, 139 Hinton, Geoffrey, 210 HiSilicon, 91 Hoffman, Samantha, 82, 98–99, 101, 102, 174 HoloLens, 160, 217 Honeywell, 162 Hong Kong, 75, 148, 175 Hoover Institution, 162 Horner, Chuck, 14 Howard, Philip, 141–42 Howell, Chuck, 250–51 Huawei, 29, 76, 88–89, 91, 92, 106–9, 169, 171, 182–85, 353, 354, 357, 409 Huawei France, 354 Huffman, Carter, 135–37 human cognition, 275 Human Genetics, 158 human intelligence, 284–85 humanitarian assistance/disaster relief (HA/DR), 201, 204 human-machine teaming, 263–64, 273, 276–86 human psychology, 274 human rights abuses, 63, 155, 158, 176–77 Human Rights Watch, 79, 81–82, 95, 170, 174 Hungary, 110 Hurd, Will, 39 Hurricane Dorian, 204 Husain, Amir, 66, 280 Hwang, Tim, 139, 323 hyperwar, 280 IARPA (Intelligence Advanced Research Projects Activity), 91, 246 IBM, 32, 109, 162, 215 IDG Capital, 157 IEC (International Electrotechnical Commission), 169 IEDs (improvised explosive devices), 45–46 IEEE (Institute for Electrical and Electronics Engineers), 171 iFLYTEK, 37, 91, 93–95, 104, 156, 157, 169 IJOP (Integrated Joint Operations Platform), 81–82 image classification systems, 64–65 image misclassification, 296 Imagen, 295 ImageNet, 19, 54, 210 image processing, 53–55, 58, 61 immigration policies, 33–34, 331 improvised explosive devices (IEDs), 45–46 iNaturalist, 211–12, 233 India, 75, 76, 108, 110, 187 bots, 142 in industrial revolution, 12–13 internet use, 22 industrial revolutions, 4–5, 11–13, 264–65 infant mortality, 85, 87f inference, 25, 180, 298 information processing, scale of, 269 information revolution, 14 insecure digital systems, 248 Institute for Electrical and Electronics Engineers (IEEE), 171 institutions, 35–40 Integrated Joint Operations Platform (IJOP), 81–82 Intel, 27, 29, 156, 162, 179, 181–82, 246, 390–91 intellectual property, 33, 71, 92, 163–64, 179 Intellifusion, 88, 156 intelligence, human, 284–85 intelligence, surveillance, and reconnaissance (ISR), 53–54 Intelligence Advanced Research Projects Activity (IARPA), 91, 246 intelligence analysis, 55 intelligentization of military, 37, 53, 222, 265 intelligentization of surveillance systems, 88 Intelligent Systems Center, 238, 247–48 Intelligent Trial System, 95 Intelligent UAV Swarm System Challenge, 36 international cooperation, 76 International Electrotechnical Commission (IEC), 169 International Organization for Standardization (ISO), 169 international stability, 286–93 international standard-setting, 169–71 International Telecommunication Union (ITU), 169 internet in China, 87, 92, 97, 99 data capacity of, 18 usage, 22 IP Commission, 164 iPhone encryption, 174 Iran, 142 Iraq, 45–46, 58, 253, 255–56 ISIS, 58, 63 ISO (International Organization for Standardization), 169 ISR (intelligence, surveillance, and reconnaissance), 53–54 Israel, 187, 278 IS’Vision, 156 Italy, 76, 108, 187 ITU (International Telecommunication Union), 169–70 JAIC (Joint AI Center), 35, 66, 200–208, 214, 289 jamming and anti-jamming strategies, 50 Japan, 27, 76, 108, 158, 181–82, 187 JASON scientific advisory group, 251 Javorsek, Dan “Animal,” 3, 230 jaywalking, 99 JEDI (Joint Enterprise Defense Infrastructure), 61, 214–18, 224 Jennings, Peter, 143 Johansson, Scarlett, 121, 130 Johns Hopkins University, 223 Johns Hopkins University Applied Physics Laboratory, 238, 247 Joint Enterprise Defense Infrastructure (JEDI), 61, 214–18, 224 “Joint Pledge on Artificial Intelligence Industry Self-Discipline,” 172 Jones, Marc Owen, 142 Jordan, 109 Joske, Alex, 158 Kania, Elsa, 36, 96, 222–24 Kasparov, Garry, 275 Katie Jones (fake persona), 131 Kaufhold, John, 209, 213 Kazakhstan, 108, 155–56 Keegan, John, 443 Ke Jie, 73 Kelly, Kevin, 4 Kelly, Robin, 39 Kennedy, Paul, 12, 13 Kenya, 107 Kernan, Joseph, 200 Kessel Run, 214 KFC, 92 KGB, 122 Khan, Saif, 185–86, 298 Khashoggi, Jamal, 141–42 kill chain, 263 Kim Jong-un, 131 King’s College London, 273 Kingsoft, 160 Kocher, Gabriel “Gab707,” 230 Komincz, Grzegorz “MaNa,” 270 Kovrig, Michael, 177 Krizhevsky, Alex, 210 Kuwait, 46 Lamppost-as-a-Platform, 107 language models, 20, 118–20, 124–25, 232, 234, 294; See also GPT-2; GPT-3; OpenAI Laos, 108 Laskai, Lorand, 96 Laszuk, Danika, 128, 140 Latvia, 108 Lawrence, Jennifer, 130 laws and regulations, 111–13 “blade runner,” 121–22, 170 data privacy, 21–22, 111–12, 170–71, 174–77 facial recognition, 113 and Microsoft, 111 for surveillance, 108–9 learning, unintended, 234 learning hacks, 234–35 Lebanon, 109 Lee, Kai-Fu, 22 Lee, Peter, 165, 167 legal reviews, 259 Le Monde, 108 Les, Jason, 46, 48 lethal autonomous weapons, 286 “liar’s dividend,” 130 Li Bin, 291 Libratus, 43–51, 266–67, 271 Libya, 109 Li Chijiang, 290–91 life expectancy, 85, 86f Li, Fei-Fei, 62 Lin Ji, 93–95, 104 Liu Fan, 393–94 LinkedIn, 131 lip-syncing, 130–31 lithography, extreme ultraviolet (EUV), 181 Liu He, 76 Liu Qingfeng, 156 Llorens, Ashley, 248, 249 Lockheed Martin, 1, 57, 211 London, 109 Long Kun, 291 long-term planning, 270 Lord, Ellen, 217 Lucky, Palmer, 66 Luo, Kevin, 161 Machine Intelligence Research Institute (MIRI), 298 machine learning and compute, 25–26, 32, 296–97 failure modes, 64, 232–33, 236–39, 243–44, 246–49 at Heron Systems, 220–21 opacity of algorithms, 145 and synthetic media, 127, 139 training data for, 202–5, 230 and voice synthesis, 137 at West Point, 194–95 MacroPolo, 30 Made in China 2025, 37, 183 Malaysia, 106 Management Action Group, 56 maneuver warfare, 442 Manhattan Project, 297 Mao Zedong, 85, 97 Marines, 231 marriage, coerced, 81 Martin, Rachael, 206 Martin Aspen (fake persona), 131 Massachusetts Institute of Technology (MIT), 31, 156, 157, 165, 233 Mattis, Jim, 53, 61, 197, 209, 215, 280 MAVLab (Micro Air Vehicle Lab), 250–52 Max Planck Society, 158, 393 McAulay, Daniel, 267 McCord, Brendan, 52, 56–57, 200 McKinsey, 25 McKinsey Global Institute, 72–73 McNair, Lesley, 192 McQuade, Michael, 66 media, AI-generated, 118–20 media conferences, 109 Meena, 125 Megatron-Turing NLG, 20, 294 Megvii, 88–89, 156, 160, 212, 353, 354, 357, 388 Memorandum of Understanding Regarding the Rules of Behavior for Safety of Air and Maritime Encounters, 292 Meng Wanzhou, 177 Merrill Lynch, 162 Meta, 22, 143, 296 metrics, 320 Mexico, 107 Michel, Arthur Holland, 54 Micron, 182 Microsoft, 294 China presence, 159 and computer vision, 57 and cyberattacks, 246–47 deepfake detection, 132, 138–39 and Department of Defense, 36, 62, 66, 215–17, 224–25 digital watermarks, 138 and facial recognition, 23, 111 financial backing of AI, 296–97 funding, 296 and Google-Maven controversy, 62, 66 and government regulation, 111 and ImageNet, 54 Megatron-Turing NLG, 20, 294 and OpenAI, 26 revenue, 297 and Seven Sons of National Defense, 162 and Trusted News Initiative, 139 work with Chinese researchers, 157, 393, 396 Microsoft Research, 31, 167 Microsoft Research Asia, 157–63, 165–67 Microsoft’s Asia-Pacific R&D Group, 161 Middlebury Institute, 124 military AI adoption, 35–37, 219–26 applications, 191–94 military capabilities, 47 military-civil fusion, 5, 95, 161–63 military competition, 304 military forces cognitization, 265 military organization, 278–79 military power, potential, 13 military tactics, future, 277 Ministry of Industry and Information Technology, 87 Ministry of Public Security, 87, 89–90, 158 Ministry of Public Security (MPS), 95 Ministry of Science and Technology, 172, 173 Minneapolis police, 143 minority identification technology, 88–89 “Minority Report, The” (Dick), 81 MIRI (Machine Intelligence Research Institute), 298 Missile Defense Agency, 218 MIT, See Massachusetts Institute of Technology (MIT) MITRE, 250 MIT-SenseTime Alliance on Artificial Intelligence, 156 MIT Technology Review, 93, 159 mobile devices, 18 Mock, Justin “Glock,” 2 model inversion attacks, 247 Modulate, 135–36, 138 monitoring and security checkpoints, 80 Moore’s law, 26, 28, 325 Morocco, 109 Mozur, Paul, 101, 102 MPS Key Lab of Intelligent Voice Technology, 95 MQ-9 Reaper, 53 Mulchandani, Nand, 207, 214, 217 multimodal models, 295–96 multiparty game theory, 50 mutism, 128 Mutsvangwa, Christopher, 105 NASA (National Aeronautics and Space Administration), 40, 72, 220 national AI research cloud, 32 National Artificial Intelligence Initiative Act of 2020, 32 National Artificial Intelligence Research Resource, 32 National Defense Education Act, 33 National Defense Strategy, 52 National Development and Reform Commission, 88 National Geospatial-Intelligence Agency (NGA), 56 National Institute of Standards and Technology, 40 National Institutes of Health, 40 National Instruments, 162 National Intelligence Law, 95, 174 National New Generation Artificial Intelligence Governance Expert Committee, 172 National Oceanic and Atmospheric Administration (NOAA), 40, 204 national power, 13, 318 National Robotics Engineering Center (NREC), 193 National Science Advisory Board for Biosecurity, 123 National Science Foundation, 40 National Security Agency, 216 National Security Commission on AI, 33, 39, 73, 186, 250, 252, 258 National Security Law, 95, 174 national security vulnerabilities, 239 National University of Defense Technology (NUDT), 157, 161 NATO, 287 natural language processing, 206 Nature (journal), 123 nature of war, 280–84 Naval Air Station Patuxent River, 220 Naval Research Laboratory, 162 Naval War College, 219 negative G turns, 249 Netherlands, 158, 181, 187 NetPosa, 156, 391 Neural Information Processing Systems, 232 neural networks, 19f, 25 applications, 54 badnets, 246 and Deep Learning Analytics, 210 explainability, 236–37 failure modes, 232–34, 250 and Heron Systems, 220 training, 19 NeurIPS, 30 Neuromancer (Gibson), 101 “New Generation Artificial Intelligence Development Plan,” 71, 169 New H3C Technologies, 157 “new oil,” 11–17 news articles, bot-generated, 118 new technologies, 255–56 new technologies, best use of, 191–92 New York Times, 31, 118, 125, 138, 290 NGA (National Geospatial-Intelligence Agency), 56 Nieman Journalism Lab, 145 1984 (Orwell), 97–98, 103 NIST (National Institute of Standards and Technology), 91 Nixon, Richard, and administration, 68 NOAA (National Oceanic and Atmospheric Administration), 40, 204 Nokia Bell Labs, 157 Normandy, France, 46 North Korea, 50, 117–18 Northrop Grumman, 57, 211, 216 NREC (National Robotics Engineering Center), 193 nuclear war, 288 nuclear weapons, 11, 50 NUDT (National University of Defense Technology), 157, 161 NVIDIA, 20, 28–29, 32, 120, 156, 246, 294, 390–91 Obama, Barack, and administration, 70, 71, 73, 137 object recognition and classification, 55–58 Office of Inspector General (OIG), 216 Office of Naval Research, 157 Office of Responsible AI, 159 Office of Technology Assessment, 162 OIG (Office of Inspector General), 216 oil, 20–21; See also “new oil” 160th Special Operations Aviation Regiment, 207 OpenAI, 26, 117–20, 122–25, 272, 294, 295–97, 299; See also GPT-2 (language model); GPT-3 (language model) OpenAI Five, 268, 270–71 Operation RYaN, 445; See also RYaN; VRYAN Oracle, 215–18, 224 Orwell, George, 97–98, 103 Osprey tiltrotor aircraft, 255 O’Sullivan, Liz, 60–61, 63, 65 OTA (other transaction authority), 217 outcomes of AI, 299–301 of war, 282–83 Owen, Laura Hazard, 145 Oxford Internet Institute, 141 Pakistan, 107, 142 Palantir, 109 PaLM, 294–95 Pan, Tim, 160, 161, 163 Papernot, Nicolas, 239 Pappas, Mike, 135–38, 140 Paredes, Federico, 250 Parler, 149 Partnership on AI, 132 patches, adversarial, 241–42, 242f Patrini, Giorgio, 130, 132–34, 137, 140 Patriot air and missile defense system, 253 Payne, Kenneth, 273–74 Pelosi, Nancy, 76, 128 Pence, Mike, 295 pension funds, 157 People’s Liberation Army (PLA); See also military-civil fusion affiliated companies, 166–67 and drone pilots, 222–23 researchers funded by, 158, 164 Percent Corporation, 107 Percipient.AI, 224 Perimeter, 289; See also Dead Hand Persian Gulf War, 46, 318 Personal Information Protection Law, 174, 176 pharmaceuticals, 251 phenotyping, DNA, 90 Philippines, 109 phones, 89 phone scanners, 89 photoresist, 182 phylogenic tree, 211 physical adversarial attacks, 242f, 243f, 429 Pichai, Sundar, 62 Pittsburgh, Pa., 44, 193 Pittsburgh Supercomputing Center, 44 PLA, See People’s Liberation Army Pluribus, 50, 51 poisonous animal recognition, 211 poker, 43–44, 46–48, 50, 266–67, 269–73, 335 Poland, 108 Police Audio Intelligent Service Platform, 95 Police Cloud, 89–90 policy analysis, automated, 206 Politiwatch, 124 pornography, 121, 130 Portman, Rob, 37 Poseidon, 289; See also Status-6 post-disaster assessment, 204 power metrics, 13 Prabhakar, Arati, 210 prediction systems, 287–88 predictive maintenance, 196–97, 201 Price, Colin “Farva,” 3 Primer (company), 224 Princeton University, 156, 157 Project Maven, 35–36, 52–53, 56–59, 194, 202, 205, 224; See also Google-Maven controversy Project Origin, 138 Project Voltron, 195–99 Putin, Vladimir, 9, 131, 304–5 Q*bert, 235 Quad summit, 76 Qualcomm Ventures, 157 Quantum Integrity, 132 quantum technology, 37 “rabbit hole” effect, 145 race to the bottom on safety, 286, 289, 304 radar, synthetic aperture, 210 Rahimi, Ali, 232 Raj, Devaki, 202, 207, 213, 224 Rambo (fictional character), 130 RAND Corporation, 252 ranking in government strategy, 40 Rao, Delip, 120, 123 Rather, Dan, 143 Raytheon, 211 reaction times, 272–73 real-time computer strategy games, 267–69 real-world battlefield environments, 264 situations, 230–36 Rebellion Defense, 224 Reddit, 140 reeducation, 81 Reface app, 130 reinforcement learning, 221, 232, 243, 250 repression, 81, 175–77 research and development funding, 35–39, 36f, 38f, 39f, 333–34 Research Center for AI Ethics and Safety, 172 Research Center for Brain-Inspired Intelligence, 172 research communities, 327 responsible AI guidelines, 252 Responsible Artificial Intelligence Strategy, 252 résumé-sorting model, 234 Reuters, 95, 139 Rise and Fall of the Great Powers, The (Kennedy), 12 risk, 271, 290–93 robotic nuclear delivery systems, 289 robotic process automation tools, 206 robotic vehicles, 266 robots, 92–94, 265–66, 286 Rockwell Automation, 162 Rockwell Collins, 193 Romania, 108 Root, Phil, 231 Roper, Will, 55–56, 214, 224, 225, 257 Rubik’s cube, 26 rule-based AI systems, 230, 236 Rumsfeld, Donald, 61 Russia, 12, 40, 52, 108, 110 bots, 142 cyberattacks of, 246 disinformation, 122 invasion of Ukraine, 129, 196, 219, 288 nuclear capabilities, 50 submarines, 255 Rutgers University Big Data Laboratory, 156 RYaN (computer program), 287, 445; See also Operation RYaN; VRYAN safe city technology, 107–8 safety of AI, 286, 289, 304 Samsung, 27–29, 179, 181 Sandholm, Tuomas, 43–51 Sasse, Ben, 184 satellite imagery, 56 Saudi Arabia, 40, 107, 109, 141–42 Scale AI, 224 scaling of innovation, 224 Schatz, Brian, 37 schedule pressures, 254–55 Schmidt, Eric, 39, 40, 71–73, 150, 164–65 Schumer, Chuck, 39 Science (journal), 123 Seagate, 156, 390 security applications, 110–11, 315 security dilemma, 50–51, 289 Sedol, Lee, 23, 266, 274–75, 298 self-driving cars, 23, 65 semiconductor industry; See also semiconductors in China, 178–79 chokepoints, 180–81 export controls, 181–86 global chokepoints in, 178–87 globalization of, 27–29 international strategy, 186–87 in Japan, 179 supply chains, 26, 76, 300 in U.S., 179–80 Semiconductor Manufacturing International Corporation (SMIC), 178, 181, 184 semiconductor(s) fabrication of, 32 foundries, 27–28 improvements in, 325 manufacturing equipment, 179 market, 27 as strategic asset, 300 Seminar on Cyberspace Management, 108–9 SenseNets, 91, 156, 357 SenseTime, 37, 88–89, 91, 156, 160, 169, 353–54, 357, 388 SensingTech, 88 Sensity, 130–33 Sentinel, 132 Sequoia, 157 Serbia, 107, 110 Serelay, 138 servicemember deaths, 255 Seven Sons of National Defense, 161–62 “shallow fakes,” 129 Shanahan, Jack on automated nuclear launch, 289 on international information sharing, 258, 291–92 and JAIC, 66, 201, 203, 205–6, 214 and Project Maven, 57–58 on risks, 254, 256 Sharp Eyes, 88, 91 Shenzhen, China, 37 Shield AI, 66, 196, 222, 224 shortcuts, 254–56 Silk Road, 110 SIM cards, 80, 89 Singapore, 106, 107, 158 singularity in warfare, 279–80 Skyeye, 99 Skynet, 87–88, 90, 91 Slashdot, 120 Slate, 120 smartphones, 26, 80 SMIC (Semiconductor Manufacturing International Corporation), 178, 181, 184 Smith, Brad, 159, 163, 166, 167 social app dominance, 149–50 social credit system, 99–100 social governance, 97–104 social media, 126, 141–51 socio-technical problems, 65 soft power, 317 SOFWERX (Special Operations Forces Works), 214 SolarWinds, 246 South Africa, 107 South China Sea militarization, 71, 74 South Korea, 27, 40, 182, 185, 187 Soviet Union, 287, 289, 447 Spain, 40, 107 SparkCognition, 66, 224 Spavor, Michael, 177 Special Operations Command, 218 Special Operations Forces Works (SOFWERX), 214 speech recognition, 91 “Spider-Man neuron,” 295 Springer Nature, 158 Sputnik, 33, 71–72 Stability AI, 125, 295 stability, international, 286–93 Stable Diffusion, 125, 139, 295 Stallone, Sylvester, 130 Stanford Internet Observatory, 139 Stanford University, 31, 32, 57, 162 Starbucks, 92 StarCraft, 180, 298 StarCraft II, 267, 271, 441 Status-6, 289; See also Poseidon Steadman, Kenneth A., 192 STEM talent, 30–34 sterilization and abortion, 81 Strategic Capabilities Office, 56 strategic reasoning, 49 Strategy Robot, 44–45, 49, 51 Strike Hard Campaign, 79–80 Stuxnet, 283 subsidies, government, 179–80 Sullivan, Jake, 186 Sun Tzu, 45 superhuman attentiveness, 269–70 superhuman precision, 270 superhuman reaction time, 277 superhuman speed, 269, 271 supervised learning, 232 supply chain(s), 300 attacks, 246 global, 76, 179, 183 “Surprising Creativity of Digital Evolution, The,” 235 surveillance, 79–90 cameras, 6, 86–87, 91 laws and policies for, 108–9 throughout China, 84–90 in Xinjiang, 79–83 Sutskever, Ilya, 210 Sutton, Rich, 299, 455 swarms and swarming, 277–79 autonomous systems, 50, 220 demonstrations, 257 Sweden, 108, 158, 187 Switch-C, 294 Synopsys, 162 synthetic aperture radar, 210 synthetic media, 127–34, 138–39 criminal use, 128–29 deepfake detectors, 132–33 deepfake videos, 130–32 geopolitical risks, 129–30 watermarks, digital, 138–39 Syria, 58 system integration, 91 tactics and strategies, 270 Taiwan, 27, 71, 76, 100, 175, 178, 185–86 Taiwan Semiconductor Manufacturing Company (TSMC), 27–28, 179, 181, 184 Taiwan Strait, 71, 75–76 talent, 30–34, 304 Tang Kun, 393 tanks, 192 Tanzania, 109 targeting cycle, 263 target recognition, 210 Target Recognition and Adaptation in Contested Environments (TRACE), 210–12 Tay, chatbot, 247 TDP (thermal design power), 454 TechCrunch, 120 technical standards Chinese, 171–75 international, 169–71 techno-authoritarianism, 79–110, 169 China’s tech ecosystem, 91–96 global export of, 105–10, 106f social governance, 97–104 throughout China, 83–90 in Xinjiang, 79–83 technology ecosystem, Chinese, 91–96 platforms, 35 and power, 11 transfer, 33, 163–64 Tektronix, 162 Tencent, 37, 143, 160, 169, 172 Tensor Processing Unit (TPU), 180 Terregator, 193 Tesla, 65, 180 TEVV (test and evaluation, verification and validation), 251–52 Texas Instruments, 162 text generation, 117–21, 123 text-to-image models, 125, 295 Thailand, 107, 109 thermal design power (TDP), 454 Third Offset Strategy, 53, 61 “Thirteenth Five-Year Science and Technology Military-Civil Fusion Special Projects Plan,” 73 Thousand Talents Plan, 32, 164 “Three-Year Action Plan to Promote the Development of New-Generation AI Industry,” 73 Tiananmen Square massacre, 68, 97–98, 103, 148, 160, 341, 359 tic-tac-toe, 47, 336 TikTok, 146–49 Tortoise Market Research, Inc., 15, 40 TPU (Tensor Processing Unit), 180 TRACE (Target Recognition and Adaptation in Contested Environments), 210–12 Trade and Technology Council (TTC), 187 training costs, 296–97 training datasets, 19–23 attacks on, 238–40, 244–45 of drone footage, 203 “radioactive,” 139 real world environments, vs., 58, 64, 233, 264 size of, 294–96 transistor miniaturization, 28 transparency among nations, 258–59, 288 Treasury Department, 246 Trump, Donald, and administration; See also “Donald Trump neuron” budget cuts, 39–40 and COVID pandemic, 74 and Entity List, 166 GPT-2 fictitious texts of, 117–19 graduate student visa revocation, 164 and Huawei, 182–84 and JEDI contract, 215–16 national strategy for AI, 73 relations with China, 71 and TikTok, 147 Twitter account, 150 trust, 249–53 Trusted News Initiative, 138–39 “truth,” 130 Tsinghua University, 31, 93, 173, 291 TSMC, See Taiwan Semiconductor Manufacturing Company (TSMC) TTC (Trade and Technology Council), 187 Turkey, 107, 108, 110 Turkish language, 234 Twitter, 139–40, 142, 144, 149, 247 Uganda, 108, 109 Uighurs; See also Xinjiang, China facial recognition, 88–89, 158, 353–55 genocide, 79, 304 mass detention, 74, 79–81, 102, 175 speech recognition, 94 surveillance, 82, 155–56 Ukraine, 108, 129, 196, 219, 288 United Arab Emirates, 107, 109 United Kingdom, 12, 76, 108, 122, 158, 187, 191–92 United States AI policy, 187 AI research of, 30 Chinese graduate students in, 31 competitive AI strategy, 185 United States Presidential election, 2016, 122 United States Presidential election, 2020, 128, 131, 134, 150 University of Illinois, 157 University of Richmond, 123 Uniview, 89, 355 unsupervised learning, 232 Ürümqi, 80, 84 Ürümqi Cloud Computing Center, 156 U.S.


pages: 134 words: 41,085

The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, air traffic controllers' union, Alan Greenspan, basic income, battle of ideas, Berlin Wall, Bernie Sanders, bike sharing, Black Lives Matter, Boris Johnson, carbon tax, carried interest, cashless society, central bank independence, contact tracing, contact tracing app, Corn Laws, coronavirus, COVID-19, creative destruction, David Ricardo: comparative advantage, defund the police, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, Future Shock, George Floyd, global pandemic, Internet of things, invisible hand, it's over 9,000, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeremy Corbyn, Jones Act, knowledge economy, laissez-faire capitalism, Les Trente Glorieuses, lockdown, McMansion, military-industrial complex, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, Rishi Sunak, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, social distancing, Steve Bannon, surveillance capitalism, TED Talk, trade route, Tyler Cowen, universal basic income, Washington Consensus

Presidents sweep through Washington, DC, in giant motorcades. They fly around the world in a personalized jumbo jet. They take their own car, the Beast, with them wherever they go, which is no small feat given that it weighs ten tons. They hold elaborate multicourse dinners in the White House with guest lists that glitter with Hollywood stars (Deng Xiaoping once found himself sitting next to Shirley MacLaine who gave him a lecture on the virtues of the Cultural Revolution). They spend a lot of time playing golf with billionaires. This sends the wrong message to the people: that the government has plenty of money to spare. We have to admit that, despite his reputation for parsimony, the first President Lincoln overspent on redecorating the White House.


pages: 288 words: 16,556

Finance and the Good Society by Robert J. Shiller

Alan Greenspan, Alvin Roth, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, benefit corporation, Bernie Madoff, buy and hold, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, cognitive dissonance, collateralized debt obligation, collective bargaining, computer age, corporate governance, Daniel Kahneman / Amos Tversky, democratizing finance, Deng Xiaoping, diversification, diversified portfolio, Donald Trump, Edward Glaeser, eurozone crisis, experimental economics, financial engineering, financial innovation, financial thriller, fixed income, full employment, fundamental attribution error, George Akerlof, Great Leap Forward, Ida Tarbell, income inequality, information asymmetry, invisible hand, John Bogle, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, land reform, loss aversion, Louis Bachelier, Mahatma Gandhi, Mark Zuckerberg, market bubble, market design, means of production, microcredit, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, Occupy movement, passive investing, Ponzi scheme, prediction markets, profit maximization, quantitative easing, random walk, regulatory arbitrage, Richard Thaler, Right to Buy, road to serfdom, Robert Shiller, Ronald Reagan, selection bias, self-driving car, shareholder value, Sharpe ratio, short selling, Simon Kuznets, Skype, social contagion, Steven Pinker, tail risk, telemarketer, Thales and the olive presses, Thales of Miletus, The Market for Lemons, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, Vanguard fund, young professional, zero-sum game, Zipcar

The more important story is the proliferation and transformation of successful nancial ideas. Financial innovations emanating from Amsterdam, London, and New York are developing further in Buenos Aires, Dubai, and Tokyo. The socialist market economy, with its increasingly advanced nancial structures, was introduced to China by Deng Xiaoping starting in 1978, adapting to the Chinese environment the examples of other highly successful Chinese-speaking cities: Hong Kong, Singapore, and Taipei. The economic liberalization of India, which allowed freer application of modern nance, was inaugurated in 1991 under Prime Minister P. V. Narasimha Rao by his nance minister (later prime minister) Manmohan Singh, who was educated in economics at Nu eld College, Oxford University.

See Center for Research in Security Prices Cuba, 190 currency swaps, 75 currency units, 146, 147 Darwin, Charles, 221 dating services, 71–74 dealmaking, 8, 190, 235 debt: bank loans, 38, 42; collateralized debt obligations, 52, 54; conditions, 158; conventional vehicles, 153; credit card, 153, 154; European crisis, xvi, 117, 154–55, 171; within families, 152; of firms, 41, 152; government, 115, 148, 152, 154–55, 156–58, 163; household, 153; human errors, 152–53; indexation, 158; innovative contracts, 148; microfinance, 44; odious, 157–58; perceptions of, 148; personal, 151–52, 153; risks, 151, 153, 154–55; salubrious, 158. See also bonds; mortgages debt overhang, 153, 156 democratization: of finance, 43–44, 47, 144, 150, 209–11, 214, 235, 239; of financial capitalism, xiii–xiv, xvii, 5–6, 8–9; of insurance, 65–67, 68 Deng Xiaoping, 3 derivatives: definition of, 75; expanding markets, 62–63, 80; forward markets, 75; history, 76–77; on housing prices, 62; investment managers’ use of, 35; justifications, 77–80; pricing, 132; public perceptions, 75, 80. See also futures markets; mortgage securities; options developing countries: insurance, 66–67; microfinance, 44; philanthropy in, 126 De Waal, Frans, 227 Diagnostic and Statistical Manual of Mental Disorders (DSM- IV), 179 directors.


pages: 421 words: 120,332

The World in 2050: Four Forces Shaping Civilization's Northern Future by Laurence C. Smith

Boeing 747, Bretton Woods, BRICs, business cycle, clean water, climate change refugee, Climategate, colonial rule, data science, deglobalization, demographic transition, Deng Xiaoping, Easter island, electricity market, energy security, flex fuel, G4S, global supply chain, Google Earth, Great Leap Forward, guest worker program, Hans Island, hydrogen economy, ice-free Arctic, informal economy, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invisible hand, land tenure, Martin Wolf, Medieval Warm Period, megacity, megaproject, Mikhail Gorbachev, New Urbanism, oil shale / tar sands, oil shock, peak oil, Pearl River Delta, purchasing power parity, Ronald Reagan, Ronald Reagan: Tear down this wall, side project, Silicon Valley, smart grid, sovereign wealth fund, special economic zone, standardized shipping container, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, trade route, Tragedy of the Commons, UNCLOS, UNCLOS, urban planning, Washington Consensus, Y2K

Writes author Henri Ghesquiere about Singapore’s success:60 Rapid growth was matched by enhanced well-being. The quality of life improved for large numbers of people. Singapore succeeded from the perspective of not only growth, but also social development. . . . China’s momentous decision in 1978 to reverse five centuries of economic isolation was influenced in part by Deng Xiaoping’s visit to Singapore that year. His dream to “plant a thousand Singapores in China” sparked numerous delegations on study tours to the island. South Korea was impressed with Singapore’s success in overcoming corruption. The city-state’s mastery in keeping urban traffic flowing has fascinated officials from many countries, and its housing program is studied by planners from around the world.

Dawson Creek, British Columbia De Niro, Robert Dead Pool (Lawrence) death rates deltas Democratic Republic of the Congo demography: and aboriginal populations; and aging populations; and Alaska; and biofuels; and climate distribution; connection to other global forces; and declining populations; and the Demographic Transition; as global force; and global warming; and Gulags; and human settlement patterns; and immigration; and inertia of global forces; and life expectancy; measurement types; and momentum of population trends; and the “New North,” and NORCs; and population control policies; population densities and trajectories; and resource consumption; and urbanization; and water resources; and World War II, Dene people Deng Xiaoping Denmark: and aboriginal peoples; and the Arctic Council; and Arctic resources; and demographic trends; and immigration policy; and the “New North,” and UNCLOS; and wind power deserts developing world Diamond, Jared diamond mining disease drought Duke Energy Dupont East Asia Summit ecological footprint economics: and aging populations; and demography; and development policies; and economic discounting; and NORCs; shifting economic power; and super-regions; and urbanization; and water resources Economist Intelligence Unit Egypt Ehrlich, Paul El Niño elderly dependency ratio electric vehicles endangered species energy : and water consumption Energy Independence and Security Act Engels, Friedrich environmental activism Equatorial Guinea ERTS satellite An Essay on the Principle of Population (Malthus) Estonia ethanol Ethiopia Eurasia Europe.


pages: 481 words: 120,693

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, Boris Johnson, Branko Milanovic, Bretton Woods, BRICs, Bullingdon Club, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, disruptive innovation, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial engineering, financial innovation, Flash crash, Ford Model T, Frank Gehry, Gini coefficient, Glass-Steagall Act, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, John Markoff, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, liberation theology, light touch regulation, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Max Levchin, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, seminal paper, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, starchitect, stem cell, Steve Jobs, TED Talk, the long tail, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy, zero-sum game

If you are good at responding to revolution, you figure that out and start a business in one of the 18 to 20 percent sectors: “It is the possibility of multimillionaires overnight.” You hear the same story in China. Lai Changxing was born and raised in a small village outside Xiamen, on China’s southeast coast, less than two hundred miles from Taiwan. When in the early 1980s Deng Xiaoping told the brutalized Chinese people it was okay to make money, Xiamen was one of the first provinces where the market experiment was launched, and Lai responded to that revolutionary opportunity. Starting with an auto parts company, by the middle of the next decade he had diversified into everything from umbrellas to textiles to electronics—and he had become a billionaire.

., 116–17, 122, 129–30 capital gains, 17, 44, 78, 79 Cardin, Pierre, 116 Carlyle Group, 121, 148 Carnegie, Andrew, ix, 9–11, 13, 26, 55, 71, 195, 235, 237 Carney, Mark, 252–56, 258–61 Carr, David, 140 Carter, Amy, 265–66 Casabolseros, Los, 51 Caterpillar, 26 CEOs, 134–40, 190, 219, 261 Cerisola, Pedro, 197 Chanos, James, 142, 172 Chaplin, Charlie, 98–100, 108, 114 charity, 70–76, 246, 264 Chasing Stars (Groysberg), 129 chefs, 111–13, 138 Chicago Tribune, 247 Chile, 149 China, xiii, 3, 14–17, 19–22, 27, 28, 30, 35, 62–63, 66, 68, 92, 146, 149, 156, 162, 186, 193, 198, 203–10, 217, 255–56, 260, 266, 267, 285 Chinese People’s Political Consultative Conference in, 203 Communist Party in, 46 income vs. happiness in, 31–32 iPhone and, 28 iPod and, 24–26 Ming Dynasty in, 96 National People’s Congress in, 203–4, 207, 209 princelings in, 208, 209 rent-seeking in, 204–10 strikes and, 33 “China Syndrome, The” (Autor, Dorn, and Hanson), 23–24, 27 Chopra, Tejpreet Singh, 157–59 Christensen, Clayton, 145, 147, 158 Chubais, Anatoly, 188 Cisco, 174 Citadel, 51 Citigroup, 63, 106, 121, 169–70, 257 consumer hourglass theory of, 6 plutonomy memo of, 5, 147, 167 revolutions and, 147 Clearwell, 106 Clinton, Bill, x, 3, 68, 71, 72, 270 Clinton, Chelsea, 72, 266 Clinton, Hillary, 265 Clinton Global Initiative, 68 clothing industry, 113–16 cognitive state capture, 256–57, 272–73 Cohen, Rachel, 76 collective good, 55–56 Commercial Advertiser, 7 Commonwealth Club, 176–78 communications technology, 99–100 communism, 14, 17–18, 21, 77, 136, 266, 284 Communist Party, 46, 89 computers, 146, 166–67 Congressional Budget Office (CBO), 43–44 Cook, Charlie, 111 Cook Political Report, 111 cooks, 111–13, 138 Cooper, Peter, 39 Cooper, Thomas, 11 Cooperman, Leon, 45, 245–46 Corak, Miles, 283 corruption, 224 in India, 201–2 legal, 224–27 Council on Foreign Relations, 185, 227 Crassus, Marcus, 195 creative capitalism, 75 Credit Suisse, 34–35, 122 Global Wealth Report of, 58–59 Credit Suisse First Boston (CSFB), 159–61 crony capitalism, 82–84, 190 Dalits, 45 Daschle, Tom, 270 data, big, 146, 165–66 Davies, Howard, 214–15 Davos, 61, 62, 68, 72, 75, 227 Deaton, Angus, 31, 82 Dedrick, Jason, 24–26 Delivering Happiness (Hsieh), 230 Deloitte, 173 democracy, 77 Deneuve, Catherine, 116 Deng Xiaoping, 156 dentists, 101, 107 Depression, Great, xiii, 9, 13, 29, 115 Depression, Long, 7, 9, 41 deregulation, 220–23, 225, 227 derivatives business, 212, 221 Detroit, Mich., 184, 280 Treaty of, 17, 18 DiCaprio, Leonardo, 108 DiFuria, Joan, 176 Digital Sky Technologies (DST), 66, 164 Dimon, Jamie, 244–45, 253–55, 257–60 Djilas, Milovan, 89–90, 266 DLA Piper, 105, 106 DLD (Digital-Life-Design), 68 Doll, Bob, 5 dopamine, 147 Doriot, Georges, 120–22 Dorn, David, 23–24, 27 Dow Jones Industrial Average, 6 Dreyfuss, Richard, 127 Druckenmiller, Stan, 143 Drucker, Peter, 88, 117–18 Drummond, Don, 216–17 Dubai, 63 Duggan, James, 249 Easterlin, Richard, 31 eBay, 171, 183 École Polytechnique, 273 economic crisis of 2008, see financial crisis of 2008 Economist, 209 Edison, Thomas, 38 education, 45, 47, 61, 91, 92 college, 47–50, 52, 61–62, 283 elite, 48–49, 52, 61–62, 83, 283 philanthro-capitalists and, 75, 76 race between technology and, 47–48 Einstein, Albert, 124–25, 126 electrocardiographs, 157–58 El-Erian, Mohamed, 65, 251–52 Emanuel, Rahm, 242, 258 employment: insecurity in, 53 unemployment, 186–87, 238, 240, 265 wages in, see wages Engels, Friedrich, 39 England, 63, 81, 139, 214–15, 227 industrial revolution in, 95 Jefferson on, 11–12 recession in, 57 summer social season in, 57, 67 entertainment, 100, 123, 130 movies, 98, 100, 109, 127–30 music, 109–10, 126–27, 170–71 entitlement, sense of, 239 entrepreneurs, 167 Ethan Allen, 185, 186 Eugénie, Empress, 114 evidence-based vs. ideological worldviews, 93–94 Evon, Michael, 232, 233, 234 extractive societies, 279–81, 283 Facebook, 47, 104, 146, 147, 163–66, 171, 175 Fake, Caterina, 172 fame, 123, 128 Fannie Mae, 271 fashion designers, 113–16 Faust, Drew, 49–50, 267 Fear Index, The (Harris), 229 Ferguson, Niall, 268 finance industry, 119–22, 129–30 financial crisis of 2008, 15, 28, 37, 63, 139, 141, 142, 144, 146, 152–54, 169–70, 178, 189, 214, 217, 220, 223, 254, 261, 269 blame for, 242 Bloomberg/Schumer/McKinsey report and, 212–14 regulation and, 212–14, 218, 253 financial deregulation, 220–23, 225, 227 Financial Services Forum, 253 Financial Stability Board (FSB), 253 Financial Times, 267 Fink, Larry, 166–67 Finland, 3 Firestone, 168–69 Firestone, Harvey, 168 Fitzgerald, F.


Building and Dwelling: Ethics for the City by Richard Sennett

Anthropocene, Big Tech, Buckminster Fuller, car-free, classic study, clean water, cognitive dissonance, company town, complexity theory, creative destruction, dematerialisation, Deng Xiaoping, double helix, Downton Abbey, driverless car, East Village, en.wikipedia.org, Evgeny Morozov, Frank Gehry, gentrification, ghettoisation, housing crisis, illegal immigration, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Joseph Schumpeter, Kickstarter, Lewis Mumford, Mark Zuckerberg, Masdar, mass immigration, means of production, megacity, megaproject, new economy, Nicholas Carr, Norbert Wiener, open borders, place-making, plutocrats, post-truth, Richard Florida, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, SimCity, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, surveillance capitalism, systems thinking, tacit knowledge, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, urban planning, urban renewal, Victor Gruen, Yochai Benkler

The mother did not long survive this baptism. Her orphaned daughter, taken in by a childless couple, developed a more people-proof skill as a civil engineer with a specialized knowledge of building materials. Shanghai had decayed during the years of the Cultural Revolution, particularly in its housing stock. When Deng Xiaoping allowed people more scope for individual initiative in the late 1970s, Madame Q, along with many of her generation, wanted to turn a fresh page in the city, building it new, big and fast. Madame Q’s understanding of poured concrete gained her entry into the lower echelons of city government. I first met Madame Q at a banquet in 2003.

Chicago School children, accessibility for behaviour and bridges and drugs in Medellín play-spaces as refugees and school China, architecture ‘Chinese mission’ clothing industry Cultural Revolution living space per person move to cities in pollution index skyscrapers trade with Venice and urban explosion see also Shanghai Chipperfield, David Christianity, beliefs about Jews and cosmopolitanism early in Lebanon meaning of ‘city’ in monasteries Okakura and in Spain in Venice CIAM (Congrès internationaux d’architecture moderne) Cisco Systems cité, hard to read as heteroglossia cité, and ville and ambiguous complexity bringing together Cerdà and Chicago School and Delhi (Nehru Place) and divorce of Haussmann and Jacobs and Mumford and Kant and open cité open ville and rupture Weber and citizenship city, cities, closed and open global growth of infrastructure octopus city policentric model smart, coordinating smart, prescriptive stupefying effect as term city-states civil engineers Civil War (US) The Civilization of the City (Kluge) class, personalization of climate change clinamens Clos, Joan co-production and consultation dangers and difficulties with a machine techniques of Cobb, Henry Cobb, Jonathan and Sennett, Richard, The Hidden Injuries of Class cockpit control cognition, friction and cognitive dissonance Coignet, François Cole, Teju Open City Colombia commons Commonwealth Games (2010) communism community, concept of computers computer games computer-aided design (CAD) programs concentration camps concentric zone theory concrete white-painted consciousness studies constellation city concept consultation contextual planning cooperation core investing Cornell, Joseph Corner, James cosmopolitanism Costa, Lúcio courtesy rituals see also mask of civility courtyards craftsmanship problem-solving and problem-finding and resilience and restoration role of time creativity Crick, Francis crime, in New York in Shanghai street Croce, Benedetto crookedness ‘crossroadism’ crowds Cubitt, Thomas Cullen, Gordon cybernetics das-in-der-Welt-sein Dasein (‘dwelling’, or ‘being there’) declarative and subjunctive voice Degas, Edgar Delhi, Commonwealth Games (2010) FAR in gated communities Nehru Place ‘octopus city’ development pollution population and Shanghai street life street markets and street-smarts walking in democracy direct Deng Xiaoping density, footfall and sessile department stores Descartes, René detachment Dewey, John Art as Experience diachronic space dialectical materialism dialogic practices Dickens, Charles, Bleak House Diderot, Denis, Encyclopédie digital commons Diller, Elizabeth disconnection, social distance, ‘death’ of docking stations domestic service DOS programs Dostoevsky, Fyodor Downing, Andrew Jackson Dreiser, Theodore Dresden drugs, and children drug wars experimental dualism of mind and body Duffy, Frank durée (Bergson) Durkheim, Émile Dutra, Olívio Eckstut, Stanton edges Eggers, Dave, The Circle embodied knowledge Engels, Friedrich The Condition of the Working-Class in England in, 1844 and Karl Marx, The Communist Manifesto engineer-urbanists Enlightenment Epstein, Jason Erlebnis and Erfahrung ethics, philosophy of European Magazine European Union exclusion Existenz, philosophy of experience, as Erlebnis or Erfahrung knowledge based on personal physical experience (Verstehen) Fabian Society fabric, urban forms of Fajardo, Sergio fast-track growth feedback Feiling, Tom Ferdinand II, King of Aragon, and Isabella I, Queen of Castile Fernandez-Kelly, Patricia Festinger, Leon Firley, Eric, and Caroline Stahl First World War flâneur Flaubert, Gustave Sentimental Education flooding risk of Florida, Richard focal attention Ford, Henry form and function Foster, Norman Fourier, Charles France French Revolution Massif Central Franklin, Benjamin Frederick the Great, King of Prussia freedom, in city Fregonese, Sara Freiburg University of French Revolution Freud, Sigmund Friedberg, M.


pages: 451 words: 125,201

What We Owe the Future: A Million-Year View by William MacAskill

Ada Lovelace, agricultural Revolution, Albert Einstein, Alignment Problem, AlphaGo, artificial general intelligence, Bartolomé de las Casas, Bletchley Park, British Empire, Brownian motion, carbon footprint, carbon tax, charter city, clean tech, coronavirus, COVID-19, cuban missile crisis, decarbonisation, deep learning, DeepMind, Deng Xiaoping, different worldview, effective altruism, endogenous growth, European colonialism, experimental subject, feminist movement, framing effect, friendly AI, global pandemic, GPT-3, hedonic treadmill, Higgs boson, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Islamic Golden Age, iterative process, Jeff Bezos, job satisfaction, lab leak, Lao Tzu, Large Hadron Collider, life extension, lockdown, long peace, low skilled workers, machine translation, Mars Rover, negative emissions, Nick Bostrom, nuclear winter, OpenAI, Peter Singer: altruism, Peter Thiel, QWERTY keyboard, Robert Gordon, Rutger Bregman, Sam Altman, seminal paper, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, special economic zone, speech recognition, Stanislav Petrov, stem cell, Steven Pinker, strong AI, synthetic biology, total factor productivity, transatlantic slave trade, Tyler Cowen, William MacAskill, women in the workforce, working-age population, World Values Survey, Y Combinator

This diversity enabled one community, the Quakers, to develop their own views on the morality of slavery; after they had come to see its immorality, that idea had the potential, under the right conditions, to spread. One particularly interesting idea for promoting cultural diversity of societies is that of charter cities: autonomous communities with laws different from their surrounding countries that serve as laboratories for economic policies and governance systems. For example, in 1979 Deng Xiaoping created a special economic zone around the city of Shenzhen,126 giving it more liberal economic policies than the rest of China. Average yearly income grew by a factor of two hundred over forty years.127 Its success inspired broader economic reforms across China, which, over the course of the last forty years, have lifted hundreds of millions of people out of poverty.128 Charter cities are often promoted by those who want to see more economically liberal policies.

The Southern Review of Books has “guesstimated” that the Quran has sold eight hundred million copies (Griese 2010). Because the Muslim population is increasing over time, sales are likely also increasing. The nearest competitor is Mao Zedong’s Little Red Book, with eight hundred to nine hundred million sales, though demand for that has declined substantially since Deng Xiaoping’s reforms in the 1970s (Griese 2010). According to Foreign Policy, in 2013, the Little Red Book was out of print in China (Fish 2013). 31. China Global Television Network 2017. 32. Babylonian Talmud Yevamot 69b as quoted in Schenker 2008, 271; Catholic News Agency 2017; Crane 2014; Prainsack 2006. 33.


pages: 165 words: 46,133

The Obstacle Is the Way: The Timeless Art of Turning Trials Into Triumph by Ryan Holiday

British Empire, collective bargaining, Deng Xiaoping, fear of failure, Lean Startup, minimum viable product, Nelson Mandela, reality distortion field, Silicon Valley, Silicon Valley startup, Steve Jobs

Pragmatism is not so much realism as flexibility. There are a lot of ways to get from point A to point B. It doesn’t have to be a straight line. It’s just got to get you where you need to go. But so many of us spend so much time looking for the perfect solution that we pass up what’s right in front of us. As Deng Xiaoping once said, “I don’t care if the cat is black or white, so long as it catches mice.” The Stoics had their own reminder: “Don’t go expecting Plato’s Republic.” Because you’re never going to find that kind of perfection. Instead, do the best with what you’ve got. Not that pragmatism is inherently at odds with idealism or pushing the ball forward.


pages: 492 words: 141,544

Red Moon by Kim Stanley Robinson

artificial general intelligence, basic income, blockchain, Brownian motion, correlation does not imply causation, cryptocurrency, deep learning, Deng Xiaoping, gig economy, Great Leap Forward, Hyperloop, illegal immigration, income inequality, invisible hand, Ken Thompson, Kim Stanley Robinson, low earth orbit, machine translation, Magellanic Cloud, megacity, Neil Armstrong, precariat, quantum entanglement, Schrödinger's Cat, seigniorage, strong AI, Turing machine, universal basic income, zero-sum game

One of the undeniable stars of the sixth generation of Party leadership, which was struggling to launch itself off the shoulders of the fifth generation, generally considered to be a weak one. By now these generations were quite nominal, extending back as they did to that first generation around Mao, the founders of the People’s Republic which had included Zhou Enlai and Deng Xiaoping and the other Eight Immortals. The generations since had been calculated very roughly by general secretaryships, Party congresses, and mandatory retirement ages, which combined to suggest that nowadays a leadership generation passed every decade or two. A very artificial thing, in other words, and yet still widely used, combining as it did the Chinese love of numbered lists with a more general human desire to periodize history, pursuing a hopeless quest to make sense of human fate by doing a kind of feng shui on time itself.

After this pause for sipping, and possibly reflection, Peng Ling said, “You know me, Master. I am always for weiwen. Maintenance of stability. All the old virtues. Lean to the side. Harmonious society. Scientific outlook on development. All the best old ways.” “It’s really Daoism,” Ta Shu said. “Confucius too. Or really it’s Neo-Confucian. Like Deng Xiaoping. I like it. It suits me, because I’m a practical person. But now we have the New Leftists, wanting to steer us back toward socialism.” “Socialism with Chinese characteristics,” Ta Shu added. This was what every system since 1978 had called itself. “Of course. And don’t get me wrong, I like the New Leftists for that very reason.


pages: 464 words: 127,283

Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia by Anthony M. Townsend

1960s counterculture, 4chan, A Pattern Language, Adam Curtis, air gap, Airbnb, Amazon Web Services, anti-communist, Apple II, Bay Area Rapid Transit, Big Tech, bike sharing, Boeing 747, Burning Man, business process, call centre, carbon footprint, charter city, chief data officer, clean tech, clean water, cloud computing, company town, computer age, congestion charging, congestion pricing, connected car, crack epidemic, crowdsourcing, DARPA: Urban Challenge, data acquisition, Deng Xiaoping, digital divide, digital map, Donald Davies, East Village, Edward Glaeser, Evgeny Morozov, food desert, game design, garden city movement, General Motors Futurama, gentrification, Geoffrey West, Santa Fe Institute, George Gilder, ghettoisation, global supply chain, Grace Hopper, Haight Ashbury, Hedy Lamarr / George Antheil, Herman Kahn, hive mind, Howard Rheingold, interchangeable parts, Internet Archive, Internet of things, Jacquard loom, Jane Jacobs, Jevons paradox, jitney, John Snow's cholera map, Joi Ito, Khan Academy, Kibera, Kickstarter, knowledge worker, Lewis Mumford, load shedding, lolcat, M-Pesa, machine readable, Mark Zuckerberg, megacity, megaproject, messenger bag, mobile money, mutually assured destruction, new economy, New Urbanism, Norbert Wiener, Occupy movement, off grid, One Laptop per Child (OLPC), openstreetmap, packet switching, PalmPilot, Panopticon Jeremy Bentham, Parag Khanna, patent troll, Pearl River Delta, place-making, planetary scale, popular electronics, power law, RFC: Request For Comment, RFID, ride hailing / ride sharing, Robert Gordon, scientific management, self-driving car, sharing economy, Shenzhen special economic zone , Silicon Valley, SimCity, Skype, smart cities, smart grid, smart meter, social graph, social software, social web, SpaceShipOne, special economic zone, Steve Jobs, Steve Wozniak, Stuxnet, supply-chain management, technoutopianism, Ted Kaczynski, telepresence, The Death and Life of Great American Cities, too big to fail, trade route, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, undersea cable, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban renewal, Vannevar Bush, working poor, working-age population, X Prize, Y2K, zero day, Zipcar

The plan was to entice multinationals to set up Asian operations at Songdo, where they would be able to reach any of East Asia’s boomtowns quickly by air. It was to be a special economic zone, with lower taxes and less regulation, inspired by those created in Shenzhen and Shanghai in the 1980s by premier Deng Xiaoping, which kick-started China’s economic rise.15 But in an odd twist of fate, Songdo now aspires to be a model for China instead. The site itself is deeply symbolic. Viewed from the sky, its street grid forms an arrow aimed straight at the heart of coastal China. It is a kind of neoliberal feng shui diagram, drawing energy from the rapidly urbanizing nation just over the western horizon.

., 283–84 Curitiba, 11 CV Dazzle, face-recognition scrambling by, 14 Cyber Emergency Response Team, 268 cybernetics, 74–76, 81, 82 cyber-sabotage, 266–69 cyberspace, 49 Daley, Richard, 207 data-driven management, 210–11, 214 data mining, 206 data networks, 42–46 as fourth utility, 44 Davies, Donald, 259–60 Death and Life of Great American Cities, The (Jacobs), 16, 97–98, 103, 126 de Bruijn, Mirjam, 180 “deep analytics,” 209 Defense Department, U.S., 79–80, 111, 260, 265, 269–70 defense industry, 77, 79 de Forest, Lee, 129 de la Peña, Benjamin, 174 Deng Xiaoping, 24 “dependable computing,” 299 de Tocqueville, Alexis, 308 Detroit, Mich., 51, 295 Digital Cellular Radio (Calhoun), 52 digital divide, 189–93 issues of access and agency in, 190–91 digital identity, biometrics in, 310 Digital Media City, 28 digital networks, 7, 53 sharing economies in, 16 to transform cities with, 7–9 digital technology: for democratizing cities, 9–10 in design of smart leisure facility, 22 as solution to urban problems, 8 urbanization intersection with, 4, 6–7 digital video camera, 115 Division of Vital Statistics, U.S., 59 DIYcity.org, 155–59, 164–65, 202 Challenges for, 156–58 DIYtraffic, 157 Dodgeball, 121–26, 134, 146, 233 Dominican Republic, 176–77 Donteat.at, 150 dontflush.me, 139–40 doomsday scenarios, 276–81 Doppler radar, 68 Downtown Alliance (Manhattan), 132–33 Dreadnought, 21 Dr.


pages: 505 words: 138,917

Open: The Story of Human Progress by Johan Norberg

Abraham Maslow, additive manufacturing, affirmative action, Albert Einstein, anti-globalists, basic income, Berlin Wall, Bernie Sanders, Bletchley Park, Brexit referendum, British Empire, business cycle, business process, California gold rush, carbon tax, citizen journalism, classic study, Clayton Christensen, clean water, cognitive dissonance, collective bargaining, Corn Laws, coronavirus, COVID-19, creative destruction, crony capitalism, decarbonisation, deindustrialization, Deng Xiaoping, digital map, Donald Trump, Edward Jenner, fake news, Fall of the Berlin Wall, falling living standards, Filter Bubble, financial innovation, flying shuttle, Flynn Effect, Francis Fukuyama: the end of history, future of work, Galaxy Zoo, George Gilder, Gini coefficient, global pandemic, global supply chain, global village, green new deal, humanitarian revolution, illegal immigration, income per capita, Indoor air pollution, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, Jeff Bezos, job automation, John von Neumann, joint-stock company, Joseph Schumpeter, Kickstarter, knowledge economy, labour mobility, Lao Tzu, liberal capitalism, manufacturing employment, mass immigration, negative emissions, Network effects, open borders, open economy, Pax Mongolica, place-making, profit motive, RAND corporation, regulatory arbitrage, rent control, Republic of Letters, road to serfdom, Ronald Reagan, Schrödinger's Cat, sharing economy, side project, Silicon Valley, Solyndra, spice trade, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Pinker, tacit knowledge, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trade liberalization, trade route, transatlantic slave trade, Tyler Cowen, Uber for X, ultimatum game, universal basic income, World Values Survey, Xiaogang Anhui farmers, zero-sum game

‘When one village has it, the whole country will be infected.’52 Soon other villagers started small companies operating outside the plan, and developed a pricing system, while unemployed young Chinese began to demand the right to open small shops and businesses. None of these changes were initiated by the rulers. Their important contribution was to acknowledge the development afterwards, once they saw the success of these initiatives, and not to punish the pioneers. The party gave the changes its official seal of approval under Deng Xiaoping, who famously said that opening China’s windows might let some flies in, but that is better than expiring from lack of air. Under his policy of ‘Reform and Opening-up’, economic free zones were created, where entrepreneurs were allowed to experiment with private enterprise, foreign investments and international trade.

(Huntington), 362–3, 365–6 classical liberalism, 185, 205, 214 Claudius, Roman Emperor, 90, 92 climate change, 75, 323, 325, 326–34 Clinton, Hillary, 238 Clouds, The (Aristophanes), 129 Cobden–Chevalier Treaty (1860), 53–4 coffee houses, 166 cognitive dissonance, 127 Cohen, Floris, 150 Colombia, 120 colonialism, 214, 232, 256 Britain, 84, 191, 194, 200 Dutch Republic, 100 Portugal, 100, 146–7, 178 Spain, 147, 178, 182 Columbia University, 223 Columbus, Christopher, 77, 177, 178, 305 Comenius, John, 152 command economies, 43, 315 communism, 54, 56, 215, 302–5, 314–18 Communist Manifesto, The (Marx and Engels), 33 compensatory control, 322–3 competition, 60 benefit–cost ratio and, 62 creative destruction and, 57, 190 Great Depression and, 54 guilds and, 190 immigration and, 117 Rust Belt and, 64, 65–6 competitive advantage, 28–9 computers, 302–14 automation, 63, 312–13 Internet, 57, 275, 278, 306–11, 312 confirmation bias, 127, 160, 161 Confucianism, 129, 149, 169, 176 Congo, 365 conquistadores, 77 conservatism, 334–40 authoritarianism and, 345 disgust and, 335, 336 dynamism and, 286, 300–302, 312, 326 economic, 185, 336 security and, 334–40, 378 superpowers study, 338–9 conspiracy theories, 322–3, 324 Constantine, Roman Emperor, 133–4 Constantinople, 92, 94, 224 contact hypothesis, 244–5 Conway, Kellyanne, 108 Coontz, Stephanie, 199 Cooper, Anthony Ashley, 1st Earl of Shaftesbury, 185 Copernicus, Nicolaus, 146, 150, 332 copper, 42 Cordoba, Spain, 137–9 Corn Laws, 53, 191 corn-based ethanol, 328, 329 coronavirus, 3, 4, 10–11, 162–3, 293, 312 corruption, 317, 345, 381 COVID-19 pandemic (2019–20), 3, 4, 10–12, 162–3, 312 cowboys, 73 Cowen, Tyler, 257 Coxe, Tench, 103 creative destruction, 57, 179, 182, 190, 270, 339 automation, 63, 312–13 nostalgia and, 296–9, 313 Schumpeterian profits, 273–4 Crete, 89 crime, 110, 119–20, 346, 377 Crisis and Leviathan (Higgs), 337 Criswell King, Jeron, 255–6 Croats, 72 Cromwell, Oliver, 183 Crone, Patricia, 207 crony capitalism, 279–80 Crusades, 94, 138 cults, 244 culture appropriation, 71–2 borrowing, 70–73 evolution, 26–30 immigration and, 69–73, 116, 119, 120–23 ‘purity’ of, 69, 70, 71, 352 Cyrus II ‘the Great’, King of Persia, 86–7, 249 Daily Mail, 119 Dalberg-Acton, John, 1st Baron Acton, 140, 180 Dalton, John, 196 Danube (Magris), 219 Danube river, 93 Darfur, 365 Darius I ‘the Great’, Persian Emperor, 86 Dark Ages, 5, 50, 140, 215 Darkening Age, The (Nixey), 134 Darwin, Charles, 24, 28, 162, 227 Davies, Stephen, 170 death penalty, 349 Defense Science Board, US, 313 Defoe, Daniel, 195 deindustrialization, 62 demagogues, 15, 217, 353–4, 360 dementia, 289 democracy, 205, 321, 357, 363, 378–82 authoritarianism and, 357 deliberative, 378–9 environment and, 327 in Greece, 5 Muslims and, 112, 113 populism and, 325 representative, 378 in United States, 200 Democratic Party, 164, 224–5, 238, 302, 349 Deng Xiaoping, 316, 317 Denisovans, 75 Department of Defense, US, 306, 313 Depeche Mode, 245, 295 Descartes, René, 100, 149, 153 Désert de Retz, France, 287 Deutsch, David, 261, 332 Diamond, Jared, 41 Diana, 89 Dickens, Charles, 197, 206 dictator game, 35 Diderot, Denis, 154 Dilmun, 42 disasters, 338 disease, 77–9, 128, 213, 293 Antonine Plague (165–80), 77 Behavioural Immune System, 222 Black Death (1346–53), 77, 139, 356 COVID-19 pandemic (2019–20), 3, 4, 10–12, 162–3, 312 Plague of Justinian (541–750), 77 Spanish flu (1918–19), 77 disgust, 222, 336–7, 371 ‘dismal science’, 206 Disraeli, Benjamin, 254 diversity, 83–4, 121–2 empires and, 84–106 problem solving and, 83 turtle theory, 121–2 division of labour, 28, 31–2, 40, 57, 117, 168 DNA (deoxyribonucleic acid), 8, 73–4, 75, 76 Doctor Who, 135 Doggerland, 74 Dollond, John, 158–9 Dominicans, 144 dreadlocks, 72 dung beetles, 284–5 Dunn, Kris, 357 Dutch East India Company, 100 Dutch Republic (1581–1795), 6, 53, 84, 99–101, 147, 184, 208 Calvinism, 149 colonies, 100 exiles in, 99, 152, 153, 158, 185, 186 Glorious Revolution (1688), 101, 185–8, 190, 193 Jewish community, 100, 150 multi-shuttle ribbon frame in, 180 Dutch Revolt (1568–1648), 98–9, 101, 208 dynamism, 301–2, 312, 318, 330 Eagles and Rattlers, 218–19, 236, 243, 252 East River Rift Valley, 24 Eastern Europe, 114, 115 Eastern Roman Empire (395–1453), see Byzantine Empire Ebola virus, 293 economies of scale, 42 Economist, The, 118, 279, 318 economy and nativism, 349–51 efflorescences, 5, 6, 10 Egypt, ancient, 43, 45, 70, 87, 88, 89, 128 Ehrlich, Paul, 160 Eighteenth-Century Commonwealthman, The (Robbins), 201 Eighty Years War (1566–1648), 101 Einstein, Albert, 105 electricity, 297 Elizabeth I, Queen of England and Ireland, 179, 237, 277 Eller, Martin, 306 Elusians, 89 Elvin, Mark, 173 empathy, 219, 224 Encyclopédie, 154 ‘End of History?’


pages: 516 words: 157,437

Principles: Life and Work by Ray Dalio

Alan Greenspan, Albert Einstein, asset allocation, autonomous vehicles, backtesting, Bear Stearns, Black Monday: stock market crash in 1987, cognitive bias, currency risk, Deng Xiaoping, diversification, Dunning–Kruger effect, Elon Musk, financial engineering, follow your passion, global macro, Greenspan put, hiring and firing, iterative process, Jeff Bezos, Long Term Capital Management, margin call, Market Wizards by Jack D. Schwager, microcredit, oil shock, performance metric, planetary scale, quantitative easing, risk tolerance, Ronald Reagan, Silicon Valley, Steve Jobs, transaction costs, yield curve

He rated Angela Merkel as the best leader in the West and considered Vladimir Putin one of the best leaders worldwide. He explained that leaders must be judged within the context of the circumstances they encounter and then went on to share his view of how difficult it is to lead Russia and why he thought Putin was doing it well. He also reflected on his unique relationship with Deng Xiaoping, whom he regarded as the best leader of all. I love getting to know interesting people from interesting places and seeing the world through their eyes. This is true whether they are rich or poor. Seeing life through the eyes of the indigenous people I got to know in Papua New Guinea was as illuminating for me as gaining the perspectives of the political and economic leaders, world-changing entrepreneurs, and cutting-edge scientists I’ve spent time with.

Elon Musk (of Tesla, SpaceX, and SolarCity), Jeff Bezos (of Amazon), and Reed Hastings (of Netflix) are other great shapers from the business world. In philanthropy, Muhammad Yunus (of Grameen), Geoffrey Canada (of Harlem Children’s Zone), and Wendy Kopp (of Teach for America) come to mind; and in government, Winston Churchill, Dr. Martin Luther King, Jr., Lee Kuan Yew, and Deng Xiaoping. Bill Gates has been a shaper in both business and philanthropy, as was Andrew Carnegie. Mike Bloomberg has been a shaper in business, philanthropy, and government. Einstein, Freud, Darwin, and Newton were giant shapers in the sciences. Christ, Muhammad, and the Buddha were religious shapers. They all had original visions and successfully built them out.


pages: 790 words: 150,875

Civilization: The West and the Rest by Niall Ferguson

Admiral Zheng, agricultural Revolution, Albert Einstein, Andrei Shleifer, Atahualpa, Ayatollah Khomeini, Berlin Wall, BRICs, British Empire, business cycle, clean water, collective bargaining, colonial rule, conceptual framework, Copley Medal, corporate governance, creative destruction, credit crunch, David Ricardo: comparative advantage, Dean Kamen, delayed gratification, Deng Xiaoping, discovery of the americas, Dissolution of the Soviet Union, Easter island, European colonialism, Fall of the Berlin Wall, financial engineering, Francisco Pizarro, full employment, Great Leap Forward, Gregor Mendel, guns versus butter model, Hans Lippershey, haute couture, Hernando de Soto, income inequality, invention of movable type, invisible hand, Isaac Newton, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Joseph Schumpeter, Kickstarter, Kitchen Debate, land reform, land tenure, liberal capitalism, Louis Pasteur, Mahatma Gandhi, market bubble, Martin Wolf, mass immigration, means of production, megacity, Mikhail Gorbachev, new economy, Pearl River Delta, Pierre-Simon Laplace, power law, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, purchasing power parity, quantitative easing, rent-seeking, reserve currency, retail therapy, road to serfdom, Ronald Reagan, savings glut, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special economic zone, spice trade, spinning jenny, Steve Jobs, Steven Pinker, subprime mortgage crisis, Suez canal 1869, Suez crisis 1956, The Great Moderation, the market place, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Thorstein Veblen, total factor productivity, trade route, transaction costs, transatlantic slave trade, undersea cable, upwardly mobile, uranium enrichment, wage slave, Washington Consensus, women in the workforce, work culture , World Values Survey

And the waters of the Yangzi are constantly churned by countless barges piled high with coal, cement and ore. Competition, companies, markets, trade – these are things that China once turned its back on. Not any more. Today, Admiral Zheng He, the personification of Chinese expansionism and for so long forgotten, is a hero in China. In the words of the greatest economic reformer of the post-Mao era, Deng Xiaoping: No country that wishes to become developed today can pursue closed-door policies. We have tasted this bitter experience and our ancestors have tasted it. In the early Ming Dynasty in the reign of Yongle when Zheng He sailed the Western Ocean, our country was open. After Yongle died the dynasty went into decline.

G. xx–xxii, xxv Colombia 105, 115, 122 Angostura 121, 123, 125 colonialism see imperialism Columbus, Christopher 28 communication(s) 218–19 language see linguistic issues in/with overseas colonies 170–71, 181–2 railways 170, 171, 204, 215, 218, 224 in warfare 55, 181–2 communism 7, 11, 209–10, 227–8, 236, 238 consumerism and 249–50 see also Russia/Soviet Union comparative advantage 202, 202n competition 12, 13, 36–49 between states 36–9, 41 definition 13 in trade 33–6, 48; see also trade within states 24, 39–41 complex systems/complexity 299–301 Comunero Revolution (1781) 115 Conder, Josiah 222n Condorcet, marquis Nicolas de Caritat de 79 Reflections on Negro Slavery 78 Confucian philosophy 21, 27, 32, 43, 264, 286 Congo: Belgian 176, 191; French 174 Conrad, Joseph: Heart of Darkness 181 consumer credit 238 consumerism 12, 14, 17, 195, 196–255, 288 communist attitude to 249–50 definition 13 development of 196–218, 257 fashion see fashion/clothing Industrial Revolution and 201 jeans as symbol of 240–49, 250 marketing 241, 242, 246 Copernicus, Nicolaus 65 Cortés, Hernán 99 cotton industry/trade 201, 202–3, 204, 218 see also textile industry Crompton, Samuel 200 Cromwell, Oliver 107 cultural pursuits 11, 76, 91–2, 235n art/painting 60, 232; see also individual artists film 230, 241 literature 60, 76, 181, 203, 228, 269–70 music see music Czech Revolution (1967–8) 247–9, 251 da Camões, Luis 35 da Gama, Vasco 33–5, 37, 39 Daily Mail xxii, xxiin Danton, Georges Jacques 155–6 Darby, Abraham 200 David, Jacques-Louis 159 Davis, Jacob 241 de Albuquerque, Alfonso, Governor of Portuguese India 34 de Aliaga, Jerónimo 101, 102, 103, 112–13 de Córdoba, Fray Pedro 113–14 de Freycinet, Charles 170 de Montfort, Simon 40 de Tocqueville, Alexis Democracy in America 153–4 on French Revolution 153–4 de Torres, Sebastián 112–13 De Tott, baron François 87 Debieuvre, Lieut. Colonel (French army) 185–6 Debord, Guy 246 Debray, Régis 244 Delacroix, Eugène: Liberty Leads the People (painting) 161n Delafosse, Maurice 166 Delavignette, Robert 172–3 demography see population figures Deng Xiaoping 48 Denmark 147 Deppe, Ludwig 182 Descartes, René 65, 66, 80 di Lampedusa, Giuseppe Tomasi: The Leopard 214–15 Diagne, Blaise 166–7, 183–4, 187 Diamond, Jared Collapse: How Societies Choose to Fail … 298–9 on Western ascendancy 11–12 Dias, Bartolomeu 33 Dickens, Charles 203 Diderot, Denis 79 Diebitsch, Karl 233 diet 7, 24–5, 45–6, 170, 211 sugar 10, 45; production of 129, 131–2, 160 discovery see exploration disease(s) see health issues Djilas, Milovan 239 Dominican Republic 128 Donizetti, Giuseppe 88 Donne, Anne xxii Donne, John xxii–xxiii Dostoevsky, Fyodor: Crime and Punishment 228 Dubček, Alexander 248 Duckworth, Sir John 85 Dutch East India Company 38 Dutschke, Rudi 245 East India Company see British East India Company; Dutch East India Company economic crises 7, 17, 44 in the West xvii–xviii, 257, 258, 259, 260–64, 276–7, 283, 288, 301, 307–12; in France 149–50, 161 in Ottoman empire 71, 89 economic growth/output 5, 14, 199, 200, 204–5, 218, 225, 227, 232–3, 257, 304–5, 306–7 in East Asia 239–40 in Great Depression 229–31 economic systems see financial systems Ecuador 98, 122, 128 Edict of Worms (1521) 61 Edison, Thomas 260 education 14, 215, 238, 263, 264 in China 43 Islamic 51 literacy rates 77, 125, 263, 264 teaching of history xviii–xx university level 7, 17–18, 92, 175, 244–5 for women 94, 244 Edward, Prince of Wales (Edward VIII) 220, 225 Ehrhardt, Hermann 188–9 Ehrlich, Paul 176 Eichacker, Captain Reinhold 185–6 Eijkman, Christiaan 170 Einstein, Albert 235 Eisenstadt, Shmuel 3 Elisabeth Christine of Brunswick (wife of Frederick the Great) 73–4 Ellington, Duke 230 Elliott, J.


pages: 538 words: 145,243

Behemoth: A History of the Factory and the Making of the Modern World by Joshua B. Freeman

anti-communist, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, classic study, clean water, collective bargaining, company town, Corn Laws, corporate raider, cotton gin, deindustrialization, Deng Xiaoping, disruptive innovation, driverless car, en.wikipedia.org, factory automation, flying shuttle, Ford Model T, Ford paid five dollars a day, Frederick Winslow Taylor, global supply chain, Great Leap Forward, Herbert Marcuse, high-speed rail, household responsibility system, indoor plumbing, interchangeable parts, invisible hand, James Hargreaves, joint-stock company, knowledge worker, mass immigration, means of production, mittelstand, Naomi Klein, new economy, On the Economy of Machinery and Manufactures, Panopticon Jeremy Bentham, Pearl River Delta, post-industrial society, Ralph Waldo Emerson, rising living standards, Ronald Reagan, scientific management, Shenzhen special economic zone , Silicon Valley, special economic zone, spinning jenny, Steve Jobs, strikebreaker, techno-determinism, technoutopianism, the built environment, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tim Cook: Apple, transaction costs, union organizing, Upton Sinclair, urban planning, Vanguard fund, vertical integration, women in the workforce, working poor, Works Progress Administration, zero-sum game

Still, the shift in the tide was clear.14 “Feeling the Stones” The Cultural Revolution led to a break between the first Chinese industrial revolution, based on capital-intensive, state-owned enterprises making producer goods like steel and petrochemicals, and a second, based on labor-intensive consumer-goods manufacturing by privately owned enterprises. The chaos of the Cultural Revolution, followed by Mao’s death in 1976, left an opening for reformers, led by Deng Xiaoping, who sought to revive the stagnant Chinese economy and improve Chinese life. In many cases themselves victims of the Cultural Revolution, the reform leaders rejected basic Maoist tenets, including the centrality of mass mobilization and the need to reject all capitalist forms of organization. By the late 1970s, many communists came to believe that China’s continuing poverty, and its lag behind not only developed Western countries but also rapidly developing Asian nations like Singapore, stemmed from the country’s lack of markets.

See also River Rouge plant Debabov, Dmitri, 213 Defense City proposal, 230–31 Defoe, Daniel, xii, 3 Delauney, Robert, 86–87 Dell, 270 Dell, Floyd, 103 democratic voice, xv iron and steel industry, 101, 103 “labor question,” 111 late eighteenth- and early nineteenth-century Great Britain, 39–40 male suffrage, 41 workers shut out of direct participation, 38, 338n Demuth, Charles, 154 Deng Xiaoping, 280–81 Derby Silk Mill (England), 1–4, 2, 7–8, 24, 314, 329n Derbyshire, England, 36 Derwent Valley, 316 design. See architecture and design Detroit, Michigan, 122. See also Ford Motor Company and Fordism artwork by Kahlo, 159 artwork by Rivera, 155–58, 157 closure of factories, 245 involvement in Soviet industrialization, 169, 188, 190, 194–95, 199 relocation from, 241 trade unions and labor organization, 129, 138, 167 workforce, 123, 129 Detroit Free Press (newspaper), 194 Detroit Industry (Rivera), 156–58, 157 Detroit Institute of Arts, 155, 158 Detroit News (newspaper), 169 Detroit Times (newspaper), 194–95 Devonshire, Duchess of, 14 Dickens, Charles, xii, 3, 16, 43, 64, 76, 272 Dimitrovgrad, Bulgaria, 249, 257, 259 discipline in China, 285, 301–3 early British textile mills, 18–20, 23, 30 in Eastern Europe, 258–59 Ford Motor Company, 130–32 iron and steel industry, 105 New England textile mills, 61–62, 74 in Soviet Union, 197 Disney, 293 Disraeli, Benjamin, 26 division of labor, 11, 60, 74, 121–22, 124, 232 Dix, John, 43–44 Dnieporstroi hydroelectric dam, 171, 185–86, 203, 217 Dodge and Dodge Main plant, 137, 143, 166, 229, 237, 243, 314 Dom Pedro II, 80, 81 Dongguan, China, 273, 300, 318 Dos Passos, John, 117, 147 “double speeder” roving frames, 49 Douglass, Frederick, 5 Dover, Massachusetts, 66 Dover, New Hampshire, 54–55 Dover Manufacturing Company, 54 Dowlais iron works (Wales), 41 Dreiser, Theodore, 103 Dresden, Germany, 267 Driggs, Elsie, 154, 366n Du Pont, 194 Dublin, Thomas, 63, 345n–46n Dunapetele, Hungary.


pages: 482 words: 149,351

The Finance Curse: How Global Finance Is Making Us All Poorer by Nicholas Shaxson

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Airbnb, airline deregulation, Alan Greenspan, anti-communist, bank run, banking crisis, Basel III, Bear Stearns, benefit corporation, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, Bretton Woods, British Empire, business climate, business cycle, capital controls, carried interest, Cass Sunstein, Celtic Tiger, central bank independence, centre right, Clayton Christensen, cloud computing, corporate governance, corporate raider, creative destruction, Credit Default Swap, cross-subsidies, David Ricardo: comparative advantage, demographic dividend, Deng Xiaoping, desegregation, Donald Trump, Etonian, export processing zone, failed state, fake news, falling living standards, family office, financial deregulation, financial engineering, financial innovation, forensic accounting, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, Glass-Steagall Act, global supply chain, Global Witness, high net worth, Ida Tarbell, income inequality, index fund, invisible hand, Jeff Bezos, junk bonds, Kickstarter, land value tax, late capitalism, light touch regulation, London Whale, Long Term Capital Management, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, megaproject, Michael Milken, Money creation, Mont Pelerin Society, moral hazard, neoliberal agenda, Network effects, new economy, Northern Rock, offshore financial centre, old-boy network, out of africa, Paul Samuelson, plutocrats, Ponzi scheme, price mechanism, proprietary trading, purchasing power parity, pushing on a string, race to the bottom, regulatory arbitrage, rent-seeking, road to serfdom, Robert Bork, Ronald Coase, Ronald Reagan, Savings and loan crisis, seminal paper, shareholder value, sharing economy, Silicon Valley, Skype, smart grid, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, special economic zone, Steve Ballmer, Steve Jobs, stock buybacks, Suez crisis 1956, The Chicago School, Thorstein Veblen, too big to fail, Tragedy of the Commons, transfer pricing, two and twenty, vertical integration, Wayback Machine, wealth creators, white picket fence, women in the workforce, zero-sum game

(Happily for O’Regan, he was able to use his position as the airport’s comptroller of catering and services to give the key contracts to a company he controlled.) In the Shannon archives there’s a photo from 1980 of a Chinese delegation sent to report on this Irish experiment, just as new president Deng Xiaoping was setting China on a big modernisation drive. In the line-up you can see a junior Chinese customs official with thick black spectacles standing in a heavy coat. After a tour of the tax-free zone the delegation was treated to a sing-song at Durty Nelly’s pub – a fact that perhaps helps explain the remarkable warmth with which Bertie Ahern, the Irish Taoiseach (prime minister), was received in Beijing in 1998 by the same bespectacled official, who by then had risen to become President Jiang Zemin.

122, 136–7 Cadbury’s 113 Cameron, David 48 Capital Group 84 capital requirements 148–63 Careline Homecare Limited 190–3, 202–5, 206, 216, 220 care sector 4, 190–4, 202–9, 216–17, 220, 228, 229, 234 Carillion 46, 231, 237 Carlyle Group 214 Carvalho, Arnaldo Lago de 233 Cassano, Joe 161 Cayman Islands 1, 2, 3, 59–60, 62, 63–7, 93, 125, 136, 140, 141, 145, 150, 151, 152, 153–4, 157, 162, 179, 188, 200, 211, 228, 242 Cayman Trust Law (1967) 62 Celtic Tiger (Ireland economy) 4, 115, 116–39 Central Bank of Ireland 129, 136 Cheney, Dick 244 Cherwell, Lord 53 Chicago School 28, 29, 30, 46, 71, 74, 98, 110, 197, 209, 253 China 13, 23, 50, 55, 84, 85, 87, 92, 104, 108, 110, 117, 138, 200, 258, 262–7, 272, 274 China General Nuclear Power Corporation (CGN) 262–3 Chinese Communist Party (CCP) 258, 264, 265, 266, 267, 272 Christensen, John 5, 11, 48, 67–8 Christensen, Professor Clayton 197, 198 Citibank/Citigroup 11, 59, 83, 129, 140, 159 City of London 37, 38, 84, 92–3, 183, 185, 252, 271, 272, 273; Big Bang 104, 143–4; capture of British establishment 13, 142, 166–7, 257–60, 265, 266; Chinese influence upon 262–7; evidence machine/lobbying and 257–60; financial brain drain and 6, 108, 259; global financial crisis and see global financial crisis; monopolies and 84; neoliberalism and 37, 38; organised crime and other abusive activities linked to 11–12, 93, 97, 141–6, 154, 166, 167, 168; penetrated and captured by reckless global finance (London loophole) 140–68; rebirth as global financial centre after fall of British empire 4, 10, 50–69; tax havens and see tax havens; Third Way and 92–3, 97, 98, 102, 104, 108, 109, 113; UK economy and growth in size of 5–14, 108, 218–40, 257–61, 262–74 City of London Corporation 257–8 Clearing House Group 130–1 Clinton, Bill 91, 97, 101, 114, 115, 122, 159 Clinton, Hillary 91, 100 Coase, Ronald: The Problem of Social Cost 72–4, 79 Coelho, Tony 98–9 Cohen, Benjamin J. 57 Cohen, Sheldon 254 collateralised debt obligations (CDOs) 165, 235 collateralised loan obligations (CLOs) 165, 200 Commodity Futures Modernisation Act (CFMA) (2000) 159–60 Community Mental Health Fund, Missouri 44 comparative advantage concept 105, 108 Competition and Markets Authority 70 competitiveness of nations/competitiveness agenda 8–9, 13–14, 23, 28–49, 62, 68, 70–1, 73, 80, 95, 97–8, 100–15, 130, 131, 132–3, 136, 142, 143, 149, 159, 160, 161, 164, 165, 180–1, 184–5, 207, 218, 241–3, 246–7, 250, 252–3, 258, 266, 267, 270, 271, 273 Conservative Party 37, 53, 71, 78, 102, 157, 165, 168, 220, 229 consultants 40, 41, 42–3, 66, 117, 230, 232, 233 controlled foreign company (CFC) reforms, U.K. 249–50 Cook Islands 177, 186, 272 Cornfield, Bernie 93 corporation: complexity of 3, 205–6; concept of 196–7 credit, control of 21 credit default swap (CDS) 128, 141, 147, 155–9, 165 Credit Suisse 11, 180, 183 crime/criminal money 12, 56, 58, 61, 62, 63, 64–5, 93–4, 142–3, 144, 145, 153, 154, 167–8, 175, 180, 187, 223, 264, 272, 273 Cromwell, William 22 Daily Mail 113, 251, 252 Darling, Alistair 257 Davidson, Charles 182, 189 Davidson, Kenneth 81, 252 Davies, Will 36, 39, 102 Deaton, Angus 181 debt 7, 34, 58, 69, 121, 152, 160, 165, 169, 186, 190, 193–6, 198–201, 205, 206–7, 208, 210, 215, 221, 234, 235, 244, 248, 262 Delaware, U.S. 181 Deloitte 235, 237 Delors, Jacques 100 Democratic Party, U.S. 39, 97, 98–100, 102, 141, 245 Deng Xiaoping 117 Depfa 133 deregulation, financial 13, 31, 35, 64–5, 68–9, 91, 97, 104, 107, 109, 117–18, 138, 142, 143, 146, 152, 159–60, 164, 165, 260 derivatives 12, 140–1, 142, 144, 146–7, 149, 151, 155, 158–60, 161, 164, 193 Desmond, Dermot 129–30 de Tocqueville, Alexis 75–6 Deutsche Bank 83, 95, 111, 160 Devereux, Professor Mike 243 Director, Aaron 71–2, 78, 79 DIRT (Deposit Interest Retention Tax) 136 Down’s Syndrome North East Association (UK) (DNSE) 169–70, 174 Drexel Burnham Lambert 161, 195 drugs: gangs/money 12, 61, 64–5, 92, 142–3, 145, 167, 185–6; pharmaceutical/Big Pharma 85–6, 126, 247 Dunbar, Nicholas 152, 161 dynamic scoring/dynamic modeling 253–4 East India Company 50, 75 Eddy, Bruce 44 Efficient Markets Hypothesis 150 Elf Affair 94, 187 Enron 46, 141, 165, 235–6 Epstein, Professor Gerald 10–11, 259; Overcharged: The High Costs of Finance 10– 11 Ernst & Young 163, 235, 238 Espino, Ovidio Diaz: How Wall Street Created a Nation 23 Essilor 82; EssilorLuxottica 82 Eurodollar markets/Euromarkets 55–9, 60, 61, 62, 63, 64, 68, 69, 77, 91, 93, 104, 142 European Central Bank (ECB) 137 European Commission (EC) 84, 94, 100, 111, 137; Liikanen Report (2012) 135 European Economic Community (EEC) 77, 98, 118, 123, 124–5 European Round Table of Industrialists (ERT) 100 European Union (EU) 98, 109–10, 111, 124, 132, 147, 238 Export Profits Tax Relief 118 Facebook 23, 71, 84, 88, 171, 173, 185, 226, 271, 274 fallacy of composition 107–8, 247 Fallon, Padraic 124 Fanning, John 126 Fantus Factory Location Service 40 Farm Aid 87–8 Federal Reserve Bank of New York 57 Ferguson, Niall: The Ascent of Money 242 Fiat 250 Finance Acts, Ireland: (1968) 120; (1987) 131 finance curse, concept of 3–14, 15, 18, 19, 22, 31, 37, 48, 68, 71, 103, 108, 111, 132, 136, 174, 184–5, 193, 198, 216, 228, 239, 257, 261, 265, 267, 269, 270, 271, 272, 273, 274 financial capture 13, 68, 96, 153, 257, 259, 265, 266 Financial Conduct Authority (FCA) 25–6, 246 financial crisis, global (2007–8) 4, 6, 25, 83, 90, 99, 109, 113, 114, 116, 128, 130, 133–4, 135–6, 140–68, 169, 195, 202, 224–5, 233, 235, 236, 240, 257 financialisation 2–4, 6, 9, 10, 11, 37, 68–9, 71, 88, 90, 174, 180, 185, 190, 191, 194, 198, 205, 217, 224, 225, 226, 228, 232, 259, 267, 274 Financial Services Authority (FSA) 104, 160, 161, 166, 167 Financial Stability Board (FSB) 83 Financial Times 68, 84, 94, 107, 146, 214, 218, 226, 232, 243, 256 Finger, Bernd 168 Fischel, William 38 Fordism 80 foreign direct investment (FDI) 110, 118–19, 123, 124, 132, 250 Fox News 71, 253 Franks, Oliver 52 Fraser, Ian: Shredded 227 free markets 18–19, 71–2, 99, 126, 128, 241 free-rider problem 30–1, 43, 47, 38 free trade 31, 50–1 Friedman, Milton 28, 30, 37, 59, 72, 73–4; ‘The Social Responsibility of Business Is to Increase Its Profits’ 196–7, 198, 209 Friedmaniacs 28, 30 FTSE 100 228, 238 Gapper, John 232–3 Gash, Tom 230 Gates, Bill 127, 185 Gauke, David 249 Gaydamak, Arkady 186 Gazprom 84 GDP (gross domestic product) 6, 8, 111, 112, 123, 147, 153, 174, 241, 245, 254, 256, 260, 266 General Electric (GE) 86–7 Gensler, Gary 140–1 Gibraltar 60, 63 Giddens, Anthony: The Third Way 105 Gilbert, Martin 83 Gilead 85–6 Giles, Chris 218 Glasman, Baron 258 Glass-Steagall Act (1933) 76, 147, 158–9 globalisation 10, 35, 59, 93, 94–5, 97, 98, 101, 102, 103, 106, 107, 109, 165, 177, 251, 254 Golden Age of Capitalism 34, 69, 91, 92, 118, 196, 251, 254–5 Goldman Sachs 113, 159, 160, 183, 213, 235, 242 Google 71, 88, 226, 271 Graphite Capital Partners VIII A LP 191–2, 205, 206 Great Depression (1929–39) 31, 98 Greenspan, Alan 75, 159, 160 gross national income (GNI) 112, 119, 122–3, 134 Guernsey 60, 181, 191, 220, 222 Hahneman, Daniel 181 Haldane, Andrew 225 Hands, Guy 181 Hansen, Lee 28 happiness, wealth and 181–3, 189 Harlech, Lord 34 Harrington, Brooke 186, 188 Hartnett, Dave 113 Harvard Business School 101, 196, 197 Harvie, Alicia 87–8 Harvoni 86 Haughey, Charles 114–15, 120–3, 129–30, 136 Hayek, Friedrich 35–6, 37, 59, 76; The Road to Serfdom 36, 37 Hayes, Jerry 229 Heaton, David 234 hedge funds 6, 13, 83, 104, 108, 128, 130–1, 140–1, 154, 164, 177, 178, 189, 193, 200, 209, 213, 214–15, 217, 233 Henry, James 166, 260 Hewlett-Packard 39–40 Hinkley C 262–3 HMRC 62, 104, 113, 168, 173, 234, 241, 242, 245, 246, 249, 252–4; Computable General Equilibrium model 241, 252–4 HNWI (high net worth individuals) 180; ultra-HNWI 180 Hodge, Margaret 168, 239 Hofri-Windogradow, Adam 180 Hong Kong 50, 130, 138, 171–2, 266 HSBC 12, 54, 83, 107–8, 167, 266 Hundred Group 242 Hunt Companies 221 HypoVereinsbank 133 Industrial Development Authority (IDA), Ireland 118, 124–5, 126, 129, 131, 135 inequality 4, 11, 31, 34, 36, 47, 48, 59, 90, 109, 138, 179, 187, 225, 251, 255, 256, 257, 259, 267–8, 270, 272, 274 inflation 34, 80, 107, 129 Innes, Abby 229 Institute for Fiscal Studies (IFS) 247 Intel 125 internal rate of return (IRR) 198, 211 International Financial Services Centre (IFSC), Dublin 128–35, 251 International Monetary Fund (IMF) 137, 164, 219, 250, 251, 257 International Public Partnerships Limited (INPP) 220–1 International Swaps and Derivatives Association (ISDA) 158 Intruders 113 Investec Wealth & Investment Limited 220 investment funds 2, 88, 110, 140 Investors Overseas Services (IOS) 93 Iran 53–4 Ireland: Celtic Tiger economy in 4, 114–15, 116–39 Isle of Man 60, 136 Jackson County, Missouri, U.S. 44 Jenkins, Robert 11 Jensen, Professor Michael 196, 197, 198, 209, 215 Jersey 1, 2, 3, 5, 60, 63, 67–8, 131, 136, 169, 171, 173, 174, 202, 221, 222, 223, 228, 258 Jiang Zemin 117 Johnson, Boris 218, 219, 222 Johnson County, Kansas, U.S. 41–4 Johnson, Paul 247 Johnson, Simon 257 Joly, Eva 187 Journal of Political Economy 29, 46 JP Morgan Chase 83, 95, 141, 146, 147, 155, 158, 160, 214 Juncker, Jean-Claude 94–5, 97, 102, 103, 104, 111, 114, 122 Kansas, U.S. 41–4, 244–5, 255–6 Kay, John 9 Kennedy, Edward 78–9 Keynes, John Maynard 31–2, 34, 37, 38, 52, 59, 68, 251 KKR (Kohlberg Kravis Roberts) 2, 3, 195, 214 Koch, Charles 74 Kohlberg Junior, Jerome 194, 195, 199 Kohl, Marius 95 KPMG 114, 235, 237, 238–9 Kraft Heinz 81, 113 Kravis, Henry 2, 195 Kroes, Neelie 110 Krugman, Paul: ‘Competitiveness: A Dangerous Obsession’ 105 Labour Party 77, 97, 102–5, 132, 192, 220, 247, 257 Lack, Simon 214; The Hedge Fund Mirage 214 Laffer, Arthur/Laffer curve 244–5, 254 Lazonick, Bill 225, 226 Leaver, Professor Adam 207, 224–5, 234 Lehman Brothers 140, 162–4 Leigh-Pemberton, Robin 145 LeRoy, Greg 40–1 leveraged buyout (LBO) 195–6 Levin, Carl 134 Liberty Global 250 Libor (London Inter-Bank Offered Rate), manipulation of 12, 85, 109, 166 Linares, Adolfo 185, 188 Linklaters 163 Lloyds Bank 52 Local Government Association (LCA) 224 Loch Alpine Economics 253 London School of Economics (LSE) 37, 105, 229 London Stock Exchange (LSE) 167, 220 London Whale 141 Long-Term Capital Management (LTCM) 140–1 Luxembourg 1, 2, 3, 13, 55–6, 92, 93–7, 98, 111–13, 125, 130, 138, 142, 166, 201, 211, 221, 222, 228, 243 Luxleaks scandal (2014) 95, 109 Luxottica 82 Lycamobile 168 Lydian Capital Partnership 202 Lynn, Barry 87, 88 Macdonald, Ken 168 Macmillan, Harold 34, 53–4 MacSharry, Ray: The Making of the Celtic Tiger 118, 127 Madoff, Bernie 94, 96 Madrid, Miguel de la 58 Major, John 220 Maloney, Carolyn 141 Manafort, Paul 183 Manne, Henry 74 Marchant, David 157 Marx, Karl 15, 18 Masters, Blythe 158 Maugham, Jolyon 156 Maurer, Ueli 45–6 Mazerov, Michael 255 McAlpin, Clovis 62 McCarthy, Joseph 29 McCarthy, Justine 119 McCreevy, Charlie 132 McDonald, Duff 197 Mellon, Tamara 208 mergers and acquisitions (M&A) 26, 71, 81, 82, 83, 84, 87, 99, 110, 155, 225, 226, 251 Metcalf, Stephen 36 Microsoft 125, 185 Midland Bank 34, 54–5 Milken, Michael 195 Missouri, U.S. 41, 43, 44, 244–5, 255 money laundering 12, 145–6, 167, 168, 183 Money Trust Investigation, U.S.


Globalists: The End of Empire and the Birth of Neoliberalism by Quinn Slobodian

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, business cycle, capital controls, central bank independence, classic study, collective bargaining, David Ricardo: comparative advantage, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, Doha Development Round, eurozone crisis, Fall of the Berlin Wall, floating exchange rates, full employment, Garrett Hardin, Greenspan put, Gunnar Myrdal, Hernando de Soto, invisible hand, liberal capitalism, liberal world order, Mahbub ul Haq, market fundamentalism, Martin Wolf, Mercator projection, Mont Pelerin Society, Norbert Wiener, offshore financial centre, oil shock, open economy, pattern recognition, Paul Samuelson, Pearl River Delta, Philip Mirowski, power law, price mechanism, public intellectual, quantitative easing, random walk, rent control, rent-seeking, road to serfdom, Ronald Reagan, special economic zone, statistical model, Suez crisis 1956, systems thinking, tacit knowledge, The Chicago School, the market place, The Wealth of Nations by Adam Smith, theory of mind, Thomas L Friedman, trade liberalization, urban renewal, Washington Consensus, Wolfgang Streeck, zero-sum game

One speaker at a 1974 MPS meeting observed that ­because of its “exposed and dependent economic and po­liti­cal situation,” Hong Kong was compelled to maintain “an environment conducive to profitable investment.”97 While Argentine economist Raúl Prebisch and the United Nations Economic Commission for Latin America (ECLA) theorized “de­pen­dency” as a negative state to be escaped, neoliberals openly prescribed it as a means of subjecting states to what Hayek called in the published version of his Hong Kong talk “the discipline of freedom.”98 Neither the absence of representative government nor Hong Kong’s colonial status (nor, for that ­matter, the public owner­ship of all land) deterred a journalist covering the meeting from describing Hong Kong as “the most libertarian major civilized community in the world t­ oday.”99 What was admirable, in fact, was its solution to the disruptive prob­lem of democracy. Even as the MPS met in Hong Kong, the Chinese Communist Party was planning its own institutional fix for the P ­ eople’s Republic of China. At the time, mainland China as a ­whole exported no more than the tiny colony of Hong Kong. Deng Xiaoping’s reforms started a pro­cess ­toward China’s own form of nonmajoritarian capitalism, slowly introducing market freedoms without expanding po­liti­cal repre­sen­ta­tion. The price mechanism was permitted without the mechanism of popu­lar sovereignty—­t he multiparty election. In 1979, China opened the country’s first export pro­cessing zones in the Pearl River Delta, a region of exception outside of the national tax structure that would become a defining form of neoliberal-­style development by the 1990s.100 This ­future was distant in the 1970s, however, and in the de­cade of the NIEO, the situation still looked dire to neoliberals.

., 68 Debt: international oversight of, 11; private, 285; Third World debt crisis, 222; war, 36, 140 Decisionism, 208, 212–213, 253, 269 Decolonization, 5, 9, 14, 16, 24, 175; and Austria, 43, 106, 109; economic, 23, 220, 248, 259; federation as response to, 102–104; idea of, 95–97; and idea of humanity, 270; of international law, 260; and international organ­izations, 218, 242, 246, 252; and planning, 97, 99; Southern Africa and, 150; strug­g les, 119, 152; as threat to world economic order, 17, 144, 146, 155–157, 170, 180, 220, 252, 264 Democracy, 17; authoritarian, 116; and capitalism, 2; Christian, 22; consumer’s, 45, 108; dictatorial, 116, 277; doctrinaire, 178; in international organ­izations, 126, 130, 144, 220, 242, 246–247; limited versus unlimited, 206; militant, 13–14, 104; omnipotent, 206; threat of mass, 111–118, 124, 146–147, 150–151, 173, 236, 252, 258, 264; totalitarian, 177. See also Franchise, weighted; Suffrage Denationalization, 105–106, 118 Deng Xiaoping, 236 De­pen­dency, 11, 68, 131, 223, 234; theory, 202, 236 Depoliticization, as proj­ect, 46, 119, 212–213, 265, 275 Dernburg, Bernhard, 96 Design: deliberate, 237–238, 254; disavowal of, 271; institutional, 271; versus planning, 239 Development: economic, 124, 146; neoliberal discourse of, 143, 236.


pages: 475 words: 156,046

When They Go Low, We Go High: Speeches That Shape the World – and Why We Need Them by Philip Collins

anti-communist, Berlin Wall, Bretton Woods, British Empire, classic study, collective bargaining, Copley Medal, Corn Laws, crony capitalism, cuban missile crisis, Deng Xiaoping, desegregation, Donald Trump, F. W. de Klerk, fear of failure, Fellow of the Royal Society, full employment, Great Leap Forward, invention of the printing press, Jeremy Corbyn, late capitalism, Mahatma Gandhi, meritocracy, Mikhail Gorbachev, Monroe Doctrine, Neil Armstrong, Neil Kinnock, Nelson Mandela, plutocrats, road to serfdom, Ronald Reagan, Ronald Reagan: Tear down this wall, Rosa Parks, stakhanovite, Ted Sorensen, Thomas Malthus, Torches of Freedom, World Values Survey

China’s superior economic performance is actually owed to the fact that the provisional liberalisation of its economy occurred earlier than India’s. In 1958 Mao unwound collective farming in favour of a system of household responsibility and permitted the use of foreign capital, but Chinese growth really took off after the market reforms of Deng Xiaoping twenty years later. India during the same period was weighed down by the business regulation that its Congress Party had inherited from British Fabian socialists. The state-owned airlines, railways, water, electricity, post and telephone services were sclerotic. The Industries Act 1951 required all businesses to get a licence from the government before they could launch, expand or change products.

., 192, 197 Delors, Jacques, 221 democracy: birth of idea, 3, 20, 80, 88, 93–9, 159, 405; and Camus’ The Rebel, 313, 314–15, 317, 382, 384, 397, 398–9; and capitalism, 72–3, 141–2, 145, 156–8, 266; Chaplin’s The Great Dictator, 395–7; crisis of confidence, 74–83, 148; crisis of prosperity, 72–3, 82; as culture and pattern of behaviour, 63; franchise extensions in nineteenth-century, 9, 232, 251, 303, 304, 305, 310; franchise extensions in twentieth-century, 9, 255, 306, 310; as host for enterprise/prosperity, 62, 82, 140–2, 157, 233, 309, 390–1; illiberalism in present-day Europe, 74, 80, 397; in India, 165, 181, 185, 186–8, 189; Jefferson on, 29, 33, 34–6; Kennedy’s ‘ask not …’ line, 54–6, 63, 83, 208; in Latin America, 349; Lincoln’s ‘of the people …’ line, 43, 44, 70, 71, 83; and making mistakes, 37, 233, 387, 391; and Mandela, 197–201; as not state of final perfection, 58–9, 77, 83, 295; and ‘oil curse’, 155, 390; and peace, 153–8; populist threat to, 4, 12, 18, 70–2, 76–81, 82–3, 84, 148, 397, 403; public authority and private autonomy, 34, 83, 403–4; Reagan on, 138; security and terror crisis, 73–4, 82; slow, incremental improvement, 61, 82–3, 188, 233, 244–5, 295, 308–9, 310, 387, 398; and St Peter’s Field, Manchester, 294–8, 299, 302–3, 307, 309–10; success of, 8, 10, 11, 17, 72, 82; superiority of, 4, 76, 82–3, 95–6, 148, 389–91, 395–7, 407–9; and Suu Kyi, 206–9, 212–13; threefold crisis of, 72, 82; and utopian imagination, 17, 18–19, 82–3, 295, 407–8; virtues of, 12, 36, 54, 74, 80–1, 94–6, 141–4, 209, 213, 300, 316–17, 389–99, 407–8; during warfare, 87–8, 89–99, 101–11, 120–1, 123–35, 148–59 Demosthenes, 4, 21–2, 25, 177, 193 Deng Xiaoping, 390 Depayin Massacre (30 May 2003), 203 Dickens, Charles, A Tale of Two Cities, 320 dictators and tyrants: Blair’s Chicago doctrine, 152–3; in Burma, 165, 202–4, 205–13; Camus on, 313, 314, 384, 397; and capitalism, 263–4; Castro on overthrow of, 354–5; Cicero’s opposition to, 21, 22, 25; and complete certainty, 386; democracy as always to be favoured in warfare, 148; democratic defiance of, 82; and destiny, 314–15; Dostoevsky’s Grand Inquisitor, 393, 394, 399; dystopian literary responses, 403–4; fragility of position, 387; history as on their side, 383, 385, 392; indifference as ally of, 374; and language of democracy, 382; lineage of US rhetoric against, 51; overthrows of in Latin America, 349; and Pericles, 93, 96; propensity for warfare, 154; prosperity as danger for, 155, 390; US backing for, 47, 137; wars in Afghanistan and Iraq, 73, 152; and Woodrow Wilson, 118–19, 120–1; see also Castro, Fidel; communism; Hitler, Adolf; Mao Zedong; Robespierre, Maximilien; Soviet Union Disraeli, Benjamin, 10, 294, 295, 299, 300, 302–3, 304–5, 310, 387; Free Trade Hall speech (1872), 231, 295, 303, 304; government of (1874–80), 232, 303–4 Dostoevsky, Fyodor, The Brothers Karamazov, 393, 394, 399 Drexler, Anton, 332 Dubček, Alexander, 361 Dylan, Bob, 309 The Economist, 309 Egypt, 75 Eisenhower, Dwight D., 7, 49, 68–9 Eliot, T.S., Four Quartets, 150 Elizabeth I, Queen of England, 164–5, 167–72 empiricists, 78 Engels, Friedrich, 301–2, 304, 306 Epstein, Jacob, 310 Erasmus, Ciceronianus (1528), 26 Erdoğan, Recep Tayyip, 74, 79, 81 European Union, 73, 76, 218, 226; Britain joins (EEC) (1972), 219–20; British EEC referendum (1975), 220; British referendum (2016), 77, 224–5, 231; founding purpose, 164, 217, 224; speeches about, 164, 214, 215, 217–25; term ‘Euro-sceptic’, 221 Everett, Edward, 38, 40, 44 Faulkner, William, 9 Fawcett, Millicent, 251–2 Fildes, Mary, 296 First World War, 101–11, 112, 124, 158, 331–2; Lloyd George’s scrap of paper, 103, 104, 148, 157; Woodrow Wilson and, 113–19, 120–2 Foot, Michael, 280 France, 74, 219, 241, 303, 313–17, 318–19, 371 Franck, Isaac, 53 Franklin, Benjamin, 6, 28, 173–80 free trade, 298–301, 305 French Revolution, 29, 245, 317, 318, 319–30, 387 Fulvia (Antony’s wife) 25 27 Gaitskell, Hugh, 218–19 Galbraith, John Kenneth, 53 Gandhi, Indira, 181, 182, 388–9 Gandhi, Mahatma, 181, 182, 185, 187–8, 210, 211, 273 García Márquez, Gabriel, 357 gender: equality issues, 249, 255; and illegitimacy, 253; Married Women’s Property Acts (1870, 1882), 246; women gain equality in voting (1928), 255, 306, 310; women in La Pasionaria’s Spain, 259–60; women politicians, 255, 259–60; women’s suffrage movement, 232, 246, 247–54, 255, 305–6, 310 Germany, 219, 331–2; see also Nazi Germany Gibbon, Edward, 132 Gladstone, William, 10 Goebbels, Joseph, 334, 335, 339, 341–2 Goethe, Johann Wolfgang, 12, 372 Gorbachev, Mikhail, 138, 142, 143, 146 Gottwald, Klement, 360 Graham, Billy, 53 Greece, ancient, 3, 4, 5–6, 18, 20, 89–99, 169, 355, 405; see also Pericles Grey, Sir Edward, 305–6 Grotius, Hugo, De jure belli ac pacis, 149, 150 Guevara, Ernesto ‘Che’, 344, 345–6, 349, 351–2 Haines, Joe, 7 Halifax, Lord, 127, 128 Hamilton, Alexander, 6, 29–30, 33, 177 Hardie, Keir, 306 Harding, Warren, 6 Harris, Robert, 21 Harvard, John F.


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The Shifts and the Shocks: What We've Learned--And Have Still to Learn--From the Financial Crisis by Martin Wolf

air freight, Alan Greenspan, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, break the buck, Bretton Woods, business cycle, call centre, capital asset pricing model, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, currency risk, debt deflation, deglobalization, Deng Xiaoping, diversification, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, floating exchange rates, foreign exchange controls, forward guidance, Fractional reserve banking, full employment, Glass-Steagall Act, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, information asymmetry, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, Les Trente Glorieuses, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, low interest rates, mandatory minimum, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, negative equity, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, proprietary trading, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, subprime mortgage crisis, tail risk, The Chicago School, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tyler Cowen, Tyler Cowen: Great Stagnation, vertical integration, very high income, winner-take-all economy, zero-sum game

This movement was one of the dominant – arguably, the dominant – social, economic, political and philosophical shift of the past four decades. Though challenged by the post-2007 crisis, it has not reversed. Politically, this shift is associated with the names of Ronald Reagan and Margaret Thatcher, president of the US and prime minister of the UK in the 1980s, though our progeny might associate it more closely with the name of Deng Xiaoping, the paramount leader of China after 1978 and progenitor of the programme of ‘reform and opening up’ that brought such a profound transformation to China and the world. Historically, this shift is also associated with the collapse of the Soviet Union and the Soviet empire in Central and Eastern Europe and with it the left-wing revolutionary tradition born out of the French Revolution two centuries before.

The developing countries and socialist bloc also imposed comprehensive barriers, including high tariffs, on cross-border flows of goods, services, foreign direct investment, other capital flows and people, in both directions. Ideas and associated events transformed this world of closed and highly regulated economies into the globalized and liberalized economy of the early 2000s. Arguably the most important change was the embrace of ‘reform and opening up’ by China after 1978, under the leadership of Deng Xiaoping. The election of Margaret Thatcher as British prime minister in 1979 and of Ronald Reagan as American president in 1980 began a revolution in the high-income countries, including privatization of what previously had been publicly owned companies. The European Union’s Single European Act – triggered partly by the desire to inject economic vigour and partly by the desire to relaunch the project of European integration – was agreed in 1986 and started a move towards a single market.


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Money: 5,000 Years of Debt and Power by Michel Aglietta

accelerated depreciation, Alan Greenspan, bank run, banking crisis, Basel III, Berlin Wall, bitcoin, blockchain, Bretton Woods, British Empire, business cycle, capital asset pricing model, capital controls, cashless society, central bank independence, circular economy, collapse of Lehman Brothers, collective bargaining, corporate governance, David Graeber, debt deflation, dematerialisation, Deng Xiaoping, double entry bookkeeping, energy transition, eurozone crisis, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, forward guidance, Francis Fukuyama: the end of history, full employment, German hyperinflation, income inequality, inflation targeting, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, joint-stock company, Kenneth Arrow, Kickstarter, land bank, liquidity trap, low interest rates, margin call, means of production, Money creation, money market fund, moral hazard, Nash equilibrium, Network effects, Northern Rock, oil shock, planetary scale, plutocrats, precautionary principle, price stability, purchasing power parity, quantitative easing, race to the bottom, reserve currency, secular stagnation, seigniorage, shareholder value, special drawing rights, special economic zone, stochastic process, Suez crisis 1956, the payments system, the scientific method, tontine, too big to fail, trade route, transaction costs, transcontinental railway, Washington Consensus

The transition from the planned economy to the market economy continued up until the second phase of the reform, launched in the mid-1990s. It was from this period onwards that currency began to become important to China’s foreign relations. Up until that point, there was the dual exchange rate system that had been introduced in 1986 in order to stimulate process trade. It was in 1992, at the initiative of Deng Xiaoping, that China’s foreign policy changed. In October 1992, the Chinese Communist Party’s Fourteenth Congress adopted the principle of a socialist market economy. Markets would be extended to all sectors and the ‘dual path’ would be abandoned. In parallel to this, China’s decision to apply to join the WTO propelled the country towards an open market economy.

See also gross total debt; horizontal debt; life debt; national debt; private debt; public debt; social debt; state debt; vertical debt market recognition as recognition of debts, 38 and money-creation and payment systems, 39–51 debt validation, 41 deflation, 98, 101, 102, 108, 109–10, 114, 124, 125, 189, 191, 192, 195, 199, 204, 205, 210, 216, 221, 226, 250, 262, 295, 297, 301, 304–11, 313, 314, 323, 394 de Gaulle, Charles, 324 Delian League, 94, 96, 97, 98, 144, 347 de Melstroit, Jean, 115 democracy, 127 democratic order, 128 denarius, 98, 99, 103, 193, 194 Deng Xiaoping, 372 deposit money, 108 depression, 15, 23, 232, 298, 305, 306, 309, 310. See also Great Depression d’Estaing, Valéry Giscard, 324 de Tocqueville, Alexis, 134 Deutsche Mark, 365 discord, as state of relations among states, 358, 359 disequilibria, 16, 257, 263, 295, 333, 336, 337, 390, 393 dokima money, 90, 91, 96 dokimon, 94 dollar, 150, 311–41, 342–3, 348, 357, 374, 380, 385, 386 dollar cycle and its trend (real effective exchange rate), 337f dollar semi-standard, 10, 336–41, 345, 377, 385, 392 double-entry bookkeeping, 33, 34 dualist system, 109–10, 113–15, 117, 120–5, 135, 195–200, 208, 316, 384 Dumont, Louis, 105n26, 129 Dupuy, Jean-Pierre, 20, 64 dynamic vulnerabilities, 273, 275 E ECB (European Central Bank), 348, 362, 363, 365, 367 Economic Consequences of the Peace (Keynes), 306t Economic Cooperation Administration (ECA), 318 economic coordination, 5, 6, 7, 17, 20, 54 economic fluctuations, 27, 390 economic indicators of stability, comparison of for UK and USA, 302t economics.


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More: The 10,000-Year Rise of the World Economy by Philip Coggan

accounting loophole / creative accounting, Ada Lovelace, agricultural Revolution, Airbnb, airline deregulation, Alan Greenspan, Andrei Shleifer, anti-communist, Apollo 11, assortative mating, autonomous vehicles, bank run, banking crisis, banks create money, basic income, Bear Stearns, Berlin Wall, Black Monday: stock market crash in 1987, Bletchley Park, Bob Noyce, Boeing 747, bond market vigilante , Branko Milanovic, Bretton Woods, Brexit referendum, British Empire, business cycle, call centre, capital controls, carbon footprint, carbon tax, Carl Icahn, Carmen Reinhart, Celtic Tiger, central bank independence, Charles Babbage, Charles Lindbergh, clean water, collective bargaining, Columbian Exchange, Columbine, Corn Laws, cotton gin, credit crunch, Credit Default Swap, crony capitalism, cross-border payments, currency peg, currency risk, debt deflation, DeepMind, Deng Xiaoping, discovery of the americas, Donald Trump, driverless car, Easter island, Erik Brynjolfsson, European colonialism, eurozone crisis, Fairchild Semiconductor, falling living standards, financial engineering, financial innovation, financial intermediation, floating exchange rates, flying shuttle, Ford Model T, Fractional reserve banking, Frederick Winslow Taylor, full employment, general purpose technology, germ theory of disease, German hyperinflation, gig economy, Gini coefficient, Glass-Steagall Act, global supply chain, global value chain, Gordon Gekko, Great Leap Forward, greed is good, Greenspan put, guns versus butter model, Haber-Bosch Process, Hans Rosling, Hernando de Soto, hydraulic fracturing, hydroponic farming, Ignaz Semmelweis: hand washing, income inequality, income per capita, independent contractor, indoor plumbing, industrial robot, inflation targeting, Isaac Newton, James Watt: steam engine, job automation, John Snow's cholera map, joint-stock company, joint-stock limited liability company, Jon Ronson, Kenneth Arrow, Kula ring, labour market flexibility, land reform, land tenure, Lao Tzu, large denomination, Les Trente Glorieuses, liquidity trap, Long Term Capital Management, Louis Blériot, low cost airline, low interest rates, low skilled workers, lump of labour, M-Pesa, Malcom McLean invented shipping containers, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Mikhail Gorbachev, mittelstand, Modern Monetary Theory, moral hazard, Murano, Venice glass, Myron Scholes, Nelson Mandela, Network effects, Northern Rock, oil shale / tar sands, oil shock, Paul Samuelson, Paul Volcker talking about ATMs, Phillips curve, popular capitalism, popular electronics, price stability, principal–agent problem, profit maximization, purchasing power parity, quantitative easing, railway mania, Ralph Nader, regulatory arbitrage, road to serfdom, Robert Gordon, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, savings glut, scientific management, Scramble for Africa, Second Machine Age, secular stagnation, Silicon Valley, Simon Kuznets, South China Sea, South Sea Bubble, special drawing rights, spice trade, spinning jenny, Steven Pinker, Suez canal 1869, TaskRabbit, techlash, Thales and the olive presses, Thales of Miletus, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Rise and Fall of American Growth, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade route, Tragedy of the Commons, transaction costs, transatlantic slave trade, transcontinental railway, Triangle Shirtwaist Factory, universal basic income, Unsafe at Any Speed, Upton Sinclair, V2 rocket, Veblen good, War on Poverty, Washington Consensus, Watson beat the top human players on Jeopardy!, women in the workforce, world market for maybe five computers, Yom Kippur War, you are the product, zero-sum game

They may be less happy when rates rise and central banks try to sell the bonds they bought. That may provoke a deeper clash. — 14 — THE SECOND ERA OF GLOBALISATION: THE DEVELOPED WORLD, 1979–2007 Four of the most decisive turning points in modern history occurred within 12 months at the end of the 1970s. In December 1978, Deng Xiaoping, who was in the process of becoming China’s leader, made a speech pushing the country in the direction of economic reform. Without that shift, China would not be the second-largest economy in the world today. In January 1979, the shah of Iran fled into exile. The subsequent revolution saw the rise to power of an Islamist regime.

The world’s most populous country emerged from the nightmare of Mao’s rule in 1976, or, as Stephen Radelet, an economist, wrote: “In 1976, Mao single-handedly and dramatically changed the direction of global poverty with one simple act: he died.”1 The speed of China’s economic advance since that date is surely unprecedented. In 1980, China’s GDP per capita was lower than that of Chad or Bangladesh. By 2012, its real GDP had increased 30-fold over the 1980 level.2 By that stage, it had become the second-largest economy in the world. It reshaped global trade in the process (see chart). The first step of Deng Xiaoping, Mao’s successor, was to reform agriculture. Farmers still had to hand over a proportion of their output to the state but they were allowed to sell the rest and limits on prices were lifted. There was some inflation but the effect on food output was spectacular. Yields rose by 40% per acre and rural incomes rose by 18% a year between 1978 and 1984.3 Farmers also started to plant different crops, like rapeseed and sugar cane, which party commissars had frowned upon.


Global Catastrophic Risks by Nick Bostrom, Milan M. Cirkovic

affirmative action, agricultural Revolution, Albert Einstein, American Society of Civil Engineers: Report Card, anthropic principle, artificial general intelligence, Asilomar, availability heuristic, backpropagation, behavioural economics, Bill Joy: nanobots, Black Swan, carbon tax, carbon-based life, Charles Babbage, classic study, cognitive bias, complexity theory, computer age, coronavirus, corporate governance, cosmic microwave background, cosmological constant, cosmological principle, cuban missile crisis, dark matter, death of newspapers, demographic transition, Deng Xiaoping, distributed generation, Doomsday Clock, Drosophila, endogenous growth, Ernest Rutherford, failed state, false flag, feminist movement, framing effect, friendly AI, Georg Cantor, global pandemic, global village, Great Leap Forward, Gödel, Escher, Bach, Hans Moravec, heat death of the universe, hindsight bias, information security, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, Kevin Kelly, Kuiper Belt, Large Hadron Collider, launch on warning, Law of Accelerating Returns, life extension, means of production, meta-analysis, Mikhail Gorbachev, millennium bug, mutually assured destruction, Nick Bostrom, nuclear winter, ocean acidification, off-the-grid, Oklahoma City bombing, P = NP, peak oil, phenotype, planetary scale, Ponzi scheme, power law, precautionary principle, prediction markets, RAND corporation, Ray Kurzweil, Recombinant DNA, reversible computing, Richard Feynman, Ronald Reagan, scientific worldview, Singularitarianism, social intelligence, South China Sea, strong AI, superintelligent machines, supervolcano, synthetic biology, technological singularity, technoutopianism, The Coming Technological Singularity, the long tail, The Turner Diaries, Tunguska event, twin studies, Tyler Cowen, uranium enrichment, Vernor Vinge, War on Poverty, Westphalian system, Y2K

-George Orwell, 1984 (1983, p. l 70) The best thing one can say about totalitarian regimes is that the main ones did not last very long. 1 The Soviet Union greatly reduced its level of internal killing after the death of Stalin, and the Communist Party fell from power in 1991. After Mao Zedong's death, Deng Xiaoping allowed the Chinese to resume relatively normal lives, and began moving in the direction of a market economy. Hitler's Thousand-Year Reich lasted less than thirteen years, before it ended with military defeat in World War I I . The deep question, however, is whether this short duration was inherent or accidental.

While it is still unclear what his full intentions were, Gorbachev's moderate liberalization measures snowballed. The Soviet satellite states in Eastern Europe collapsed in 1 989, and the Soviet Union itself disintegrated in 1991. The end of totalitarianism in Maoist China happened even more quickly. After Mao's death in 1 976, a brief power struggle led to the ascent of the pragmatist Deng Xiaoping. Deng heavily reduced the importance of Maoist ideology in daily life, de facto privatized agriculture in this still largely agricultural economy, and gradually moved towards more free-market policies, under the guise of 'socialism with Chinese characteristics'. China remained a dictatorship, but had clearly evolved from totalitarian to authoritarian ( Salisbury, 1 992) .

., Epidemic and Peace, 1918 304 Cuban missile crisis 2 1 , 84 cults ix-x, 409- 1 0 cultural changes, evolutionary consequences 56-61 cultural diversity 17 cultural homogeneity 301-2 Cultural Revolution, Maoist China 505 cyber terror attacks 426 cyclic processes, relationship to mass extinctions 256 Dado, S. et al. 242 Damocloids 227, 229 dangerous anthropogenic interference (DAI), climate system 276-7 Dar, A. 190, 247 dark comets, impact risk 227, 229, 2 3 3 , 235 dark energy 33 Dark Era of universe 41-3 dark matter annihilation 40 Dartmouth Proposal, A I (1955) 338-9 Darwin, C. x, 49-50 data uncertainty, climate change 275 Dawes, R.M. 98, 101 Rational Choice in an Uncertain World: The Psychology of Intuitive judgment 1 1 5 'deadly probes' scenario, Fermi's paradox 1 3 7 death power o f disasters 368-9 death toll from totalitarianism 505-6 global nuclear war 388, 389 limited nuclear war 387-8 South Asian Nuclear war 388, 390 Decker, R.W. 2 1 2 defensive nano-technologies 496-7 Degenerate Era of universe 39-41 DeLong, ).B. 363 Delta submarine strike, consequences 386, 387 demographic transitions 66 Deng Xiaoping 507, 508 dependency damage 173 desensitization to terrorism 430 Desvouges, W.H. et a!. 105, 106 deterministic systems, probability estimates 6 developing countries, vulnerability to biological attack 473-4 developmental period, artificial intelligence 322 diagnosis, infectious disease 469-70 Diamond, ) . 66, 357 Dick, S.). 1 3 3 die rolling, conjunction fallacy 96-7 diffusion of responsibility 1 1 0 dinosaurs, extinction 5 1 disaster policy 372-5 disconfirmation bias (motivated scepticism) 99, 100 discount rates, global warming 192-3, 198, 200 disjunctive probability estimation 98 dispensationalism 74 disruptive technologies 432 distribution of disaster 367-9 distribution tails 1 5 6-7 DNA synthesis technology 458-60 increasing availability 450 outsourcing 465 risk management 463-4 dollar-loss power of disasters 368-9 Doomsday Argument 129-3 1 doomsday clock, Bulletin of Atomic Scientists vii, viii Index dotcom bubble burst, insurance costs 1 7 3 Drake equation 2 14-1 5 Drexler, K .


pages: 851 words: 247,711

The Atlantic and Its Enemies: A History of the Cold War by Norman Stone

affirmative action, Alvin Toffler, Arthur Marwick, Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, British Empire, business cycle, central bank independence, Deng Xiaoping, desegregation, disinformation, Dissolution of the Soviet Union, European colonialism, facts on the ground, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, gentrification, Gunnar Myrdal, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Herbert Marcuse, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, junk bonds, labour mobility, land reform, long peace, low interest rates, mass immigration, means of production, Michael Milken, Mikhail Gorbachev, military-industrial complex, Mitch Kapor, Money creation, new economy, Norman Mailer, North Sea oil, oil shock, Paul Samuelson, Phillips curve, Ponzi scheme, popular capitalism, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Savings and loan crisis, scientific management, Seymour Hersh, Silicon Valley, special drawing rights, Steve Jobs, Strategic Defense Initiative, strikebreaker, Suez crisis 1956, The Death and Life of Great American Cities, trade liberalization, trickle-down economics, V2 rocket, War on Poverty, Washington Consensus, Yom Kippur War, éminence grise

France, appositely enough, was the principal source for the spread of Marxist ideas: in the First World War, to create some gratitude on the part of the imperialists, the Chinese government had sent 100,000 labourers, each with a welded dog-tag, to the Western Front: this was known to the British as the ‘sausage machine’. Students, who also undertook to work part-time, also went to France, where, unsurprisingly, they picked up revolutionary ideas. Some of Mao Tsetung’s most prominent colleagues were among these students: Chou En-lai and Deng Xiaoping, for instance. Later on, as French academe moved Left, the Sorbonne attracted many more such, from all countries. On the worldwide scale, there was of course a potential Bolshevik alliance with victims of imperialism, and, quite soon after the Revolution, representatives of these, from India or China, began to appear in Moscow.

He himself was by now wholly in charge, chairman of the top bodies of the Party - Central Committee, Secretariat and Politburo, having, Stalin-fashion, eliminated all of his rivals and several others for good measure; all opposition had been swept aside, and when in April 1945 the seventh Party congress was held, of the 500 previous delegates half had dropped out, whether by suicide or nervous collapse or arrest. But still, in this period Mao could present himself as the genuine reformer, and was accepted as such by many foreigners; he went out of his way to emphasize that he would not discriminate too far and his lieutenant, the then young Deng Xiaoping, announced that ‘our policy towards the rich peasants is to encourage their capitalistic side, though not the feudal one’ (‘rich’, ‘capitalist’ and ‘feudal’ being entirely relative terms). The Kuomintang, by contrast, counted as corrupt and tyrannical; the wayward and vainglorious Chiang Kai-shek - his mausoleum in Taiwan must count as the greatest ever monument to failure - did not impress.

Davy, Richard Dayan, Moshe de Castro, Sergio de Catalogne, Gérard De Gasperi, Alcide de Gaulle, Charles: and Algerian war and Brezhnev character and demonstrations of 1968 and eastern Europe economic policy and EEC establishment of Fifth Republic and Franco-German relations Free French at Kennedy’s funeral leadership style memoirs and Nixon’s China visit reputation resignation resistance to American domination state visit to London (1962) and USSR vetoes Britain’s membership of EEC on Vietnam withdrawal of France from NATO military command Dean, James Dearborn, Michigan Debray, Régis Debré, Michel Debrecen Dejoie, Louis Delaunay, Robert and Sonia Delors, Jacques Delors Plan Demirel, Süleyman Democratic Party (United States) Deng Xiaoping Denktaş, Rauf Denmark Depardieu, Gérard Depression (1930s) Dersim Dessalines, Jean-Jacques détente Deutsche Bank development economics Dewey, John Diana, Princess of Wales Dictatorship of the Proletariat Diem, Ngo Dinh Dien Bien Phu, battle of (1954) Dimitrov, Georgy DINA (Chilean secret police) Disneyland divorce Diyarbakır Djerassi, Carl Dobi, István ‘Doctors’ plot’ (1952) Dodge, Joseph Doğramacı, Ali Doğramacı, İhsan Dollfuss, Engelbert Donetsk (Yuzovka) Dostoyevsky, Fyodor, Demons Douglas-Home, Charles Dowd, Mohammed Downfall (Der Untergang; film) ‘downsizing’ Dr Zhivago (film) Drake, Sir Francis Drtina, Prokop drug use Dubček, Alexandr Dukakis, Michael Dulles, Allen Dulles, John Foster Dumont, René Dunkirk, Treaty of (1947) DuPont (corporation) Durham Dutschke, Rudi Duvalier, François ‘Papa Doc’ Duvalier, Jean-Claude ‘Baby Doc’ East Berlin: access agreements with West government of life in Soviet-style architecture uprising of 1953 war damage see also Berlin Wall East Germany (German Democratic Republic): collectivization policy death of Ulbricht emigration to West establishment of East German state fall of East German state life in Lutheran Church Neues Forum ‘New Economic System’ and Ostpolitik and ‘Prague Spring’ rearmament shortages and rationing Socialist Unity Party (SED) Soviet-style architecture Stasi (state security) Systemzeit television treaties with West Germany (1971-2) tyranny and repression in uprising of 1953 East Prussia Ebbw Vale steel works EC see European Community ECA see Economic Cooperation Administration Ecevit, Bülent École Nationale d’Administration (ENA) École Normale Supérieure (ENS) Economic Cooperation Administration (United States; ECA) Economist (newspaper) ECSC (European Coal and Steel Community) Eczacıbaşı, Nejat F.


pages: 1,330 words: 372,940

Kissinger: A Biography by Walter Isaacson

Alan Greenspan, Apollo 13, belling the cat, Berlin Wall, Charles Lindbergh, cuban missile crisis, deep learning, Deng Xiaoping, Dr. Strangelove, Great Grain Robbery, haute couture, Herman Kahn, index card, Khyber Pass, long peace, Mikhail Gorbachev, Monroe Doctrine, Norman Mailer, oil shock, out of africa, Plato's cave, RAND corporation, restrictive zoning, rolodex, Ronald Reagan, Seymour Hersh, Socratic dialogue, Ted Sorensen, Yom Kippur War

A page-one New York Times story on December 13 by Seymour Hersh detailed the full extent of the covert program and revealed that it had provoked Nathaniel Davis’s resignation. Senator Dick Clark of Iowa, who had been fighting the funding in secret sessions, promptly introduced an amendment to cut off all covert aid. All this was occurring while Kissinger was hopping around the world. In China with President Ford, he met with an aged Mao and listened as Deng Xiaoping gave a toast that typically seemed both appropriate and inscrutable: “There is great disorder under heaven, and the situation is excellent.” Kissinger and Ford also visited Indonesia; the day after they left, that country used its American-supplied weapons to invade the tiny neighboring nation of East Timor, another recently freed Portuguese colony that was being taken over by left-wing rebel forces.

In his toast at the dinner given for them by the foreign minister, Kissinger noted that “some in America feel that China ought to make the first move in the present situation, while some in China feel the U.S. should move first.” Since both have an interest in maintaining the relationship, he concluded, “both countries should take steps together to put relations onto a smoother path.” At a small luncheon given for Kissinger and his guests by Deng Xiaoping in the Great Hall of the People, Tiananmen Square was raised. Kissinger explained that American policy had to reflect both values and interests, but that he hoped relations would soon improve. Deng talked about the Cultural Revolution, when he was purged and radicals threw his son out of a window and crippled him.

(COURTESY OF HENRY KISSINGER) With Maurice “Hank” Greenberg, chairman of the insurance underwriters American International Group. Greenberg was a typical client: he valued Kissinger’s advice, liked to travel with him, and became a friend. They went to China after the 1989 Tiananmen Square massacre and dined with Deng Xiaoping in the Great Hall of the People. (COURTESY OF HENRY KISSINGER) With Mikhail Gorbachev and Bush, 1990. Kissinger proposed a plan, later derisively dubbed “Yalta II,” to encourage Moscow to loosen its grip on Eastern Europe. Then and afterward, he underestimated the radical change that was occurring.


pages: 578 words: 168,350

Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies by Geoffrey West

"World Economic Forum" Davos, Alfred Russel Wallace, Anthropocene, Anton Chekhov, Benoit Mandelbrot, Black Swan, British Empire, butterfly effect, caloric restriction, caloric restriction, carbon footprint, Cesare Marchetti: Marchetti’s constant, clean water, coastline paradox / Richardson effect, complexity theory, computer age, conceptual framework, continuous integration, corporate social responsibility, correlation does not imply causation, cotton gin, creative destruction, dark matter, Deng Xiaoping, double helix, driverless car, Dunbar number, Edward Glaeser, endogenous growth, Ernest Rutherford, first square of the chessboard, first square of the chessboard / second half of the chessboard, Frank Gehry, Geoffrey West, Santa Fe Institute, Great Leap Forward, Guggenheim Bilbao, housing crisis, Index librorum prohibitorum, invention of agriculture, invention of the telephone, Isaac Newton, Jane Jacobs, Jeff Bezos, Johann Wolfgang von Goethe, John von Neumann, Kenneth Arrow, laissez-faire capitalism, Large Hadron Collider, Larry Ellison, Lewis Mumford, life extension, Mahatma Gandhi, mandelbrot fractal, Marc Benioff, Marchetti’s constant, Masdar, megacity, Murano, Venice glass, Murray Gell-Mann, New Urbanism, Oklahoma City bombing, Peter Thiel, power law, profit motive, publish or perish, Ray Kurzweil, Richard Feynman, Richard Florida, Salesforce, seminal paper, Silicon Valley, smart cities, Stephen Hawking, Steve Jobs, Stewart Brand, Suez canal 1869, systematic bias, systems thinking, technological singularity, The Coming Technological Singularity, The Death and Life of Great American Cities, the scientific method, the strength of weak ties, time dilation, too big to fail, transaction costs, urban planning, urban renewal, Vernor Vinge, Vilfredo Pareto, Von Neumann architecture, Whole Earth Catalog, Whole Earth Review, wikimedia commons, working poor

Jake, as he is known to most of us, visited SFI in 2010 and became enthusiastic about getting involved in the company project. He had access to a database similar to Compustat covering all Chinese companies participating in their emerging stock market. Following the collapse of the Cultural Revolution and the rise to power of Deng Xiaoping, economic reform led to the reestablishment of a securities market in China, and at the end of 1991, the Shanghai Stock Exchange opened for business. When Jake analyzed the data, he found to our great satisfaction that Chinese companies scaled in a similar fashion to U.S. companies, as can be seen in Figures 64–67.

See science of companies company mortality, 6, 191, 393–410 growth of sales, 395 revenue of major U.S. companies, 393, 394 revenue with inflation deflator, 393, 394 survivorship/mortality curves, 397, 398–400, 400–402 competition, 381 complex adaptive systems, 23–24, 116, 430–31, 433, 435 big data and, 439 cities as, 355–56 complexity characteristics of complex systems, 21–25, 72 definitions of, 19–21 grand unified theory of, 430–31 scaling and, 19–25 science of, 23, 79–81 simplicity underlying, 90–93, 116 turbulence and, 72 composite risk index, 315 compound interest, 217, 218 Compustat, 385–86, 393 computer analysis, 22–23, 75 computer programming, 264–65 consciousness, 87, 178–79, 181–82, 282, 283 conservation of electric charge, 197–98 conservation of energy, 164–65, 197–98 contraception, 227, 229 contraction of time, 332 Copernicus, Nicolaus, 37 Coriolanus (Shakespeare), 252–53 Cornell University, 274, 298, 300 “corporate social responsibility,” 233 cosmic scale factor, 209 Cowan, George, 438 Cray-2, 439–40 “creative destruction,” 403 Creative Destruction (Foster), 404 Crick, Francis, 84, 437 crime, 30, 261, 278, 279 in Japan, 277, 279 ranking of cities and, 355–59 crinkliness (fractality), 130, 139, 141, 152, 291 crumpled balls of paper, 153 cube-square law, 39–42, 43, 58, 59, 158–59 cumulative advantage, 368–71 cyberattacks, 134 cyborgs, 163, 422 Daepp, Madeleine, 402–3 Dallas, 251, 297–98 damage-based theories of aging, 199–203 decline of body functions with age, 195, 197, 201, 202 dark energy, 238 Darwin, Charles (Darwinism), 23–24, 60, 63, 87, 89–90, 98, 106, 185, 228, 428 Darwin, Charles Galton, 331–32 Darwinian fitness, 115 data. See big data data analytics, 443–44 data binning, 388–89 da Vinci, Leonardo, 121, 121 deadly quarrel, 133–34 death. See aging and death Death and Life of Great American Cities, The (Jacobs), 253–54 de Beauvoir, Simone, 257–58 decay rate, 190–91 Deng Xiaoping, 389 determinate growth, 165–66 Detroit, 359 “developing” countries, 9, 185, 280 Dickens, Charles, 186, 223, 225, 226 diet caloric restriction, 205–7, 206 life extension and, 189 2,000 food calories a day, 13, 90, 234, 373 dimensionality of cities, 409 of companies, 409–10 dimensionless quantity, 76–77, 167 dinosaurs, 158–59 direct current (DC), 123–24 Dirksen, Everett, 233–34 discontinuities, 130, 139, 141 Discourses and Mathematical Demonstrations Relating to Two New Sciences (Galileo), 38–42 dissipation, 14, 41–42, 124–25, 199 DLD Conference, 340–41 DNA, 84, 99, 200, 309, 437 DNA damage theory of aging.


pages: 540 words: 168,921

The Relentless Revolution: A History of Capitalism by Joyce Appleby

1919 Motor Transport Corps convoy, agricultural Revolution, Alan Greenspan, An Inconvenient Truth, anti-communist, Asian financial crisis, asset-backed security, Bartolomé de las Casas, Bear Stearns, Bernie Madoff, Bretton Woods, BRICs, British Empire, call centre, Charles Lindbergh, classic study, collateralized debt obligation, collective bargaining, Columbian Exchange, commoditize, Cornelius Vanderbilt, corporate governance, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, Doha Development Round, double entry bookkeeping, epigenetics, equal pay for equal work, European colonialism, facts on the ground, failed state, Firefox, fixed income, Ford Model T, Ford paid five dollars a day, Francisco Pizarro, Frederick Winslow Taylor, full employment, General Magic , Glass-Steagall Act, Gordon Gekko, Great Leap Forward, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, hiring and firing, Ida Tarbell, illegal immigration, informal economy, interchangeable parts, interest rate swap, invention of movable type, invention of the printing press, invention of the steam engine, invisible hand, Isaac Newton, James Hargreaves, James Watt: steam engine, Jeff Bezos, John Bogle, joint-stock company, Joseph Schumpeter, junk bonds, knowledge economy, land bank, land reform, Livingstone, I presume, Long Term Capital Management, low interest rates, Mahatma Gandhi, Martin Wolf, military-industrial complex, moral hazard, Nixon triggered the end of the Bretton Woods system, PalmPilot, Parag Khanna, pneumatic tube, Ponzi scheme, profit maximization, profit motive, race to the bottom, Ralph Nader, refrigerator car, Ronald Reagan, scientific management, Scramble for Africa, Silicon Valley, Silicon Valley startup, South China Sea, South Sea Bubble, special economic zone, spice trade, spinning jenny, strikebreaker, Suez canal 1869, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thorstein Veblen, total factor productivity, trade route, transatlantic slave trade, transcontinental railway, two and twenty, union organizing, Unsafe at Any Speed, Upton Sinclair, urban renewal, vertical integration, War on Poverty, working poor, Works Progress Administration, Yogi Berra, Yom Kippur War

He had subjected the economy to politics in two senses, oversight and a push for industrialization to the exclusion of consumption to keep out foreign influence. He also presided over great leaps in life expectancy and literacy, which were going to stand the country in good stead later.6 Two years after Mao’s death, Deng Xiaoping came to power and soon put in place a program to breathe life into the stagnating economy. In 1971, President Richard Nixon had traveled to China after an unusual diplomatic rapprochement conducted across the Ping-Pong table. By 1978 the United States had formally recognized its Cold War enemy.

A phrase in a Los Angeles Times article caught something of the world-turned-upside-down aspect of Chinese development: “former Red Guards-turned-millionaires.”21 The June Fourth Incident was a wake-up call for the party. It would take strong material progress to hold the demands for more freedom at bay. In 1992 Deng Xiaoping went on a speaking tour in the south of China. Invariably referred to as his “famous trip,” it prepared the country for a round of new reforms that would be instituted in subsequent congresses of the China Communist Party. The law and the party looked more favorably upon private property. A 1999 constitutional amendment gave private ownership the same status as state ownership.


pages: 596 words: 163,682

The Third Pillar: How Markets and the State Leave the Community Behind by Raghuram Rajan

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, airline deregulation, Albert Einstein, Andrei Shleifer, banking crisis, barriers to entry, basic income, battle of ideas, Bernie Sanders, blockchain, borderless world, Bretton Woods, British Empire, Build a better mousetrap, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, central bank independence, computer vision, conceptual framework, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, data acquisition, David Brooks, Deng Xiaoping, desegregation, deskilling, disinformation, disruptive innovation, Donald Trump, driverless car, Edward Glaeser, facts on the ground, financial innovation, financial repression, full employment, future of work, Glass-Steagall Act, global supply chain, Great Leap Forward, high net worth, household responsibility system, housing crisis, Ida Tarbell, illegal immigration, income inequality, industrial cluster, intangible asset, invention of the steam engine, invisible hand, Jaron Lanier, job automation, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, labor-force participation, Les Trente Glorieuses, low interest rates, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, means of production, Money creation, moral hazard, Network effects, new economy, Nicholas Carr, obamacare, opioid epidemic / opioid crisis, Productivity paradox, profit maximization, race to the bottom, Richard Thaler, Robert Bork, Robert Gordon, Ronald Reagan, Sam Peltzman, shareholder value, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, South China Sea, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, superstar cities, The Future of Employment, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transaction costs, transfer pricing, Travis Kalanick, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, Upton Sinclair, Walter Mischel, War on Poverty, women in the workforce, working-age population, World Values Survey, Yom Kippur War, zero-sum game

His Great Leap Forward (in which millions of Chinese died of hunger in the early 1960s as he tried to move rural areas away from food production into industry) as well as his Great Proletarian Cultural Revolution (in which many intellectuals were persecuted, humiliated, jailed, and killed in order to purify the Communist movement and purge it of capitalist tendencies) left the country traumatized. China’s next leader, Deng Xiaoping, was determined that the country should not be dominated by a single person ever again. Deng, who had been purged by the Communist Party twice, and whose son was crippled by the Red Guards during the Cultural Revolution, gradually ratcheted up change after 1978. THE PATH NOT TAKEN The early reforms were often implicit—for example, the authorities turned a blind eye to private commercial activity even though it was technically illegal under the Communist regime.

., 71 constitutional patriotism, 298 constitutions, 285 Consumer Price Index (CPI), 189 copyhold tenancy, 36 copyright laws, 204–6 corporations, 173, 176, 194, 195, 206, 355–56, 373–74 CEOs of, 193–94, 198–99, 209 and change in attitudes toward profit and incomes, 195–201 European, 209 lobbying by, 378, 389 monopolies by, see monopolies new business creation, 201–7, 380–81 profit maximization and value maximization in, 374–79 social responsibility of, 378–79 corruption, 98–100, 109, 114, 138 in China, 261, 265 in India, 272 Cowen, Tyler, 161 Crecy, battle of, 42 crime, 343–44 Cristo Rey Catholic School, xxiv Cromwell, Oliver, 66 cronyism, 99, 106, 108–9, 113–15, 139, 176, 244, 274, 184, 352, 392 in China, 257–58 in India, 268, 269 data, as market power, 384–86 David, Paul, 161 debt contract, 29–31 see also loans de la Croix, David, 20 democracy(ies), xxvii, 79, 91, 97, 98, 118, 143, 160, 172, 218, 244, 319, 352, 357, 371, 380, 396 crony, 113–15 illiberal, 113 in India, 268–70, 272–74 markets and, 106, 110 public hearings and, 389–90 Democrats, 235–36, 240 Deng Xiaoping, 249–52, 265, 278 Depression, Great, see Great Depression Depression of 1893, 133, 134 developing countries, 245 Dewey, John, 124–25, 227 Dickens, Charles, 129 diversity, 128, 134, 148, 177, 284, 287, 289, 302, 357 benefits of, 290–95 costs of, 293–95 see also immigration, immigrants divorce, 235 Dodd–Frank Wall Street Reform and Consumer Protection Act, 204 Doepke, Matthias, 20 Douthat, Ross, 235 Dream Hoarders (Reeves), 224 drugs, drug companies, 183, 184, 204, 354, 362–63, 384 East India Company, 68, 69 Economist, 202 Edison, Thomas, 117 education and schools, xx, 6, 72, 83, 140, 158, 162, 221, 228–29, 283, 286, 290, 305, 308–9, 343 colleges and universities, see colleges and universities community and, 119–25, 225–28, 232–34, 313–18 credentials and, 233–34, 317, 393 decentralization in, 316 decline in school quality, 232–34 in France, 125–27, 317 GI Bill and, 156, 157 new tools and methods in, 314–15 paying for, 317–18 segregation and, 229–30 teachers, 102–3 technological progress and, 122–23 in U.S., 119–25, 127, 190–91, 233–34, 317 worker capabilities and, 313–18 Einstein, Albert, 384 Einsweiler, Frank, 337, 339 Elberfeld system, 129–31, 320 Ellikson, Robert, 9–10 emerging markets, 245, 271 see also China; India Engels, Frederick, 88, 90 Engerman, Stanley, 72, 96 England, 52, 59–60, 64–65, 67, 73, 132–33 agricultural laborer revolt in, 94–95 Chartist movement in, 95 Civil War in, 66, 70 Declaration of Rights in, 67–68, 71 emergence as constitutionally limited state, 52–74, 83 Glorious Revolution in, 67–71 Industrial Revolution in, see Industrial Revolution Parliament in, 57, 60–62, 65–70, 74, 77, 84, 105 Poor Law in, 19, 84 Stuarts in, 52, 58, 65–67, 73, 108 Tudors in, 51–54, 73 voting rights in, 92, 94–95 William and Mary in, 67 environment, 365, 371–72, 396 climate change, xii, 245, 284, 365, 396–97 Erhard, Ludwig, 154 Essay on the Principles of Population, An (Malthus), 83 ethnicity and race, xxi–xxii, 298, 397 residential sorting and, 229–31 see also African Americans; diversity; immigration, immigrants; minorities ethnic nationalism, 215–16 populist, 216–17; see also populist nationalism Europe, 52, 59, 74, 160, 167–68, 236, 368, 370 feudalism in, see feudalism, feudal communities immigration in, 144, 159, 167, 210, 241–43 inequalities in, 177 populist nationalism in, 241–43 regulators in, 359 safety nets in, 156 after World War II, 148–54 European Coal and Steel Community, 150 European Economic Community (EEC), 150 European Payment Services Directive, 385 European Payments Union, 150 European Union (EU), 168–73, 208–10, 310, 369, 370 Brexit and, 242 competition and, 208–9 creation of, 168 currency integration in, 169, 237 immigration crisis and, 242 loss of sovereignty in, 171–72 poultry farms in, 355, 356 Stability and Growth Pact in, 169, 170 factories, 18, 78, 88–89, 104, 185 fairness, 115–16 Fallows, Deborah, 344 Fallows, James, 344 families, 231, 235 familism, amoral, 14 Farmers’ Alliance, 23 fascism, xvii, 97, 138, 145, 153 Fault Lines (Rajan), xxvi Federal Reserve, 104, 163, 366 feudalism, feudal communities, xxvii, 19, 25, 35–36, 42, 51–52, 55, 64, 73, 74, 83, 84, 91, 92 and Church’s attack on usury, 34–40 commercial revolution and, 36–39 technology and, 41–42 financial crises: technological change and, 118, 119 of 2007–2008, see Global Financial Crisis of 2007–2008 in U.S., 87–88, 118 Food and Drug Administration, 387 Forastie, Jean, 153 Forbes 400, 192 Ford, Gerald, 235 Ford, Henry, 179–80 France, 59, 145, 168, 246, 298 in European Union, 169, 170 income in, 191, 192 in postwar period, 150, 152–54 Revolution in, 74, 94, 125–26 schooling in, 125–27, 317 free-rider problem, 17 Friedman, Milton, 139–40, 164, 195–201, 375, 377 Friedman, Rose, 139–40 Furstenberg, Carl, 209 G7 nations, 368 Galena, Ill., 337–38, 339, 344 gaming, 334 Gandhi, Indira, 269, 271 Gandhi, Mohandas K., 281, 298 Gao, Xiaohui, 201 Gaud, Malinil, 336, 339 GDP, 163, 164 General Agreement on Tariffs and Trade (GATT), 146, 150, 353 gentry, 54–58, 64–66, 71, 72 Gentzkow, Matt, 332–33 Germany, 73, 74, 162, 236, 238, 241 Elberfeld system of assistance in, 129–31, 320 in European Union, 169–71 income in, 191, 192 migrants and foreign workers in, 159, 242 Nazi, 112, 157, 380 in postwar period, 150, 153, 154 social insurance in, 132, 156 state and industry linked in, 111–12 Giersch, Herbert, 167 Giving Pledge, 396 Glaeser, Edward, 98, 137 Glass-Steagall Act, 104 Global Financial Crisis of 2007–2008, xiii, xxvi, xxviii, 88, 144, 199, 204, 213, 236–43, 353–54, 358, 370, 393 China and, 258, 259 global governance, 245–46, 367–70 globalization, 371–72 gold, 100, 101 Goldin, Claudia, 98 Goldstein, Amy, 186 Google, 201, 203, 350, 386 Gorbachev, Mikhail, 251 Gordon, Robert, 161 government, governance, xv, 107, 139, 394 centralization of, 51 deficits, 162–64, 324 federal, xiii–xiv, xvi; see also state global, 245–46, 367–70 local, xiv, xv, xvi, 11–12, 286, 305, 311–13; see also community promises made by, 145–73, 324–25 promotion of views in, 107 Grant, Ulysses S., 98, 337 Great Britain, see England; United Kingdom Great Depression, xxvii, 88, 119, 134–38, 139, 145–47, 151, 157, 210, 237, 364 safety nets in the U.S. before, 133–34 Great Recession, xiii, 238, 334 Great Society, 158 Greece, 145, 170, 237, 238, 359 Gregory VII, Pope, 38, 54 guilds, 58–62, 64, 81 gunpowder, 41–42 Gutenberg, Johannes, 46 Habermas, Jurgen, 298 Hampton, Keith, 331 handloom weavers, 18–19, 116, 188 Hanson, Gordon, 185 Harrington, James, 58 Hart, Oliver, 11 Harvard University, 98, 137, 197, 233, 242, 293, 362, 364, 371, 389 Hayek, Friedrich, 91, 164 health care, 156, 162–63, 318–19, 324 Affordable Care Act (Obamacare), 144, 214, 239–41 drugs, 183, 184, 204, 354, 362–63 training and wages in, 388 in U.K., 156 in U.S., 158, 203 Heckman, James, 6, 223, 225, 226 Hendren, Nathaniel, xvi Henry VII, King, 53–54 Henry VIII, King, 54, 57 Hicks, John, 99 Hillbilly Elegy (Vance), 300–301 Hochschild, Arlie Russell, 239–40 Holland, 65 housing, 237, 307–9 Hsieh, Chang-Tai, 220, 253, 258 Huang, Yasheng, 251 Hume, David, 63 Hurst, Erik, 333–34 Icahn, Carl, 197 ICT, see Information and Communications Technology revolution Idea of India, The (Khilnani), 298 Ignatieff, Michael, 299 immigration, immigrants, xvi, xviii, 121, 134, 137, 147, 148, 159–60, 173, 218, 219, 245, 284, 286, 289, 297, 302, 348 benefits of, 290–95 distressed communities and, 342 in Europe, 144, 159, 167, 210, 241–43 Harvard study on, 242, 293 Japan and, 292–93 Muslim, 241, 242 population aging and, 260, 284, 286, 292–93, 396 residential sorting and, 229–31 talent and, 290–91 in U.S., 137, 159–60, 292 inclusive civic nationalism, 297–99, 302 inclusive localism, xxii, 22, 285–87, 289–302, 327, 351, 394 income and wages, 90, 127, 152, 213, 388, 395, 396 dispersion across US cities, 220 of doctors, 388 Earned Income Tax Credit and, 345–46 economic segregation and, 307–9 effects of technology and trade on, 188–94 median wage, 189–91 occupational licensing and, 207 top one percent, 102, 191–94 universal basic income, 322–23 India, xxvi, xxviii, 19–20, 31, 113–15, 139, 144, 245, 246, 267–74, 287, 298, 317, 350, 391 affirmative action in, 300–302 bribery in, 312 China compared with, 247–48, 267, 269, 270, 275–76 corruption in, 272 cronyism in, 268, 269 decentralization in, 270, 272 democracy in, 268–70, 272–74 economic growth of villages in, 275 Finance Ministry in, 274 Indore, 335–37, 339, 344 land acquisition for public projects in, 275–76 liberalization in, 269–71, 273, 276 populism in, 272, 276–78 Rashtriya Swayamsevak Sangh in, xix, 277 socialism in, 267–69, 391 state, markets, and democracy in, 272–74 individualism, 194–96, 201, 284 Indore, 335–37, 339, 344 industrialization, 75, 88, 127, 275 Industrial Revolution(s), 16, 18, 26, 70, 74, 78, 84, 87, 91, 230 First, 116–17 Fourth, 117 handloom weavers and, 18–19, 116, 188 Second, 117–19, 122, 146, 147, 152, 153, 160–61 Third, 117 in U.S., 121 see also Information and Communications Technology (ICT) revolution inflation, 56–57, 163, 164, 366 Information and Communications Technology (ICT) revolution, xii–xiii, xxi, xxviii, 117, 148, 161, 162, 175–211, 213, 313, 321–22, 338, 340, 382, 393, 394 automation in, xii, xviii, 3, 143–44, 175, 178, 185–87, 314 communities and, xviii–xx, 176, 184–88 decentralization and, 312–13 interconnected world and, 350–51 jobs and, 143–44, 173, 175, 177–88, 395 trade and, 143–44, 173, 181–88 inheritance, 37, 45, 105 Inquiry into the Nature and Causes of the Wealth of Nations, An (Smith), 80 intellectual property, 73, 183, 278, 351, 362–63, 382–84 patents, 204–6, 362, 382–84 International Monetary Fund (IMF), xxvi, 146, 151, 270, 367, 368–69 international responsibilities, 363–67, 372, 397 internet, 117, 310 China and, 266, 350 community and, 330–35 political views and, 332–33 Ireland, 237, 238, 353–54 Italy, 145, 162, 303–4, 359 in European Union, 169 Montegrano, 12–14, 113, 227 in postwar period, 149, 152 Jackson, Andrew, 93 James I, King, 66–67 Jams II, King, 70 Janesville, Wisc., 341 Janesville (Goldstein), 186 Japan, 157, 160, 302, 368, 380 aging population in, 292–93 currency in, 366 immigration and, 292–93 income in, 191 in postwar period, 148, 153 protectionism in, 354 Jeffers, Jessica, 205 Jefferson, Thomas, 58 Jensen, Michael, 196 Jiang Zemin, 251 jobs, xii, xviii, 163, 164, 224, 343, 389, 395 African Americans and, 230–31 credentials and, 233–34, 317, 393 ICT revolution and, 143–44, 173, 175, 177–88, 395 and lump of labor fallacy, 180 mercantilism and, 62–63 occupational licensing and, 206–7, 387–88, 393 Second Industrial Revolution and, 122 see also income and wages; workers Johnson, Lyndon, 157–58, 229 Juncker, Jean-Claude, 172 Jungle, The (Sinclair), 104 Justice, US Department of, 202 Kahn, Alfred, 165 Kalanick, Travis, 196 Kaplan, Steve, 192 Katz, Bruce, 303 Kautilya, 31 Keynes, John Maynard, 154, 163, 395 Khan, Khizr, xxi Khilnani, Sunil, 298 Khodorkovsky, Mikhail, 111 Kim, Han, 220 King, Martin Luther, Jr., 157, 158, 397 Kleiner, Morris, 207 knowledge, diffusion of, 204–6 Krueger, Alan, 207 Kyoto Protocol, 365 laissez-faire, 77–78, 81, 83 landowners, 37, 58, 72, 74 gentry, 54–58, 64–66, 71, 72 Lasch, Christopher, 227 Latin America, 72, 93, 96 Lee Kuan Yew, 247 LEGO, 391 lending, see loans Le Pen, Marine, 236 Lerner, Josh, 362 Levine, David, 382–83 liberal democracy, 74–75 liberalism, 83, 160 liberalization, 206 in China, 248–67, 276 in India, 269–71, 273, 276 private sector’s reaction to, 194–201, 207–8 liberal market democracies, xiii, xx, xxvii libertarianism, 115 limited-access societies, 97–98 Lindsey, Brink, 205 loans, 44–45, 48 contract in, 29–31 see also usury lobbying, 378, 389 localism, xxi, xxviii, 285, 286, 303 inclusive, xxii, 22, 285–87, 289–302, 327, 351, 394 long-term benefits of, 303 location, importance of, 219–21 Long, Huey, 136 looms, 18–19, 116, 188 Louis XIV, King, 60, 65, 66 Luce, Edward, 227 Luther, Martin, 46 Madison, James, 97, 218 magnates, decline of, 53–54 Mahajan, Vijay, 337 Malthus, Thomas Robert, 83 Mann, Horace, 121 manufacturing, 152, 184–85, 206 Mao Zedong, 247–50 markets, xiii, xv, xvii–xviii, xx, xxii, xxvii–xxviii, 25–27, 50, 56, 77–106, 145, 154, 172, 173, 243–44, 283, 184, 285–87, 304, 393, 394 community adjustment to, 388–92 community and state buffers against volatility in, 127–38 community loss of faith in, 115–19 community values and, 390–92 competition in, see competition data in, 384–86 definition of, xiv democracy and, 106, 110 emerging, 245, 271; see also China; India fairness in, 115–16 freeing, 80–81 laissez-faire and, 77–78, 81, 83 liberalization of, see liberalization liberal market democracies, xiii, xx, xxvii perceived legitimacy of players in, 110–12 philosophy for, 81–84 reforming, 373–92 separation from community, xiv–xv state and, 304 transactions in, 3, 4 unbridled, 84–87 see also trade marriage, 231, 235 Marshall Plan, 149–51, 365 marshmallow test, 222–23 Marx, Karl, 49, 78, 87–91 Marxism, 87–91, 112, 115, 249, 287 Maximum Feasible Misunderstanding (Moynihan), 158 McClure’s Magazine, 103 McKinley, William, 106 McLean, Malcolm, 181 meatpacking industry, 104, 107–8 Medicare, 241, 324 mercantilism, 62–65, 80 Merchant of Venice, The (Shakespeare), 30 meritocracy, 390, 393 children and, 224–25, 228 in China, 257, 265 Merkel, Angela, 241 military technologies, 42–44, 51, 53 Mill, Harriet, 81 Mill, John Stuart, 81–83 minorities, 218, 219, 289, 296–97 affirmative action and, 300–302 see also African Americans; immigration, immigrants Mischel, Walter, 223 misery index, 163 Mitterand, François, 168 Mokyr, Joel, 20, 21 monarchy, 51–53, 56–59, 61–63, 65, 73 monasteries, 54, 57, 72 moneylending, see loans Monnet, Jean, 154 monopolies, 58–62, 64, 80, 81, 87, 91, 97, 99, 105, 106, 108, 109, 112, 201–7, 283, 379–82 antitrust laws and, 101, 103–4, 381–82 Montegrano, 12–14, 113, 227 Moore, Barrington, 73 Moretti, Enrico, 220 Morgan, John Pierpont, 99, 104 Morse, Adair, 220 Moynihan, Daniel Patrick, 158, 340 multilateral institutions, 367–70 Murphy, Kevin, 196 Murray, Charles, 227 muskets, 42–43 Muslims, 21, 35, 36, 241, 242, 272, 277 Napoleon I, 126 nationalism, xvii, 64, 184, 330, 397 civic, 297–99, 302 ethnic, 215–17; see also populist nationalism mercantilism and, 63 populist, see populist nationalism Nation at Risk, A, 232–33 nation-states, 26, 42, 50, 51–52, 61–62 Nehru, Jawaharlal, 267, 270, 287, 298 neighborhoods, 297 isolation index and, 333 sorting and, see residential sorting see also community Netville, 331–32 Neumann, Franz, 112 New Deal, 134–35 New Localism, The (Katz and Nowak), 303 news consumption, and diversity of opinions, 332–33 New York Times, 19, 98, 218, 387 Nixon, Richard, 98, 108 North, Douglass, 70, 97 Nowak, Jeremy, 303 Obama, Barack, xvii, 158, 235, 240 India visited by, 273 Obama, Michelle, 240 Obamacare, 144, 214, 239–41 Oceana (Harrington), 58 oil industry, 84–86, 99, 103, 107, 111 Oliver, Douglas, 9 one percent, 102, 191–94 On Liberty (Mill), 81–83 open-access societies, 98 Opium Wars, 349–50 Organization for Economic Co-operation and Development (OECD), 189–90 Our Towns: A 100,000-Mile Journey into the Heart of America (Fallows and Fallows), 344 Owen, Robert, 88 Owens, Ann, 226 Papal Revolution, 38, 40 parents, 222–31, 343 Paris Agreement, 365 parliaments, 77, 78–79 English, 57, 60–62, 65–70, 74, 77, 84, 105 patents, 204–6, 362, 382–84 patriotism, 298 peasants, 37–38, 73, 74, 78 see also feudalism, feudal communities Peltzman, Sam, 202 Perez, Carlotta, 118 Petersen, Mitchell, 15, 219 pharmaceutical drugs and companies, 183, 184, 204, 354, 362–63, 384 Physiocrats, 77 Piketty, Thomas, 191 Pilsen community, xxii–xxvi, 12, 298, 344, 381 Pirenne, Henri, 45 plague (Black Death), 40, 41–42 Polanyi, Karl, 84 police officers, 312 politics: conflict over, 234–36 isolation index and, 332–33 left-wing, xiii, xix, xxvii, 214, 217, 394 right-wing, xiii, xix, 214–17, 394 Polybius, 118 population aging, 260, 284, 286, 292–93, 324, 342–43, 348, 396 population diversity, see diversity population growth, 83, 152, 162–63 populism, xiii, xix, xxviii, 63, 136, 137, 211, 213–44, 284 in China, 276–79 and conflict over values and politics, 234–36 in Europe, 241–43 Global Financial Crisis and, 236–43 growing divide and, 218–19 in India, 272, 276–78 left-wing, 214, 217 Obamacare and, 239–41 Populist movement at turn of nineteenth century, 23, 26, 79, 98–101, 102, 105–6, 112, 244, 265 reemergence in the industrial West, 213–44 right-wing, 214–17 types of, 214–18 populist nationalism, xiii, xix–xx, xxi, xxvii, 144, 216–17, 241–44, 246, 276–79, 286, 289, 295–300, 302, 352, 353 in China, 276–79 in Europe, 241–43 in India, 276–78 why it cannot work, 296–97 Populist Revolt, The (Hicks), 99 Portugal, 148, 238 Poterba, James, 140 poultry farms, 354–55, 357 poverty, 396 African Americans and, 157 Elberfeld system of assistance, 129–31, 320 War on, 158, 160, 229 Powell, Enoch, 159 presidential election of 2016, 235, 236, 333, 354 Price, Brendan, 185 Princeton University, 125 printing press, 41–42, 46 private sector, 107–8, 111, 139, 147, 283, 284, 352, 371 liberalization and, 194–201, 207–8 Progressives, 26, 79, 98–99, 102–6, 112, 124, 134, 137, 244, 265 property, 26, 52, 57, 58, 74, 79, 83, 103, 115, 352, 362, 374, 394 competition and, 286 intellectual, see intellectual property land, see landowners taxes on, 121, 123 as theft, 110–11 protectionism, 108, 258–59, 278, 306, 353–56, 364 Protestant Ethic and the Spirit of Capitalism, The (Weber), 47 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 public hearings, 389–90 Putnam, Robert, 227, 334 Quakers, 16–17, 230 race, see ethnicity and race race to the bottom, 358–60 railroad industry, 85, 87, 99, 101 Ramanathan, Swati, 312 Ramcharan, Rodney, 72 ranchers, 9–10, 11 Rand, Ayn, 80, 391 R&D, 183–84 Rashtriya Swayamsevak Sangh (RSS), xix, 277 Rauh, Joshua, 192 Rawls, John, 115 Raymundo, Raul, xxiii, xxvi Reagan, Ronald, 165, 194, 232 Reeves, Richard, 224 Reformation, 40–41, 47, 49 regulation(s), 103–5, 107–8, 165, 172 antitrust, 202 of banks, 358–60 communities and, 285, 304, 306–7, 341, 357 competition and, 165, 387–88 deregulation, 165–67, 194, 197 harmonization of, 354–63, 365, 371 relief efforts, 131–33, 135 see also safety nets religion, 49, 51, 64 Protestant Reformation, 40–41, 47, 49 Protestants, 48, 49 see also Catholic Church Republicans, 235–36 residential sorting, 144, 177, 222, 227, 314 by income, 307–9 race and immigration and, 229–31 resources, policies on, 365 Resurrection Project, xxiii–xxvi Ritter, Jay, 201 Robinson, James, 94 Rockefeller, John D., 84–91, 98, 103, 104, 108, 200 Rodgers, Daniel, 334 Rodrik, Dani, 364–65, 371 Roman Republic, 58 Romney, Mitt, 235 Roosevelt, Franklin, 134–37, 156 Roosevelt, Theodore, 106 Rosen, Sherwin, 193 Russell, John, 95 Russia, 97, 287, 292, 354, 369 wealthy in, 111 Saez, Emmanuel, 191 safety nets, 139, 173, 290 caregivers and, 319–20 community and, 127–38, 318–25 in Europe, 156 government support in, 322–24 health care, see health care paying for, 324–25 for peasants, 37–38 in U.K., 155–56 in U.S., 133–34, 156, 157–58, 320–21, 324 welfare, 129, 137, 148, 158, 230 Salam, Reihan, 235 Sandel, Michael, 389–90 Sanders, Bernie, 214 Satyanath, Shaker, 112 schools, see education and schools Schumpeter, Joseph, 203, 379 Schwartz, Heather, 225–26 science, 21 “Second Coming, The” (Yeats), 141 Second Federal Bank, xxv SeeClickFix, 311–12 Sen, Amartya, 287 Shakespeare, William, 30 Shapiro, Jesse, 332–33 Share Our Wealth Society plan, 136 Shleifer, Andrei, 197 Sinclair, Upton, 104 Singapore, 247, 291, 318 Singh, Manish, 336 Singh, Manmohan, 270 Siuai people, 9 smartphones, 175, 178, 182–83 Smith, Adam, 17, 64, 77, 80–81, 83, 84, 87, 91, 105, 200 Smoot Hawley Act, 138 socialism, 132, 138, 145–47, 168, 250 in India, 267–69, 391 socializing the young, 5–7 social media, 330, 354, 386 social relationships, 7–8 social safety nets, see safety nets Social Security, 134–38, 187, 241, 324 Sokoloff, Kenneth, 72, 96 sorting, see residential sorting South Sea Company, 68, 69–70 sovereignty, 349–72 and controlling flows, 351–54 and harmonization of regulation, 354–63 Soviet Union, 91, 145–47, 153–54, 250, 251, 267, 287, 367 Spain, 148, 162, 169, 237, 238, 353–54 Spence, Michael, 234 stagflation, 163 Standard Oil, 86, 99, 103, 107 Stanford marshmallow test, 222–23 state, xiii, xv, xvii–xviii, xx–xxi, xxvii–xxviii, 25–27, 50, 139, 140, 172, 283–86, 304, 393 anti-state ideology and, 176 buffers against market volatility, 127–38 Church and, 45–46 community and, 303–25, 345–46 constitutionally limited, 52–74, 83 definition of, xiii–xiv growth of, 145 international responsibilities and, 363–67, 372, 397 laissez-faire and, 77–78, 81, 83 markets and, 304 relief efforts from, 131–33 separation from community, xiv–xv strong but limited, rise of, 51–75 sustainable financing for, 65–71 steel industries, 87, 99, 122, 185, 186, 253, 261, 338, 364, 366 European Coal and Steel Community, 150 student loans, 317–18 suffrage, see voting, suffrage Summers, Larry, 197 Supreme Court, U.S., 103, 384 Sweden, 138 Swift, Taylor, 193 Talleyrand, Charles Maurice de, 66 Tarbell, Ida, 103, 200 tariffs, 61, 63–64, 80–81, 100, 108, 138, 150–51, 164, 181–83, 217, 242, 258–59, 271, 277, 352–53, 356, 363, 364, 366, 371 General Agreement on Tariffs and Trade, 146, 150, 353 Tawney, Richard, 34–35, 46 taxes, 59, 61–62, 102–5, 156–57, 163–64, 206, 308–9, 364 for education, 121, 123 property, 121, 123 tax holidays, 341 tax incentives, 345 on towns, 59–60 universal basic income and, 322–23 tax preparation, 179, 180 Tea Party movement, 239–41, 242, 333 technology, xii, xxviii, 117, 160–62, 175–76, 283, 284, 286, 287 automation in, 18, 84, 179, 180, 284 China and, 261–62, 278 community and, 119, 335, 344–45 disruptive change from, xii–xiii, xix education and, 122–23 feudal community and, 41–42 financial crises and, 118 incomes and, 188–94 job losses from, xii, xviii public anxiety about, 116–18 winner-take-most effects of, 191–94 see also Industrial Revolution; Information and Communications Technology revolution Teles, Steven, 205 Thatcher, Margaret, 165–66, 194 three pillars, xiii, 25–27, 393, 394 balance between, xvii–xviii, 175, 394 see also community; markets; state Tiananmen Square protests, 250–51 Tiv people, 7–8 Tönnies, Ferdinand, 3–4 totalitarian regimes, 97 trade, 62–64, 80–81, 143, 146, 149–51, 154, 160, 164–65, 172, 181, 245, 271, 283, 307, 352–53, 363, 371 “beggar thy neighbor” policies and, 364 communications costs and, 181, 182 communities and, xviii–xx, 335, 352 European, with Muslim lands, 36 ICT revolution and, 143–44, 173, 181–88 incomes and, 188–94 protectionism and, 108, 258–59, 278, 306, 353–56, 364 tariffs and, see tariffs transportation costs and, 181–82 Trade Related Intellectual Property Rights Agreement (TRIPS), 362 training and socializing the young, 5–7 transactions: in communities, 3, 8–9, 10–11 market, 3, 4 Trotsky, Leon, 90 Trump, Donald, 235 Truly Disadvantaged, The (Wilson), 230 Turkey, xix, 97, 167, 190, 245 Uber, 196 Unified Payments Interface (UPI), 386 unions, 165, 198, 206, 360, 361 United Kingdom, 173 Companies Act in, 377 health care in, 156 income in, 191, 192 in Opium Wars, 349–50 safety net in, 155–56 United Nations, 367 United States, 143, 145, 149, 246, 298 African Americans in, see African Americans agriculture in, 184 China and, 278 Civil War in, 74, 93, 133–34 competitive market in, 98–105 Constitution of, 71 diversity in population of, 134 financial crises in, 87–88, 118 GI Bill in, 156, 157 Gilded Age in, 87 gold standard in, 100 government debt in, 324 growth of, 148, 162 health care in, 158, 203 hegemony of, 148, 367–69 immigration and, 137, 159–60, 292 Industrial Revolution in, 121 manufacturing in, 184–85 Marshall Plan of, 149–51, 365 in postwar period, 148 presidential election of 2016, 235, 236, 333, 354 safety net in, 133–34, 157–58, 320–21, 324 schools in, 119–25, 127, 190–91, 233–34, 317 South of, 72, 74 Supreme Court, 103, 384 voting rights in, 92–93, 96 Western settlers in, 72, 99–100 universal basic income (UBI), 322–23 universities, see colleges and universities University of Chicago, xxiii, xxvi, 87, 124–25, 164, 290–91 University of Rochester, 223 usury: Catholic Church and, 34–42, 44–46, 49 favorable public attitudes toward, 44 intellectual support for ban on, 39–40 prohibition on, 31–32 rationale for proscribing, 32–34 values: community, and tolerance for markets, 390–92 conflict over, 234–36 Virginia, 58 Voigtländer, Nico, 112 Volcker, Paul, 163 Voth, Hans-Joachim, 112 voting and suffrage, xxvii, 26, 79, 105 extension of franchise, 91–98 wages, see income and wages Wallis, John, 97 Washington Post, 108 wealth, 111, 395–96 Wealth of Nations, The (Smith), 80 weavers, 18–19, 116, 188 Weber, Max, 47, 38 Weingast, Barry, 70, 97–98 welfare, 129, 137, 148, 158, 230 Wellman, Andrew, 331 Whigs, 67, 95 William of Orange, 67 Wilson, William Junius, 230, 231 Wilson, Woodrow, 125 Wolf, Martin, 355 workers, 75, 78, 79, 87, 89, 97, 127–28 education and capabilities of, 313–18 insurance plans for, 132 rights of, 360–61 strikes by, 102 unions for, 165, 198, 206, 360, 361 see also income and wages; jobs working at a distance, 219, 220 World Bank, 151, 253–54 World Trade Organization (WTO), 353, 356, 362 World Values Survey, 297 World War I, 103, 112, 124 World War II, xxvii, 138, 139, 140, 143, 145, 146, 155–57, 210, 243, 367 Marshall Plan and, 149–51, 365 postwar period, 148–54 Wulf, Julie, 193 Xi Jinping, 261, 278 Xiushui Market, 255 Yeats, W.


pages: 442 words: 39,064

Why Stock Markets Crash: Critical Events in Complex Financial Systems by Didier Sornette

Alan Greenspan, Asian financial crisis, asset allocation, behavioural economics, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, Brownian motion, business cycle, buy and hold, buy the rumour, sell the news, capital asset pricing model, capital controls, continuous double auction, currency peg, Deng Xiaoping, discrete time, diversified portfolio, Elliott wave, Erdős number, experimental economics, financial engineering, financial innovation, floating exchange rates, frictionless, frictionless market, full employment, global village, implied volatility, index fund, information asymmetry, intangible asset, invisible hand, John von Neumann, joint-stock company, law of one price, Louis Bachelier, low interest rates, mandelbrot fractal, margin call, market bubble, market clearing, market design, market fundamentalism, mental accounting, moral hazard, Network effects, new economy, oil shock, open economy, pattern recognition, Paul Erdős, Paul Samuelson, power law, quantitative trading / quantitative finance, random walk, risk/return, Ronald Reagan, Schrödinger's Cat, selection bias, short selling, Silicon Valley, South Sea Bubble, statistical model, stochastic process, stocks for the long run, Tacoma Narrows Bridge, technological singularity, The Coming Technological Singularity, The Wealth of Nations by Adam Smith, Tobin tax, total factor productivity, transaction costs, tulip mania, VA Linux, Y2K, yield curve

Hideo Ibe, previous president of the Research Institute for Policies on Aging, declared in a press release on February 14, 1996: “It has been brought to my attention that Deng Xiaoping has said: Since Japanese do not have enough children, we could send them fifty million Chinese.” This statement seemed strange given that Japan had 340 inhabitants per square kilometer while China had only 100, and also inprobable in view of the strong control exerted by the immigration service of Japan. 110 chapter 4 Had Deng Xiaoping pronounced this sentence, or was it expected from Japanese public opinion? To determine the truth, the source of the information should be checked, which implies checking all Chinese newspapers, radio, and TV recordings during the months and perhaps the few years preceding this announcement.


pages: 520 words: 164,834

Bill Marriott: Success Is Never Final--His Life and the Decisions That Built a Hotel Empire by Dale van Atta

Berlin Wall, Black Monday: stock market crash in 1987, Boeing 747, book value, Carl Icahn, Charles Lindbergh, clean water, collective bargaining, corporate raider, Deng Xiaoping, Donald Trump, dumpster diving, financial innovation, Ford Model T, hiring and firing, index card, indoor plumbing, Kickstarter, Kintsugi, Maui Hawaii, medical residency, Menlo Park, Mikhail Gorbachev, mortgage debt, profit motive, Robert Bork, Ronald Reagan, shareholder value, short selling, stock buybacks, three-martini lunch, urban renewal

We will more than double our presence outside of the United States.”18 Wall Street analysts were unanimous: RHG was an ideal marriage for Marriott. Heavy trading in the market pushed the Marriott stock price ever upward. The day after the Marriott-Renaissance announcement, China’s longtime Communist leader Deng Xiaoping died. Four months later, on July 1, 1997, the long-awaited event known as “the Handover” occurred: Hong Kong officially became part of China again. Though “the Handover” had been feared by market analysts for years, it was fairly uneventful. There was no Chinese nationalization of any Hong Kong business.

The next-largest hotel company would be Hilton Worldwide with 4,500 properties and about 735,000 rooms. Then, just days before the deal was to be finalized, Anbang’s enigmatic chairman, Wu Xiaohui, outbid Marriott with a $13.2 billion all-cash offer. The politically well-connected Wu, who was married to the granddaughter of Chinese leader Deng Xiaoping, had been on a buying spree in the previous years. He had paid nearly $2 billion for the famous Waldorf Astoria in New York City and was in the process of buying Strategic Hotels & Resorts for $6.5 billion. News reports suggested that Anbang had more than $250 billion in assets. Bill could not hope to compete if Wu was all-in for Starwood.


pages: 568 words: 164,014

Dawn of the Code War: America's Battle Against Russia, China, and the Rising Global Cyber Threat by John P. Carlin, Garrett M. Graff

1960s counterculture, A Declaration of the Independence of Cyberspace, Aaron Swartz, air gap, Andy Carvin, Apple II, Bay Area Rapid Transit, bitcoin, Brian Krebs, business climate, cloud computing, cotton gin, cryptocurrency, data acquisition, Deng Xiaoping, disinformation, driverless car, drone strike, dual-use technology, eat what you kill, Edward Snowden, fake news, false flag, Francis Fukuyama: the end of history, Hacker Ethic, information security, Internet of things, James Dyson, Jeff Bezos, John Gilmore, John Markoff, John Perry Barlow, Ken Thompson, Kevin Roose, Laura Poitras, Mark Zuckerberg, Menlo Park, millennium bug, Minecraft, Mitch Kapor, moral hazard, Morris worm, multilevel marketing, Network effects, new economy, Oklahoma City bombing, out of africa, packet switching, peer-to-peer, peer-to-peer model, performance metric, RAND corporation, ransomware, Reflections on Trusting Trust, Richard Stallman, Robert Metcalfe, Ronald Reagan, Saturday Night Live, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, Snapchat, South China Sea, Steve Crocker, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Stuxnet, The Hackers Conference, Tim Cook: Apple, trickle-down economics, Wargames Reagan, Whole Earth Catalog, Whole Earth Review, WikiLeaks, Y2K, zero day, zero-sum game

Mao’s disastrous collectivization efforts had decimated the country economically in the 1960s, and the resulting famine killed upward of 30 million, leaving the country poorer than North Korea.14 By 1979, the Communist Party changed tactics, loosening economic restrictions and allowing some semblance of a private market economy again. “Let some people get rich first, and gradually all the people should get rich together,” Deng Xiaoping decreed. Evan Osnos, a staff writer for the New Yorker who covered China, wrote that the country’s subsequent rise is “a transformation one hundred times the scale, and ten times the speed, of the first Industrial Revolution.”15 In 1978, the average Chinese income was just $200, and as late as 2005, a quarter of a billion Chinese—a population only slightly smaller than the entire United States—still lived on less than $1.25 a day, and its per capita income was still under around $3,000.16 But by 2014, per capita income had leapt to $6,000, doubling in just ten years.

See Drug Enforcement Administration Deadline.com, 310 decentralization, 85 “Declaration of the Independence of Cyberspace” (Barlow), 72 deep cover operatives, 282 Deep Panda, 350 Defcon, 96 Defense Advanced Research Projects Agency (DARPA), 95 Defense Cyber Crime Center, 354 Defense Information Systems Agency (DISA), 103, 164 Defense Intelligence Agency (DIA), 44, 99–100, 338 Defense Language Institute, 164 Delpy, Benjamin, 235 Dembosky, Luke, 122, 273, 277, 296, 300, 301, 324–325, 367 Democratic National Committee, 31, 56, 58, 382 Deng Xiaoping, 148 Department of Commerce, 264 Department of Defense, 57, 86, 99, 106, 160n, 175 Department of Homeland Security (DHS), 151, 156, 171, 175–176, 176n, 357–358. See also US-CERT Department of Treasury, 377, 401 Deputies Committee, 268 Dershowitz, Alan, 73 deterrence, 48, 50–51 Deveshwar, Y.


pages: 261 words: 64,977

Pity the Billionaire: The Unexpected Resurgence of the American Right by Thomas Frank

Affordable Care Act / Obamacare, Alan Greenspan, bank run, Bear Stearns, big-box store, bonus culture, business cycle, carbon tax, classic study, collateralized debt obligation, collective bargaining, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Deng Xiaoping, false flag, financial innovation, General Magic , Glass-Steagall Act, housing crisis, invisible hand, junk bonds, Kickstarter, low interest rates, money market fund, Naomi Klein, obamacare, Overton Window, payday loans, profit maximization, profit motive, road to serfdom, Robert Bork, Ronald Reagan, shareholder value, strikebreaker, The Chicago School, The Myth of the Rational Market, Thorstein Veblen, too big to fail, union organizing, Washington Consensus, white flight, Works Progress Administration

“Those who screwed up must be allowed to fail, those who broke the law must go to jail.” * Aside from exhortations to go shopping after 9/11, I can think of no really prominent American politicians who have celebrated consumption in such a crass way. In fact, the only big-league politician I know of who has come close is China’s Deng Xiaoping, who said, “To get rich is glorious.” The quotations are from Glenn Beck’s Common Sense: The Case Against an Out-of-Control Government, Inspired by Thomas Paine (New York: Threshold Editions, 2009), pp. 12, 14. * ’Twas ever thus. In Age of Greed, the financial journalist Jeff Madrick tells the story of Citibank CEO Walter Wriston, an outspoken free-market zealot (see, for example, Wriston’s book, The Twilight of Sovereignty) who nevertheless demanded and received government bailouts for his bank on several notable occasions.


pages: 877 words: 182,093

Wealth, Poverty and Politics by Thomas Sowell

affirmative action, Alan Greenspan, Albert Einstein, British Empire, Capital in the Twenty-First Century by Thomas Piketty, colonial exploitation, colonial rule, Cornelius Vanderbilt, correlation does not imply causation, cotton gin, Deng Xiaoping, desegregation, European colonialism, full employment, government statistician, Great Leap Forward, Gunnar Myrdal, Herman Kahn, income inequality, income per capita, invention of the sewing machine, invisible hand, low skilled workers, mass immigration, means of production, minimum wage unemployment, New Urbanism, profit motive, rent control, Scramble for Africa, Simon Kuznets, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, transatlantic slave trade, transcontinental railway, trickle-down economics, vertical integration, very high income, W. E. B. Du Bois, War on Poverty

Making a reduction of statistical gaps a major goal can make such apparent progress a poor indicator of benefits to flesh-and-blood human beings. Obviously, some people may value the spread of prosperity more than the reduction of inequality, while others prefer the opposite. When China, after the death of Mao, abandoned the original Communist emphasis on economic egalitarianism and adopted more market-oriented reforms under Deng Xiaoping— who said, “Let some people get rich first”1— the economic growth rate hit new highs and literally hundreds of millions of people rose out of poverty.2 That a country historically plagued by famines, including a famine under Mao in which tens of millions died, became a country in which about one-fourth of the adult population is now overweight, is one measure of the change.

., 49, 50, 301–302, 364, 409 Barbados, 109–110, 244 Baseball, 338, 396, 397–398, 399 Beliefs, 406, 407 plausibility: 188 preferred beliefs: 6, 354, 406, 407 The Bell Curve, 207n Benue River, 33, 240 Berea College, 53 Billionaires and Millionaires, 266, 298–299, 328–329, 330, 334, 335, 361–362 Black Americans, 51, 146, 362n, 445 (endnote 55), 499 (endnote 40) “acting white”: 132, 194, 195, 196, 287, 291, 385 black immigrants compared to black Americans: 241, 387–388 books: 172–173, 384 children: 53, 132, 163n, 172–173, 192, 196, 198, 210, 211, 279–280, 282, 288, 289, 290, 363, 370, 384, 385–386, 420 civil rights laws: 282, 285, 365, 418 comparisons with whites: 52, 53, 172–173, 185, 186, 192, 196, 197, 198, 204–205, 207, 209, 210, 213, 283, 366, 370–371, 384, 444–445 (endnote 54) crime: 264, 282, 283, 285, 286, 288, 289–290, 301, 302–303, 304 culture: 132, 176–177, 192, 193, 194, 195, 196, 200, 285, 286, 287, 386n, 391, 403 discrimination: 134, 252, 282–283, 285, 304, 366–367, 404n education: 53, 132, 163n, 191, 192–196, 197, 198, 199, 200, 201–203, 206, 213, 241, 281–282, 338–339, 363, 367, 370, 371, 384, 386n, 387, 420, 421 employment: 150, 278–279, 282, 283, 286, 290, 387 families: 172–173, 176, 196, 200, 211, 279–280, 281, 282, 283, 285–286, 288, 289, 290, 362n, 384, 386n “free persons of color”: 252, 281n Harlem: 176–177, 197, 198, 287–288, 386n heredity and environment: 204, 386n income: 6, 241, 270, 283, 366, 369, 371, 372, 384, 387–388 isolation: 210, 289–290, 366 leaders: 196–197, 283, 300–301 literacy: 6, 197, 205–206, 281 mental tests: 53, 185, 192–193, 197, 198, 201–203, 204–206, 207, 209, 210, 211, 384, 444–445 (endnote 54) migration: 163n, 282, 287, 367n, 386n minimum wage laws: 278–279 politics: 282, 365 poverty: 173, 191, 198, 200, 211, 279, 281–282, 285, 286, 288, 290, 365 progress: 150, 192–194, 195, 207, 281–282, 365, 366–367, 481 (endnote 32) public housing projects: 288–290 racism: 134, 191, 286–287, 387–388, 416 retrogression: 191, 194–197, 211, 279–280, 282–283, 285, 286, 287, 288, 289–290, 301, 302–303, 367n, 403 riots: 282–283, 285, 301, 304, 305, 418 Roots: 146, 187, 470 (endnote 49) slavery: 186–187, 192, 252, 254, 271, 279, 363, 381n, 390, 473 (endnote 80), 491–492 (endnote 7) soldiers: 185, 204–206 Southern United States: 53, 134, 192, 195, 206, 252, 281–282, 283, 287, 363, 366–367, 386n, 473 (endnote 80) sports and entertainment: 338, 397, 398–399, 404n teenage males: 278–279, 289 unwed teenage mothers: 211, 281 violence: 134, 195, 264, 282, 283, 285, 286, 288, 289–290, 301, 302–303, 304, 305, 385, 418, 421 welfare state policies: 211, 279–280, 281, 282, 285, 286, 288, 290, 300, 301, 305, 362n, 403 Blame, vii, viii, 406 blame versus causation: vii, viii, 382–405 “blaming the victim”: vii, 388, 389–390 localization of blame: 390–392 Books, 125, 160, 163, 172–173, 384 Brain Surgery, 190, 358, 388 Braudel, Fernand, 4, 11, 21, 27, 28, 39n, 46, 71, 111n, 114, 157, 170n, 232, 432 (endnote 9) Brazil, 95–96, 97, 103, 104, 112, 113–114, 122n, 150, 175, 178–179, 235, 236, 252, 283–284, 314n, 414 Britain, 10n, 24, 81–82, 111–112, 130n, 141–142, 151, 186, 195n, 205, 209, 211, 227, 243, 244, 245, 250, 260n, 290, 302, 305, 504 (endnote 75) British Empire: 3, 10–11, 81, 99, 109, 116–117, 162n, 223, 235, 237, 238–239, 240, 241, 242, 245, 247, 264, 268, 339, 443 (endnote 36), 487 (endnote 24) Britons: 2–3, 150, 185, 187, 207–208, 213, 233, 238–239, 245, 247, 270–271, 293, 294, 295 economy: 122, 235–236, 246 education: 123, 241, 291, 292, 293, 294, 295, 385, 387, 503–504 (endnote 65) immigrants: 241, 293, 294, 295, 385, 387, 415 industrial revolution: 2–3, 5, 82, 143, 235, 414 Roman Britain: 82, 185, 187, 239–240, 241, 247, 270–271 Bronx High School of Science, 145, 188, 189–190, 191, 369 Brooklyn Technical High School, 145, 188, 189–190, 191, 369 Burden of Proof, 356, 357, 380 Burma, 108, 132, 418–419 Business (see Commerce and Industry) Canada, 10, 11, 32, 37, 44, 59, 79, 132, 141–142, 146, 175, 209–210, 237, 245, 246–247, 322, 372 Canary Islands, 21, 74, 75, 186, 209, 210, 232, 348 Capital Gains, 326, 327, 330–331, 412n Capital in the Twenty-First Century, 323–324, 325, 327, 332, 333, 356, 357 Capitalism, 5, 245–246, 354, 407, 410 Carnegie, Andrew, 179, 333 Carpentry, 113, 358 Catalan, 53, 90 Causation, v, 187 causal issues versus moral issues: viii, 6–7, 245, 347, 407 causation versus blame: vii, viii, 382–405 causation versus correlation: 12, 382, 383–384 causes versus conveyances: 382, 388–390 combinations and permutations of causes: 39, 160–161, 164–165, 311, 314 determinism: 8, 208 direction of causation: 382–383, 384 interactions of causes: 9–10, 19, 22, 38, 60, 62–64, 78, 89, 295 internal and external factors: 367, 370, 383, 386, 387, 421n multiple causes: vi, 392–405 multiple prerequisites: vi, 393, 394–402, 404 single causes: v Central Planning, 137–138, 255, 256, 257, 381 “Challenge and Response,” 94, 226, 231, 402, 451 (endnote 8) Charney, Joseph, 428 Chess, 68, 118, 338, 369 Chicago, 28, 37, 52, 176, 230, 290 Children, 52, 101, 102, 112, 167–168, 172–173, 180, 184, 194, 195, 196, 210, 211, 233–234, 251–252, 288–289, 290–291, 293, 295, 297, 298, 332, 369, 370, 376, 385–386, 389, 410, 411 child labor: 52, 101, 104–105 child rearing: 105, 160, 172–174, 276, 370, 376, 389 children’s education: 99, 101, 102, 105, 122, 127, 188–200, 241, 263–264, 269–270, 282, 293, 295, 363, 370, 374, 384–385, 387, 420, 422–423 children’s toys: 68 fatherless children: 173, 279–280, 281, 282, 288, 289, 290, 298, 496–497 (endnote 11) IQs of mountain children: 53 violence against children: 251–252, 263–264, 266–267, 291 words spoken to children: 172, 336–337 Chile, 113–114, 117, 178–179, 252 China, 5, 9, 22–23, 28, 30, 32, 44, 59, 60, 70, 71, 100–101, 106, 120, 162, 164, 171, 233, 238, 243–244, 257, 315, 350, 373 achievements: 2, 3, 30, 70, 80, 120, 121, 125–126, 431 (endnote 3) famines: 170, 253, 408 retrogression: vi, 125–126, 217, 219, 395–396, 407 Chinese Language, 80, 101, 121, 217, 238, 263, 373 Chinese People in China: 3, 106, 120, 121, 125–126, 406 overseas Chinese: 65, 87, 98–101, 104, 105, 106, 129, 140, 144–145, 149–150, 164, 176, 213, 241, 242, 262–263, 266, 283, 284, 339, 348, 370, 373, 374, 418 Cicero, 185 Cities, 3, 24, 28, 58, 75, 103, 110–111, 184, 221, 227–228, 339–340 Civilization, 304–305, 376, 392, 393 Classes versus Age Cohorts, 342 Climate, 8, 9–10, 16, 18, 22, 23, 34, 35, 40, 48, 52, 55, 56, 60, 61–67, 223, 231, 434 (endnote 25), 448 (endnote 7) altitude: 63–64 arctic climates: 64 clouds: 63, 448 (endnote 7) latitude: 9–10, 43, 62–63, 208, 209–210 Mediterranean climates: 35, 55, 63 mountains: 64 ocean currents: 10, 61–62 rainfall: 22, 23, 35, 54–55, 60, 67, 223, 382, 439 (endnote 30) seasons: 9, 16, 23, 34, 35, 40, 48, 52, 55, 56, 61, 62, 63, 64, 66 sunshine: 35, 62–63, 223 temperate zones: 20, 43–44, 63, 64–67, 78, 79, 94 temperature: 9–10, 34, 61–64, 65, 67, 382, 434 (endnote 25) tropics: 44, 62–63, 64–65, 66–67 Clocks and Watches, 159–160, 178, 400 Coasts, 29, 30, 51, 61, 63, 75, 80, 120–121, 234, 235, 438 (endnote 8) Colleges and Universities, 97, 98, 101, 102–103, 105, 117, 119, 122, 145–147, 151, 163, 184, 192, 193–194, 195, 200–203, 241, 263, 294n, 332, 338–339, 363, 368, 371, 395, 419 academic intellectuals: vii, 283, 369 admissions standards: 376–377, 378 degrees: 338–339, 369 graduation rates: 201, 202–203 Columbus, Christopher, 3, 44, 119, 125–126, 219 Combinations and Permutations, 20, 39, 164 Commerce and Industry, 2–3, 5, 22, 24, 39, 82, 91–92, 93, 101, 103, 104–105, 106, 110–111, 112, 113–115, 122–123, 124, 129, 131, 133, 136–137, 138, 139–140, 143, 151, 152–153, 161, 163, 178–179, 220–221, 222, 226, 227, 235–236, 243, 244, 245, 246, 272, 292, 418–419, 421 Communication, 2, 24, 29, 46, 48, 72, 90–91, 147, 170, 228, 229, 242 Communism, 7, 105, 245–247, 256–257, 312–313, 354, 381, 391, 407, 408, 419–420 Comparisons of Africa and China: 30, 32 of Africa and Europe: 29, 33, 34, 72 of Africans and Australian aborigines: 74, 75 of Asian Americans and white Americans: 145, 189, 389 of Atlantic and Pacific Oceans: 17–18, 41n of the Atlantic Ocean and the Mediterranean Sea: 40–41, 42 of blacks and whites: 52, 53, 172–173, 185, 186, 192, 196, 197, 198, 204–205, 207, 209, 210, 213, 283, 293, 366, 370–371, 384, 444–445 (endnote 54) of British and Spanish cultures: 10–11, 109–110, 116–117 of Britons and continental Europeans: 82, 150, 151, 207–208, 295 of Canary Islanders and Australian aborigines: 74, 75, 210 of capitalism and communism: 136, 257, 354, 407 of child-rearing practices: 172–173, 357–358, 376 of China and Japan: 5, 9, 120–121 of Chinese and Europeans: 3, 11–12, 69, 126, 213 of Chinese and Malays: 144–145, 262 of Eastern and Western Europe: 34–35, 119, 204 of Eastern and Western Hemispheres: 43, 44, 67–68, 69, 70, 71 of Europe and Africa: 29, 33, 34, 72 of fishing in the Atlantic and the Mediterranean: 42 of Greeks and Britons: 2–3, 24, 185, 213 of Gross Domestic Products: 5, 93, 109, 243–244 of honesty: 140–142 of human capital: 65, 153 of immigrants and natives: 110–111, 183, 293, 295, 383, 387 of IQs: 192–193, 444–445 (endnote 54) of Irish and Jews: 163, 285 of mountaineers and lowlanders: 4, 19, 49, 50, 52, 54–55, 90, 211 of Northern Europeans and Southern Europeans: 205, 208 of oceans: 17–18, 35, 41n of Puerto Ricans and Japanese Americans: 412 of rivers: 30, 32, 33, 34–39 of sexes: 49, 371 of Southern Europe and Northern Europe: 34, 35–36 of Southerners and New Englanders: 153, 192, 193–194, 212, 250 of Tamils and Sinhalese: 80, 144 of tropical and temperate zones: 20, 44, 59–60, 62–63, 64–65, 66, 94 of water transport costs and land transport costs: 28–29, 437 (endnote 2) of weather in Washington and London: 9–10, 434 (endnote 25) Conquest, viii, 6–7, 81–82, 232, 233, 413 economic consequences: 81, 92–93, 108–109, 232 political consequences: 82 social consequences: 81, 413–414 Conservatives, 380–381 Costa, Elizabeth, 427 Counterfeit Freedom, 345–346 Crime, 220, 286, 290, 291–292, 376, 383, 386 guns: 291, 403 homicide rates: 286 police: 291–292, 302, 385 Crosby, Bing, 399 Cuba, 7, 100, 105–106, 181 Culture, vi–vii, viii, 4–5, 8, 9, 10, 11, 21, 24–25, 65, 85–154, 219, 366–367, 369, 382, 389, 421 acculturation: 287 attitude toward education: 97–98, 101, 105, 106, 107, 109–110, 115, 144–148, 160, 163–164, 195–196, 200, 211, 213, 241, 386n attitude toward progress: 151–154 attitude toward work: 114, 149–150, 153, 284, 413, 414, 472 (endnote 78) cultural choices: 212–213, 403, 417 cultural development: 20, 219 cultural differences: 89–154, 160, 163, 164, 185, 249–250 cultural diffusion: 21, 68, 69–70, 78, 80, 81, 82, 118–134, 249–251, 436 (endnote 17) cultural isolation: 4, 15, 46, 72, 125–126 cultural persistence: 132–133, 154, 166, 283 cultural receptivity: 119–126, 146, 154, 249, 365 cultural revivals: 146, 166 cultural survival: 91, 131, 132 cultural universe: 4, 29, 34, 40, 70, 72–73, 74, 75–76, 89, 90, 225 cultural values: 87, 96, 97, 106, 107, 109, 144–148, 181, 249, 311, 384–385, 395 culture and economics: 95–117 definitions: 87, 95, 98 ghetto culture: 195, 287 honesty: 115, 136, 137, 139, 140, 141–142 multiculturalism: 119 origins of cultures: 12, 137, 389 radius of trust: 135–136, 140, 228–229, 251 transplanted cultures: 116 Cuzco, 63–64, 67, 230, 231 Czech Language, 90, 127, 131–132, 147 Czech People, 90, 127, 131–132, 145, 147, 265, 283, 303 Czechoslovakia, 130, 146, 242, 252, 265, 269, 303, 415 Dalrymple, Theodore, 290–291, 294, 295, 503–504 (endnote 65) Danube River, 35, 39, 243 Darwin, Charles, 75, 78–79, 109, 165, 348 Deaton, Angus, 1n, 180, 346, 349–350 Decisions, 217, 222–223, 250–251 categorical versus incremental decisions: 258, 260, 261, 359, 360, 361 feedback: 222–223, 250, 352 market decisions: 222 political decisions: 199–200, 217, 219 third-party decisions: 188, 343, 344, 367, 380 Definitions, 311, 417 consensus: 417 discrimination: 259–260, 374 environment: 25, 95, 106, 122n freedom: 345–346 mobility: 179, 180–181 opportunity: 180–181, 369–379 poverty: 280, 311, 328 privilege: 190 social mobility: 179, 180 wealth: 96, 328 Demography, viii, 10, 159, 164–165, 171–174, 369, 382 age: 171, 475 (endnote 12) sex ratio: 168 Deng Xiaoping, 408 Denmark, 5, 141, 201–202 Deserts, 21, 39, 44, 61, 63, 71, 72, 73, 75, 142, 436 (endnote 15), 448 (endnote 7) Determinism economic: 160 genetic: v–vi, vii, 11–12, 74, 95, 160, 185, 187, 200–205, 213–214, 241, 347, 366 geographic: 8–9, 19, 21, 136, 160, 219 Discrimination, 99, 102–103, 165–166, 185, 212, 249, 259, 262, 264–265, 341, 374, 389 Diseases, 60, 64, 71–72, 76–79, 390, 404–405, 422–423 “Disparate Impact,” 259, 341, 404 Disparities, 381, 408, 513–514 (endnote 54) among nations: 5, 6, 7, 8, 311, 346–351 reducing disparities versus increasing prosperity: 408 within nations: 5, 7, 152–153, 262, 311 “Diversity,” 190, 191, 193, 249 Drugs, 288, 289, 290, 294n, 305, 402 Du Bois, W.E.B., 363 Duke of Wellington, 219 Dunbar High School, 192–195, 199–200, 384–385, 421 Dyson, Freeman, 126, 217 Earthquakes, 17–18 Eastern Europe, 5, 10n, 34, 35, 59, 71, 101, 103, 108, 119, 120, 126–127, 128, 129, 130, 145–146, 151, 162, 163–164, 165, 177, 205, 243, 244, 252, 284, 353–354 Eastern Europeans, 101, 102, 103, 108, 120, 127, 128, 129, 130, 145–146, 162, 163–164, 165, 177, 204, 205, 244, 252, 284, 353–354, 366 Eastman Kodak, 395 Economic Development, 2–3, 12, 17, 20, 28, 29, 31–32, 35, 38, 39, 40–41, 45, 48, 55–56, 58–59, 65–66, 69, 71, 74, 75, 87, 95–117, 136–137, 161, 168, 222, 225, 228–233, 255, 313, 394, 422–424 Economic Differences between age cohorts: 342 between ethnic groups: 95–107 between nations: 107–117, 313–314, 353–354 Economic Factors (see also Commerce and Industry), 161–162, 166, 222, 253, 255, 316–317 economic determinism: 160 economic development: 2–3, 12, 17, 20, 28, 29, 31–32, 35, 38, 39, 40–41, 45, 48, 55–56, 58–59, 65–66, 69, 71, 74, 75, 87, 95–117, 136–137, 161, 168, 222, 225, 228–233, 255, 313, 394, 422–424 imperialism: 226, 227, 230–231, 235–248, 270–271, 381, 413–414 investment: 222, 245–247, 349–351 production: 220–221, 222 Economic Retrogressions, 220–222 Edison, Thomas A., 143, 179 Education, 51–52, 81, 97–98, 99, 101, 102, 103, 105, 115, 122, 129, 133, 136, 151, 159, 163, 191, 198–200, 213, 220, 241, 262, 272, 281–282, 285, 291, 293, 294n, 338–339, 358, 363, 367, 369–370, 371, 383, 384, 385, 386n, 387, 396, 417, 419, 420, 421 admissions criteria: 189, 376–377 attitudes toward education: 97, 101–102, 105, 144–148, 163–164, 200, 211, 213, 291, 384–385, 386n, 396 charter schools: 197–199, 370 colleges and universities: 97, 98, 101, 102–103, 105, 117, 119, 122, 145–147, 151, 163, 184, 192, 193–194, 195, 200–203, 241, 263, 294n, 332, 338–339, 363, 368, 371, 395, 419 “educated unemployed”: 145, 147, 148 educational tests: 188–200, 295, 369, 383–384 hard work: 135, 199, 213 human capital: 142–148, 163 literacy: 6, 49, 52, 80, 97–98, 102, 103, 115, 127, 144, 185, 197, 205–206, 265, 281, 392, 503–504 (endnote 65) minorities: 97–98, 99, 101–102, 103, 129, 189, 190–203 newly educated peoples: 145–146, 147, 148, 151–152 quality: 102, 129, 144, 147–148, 241, 263, 293, 294, 412, 417 quantity: 144, 163, 412, 417 racial “integration”: 362n retrogressions: 191–192, 194–197, 282, 290, 295 school buildings: 194, 198, 199–200, 370 school work: 198, 213, 263–264 selective schools: 101, 163, 188–192, 199 “sex education”: 286 Egypt, 2, 58, 59, 141–142, 313, 314, 431 (endnote 3) Electricity, 2, 47, 48, 55–56, 379 Eliot, T.S., 402 Empirical Evidence, 65–66, 190–191, 276, 277, 279, 281–286, 293, 299–300, 327, 333, 341, 354, 367, 368, 369, 383–384, 387, 391–392, 415–416 evidence against genetic determinism: 11–12, 185–187, 204–205, 206–207, 208–209, 210, 241, 293, 347, 385, 399–400 evidence for genetic determinism: 11, 12, 207, 209 Engineering, 143, 145, 151–152, 201, 376 England, 10, 11, 23, 39, 42, 82, 96, 150, 151, 160, 177–178, 181, 186, 204, 221, 237, 239, 241, 290–297, 302, 303, 304, 339–340, 381, 383, 385, 386, 402, 403, 415, 421 English Culture, 2–3, 10–11, 82, 109–110, 116–117, 123, 130n, 150, 151, 160, 181, 185, 187, 213, 237, 238–239, 245, 247, 270–271, 290–297, 302, 303, 305, 383, 385, 386, 387, 403, 421 English Language, 49, 54, 90, 101, 102, 123, 130n, 132, 147, 164, 195n, 196, 205, 233, 237, 239, 263, 269–270, 294, 365, 373 English People, 11, 42, 123, 130n, 150, 151, 177–178, 181, 186, 204, 237, 239, 241, 290–297, 302, 303, 305, 339–340, 381, 383, 385, 386, 387, 403, 421, 445 (endnote 55) Entertainment, 398–399, 416 Environment (see also Heredity versus Environment), 4–5, 23, 24, 32, 42, 48, 65, 72–73, 74, 78, 95, 97, 98, 106, 122n, 133, 191–192 Equality and Inequality, v–vi, viii, 1, 2, 15, 17, 20, 27, 31, 32, 48, 51, 58–59, 64, 79, 90, 99, 110–111, 113, 141–142, 143, 144, 157, 163–164, 232, 277, 352, 362, 369 achievability of equality: 411–413, 417 changing patterns of inequality: 2, 32 education as a cultural value: 107, 144–148, 163–164 equal life chances: 90, 181, 185, 370 equal opportunity: 20, 29, 180–183, 232, 421 equality of outcomes: vii, 421 reducing inequality versus reducing poverty: 311–312, 359, 408, 409–410, 411 unreachable goals: 416, 417, 418, 420, 422 Estonia, 98, 119, 127, 128 Eugenics, 204, 210 Europe, 2, 3, 4, 5, 11, 29–30, 41, 78, 81, 82, 87, 93, 97, 99, 109, 110, 111, 112, 118, 119, 123–124, 134, 147, 150, 151, 178, 186, 187, 204, 208, 220, 221, 227, 235, 239–240, 243–244, 246, 248, 295, 337, 390, 405, 414 animals: 22, 42, 43, 68, 69, 70, 71 Balkans: 22, 36, 44, 46, 64, 128, 134, 177, 228, 234, 243, 250, 267, 337 Baltic: 119, 128 Eastern Europe: 5, 10n, 34, 35, 59, 71, 101, 103, 108, 119, 120, 126–127, 128, 129, 130, 145–146, 151, 162, 163–164, 165, 177, 205, 243, 244, 252, 284, 353–354 languages: 49, 53, 54, 72, 90, 98, 102, 123, 125, 126–127, 128, 130n, 131, 147, 164, 195n, 205, 209, 211, 233, 237, 239, 294, 296–297, 365 mountains: 4, 18, 36, 44–45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 64, 168, 174, 178, 185, 228, 230, 233, 348, 364, 400, 409 Northern Europe: 3, 22, 111n, 176, 204, 205, 208 plains: 27, 34, 35, 45, 71, 136, 314 rivers: 18, 27, 28, 30, 33, 34–36, 39, 46, 185, 230, 243 soil: 22, 23, 42, 59, 60, 136 Southern Europe: 24, 34, 35, 54, 64, 71, 124, 162, 165, 176, 178, 204, 205, 208, 235, 244, 392, 475–476 (endnote 20) temperature: 9–10, 17, 18, 22, 23, 33, 34, 35, 36, 41, 43, 44, 55, 60, 62, 63, 64, 66, 209–210, 434 (endnote 25) Western Europe: 3–4, 6, 10n, 27, 30, 33, 34, 35, 36, 60, 67–68, 89, 110, 119, 123, 124, 125, 126–127, 136, 151, 162, 165, 170, 177, 220, 221, 227, 234, 243, 244, 257, 312, 315, 353–354, 366, 515 (endnote 8) European Peoples in Europe: 3, 41, 72, 76, 77, 93, 113, 121, 128, 134, 150, 151, 177, 178, 220, 233, 234, 235, 244, 249, 271, 280, 337, 347, 348, 353–354, 366 in other places: 65, 69, 70, 71, 73, 74, 75–76, 77, 78–79, 110, 111–112, 113, 162, 165, 176, 177, 178, 186, 187, 204, 205, 208, 209, 231, 234, 235, 244, 264, 405 Evenness, vii, viii Exploitation, v, 107–108, 116, 243, 245, 247, 336, 353, 419 Expulsions, 108, 130, 264, 265, 415–416 Fairness definitions: 276, 328, 329 “fair share”: 130, 269, 328, 329 unfairness of institutions: 127–128, 173–174, 370, 382, 385 unfairness of life: 15, 127–128, 173–174, 276, 277, 370, 376, 381, 382, 385 unfairness of society: 173, 382 Families, 51, 54, 106, 145, 150, 172–173, 222, 229, 277n, 279, 283, 329, 357–358, 361–362, 422, 423 family-owned businesses: 104–105, 139 family upward mobility: 102, 105–106, 182 fatherless children: 173, 279–280, 281, 282, 288, 289, 290, 298, 496–497 (endnote 11) generations: 332–333 high-income families: 241, 242, 383–384, 409–410 low-income families: 172, 198, 282, 293–295, 383–384, 409–410 size: 211, 279–280, 281, 289, 362n wealthy families: 113, 150, 263, 332–333, 358 Famine, 168, 170–171, 177, 253, 408 Fish, 41–42, 66, 75 Flynn, James R., 206–207 Food, 4, 28, 44, 50, 51, 56, 66, 150, 167–168, 170–171, 424 famines: 170–171, 253, 408 hunter-gatherers: 3, 4 preservation and storage: 66, 231 transport: 66, 170 Ford, Henry, 143, 179, 255, 379, 380 Foreign Aid, 107, 413 Foreign Investments, 107–108, 349–351 Forests, 22–23, 136 France, 19, 42, 52, 63–64, 70, 96, 112, 116, 130, 168, 178, 221, 227, 230, 337, 340, 395, 400 Freedom, viii, 345–346, 380, 390 counterfeit freedom: 345–346 definition: 345 redefinition: 345–346 French Revolution, 391, 395 Friedman, Milton, 104, 249, 288, 380–381, 410 Genetic Determinism, v–vi, vii, 11–12, 74, 95, 160, 165, 185, 187, 200–205, 207, 208, 209, 210, 213–214, 241, 294, 347, 366 evidence against: 11–12, 185–187, 204–205, 206–207, 208–209, 210, 241, 293, 347, 385, 399–400 evidence for: 11, 12, 207, 209 Genetic Factors, v, vii, 11–12, 53, 74, 81, 89, 95, 98, 106–107, 110, 160, 165, 180, 187, 198, 207, 211, 213, 294, 386, 392, 393 eugenics: 204, 210 in-breeding: 211 Geographic Factors (see also Altitude; Animals; Climate; Coasts; Deserts; Diseases; Harbors; Islands; Jungles; Mountains; Natural Resources; Oceans; Plains; Rivers; Soil; Topography; Waterways), viii, 3–5, 8–10, 13–83, 162, 184, 210, 219, 311, 369, 382, 406, 407, 421 geographic determinism: 8–9, 19, 21, 110, 136, 219 geographic isolation: 5, 45, 121, 125, 126 location: 3–4, 10, 36, 79–83 Germans, 110, 118, 127–128, 130, 131–132, 161, 163, 175–176, 177, 285, 303, 415 education: 97–98, 106–107, 119, 127, 264–265, 283 German language: 90, 98, 127, 131 Nazis: 134, 165, 177, 248, 251–252, 253, 257n, 266, 419 politics: 283–284 racial and ethnic attitudes: 252, 253, 491–492 (endnote 7) skills: 80, 95–97, 111, 128 work habits: 92, 111–112, 113–114, 115–116, 137, 149 Germany, 5, 95–96, 97, 111–112, 119, 123, 130, 136, 139, 143, 145, 171, 175–176, 177, 230, 246, 248, 251–252, 253, 257n, 266, 335, 362n, 400, 419 Gibbon, Edward, 420 Goals, 311, 406–426 economic and social consequences: 417–426 economic goals: 408–417 unreachable goals: 416, 417, 418, 420, 422 Gold and Silver, 6, 56, 89, 92–93, 136, 245, 312, 349, 400, 413–414 Golf, 337–338, 394, 396 Government (see also Politics), 170, 173, 217, 219, 221, 225, 369, 490–491 (endnote 2) bureaucracies: 148, 345 conservatives: 380–381 emergence: 223, 225, 226–236 empires: 236–245, 247 euphemisms for government: 344 freedom: 343–344, 345–346, 380, 390 incentives: 258–261, 357 law: 221 nations: 227–233, 234, 235, 238, 239 participation: 283–285 policies: 211, 217, 311, 370, 375, 381 power: 251–257, 343–345, 361 welfare state: 211, 273–305, 376, 381, 391 Great Lakes, 32, 37, 79 Greece, 2–3, 4, 24, 48, 49, 50, 79–80, 125, 185, 209, 213, 254, 255, 400, 410 Greed, 8, 378–379 Greek Language, 49, 125 Greek People, 2–3, 4, 24, 49, 50, 79–80, 125, 177, 185, 209, 213, 233, 254, 255, 400, 410 Grievances, 294, 295, 296–297, 416–418 Gross Domestic Product (GDP), 5, 93, 109, 243–244, 267, 352 Gulf of Mexico, 10n, 36, 37, 38–39, 57–58 Gulf Stream, 10n, 34, 62 Hamilton, Alexander, 1, 82n, 226 Harbors, 21, 28, 29, 30, 32, 36, 37, 109, 120, 219 Harlem, 176–177, 197, 198, 287–288, 386n Harvard, 101, 117, 189, 193, 202, 241, 362n, 371–372, 387 Hazlitt, Henry, 8 Height, 207–208, 484 (endnote 73) Heredity versus Environment, 207–208, 210 definition of “environment”: 98, 106 genetic heredity: 106–107, 191 social heredity: 107, 109–110, 385, 386 “Hewers of Wood and Drawers of Water,” 204, 400–401 High Schools, 101, 106, 127, 145, 163, 188–190, 191, 192–194, 195, 198, 199–200, 282, 369, 373, 377, 384–385, 421 Bronx High School of Science: 145, 188, 189–190, 191, 369 Brooklyn Technical High School: 145, 188, 189–190, 191, 369 Dunbar High School: 192–195, 199–200, 384–385, 421 Lowell High School: 188 Stuyvesant High School: 101, 145, 188, 189–190, 191, 282, 369 Townsend Harris High School: 190 Himalaya Mountains, 4, 47, 51, 59, 64 Hispanic Americans, 171, 191, 200, 201, 269–270, 369, 397, 399, 412 Hitler, Adolf, 165, 219, 252, 362n, 419 Honesty, 115, 136–138, 140–142, 303, 382 radius of trust: 135–136, 140, 228–229, 251 tests of honesty: 141–142 Horowitz, Donald L., 240 Hospitals, 102, 291, 294, 363, 388–389, 503–504 (endnote 65), 504 (endnote 75) Housing, 51, 101, 104, 105, 280, 285, 292, 367 Housing Projects, 288–290, 294 Hudson River, 37, 209–210 Huguenots, 130, 178 Human Capital, 4, 65, 89–90, 92, 93–94, 96, 109, 111, 112, 114, 128, 130–131, 135, 142–154, 159, 172, 181, 184, 185, 262, 264, 275, 297, 304, 311, 312, 350, 357, 375–376, 383, 386, 402, 406, 412, 413, 414, 415 attitudes toward work: 135, 414 radius of trust: 135–136, 140, 228–229, 251 self-discipline: 66, 67, 94, 231, 272, 365, 370 Humanitarian Concerns, v, 362, 419 Hume, David, 123, 365 Hungary, 118, 125, 146, 337 Hunter-Gatherers, 3, 24, 41, 58, 66, 75, 227, 392 Ibos, 81, 129, 133, 240, 264, 284 Identity, 127, 146, 284, 286–287 Immigration, 110, 160–161, 241, 249, 250, 348, 383, 499 (endnote 40) origins and destinations: 161, 162, 475–476 (endnote 20) refugees: 178, 263, 372 transportation modes: 161–163 Imperialism, 126, 133, 226, 227, 230–231, 235–248, 270–271, 381, 391, 413–414 combining the conquered peoples: 238, 239–249 cultural consequences of imperialism: 237–239 displacing the indigenous peoples: 236–237, 245 economic and political consequences: 240–241, 242, 243–244 fragmenting the conquered people: 237 Lenin’s theory of imperialism: 245–247 Inca Empire, 77, 271 agriculture: 67, 230, 231 climate: 63–64, 66–67, 231 food: 44, 67, 231 llamas: 70, 73, 231, 400 size: 230, 231 topography: 47, 230 waterways: 230 Incentives, 92–93, 129, 159, 199, 200, 228, 229, 251, 254, 258–261, 305, 312–313, 315, 343, 357, 365, 417 Income, 6, 169, 241, 270, 283, 315, 366, 369, 371, 372, 382, 384, 387–388, 423 age differences in income: 171–172, 324, 342 capital gains: 326, 327, 330–331, 412n high-income families: 241, 242, 383–384, 409–410 income differences: v, 1, 5, 6, 98, 171–172, 173, 298, 319–355, 412 “income distribution”: 315, 344, 410, 433 (endnote 20) income in kind: 256n, 299, 312, 331, 342–343, 357 income statistics: 319–335, 361 Internal Revenue Service: 321–322, 327, 330, 331–332 low-income families: 172, 198, 282, 293–295, 383–384, 409–410 real income: 7, 169, 321, 334, 335, 408 redistribution of income: 312, 341, 343–344, 355–356, 357, 358, 359, 380, 402, 410, 412–413 top one percent: ix, 182, 322, 324–325, 331–332 top ten percent: ix, 182, 323–324, 331–332 “trickle down” theory: 410n turnover in income brackets: 320–326 turnover in wealth brackets: 327–333 wealth versus income: 328–335 India, 2, 5, 18–19, 50, 53, 64, 68n, 70, 71, 118, 119, 139, 168, 233–234, 257, 281, 314, 350, 381n, 431 (endnote 3), 443 (endnote 36), 472 (endnote 78), 487 (endnote 24) diversity: 52, 130, 134, 140, 146, 242, 249–250, 260, 264, 267, 418–419, 495 (endnote 41) overseas Indians: 7, 87, 99, 129, 130, 140, 149–150, 174, 241, 265, 348, 415, 419 Indian Americans, 242, 338 Indigenous Peoples, 65, 67–68, 69, 70, 73–75, 76, 77, 78, 91, 99, 128, 129, 131, 133, 178, 237, 242, 249, 269, 270, 284, 305, 338, 381n Indonesia, 129, 133, 260n, 419 Industrial Revolution, 2–3, 5, 82, 414, 432 (endnote 14) Innate Differences, 11, 95, 165, 204–205, 208 Insinuation, 179, 324, 370 Intellectuals, viii, 101–102, 116, 131, 132, 146, 147, 283, 301–302, 361–362, 380, 394–395 differences between intellectuals’ opinion and public opinion: 418–419 intellectuals’ resistance to testing their beliefs: 367 track record of intellectuals: 362n Intelligence genetics: 207, 211 IQ: 206–207, 209, 210, 211 Interactions of Factors (see also Combinations and Permutations; Multiple Prerequisites), 9–10, 19, 22, 38, 60, 62–64, 78, 89 Intergroup Relations, 134, 267, 303 Internal Revenue Service, 321–322, 327, 330, 331–332 Inventions, 143, 152 Investments, 136, 137, 141, 349–351 IQ Test Scores, 12, 53, 102, 164, 185, 187, 188, 192–193, 204, 205, 206–207, 209, 210–211 over time: 206–207 ranges: 210–211 Irish Americans, 146, 163, 259, 287, 371–372, 401, 496–497 (endnote 11) occupations: 285, 396 politics: 252, 284–285 sports and entertainment: 396–397, 398, 399 Iron, 3, 56, 57, 73, 75, 136, 139n, 153, 185–186, 240 Islam, 49, 69, 78, 81, 92, 103–104, 108, 111n, 123–124, 125, 134, 235, 238, 242, 244, 347, 395, 406, 414 Islands, 21, 29, 40, 54, 74, 75, 81–82, 167–168, 185–186, 209, 210, 232, 347–348 Isolation, 4, 5, 15, 17, 20–21, 24, 45, 46, 48, 49, 52, 70, 72–76, 78, 80, 91, 121, 125–126, 170, 184, 209, 210, 211, 228, 229–230, 242–243, 269, 348, 366–367, 380, 392, 393, 407, 441–442 (endnote 9), 442 (endnote 10) Israel, 37, 414 Italians, 36, 41, 42, 49, 50, 110, 111–112, 113, 118, 150, 174–175, 185, 209, 337, 364, 409 Italy, 19, 35, 36, 41, 42, 44, 48, 49, 50, 81, 110, 111–112, 171, 174–175, 185, 209, 228, 337, 364, 400, 409 Japan, vi, 5, 8–9, 12, 41–42, 80, 107, 115, 120–121, 122–123, 133, 136, 141–142, 143, 162, 169, 170, 171, 208, 219, 243, 244, 245, 247–248, 249, 257, 312, 315, 362n, 394, 407, 413, 414 Japanese Language, 80, 121 Japanese People, 65, 80, 92, 114, 115, 118, 121–122, 123, 129, 133, 171, 219, 243, 247, 249, 264, 283, 284, 372, 373, 412, 413, 419 Jews, 87, 99, 129, 233, 284, 285, 287, 303, 477–478 (endnote 38) anti-Semitism: 145–146, 219, 251–252 business: 101, 102, 104, 140, 244, 419 colleges and universities: 102–103, 145–146, 163, 371–372, 395 discrimination: 102–103, 145–146, 371–372, 395 education: 101–103, 105, 145–146, 160, 163, 189, 190, 371–372, 395 expulsion: 7, 108, 124, 130, 312, 414 Nobel Prizes: 394–395 persecution: 130, 134, 145–146, 177, 178, 219, 251–252, 266, 405, 407, 419 poverty: 101, 163–164, 264, 283, 371 progress: 101–102, 103, 104, 105, 108, 163–164, 204, 207, 264, 283, 371–372, 407 Jobs, 106, 130, 151–152, 180, 188, 266, 295, 329, 419 skills: 80, 272, 285 unemployment: 145, 147, 148, 277–279, 283, 286, 290, 293, 295, 298 Jungles, 21, 39, 41, 72, 347–348, 393, 405–407 Justice, viii, 221, 352 cosmic justice: 360 injustice: 211 social justice: 179, 305, 336, 346–347, 354–360, 362, 363 King, Martin Luther, Jr., 196–197 Knowledge, 17, 19, 20, 21–22, 31, 32, 43–44, 56, 58, 65, 69, 74, 78, 123, 126–127, 128–129, 150, 153, 171–172, 253, 254, 255–256, 262, 370, 378, 382 central planning: 256–257 concentration of power versus concentration of knowledge: 253–257 Korea, 107, 117, 208, 247, 257, 484 (endnote 73) Koreans, 208, 263, 484 (endnote 73) Kristof, Nicholas, 276–277, 279, 299, 367, 373, 374 Krugman, Paul, 324, 390 Labor, 111, 172 age and income: 171–172 attitude toward work: 92, 93, 115, 292, 293 discrimination: 159–160 disincentives to work: 298–299, 402 earnings from work: 42, 172, 180, 182–183, 321, 326, 327, 329, 330, 331, 412n efficiency: 356, 357, 358–359, 360, 361 hard-working people: 99, 100, 101, 104–106, 110, 112, 113, 114, 115–116, 129, 135, 149, 199, 213, 263–264, 276, 358 hours of work: 101, 104, 129, 263, 293, 370–371, 373 indentured labor: 100, 161 “meaningful” work: 143 “menial” labor: 150 servants: 131–132, 150, 162n, 265, 285 skills: 80, 152, 153, 171, 272, 285 unemployment: 145, 147, 148, 277–279, 283, 286, 290, 293, 295, 298 work experience: 159 work habits: 110, 111–112, 113, 115–116, 149–150, 151, 152, 153, 263–264 working conditions: 99–100, 101 Lagging Groups, 131–133, 165–166, 181, 187, 269, 270–271, 272, 285, 365, 421 Lakes, 28, 32, 34–35, 37, 42, 79, 230 Landes, David S., 15, 36, 64, 87, 154, 382 Languages, 49–50, 54, 72, 80, 90, 91, 98, 101, 121, 123, 125, 126–134, 147, 164, 195n, 229, 232, 237, 238, 239, 250, 270, 365 literacy: 49, 80, 91, 102 translations: 90, 125 Latin America, 92, 93, 109–117, 118, 119–120, 138, 161, 175–176, 178–179, 249–250, 280, 315, 353 Latitude, 10, 43, 62, 63, 208, 209–210 Latvia, 98, 127, 128, 129 Latvians, 127, 129 Law and Order, 50, 220, 291 Leaders, 131, 132, 268, 272, 283, 300–305, 365, 386 Lebanese, 65, 87, 98–99, 103–105, 129, 140, 176, 264, 283, 284, 419 Lebanon, 103–104, 105, 176 “Legacy of Slavery,” 198, 279–280, 285–286, 294, 391, 403 Libraries, 160, 163, 276, 363, 428 Life Chances, 185, 370 Life Span, 18, 51, 169, 414, 515 (endnote 8) Lifestyle, 297 Literacy, 6, 49, 52, 80, 97–98, 102, 103, 115, 127, 144, 185, 197, 205–206, 265, 281, 392, 503–504 (endnote 65) Lithuania, 119 Liu, Na, 427–428 Localization of Blame, 390–392 Location, 3–4, 36, 79–83, 103–104, 174–176, 336 London, 9–10, 17, 28, 62, 178, 249, 265, 271, 291, 292, 293, 302, 311, 434 (endnote 25) Louis, Joe, 397 Lower East Side of New York, 101, 163–164, 197, 409n Macau, 100, 243–244 Malays, 99, 144–145, 149–150, 169, 177–178, 262–263, 339, 372, 418 Malaysia, 99, 129, 132, 144–145, 149–150, 169, 174, 177–178, 247, 260, 262–263, 339, 372 Mao Zedong, 170, 253, 408 Marshall, Alfred, 225, 277n, 316–317, 472 (endnote 78) Marwaris, 140, 264 Marxism, 257, 335, 353, 354, 407 Mathematics, 40, 80, 81, 123, 124, 145, 201 algebra: 124 Arabic numerals: 68, 119 geometry: 2 Media, 283, 302–303, 304, 369 Medical Science, 24, 148, 190, 359–360, 377, 380, 404, 406, 409, 410 Mediterranean Sea, 18, 23, 35, 36, 38, 40, 41, 42, 48, 51, 52, 55, 63, 64, 66, 78, 81–82, 170n, 439 (endnote 30) Mental Ability, 2, 3–4, 68–69, 102, 165 ceiling: 204, 219 developed capabilities: 184–185, 203, 211 innate potential: 75, 203–214 Mental Tests, 102, 164, 205–207, 211 IQ tests: 53, 164, 206–207 predictive validity: 187–203 Merit, vi, 356, 357–358, 363 Microorganisms, 64, 76–79, 405 Middle East, 3–4, 22, 24, 49, 58, 69, 71, 75–76, 93, 98–99, 123–124, 125, 146, 176, 227, 236, 238, 335, 393, 395, 414 Migration, 52, 53, 98–99, 282, 367n international: 110 origins and destinations: 100–101, 103–104, 174–177 seasonal: 54, 110, 168 social origins: 114 Milan, 35 Military Factors, 81–82, 92, 96–97, 121, 124, 125, 127, 193, 219, 220, 233, 234, 377, 391 mercenaries: 54 U.S.


pages: 602 words: 177,874

Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman

3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, Anthropocene, Apple Newton, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, biodiversity loss, bitcoin, blockchain, Bob Noyce, business cycle, business process, call centre, carbon tax, centre right, Chris Wanstrath, Clayton Christensen, clean tech, clean water, cloud computing, cognitive load, corporate social responsibility, creative destruction, CRISPR, crowdsourcing, data science, David Brooks, deep learning, demand response, demographic dividend, demographic transition, Deng Xiaoping, digital divide, disinformation, Donald Trump, dual-use technology, end-to-end encryption, Erik Brynjolfsson, fail fast, failed state, Fairchild Semiconductor, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, fulfillment center, game design, gig economy, global pandemic, global supply chain, Great Leap Forward, illegal immigration, immigration reform, income inequality, indoor plumbing, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low interest rates, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Neil Armstrong, Nelson Mandela, ocean acidification, PalmPilot, pattern recognition, planetary scale, power law, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Salesforce, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, Solyndra, South China Sea, Steve Jobs, subscription business, supercomputer in your pocket, synthetic biology, systems thinking, TaskRabbit, tech worker, TED Talk, The Rise and Fall of American Growth, Thomas L Friedman, Tony Fadell, transaction costs, Transnistria, uber lyft, undersea cable, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra, zero-sum game

As The Economist noted in an August 23, 2014, story about China: “For centuries China lay at the center of things, the sun around which other Asian kingdoms turned. First Western ravages in the middle of the 19th century and then China’s defeat by Japan at the end of it put paid to Chinese centrality.” But after opening to the world in the 1970s, China used its history to energize its future. Particularly under the leadership of Deng Xiaoping, it acknowledged it was in a divot, and reached out to the world to learn everything it could to adapt and catch up and reestablish its greatness. By contrast, Russia let its humiliation get the best of it after the collapse of the Soviet Union, which President Putin once described as the “greatest tragedy of the twentieth century.”

Curie, Marie Cutting, Doug cybercriminals cyberspace, see supernova (cloud computing) cyberwarfare Daily Telegraph dairy industry, computerization in Dakar Dalio, Ray Daly, Herman Dara, Dina Dara’a, Syria Darwin, Charles data, see big data data transmission, cost-speed ratio in DataWind Davison, Lang Debreu, Gérard decolonization Deep Blue Defense Department, U.S. deforestation de la Vega, Ralph Delgo, Lior Dell, Michael Deming, David democracy; computation and Democratic convention (1948) Democratic Party Deng Xiaoping desertification designers, supernova and deterrence Deutsch, Lisa developing world; climate change and; global flows and; industrialization in diabetes Diamond, Jared Diamond, Larry Digital Globalization (McKinsey Global Institute) dining room tables, discussion around Dirkou, Niger Disko Island dislocation disruption; computation and; political; workforce and diversity: in culture; economic growth and; immigration and; in politics DNA sequencing Dodd-Frank Act Doerr, John Donner, Jan Hein Donovan, John Don’t Tell Douglas (Meyer) DOS dot-com bubble, positive effects of DRAM (dynamic random access memory) droughts DTECH-ENGINEERING Dubai Dukakis, Michael Dunne, Jimmy Dust Bowl dynamic stability Earle, Sylvia Earned Income Tax Credit Earth: history of; see also Mother Nature, human impact on East Asia, economics of Eastern Europe eBay Ebola e-books Echo, The (St.


How to Hide an Empire: A History of the Greater United States by Daniel Immerwahr

Albert Einstein, book scanning, British Empire, Buckminster Fuller, call centre, citizen journalism, City Beautiful movement, clean water, colonial rule, company town, deindustrialization, Deng Xiaoping, desegregation, Donald Trump, drone strike, European colonialism, fake news, friendly fire, gravity well, Haber-Bosch Process, Howard Zinn, immigration reform, land reform, Mercator projection, military-industrial complex, Neal Stephenson, Neil Armstrong, offshore financial centre, oil shale / tar sands, oil shock, pneumatic tube, QWERTY keyboard, Ralph Waldo Emerson, Richard Feynman, Suez canal 1869, Suez crisis 1956, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, transcontinental railway, urban planning, W. E. B. Du Bois, wikimedia commons

“Conquer English to make China stronger”: Li Yang, the media personality who is China’s most popular English teacher, claims to have taught millions in his campaign to turn China into a global hegemon through the mastery of English. The most remarkable conquest by English has been China. In 1978, under the reformist premier Deng Xiaoping, China restored English as a permissible foreign language and encouraged it as part of China’s path to prosperity. Chinese television started broadcasting an English-language teaching show, Follow Me, starring a British woman and commanding an audience of tens of millions. Today the top Chinese universities offer hundreds of degree programs in subjects ranging from history to nuclear physics taught in English.

John de Crichton, Michael Crockett, Davy Crosby, Bing Cry “Havoc” (movie) Cuba; independence of; traffic signs in; war with Spain in cultural artifacts; see also titles of movies and songs Cumberland Gap Cuneiform Curtis, Charles Czechoslovakia Daily Mirror, The Dakota Territory Danish West Indies Dar es Salaam (Tanzania) Darwin, Charles Davao (Philippines) Davy, Humphry Dawson Creek (British Columbia) D-Day DDT Deadwood (South Dakota) Deane, Gen. John De Bevoise, Ken Declaration of Independence Deep Purple Deerslayer, The (Cooper) deindustrialization Delaware Delaware Indians DeLay, Tom Deming, W. Edwards Democratic Party; Southern Democratic Party of Japan Demolins, Edmond Deng Xiaoping Denmark depopulation of Indians Detroit Dewey, Commodore George Dhahran Air Base (Saudi Arabia) dichlorodiphenyltrichloroethane, see DDT Diego Garcia Dietrich, Marlene Discman diseases; English settler deaths from; of guano workers; among indigenous polities; of livestock; in wartime; see also specific diseases Disneyland “Dixie” Dixon, Thomas, Jr.


pages: 619 words: 177,548

Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity by Daron Acemoglu, Simon Johnson

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 4chan, agricultural Revolution, AI winter, Airbnb, airline deregulation, algorithmic bias, algorithmic management, Alignment Problem, AlphaGo, An Inconvenient Truth, artificial general intelligence, augmented reality, basic income, Bellingcat, Bernie Sanders, Big Tech, Bletchley Park, blue-collar work, British Empire, carbon footprint, carbon tax, carried interest, centre right, Charles Babbage, ChatGPT, Clayton Christensen, clean water, cloud computing, collapse of Lehman Brothers, collective bargaining, computer age, Computer Lib, Computing Machinery and Intelligence, conceptual framework, contact tracing, Corn Laws, Cornelius Vanderbilt, coronavirus, corporate social responsibility, correlation does not imply causation, cotton gin, COVID-19, creative destruction, declining real wages, deep learning, DeepMind, deindustrialization, Demis Hassabis, Deng Xiaoping, deskilling, discovery of the americas, disinformation, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, energy transition, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, factory automation, facts on the ground, fake news, Filter Bubble, financial innovation, Ford Model T, Ford paid five dollars a day, fulfillment center, full employment, future of work, gender pay gap, general purpose technology, Geoffrey Hinton, global supply chain, Gordon Gekko, GPT-3, Grace Hopper, Hacker Ethic, Ida Tarbell, illegal immigration, income inequality, indoor plumbing, industrial robot, interchangeable parts, invisible hand, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, Johannes Kepler, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph-Marie Jacquard, Kenneth Arrow, Kevin Roose, Kickstarter, knowledge economy, labor-force participation, land reform, land tenure, Les Trente Glorieuses, low skilled workers, low-wage service sector, M-Pesa, manufacturing employment, Marc Andreessen, Mark Zuckerberg, megacity, mobile money, Mother of all demos, move fast and break things, natural language processing, Neolithic agricultural revolution, Norbert Wiener, NSO Group, offshore financial centre, OpenAI, PageRank, Panopticon Jeremy Bentham, paperclip maximiser, pattern recognition, Paul Graham, Peter Thiel, Productivity paradox, profit maximization, profit motive, QAnon, Ralph Nader, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Solow, robotic process automation, Ronald Reagan, scientific management, Second Machine Age, self-driving car, seminal paper, shareholder value, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, social intelligence, Social Responsibility of Business Is to Increase Its Profits, social web, South Sea Bubble, speech recognition, spice trade, statistical model, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, subscription business, Suez canal 1869, Suez crisis 1956, supply-chain management, surveillance capitalism, tacit knowledge, tech billionaire, technoutopianism, Ted Nelson, TED Talk, The Future of Employment, The Rise and Fall of American Growth, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, theory of mind, Thomas Malthus, too big to fail, total factor productivity, trade route, transatlantic slave trade, trickle-down economics, Turing machine, Turing test, Twitter Arab Spring, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, universal basic income, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, W. E. B. Du Bois, War on Poverty, WikiLeaks, wikimedia commons, working poor, working-age population

At least five hundred thousand people were executed between 1957 and 1959. But by the late 1970s and early 1980s, things were looking very different. Mao had died in 1976, and the hard-liners, including his wife, Jiang Qing, and three of her Communist Party associates, commonly known as the “Gang of Four,” lost the ensuing power struggle and were sidelined. Deng Xiaoping, who was one of the revolution’s leaders, a successful general during the civil war, the architect of the Anti-Rightist campaign, secretary-general and vice premier, and later purged by Mao, came back on the scene and took charge in 1978. Deng reinvented himself as a reformer and attempted a major economic restructuring of China.

As their ranks swelled over the next several hours, the students drafted the “Seven Demands,” which included calls for affirming Hu Yaobang’s views on democracy and freedom as correct, ending press censorship and restrictions on demonstrations, and curbing corruption by state leaders and their families. As the government prevaricated on how to respond, support for the protests grew, especially after students began a hunger strike on May 13. As many as a million Beijing residents demonstrated in solidarity in the middle of May. Finally, Deng Xiaoping weighed in on the side of hard-liners and approved military action against the students. Martial law was declared on May 20, and in the next two weeks more than 250,000 troops were sent to Beijing to quell the unrest. By June 4, the protests were quashed, and the square was emptied. Independent sources estimate the death toll among protesters to have been as high as 10,000.


pages: 232 words: 77,956

Private Island: Why Britain Now Belongs to Someone Else by James Meek

Affordable Care Act / Obamacare, Berlin Wall, business continuity plan, call centre, clean water, Deng Xiaoping, electricity market, Etonian, Ford Model T, gentrification, HESCO bastion, housing crisis, illegal immigration, land bank, Leo Hollis, Martin Wolf, medical bankruptcy, Mikhail Gorbachev, post-industrial society, pre–internet, price mechanism, Right to Buy, risk tolerance, road to serfdom, Ronald Reagan, Rubik’s Cube, Skype, sovereign wealth fund, vertical integration, Washington Consensus, working poor

Thatcher’s programme in Britain was an inspiration for the IMF and the World Bank as they experimented with the conditions they attached to bail-out loans to developing countries.* But at the end of 1990, the triumph of marketism seemed to hang in the balance. Reagan and Thatcher had relinquished the stage to less fervent, less charismatic successors. The man who’d introduced the market economy to China, Deng Xiaoping, had been blamed by traditional communists for fostering the Tiananmen Square protests, and was in disgrace. In the Soviet Union Mikhail Gorbachev, the great hope of free marketeers, was facing a similar backlash from hardliners, and the Baltic countries’ hopes of escape from the USSR looked bleak.


pages: 233 words: 75,712

In Defense of Global Capitalism by Johan Norberg

anti-globalists, Asian financial crisis, capital controls, clean water, correlation does not imply causation, creative destruction, Deng Xiaoping, Edward Glaeser, export processing zone, Gini coefficient, Great Leap Forward, half of the world's population has never made a phone call, Hernando de Soto, illegal immigration, income inequality, income per capita, informal economy, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Joseph Schumpeter, Kenneth Rogoff, land reform, Lao Tzu, liberal capitalism, market fundamentalism, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, open economy, prediction markets, profit motive, race to the bottom, rising living standards, Silicon Valley, Simon Kuznets, structural adjustment programs, The Wealth of Nations by Adam Smith, Tobin tax, trade liberalization, trade route, transaction costs, trickle-down economics, Tyler Cowen, union organizing, zero-sum game

Both their economies have been extensively liberalized in the past 20 years. China’s communist dictatorship realized at the end of the 1970s that collectivization was impeding development. Stifling centralized control—such as the requirement that farmers deliver their own produce—impeded land renewal and lowered crop yields. Deng Xiaoping, China’s ruler, wanted to keep faith with the distributive ideas of socialism. Yet he realized that he would have to distribute either poverty or prosperity, and that the latter could only be achieved by giving people more freedom. And so in December 1978, two years after the death of Chairman Mao, Deng embarked on a program of liberalization.


pages: 251 words: 76,868

How to Run the World: Charting a Course to the Next Renaissance by Parag Khanna

"World Economic Forum" Davos, Albert Einstein, Asian financial crisis, back-to-the-land, bank run, blood diamond, Bob Geldof, borderless world, BRICs, British Empire, call centre, carbon footprint, carbon tax, charter city, clean tech, clean water, cloud computing, commoditize, congestion pricing, continuation of politics by other means, corporate governance, corporate social responsibility, Deng Xiaoping, Doha Development Round, don't be evil, double entry bookkeeping, energy security, European colonialism, export processing zone, facts on the ground, failed state, financial engineering, friendly fire, global village, Global Witness, Google Earth, high net worth, high-speed rail, index fund, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Kickstarter, Kiva Systems, laissez-faire capitalism, Live Aid, Masdar, mass immigration, megacity, Michael Shellenberger, microcredit, military-industrial complex, mutually assured destruction, Naomi Klein, Nelson Mandela, New Urbanism, no-fly zone, off grid, offshore financial centre, oil shock, One Laptop per Child (OLPC), open economy, out of africa, Parag Khanna, private military company, Productivity paradox, race to the bottom, RAND corporation, reserve currency, Salesforce, Silicon Valley, smart grid, South China Sea, sovereign wealth fund, special economic zone, sustainable-tourism, Ted Nordhaus, The Fortune at the Bottom of the Pyramid, The Wisdom of Crowds, too big to fail, trade liberalization, trickle-down economics, UNCLOS, uranium enrichment, Washington Consensus, X Prize

Afghanistan’s best-case scenario is none other than Mongolia: poor and landlocked, but stable and profiting from taxing mineral exploitation. Countries can learn from those who have done it right and reached the next stage. China has become the iconic example of a large, third world nation rapidly ascending the global economic and political ladder. Deng Xiaoping’s policies—farmer subsidies, opening the economy to foreign markets, and limiting families to one child—combined to achieve the fastest decrease in poverty in history. China has also constructed about sixty-two thousand miles of highway per year, creating access to expressways for almost all its midsize and larger cities.


pages: 275 words: 77,955

Capitalism and Freedom by Milton Friedman

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

The rapid socialization of the post—World War II decades reflected the prewar shift of opinion toward collectivism; the creeping or stagnant socialism of the past few decades reflects the early effects of the postwar change of opinion; future desocialization will reflect the mature effects of the change in opinion reinforced by the collapse of the Soviet Union. The change in opinion has had an even more dramatic effect on the formerly underdeveloped world. That has been true even in China, the largest remaining explicitly communist state. The introduction of market reforms by Deng Xiaoping in the late seventies, in effect privatizing agriculture, dramatically increased output and led to the introduction of additional market elements into a communist command society. The limited increase in economic freedom has changed the face of China, strikingly confirming our faith in the power of free markets.


pages: 249 words: 79,740

The Next Decade: Where We've Been . . . And Where We're Going by George Friedman

airport security, Ayatollah Khomeini, Bear Stearns, Berlin Wall, British Empire, business cycle, continuation of politics by other means, creative destruction, Deng Xiaoping, facts on the ground, Fall of the Berlin Wall, full employment, hydraulic fracturing, illegal immigration, It's morning again in America, low interest rates, military-industrial complex, Monroe Doctrine, Ronald Reagan, Savings and loan crisis, South China Sea, Suez crisis 1956

-Chinese relationship actually depends on how the Chinese economy functions over the next several years. CHINA AND JAPAN Part of the reason China was able to grow so dramatically in the 1980s is that Mao restrained growth just as dramatically up until that moment. When Mao died and was ultimately replaced by Deng Xiaoping, the mere shift of ideology freed China for an extraordinary growth spurt based on pent-up demand, combined with the native talents and capabilities of the Chinese people. Historically, China has cycled between opposites: either isolation combined with relative poverty or an openness to trade combined with social instability.


pages: 236 words: 73,008

Deadly Quiet City: True Stories From Wuhan by Murong Xuecun

Boris Johnson, citizen journalism, coronavirus, COVID-19, Deng Xiaoping, disinformation, Donald Trump, fake news, global pandemic, lockdown, megacity, Ponzi scheme, QR code, social distancing, TikTok

On 18 January, he and his family go to the largest Walmart in Wuhan to buy necessities for the Lunar New Year season. The supermarket is crowded but few people wear masks and neither does Gangcheng. He thinks there’s no need. After he leaves the supermarket, a friend from outside the city asks, ‘How’s the situation in Wuhan?’ Gangcheng responds casually, echoing Deng Xiaoping’s promise about Hong Kong after the handover, ‘Horses still run, dancers still dance.’ That day, while Gangcheng and his family are shopping in high spirits at Walmart, Shao Shengqiang is on oxygen in the Wuhan Union Hospital. He still struggles to breathe, although he has passed the most critical stage.


pages: 686 words: 201,972

Drink: A Cultural History of Alcohol by Iain Gately

barriers to entry, British Empire, California gold rush, corporate raider, Day of the Dead, delayed gratification, Deng Xiaoping, Edward Lloyd's coffeehouse, Fellow of the Royal Society, gentleman farmer, Gordon Gekko, greed is good, Haight Ashbury, Hernando de Soto, imperial preference, invisible hand, joint-stock company, Jones Act, Louis Pasteur, megacity, music of the spheres, Norman Mailer, Peace of Westphalia, post-work, refrigerator car, Ronald Reagan, South Sea Bubble, spice trade, strikebreaker, the scientific method, Tim Cook: Apple, trade route, traveling salesman, Upton Sinclair, V2 rocket, vertical integration, working poor

Dirck Halstead, a reporter covering the event, described mao-tai as “a highly combustible rice wine that was essentially sake—times ten.” Henry Kissinger, Nixon’s national security advisor, was equally impressed by mao-tai, as the following transcription from dinner in April 1974 at the Waldorf Astoria with Chinese Vice Premier Deng Xiaoping illustrates: KISSINGER: I think if we drink enough mao-tai we can solve anything. DENG: Then when I go back to China, I must increase production of it. KISSINGER: You know, when the president came back from China, he wanted to show his daughter how potent mao-tai was. So he took out a bottle and poured it into a saucer and lit it, but the glass bowl broke and the mao-tai ran over the table and the table began to burn!

Cyprus Czechoslovakia Daedalus D’Agostini Winery Dahomey Dana, Richard Henry Darius Dark Ages Darwin, Erasmus Daughters of Temperance David, Jacques-Louis De Kooning, Willem De Luca, John A. De Quincey, Thomas Dean, James Decimius Ausonius Declaration of Independence Declaration of Rights and Grievances Defense of the Realm Act Defoe, Daniel Degas, Edgar Delaware Indians delirium tremens Democratic Party Demosthenes denatured alcohol Deng Xiaoping Diana, Princess of Wales Dias, Bartolomeo Dickens, Charles Digby, Kenelm Diocletian Dionysus. See Bacchus Disney, Walt distillation and the American Revolution and the War crisis distillation in Elizabethan England and the fir trade and Franciscan friars freeze-distillation and fuel production and Germany and the gin craze and Islam and the Malt Lecture Martin Luther on and Mexico and moonshine and New World colonization and New York production levels in the U.S.


pages: 823 words: 206,070

The Making of Global Capitalism by Leo Panitch, Sam Gindin

accounting loophole / creative accounting, active measures, airline deregulation, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Big bang: deregulation of the City of London, bilateral investment treaty, book value, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, Carmen Reinhart, central bank independence, classic study, collective bargaining, continuous integration, corporate governance, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, democratizing finance, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, Kickstarter, land reform, late capitalism, liberal capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, military-industrial complex, money market fund, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, proprietary trading, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, scientific management, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, stock buybacks, structural adjustment programs, subprime mortgage crisis, Tax Reform Act of 1986, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, vertical integration, very high income, Washington Consensus, We are all Keynesians now, Works Progress Administration, zero-coupon bond, zero-sum game

Yet China was simultaneously able to maintain annual levels of domestic investment which, relative to GDP, were more than double those of both the US and Europe. China’s “open door” at the beginning of the twenty-first century was so utterly different from that of a century earlier because this time global capital entered by invitation. In the early 1980s Deng Xiaoping explained to the US secretary of state, George Shultz, the Communist Party’s new principle of China’s “two openings.” The first was in China itself, and that was important, but it was not enough. China also had to open itself to the outside world, particularly to the United States. The reason, he said, was that China was backward and needed the knowledge, the technology, and the markets that the rest of the world in general and the United States in particular had to offer.82 Although Deng was especially impressed by the rapid development of Japan and South Korea, the initial Chinese reforms had by and large been creative variations on reforms attempted by other Communist states: allowing rural households to have their own plots of land; promoting collectively owned town and village enterprises (TVEs) while permitting the development of small-scale private enterprises; modest market-oriented reforms in state owned enterprises (SOEs); regional experimentation with “special economic zones” to promote exports and induce foreign investment.83 All of this led to strong growth, but came up against the same trade and fiscal contradictions that many other developing countries had experienced.

., 399n75 consumers/consumption, 21, 27, 30, 52, 82, 101, 137, 192, 291, 302, 306–8, 310, 317, 319, 321, 333, 337, 339, 443n100 ‘American Standard of Consumption’, 50 in China, 299 and debt, 269–70 role in postwar era , 83–5 US global dominance, 336 Continental Illinois, 179, 209, 236, 266 Coolidge, Calvin, 45 corporations/US MNCs, 10, 25–6, 32, 52, 113 business and professional services, 191–2, 292 CEO salaries,184, 321 concentration of, 30, 186, 287 emergence of, 30, 350n22, 351–2n35 in Europe (1960s), 113–5, 378n4, n7 expansion of, 51, 115–6 financialization of, 290 on Fortune 500, 28 and law, 33, 232–3 loss of manufacturing jobs, 185–191, 290–91, 311, 402n122 layoffs, 16, 61, 165, 172, 207, 259–60, 290 mergers and acquisitions, 30, 119, 138, 175–6, 188, 190 nationality of, 345n26 national treatment of foreign, 10, 116 organizational changes (1920s), 50 outsourcing, 189, 287, 290 productivity of (1890s), 29 and profit, 187–8, 283, 289, 292, 306, 310, 329, 337 reconversion after war, 81 shareholder value, 16, 188, 201, 264 and technology, 220, 429n53 too big to fail, 399n80 US global dominance, 289, 379n8 See also finance, profit, foreign direct investment Cox, Robert, 218, 416n.68 Corrigan, Gerald, 181–2, 210 Council of Economic Advisors (CEA), 124–5, 129, 152 , 169, 269 Council on Foreign Relations (CFR), 72, 362–3n4, 364n19, 374n39, 400n94 credit: and Federal Reserve 42–3, 59, 152–3, 322, 325 collapse of, 57, 179–80, 263–4, 312 credit cards, 121, 284 , 286 mortgage, 140, 173–4, 270, 278–9, 311, 329 in Japan, 204, 209, 214 US as global creditor, 45, 48–9 52, 147, 188 See also banks; consumers; debt; finance; mortgages credit default swaps, 176, 306, 315, 439n.48 crisis(es), 2, 17, 21, 133, 181, 278, 327, 335 1870s, 32, 42 1890s, 29 1907, 42–3 1930s, see Depression (Great) 1970s, 14, 16, 19–20, 133–6, 141, 158, 168, 204, 338, 346n37 1990s, 248–50, 282–3, 285 2007–8, 2, 19–21, 298, 300, 302, 306, 310–30, 332 not caused by ‘overaccumulation’ or ‘imbalances’, 311 Argentina, 303–4, 435n15 Asian, 19, 244, 250, 254–61, 269, 277–8, 281–3, 286, 291–2 of dollar (1960s/70s), 13, 123, 128–30, 148, 163, 204 Eurozone, 332, 335 Mexico, 250–4 New York City (1975), 165 as opportunity, 280, 283 S&L (1980s), 173 subprime, 140, 307, 318 Turkey, 303 US management of, 18, 21, 43, 51, 72, 130, 145–6, 153–4, 159–9, 247–68, 302, 312–3, 330, 335–6 See also stock market Cronon, William, 349n16 Crotty, James, 384n12 Cuba, 36, 41,116, 133, 352n49 Cumings, Bruce, 259, 349n17, 363n9 Daimler, 201–2, 405n29 D’Arista, Jane, 386n26 Davis, Mike, 369n66, 411n124 De Cecco, Marcello, 375n52, 380n1 de Gaulle, Charles, 128 debt, 28, 31, 130, 150, 172, 175, 215–7, 237, 239, 243–4, 249, 252, 254–61, 266–8, 277–9, 284–5, 300, 304, 309–311, 314–6, 319, 330–4, 339 and consumers, 192, 269–70, 291, 307–8, 329, 443n100 of corporations, 138–40, 167, 173, 263 expansion since 1970s, 307 New Deal increases, 70 restructured, 279 Poland, 417n81 Russia, 244, 263 Third World, 156, 179 Turkey, 303, 429n47 from WW1, 48–9, 51 Debt Crisis (1980s), 179, 195, 208, 213–9, 239–40, 248–50, 253, 410n102 de la Madrid, Miguel, 215 DeLong, Bradford, 250, 357n20, 358n37 Delors, Jacques, 197–8 democracy, crisis of, 163 Democratic party/administrations, 7, 47, 55–8, 61, 82, 130, 143, 163–6, 171, 252, 270, 282 Deng Xiaoping, 294, 296 Depository Institutions Deregulation and Monetary Control Act (DIDMCA, 1980), 169–70 Depression (Great), 46, 53–9, 301, 312 globalization reversed by, 54 deregulation, 134, 149, 166–9, 178, 236, 241–2, 265–7 as regulation, 170 misleading rhetoric of, 178 derivatives, 149–50, 169, 176, 188, 266, 268, 284–5, 306, 323, 387n47, 400n83, 424n94, 436n17, ‘over the counter’ (OTC), 176, 263, 268–9, 289, 299 See also banks; credit default swaps; CFTC, finance Deutsche Bank, 200–1, 315, 328, 437n35 Dexia, 315 devaluations (currency) , 49, 54, 72, 99, 125, 128–9, 148, 183, 196, 209, 212, 255, 261, 292–3 developing countries (LDCs), 18–21, 40, 116, 155–7, 211–2, 215–6, 219–20, 223, 231–5, 238–40, 248–3, 263, 275–80, 283, 293–5, 299, 309, 326–8, 334, 336–40, 379n16, 409n94 investment in, 244, 249, 285–7 See also Third World, imperialism, expropriation, economic nationalism ‘development of undedevelopment’, 275 Dezalay, Yves, 243 Dicken, Peter, 369n71, 378n52 Dillon, Douglas, 123–4, 383n50 Dobb, Maurice, 357n21 Dodd–Frank Act, 322–4, 327, 441n80 dollar, 12–4, 41–2, 45, 111, 118–9, 124–5, 131, 182–3, 207, 292, 299– 300, 311, 334–5 crisis of (1960s/70a), 13, 123, 128, 130, 148, 163, 204 as global currency, 17, 43, 49, 70–2, 75–6, 152, 326, 334–5 debate over weakness, 292 diffusion of power through, 134, 147, 318 petrodollars, 156, 214, 219, 392n.99 Dooley, Michael, 408n85 Dornbusch, Rudi, 258 dot.com bubble, 301, 305 Dryden, Steve, 390n78 Duisenberg, W.


Energy and Civilization: A History by Vaclav Smil

8-hour work day, additive manufacturing, agricultural Revolution, animal electricity, Apollo 11, Boeing 747, business cycle, carbon-based life, centre right, Charles Babbage, decarbonisation, dematerialisation, Deng Xiaoping, Easter island, en.wikipedia.org, energy security, energy transition, epigenetics, Exxon Valdez, Fairchild Semiconductor, Ford Model T, Frederick Winslow Taylor, Great Leap Forward, high-speed rail, hydraulic fracturing, income inequality, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of gunpowder, James Watt: steam engine, Jevons paradox, John Harrison: Longitude, Joseph-Marie Jacquard, Just-in-time delivery, Kaizen: continuous improvement, Kibera, knowledge economy, land tenure, language acquisition, Lewis Mumford, lone genius, Louis Blériot, mass immigration, megacity, megaproject, Menlo Park, mutually assured destruction, North Sea oil, ocean acidification, oil shale / tar sands, peak oil, phenotype, precision agriculture, purchasing power parity, QWERTY keyboard, Richard Feynman, scientific management, Silicon Valley, Suez canal 1869, Toyota Production System, transcontinental railway, uranium enrichment, Yom Kippur War

After the conflicts of the first half of the twentieth century, Maoist policies based on mass rural labor in communal farming perpetuated the involution until the late 1970s. At that time 800 million peasants still represented more than 80% of China’s total population, and they continued to subsist on barely adequate, although more equitably distributed, rations. Only Deng Xiaoping’s abolition of communes and de facto privatization of farming during the early 1980s radically reversed the trend. A number of Asian rice-growing countries followed the involution spiral even after 1950. In contrast, Japan broke the trend with the Meiji Restoration in 1868. Between the early 1870s and the 1940s its total population grew 2.2 times.

Coal output rose from only about 32 Mt in 1949 to 130 Mt in 1957 and was claimed to be nearly 400 Mt in 1960, during the infamous (famine-inducing) Great Leap Forward, launched by Mao Zedong to surpass Britain in 15 years or less in the output of iron, steel, and other major industrial products (Huang 1958). After the Leap collapsed, a more orderly progress raised the output to more than 600 Mt by 1978, when Deng Xiaoping began his far-reaching economic reforms, which would eventually transform China into the world’s largest exporter of manufactured goods and raised the living standards of its nearly 1.4 billion people. Two things that have not changed is the party’s firm control of the state and the economy’s dependence on coal.


pages: 383 words: 81,118

Matchmakers: The New Economics of Multisided Platforms by David S. Evans, Richard Schmalensee

Airbnb, Alvin Roth, Andy Rubin, big-box store, business process, cashless society, Chuck Templeton: OpenTable:, creative destruction, Deng Xiaoping, digital divide, disruptive innovation, if you build it, they will come, information asymmetry, Internet Archive, invention of movable type, invention of the printing press, invention of the telegraph, invention of the telephone, Jean Tirole, John Markoff, Lyft, M-Pesa, market friction, market microstructure, Max Levchin, mobile money, multi-sided market, Network effects, PalmPilot, Productivity paradox, profit maximization, purchasing power parity, QR code, ride hailing / ride sharing, sharing economy, Silicon Valley, Snapchat, Steve Jobs, the long tail, Tim Cook: Apple, transaction costs, two-sided market, Uber for X, uber lyft, ubercab, vertical integration, Victor Gruen, Wayback Machine, winner-take-all economy

Zhang Wei” is not a real person but a fictitious, but representative entrepreneur, we have created based on interviews we have conducted with small business owners in China, discussions with knowledgeable Chinese colleagues, and our research on the start of Alibaba, including inspections of its early websites. We then verified with knowledgeable Chinese colleagues that this example reflected real business circumstances at the time. Any similarity between Zhang Wei and any real entrepreneur in China is purely coincidental. 2. Deng Xiaoping, meeting with a senior US business delegation organized by US Time Inc., October 23, 1985, http://cpc.people.com.cn/GB/34136/2569304.html. 3. World Bank, “GDP per Capita (Current US$),” http://data.worldbank.org/indicator/NY.GDP.PCAP.CD?page=3 (data for 1998). China’s GDP per capita was 2.5 percent of the level in the United States. 4.


pages: 254 words: 14,795

Poorly Made in China: An Insider's Account of the Tactics Behind China's Production Game by Paul Midler

barriers to entry, corporate social responsibility, currency peg, deal flow, Deng Xiaoping, disintermediation, full employment, illegal immigration, Kickstarter, language acquisition, new economy, out of africa, price discrimination, unpaid internship, urban planning

Separated from the rest of the country by mountain ranges, South China had already for centuries developed commercial opportunities with traders from afar. And as a result of the province’s proximity to Hong Kong, whose economy remained robust, the region was poised to take off again. So it was no accident that when Deng Xiaoping announced, “to get rich is glorious,” he did so from the southern province of Guangdong, where Guangzhou is located. If releasing so much pent-up entrepreneurial energy was akin to setting the economy on fire, it was near Guangzhou that the match had been struck. In the modern era, Guangzhou was an attractive base for modern traders, if only for the diversity of manufacturers that it provided.


pages: 353 words: 81,436

Buying Time: The Delayed Crisis of Democratic Capitalism by Wolfgang Streeck

"there is no alternative" (TINA), "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, air traffic controllers' union, Alan Greenspan, banking crisis, basic income, Bretton Woods, business cycle, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, creative destruction, currency risk, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial repression, fixed income, full employment, Garrett Hardin, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, labour mobility, late capitalism, liberal capitalism, low interest rates, means of production, moral hazard, Myron Scholes, Occupy movement, open borders, open economy, Plutonomy: Buying Luxury, Explaining Global Imbalances, profit maximization, risk tolerance, shareholder value, too big to fail, Tragedy of the Commons, union organizing, winner-take-all economy, Wolfgang Streeck

Schlieben, ‘Die wählen sowieso nicht’, Zeit online, 13 May 2012. 20 A prominent representative of this position, which was closely linked to ‘modernization’ theory, was Seymour Martin Lipset (Political Man: The Social Bases of Politics). Recent counter-examples include post-Allende Chile and China since Deng Xiaoping. 21 E. Böhm-Bawerk, Control or Economic Law?, Auburn, AL: Ludwig von Mises Institute, 2012 [1914]. 22 E. Durkheim, The Division of Labour in Society, London: Palgrave Macmillan, 1974 [1893]. 23 At an individual level, the economic theory taught at most university economics departments achieves this with astonishing effectiveness in most of its disciples.


pages: 278 words: 88,711

The Next 100 Years: A Forecast for the 21st Century by George Friedman

American ideology, banking crisis, British Empire, business cycle, deindustrialization, Deng Xiaoping, gentleman farmer, illegal immigration, immigration reform, invisible hand, low earth orbit, low interest rates, mass immigration, megastructure, Monroe Doctrine, pink-collar, Ronald Reagan, South China Sea, The Wealth of Nations by Adam Smith, trade route, working poor

From 1949 until Mao's death, China was united and dominated by a strong government, but was isolated and poor. CHINA'S GAMBLE Mao's death led his successors to try once more for the historic Chinese dream. They wanted a China that was wealthy from international trade but united under a single powerful government. Deng Xiaoping, Mao's successor, knew that China could not remain isolated permanently and still be secure. Someone would take advantage of China's economic weakness. Deng therefore gambled. He bet that this time China could open its borders, engage in international trade, and not be torn apart by internal conflict.


pages: 361 words: 83,886

Inside the Robot Kingdom: Japan, Mechatronics and the Coming Robotopia by Frederik L. Schodt

carbon-based life, computer age, Computer Numeric Control, computer vision, deindustrialization, Deng Xiaoping, deskilling, factory automation, game design, guest worker program, industrial robot, Jacques de Vaucanson, Norbert Wiener, post-industrial society, robot derives from the Czech word robota Czech, meaning slave, Ronald Reagan, Silicon Valley, telepresence, The Wealth of Nations by Adam Smith, V2 rocket, warehouse automation, Whole Earth Review, women in the workforce

Machines, unlike humans, need little rest, and they work fine in the dark. Every month almost two thousand people visit the Fanuc complex near Mount Fuji. They include not only prospective clients, journalists, and gawkers, but heads of state such as Prime Minister Margaret Thatcher of Great Britain and Deng Xiaoping of China. Roboticist Joseph Engelberger, after touring the facilities, joked thatFanuc should invite its American competitors to the complex. "They'd lay down and die," he says. Mrs. Thatcher left gushing with enthusiasm for high-tech as a means of energizing her stalled economy, leading a London columnist to use the headline "Iron Lady Riveted by Robots."1 Fanuc's Fuji complex has become a symbol to the world of the strength of Japanese manufacturing and of the futuristic world into which Japan has so aggressively plunged: flexible automation, unmanned factories, and robotization.


pages: 801 words: 209,348

Americana: A 400-Year History of American Capitalism by Bhu Srinivasan

activist fund / activist shareholder / activist investor, American ideology, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, bank run, barriers to entry, Bear Stearns, Benchmark Capital, Berlin Wall, blue-collar work, Bob Noyce, Bonfire of the Vanities, British Empire, business cycle, buy and hold, California gold rush, Carl Icahn, Charles Lindbergh, collective bargaining, commoditize, Cornelius Vanderbilt, corporate raider, cotton gin, cuban missile crisis, Deng Xiaoping, diversification, diversified portfolio, Douglas Engelbart, Fairchild Semiconductor, financial innovation, fixed income, Ford Model T, Ford paid five dollars a day, global supply chain, Gordon Gekko, guns versus butter model, Haight Ashbury, hypertext link, Ida Tarbell, income inequality, information security, invisible hand, James Watt: steam engine, Jane Jacobs, Jeff Bezos, John Markoff, joint-stock company, joint-stock limited liability company, junk bonds, Kickstarter, laissez-faire capitalism, Louis Pasteur, Marc Andreessen, Menlo Park, Michael Milken, military-industrial complex, mortgage debt, mutually assured destruction, Norman Mailer, oil rush, peer-to-peer, pets.com, popular electronics, profit motive, punch-card reader, race to the bottom, refrigerator car, risk/return, Ronald Reagan, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Steve Wozniak, strikebreaker, Ted Nelson, The Death and Life of Great American Cities, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, Upton Sinclair, Vannevar Bush, Works Progress Administration, zero-sum game

But far more meaningful was another Nike disclosure, almost an afterthought, that few at the time could have recognized for the full breadth of its implications: “Also, we began the long process of establishing the People’s Republic of China as a source of production.” It was among the first signs of the reforms leader Deng Xiaoping had initiated. Unlike the Soviets, who prided themselves on meeting the Americans as military equals, the Chinese communists decided to deploy their nearly one billion people to become a giant factory to the capitalist world. This entry of one of the poorest countries in the world, which China was in 1980, into the global markets was a silent, unseen narrative throughout a decade overshadowed by the Japanese economic miracle and anti-Japan paranoia.

., 465 Cooke, Jay, 147 Coolidge, Calvin, 320 Cooper, Gary, 388 Cooper, Tom, 282 Cornell, Ezra, 97–98, 100, 220 Corn Flakes, 262 corporate raiders, 445–49 corporations versus capitalism, in 1980s, 443–45 formation through state granted charters, 83–84 joint-stock companies, 6–8 corporations limited liability feature of, 7, 84, 85–86 New World ventures and, 6–8 purpose of, 442–45 transferability of shares and, 6–7, 84 Cosby Show, The (TV show), 452 cotton, 46–57 Civil War and, 144–45 Industrial Revolution and, 47–48 production of, in 1820s and 1830s, 56 production of, in 1850s, 126–27 slavery and, 56–57, 126–27 Whitney’s invention of cotton gin and, 48–54 Cotton Club, 313–14 Council for Virginia, 4 Council on National Defense, 359 A Counter-Blaste to Tobacco (King James I), 19 country stores, 205 Crabgrass Frontier (Jackson), 372–73 crime, 450–51, 461 cups, disposable, 398 Czechoslovakia, 351, 356 Czolgosz, Leon, 250 Daimler-Benz, 354 Daladier, Édouard, 352 Daniels, Josephus, 301–2 Dartmouth (ship), 36, 39 Darwin, Charles, 174 Davidson, Carolyn, 458 Day, Daniel (Dapper Dan’s), 450–51 Death and Life of Great American Cities, The (Jacobs), 405–6 debt slaves as collateral for, 127–29, 130–31 of tobacco farmers, to British factors, 28, 42 Declaration of Independence, 44 deflation, 230, 231, 328 de Havilland, Olivia, 342, 389 Delaware, 25 Delaware and Hudson Canal Company, 82 Dell, Michael, 480 Democracy in America (Tocqueville), 376 Democratic Party, 120, 224–25, 226, 231–32 Democratic Review, 106 Dempsey, Jack, 304 Deng Xiaoping, 459 department stores, 201–4 depressions of 1870s, 170–71 of 1893-1896, 242–44 Great Depression, 323–35 Desilu Productions, 383–84 Detroit, 406 Dinwiddie, Robert, 31 discount stores, 402–4 Disney, Walt, 343–45 division of labor, 48, 289–90 Dodge brothers (John and Horace), 282, 286 DOS (disk operating system), 434 dot-com bubble, 472–78, 480–81 Douglas, Frederick, 118, 122 draft Civil War and, 148 World War I and, 300 Draft Riots, 148 Drake, Edwin, 151 Drake, Francis, 8 Dred Scott decision, 121–22 Drexel, Morgan & Co., 196 Drexel Burnham, 440, 446–47, 449 drugs, 208–9 drugstores, 315 Duke, James, 220 Dulany, Daniel, 33–34 Dunmore, Lord, 43–44 du Pont, Henry, 143 du Pont, Lamont, 143–44 Durant, Billy, 281, 286–87 E.


Americana by Bhu Srinivasan

activist fund / activist shareholder / activist investor, American ideology, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, bank run, barriers to entry, Bear Stearns, Benchmark Capital, Berlin Wall, blue-collar work, Bob Noyce, Bonfire of the Vanities, British Empire, business cycle, buy and hold, California gold rush, Carl Icahn, Charles Lindbergh, collective bargaining, commoditize, Cornelius Vanderbilt, corporate raider, cotton gin, cuban missile crisis, Deng Xiaoping, diversification, diversified portfolio, Douglas Engelbart, Fairchild Semiconductor, financial innovation, fixed income, Ford Model T, Ford paid five dollars a day, global supply chain, Gordon Gekko, guns versus butter model, Haight Ashbury, hypertext link, Ida Tarbell, income inequality, information security, invisible hand, James Watt: steam engine, Jane Jacobs, Jeff Bezos, John Markoff, joint-stock company, joint-stock limited liability company, junk bonds, Kickstarter, laissez-faire capitalism, Louis Pasteur, Marc Andreessen, Menlo Park, Michael Milken, military-industrial complex, mortgage debt, mutually assured destruction, Norman Mailer, oil rush, peer-to-peer, pets.com, popular electronics, profit motive, punch-card reader, race to the bottom, refrigerator car, risk/return, Ronald Reagan, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Steve Wozniak, strikebreaker, Ted Nelson, The Death and Life of Great American Cities, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, Upton Sinclair, Vannevar Bush, Works Progress Administration, zero-sum game

But far more meaningful was another Nike disclosure, almost an afterthought, that few at the time could have recognized for the full breadth of its implications: “Also, we began the long process of establishing the People’s Republic of China as a source of production.” It was among the first signs of the reforms leader Deng Xiaoping had initiated. Unlike the Soviets, who prided themselves on meeting the Americans as military equals, the Chinese communists decided to deploy their nearly one billion people to become a giant factory to the capitalist world. This entry of one of the poorest countries in the world, which China was in 1980, into the global markets was a silent, unseen narrative throughout a decade overshadowed by the Japanese economic miracle and anti-Japan paranoia.

., 465 Cooke, Jay, 147 Coolidge, Calvin, 320 Cooper, Gary, 388 Cooper, Tom, 282 Cornell, Ezra, 97–98, 100, 220 Corn Flakes, 262 corporate raiders, 445–49 corporations versus capitalism, in 1980s, 443–45 formation through state granted charters, 83–84 joint-stock companies, 6–8 corporations limited liability feature of, 7, 84, 85–86 New World ventures and, 6–8 purpose of, 442–45 transferability of shares and, 6–7, 84 Cosby Show, The (TV show), 452 cotton, 46–57 Civil War and, 144–45 Industrial Revolution and, 47–48 production of, in 1820s and 1830s, 56 production of, in 1850s, 126–27 slavery and, 56–57, 126–27 Whitney’s invention of cotton gin and, 48–54 Cotton Club, 313–14 Council for Virginia, 4 Council on National Defense, 359 A Counter-Blaste to Tobacco (King James I), 19 country stores, 205 Crabgrass Frontier (Jackson), 372–73 crime, 450–51, 461 cups, disposable, 398 Czechoslovakia, 351, 356 Czolgosz, Leon, 250 Daimler-Benz, 354 Daladier, Édouard, 352 Daniels, Josephus, 301–2 Dartmouth (ship), 36, 39 Darwin, Charles, 174 Davidson, Carolyn, 458 Day, Daniel (Dapper Dan’s), 450–51 Death and Life of Great American Cities, The (Jacobs), 405–6 debt slaves as collateral for, 127–29, 130–31 of tobacco farmers, to British factors, 28, 42 Declaration of Independence, 44 deflation, 230, 231, 328 de Havilland, Olivia, 342, 389 Delaware, 25 Delaware and Hudson Canal Company, 82 Dell, Michael, 480 Democracy in America (Tocqueville), 376 Democratic Party, 120, 224–25, 226, 231–32 Democratic Review, 106 Dempsey, Jack, 304 Deng Xiaoping, 459 department stores, 201–4 depressions of 1870s, 170–71 of 1893-1896, 242–44 Great Depression, 323–35 Desilu Productions, 383–84 Detroit, 406 Dinwiddie, Robert, 31 discount stores, 402–4 Disney, Walt, 343–45 division of labor, 48, 289–90 Dodge brothers (John and Horace), 282, 286 DOS (disk operating system), 434 dot-com bubble, 472–78, 480–81 Douglas, Frederick, 118, 122 draft Civil War and, 148 World War I and, 300 Draft Riots, 148 Drake, Edwin, 151 Drake, Francis, 8 Dred Scott decision, 121–22 Drexel, Morgan & Co., 196 Drexel Burnham, 440, 446–47, 449 drugs, 208–9 drugstores, 315 Duke, James, 220 Dulany, Daniel, 33–34 Dunmore, Lord, 43–44 du Pont, Henry, 143 du Pont, Lamont, 143–44 Durant, Billy, 281, 286–87 E.


pages: 534 words: 15,752

The Sushi Economy: Globalization and the Making of a Modern Delicacy by Sasha Issenberg

air freight, Akira Okazaki, anti-communist, barriers to entry, Boeing 747, Bretton Woods, call centre, company town, creative destruction, Deng Xiaoping, Dutch auction, flag carrier, global supply chain, Golden arches theory, haute cuisine, means of production, Nixon shock, Nixon triggered the end of the Bretton Woods system, Saturday Night Live, Silicon Valley, special economic zone, standardized shipping container, telemarketer, trade route, urban renewal

PART FOUR The Future Economy Eleven DALIAN, CHINA Port of Call A Japanese mogul plots to take the world’s last sushi frontier Takamasa Ueno, a young sushi chef from northern Japan, made his first trip to China in 1986, when a friend from his hometown of Sendai opened a yakiniku restaurant in Dalian, a highly trafficked port city on the Yellow Sea. When Deng Xiaoping in 1984 designated “coastal open cities,” Dalian—which had served as the commercial and navigational gateway to northeast China under the alternating control of Russia, Japan, and the Soviet Union—was a natural candidate to participate in this effort at economic reform. Five years earlier, Deng had named four “special economic zones” as laboratories for capitalist industry, and then expanded the experiment to fourteen further cities.


pages: 302 words: 95,965

How to Be the Startup Hero: A Guide and Textbook for Entrepreneurs and Aspiring Entrepreneurs by Tim Draper

3D printing, Airbnb, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, basic income, Berlin Wall, bitcoin, blockchain, Buckminster Fuller, business climate, carried interest, connected car, CRISPR, crowdsourcing, cryptocurrency, deal flow, Deng Xiaoping, discounted cash flows, disintermediation, Donald Trump, Elon Musk, Ethereum, ethereum blockchain, fake news, family office, fiat currency, frictionless, frictionless market, growth hacking, high net worth, hiring and firing, initial coin offering, Jeff Bezos, Kickstarter, Larry Ellison, low earth orbit, Lyft, Mahatma Gandhi, Marc Benioff, Mark Zuckerberg, Menlo Park, Metcalfe's law, Metcalfe’s law, Michael Milken, Mikhail Gorbachev, Minecraft, Moneyball by Michael Lewis explains big data, Nelson Mandela, Network effects, peer-to-peer, Peter Thiel, pez dispenser, Ralph Waldo Emerson, risk tolerance, Robert Metcalfe, Ronald Reagan, Rosa Parks, Salesforce, Sand Hill Road, school choice, school vouchers, self-driving car, sharing economy, Sheryl Sandberg, short selling, Silicon Valley, Skype, smart contracts, Snapchat, sovereign wealth fund, stealth mode startup, stem cell, Steve Jobs, Steve Jurvetson, Tesla Model S, Twitter Arab Spring, Uber for X, uber lyft, universal basic income, women in the workforce, Y Combinator, zero-sum game

Kennedy If you're not ready to die for it, put the word 'freedom' out of your vocabulary. Malcolm X I would like to be remembered as a person who wanted to be free so other people would be also free. Rosa Parks Money won't create success, the freedom to make it will. Nelson Mandela Some people get rich first. Deng Xiaoping Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. Ronald Reagan Freedom Matters Most The more I live, the more I travel, and the more people I meet, the more I realize that freedom matters most.


pages: 312 words: 91,835

Global Inequality: A New Approach for the Age of Globalization by Branko Milanovic

Asian financial crisis, assortative mating, Berlin Wall, bitcoin, Black Swan, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, centre right, colonial exploitation, colonial rule, David Ricardo: comparative advantage, deglobalization, demographic transition, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, Gini coefficient, Gunnar Myrdal, income inequality, income per capita, invisible hand, labor-force participation, liberal capitalism, low skilled workers, Martin Wolf, means of production, military-industrial complex, mittelstand, moral hazard, Nash equilibrium, offshore financial centre, oil shock, open borders, open immigration, Paul Samuelson, place-making, plutocrats, post scarcity, post-industrial society, profit motive, purchasing power parity, Ralph Nader, Robert Solow, Second Machine Age, seigniorage, Silicon Valley, Simon Kuznets, special economic zone, stakhanovite, trade route, transfer pricing, very high income, Vilfredo Pareto, Washington Consensus, women in the workforce

This second mistake is in some ways an extension of the first. When we focus on incremental change, we lose sight of singular events that can significantly influence further events but cannot be predicted well. Thus, the Reagan-Thatcher revolution was impossible to predict; the same is true of Deng Xiaoping’s ascendency and Chinese reforms, the breakup of the Soviet Union and the fall of communism, and the global financial crisis. We can see with hindsight that in all of these cases the individuals (or phenomena, in the case of the financial crises) behind such momentous changes were responding to deeper socioeconomic forces.


pages: 307 words: 90,634

Insane Mode: How Elon Musk's Tesla Sparked an Electric Revolution to End the Age of Oil by Hamish McKenzie

Airbnb, Albert Einstein, augmented reality, autonomous vehicles, barriers to entry, basic income, Bay Area Rapid Transit, Ben Horowitz, business climate, car-free, carbon footprint, carbon tax, Chris Urmson, Clayton Christensen, clean tech, Colonization of Mars, connected car, crony capitalism, Deng Xiaoping, Didi Chuxing, disinformation, disruptive innovation, Donald Trump, driverless car, Elon Musk, Fairchild Semiconductor, Ford Model T, gigafactory, Google Glasses, Hyperloop, information security, Internet of things, Jeff Bezos, John Markoff, low earth orbit, Lyft, Marc Andreessen, margin call, Mark Zuckerberg, Max Levchin, megacity, Menlo Park, Nikolai Kondratiev, oil shale / tar sands, paypal mafia, Peter Thiel, ride hailing / ride sharing, Ronald Reagan, self-driving car, Shenzhen was a fishing village, short selling, side project, Silicon Valley, Silicon Valley startup, Snapchat, Solyndra, South China Sea, special economic zone, stealth mode startup, Steve Jobs, tech worker, TechCrunch disrupt, TED Talk, Tesla Model S, Tim Cook: Apple, Tony Fadell, Uber and Lyft, uber lyft, universal basic income, urban planning, urban sprawl, Zenefits, Zipcar

As the LeSee crept forward without a human driver, he raised his right fist and gently punched the sky. * * * You never have to look far to find scenes of change in China, but the sense of dynamism is perhaps nowhere more profound than in the border city of Shenzhen. In the 1970s, Shenzhen was an unremarkable fishing village at the end of the Kowloon-Canton rail route. Since President Deng Xiaoping established it as a Special Economic Zone in 1980 as part of the opening up of China’s economy, it has been on a mercantile tear, its population exploding to twelve million people. Today, Shenzhen is a booming metropolis, overflowing with energy and optimism. It is a beacon for young people who want to get ahead in business or score a job at one of the city’s tech companies, like electronics manufacturer Huawei, Internet giant Tencent, or the iPhone-producing Foxconn.


pages: 309 words: 91,581

The Great Divergence: America's Growing Inequality Crisis and What We Can Do About It by Timothy Noah

air traffic controllers' union, Alan Greenspan, assortative mating, autonomous vehicles, Bear Stearns, blue-collar work, Bonfire of the Vanities, Branko Milanovic, business cycle, call centre, carbon tax, collective bargaining, compensation consultant, computer age, corporate governance, Credit Default Swap, David Ricardo: comparative advantage, Deng Xiaoping, easy for humans, difficult for computers, Erik Brynjolfsson, Everybody Ought to Be Rich, feminist movement, Ford Model T, Frank Levy and Richard Murnane: The New Division of Labor, Gini coefficient, government statistician, Gunnar Myrdal, income inequality, independent contractor, industrial robot, invisible hand, It's morning again in America, job automation, Joseph Schumpeter, longitudinal study, low skilled workers, lump of labour, manufacturing employment, moral hazard, oil shock, pattern recognition, Paul Samuelson, performance metric, positional goods, post-industrial society, postindustrial economy, proprietary trading, purchasing power parity, refrigerator car, rent control, Richard Feynman, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, Stephen Hawking, Steve Jobs, subprime mortgage crisis, The Spirit Level, too big to fail, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, upwardly mobile, very high income, Vilfredo Pareto, War on Poverty, We are the 99%, women in the workforce, Works Progress Administration, Yom Kippur War

Just about everything I own was made in China. Just about everything you own was made in China, too. In 1979, when the Great Divergence began, you and I didn’t own anything made in China. With Mao only three years in the grave, China still had a sluggish, centrally planned economy. In that year, the new Chinese leader, Deng Xiaoping, decided enough was enough and inaugurated various market reforms. “Black cat, white cat,” he famously said. “What does it matter what color the cat is as long as it catches mice?” China ended up catching quite a lot of mice. In 1979, China was a net importer, with a trade deficit of $2 billion.


pages: 295 words: 90,821

Fully Grown: Why a Stagnant Economy Is a Sign of Success by Dietrich Vollrath

active measures, additive manufacturing, American Legislative Exchange Council, barriers to entry, business cycle, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, creative destruction, Deng Xiaoping, endogenous growth, falling living standards, hiring and firing, income inequality, intangible asset, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, light touch regulation, low skilled workers, manufacturing employment, old age dependency ratio, patent troll, Peter Thiel, profit maximization, rising living standards, Robert Gordon, Robert Solow, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, tacit knowledge, The Rise and Fall of American Growth, total factor productivity, women in the workforce, working-age population

You can see the growth slowdown for the United States, in the solid line, just as before. Compared to that, the growth rate for China in the past few decades was immense, at around 8% per year in the 2000s. Even in the 1990s, China’s growth rate was around 4% per year for real GDP per capita. It was only back in the 1960s and 1970s, before most of the economic reforms of Deng Xiaoping in the late 1970s, that the growth rate was similar to that in the United States, or even below it. China’s growth rate of real GDP per capita accelerated for more than two decades and only recently looks to have slowed a little. It’s informative to compare China’s growth rate to Japan’s, which was the growth superstar during the 1960s and 1970s.


pages: 340 words: 90,674

The Perfect Police State: An Undercover Odyssey Into China's Terrifying Surveillance Dystopia of the Future by Geoffrey Cain

airport security, Alan Greenspan, AlphaGo, anti-communist, Bellingcat, Berlin Wall, Black Lives Matter, Citizen Lab, cloud computing, commoditize, computer vision, coronavirus, COVID-19, deep learning, DeepMind, Deng Xiaoping, Edward Snowden, European colonialism, fake news, Geoffrey Hinton, George Floyd, ghettoisation, global supply chain, Kickstarter, land reform, lockdown, mass immigration, military-industrial complex, Nelson Mandela, Panopticon Jeremy Bentham, pattern recognition, phenotype, pirate software, post-truth, purchasing power parity, QR code, RAND corporation, Ray Kurzweil, ride hailing / ride sharing, Right to Buy, self-driving car, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, speech recognition, TikTok, Tim Cook: Apple, trade liberalization, trade route, undersea cable, WikiLeaks

The Woodrow Wilson Center for International Scholars in Washington, DC, also maintains an excellent online archive of declassified Soviet records, titled “China and the Soviet Union in Xinjiang, 1934–1949,” at https://digitalarchive.wilsoncenter.org/collection/234/china-and-the-soviet-union-in-xinjiang-1934-1949. 13. James A. Millward, Eurasian Crossroads: A History of Xinjiang (London: Hurst Publishers, 2007). 14. Ezra F. Vogel, Deng Xiaoping and the Transformation of China (Cambridge, UK: Belknap Press, 2011), ch. 16, “Accelerating Economic Growth and Opening, 1982–1989,” 450–75, and ch. 24, “China Transformed,” 693–712, Kindle ed. 15. The optimistic thinking about China in the 1990s and 2000s was reflected in the predominant US government policies, newspaper op-eds, and speeches of the time.


pages: 1,213 words: 376,284

Empire of Things: How We Became a World of Consumers, From the Fifteenth Century to the Twenty-First by Frank Trentmann

Abraham Maslow, Airbnb, Alan Greenspan, Anton Chekhov, Ayatollah Khomeini, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, bread and circuses, British Empire, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, Cass Sunstein, choice architecture, classic study, clean water, collaborative consumption, collective bargaining, colonial exploitation, colonial rule, Community Supported Agriculture, company town, critique of consumerism, cross-subsidies, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, equity premium, Fall of the Berlin Wall, Fellow of the Royal Society, financial exclusion, fixed income, food miles, Ford Model T, full employment, gentrification, germ theory of disease, global village, Great Leap Forward, haute cuisine, Herbert Marcuse, high net worth, income inequality, index card, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, it's over 9,000, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kitchen Debate, knowledge economy, labour mobility, Les Trente Glorieuses, libertarian paternalism, Livingstone, I presume, longitudinal study, mass immigration, McMansion, mega-rich, Michael Shellenberger, moral panic, mortgage debt, Murano, Venice glass, Naomi Klein, New Urbanism, Paradox of Choice, Pier Paolo Pasolini, planned obsolescence, pneumatic tube, post-industrial society, Post-Keynesian economics, post-materialism, postnationalism / post nation state, profit motive, prosperity theology / prosperity gospel / gospel of success, public intellectual, purchasing power parity, Ralph Nader, rent control, retail therapy, Richard Thaler, Right to Buy, Ronald Reagan, school vouchers, scientific management, Scientific racism, Scramble for Africa, seminal paper, sharing economy, Silicon Valley, Skype, stakhanovite, Ted Nordhaus, the built environment, the market place, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, urban planning, urban sprawl, Washington Consensus, women in the workforce, working poor, young professional, zero-sum game

CRESCENDO For any story, the starting point shapes the moral. GDP growth of over 10 per cent a year in Japan (1955–73), in China (1979–2011) and close to it in India (8.7 per cent in 2003–8) has been so extraordinary that it is no surprise that most commentators take their respective starting points as the Japanese miracle, Deng Xiaoping’s opening of China and India’s liberal reforms in 1991. Clearly, the mass purchase of TVs, cars, AC units and much else was made possible by phenomenal growth, a rise in spending power and greater choice.4 The issue is whether the recent drama appears as an equally sharp break once we take a longer view.

Consumption doubled.31 Rural demand and private entrepreneurship drove the first phase of China’s consumer revolution. It was only in the 1990s that the state seized control of growth, prioritized urbanization and cut welfare – breaking the ‘iron rice bowl’ and a life of guaranteed security. Under Mao, aspirations had centred on the ‘four musts’: a bicycle, a radio, a watch and a sewing machine. Under Deng Xiaoping, after 1979, they were superseded by the ‘eight BIGS’: a colour TV, a fridge, a hi-fi, a camera, a motorbike, an electric fan, a washing machine and furniture. Most rural households managed at least five or six, notwithstanding the shift to urban growth and the rise in inequality since the 1990s.

E. de 146 crop variety diminishment 604 Crosland, Tony 302, 303, 304 Crowther, Samuel 127 Crusaders 611 Cuba 122 cuckoo clocks 193 cultural authority 311 cultural capital 50, 52, 466, 470 cultural participation 457–8, 463 cultural poaching 347 cultural spending 546–7, 548 culture of consumption see consumer culture Cumberland 75 Curiosité, La 227 curtains 31, 50, 55, 57, 60, 61, 62, 63, 76, 93, 94, 203, 204, 222, 226, 252, 292 customer control 317 customer service 193, 295, 371, 548, 549, 558; disrespect and absence of 335 customization 138 Czechoslovakia/Czech Republic 327, 328, 645, 646 Dada 636 Dalits 381 Dalla, Lucio: ‘4/3/1943’ 352 dance 217, 220, 263, 293, 463, 600; academies 218; and the elderly 507; halls 190, 216, 217–18, 219, 281, 311, 322, 347, 359 Dante Alighieri 405 Darling, Malcolm 361–2 Datia, India 366 Davis, Deborah 377 De André, Fabrizio 352 de Gaulle, Charles 324 de Grazia, Victoria 307, 348 Deacon meter 187, 188 Dean, James 496 debt 405–7, 409–17, 424, 426, 428, 431, 432 see also credit; Asian 371–2, 424, 426; and bankruptcy 418, 431–3; Brazilian 372; children’s debt to peers 491; household debt as share of gross disposable income 409, 425; and inequality 434; mortgage 420, 425 see also mortgages; realignment between private debt and income 426; and reckless/excessive ‘consumerism’ 406–7, 428, 431; relief 433; repayments 412, 430, 433; student 429; and suicide 371–2, 408 Debussy, Claude 263 decency 177, 228, 246, 617 decolonization 596 decor 47–8, 49, 117, 224, 225–6, 330, 348 see also decorating/decorators; furnishings decorating/decorators 109, 181, 224, 228, 262, 292, 376–7; decorating shops 89 decorum 109, 284, 398 defence spending 542 Defoe, Daniel 59, 99, 104 dehumanization 8, 197 Delft 54, 57 Delftware 63, 88 Delhi 72, 72, 140, 367, 371, 392 delinquency 217, 311, 313 demand 28, 54, 55, 58, 74–5 see also desire for things; for antiquity 50–51, 227 see also antiquity, value of; for British goods 126, 140, 170–71; emulation as parent of 14, 73; fashion as driver of 67; for semi-luxuries 88, 89; and shops 35; suppressed by domestic slavery 123; trade spurred by 92; and the trading of leisure for income 6–7; Western demand for exotic goods 10, 78–93 see also exotic goods dematerialization 95–6, 230–31, 668–9, 682–3, 686 democracy/democratization 159–60; advertising pitching democratic consumers against dictatorial politicians 287–8; American corporations styled as mini-democracies 287; America’s cycle of freedom, social mobility and 237; and aspiration 228; of the car 301; and co-operatives 157 see also co-operative movement; consumerism, capitalism and 273; of credit and debt 409–17, 424, 432; Dewey’s blend of choice, pragmatism and 288–9, 504; from elite to bourgeois to mass consumption 136; and German consumer society 307; ‘Kids Eat Democracy’ 543; of leisure 483; of luxury 413; and mass culture 315; and Ombudsmen 557–8; property-owning 236–45; and recreation for the elderly 503; strengthened through growth and goods 303; of taste 346 Deng Xiaoping 357, 368 Denmark 12, 206, 438, 541; consumer complaints 558; credit 425; cultural state support 547; elderly people 508; healthcare choice for the elderly 557; Home Economic Council 551; household cultural spending 548; household waste 1980–2005 643; mortgage debt 425; non-church-going people defining themselves as Christian 612; Ombudsmen 557; radio 265; radio listener protection 265; recycling 645; savings 420, 421; supermarkets 349; trade unions 534; welfare 542; youth and teenagers 495 department stores 4, 154, 155, 191–7, 198–205, 200, 208–9, 220, 221, 226, 261, 323, 326, 341, 342, 528, 685; with age-specific colour coding 486; American 199, 202, 205, 342, 424, 486; in Asia 190, 358, 384, 385, 395–6, 534, 634, 685; in Berlin 199–200, 479; bombings and attacks on 321–2; as capitalism’s children 191; and class relations 197; creating new work 196; customer control 317; customers in 1900, Germany 200; displays 202; Egyptian 300; and flow 193–4; German 199–200, 200, 201–2, 479; global spread of 202, 204–5; Jewish-owned 196, 300; in literature 194–6, 197, 198, 199; moral and sexual anxieties about shopping and 196, 197; and national identity 204; of notable architecture 192; in Paris 200, 410, 685; pessimistic readings of 197–8; salvage paper bales 635; Seibu 384; share of retail trade 205; and sociability 191–2; Soviet 293, 295, 685; store cards 424; Sunday opening restrictions 480; taxes on 199; as technological pioneers 192–3 depression, economic 273, 274, 278–88, 405, 413, 414 see also recession depression, psychological 405 deprivation 274, 280, 293, 327, 377, 595 see also poverty/the poor; work following 309 Descartes, René 95, 96 see also dualism, Cartesian Desert News 610 desire for things 7, 36, 37, 51, 105, 113, 125, 133, 135, 142, 192, 230, 567 see also aspiration; demand; materialism; taste; advertising and the creation of wants 302, 677; artificial wants 5, 127; assumed unlimited wants of the modern consumer 360; avarice 8, 156, 285, 386, 405, 449; in China 47, 51; clash with restraint 38 see also restraint; and consumption/material culture 96–7, 98, 99, 100–101, 102, 154, 285, 340; corrupting lust for luxury 677; creation of wants 8, 302, 365, 677; critical reflection and the nourishment of 288–9; defended as engine of growth 278; dematerialization of desire 230–31; encouraged by cheap public goods 331; eroding customs 153; fuelled by easy credit 362; gender and 197; and industriousness 151; and the joy of longing 290; man’s two general wants of body and mind (Barbon) 98; Marshall and wants 152–3; and moral failure 677; needs and wants 5, 294, 365, 407, 677; and original sin 8; pseudo-wants 216; and self-fulfilment 316; and selfishness 297; slavery to wants 74; variations in wants and desire in developing societies 76; virtuous circle of wants, work, property and peace 127; wants of the poor 90 Detroit 186 development aid 367, 368 Dewey, John 288–9, 503–4 Dharma 357 Dichter, Ernest 315–16, 321, 340 Diderot, Denis 100 digital cameras 465, 618 dioramas 213 Direct Material Input (DMI) 665 discount stores 205, 221, 372, 478 disenchantment 138, 230, 231, 235 displacement see also migration: of goods 78–9, 167–8, 169–70, 589, 669–70; rehousing the displaced 243; of resources 655; and the slave trade 123 see also slavery/slaves disposable products 631, 636, 642 diversity: appreciation of 11; coffee, fair trade and 566; decline in biodiversity 604; and dynamics of change 676–7; and the ethnic restaurant and cuisine 596–602, 603, 604, 605; and food waste 650; and local food 588; standardization undercut by diversification 138 divorce 303, 305, 427, 431, 451; divorced couples forced to co-habit 331; equity borrowing by divorcees 429 Djukanov, Miron 294 Do-It-Yourself (DIY) 260–61, 262, 292, 328, 467 Dobbs, Archibald 185 dolls: children’s 485, 488, 491, 618; fashion 71; prayer 618 domestic appliances and technologies 180, 223, 235, 238, 244, 246, 247, 248 see also electronic waste; ‘apps’ for 686; asymmetrical take-up, East and West 370; as capital goods/investment 412, 419; in China 368; computers see computers; cookers see cookers; and the culture of hygiene and cleanliness 252–3; in East Germany 332; empowerment through 260; and the escalator of consumption 258; fridges see fridges; for home entertainment see gramophones; radio: sets/receivers; television: sets; irons see irons; in Japan 247, 364–5, 370, 383; as ‘Key to Happiness’ 364; Kombinat Haushaltsgeräte 336; limited influence on women’s lives 255–6, 259–60; radios see radio: sets/receivers; service technicians 660; Soviet durables 327; toasters 180, 257, 280, 329, 383, 657; TVs see television: sets; vacuum cleaners 179, 247, 248, 258, 265, 383, 661; washing machines see washing machines domestic comforts 10, 14, 30–31, 118, 127, 223–4, 225, 244, 245, 341, 356, 358, 362, 370, 375, 677, 678, 688; carpets as litmus test of American home comfort 224; and consumer revolution 222–71; furnishings see furnishings; house architecture and the culture of comfort 246–7; standards of comfort 673 domestic sociability 30, 87 Dominicans 84 Dore, Ronald 383 Double Pearl toothpaste 358 Douelle 302 Douglas, Mary 324, 627 Downing, Andrew Jackson 246–7 dowries 203, 382 drapers 192 Dream of the Red Chamber (Hong Lou Meng) 26, 52 Dresden 86, 88, 187, 188, 336–7, 586, 587 dress see clothes; fashion drink/drinking see also chocolate; coffee; tea: alcohol see alcohol; and class 90, 164, 340; drinking championships 333; drinking games 52; drinking habits 9, 90, 164, 166, 340, 566; and emulation 90; and hedonism 291; and Irish identity 600; and sociability 52; soft drinks 168, 339, 485, 528, 582, 588, 618 drugs see also alcohol; cocoa/cacao; coffee; tea; tobacco: exotic drugs and the era of free trade 168; fight against hazardous drugs 550; hashish 142; opium 73, 110, 140, 142; popularization of exotic drug foods 78–93 dry cleaning 328, 532 Du Bois, W.


pages: 356 words: 103,944

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

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

Yet it also presents the strongest argument against the reigning orthodoxy in globalization—emphasizing financial globalization and deep integration through the WTO. China’s ability to shield itself from the global economy proved critical to its efforts to build a modern industrial base, which would be leveraged in turn through world markets. China’s big break came when Deng Xiaoping and other post-Mao leaders decided to trust markets instead of central planning. But their real genius lay in their recognition that the market-supporting institutions they built, most of which were sorely lacking at the time, would have to possess distinctly Chinese characteristics. Western economists would propose European-or American-style regulations to enforce contracts, protect property rights, liberalize markets, and free up trade.


pages: 326 words: 103,170

The Seventh Sense: Power, Fortune, and Survival in the Age of Networks by Joshua Cooper Ramo

air gap, Airbnb, Alan Greenspan, Albert Einstein, algorithmic trading, barriers to entry, Berlin Wall, bitcoin, Bletchley Park, British Empire, cloud computing, Computing Machinery and Intelligence, crowdsourcing, Danny Hillis, data science, deep learning, defense in depth, Deng Xiaoping, drone strike, Edward Snowden, Fairchild Semiconductor, Fall of the Berlin Wall, financial engineering, Firefox, Google Chrome, growth hacking, Herman Kahn, income inequality, information security, Isaac Newton, Jeff Bezos, job automation, Joi Ito, Laura Poitras, machine translation, market bubble, Menlo Park, Metcalfe’s law, Mitch Kapor, Morris worm, natural language processing, Neal Stephenson, Network effects, Nick Bostrom, Norbert Wiener, Oculus Rift, off-the-grid, packet switching, paperclip maximiser, Paul Graham, power law, price stability, quantitative easing, RAND corporation, reality distortion field, Recombinant DNA, recommendation engine, Republic of Letters, Richard Feynman, road to serfdom, Robert Metcalfe, Sand Hill Road, secular stagnation, self-driving car, Silicon Valley, Skype, Snapchat, Snow Crash, social web, sovereign wealth fund, Steve Jobs, Steve Wozniak, Stewart Brand, Stuxnet, superintelligent machines, systems thinking, technological singularity, The Coming Technological Singularity, The Wealth of Nations by Adam Smith, too big to fail, Vernor Vinge, zero day

Huang was, in a sense, an heir to the Warring States diplomat Su Qin, whom Master Nan had named as an icon of insight: He had mastered the energy of a chaotic age 2,500 years ago. Huang Hua had been China’s foreign minister and later a vice premier. He had penetrated the puzzles of Mao’s revolutionary era and of the decades afterward to see the possibility of a different role for the country in the world, one he’d brought to vivid life after Deng Xiaoping ascended to the Chinese leadership in 1978. Huang was always calm, with an easy and relaxed temperament. One of my favorite images of him is from the mid-1970s, when, while on a flight to the United States from Paris to take China’s seat at the United Nations, he was ambushed by Walter Cronkite.


pages: 550 words: 89,316

The Sum of Small Things: A Theory of the Aspirational Class by Elizabeth Currid-Halkett

assortative mating, back-to-the-land, barriers to entry, Bernie Sanders, biodiversity loss, BRICs, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, David Brooks, deindustrialization, Deng Xiaoping, discrete time, disruptive innovation, Downton Abbey, East Village, Edward Glaeser, en.wikipedia.org, Etonian, fixed-gear, food desert, Ford Model T, gentrification, Geoffrey West, Santa Fe Institute, income inequality, iterative process, knowledge economy, longitudinal study, Mason jar, means of production, NetJets, new economy, New Urbanism, plutocrats, post scarcity, post-industrial society, profit maximization, public intellectual, Richard Florida, selection bias, Sheryl Sandberg, Silicon Valley, systems thinking, tacit knowledge, The Design of Experiments, the High Line, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the long tail, the market place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Tony Hsieh, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, Veblen good, women in the workforce

As much discussion as there is around the global middle class, there are a number of critiques suggesting that it is not nearly as omnipresent or well-to-do as some suggest. See for example Burrows 2015 and Bremmer 2016. 33. Court and Narasimhan 2010. 34. Easterlin 2007. 35. Graham and Pettinato 2001. 36. There is much debate around whether Deng Xiaoping actually made this statement, although it is regularly attributed to him. In fact, there is no documented proof he actually uttered these words, although they have become synonymous with his role in opening the floodgates of capitalism in China. See also Iritani 2004. 37. Douglas and Isherwood 1979.


pages: 329 words: 102,469

Free World: America, Europe, and the Surprising Future of the West by Timothy Garton Ash

"World Economic Forum" Davos, Albert Einstein, battle of ideas, Berlin Wall, BRICs, British Empire, call centre, centre right, clean water, Columbine, continuation of politics by other means, cuban missile crisis, demographic transition, Deng Xiaoping, Doha Development Round, Eratosthenes, European colonialism, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, illegal immigration, income inequality, Intergovernmental Panel on Climate Change (IPCC), James Watt: steam engine, Kickstarter, Mikhail Gorbachev, Nelson Mandela, Peace of Westphalia, postnationalism / post nation state, Project for a New American Century, purchasing power parity, reserve currency, Ronald Reagan, shareholder value, Silicon Valley, Suez crisis 1956, Thomas Malthus, trade liberalization, Washington Consensus, working poor, working-age population, World Values Survey

.: Brookings, 2001), p. 27. 57. See the discussion by Stuart Harris in Buzan and Foot (eds.), Does China Matter? pp. 57–58. 58. Henry Kissinger, Does America Need a Foreign Policy? Toward a Diplomacy for the 21st Century (New York: Free Press, 2002), p. 110. 59. See, for example, President Jiang Zemin, quoting Deng Xiaoping, in Orville Schell and David Shambaugh (eds.), The China Reader: The Reform Era (New York: Vintage, 1999), p. 497. 60. Thus Avery Goldstein in G. John Ikenberry and Michael Mastanduno (eds.), International Relations Theory and the Asia-Pacific (New York: Columbia University Press, 2003), pp. 57–106. 61.


Cataloging the World: Paul Otlet and the Birth of the Information Age by Alex Wright

1960s counterculture, Ada Lovelace, barriers to entry, British Empire, business climate, business intelligence, Cape to Cairo, card file, centralized clearinghouse, Charles Babbage, Computer Lib, corporate governance, crowdsourcing, Danny Hillis, Deng Xiaoping, don't be evil, Douglas Engelbart, Douglas Engelbart, Electric Kool-Aid Acid Test, European colonialism, folksonomy, Frederick Winslow Taylor, Great Leap Forward, hive mind, Howard Rheingold, index card, information retrieval, invention of movable type, invention of the printing press, Jane Jacobs, John Markoff, Kevin Kelly, knowledge worker, Law of Accelerating Returns, Lewis Mumford, linked data, Livingstone, I presume, lone genius, machine readable, Menlo Park, military-industrial complex, Mother of all demos, Norman Mailer, out of africa, packet switching, pneumatic tube, profit motive, RAND corporation, Ray Kurzweil, scientific management, Scramble for Africa, self-driving car, semantic web, Silicon Valley, speech recognition, Steve Jobs, Stewart Brand, systems thinking, Ted Nelson, The Death and Life of Great American Cities, the scientific method, Thomas L Friedman, urban planning, Vannevar Bush, W. E. B. Du Bois, Whole Earth Catalog

His ideas about urban planning, rooted in firsthand observational research, went on to influence generations of important thinkers, including Lewis Mumford, who once praised him as a “global thinker in practice, a whole generation or more before the Western democracies fought a global war.”4 Geddes’s work continues to suggest intriguing possibilities for rethinking the architecture of information: creating physical spaces that complement and extend our ability to access large bodies of networked information. While the international museums Geddes, Otlet, and Neurath envisioned never came about in quite the way they imagined, the spirit of that global museum has recently found expression in China, where the Window of the World museum in Shenzhen, China—Deng Xiaoping’s ready-made megalopolis—hosts thousands of visitors 302 CONCLUSION who come to see the world’s wonders reproduced in miniature in this unabashedly internationalist museum. A 1:3-scale replica of the Eiffel Tower stands alongside similarly diminutive doppelgangers of the Lincoln Memorial, which sits side-by-side with reconstructions of Angkor Wat, the Taj Mahal, and other landmarks.


pages: 340 words: 97,723

The Big Nine: How the Tech Titans and Their Thinking Machines Could Warp Humanity by Amy Webb

"Friedman doctrine" OR "shareholder theory", Ada Lovelace, AI winter, air gap, Airbnb, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic bias, AlphaGo, Andy Rubin, artificial general intelligence, Asilomar, autonomous vehicles, backpropagation, Bayesian statistics, behavioural economics, Bernie Sanders, Big Tech, bioinformatics, Black Lives Matter, blockchain, Bretton Woods, business intelligence, Cambridge Analytica, Cass Sunstein, Charles Babbage, Claude Shannon: information theory, cloud computing, cognitive bias, complexity theory, computer vision, Computing Machinery and Intelligence, CRISPR, cross-border payments, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, data science, deep learning, DeepMind, Demis Hassabis, Deng Xiaoping, disinformation, distributed ledger, don't be evil, Donald Trump, Elon Musk, fail fast, fake news, Filter Bubble, Flynn Effect, Geoffrey Hinton, gig economy, Google Glasses, Grace Hopper, Gödel, Escher, Bach, Herman Kahn, high-speed rail, Inbox Zero, Internet of things, Jacques de Vaucanson, Jeff Bezos, Joan Didion, job automation, John von Neumann, knowledge worker, Lyft, machine translation, Mark Zuckerberg, Menlo Park, move fast and break things, Mustafa Suleyman, natural language processing, New Urbanism, Nick Bostrom, one-China policy, optical character recognition, packet switching, paperclip maximiser, pattern recognition, personalized medicine, RAND corporation, Ray Kurzweil, Recombinant DNA, ride hailing / ride sharing, Rodney Brooks, Rubik’s Cube, Salesforce, Sand Hill Road, Second Machine Age, self-driving car, seminal paper, SETI@home, side project, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart cities, South China Sea, sovereign wealth fund, speech recognition, Stephen Hawking, strong AI, superintelligent machines, surveillance capitalism, technological singularity, The Coming Technological Singularity, the long tail, theory of mind, Tim Cook: Apple, trade route, Turing machine, Turing test, uber lyft, Von Neumann architecture, Watson beat the top human players on Jeopardy!, zero day

He has emboldened the Communist Party, tightened the flow of information, and instituted new policies to accelerate myriad long-term plans, which he expects to start paying dividends in the next decade. At the uppermost levels of China’s government, AI is front and center. Unlike former CCP leader Deng Xiaoping, whose governing philosophy was “hide our capabilities and bide our time,” Xi is ready to show the world what China can do—and he intends to set the global pace.44 The leadership within China are looking into the future and executing on bold, unified plans right now. This alone gives China an incredible advantage over the West, and importantly, it gives the BAT superpowers.


pages: 364 words: 101,193

Six Degrees: Our Future on a Hotter Planet by Mark Lynas

accounting loophole / creative accounting, An Inconvenient Truth, Anthropocene, biodiversity loss, Biosphere 2, blood diamond, Climatic Research Unit, Deng Xiaoping, failed state, Garrett Hardin, hindcast, ice-free Arctic, Intergovernmental Panel on Climate Change (IPCC), Live Aid, Medieval Warm Period, nuclear winter, ocean acidification, oil shale / tar sands, peak oil, price stability, South China Sea, supervolcano, Tragedy of the Commons

Nowhere is this more apparent than in China, which is industrialising at breakneck speed, transforming itself from a largely peasant nation into an economic powerhouse in less than two decades. The country's leaders and population have been heading towards a Chinese-variant hypercapitalism ever since Chairman Mao breathed his last, and the economic reformers led by Deng Xiaoping came to power and quickly declared that ‘to get rich is glorious’. Glorious it may be for the new millionaires who cruise through the glittering canyons of Shanghai and Beijing, flaunting their new prosperity with celebrity-style conspicuous consumption. Glorious it may be too for the tens of millions of ordinary Chinese who no longer live in dire poverty, and own substantial capital for the first time.


pages: 316 words: 103,743

The Emperor Far Away: Travels at the Edge of China by David Eimer

back-to-the-land, Berlin Wall, British Empire, car-free, Deng Xiaoping, Fall of the Berlin Wall, Great Leap Forward, high-speed rail, illegal immigration, mass immigration, megacity, offshore financial centre, open borders, South China Sea

For a minority of Chinese, it is a place to search for a deeper meaning and understanding. Some seek out monks for guidance; most simply wander Lhasa hoping to absorb an intangible energy, reaching blindly to the gods from the roof of the world. Repressed during the first forty-odd years of CCP rule, the pent-up entrepreneurial instincts of the Chinese were unleashed in 1992 by Deng Xiaoping, Mao Zedong’s successor, with his much quoted, and likely apocryphal, statement that ‘to get rich is glorious’. Yet as more people achieve the status symbols desired by all – an apartment and a car, the cash to travel overseas – so a minority are beginning to wonder if there is more to life than what the Chinese press routinely describes as ‘money worship’.


pages: 599 words: 98,564

The Mutant Project: Inside the Global Race to Genetically Modify Humans by Eben Kirksey

23andMe, Abraham Maslow, Affordable Care Act / Obamacare, Albert Einstein, Bernie Sanders, bioinformatics, bitcoin, Black Lives Matter, blockchain, Buckminster Fuller, clean water, coronavirus, COVID-19, CRISPR, cryptocurrency, data acquisition, deep learning, Deng Xiaoping, Donald Trump, double helix, epigenetics, Ethereum, ethereum blockchain, experimental subject, fake news, gentrification, George Floyd, Jeff Bezos, lockdown, Mark Zuckerberg, megacity, microdosing, moral panic, move fast and break things, personalized medicine, phenotype, placebo effect, randomized controlled trial, Recombinant DNA, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley billionaire, Skype, special economic zone, statistical model, stem cell, surveillance capitalism, tech billionaire, technological determinism, upwardly mobile, urban planning, young professional

See coronavirus pandemic Crick, Francis (geneticist) DNA research of Nobel Prize awarded to crip (crippled) Crips in Space supercrips See also ableism; disability CRISPR approval of first clinical trial (June 2016) CRISPR-Cas9 discovery of “editing” metaphor and ethics and first edited babies (Lulu and Nana, October 2018) first edited human embryo (April 2015) function of how-to guide human reproduction and limited effectiveness in adults military uses of mutations and off-target genetic damage power of price of profit-driven experiments unpredictability of See also Charpentier, Emmanuelle; Church, George; Doudna, Jennifer; He, Jiankui; Huang, Junjiu; ICSI; in vitro fertilization CRISPR Sperm Bank (artwork) CRISPR Therapeutics cryptocurrency “Cyborg Manifesto” (Haraway) cystic fibrosis Daisy, Mike (storyteller) Daley, George (molecular biologist) Darnovsky, Marcy (policy advocate) Darwin, Charles (biologist) Davis, Machiavelli (biohacker) Deem, Michael (physicist and bioengineer) co-author of Nature manuscript CRISPR experiment involvement mentor to Jiankui He not charged with crime Defense Advanced Research Projects Agency (DARPA) Deng, Xiaoping (paramount leader, People’s Republic of China, 1982–1987) Derrida, Jacques (philosopher) de Vries, Hugo (biologist) Dialectic of Sex, The (Firestone) Dikötter, Frank (historian) Direct Genomics (Jiankui He start-up) disability abortion and enhancement and euthanasia and X-Men and See also ableism; crip; Down Syndrome disability rights Disability Visibility Project Discourse of Race in Modern China, The (Dikötter) diversity biodiversity CRISPR and disability and genetic testing and human neurodiversity science and sexual DNA building block of life databases GenBank history of discovery as a language mutations to police use of Recombinant DNA Advisory Committee (RAC) See also genes; gene therapy; genetic testing; sequencing genes DNA Dreams (documentary) Doctorow, Cory (science fiction author) Dolezal, Rachel (former NAACP chapter president) double-stranded break (in DNA), described.


pages: 1,034 words: 241,773

Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker

3D printing, Abraham Maslow, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, Alignment Problem, An Inconvenient Truth, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, biodiversity loss, Black Swan, Bonfire of the Vanities, Brexit referendum, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Charlie Hebdo massacre, classic study, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, confounding variable, correlation does not imply causation, creative destruction, CRISPR, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, data science, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, Eddington experiment, Edward Jenner, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, fake news, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, Garrett Hardin, germ theory of disease, Gini coefficient, Great Leap Forward, Hacker Conference 1984, Hans Rosling, hedonic treadmill, helicopter parent, Herbert Marcuse, Herman Kahn, Hobbesian trap, humanitarian revolution, Ignaz Semmelweis: hand washing, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of writing, Jaron Lanier, Joan Didion, job automation, Johannes Kepler, John Snow's cholera map, Kevin Kelly, Khan Academy, knowledge economy, l'esprit de l'escalier, Laplace demon, launch on warning, life extension, long peace, longitudinal study, Louis Pasteur, Mahbub ul Haq, Martin Wolf, mass incarceration, meta-analysis, Michael Shellenberger, microaggression, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, negative emissions, Nelson Mandela, New Journalism, Norman Mailer, nuclear taboo, nuclear winter, obamacare, ocean acidification, Oklahoma City bombing, open economy, opioid epidemic / opioid crisis, paperclip maximiser, Paris climate accords, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, post-truth, power law, precautionary principle, precision agriculture, prediction markets, public intellectual, purchasing power parity, radical life extension, Ralph Nader, randomized controlled trial, Ray Kurzweil, rent control, Republic of Letters, Richard Feynman, road to serfdom, Robert Gordon, Rodney Brooks, rolodex, Ronald Reagan, Rory Sutherland, Saturday Night Live, science of happiness, Scientific racism, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Kuznets, Skype, smart grid, Social Justice Warrior, sovereign wealth fund, sparse data, stem cell, Stephen Hawking, Steve Bannon, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, synthetic biology, tech billionaire, technological determinism, technological singularity, Ted Kaczynski, Ted Nordhaus, TED Talk, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, total factor productivity, Tragedy of the Commons, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, W. E. B. Du Bois, War on Poverty, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y2K

Market economies, in addition to reaping the benefits of specialization and providing incentives for people to produce things that other people want, solve the problem of coordinating the efforts of hundreds of millions of people by using prices to propagate information about need and availability far and wide, a computational problem that no planner is brilliant enough to solve from a central bureau.33 A shift from collectivization, centralized control, government monopolies, and suffocating permit bureaucracies (what in India was called “the license raj”) to open economies took place on a number of fronts beginning in the 1980s. They included Deng Xiaoping’s embrace of capitalism in China, the collapse of the Soviet Union and its domination of Eastern Europe, and the liberalization of the economies of India, Brazil, Vietnam, and other countries. Though intellectuals are apt to do a spit take when they read a defense of capitalism, its economic benefits are so obvious that they don’t need to be shown with numbers.

See also Derrida, Jacques; Foucault, Michel; postmodernism deep decarbonization, 145–6, 150 “deepity,” 433 “deep state,” 337, 448 Deepwater Horizon accident, 132 deforestation, 130, 131 and climate change, 136 reforestation, 76, 130, 134, 150, 459n25 DeFries, Ruth, 122, 128 Dehaene, Stanislas, 426 deism and deists, 8 Enlightenment thinkers as, 18, 22 Hitler as, 430 and morality, 422 dementia/Alzheimer’s disease, 59, 327 democracy, 199–213 civics-class ideal of, 204, 206 contributor to flourishing, 199–200, 470n4 criteria for measuring, 201–2, 470n15 education of populace and, 235 fall of Berlin Wall and, 163, 200–201, 203 and Fukuyama’s “end of history,” 201 negative freedom and, 265 three waves of, 200–201, 202–3, 202 Trump and disdain for, 335–6, 337, 374 undermining of, 335, 374 voter ignorance in, 204 voter turnout, 343, 438 voting and elections in, 204–5, 381 war reduced by, 162–3 See also freedom of speech; human rights Democratic Party and climate change, 357 increased partisanship of, 371–2 innumeracy of, on polarized topics, 361 journalists in, 484n54 See also political ideologies of left and right demographic transition, 125, 135–6, 436. See also population demonetization, 332–3 Deng Xiaoping, 90 Denmark, 438–9, 451, 475n30, 483n39 Dennett, Daniel, 427, 430, 433 Denney, Reuel, 274 deontological ethics, 416–18 depression, 280–83, 284, 476n74 Derrida, Jacques, 406, 446 Descartes, René, Cogito ergo sum, 352 DeScioli, Peter, 415 Deutsch, David, ix, 7, 46, 295–6, 392, 410 developed countries/world, 96 life expectancy inequalities, 54–5, 95–6 lower middle classes affected by globalization, 112, 113, 118–19, 339, 340 maternal mortality changes in, 57–8, 57 natural disaster resilience of, 187–9, 188 Secularization Thesis and, 435–6, 438 social spending as universal to, 110, 115 developing countries/world, 96 calorie availability in, 70, 70 child labor and, 232 digital technology adoption by, 244 and environmental problems, awareness of, 124 escape from poverty of, 85–6, 85 Green Revolution in, 75–8 infectious disease improvements in, 67 life expectancy inequalities in, 54–5, 59, 95–6 maternal mortality changes in, 57–8, 57 natural disaster vulnerability of, 188–9 pollution in, 130–31, 463n28 safe drinking water and, 130–31, 463n28 social spending in, 109–110 undernourishment and stunting in, 70–72, 71–2 Devereux, Stephen, 72–3, 459nn35–36 Diagnostic and Statistical Manual (DSM), 281, 282 Diamandis, Peter, 330 Diamond, Jared, 450–51, 465n76 diarrhea, childhood deaths from, 66 Dickens, Charles, 230, 249 Diderot, Denis, 10, 13 Didion, Joan, 456n1 digital manufacturing, 330–31 disaster sociology, 305 disease.


pages: 354 words: 105,322

The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis by James Rickards

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, Bayesian statistics, Bear Stearns, behavioural economics, Ben Bernanke: helicopter money, Benoit Mandelbrot, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bitcoin, Black Monday: stock market crash in 1987, Black Swan, blockchain, Boeing 747, Bonfire of the Vanities, Bretton Woods, Brexit referendum, British Empire, business cycle, butterfly effect, buy and hold, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, cellular automata, cognitive bias, cognitive dissonance, complexity theory, Corn Laws, corporate governance, creative destruction, Credit Default Swap, cuban missile crisis, currency manipulation / currency intervention, currency peg, currency risk, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, disintermediation, distributed ledger, diversification, diversified portfolio, driverless car, Edward Lorenz: Chaos theory, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, fiat currency, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, Fractional reserve banking, G4S, George Akerlof, Glass-Steagall Act, global macro, global reserve currency, high net worth, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Isaac Newton, jitney, John Meriwether, John von Neumann, Joseph Schumpeter, junk bonds, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, Long Term Capital Management, low interest rates, machine readable, mandelbrot fractal, margin call, market bubble, Mexican peso crisis / tequila crisis, Minsky moment, Money creation, money market fund, mutually assured destruction, Myron Scholes, Naomi Klein, nuclear winter, obamacare, offshore financial centre, operational security, Paul Samuelson, Peace of Westphalia, Phillips curve, Pierre-Simon Laplace, plutocrats, prediction markets, price anchoring, price stability, proprietary trading, public intellectual, quantitative easing, RAND corporation, random walk, reserve currency, RFID, risk free rate, risk-adjusted returns, Robert Solow, Ronald Reagan, Savings and loan crisis, Silicon Valley, sovereign wealth fund, special drawing rights, stock buybacks, stocks for the long run, tech billionaire, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, too big to fail, transfer pricing, value at risk, Washington Consensus, We are all Keynesians now, Westphalian system

Using Marx’s method Schumpeter saw the slow, steady rise of socialism, existing—for a time—side by side with capitalism, and operating comfortably within a democratic framework. Seeing capitalist success first in the 1960s in Europe and Japan, then in the 1980s Thatcher-Reagan revolution, then China’s ascendance in the 1990s under Deng Xiaoping’s mantra, “To be rich is glorious,” it seems hard to credit Schumpeter’s socialist thesis. The triumph of free market capitalism is so deeply entrenched from Seattle to Shanghai that Schumpeter’s glimpse of socialism’s irresistibility seems misguided. Still, Schumpeter was right. For Schumpeter, socialism was not a dictatorship of the proletariat, but an economic system directed by the state, operated by elites he called “Planners,” for the presumed benefit of workers.


pages: 372 words: 107,587

The End of Growth: Adapting to Our New Economic Reality by Richard Heinberg

3D printing, agricultural Revolution, Alan Greenspan, Anthropocene, Apollo 11, back-to-the-land, banking crisis, banks create money, Bear Stearns, biodiversity loss, Bretton Woods, business cycle, carbon footprint, Carmen Reinhart, clean water, cloud computing, collateralized debt obligation, computerized trading, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, degrowth, dematerialisation, demographic dividend, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy transition, falling living standards, financial deregulation, financial innovation, Fractional reserve banking, full employment, Gini coefficient, Glass-Steagall Act, global village, green transition, happiness index / gross national happiness, I think there is a world market for maybe five computers, income inequality, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jevons paradox, Kenneth Rogoff, late fees, liberal capitalism, low interest rates, mega-rich, military-industrial complex, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, naked short selling, Naomi Klein, Negawatt, new economy, Nixon shock, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, price stability, private military company, quantitative easing, reserve currency, ride hailing / ride sharing, rolling blackouts, Ronald Reagan, short selling, special drawing rights, systems thinking, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, tulip mania, WikiLeaks, working poor, world market for maybe five computers, zero-sum game

At this point, Mao appears to have had second thoughts: concerned that further industrialization would create or deepen class divisions, he unleashed the Cultural Revolution, lasting from 1966 to the mid-1970s, when industrial and agricultural output fell. As Mao’s health declined, a vicious power struggle ensued, leading to the reforms of Deng Xiaoping. Economic growth became a higher priority than ever before, and it followed in spectacular fashion from widespread privatization and the application of market principles. “To get rich is glorious,” Communist officials now proclaimed. During the 1950s, ’60s, and ’70s, the Chinese people had worked hard and endured grinding poverty for the good of the nation.


pages: 380 words: 109,724

Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US by Rana Foroohar

"Susan Fowler" uber, "World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Alan Greenspan, algorithmic bias, algorithmic management, AltaVista, Andy Rubin, autonomous vehicles, banking crisis, barriers to entry, behavioural economics, Bernie Madoff, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, book scanning, Brewster Kahle, Burning Man, call centre, Cambridge Analytica, cashless society, clean tech, cloud computing, cognitive dissonance, Colonization of Mars, computer age, corporate governance, creative destruction, Credit Default Swap, cryptocurrency, data is the new oil, data science, deal flow, death of newspapers, decentralized internet, Deng Xiaoping, digital divide, digital rights, disinformation, disintermediation, don't be evil, Donald Trump, drone strike, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Etonian, Evgeny Morozov, fake news, Filter Bubble, financial engineering, future of work, Future Shock, game design, gig economy, global supply chain, Gordon Gekko, Great Leap Forward, greed is good, income inequality, independent contractor, informal economy, information asymmetry, intangible asset, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, junk bonds, Kenneth Rogoff, life extension, light touch regulation, low interest rates, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Menlo Park, military-industrial complex, move fast and break things, Network effects, new economy, offshore financial centre, PageRank, patent troll, Paul Volcker talking about ATMs, paypal mafia, Peter Thiel, pets.com, price discrimination, profit maximization, race to the bottom, recommendation engine, ride hailing / ride sharing, Robert Bork, Sand Hill Road, search engine result page, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Shoshana Zuboff, side hustle, Sidewalk Labs, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, SoftBank, South China Sea, sovereign wealth fund, Steve Bannon, Steve Jobs, Steven Levy, stock buybacks, subscription business, supply-chain management, surveillance capitalism, TaskRabbit, tech billionaire, tech worker, TED Talk, Telecommunications Act of 1996, The Chicago School, the long tail, the new new thing, Tim Cook: Apple, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, warehouse robotics, WeWork, WikiLeaks, zero-sum game

But after the financial crisis of 2008, the cracks and hypocrisies inherent in America’s own system were exposed, and the Chinese became understandably worried about how opening up—financially, economically, and politically—could put them at risk and make them vulnerable to outside forces (like, for example, rapacious Wall Street bankers who could bring down global financial systems). The result was that the economic opening and privatization of the previous decades began to tail off. The Chinese began to assert themselves, and their own model of state control, on the global stage. No longer biding their time and hiding their brilliance, as the old Deng Xiaoping quote goes, a new group of technocrats led by Xi Jinping began to consolidate power and export their own political values, capital, and technology to other countries. Some of these moves, like new investments in Africa, and the One Belt, One Road strategy, which aims to connect China through the old Silk Road all the way to Europe, creating new economic and political alliances in the process, have been commended, though not by everyone—the idea that China will somehow be able to create fair and productive new alliances in difficult parts of the world where others have failed seems naïve at best.


pages: 375 words: 105,586

A Small Farm Future: Making the Case for a Society Built Around Local Economies, Self-Provisioning, Agricultural Diversity and a Shared Earth by Chris Smaje

agricultural Revolution, Airbnb, Alfred Russel Wallace, back-to-the-land, barriers to entry, biodiversity loss, Black Lives Matter, Boris Johnson, carbon footprint, circular economy, clean water, climate change refugee, collaborative consumption, Corn Laws, COVID-19, David Ricardo: comparative advantage, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, Donald Trump, energy transition, European colonialism, Extinction Rebellion, failed state, fake news, financial deregulation, financial independence, Food sovereignty, Ford Model T, future of work, Gail Bradbrook, garden city movement, Garrett Hardin, gentrification, global pandemic, Great Leap Forward, green new deal, Hans Rosling, hive mind, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jevons paradox, land reform, mass immigration, megacity, middle-income trap, Murray Bookchin, Naomi Klein, Peace of Westphalia, peak oil, post-industrial society, precariat, profit maximization, profit motive, rent-seeking, rewilding, Rutger Bregman, Silicon Valley, Silicon Valley billionaire, Steven Pinker, Stewart Brand, Ted Nordhaus, the scientific method, The Wealth of Nations by Adam Smith, Tragedy of the Commons, transaction costs, vertical integration, Washington Consensus, Wolfgang Streeck, zero-sum game

The disastrous economic policy of Mao Zedong’s Great Leap Forward in the 1950s led to widespread famine and distress, destroying the credibility of the local state in the form of communist party cadres, which were further weakened by the subsequent Cultural Revolution. This leadership vacuum created circumstances of considerable local economic autonomy, particularly in rural areas, and out of this emerged a local industrialism and peasant entrepreneurialism that predated and shaped the policies of Mao’s successor, Deng Xiaoping. Deng’s economic reforms are widely credited as the top-down cause of China’s economic miracle, but bottom-up dynamism in the semi-chaotic circumstances of Mao’s rule was more to the point.8 This raises the spectre of the bottom-up reinvention of capitalism by local peasant entrepreneurialism.


Drunk: How We Sipped, Danced, and Stumbled Our Way to Civilization by Edward Slingerland

agricultural Revolution, Alexander Shulgin, Any sufficiently advanced technology is indistinguishable from magic, Burning Man, classic study, collective bargaining, coronavirus, COVID-19, Day of the Dead, delayed gratification, Deng Xiaoping, disruptive innovation, Drosophila, experimental economics, germ theory of disease, global pandemic, Google Hangouts, hive mind, invention of agriculture, John Markoff, knowledge worker, land reform, lateral thinking, lockdown, lone genius, meta-analysis, microdosing, Picturephone, placebo effect, post-work, Ralph Waldo Emerson, search costs, Silicon Valley, Skype, social intelligence, Steve Ballmer, Steve Jobs, Steven Pinker, sugar pill, TED Talk, Tragedy of the Commons, WeWork, women in the workforce, work culture , Zenefits

By the tenth toast of sorghum liquor at a Chinese banquet, or the final round of wine at a Greek symposium, or the end of Purim, the attendees have all effectively laid their PFCs on the table, exposing themselves as cognitively defenseless. This is the social function that Henry Kissinger had in mind when he supposedly told the Chinese leader Deng Xiaoping, “I think if we drink enough mao-tai we can solve anything.”68 Intoxication has therefore played a critical role in helping humans get past the cooperation dilemmas that pervade social life, especially in large-scale societies. For groups to move past suspicion and second-guessing, our sneaky conscious mind needs to be at least temporarily paralyzed, and a healthy dose of chemical intoxicant is the quickest, most effective, and most pleasant way to accomplish this goal.


pages: 363 words: 109,077

The Raging 2020s: Companies, Countries, People - and the Fight for Our Future by Alec Ross

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Affordable Care Act / Obamacare, air gap, air traffic controllers' union, Airbnb, Albert Einstein, An Inconvenient Truth, autonomous vehicles, barriers to entry, benefit corporation, Bernie Sanders, Big Tech, big-box store, British Empire, call centre, capital controls, clean water, collective bargaining, computer vision, coronavirus, corporate governance, corporate raider, COVID-19, deep learning, Deng Xiaoping, Didi Chuxing, disinformation, Dissolution of the Soviet Union, Donald Trump, Double Irish / Dutch Sandwich, drone strike, dumpster diving, employer provided health coverage, Francis Fukuyama: the end of history, future of work, general purpose technology, gig economy, Gini coefficient, global supply chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, high-speed rail, hiring and firing, income inequality, independent contractor, information security, intangible asset, invisible hand, Jeff Bezos, knowledge worker, late capitalism, low skilled workers, Lyft, Marc Andreessen, Marc Benioff, mass immigration, megacity, military-industrial complex, minimum wage unemployment, mittelstand, mortgage tax deduction, natural language processing, Oculus Rift, off-the-grid, offshore financial centre, open economy, OpenAI, Parag Khanna, Paris climate accords, profit motive, race to the bottom, RAND corporation, ride hailing / ride sharing, Robert Bork, rolodex, Ronald Reagan, Salesforce, self-driving car, shareholder value, side hustle, side project, Silicon Valley, smart cities, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, sparse data, special economic zone, Steven Levy, stock buybacks, strikebreaker, TaskRabbit, tech bro, tech worker, transcontinental railway, transfer pricing, Travis Kalanick, trickle-down economics, Uber and Lyft, uber lyft, union organizing, Upton Sinclair, vertical integration, working poor

Ravaged by famine and political purges, China lagged far behind the developed world on nearly every quality-of-life statistic. At the time, the country had an economy slightly smaller than that of the Netherlands, but it was home to 950 million more people, almost 90 percent of whom lived in extreme poverty. Hoping to pull the country out of its backwards existence, Mao’s successor Deng Xiaoping gradually started opening China for business. The state loosened its grip on the agriculture sector, allowing rural farmers to rent land and equipment, and sell their surplus on the free market. Private companies, previously outlawed by the Communist Party, began popping up around the country.


CRISPR People by Henry T. Greely

Albert Einstein, Asilomar, Asilomar Conference on Recombinant DNA, autism spectrum disorder, bitcoin, clean water, CRISPR, Deng Xiaoping, discovery of DNA, double helix, dual-use technology, en.wikipedia.org, epigenetics, Gregor Mendel, Ian Bogost, Isaac Newton, Mark Zuckerberg, meta-analysis, mouse model, New Journalism, phenotype, precautionary principle, Recombinant DNA, special economic zone, stem cell, synthetic biology, traumatic brain injury, Xiaogang Anhui farmers

China comes from a very different tradition, at least recently. Although imperial China may have been the world’s longest surviving bureaucracy (only the Catholic Church gives it a run for its money), the Communist Revolution produced an interregnum. For roughly 30 years between the 1949 victory of the revolution and the rise to power in 1979 of Deng Xiaoping, China was, in effect, a land without law. It had plenty of authority—as far too many people found out to their death and dismay—but that authority was exercised through often ad hoc decisions by the Communist Party and its leadership, not by legislative statutes implemented transparently and evenhandedly by bureaucracies.


pages: 363 words: 109,834

The Crux by Richard Rumelt

activist fund / activist shareholder / activist investor, air gap, Airbnb, AltaVista, AOL-Time Warner, Bayesian statistics, behavioural economics, biodiversity loss, Blue Ocean Strategy, Boeing 737 MAX, Boeing 747, Charles Lindbergh, Clayton Christensen, cloud computing, cognitive bias, commoditize, coronavirus, corporate raider, COVID-19, creative destruction, crossover SUV, Crossrail, deep learning, Deng Xiaoping, diversified portfolio, double entry bookkeeping, drop ship, Elon Musk, en.wikipedia.org, financial engineering, Ford Model T, Herman Kahn, income inequality, index card, Internet of things, Jeff Bezos, Just-in-time delivery, Larry Ellison, linear programming, lockdown, low cost airline, low earth orbit, Lyft, Marc Benioff, Mark Zuckerberg, Masayoshi Son, meta-analysis, Myron Scholes, natural language processing, Neil Armstrong, Network effects, packet switching, PageRank, performance metric, precision agriculture, RAND corporation, ride hailing / ride sharing, Salesforce, San Francisco homelessness, search costs, selection bias, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social distancing, SoftBank, software as a service, statistical model, Steve Ballmer, Steve Jobs, stochastic process, Teledyne, telemarketer, TSMC, uber lyft, undersea cable, union organizing, vertical integration, WeWork

His new rocket would include extra fuel so it could return to Earth without burning up. Here are some more examples of audacious leaps to action based on a recognition of a crux: • Like Russia, China had traditionally collected tax and operating revenues centrally and then allocated funds based on various plans. Deng Xiaoping saw that China’s crux economic problem was dulled incentives to be efficient (or profitable, in Western terms). “Being rich is glorious,” he said, a truly revolutionary statement in a country that held up the equality of poverty as a virtue. Deng’s most important new bold action was to allow local communist collectives selling products and services to keep most of their profit.


pages: 356 words: 106,161

The Glass Half-Empty: Debunking the Myth of Progress in the Twenty-First Century by Rodrigo Aguilera

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Anthropocene, availability heuristic, barriers to entry, basic income, benefit corporation, Berlin Wall, Bernie Madoff, Bernie Sanders, bitcoin, Boris Johnson, Branko Milanovic, Bretton Woods, Brexit referendum, Capital in the Twenty-First Century by Thomas Piketty, capitalist realism, carbon footprint, Carmen Reinhart, centre right, clean water, cognitive bias, collapse of Lehman Brothers, Colonization of Mars, computer age, Corn Laws, corporate governance, corporate raider, creative destruction, cryptocurrency, cuban missile crisis, David Graeber, David Ricardo: comparative advantage, death from overwork, decarbonisation, deindustrialization, Deng Xiaoping, Doha Development Round, don't be evil, Donald Trump, Doomsday Clock, Dunning–Kruger effect, Elon Musk, European colonialism, fake news, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, fundamental attribution error, gig economy, Gini coefficient, Glass-Steagall Act, Great Leap Forward, green new deal, Hans Rosling, housing crisis, income inequality, income per capita, index fund, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, Jeff Bezos, Jeremy Corbyn, Jevons paradox, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, karōshi / gwarosa / guolaosi, Kenneth Rogoff, Kickstarter, lake wobegon effect, land value tax, Landlord’s Game, late capitalism, liberal capitalism, long peace, loss aversion, low interest rates, Mark Zuckerberg, market fundamentalism, means of production, meta-analysis, military-industrial complex, Mont Pelerin Society, moral hazard, moral panic, neoliberal agenda, Network effects, North Sea oil, Northern Rock, offshore financial centre, opioid epidemic / opioid crisis, Overton Window, Pareto efficiency, passive investing, Peter Thiel, plutocrats, principal–agent problem, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, risk tolerance, road to serfdom, Robert Shiller, Robert Solow, savings glut, Scientific racism, secular stagnation, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, Social Justice Warrior, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Stanislav Petrov, Steven Pinker, structural adjustment programs, surveillance capitalism, tail risk, tech bro, TED Talk, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transatlantic slave trade, trolley problem, unbiased observer, universal basic income, Vilfredo Pareto, Washington Consensus, Winter of Discontent, Y2K, young professional, zero-sum game

One can still accept the progress narrative while at the same time accepting — however reluctantly — that China may have had a disproportionate role in global poverty alleviation. After all, is it not the case that China’s remarkable economic success was down to its embrace of free-market capitalism? While it is certainly true that China’s growth skyrocketed after Deng Xiaoping’s liberalizing reforms in the 1980s, it does not follow that China is a market economy in the strictest sense of the term. A huge amount of the country’s largest firms are state-owned and even in industries with heavier private sector involvement, the very visible hand of the Chinese state is ever present.


pages: 1,042 words: 273,092

The Silk Roads: A New History of the World by Peter Frankopan

access to a mobile phone, Admiral Zheng, anti-communist, Ayatollah Khomeini, banking crisis, Bartolomé de las Casas, Berlin Wall, bread and circuses, British Empire, clean water, Columbian Exchange, credit crunch, cuban missile crisis, Deng Xiaoping, discovery of the americas, disinformation, drone strike, dual-use technology, energy security, European colonialism, failed state, financial innovation, Isaac Newton, land reform, Mahatma Gandhi, Malacca Straits, mass immigration, Mikhail Gorbachev, Murano, Venice glass, New Urbanism, no-fly zone, Ronald Reagan, sexual politics, South China Sea, spice trade, statistical model, Stuxnet, Suez crisis 1956, the built environment, the market place, The Wealth of Nations by Adam Smith, too big to fail, trade route, transcontinental railway, uranium enrichment, wealth creators, WikiLeaks, yield management, Yom Kippur War

‘By the grace of God, America [has] won the Cold War.’11 In Russia itself, transition sparked a furious battle for control that ended in a constitutional crisis and the deposition of the old guard after army tanks had shelled the White House in Moscow, the seat of the Russian government, in 1993. This was also a period of major transition in China, as the reforms introduced by Deng Xiaoping and others following the death of Mao Zedong in 1976 began to take effect – transforming the country from an isolated, regional power into one with escalating economic, military and political ambitions.12 The oppressive politics of apartheid were also winding down at long last in South Africa.

., here, here, here, here Bushihr, here, here, here nuclear site, here, here Bustani, José, here Būyid caliphate, here, here Buyl, Bernardo, here Byzantium (Byzantine empire) alliances with Khazars, here collapse of, here, here competition with Viking Rus’, here and Crusades, here deteriorating relations with west, here golden age of, here and Mongol threat, here and rise of Seljuks, here Cádiz, here Cadman, Sir John, here Caesarea, siege of, here Caffa, here Caffaro, here Cairo, here, here, here, here, here arrival of Mansa Musa, here and rise of Mamluks, here Cakchiquel Maya, here Calcutta, here, here Caldwell, John, here Calicut, here, here arrival of Vasco da Gama, here Calvin, John, here Cambodia, here, here Cambon, Paul, here camphor, here, here Campion Vaughan, Lieutenant Edwin, here Canary Islands, here, here Candida (concubine), here cannabis, here Canterbury, here, here Cão, Diogo, here Cap Breton, here Cape Verde islands, here, here cardamom, here, here Carter, Jimmy, here, here, here, here, here Carthage, here, here cartography, here, here Caspian Gates, here castles, building of, here Castlereagh, Lord, here Catalan Atlas, here Catalaunian Plains, battle of the, here Catherine of Aragon, here Catherine of Braganza, here cave temples, Buddhist, here, here Cavour, Count, here Ceuta, here, here Ceyhan, here Ceylon, see Sri Lanka Ch’oe P’u, here Chaadaev, Pyotr, here Chaghatay (Mongol warlord), here Chamberlain, Neville, here, here Chang’an, here Characene, here Charax, see Basra Charge of the Light Brigade, here chariot racing, here Charles V, Emperor, here, here Charles II, King, here Cheapside Tournament, here Chechnya, here, here, here Chekhov, Anton, here Chelmsford, Lord, here Chelyabinsk nuclear plant, here chemical weapons, Iraqi use of, here Cheney, Dick, here, here, here, here, here Chengdu, here Chernenko, Konstantin, here Cherniaev, General Mikhail, here Chernigov, here, here chess, here, here China Arabs reach, here British relations with, here Christian missionaries in, here, here culinary habits, here and drug addiction, here economic crises, here, here economic growth, here, here, here, here famine in, here financial innovations, here and huaxia concept, here impact of climate change, here intelligence cooperation with US, here knowledge of outside world, here Mongol conquest, here, here, here, here, here pays tribute to steppe nomads, here period of transition, here relations with Rome, here road system, here silver inflows and increased trade, here and Soviet invasion of Afghanistan, here and spread of Buddhism, here struggles with extremism, here Timurid conquest, here China Development Bank, here Chinese Eastern Railway, here Chirac, Jacques, here Chongqing, here Christian art, halo in, here Christian Assyrians, here Christianity competition with Judaism, here, here competition with Zoroastrianism, here, here, here as European common denominator, here Khazars and, here, here languages of, here and militarism, here, here and missionary activity, here, here Mongols and, here outbreak of militancy, here and quest for unity, here reconciled with Buddhism, here sectarianism, here spread of, here, here, here, here, here Christians and early Islam, here, here persecution of, here, here, here, here, here and slave trade, here Churchill, Winston, here, here, here, here, here, here, here, here and First World War, here and naval conversion to oil, here and post-war world, here, here, here wartime conferences, here, here Ciano, Count, here Cicero, here Cieza de León, Pedro, here, here cinnamon, here, here, here, here, here, here, here, here circumnavigation, here Clemenceau, Georges, here Clement V, Pope, here Cleopatra, Queen, here Clerk, George here climate change, here, here, here, here Clinton, Bill, here, here Clinton, Hillary, here Clive, Robert, here ‘Cloth of Antioch’, here cloves, here, here, here, here, here, here Cochin, here, here Coimbatore, here ‘coin wars’, here coinage Christian, here, here debasement of, here Greek, here Islamic, here Khazar, here and long-distance trade, here, here, here, here of Menander, here and monetisation of trade, here Mongol, here Persian, here Roman, here, here, here, here Seljuk, here Colombo, here, here Columbus, Christopher, here, here, here, here, here, here, here, here, here and liberation of Jerusalem, here, here parallels with, here, here and religious warfare, here ‘Commissar Order’, here Communism hammer and sickle flag, here and Islam, here origins of, here and pan-Arabism, here resurgence, here Concessions Syndicate, here Confucianism, here, here Confucius Institutes, here Conolly, Arthur, here Constantine, Emperor, here, here, here Constantinople and Allied First World War aims, here arrival of Jews in, here as Christian centre, here, here, here, here defensive walls, here fall of, here, here founding of, here, here hit by financial crisis, here Italian interests in, here, here, here known as Mikli-garðr, here Persians threaten, here and pilgrimages, here plague in, here planned Russian occupation of, here reception of Türkic ambassadors, here sack of, here contra-corsarios, here Copeland, Miles, here coral, here, here, here Córdoba, here, here, here, here Corfu, here, here Corinth, here Cornwallis, Lord, here Corsica, here Cortés, Hernán, here, here Cotte, Edouard, here Council of Chalcedon, here, here, here Council of Clermont, here Council of Nicaea, here Cox, Sir Percy, here, here Crete, here, here Creusot-Loire, here Crimean War, here crocodiles, here Crusades, here, here, here, here, here, here, here, here failure of, here, here, here, here Ctesiphon, here, here, here, here, here, here Cuba, massacre of villagers, here Cuban missile crisis, here, here, here Cuerdale (Lancashire), here Cumans, here, here Curzon, Lord, here, here, here, here, here cyber-terrorism, here Cyprus, here, here Cyril, Patriarch, here, here Cyrus the Great, here, here Cyrus, Patriarch, here Czechoslovakia, occupation of, here Dahl, Roald, here Daladier, Edouard, here Dallam, Thomas, here Dalrymple, William, here Damascus, here, here, here, here, here, here, here, here Damietta, here Dandanakan, battle of, here Dandolo, Doge Enrico, here Daniel of Morley, here Dara, here, here, here Dar-es-Salaam, embassy bombing, here Darius the Great, here, here Darius III, King (of Persia), here Darré, Richard, here Dāwud, Muammad, here, here, here death sentences, Islamic sanction for, here DeGolyer, Everette Lee, here Dehua, porcelain production, here Delft, ceramics industry, here Delhi, here, here Delphic maxims, here Delta Force, here, here Demetrius, bishop of Antioch, here Deng Xiaoping, here Detti, Guido, here Deutsche Bank, here devakula (temples of the divine family), here Dewashtich (ruler of Panjikent), here Dhahran bombing, here Dias, Bartolomeu, here diet, improvements in, here Dinis, King (of Portugal), here Diocletian, Emperor, here, here Disraeli, Benjamin, here Diu, Ottoman attack on, here Dīwān lughāt al-turk, here dīwān, office of, here Djenné, here dodos, as gifts, here Donbas basin, here Dost Muammad, Shah, here Dostoevskii, Fyodor, here Dreyfus, Louis G., here Drummond-Wolff, Sir Henry, here, here Dubrovnik (Ragusa), here, here Dubs, Adolph, here Duisburg, here Duleep Singh, Maharajah, here Dulles, Allen, here Dulles, John Foster, here, here, here, here Dunhuang, here, here, here, here Dunsterville, General Lionel, here Durand, Sir Mortimer, here Dürer, Albrecht, here Dutch East Indies, here, here Dutch East Indies Company (VOC), here, here, here, here Dutch Republic, rise of, here, here Dutch West Indies Company (WIC), here Dzungarian gate, here East India Company, here, here, here, here, here, here, here Easter, date of, here Eastland Company, here ebony, here, here Eden, Anthony, here, here Edessa, here, here, here, here, here, here, here Edward I, King, here Edward VII, King, here, here Egypt achieves independence, here Alexandrian conquest, here anti-British rioting, here Arab conquest, here, here Crusaders and, here, here exports of luxury goods, here Fāimid conquest, here, here, here grain exports, here Ottoman conquest, here overthrow of Farouk, here, here and pan-Arabism, here Persian conquest, here plague in here relations with Portugal, here and rise of Mamluks, here, here and rise of Saladin, here Roman conquest, here Roman recovery of, here Venetian interests in, here Eichmann, Adolf, here Eisenhower, Dwight D., here, here, here ‘Eisenhower doctrine’, here El Alamein, battle of, here El Escorial, palace of, here Elephanta, cave temples, here elephants, as gifts, here Elizabeth I, Queen, here Ellenborough, Lord, here Ellora, cave temples, here Elmina, here Elphinsonte, Major-General, here Elwell-Sutton, Laurence, here Emesa, here England armed forces, here break with Rome, here, here collections of antiquities, here and emigration to America, here maritime revolution, here plague in, here population growth, here relations with Low Countries, here relations with Ottomans, here relations with Persia, here, here relations with Spain, here, here, here and slave trade, here voyages of discovery, here see also Britain Enlightenment, here, here, here Entente Cordiale, here Enver Pasha, here Erasmus, here Erbil, here Ermolov, General Aleksei, here Etemad, Dr Akbar, here Ethiopia, here, here, here Eto’o, Samuel, here Ettel, Erwin, here Euclid, here Eudokia, here Euler, Leonhard, here eunuchs, here Euripides, here European Union, here, here Eurovision Song Contest, here Evelyn, John, here Faisal I, King (of Iraq), here Faisal II, King (of Iraq), here Falkenhayn, General Erich von, here al-Fārābī, Abū Nar, here Farman-Farma, Prince, here, here Farouk, King (of Egypt), here, here fashion houses, here fasting, here, here, here Fatehpur Sikri, here Fat Alī, Shah, here Fāimid caliphate, here, here, here fatwas, here Ferdinand and Isabella (of Spain), here, here Fez, here Field of Blood, battle of the, here financial crisis, fifteenth-century, here, here Firdawsī, here fire temples, Zoroastrian, here, here fish, worship of, here Fisher, Admiral Sir John, here, here Fitzwilliam Museum, here flagpole, world’s tallest, here Fleischer, Ari, here Florence, here, here, here, here ‘fool’s gold’, here footwear, prices of, here Ford, Gerald, here Ford Foundation, here Ford Motor Company, here, here Fort Nassau, here Fort Ross, here Foster, Norman, here ‘Four Masters’, here Foxconn, here Fra Angelico, here France armed forces, here fall of, here, here, here First World War aims, here and Red Line Agreement, here, here relations with Persia, here relations with Russia, here, here Francis of Assisi, here Franco-Prussian War, here frankincense, here, here, here, here, here, here Franks, General Tommy, here Franz Ferdinand, Archduke, here, here, here, here Fraser, Sir William, here Fraser-Tytler, Sir Kerr, here Frederick Barbarossa, Emperor, here Frederick II, Emperor, here French Revolution, here Frobisher, Martin, here Fulton, Missouri, Churchill’s speech at, here, here furs, trade in, here, here Furtado, Nelly, here Fürth, here Fusā, here, here, here Gaddafi, Muammar, here Galileo Galilei, here galley-slaves, freeing of, here Gama, Vasco da, here, here, here, here, here, here Gamelin, General Claude, here Ganjavī, Mahsatī, here Gansu corridor, here, here Gao, here Gardane, Comte de, here Gārgī Samhitā, here Gates, Robert, here, here Gaugamela, battle of, here Gaul, here, here Gazprom, here Geneva Protocols, here Genghis Khan, here, here, here, here, here, here Genoa and Black Sea trade, here competition with Venice, here, here, here decline of, here destruction of Pisan fleet, here and gold trade, here plague in, here rise of, here, here, here, here, here, here George III, King, here, here George V, King, here George, Clair, here Georges-Picot, François, here Georgia, here, here Gepids, here Germany agricultural production, here and approach to First World War, here, here develops siege mentality, here food shortages, here, here increased animosity towards, here pact with Soviet Union, here, here, here, here, here, here, here plague in, here and Second World War defeat, here, here unification, here Getty, J.


pages: 396 words: 117,897

Making the Modern World: Materials and Dematerialization by Vaclav Smil

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, additive manufacturing, American Society of Civil Engineers: Report Card, Apollo 11, Apollo Guidance Computer, Boeing 747, British Empire, decarbonisation, degrowth, deindustrialization, dematerialisation, Deng Xiaoping, energy transition, Fellow of the Royal Society, flying shuttle, Ford Model T, global pandemic, Haber-Bosch Process, happiness index / gross national happiness, hydraulic fracturing, income inequality, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), James Watt: steam engine, megacity, megastructure, microplastics / micro fibres, oil shale / tar sands, peak oil, post-industrial society, Post-Keynesian economics, purchasing power parity, recommendation engine, rolodex, X Prize

After leaving out fossil fuels and sand and gravel the average material intensity for the EU-27 was roughly 280 g/PPS compared to 165 g in Germany, 285 g in France, and 190 g in the UK, with Spain at 385 g and the Netherlands being the least material-intensive major economy with about 130 g. 4.4 Materials in China's Modernization China's modernization began with Deng Xiaoping's reversal of the longstanding autarkic Maoist policies that were largely responsible for the greatest famine in history (1959–61) and for three decades of mass poverty: reform gathered pace between 1980 and 1985, then it appeared that its advance would be affected by the mass protest and Tian'anmen killings in 1989.


pages: 482 words: 117,962

Exceptional People: How Migration Shaped Our World and Will Define Our Future by Ian Goldin, Geoffrey Cameron, Meera Balarajan

Admiral Zheng, agricultural Revolution, barriers to entry, Berlin Wall, Branko Milanovic, British Empire, conceptual framework, creative destruction, demographic transition, Deng Xiaoping, endogenous growth, failed state, Fall of the Berlin Wall, Gini coefficient, global pandemic, global supply chain, guest worker program, illegal immigration, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), job automation, Joseph Schumpeter, knowledge economy, labor-force participation, labour mobility, language acquisition, Lao Tzu, life extension, longitudinal study, low skilled workers, low-wage service sector, machine readable, Malacca Straits, mass immigration, microcredit, Nelson Mandela, Network effects, new economy, New Urbanism, old age dependency ratio, open borders, out of africa, price mechanism, purchasing power parity, Richard Florida, selection bias, Silicon Valley, Silicon Valley startup, Skype, social distancing, spice trade, trade route, transaction costs, transatlantic slave trade, women in the workforce, working-age population

EU countries provide around half the foreign students in France, Germany, and the United Kingdom.52 Overall, however, about two-thirds of foreign students in OECD member countries are from developing countries, and Asia is the largest and fastest-growing source of foreign students.53 China, India, and South Korea send large numbers, particularly to Australia, the United Kingdom, and the United States.54 Between 2006-2007 and 2007-2008, all three countries increased their number of students in the United States by more than 10 percent.55 China, which sent barely any students abroad under 30 years ago, is now the world's largest source of foreign students.56 China's rising contribution has its origins in Deng Xiaoping's 1978 “Open Doors” policy, which sought to modernize the country by training scientists and technological professionals in Western institutions. International Students at Oxford University “More than a third (38 per cent) of academic staff, including 28 per cent of teaching and research staff and 43 per cent of research-only staff are citizens of foreign countries.


pages: 374 words: 113,126

The Great Economists: How Their Ideas Can Help Us Today by Linda Yueh

3D printing, additive manufacturing, Asian financial crisis, augmented reality, bank run, banking crisis, basic income, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bike sharing, bitcoin, Branko Milanovic, Bretton Woods, BRICs, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, collective bargaining, computer age, Corn Laws, creative destruction, credit crunch, Credit Default Swap, cryptocurrency, currency peg, dark matter, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, endogenous growth, everywhere but in the productivity statistics, export processing zone, Fall of the Berlin Wall, fear of failure, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, fixed income, forward guidance, full employment, general purpose technology, Gini coefficient, Glass-Steagall Act, global supply chain, Great Leap Forward, Gunnar Myrdal, Hyman Minsky, income inequality, index card, indoor plumbing, industrial robot, information asymmetry, intangible asset, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, laissez-faire capitalism, land reform, lateral thinking, life extension, low interest rates, manufacturing employment, market bubble, means of production, middle-income trap, mittelstand, Money creation, Mont Pelerin Society, moral hazard, mortgage debt, negative equity, Nelson Mandela, non-tariff barriers, Northern Rock, Occupy movement, oil shale / tar sands, open economy, paradox of thrift, Paul Samuelson, price mechanism, price stability, Productivity paradox, purchasing power parity, quantitative easing, RAND corporation, rent control, rent-seeking, reserve currency, reshoring, road to serfdom, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, school vouchers, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, special economic zone, Steve Jobs, technological determinism, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, total factor productivity, trade liberalization, universal basic income, unorthodox policies, Washington Consensus, We are the 99%, women in the workforce, working-age population

Their communist revolution in 1917 led to the establishment of the Soviet Union, which vied with the capitalist United States as the economic model du jour during the Cold War which lasted from the end of the Second World War until the fall of the Berlin Wall in the late 1980s. Marx’s most notable success is communist China. The world’s second largest economy and its most populous nation adopted communism after its 1949 revolution and has remained governed by the Chinese Communist Party ever since. But starting in 1979, when economic stagnation led its leader Deng Xiaoping to adopt reforms, China has moved away from a planned economy towards a more market-based one. These reforms generated remarkable economic growth, which propelled China from being one of the poorest economies in the world to challenger to the United States. But China’s transition is ongoing and numerous difficulties remain, including how to sustain economic growth in a system that is still dominated by the communist state in certain sectors.


pages: 464 words: 116,945

Seventeen Contradictions and the End of Capitalism by David Harvey

accounting loophole / creative accounting, Alvin Toffler, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business climate, California gold rush, call centre, central bank independence, Charles Babbage, classic study, clean water, cloud computing, collapse of Lehman Brothers, colonial rule, company town, cotton gin, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, death from overwork, deindustrialization, demographic dividend, Deng Xiaoping, deskilling, drone strike, end world poverty, falling living standards, fiat currency, first square of the chessboard, first square of the chessboard / second half of the chessboard, Food sovereignty, Frank Gehry, future of work, gentrification, global reserve currency, Great Leap Forward, Guggenheim Bilbao, Gunnar Myrdal, Herbert Marcuse, income inequality, informal economy, invention of the steam engine, invisible hand, Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Just-in-time delivery, knowledge worker, low skilled workers, Mahatma Gandhi, market clearing, Martin Wolf, means of production, microcredit, military-industrial complex, Money creation, Murray Bookchin, new economy, New Urbanism, Occupy movement, peak oil, phenotype, planned obsolescence, plutocrats, Ponzi scheme, quantitative easing, rent-seeking, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, Savings and loan crisis, scientific management, short selling, Silicon Valley, special economic zone, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, wages for housework, Wall-E, women in the workforce, working poor, working-age population

., Disposable Women and Other Myths of Global Capitalism, New York, Routledge, 2006 Index Numbers in italics indicate Figures. 2001: A Space Odyssey (film) 271 A Abu Ghraib, Iraq 202 acid deposition 255, 256 advertising 50, 121, 140, 141, 187, 197, 236, 237, 275, 276 Aeschylus 291 Afghanistan 202, 290 Africa and global financial crisis 170 growth 232 indigenous population and property rights 39 labour 107, 108, 174 ‘land grabs’ 39, 58, 77, 252 population growth 230 Agamben, Giorgio 283–4 agglomeration 149, 150 economies 149 aggregate demand 20, 80, 81, 104, 173 aggregate effective demand 235 agribusiness 95, 133, 136, 206, 247, 258 agriculture ix, 39, 61, 104, 113, 117, 148, 229, 239, 257–8, 261 Alabama 148 Algerian War (1954–62) 288, 290 alienation 57, 69, 125, 126, 128, 129, 130, 198, 213, 214, 215, 263, 266–70, 272, 275–6, 279–80, 281, 286, 287 Allende, Salvador 201 Althusser, Louis 286 Amazon 131, 132 Americas colonisation of 229 indigenous populations 283 Amnesty International 202 anti-capitalist movements 11, 14, 65, 110, 111, 162 anti-capitalist struggle 14, 110, 145, 193, 269, 294 anti-globalisation 125 anti-terrorism xiii apartheid 169, 202, 203 Apple 84, 123, 131 apprenticeships 117 Arab Spring movement 280 Arbenz, Jacobo 201 Argentina 59, 107, 152, 160, 232 Aristotelianism 283, 289 Aristotle 1, 4, 200, 215 arms races 93 arms traffickers 54 Arrighi, Giovanni 136 Adam Smith in Beijing 142 Arthur, Brian: The Nature of Technology 89, 95–9, 101–4, 110 artificial intelligence xii, 104, 108, 120, 139, 188, 208, 295 Asia ‘land grabs’ 58 urbanisation 254 assembly lines 119 asset values and the credit system 83 defined 240 devalued 257 housing market 19, 20, 21, 58, 133 and predatory lending 133 property 76 recovery of 234 speculation 83, 101, 179 associationism 281 AT&T 131 austerity xi, 84, 177, 191, 223 Australia 152 autodidacts 183 automation xii, 103, 105, 106, 108, 138, 208, 215, 295 B Babbage, Charles 119 Bangkok riots, Thailand (1968) x Bangladesh dismantlement of old ships 250 factories 129, 174, 292 industrialisation 123 labour 108, 123, 129 protests against unsafe labour conditions 280 textile mill tragedies 249 Bank of England 45, 46 banking bonuses 164 electronic 92, 100, 277 excessive charges 84 interbank lending 233 and monopoly power 143 national banks supplant local banking in Britain and France 158 net transfers between banks 28 power of bankers 75 private banks 233 profits 54 regional banks 158 shell games 54–5 systematic banking malfeasance 54, 61 Baran, Paul and Sweezy, Paul: Monopoly Capitalism 136 Barcelona 141, 160 barrios pobres ix barter 24, 25, 29 Battersea Power Station, London 255 Battle of Algiers, The (film) 288 Bavaria, Germany 143, 150 Becker, Gary 186 Bernanke, Ben 47 Bhutan 171 billionaires xi, 165, 169, 170 biodiversity 246, 254, 255, 260 biofuels 3 biomedical engineering xii Birmingham 149 Bitcoin 36, 109 Black Panthers 291 Blade Runner (film) 271 Blankfein, Lloyd 239–40 Bohr, Niels 70 Bolivia 257, 260, 284 bondholders xii, 32, 51, 152, 158, 223, 240, 244, 245 bonuses 54, 77, 164, 178 Bourdieu, Pierre 186, 187 bourgeois morality 195 bourgeois reformism 167, 211 ‘Brady Bonds’ 240 Braudel, Fernand 193 Braverman, Harry: Labor and Monopoly Capital 119 Brazil a BRIC country 170, 228 coffee growers 257 poverty grants 107 unrest in (2013) 171, 243, 293 Brecht, Bertolt 265, 293 Bretton Woods (1944) 46 brewing trade 138 BRIC countries 10, 170, 174, 228 Britain alliance between state and London merchant capitalists 44–5 banking 158 enclosure movement 58 lends to United States (nineteenth century) 153 suppression of Mau Mau 291 surpluses of capital and labour sent to colonies 152–3 welfare state 165 see also United Kingdom British Empire 115, 174 British Museum Library, London 4 British Petroleum (BP) 61, 128 Buffett, Peter 211–12, 245, 283, 285 Buffett, Warren 211 bureaucracy 121–2, 165, 203, 251 Bush, George, Jr 201, 202 C Cabet, Étienne 183 Cabral, Amilcar 291 cadastral mapping 41 Cadbury 18 Cairo uprising (2011) 99 Calhoun, Craig 178 California 29, 196, 254 Canada 152 Cape Canaveral, Florida 196 capital abolition of monopolisable skills 119–20 aim of 92, 96–7, 232 alternatives to 36, 69, 89, 162 annihilation of space through time 138, 147, 178 capital-labour contradiction 65, 66, 68–9 and capitalism 7, 57, 68, 115, 166, 218 centralisation of 135, 142 circulation of 5, 7, 8, 53, 63, 67, 73, 74, 75, 79, 88, 99, 147, 168, 172, 177, 234, 247, 251, 276 commodity 74, 81 control over labour 102–3, 116–17, 166, 171–2, 274, 291–2 creation of 57 cultural 186 destruction of 154, 196, 233–4 and division of labour 112 economic engine of 8, 10, 97, 168, 172, 200, 253, 265, 268 evolution of 54, 151, 171, 270 exploitation by 156, 195 fictitious 32–3, 34, 76, 101, 110–11, 239–42 fixed 75–8, 155, 234 importance of uneven geographical development to 161 inequality foundational for 171–2 investment in fixed capital 75 innovations 4 legal-illegal duality 72 limitless growth of 37 new form of 4, 14 parasitic forms of 245 power of xii, 36, 47 private capital accumulation 23 privatisation of 61 process-thing duality 70–78 profitability of 184, 191–2 purpose of 92 realisation of 88, 173, 192, 212, 231, 235, 242, 268, 273 relation to nature 246–63 reproduction of 4, 47, 55, 63, 64, 88, 97, 108, 130, 146, 161, 168, 171, 172, 180, 181, 182, 189, 194, 219, 233, 252 spatiality of 99 and surplus value 63 surpluses of 151, 152, 153 temporality of 99 tension between fixed and circulating capital 75–8, 88, 89 turnover time of 73, 99, 147 and wage rates 173 capital accumulation, exponential growth of 229 capital gains 85, 179 capital accumulation 7, 8, 75, 76, 78, 102, 149, 151–5, 159, 172, 173, 179, 192, 209, 223, 228–32, 238, 241, 243, 244, 247, 273, 274, 276 basic architecture for 88 and capital’s aim 92, 96 collapse of 106 compound rate of 228–9 and the credit system 83 and democratisation 43 and demographic growth 231 and household consumerism 192 and lack of aggregate effective demand in the market 81 and the land market 59 and Marx 5 maximising 98 models of 53 in a new territories 152–3 perpetual 92, 110, 146, 162, 233, 265 private 23 promotion of 34 and the property market 50 recent problems of 10 and the state 48 capitalism ailing 58 an alternative to 36 and capital 7, 57, 68, 115, 166, 218 city landscape of 160 consumerist 197 contagious predatory lawlessness within 109 crises essential to its reproduction ix; defined 7 and demand-side management 85 and democracy 43 disaster 254–5, 255 economic engine of xiii, 7–8, 11, 110, 220, 221, 252, 279 evolution of 218 geographical landscape of 146, 159 global xi–xii, 108, 124 history of 7 ‘knowledge-based’ xii, 238 and money power 33 and a moneyless economy 36 neoliberal 266 political economy of xiv; and private property rights 41 and racialisation 8 reproduction of ix; revivified xi; vulture 162 capitalist markets 33, 53 capitalo-centric studies 10 car industry 121, 138, 148, 158, 188 carbon trading 235, 250 Caribbean migrants 115 Cartesian thinking 247 Cato Institute 143 Central America 136 central banks/bankers xi–xii, 37, 45, 46, 48, 51, 109, 142, 156, 161, 173, 233, 245 centralisation 135, 142, 144, 145, 146, 149, 150, 219 Césaire, Aimé 291 CFCs (chloro-fluorocarbons) 248, 254, 256, 259 chambers of commerce 168 Chandler, Alfred 141 Chaplin, Charlie 103 Charles I, King 199 Chartism 184 Chávez, Hugo 123, 201 cheating 57, 61, 63 Cheney, Dick 289 Chicago riots (1968) x chicanery 60, 72 children 174 exploitation of 195 raising 188, 190 trading of 26 violence and abuse of 193 Chile 136, 194, 280 coup of 1973 165, 201 China air quality 250, 258 becomes dynamic centre of a global capitalism 124 a BRIC country 170, 228 capital in (after 2000) 154 class struggles 233 and competition 150, 161 consumerism 194–5, 236 decentralisation 49 dirigiste governmentality 48 dismantlement of old ships 250 dispossessions in 58 education 184, 187 factories 123, 129, 174, 182 famine in 124–5 ‘great leap forward’ 125 growth of 170, 227, 232 income inequalities 169 industrialisation 232 Keynesian demand-side and debt-financed expansion xi; labour 80, 82, 107, 108, 123, 174, 230 life expectancy 259 personal debt 194 remittances 175 special economic zones 41, 144 speculative booms and bubbles in housing markets 21 suburbanisation 253 and technology 101 toxic batteries 249–50 unstable lurches forward 10 urban and infrastructural projects 151 urbanisation 232 Chinese Communist Party 108, 142 Church, the 185, 189, 199 circular cumulative causation 150 CitiBank 61 citizenship rights 168 civil rights 202, 205 class affluent classes 205 alliances 143, 149 class analysis xiii; conflict 85, 159 domination 91, 110 plutocratic capitalist xiii; power 55, 61, 88, 89, 92, 97, 99, 110, 134, 135, 221, 279 and race 166, 291 rule 91 structure 91 class struggle 34, 54, 67, 68, 85, 99, 103, 110, 116, 120, 135, 159, 172, 175, 183, 214, 233 climate change 4, 253–6, 259 Clinton, President Bill 176 Cloud Atlas (film) 271 CNN 285 coal 3, 255 coercion x, 41–4, 53, 60–63, 79, 95, 201, 286 Cold War 153, 165 collateralised debt obligations (CDOs) 78 Collins, Suzanne: The Hunger Games 264 Colombia 280 colonialism 257 the colonised 289–90 indigenous populations 39, 40 liberation from colonial rule 202 philanthropic 208, 285 colonisation 229, 262 ‘combinatorial evolution’ 96, 102, 104, 146, 147, 248 commercialisation 262, 263, 266 commodification 24, 55, 57, 59–63, 88, 115, 140, 141, 192, 193, 235, 243, 251, 253, 260, 262, 263, 273 commodities advertising 275 asking price 31 and barter 24 commodity exchange 39, 64 compared with products 25–6 defective or dangerous 72 definition 39 devaluation of 234 exchange value 15, 25 falling costs of 117 importance of workers as buyers 80–81 international trade in 256 labour power as a commodity 62 low-value 29 mobility of 147–8 obsolescence 236 single metric of value 24 unique 140–41 use value 15, 26, 35 commodity markets 49 ‘common capital of the class’ 142, 143 common wealth created by social labour 53 private appropriation of 53, 54, 55, 61, 88, 89 reproduction of 61 use values 53 commons collective management of 50 crucial 295 enclosure of 41, 235 natural 250 privatised 250 communications 99, 147, 148, 177 communism 196 collapse of (1989) xii, 165 communist parties 136 during Cold War 165 scientific 269 socialism/communism 91, 269 comparative advantage 122 competition and alienated workers 125 avoiding 31 between capitals 172 between energy and food production 3 decentralised 145 and deflationary crisis (1930s) 136 foreign 148, 155 geopolitical 219 inter-capitalist 110 international 154, 175 interstate 110 interterritorial 219 in labour market 116 and monopoly 131–45, 146, 218 and technology 92–3 and turnover time of capital 73, 99 and wages 135 competitive advantage 73, 93, 96, 112, 161 competitive market 131, 132 competitiveness 184 complementarity principle of 70 compounding growth 37, 49, 222, 227, 228, 233, 234, 235, 243, 244 perpetual 222–45, 296 computerisation 100, 120, 222 computers 92, 100, 105, 119 hardware 92, 101 organisational forms 92, 93, 99, 101 programming 120 software 92, 99, 101, 115, 116 conscience laundering 211, 245, 284, 286 Conscious Capitalism 284 constitutional rights 58 constitutionality 60, 61 constitutions progressive 284 and social bond between human rights and private property 40 US Constitution 284 and usurpation of power 45 consumerism 89, 106, 160, 192–5, 197, 198, 236, 274–7 containerisation 138, 148, 158 contracts 71, 72, 93, 207 contradictions Aristotelian conception of 4 between money and the social labour money represents 83 between reality and appearance 4–6 between use and exchange value 83 of capital and capitalism 68 contagious intensification of 14 creative use of 3 dialectical conception of 4 differing reactions to 2–3 and general crises 14 and innovation 3 moved around rather than resolved 3–4 multiple 33, 42 resolution of 3, 4 two modes of usage 1–2 unstable 89 Controller of the Currency 120 corporations and common wealth 54 corporate management 98–9 power of 57–8, 136 and private property 39–40 ‘visible hand’ 141–2 corruption 53, 197, 266 cosmopolitanism 285 cost of living 164, 175 credit cards 67, 133, 277 credit card companies 54, 84, 278 credit financing 152 credit system 83, 92, 101, 111, 239 crises changes in mental conceptions of the world ix-x; crisis of capital 4 defined 4 essential to the reproduction of capitalism ix; general crisis ensuing from contagions 14 housing markets crisis (2007–9) 18, 20, 22 reconfiguration of physical landscapes ix; slow resolution of x; sovereign debt crisis (after 2012) 37 currency markets, turbulence of (late 1960s) x customary rights 41, 59, 198 D Davos conferences 169 DDT 259 Debord, Guy: The Society of the Spectacle 236 debt creation 236 debt encumbrancy 212 debt peonage 62, 212 decentralisation 49, 142, 143, 144, 146, 148, 219, 281, 295 Declaration of Independence (US) 284 decolonisation 282, 288, 290 decommodification 85 deindustrialisation xii, 77–8, 98, 110, 148, 153, 159, 234 DeLong, Bradford 228 demand management 81, 82, 106, 176 demand-side management 85 democracy 47, 215 bourgeois 43, 49 governance within capitalism 43 social 190 totalitarian 220, 292 democratic governance 220, 266 democratisation 43 Deng Xiaoping x depressions 49, 227 1930s x, 108, 136, 169, 227, 232, 234 Descartes, René 247 Detroit 77, 136, 138, 148, 150, 152, 155, 159, 160 devaluation 153, 155, 162 of capital 233 of commodities 234 crises 150–51, 152, 154 localised 154 regional 154 developing countries 16, 240 Dhaka, Bangladesh 77 dialectics 70 Dickens, Charles 126, 169 Bleak House 226 Dombey and Son 184 digital revolution 144 disabled, the 202 see also handicapped discrimination 7, 8, 68, 116, 297 diseases 10, 211, 246, 254, 260 disempowerment 81, 103, 116, 119, 198, 270 disinvestment 78 Disneyfication 276 dispossession accumulation by 60, 67, 68, 84, 101, 111, 133, 141, 212 and capital 54, 55, 57 economies of 162 of indigenous populations 40, 59, 207 ‘land grabs’ 58 of land rights of the Irish 40 of the marginalised 198 political economy of 58 distributional equality 172 distributional shares 164–5, 166 division of labour 24, 71, 112–30, 154, 184, 268, 270 and Adam Smith 98, 118 defined 112 ‘the detail division of labour’ 118, 121 distinctions and oppositions 113–14 evolution of 112, 120, 121, 126 and gender 114–15 increasing complexity of 124, 125, 126 industrial proletariat 114 and innovation 96 ‘new international division of labour’ 122–3 organisation of 98 proliferating 121 relation between the parts and the whole 112 social 113, 118, 121, 125 technical 113, 295 uneven geographical developments in 130 dot-com bubble (1990s) 222–3, 241 ‘double coincidence of wants and needs’ 24 drugs 32, 193, 248 cartels 54 Durkheim, Emile 122, 125 Dust Bowl (United States, 1930s) 257 dynamism 92, 104, 146, 219 dystopia 229, 232, 264 E Eagleton , Terry: Why Marx Was Right 1, 21, 200, 214–15 East Asia crisis of 1997–98 154 dirigiste governmentality 48 education 184 rise of 170 Eastern Europe 115, 230 ecological offsets 250 economic rationality 211, 250, 252, 273, 274, 275, 277, 278, 279 economies 48 advanced capitalist 228, 236 agglomeration 149 of dispossession 162 domination of industrial cartels and finance capital 135 household 192 informal 175 knowledge-based 188 mature 227–8 regional 149 reoriented to demand-side management 85 of scale 75 solidarity 66, 180 stagnant xii ecosystems 207, 247, 248, 251–6, 258, 261, 263, 296 Ecuador 46, 152, 284 education 23, 58, 60, 67–8, 84, 110, 127–8, 129, 134, 150, 156, 168, 183, 184, 185, 187, 188, 189, 223, 235, 296 efficiency 71, 92, 93, 98, 103, 117, 118, 119, 122, 126, 272, 273, 284 efficient market hypothesis 118 Egypt 107, 280, 293 Ehrlich, Paul 246 electronics 120, 121, 129, 236, 292 emerging markets 170–71, 242 employment 37 capital in command of job creation 172, 174 conditions of 128 full-time 274 opportunities for xii, 108, 168 regional crises of 151 of women 108, 114, 115, 127 see also labour enclosure movement 58 Engels, Friedrich 70 The Condition of the English Working Class in England 292 English Civil War (1642–9) 199 Enlightenment 247 Enron 133, 241 environmental damage 49, 61, 110, 111, 113, 232, 249–50, 255, 257, 258, 259, 265, 286, 293 environmental movement 249, 252 environmentalism 249, 252–3 Epicurus 283 equal rights 64 Erasmus, Desiderius 283 ethnic hatreds and discriminations 8, 165 ethnic minorities 168 ethnicisation 62 ethnicity 7, 68, 116 euro, the 15, 37, 46 Europe deindustrialisation in 234 economic development in 10 fascist parties 280 low population growth rate 230 social democratic era 18 unemployment 108 women in labour force 230 European Central Bank 37, 46, 51 European Commission 51 European Union (EU) 95, 159 exchange values commodities 15, 25, 64 dominance of 266 and housing 14–23, 43 and money 28, 35, 38 uniform and qualitatively identical 15 and use values 15, 35, 42, 44, 50, 60, 65, 88 exclusionary permanent ownership rights 39 experts 122 exploitation 49, 54, 57, 62, 68, 75, 83, 107, 108, 124, 126, 128, 129, 150, 156, 159, 166, 175, 176, 182, 185, 193, 195, 208, 246, 257 exponential growth 224, 240, 254 capacity for 230 of capital 246 of capital accumulation 223, 229 of capitalist activity 253 and capital’s ecosystem 255 in computer power 105 and environmental resources 260 in human affairs 229 and innovations in finance and banking 100 potential dangers of 222, 223 of sophisticated technologies 100 expropriation 207 externality effects 43–4 Exxon 128 F Facebook 236, 278, 279 factories ix, 123, 129, 160, 174, 182, 247, 292 Factory Act (1864) 127, 183 famine 124–5, 229, 246 Fannie Mae 50 Fanon, Frantz 287 The Wretched of the Earth 288–90, 293 fascist parties 280 favelas ix, 16, 84, 175 feminisation 115 feminists 189, 192, 283 fertilisers 255 fetishes, fetishism 4–7, 31, 36–7, 61, 103, 111, 179, 198, 243, 245, 269, 278 feudalism 41 financial markets 60, 133 financialisation 238 FIRE (finance, insurance and real estate) sections 113 fishing 59, 113, 148, 249, 250 fixity and motion 75–8, 88, 89, 146, 155 Food and Drug Administration 120 food production/supply 3, 229, 246, 248, 252 security 253, 294, 296 stamp aid 206, 292 Ford, Martin 104–8, 111, 273 foreclosure 21, 22, 24, 54, 58, 241, 268 forestry 113, 148, 257 fossil fuels 3–4 Foucault, Michel xiii, 204, 209, 280–81 Fourier, François Marie Charles 183 Fourierists 18 Fourteen Points 201 France banking 158 dirigiste governmentality under de Gaulle 48 and European Central Bank 46 fascist parties 280 Francis, Pope 293 Apostolic Exhortation 275–6 Frankfurt School 261 Freddie Mac 50 free trade 138, 157 freedom 47, 48, 142, 143, 218, 219, 220, 265, 267–270, 276, 279–82, 285, 288, 296 and centralised power 142 cultural 168 freedom and domination 199–215, 219, 268, 285 and the good life 215 and money creation 51 popular desire for 43 religious 168 and state finances 48 under the rule of capital 64 see also liberty and freedom freedom of movement 47, 296 freedom of thought 200 freedom of the press 213 French Revolution 203, 213, 284 G G7 159 G20 159 Gallup survey of work 271–2 Gandhi, Mahatma 284, 291 Gaulle, Charles de 48 gay rights 166 GDP 194, 195, 223 Gehry, Frank 141 gender discriminations 7, 8, 68, 165 gene sequences 60 General Motors xii genetic engineering xii, 101, 247 genetic materials 235, 241, 251, 261 genetically modified foods 101 genocide 8 gentrification 19, 84, 141, 276 geocentric model 5 geographical landscape building a new 151, 155 of capitalism 159 evolution of 146–7 instability of 146 soulless, rationalised 157 geopolitical struggles 8, 154 Germany and austerity 223 autobahns built 151 and European Central Bank 46 inflation during 1920s 30 wage repression 158–9 Gesell, Silvio 35 Ghana 291 global economic crisis (2007–9) 22, 23, 47, 118, 124, 132, 151, 170, 228, 232, 234, 235, 241 global financialisation x, 177–8 global warming 260 globalisation 136, 174, 176, 179, 223, 293 gold 27–31, 33, 37, 57, 227, 233, 238, 240 Golden Dawn 280 Goldman Sachs 75, 239 Google 131, 136, 195, 279 Gordon, Robert 222, 223, 230, 239, 304n2 Gore, Al 249 Gorz, André 104–5, 107, 242, 270–77, 279 government 60 democratic 48 planning 48 and social bond between human rights and private property 40 spending power 48 governmentality 43, 48, 157, 209, 280–81, 285 Gramsci, Antonio 286, 293 Greco, Thomas 48–9 Greece 160, 161, 162, 171, 235 austerity 223 degradation of the well-being of the masses xi; fascist parties 280 the power of the bondholders 51, 152 greenwashing 249 Guantanamo Bay, Cuba 202, 284 Guatemala 201 Guevara, Che 291 Guggenheim Museum, Bilbao 141 guild system 117 Guinea-Bissau 291 Gulf Oil Spill (2010) 61 H Habermas, Jürgen 192 habitat 246, 249, 252, 253, 255 handicapped, the 218 see also disabled Harvey, David The Enigma of Capital 265 Rebel Cities 282 Hayek, Friedrich 42 Road to Serfdom 206 health care 23, 58, 60, 67–8, 84, 110, 134, 156, 167, 189, 190, 235, 296 hedge funds 101, 162, 239, 241, 249 managers 164, 178 Heidegger, Martin 59, 250 Heritage Foundation 143 heterotopic spaces 219 Hill, Christopher 199 Ho Chi Minh 291 holocausts 8 homelessness 58 Hong Kong 150, 160 housing 156, 296 asset values 19, 20, 21, 58 ‘built to order’ 17 construction 67 controlling externalities 19–20 exchange values 14–23, 43 gated communities ix, 160, 208, 264 high costs 84 home ownership 49–50 investing in improvements 20, 43 mortgages 19, 21, 28, 50, 67, 82 predatory practices 67, 133 production costs 17 rental markets 22 renting or leasing 18–19, 67 self-built 84 self-help 16, 160 slum ix, 16, 175 social 18, 235 speculating in exchange value 20–22 speculative builds 17, 28, 78, 82 tenement 17, 160 terraced 17 tract ix, 17, 82 use values 14–19, 21–2, 23, 67 housing markets 18, 19, 21, 22, 28, 32, 49, 58, 60, 67, 68, 77, 83, 133, 192 crisis (2007–9) 18, 20, 22, 82–3 HSBC 61 Hudson, Michael 222 human capital theory 185, 186 human evolution 229–30 human nature 97, 198, 213, 261, 262, 263 revolt of 263, 264–81 human rights 40, 200, 202 humanism 269 capitalist 212 defined 283 education 128 excesses and dark side 283 and freedom 200, 208, 210 liberal 210, 287, 289 Marxist 284, 286 religious 283 Renaissance 283 revolutionary 212, 221, 282–93 secular 283, 285–6 types of 284 Hungary: fascist parties 280 Husserl, Edmund 192 Huygens, Christiaan 70 I IBM 128 Iceland: banking 55 identity politics xiii illegal aliens (‘sans-papiers’) 156 illegality 61, 72 immigrants, housing 160 imperialism 135, 136, 143, 201, 257, 258 income bourgeois disposable 235 disparities of 164–81 levelling up of 171 redistribution to the lower classes xi; see also wages indebtedness 152, 194, 222 India billionaires in 170 a BRIC country 170, 228 call centres 139 consumerism 236 dismantlement of old ships 250 labour 107, 230 ‘land grabs’ 77 moneylenders 210 social reproduction in 194 software engineers 196 special economic zones 144 unstable lurches forward 10 indigenous populations 193, 202, 257, 283 dispossession of 40, 59, 207 and exclusionary ownership rights 39 individualism 42, 197, 214, 281 Indonesia 129, 160 industrial cartels 135 Industrial Revolution 127 industrialisation 123, 189, 229, 232 inflation 30, 36, 37, 40, 49, 136, 228, 233 inheritance 40 Inner Asia, labour in 108 innovation 132 centres of 96 and the class struggle 103 competitive 219 as a double-edged sword xii; improving the qualities of daily life 4 labour-saving 104, 106, 107, 108 logistical 147 organisational 147 political 219 product 93 technological 94–5, 105, 147, 219 as a way out of a contradiction 3 insurance companies 278 intellectual property rights xii, 41, 123, 133, 139, 187, 207, 235, 241–2, 251 interest compound 5, 222, 224, 225, 226–7 interest-rate manipulations 54 interest rates 54, 186 living off 179, 186 on loans 17 money capital 28, 32 and mortgages 19, 67 on repayment of loans to the state 32 simple 225, 227 usury 49 Internal Revenue Service income tax returns 164 International Monetary Fund (IMF) 49, 51, 100, 143, 161, 169, 186, 234, 240 internet 158, 220, 278 investment: in fixed capital 75 investment pension funds 35–6 IOUs 30 Iran 232, 289 Iranian Revolution 289 Iraq war 201, 290 Ireland dispossession of land rights 40 housing market crash (2007–9) 82–3 Istanbul 141 uprising (2013) 99, 129, 171, 243 Italy 51,161, 223, 235 ITT 136 J Jacobs, Jane 96 James, C.L.R. 291 Japan 1980s economic boom 18 capital in (1980s) 154 economic development in 10 factories 123 growth rate 227 land market crash (1990) 18 low population growth rate 230 and Marshall Plan 153 post-war recovery 161 Jewish Question 213 JPMorgan 61 Judaeo-Christian tradition 283 K Kant, Immanuel 285 Katz, Cindi 189, 195, 197 Kenya 291 Kerala, India 171 Keynes, John Maynard xi, 46, 76, 244, 266 ‘Economic Possibilities for our Grandchildren’ 33–4 General Theory of Employment, Interest, and Money 35 Keynesianism demand management 82, 105, 176 demand-side and debt-financed expansion xi King, Martin Luther 284, 291 knowledge xii, 26, 41, 95, 96, 100, 105, 113, 122, 123, 127, 144, 184, 188, 196, 238, 242, 295 Koch brothers 292 Kohl, Helmut x L labour agitating and fighting for more 64 alienated workers 125, 126, 128, 129, 130 artisan 117, 182–3 and automation 105 capital/labour contradiction 65, 66, 68–9, 146 collective 117 commodification of 57 contracts 71, 72 control over 74, 102–11, 119, 166, 171–2, 274, 291–2 deskilling 111, 119 discipline 65, 79 disempowering workers 81, 103, 116, 119, 270 division of see division of labour; domestic 196 education 127–8, 129, 183, 187 exploitation of 54, 57, 62, 68, 75, 83, 107, 108, 126, 128, 129, 150, 156, 166, 175, 176, 182, 185, 195 factory 122, 123, 237 fair market value 63, 64 Gallup survey 271–2 house building 17 housework 114–15, 192 huge increase in the global wage labour force 107–8 importance of workers as buyers of commodities 80–81 ‘industrial reserve army’ 79–80, 173–4 migrations of 118 non-unionised xii; power of 61–4, 71, 73, 74, 79, 81, 88, 99, 108, 118–19, 127, 173, 175, 183, 189, 207, 233, 267 privatisation of 61 in service 117 skills 116, 118–19, 123, 149, 182–3, 185, 231 social see social labour; surplus 151, 152, 173–4, 175, 195, 233 symbolic 123 and trade unions 116 trading in labour services 62–3 unalienated 66, 89 unionised xii; unpaid 189 unskilled 114, 185 women in workforce see under women; worked to exhaustion or death 61, 182 see also employment labour markets 47, 62, 64, 66–9, 71, 102, 114, 116, 118, 166 labour-saving devices 104, 106, 107, 173, 174, 277 labour power commodification of 61, 88 exploitation of 62, 175 generation of surplus value 63 mobility of 99 monetisation of 61 private property character of 64 privatisation of 61 reserves of 108 Lagos, Nigeria, social reproduction in 195 laissez-faire 118, 205, 207, 281 land commodification 260–61 concept of 76–7 division of 59 and enclosure movement 58 establishing as private property 41 exhausting its fertility 61 privatisation 59, 61 scarcity 77 urban 251 ‘land grabs’ 39, 58, 77, 252 land market 18, 59 land price 17 land registry 41 land rents 78, 85 land rights 40, 93 land-use zoning 43 landlords 54, 67, 83, 140, 179, 251, 261 Latin America ’1and grabs’ 58, 77 labour 107 reductions in social inequality 171 two ‘lost decades’ of development 234 lawyers 22, 26, 67, 82, 245 leasing 16, 17, 18 Lebed, Jonathan 195 Lee Kuan-Yew 48 Leeds 149 Lefebvre, Henri 157, 192 Critique of Everyday Life 197–8 left, the defence of jobs and skills under threat 110 and the factory worker 68 incapable of mounting opposition to the power of capital xii; remains of the radical left xii–xiii Lehman Brothers investment bank, fall of (2008) x–xi, 47, 241 ‘leisure’ industries 115 Lenin, Vladimir 135 Leninism 91 Lewis, Michael: The Big Short 20–21 LGBT groups 168, 202, 218 liberation struggle 288, 290 liberty, liberties 44, 48–51, 142, 143, 212, 276, 284, 289 and bourgeois democracy 49 and centralised power 142 and money creation 51 non-coercive individual liberty 42 popular desire for 43 and state finances 48 liberty and freedom 199–215 coercion and violence in pursuit of 201 government surveillance and cracking of encrypted codes 201–2 human rights abuses 202 popular desire for 203 rhetoric on 200–201, 202 life expectancy 250, 258, 259 light, corpuscular theory of 70 living standards xii, 63, 64, 84, 89, 134, 175, 230 loans fictitious capital 32 housing 19 interest on 17 Locke, John 40, 201, 204 logos 31 London smog of 1952 255 unrest in (2011) 243 Los Angeles 150, 292 Louis XIV, King of France 245 Lovelace, Richard 199, 200, 203 Luddites 101 M McCarthyite scourge 56 MacKinnon, Catherine: Are Women Human?


pages: 379 words: 114,807

The Land Grabbers: The New Fight Over Who Owns the Earth by Fred Pearce

activist lawyer, Asian financial crisis, banking crisis, big-box store, Black Monday: stock market crash in 1987, blood diamond, British Empire, Buy land – they’re not making it any more, Cape to Cairo, carbon credits, carbon footprint, clean water, company town, corporate raider, credit crunch, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy security, farmers can use mobile phones to check market prices, Garrett Hardin, Global Witness, index fund, Jeff Bezos, Kickstarter, Kondratiev cycle, land reform, land tenure, Mahatma Gandhi, market fundamentalism, megacity, megaproject, Mohammed Bouazizi, Nelson Mandela, Nikolai Kondratiev, offshore financial centre, out of africa, quantitative easing, race to the bottom, Ronald Reagan, smart cities, structural adjustment programs, too big to fail, Tragedy of the Commons, undersea cable, urban planning, urban sprawl, vertical integration, WikiLeaks

Meanwhile the federal environment agency IBAMA estimated that the farm operators between them had felled 190,000 acres of forest between 2004 and 2006. Levinsohn hit back. He claims to have been the first businessman to “believe in the cerrado,” which he had “reclaimed from squatters and outlaws.” He compares his investment in the cerrado to Deng Xiaoping’s work in transforming China after Mao. He is being pursued by a campaign of “media persecution,” he says. The night after hearing these stories, I watched a DVD of Grapes of Wrath, the tale of sharecroppers caught up in the dust bowl that engulfed the American prairies in the 1930s, and how they were expelled to make way for big landowners who wanted to cultivate the land with one worker and a caterpillar bulldozer.


pages: 420 words: 119,928

The Three-Body Problem (Remembrance of Earth's Past) by Cixin Liu

Apollo 13, back-to-the-land, cosmic microwave background, Deng Xiaoping, game design, Henri Poincaré, horn antenna, information security, invisible hand, Isaac Newton, Norbert Wiener, Panamax, quantum entanglement, RAND corporation, Search for Extraterrestrial Intelligence, Von Neumann architecture

The resulting chaos finally caused the leadership in Beijing to ask students to return to class in late 1967 and continue the revolution in a more controlled manner. 37 Translator’s Note: “Cowsheds” were locations set up by work units (factories, schools, towns, etc.) during the early phases of the Cultural Revolution to detain the counter-revolutionary “Monsters and Demons” (reactionary academic authorities, rightists, the Five Black Categories, etc.) at the work unit. 38 Translator’s Note: This meeting marked the beginning of the “Reform and Opening Up” policy and was seen as the moment when Deng Xiaoping became the leader of China. 39 Translator’s Note: In the later years of the Cultural Revolution, privileged, educated urban youths were sent down to the poor, mountainous countryside to live with and learn from the farmers there. Many of these so-called “Rusticated Youths” were former Red Guards, and some commentators believe that the policy was instituted by Chairman Mao to restore order by removing the rebels, who had gotten out of control, from the cities. 40 Translator’s Note: The Hundred-Day War at Tsinghua University was one of the most violent Red Guard civil wars during the Cultural Revolution.


pages: 366 words: 117,875

Arrival City by Doug Saunders

agricultural Revolution, Ayatollah Khomeini, Berlin Wall, Boeing 747, Branko Milanovic, call centre, credit crunch, Deng Xiaoping, desegregation, foreign exchange controls, gentrification, ghettoisation, Gini coefficient, guest worker program, Hernando de Soto, Honoré de Balzac, illegal immigration, immigration reform, income inequality, informal economy, Jane Jacobs, Kibera, land reform, land tenure, low skilled workers, mass immigration, megacity, microcredit, new economy, Pearl River Delta, pensions crisis, place-making, price mechanism, rent control, Silicon Valley, special economic zone, the built environment, The Chicago School, The Death and Life of Great American Cities, upwardly mobile, urban planning, urban sprawl, white flight, working poor, working-age population

Their future, and their family, will have to take place somewhere else. Millions of other workers have come to the same conclusion. Shenzhen, on the southern mainland of China across the Deep Bay from Hong Kong, is the world’s largest purpose-built arrival city. As recently as 1980, it was a fishing village of 25,000 people; then Chairman Deng Xiaoping declared it the first Special Economic Zone, exempt from restrictions on movements of workers and freely allowed to practice capitalism, and it quickly swelled into an industrial hub whose population, by the end of the twentieth century, was officially almost nine million but more likely in excess of 14 million, owing to the masses of semi-permanent village migrants from all over China who pack its workers’ dormitories.


pages: 366 words: 123,151

The Routes of Man: How Roads Are Changing the World and the Way We Live Today by Ted Conover

airport security, Atahualpa, carbon footprint, Deng Xiaoping, East Village, financial independence, Google Earth, mass immigration, megacity, mutually assured destruction, New Urbanism, nuclear winter, off grid, Ronald Reagan, transatlantic slave trade, urban planning, urban renewal

Occasionally you were hit with an expressway fine when you stopped at the next tollbooth, but ordinarily, unless there had been an accident or some other irregularity, cops wouldn’t chase you. Police cars were slow, but the mails were reliable. Li portrayed himself as very straight: “Twenty years ago, I was driving a tractor—I was a model peasant! There were almost no cars in China. I didn’t learn to drive until 1988. Under Deng Xiaoping, I got lucky because I was uneducated. Educated people think in traditional ways, but Deng said we should take chances.” He did, and now he owns the Beijing Fangshan Banbidian Cement Factory, which he started when he was twenty-eight. Li was mild-mannered and unassuming, but when I later showed Li Lu his business card, she was in awe: “This cell phone prefix means he has had the phone a long time—since they were really expensive.


pages: 433 words: 125,031

Brazillionaires: The Godfathers of Modern Brazil by Alex Cuadros

"World Economic Forum" Davos, affirmative action, Asian financial crisis, benefit corporation, big-box store, bike sharing, BRICs, buy the rumour, sell the news, cognitive dissonance, creative destruction, crony capitalism, Deng Xiaoping, Donald Trump, Elon Musk, facts on the ground, family office, financial engineering, high net worth, index fund, invisible hand, Jeff Bezos, Mark Zuckerberg, megaproject, NetJets, offshore financial centre, profit motive, prosperity theology / prosperity gospel / gospel of success, rent-seeking, risk/return, Rubik’s Cube, savings glut, short selling, Silicon Valley, sovereign wealth fund, stem cell, stock buybacks, tech billionaire, The Wealth of Nations by Adam Smith, too big to fail, transatlantic slave trade, We are the 99%, William Langewiesche

Eike even introduced him to Silvio Berlusconi, the billionaire and former prime minister of Italy. Best of all, Eike’s endorsement brought a flood of new business to Tricosalus. In those days of fantastic wealth creation, Eike was the gold standard for Brazil’s novos ricos. Veja magazine ran a cover with his face on Deng Xiaoping’s body and the tagline “To Get Rich Is Glorious”—as if Eike had brought capitalism to a communist country. The story was all about the entrepreneurs he’d inspired. Eike got the cover blown up and framed for his office. I got a feel for Eike’s resonance at a cocktail party I went to in São Paulo.


World Cities and Nation States by Greg Clark, Tim Moonen

active transport: walking or cycling, Asian financial crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, business climate, clean tech, congestion charging, corporate governance, Crossrail, deindustrialization, Deng Xiaoping, driverless car, financial independence, financial intermediation, Francis Fukuyama: the end of history, full employment, gentrification, global supply chain, global value chain, high net worth, high-speed rail, housing crisis, immigration reform, income inequality, informal economy, Kickstarter, knowledge economy, low skilled workers, managed futures, megacity, megaproject, new economy, New Urbanism, Norman Mailer, open economy, Pearl River Delta, rent control, Richard Florida, Shenzhen special economic zone , Silicon Valley, smart cities, sovereign wealth fund, special economic zone, stem cell, supply-chain management, tacit knowledge, The Wealth of Nations by Adam Smith, trade route, transaction costs, transit-oriented development, upwardly mobile, urban planning, urban renewal, urban sprawl, War on Poverty, zero-sum game

Beijing gave the city support for its State‐owned enterprises (SOEs), and industry soaked up most investment capital, leaving little for the maintenance of urban infrastructure such as housing, transport and utilities (Wei and Leung, 2005). China’s market reform and an open‐door policy which began in the late 1970s under Deng Xiaoping took time to make its impact in Shanghai. Tight central government control over foreign capital inflows and revenue remittance meant the municipality lacked resources to renew infrastructure. Shenzhen’s development was accelerated as the first priority in the early 1980s, although Shanghai’s own potential was eventually recognised as it was nominated as one of the 14 open coastal cities in 1984.


pages: 516 words: 116,875

Greater: Britain After the Storm by Penny Mordaunt, Chris Lewis

"World Economic Forum" Davos, 2021 United States Capitol attack, 3D printing, accelerated depreciation, Ada Lovelace, Airbnb, banking crisis, battle of ideas, behavioural economics, Bernie Madoff, bitcoin, Black Lives Matter, blockchain, Bob Geldof, Boeing 747, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, carbon footprint, Charles Babbage, collective bargaining, Corn Laws, corporate social responsibility, COVID-19, credit crunch, crowdsourcing, data is not the new oil, data is the new oil, David Attenborough, death from overwork, Deng Xiaoping, Diane Coyle, Donald Trump, Downton Abbey, driverless car, Elon Musk, en.wikipedia.org, experimental economics, failed state, fake news, Firefox, fixed income, full employment, gender pay gap, global pandemic, global supply chain, green new deal, happiness index / gross national happiness, high-speed rail, impact investing, Jeremy Corbyn, Khartoum Gordon, lateral thinking, Live Aid, lockdown, loss aversion, low skilled workers, microaggression, mittelstand, moral hazard, Neil Kinnock, Nelson Mandela, Ocado, off-the-grid, offshore financial centre, Panamax, Ponzi scheme, post-truth, quantitative easing, remote working, road to serfdom, Salesforce, Sheryl Sandberg, Skype, smart cities, social distancing, South China Sea, sovereign wealth fund, Steve Jobs, Steven Pinker, surveillance capitalism, transaction costs, transcontinental railway

In his book The Once and Future Liberal, Mark Lilla points out that there can be no liberal politics without a sense of ‘we’.17 But what if the only thing we share is citizenship? Likewise, in Prosperity Without Growth, Tim Jackson notes that it is incumbent on us to set aside tribalism in the search for solutions.18 To take a leaf out of Deng Xiaoping’s notebook – who cares what colour the cat is as long as it catches mice?19 THE BRITISH BRAND As we have noted throughout this book, trust is at the core of Britain’s role in the world. This points to moral leadership in promoting and arguing for human rights, democracy, fairness and justice.


pages: 1,205 words: 308,891

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

"Friedman doctrine" OR "shareholder theory", Airbnb, Akira Okazaki, antiwork, behavioural economics, big-box store, Black Swan, book scanning, British Empire, business cycle, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, classic study, clean water, Columbian Exchange, conceptual framework, correlation does not imply causation, Costa Concordia, creative destruction, critique of consumerism, crony capitalism, dark matter, Dava Sobel, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, Deng Xiaoping, do well by doing good, Donald Trump, double entry bookkeeping, electricity market, en.wikipedia.org, epigenetics, Erik Brynjolfsson, experimental economics, Ferguson, Missouri, food desert, Ford Model T, fundamental attribution error, Garrett Hardin, Georg Cantor, George Akerlof, George Gilder, germ theory of disease, Gini coefficient, God and Mammon, Great Leap Forward, greed is good, Gunnar Myrdal, Hans Rosling, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, immigration reform, income inequality, interchangeable parts, invention of agriculture, invention of writing, invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, John Harrison: Longitude, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labor-force participation, lake wobegon effect, land reform, liberation theology, lone genius, Lyft, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, means of production, middle-income trap, military-industrial complex, Naomi Klein, new economy, Nick Bostrom, North Sea oil, Occupy movement, open economy, out of africa, Pareto efficiency, Paul Samuelson, Pax Mongolica, Peace of Westphalia, peak oil, Peter Singer: altruism, Philip Mirowski, Pier Paolo Pasolini, pink-collar, plutocrats, positional goods, profit maximization, profit motive, public intellectual, purchasing power parity, race to the bottom, refrigerator car, rent control, rent-seeking, Republic of Letters, road to serfdom, Robert Gordon, Robert Shiller, Ronald Coase, Scientific racism, Scramble for Africa, Second Machine Age, secular stagnation, seminal paper, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, spinning jenny, stakhanovite, Steve Jobs, tacit knowledge, TED Talk, the Cathedral and the Bazaar, The Chicago School, The Market for Lemons, the rule of 72, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, total factor productivity, Toyota Production System, Tragedy of the Commons, transaction costs, transatlantic slave trade, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, union organizing, very high income, wage slave, Washington Consensus, working poor, Yogi Berra

Acemoglu and Robinson have an identical theory, expressed in a more nuanced and mathematical form.28 The Cheung theory does fit some of China’s turn to “capitalism.” Party officials making their first trips to the West after Mao’s death were mortified by the riches they saw—which was their new information.29 Let us have some of that, they thought, and some Swiss bank accounts for leading Party officials as well. The political struggle of Deng Xiaoping to put “socialist modernization” into practice had costs, which figured in the Cheungian calculation. And yet a great deal is missing from such a prudence-only account of benefit and cost. The favorite book of a recent premier of China, Wen Jiaobao, is Adam Smith’s The Theory of Moral Sentiments, which, as I have noted, famously begins, “How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others.”30 That’s not the premise of the Max U theory from Cheung, North, Wallis, Weingast, Acemoglu, or Robinson.

Chairman Mao’s emphasis on class warfare spoiled what gains his Chinese Revolution had at first achieved by overturning the landlord system and giving women some liberty. When his heirs shifted in 1978 to “socialist modernization” they (inadvertently) adopted trade-tested betterment and achieved in thirty years a rise of Chinese per-person real income by a factor of 20—not a mere 25 percent gain, but 1,900 percent.7 Deng Xiaoping’s anti-equalizing motto was, “Let some people get rich first.” It’s the Bourgeois Deal, the profit-guided betterment in the first act that makes for gigantic gains for the poor in the third act. Socialist expropriation or Christian charity, when their onetime character is properly acknowledged, are startlingly less efficacious than they seem at first.


The America That Reagan Built by J. David Woodard

"Hurricane Katrina" Superdome, affirmative action, Alan Greenspan, anti-communist, Ayatollah Khomeini, Berlin Wall, Black Monday: stock market crash in 1987, Boeing 747, Bonfire of the Vanities, business cycle, colonial rule, Columbine, corporate raider, cuban missile crisis, Deng Xiaoping, friendly fire, glass ceiling, global village, Gordon Gekko, gun show loophole, guns versus butter model, income inequality, invisible hand, It's morning again in America, Jeff Bezos, junk bonds, Korean Air Lines Flight 007, laissez-faire capitalism, late capitalism, Live Aid, Marc Andreessen, Michael Milken, Mikhail Gorbachev, mutually assured destruction, Neil Kinnock, Nelson Mandela, new economy, no-fly zone, Oklahoma City bombing, Parents Music Resource Center, postindustrial economy, Ralph Nader, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, Rubik’s Cube, Savings and loan crisis, Silicon Valley, South China Sea, stem cell, Strategic Defense Initiative, Ted Kaczynski, The Predators' Ball, Timothy McVeigh, Tipper Gore, trickle-down economics, women in the workforce, Y2K, young professional

The questions were on sensitive subjects, like corruption, beatings, deployment of troops, and isolation of the nation’s top leaders from public accountability. Defiant and enthusiastic crowds of more than 100,000 marched through Beijing to demand more democracy, and smaller demonstrations spread to other cities. In the shame culture of China, the protests were a worldwide public humiliation for the government. Deng Xiaoping, the mercurial leader of China, denounced the protestors as ‘‘counter revolutionaries’’ on April 26, but his sobriquet only had the effect of making the situation worse.41 Hundreds of students began a hunger strike, wearing headbands that read ‘‘Starving for Democracy’’ and in full view of the world press.


Year 501 by Noam Chomsky

air traffic controllers' union, anti-communist, Bartolomé de las Casas, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, business cycle, capital controls, Caribbean Basin Initiative, classic study, colonial rule, corporate governance, cuban missile crisis, declining real wages, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, European colonialism, experimental subject, Fall of the Berlin Wall, Howard Zinn, invisible hand, land reform, land tenure, long peace, mass incarceration, means of production, Monroe Doctrine, Nixon triggered the end of the Bretton Woods system, non-tariff barriers, offshore financial centre, plutocrats, price stability, Ralph Nader, Ralph Waldo Emerson, RAND corporation, Robert Solow, Ronald Reagan, scientific management, Simon Kuznets, strikebreaker, structural adjustment programs, the scientific method, The Wealth of Nations by Adam Smith, trade liberalization, trickle-down economics, union organizing, War on Poverty, working poor

Unlike many European countries, the US did not abstain at the UN on the “legitimate” government of Cambodia after the Khmer Rouge were expelled by the Vietnamese, but “joined China in supporting the Khmer Rouge” (Garthoff). The US backed China’s invasion to “punish Vietnam,” and turned to supporting the Thai-based coalition in which the Khmer Rouge was the major military element. The US “encouraged the Chinese to support Pol Pot,” as Carter’s National Security Adviser, Zbigniew Brzezinski, later commented. Deng Xiaoping, a particular favorite of the Reagan-Bush Administrations, elaborated: “It is wise to force the Vietnamese to stay in Kampuchea because they will suffer more and will not be able to extend their hand to Thailand, Malaysia, and Singapore,” which they no doubt would have proceeded to conquer had they not been stopped in time.


pages: 454 words: 139,350

Jihad vs. McWorld: Terrorism's Challenge to Democracy by Benjamin Barber

airport security, Alvin Toffler, anti-communist, Apple's 1984 Super Bowl advert, Ayatollah Khomeini, Berlin Wall, borderless world, Bretton Woods, British Empire, classic study, computer age, Corn Laws, Corrections Corporation of America, David Brooks, deindustrialization, Deng Xiaoping, digital map, export processing zone, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, George Gilder, global village, invisible hand, It's morning again in America, Joan Didion, Kevin Kelly, laissez-faire capitalism, late capitalism, Live Aid, market fundamentalism, Marshall McLuhan, minimum wage unemployment, new economy, Norbert Wiener, North Sea oil, off-the-grid, pirate software, Plato's cave, postnationalism / post nation state, profit motive, race to the bottom, Right to Buy, road to serfdom, Ronald Reagan, The Wealth of Nations by Adam Smith, Thomas L Friedman, undersea cable, vertical integration, young professional, zero-sum game

For rights, along with their accompanying ideology of political individualism, are seen as appurtenances of the resistible culture (easily separable from the irresistible market) and China’s successful pursuit of the latter without yielding to the former is proof of the accuracy of its leaders’ perceptions. As Perry Link describes it, the happy bargain Deng Xiaoping offered the Chinese was basically “Shut up and I’ll let you get rich,”4 a formula that worked not only for his own subjects but with the American State Department as well.5 In the spring of 1994, China won extension of its Most Favored Nation status with the United States (without which its exports to the United States would be subject to tariffs at least twice as large as they are) without it having to make a single significant political concession.


pages: 442 words: 130,526

The Billionaire Raj: A Journey Through India's New Gilded Age by James Crabtree

"World Economic Forum" Davos, accounting loophole / creative accounting, Asian financial crisis, behavioural economics, Big bang: deregulation of the City of London, Branko Milanovic, business climate, call centre, Capital in the Twenty-First Century by Thomas Piketty, centre right, colonial rule, commodity super cycle, Cornelius Vanderbilt, corporate raider, creative destruction, crony capitalism, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, facts on the ground, failed state, fake news, Francis Fukuyama: the end of history, global supply chain, Gunnar Myrdal, income inequality, informal economy, Joseph Schumpeter, land bank, liberal capitalism, Mahatma Gandhi, McMansion, megacity, Meghnad Desai, middle-income trap, New Urbanism, offshore financial centre, open economy, Parag Khanna, Pearl River Delta, plutocrats, Ponzi scheme, post-truth, public intellectual, quantitative easing, rent-seeking, Rubik’s Cube, Shenzhen special economic zone , Silicon Valley, Simon Kuznets, smart cities, special economic zone, spectrum auction, tech billionaire, The Great Moderation, Thomas L Friedman, transaction costs, trickle-down economics, vertical integration, Washington Consensus, WikiLeaks, yellow journalism, young professional

There was controversy too about the large expanse of land onto which our plane touched down an hour later, at an airfield built by Adani’s company. A sign in purple letters above the terminal read: “Welcome to Adani Ports and SEZ.” India had begun developing special economic zones—or SEZs for short—during the 2000s, inspired by the trade-friendly enclave set up in Shenzhen by Communist Party leader Deng Xiaoping in 1980, whose exporting industries helped to kick off China’s own economic transformation. Most of the Indian zones flopped, although Adani’s did better, a fact its owner put down to canny management.7 Critics, including Congress leader Rahul Gandhi—Sonia Gandhi’s son, and the latest in the Nehru–Gandhi dynasty to lead his party—pointed to different factors.


pages: 517 words: 139,477

Stocks for the Long Run 5/E: the Definitive Guide to Financial Market Returns & Long-Term Investment Strategies by Jeremy Siegel

Alan Greenspan, AOL-Time Warner, Asian financial crisis, asset allocation, backtesting, banking crisis, Bear Stearns, behavioural economics, Black Monday: stock market crash in 1987, Black-Scholes formula, book value, break the buck, Bretton Woods, business cycle, buy and hold, buy low sell high, California gold rush, capital asset pricing model, carried interest, central bank independence, cognitive dissonance, compound rate of return, computer age, computerized trading, corporate governance, correlation coefficient, Credit Default Swap, currency risk, Daniel Kahneman / Amos Tversky, Deng Xiaoping, discounted cash flows, diversification, diversified portfolio, dividend-yielding stocks, dogs of the Dow, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Financial Instability Hypothesis, fixed income, Flash crash, forward guidance, fundamental attribution error, Glass-Steagall Act, housing crisis, Hyman Minsky, implied volatility, income inequality, index arbitrage, index fund, indoor plumbing, inflation targeting, invention of the printing press, Isaac Newton, it's over 9,000, John Bogle, joint-stock company, London Interbank Offered Rate, Long Term Capital Management, loss aversion, machine readable, market bubble, mental accounting, Minsky moment, Money creation, money market fund, mortgage debt, Myron Scholes, new economy, Northern Rock, oil shock, passive investing, Paul Samuelson, Peter Thiel, Ponzi scheme, prediction markets, price anchoring, price stability, proprietary trading, purchasing power parity, quantitative easing, random walk, Richard Thaler, risk free rate, risk tolerance, risk/return, Robert Gordon, Robert Shiller, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, stocks for the long run, survivorship bias, technology bubble, The Great Moderation, the payments system, The Wisdom of Crowds, transaction costs, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, uptick rule, Vanguard fund

FUNDAMENTAL QUESTION The question is, can the workers in the emerging markets produce enough goods to provide for the retirees of the developed world, and can these workers save enough income to purchase the assets that must be sold by the developed-world retirees to finance their retirement? Right now, the answer is no. Although 80 percent of the world’s population lives in the developing countries, those economies only produce about one-half of the world’s output. But that proportion is changing rapidly. In 1980 in China, Deng Xiaoping altered the course of the Chinese economy, opened it to market forces, and launched the country into a period of rapid and sustained growth. Per capita income, measured in terms that equate the purchasing power of the U.S. and Chinese currencies, has risen from only 2.1 percent of the U.S. level in 1980 to 16.1 percent in 2010.


pages: 592 words: 133,460

Worn: A People's History of Clothing by Sofi Thanhauser

Airbnb, back-to-the-land, big-box store, business process, business process outsourcing, call centre, Caribbean Basin Initiative, colonial rule, Community Supported Agriculture, corporate social responsibility, cotton gin, COVID-19, deindustrialization, Deng Xiaoping, Dmitri Mendeleev, Donald Trump, export processing zone, facts on the ground, flying shuttle, global supply chain, Great Leap Forward, haute couture, Honoré de Balzac, indoor plumbing, invention of the sewing machine, invisible hand, microplastics / micro fibres, moral panic, North Ronaldsay sheep, off-the-grid, operation paperclip, out of africa, QR code, Rana Plaza, Ronald Reagan, sheep dike, smart cities, special economic zone, strikebreaker, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transatlantic slave trade, Triangle Shirtwaist Factory, union organizing, upwardly mobile, Whole Earth Catalog, women in the workforce

The bad ones would be sold to chicken farmers, the good ones canned and sent to South Korea, where silkworms were a popular delicacy. He pointed out the worker dormitories, said proudly that everyone had A/C and heat. A wood-pellet-fired furnace produced electricity for the factory. Mr. Bo had opened the factory thirty years ago, in 1988, when the economy opened under Chairman Deng Xiaoping. Before that he was a math teacher at an elementary school, with an illegal side gig on his summer vacations, buying local vegetables and bringing them into Suzhou to sell. After the factory tour ended, Mr. Bo took us out to eat at a restaurant downtown. As taro and sugarcane arrived at the table, specialties of the south, he told us about how from 1988 to 1998 business was great, but in 2000 it got harder.


pages: 1,199 words: 332,563

Golden Holocaust: Origins of the Cigarette Catastrophe and the Case for Abolition by Robert N. Proctor

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", bioinformatics, carbon footprint, clean water, corporate social responsibility, Deng Xiaoping, desegregation, disinformation, Dr. Strangelove, facts on the ground, friendly fire, germ theory of disease, global pandemic, index card, Indoor air pollution, information retrieval, invention of gunpowder, John Snow's cholera map, language of flowers, life extension, New Journalism, optical character recognition, pink-collar, Ponzi scheme, Potemkin village, precautionary principle, publication bias, Ralph Nader, Ronald Reagan, selection bias, speech recognition, stem cell, telemarketer, Thomas Kuhn: the structure of scientific revolutions, Triangle Shirtwaist Factory, Upton Sinclair, vertical integration, Yogi Berra

The big growth has come from places like India and China and nations formed from the breakup of the former Soviet empire, where affluence and aggressive free trade have opened the door to laisser-fumer carcinogenic consumerism. CHINA AND INDIA Smoking has grown especially fast in China, where about a third of the world’s cigarettes are now smoked. The Communist Party leadership for many years encouraged smoking—the pragmatic pro-Western Deng Xiaoping was key here, with his stress on cigarettes as part of China’s push for “modernity with Chinese characteristics.” Tax revenues fuel the attraction: the Chinese government in 2008 received $31 billion from tobacco taxes, though cynics might wonder whether the Middle Kingdom has not just found a brutal way to end its time-honored tradition of filial piety.

See also Liggett & Myers chewing tobacco: air-cured burley leaf used in arsenic in commonly used in collegiate sports freebasing of, with lime in India mouth cancer caused by nitrosamines in revived spittoons for sports sponsored by China: 15 vs. 15 million army owns cigarette factories cigarettes introduced into, by BAT cigarette brands in cigarette consumption confounds imagination coveted by transnationals deaths from smoking Deng Xiaoping encouraged smoking factories abuse Chinese life and symbols fingered by “Buck” Duke as global cigarette superpower half of all physicians still smoke herbal brands ignorance of tobacco harms Liu Xiang’s cigarette endorsements Marlboro Chinese Football League new opium war in opposition to graphic warnings Panda brand Philip Morris penetrates schools used to promote cigarettes smoking will disappear from sports sponsorships tax revenue from cigarettes third of world’s cigarettes now smoked in in tobacco archives Tobacco Museum in Shanghai tricks used to circumvent ad bans Yunnan Hongta Group Zhengzhou Tobacco Research Institute.


pages: 479 words: 144,453

Homo Deus: A Brief History of Tomorrow by Yuval Noah Harari

23andMe, Aaron Swartz, agricultural Revolution, algorithmic trading, Anne Wojcicki, Anthropocene, anti-communist, Anton Chekhov, autonomous vehicles, behavioural economics, Berlin Wall, call centre, Chekhov's gun, Chris Urmson, cognitive dissonance, Columbian Exchange, computer age, DeepMind, Demis Hassabis, Deng Xiaoping, don't be evil, driverless car, drone strike, European colonialism, experimental subject, falling living standards, Flash crash, Frank Levy and Richard Murnane: The New Division of Labor, glass ceiling, global village, Great Leap Forward, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, Isaac Newton, job automation, John Markoff, Kevin Kelly, lifelogging, low interest rates, means of production, Mikhail Gorbachev, Minecraft, Moneyball by Michael Lewis explains big data, Monkeys Reject Unequal Pay, mutually assured destruction, new economy, Nick Bostrom, pattern recognition, peak-end rule, Peter Thiel, placebo effect, Ray Kurzweil, self-driving car, Silicon Valley, Silicon Valley ideology, stem cell, Steven Pinker, telemarketer, The future is already here, The Future of Employment, too big to fail, trade route, Turing machine, Turing test, ultimatum game, Watson beat the top human players on Jeopardy!, zero-sum game

Japan’s prime minister, the nationalist Shinzō Abe, came to office in 2012 pledging to jolt the Japanese economy out of two decades of stagnation. His aggressive and somewhat unusual measures to achieve this have been nicknamed Abenomics. Meanwhile in neighbouring China the Communist Party still pays lip service to traditional Marxist–Leninist ideals, but in practice it is guided by Deng Xiaoping’s famous maxims that ‘development is the only hard truth’ and that ‘it doesn’t matter if a cat is black or white, so long as it catches mice’. Which means, in plain language: do anything it takes to promote economic growth, even if Marx and Lenin wouldn’t have been happy with it. In Singapore, as befits that no-nonsense city state, they followed this line of thinking even further, and pegged ministerial salaries to the national GDP.


pages: 473 words: 154,182

Moby-Duck: The True Story of 28,800 Bath Toys Lost at Sea and of the Beachcombers, Oceanographers, Environmentalists, and Fools, Including the Author, Who Went in Search of Them by Donovan Hohn

An Inconvenient Truth, carbon footprint, clean water, collective bargaining, dark matter, Deng Xiaoping, disinformation, Exxon Valdez, Filipino sailors, Garrett Hardin, Google Earth, hindcast, illegal immigration, indoor plumbing, intermodal, Isaac Newton, means of production, microbiome, Neil Armstrong, ocean acidification, off-the-grid, Panamax, Pearl River Delta, planned obsolescence, post-Panamax, profit motive, Skype, standardized shipping container, statistical model, the long tail, Thorstein Veblen, Tragedy of the Commons, traveling salesman

Although, reading the newspaper, I tended to imagine the Pearl River Delta as a polluted wasteland where workers toiled miserably away in dark Satanic mills, not all my Pearl River dreams were bad ones. In The Oracle Bones, his exquisitely reported book about life in China at the turn of the millennium, Peter Hessler quotes a song sung in commemoration of the country’s thirty-year experiment with capitalism, an experiment that began when Deng Xiaoping established the Pearl River Delta Economic Zone. “In the spring of 1979,” one verse of this song goes,An old man drew a circle on the southern coast of China And city after city rose up like fairy tales And mountains and mountains of gold gathered like a miracle. . . . For much of the past two decades, the Delta’s economy has been the fastest-growing in the world.


pages: 475 words: 155,554

The Default Line: The Inside Story of People, Banks and Entire Nations on the Edge by Faisal Islam

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Big bang: deregulation of the City of London, bond market vigilante , book value, Boris Johnson, British Empire, capital controls, carbon credits, carbon footprint, carbon tax, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, credit crunch, Credit Default Swap, crony capitalism, Crossrail, currency risk, dark matter, deindustrialization, Deng Xiaoping, disintermediation, energy security, Eugene Fama: efficient market hypothesis, eurozone crisis, Eyjafjallajökull, financial deregulation, financial engineering, financial innovation, financial repression, floating exchange rates, forensic accounting, forward guidance, full employment, G4S, ghettoisation, global rebalancing, global reserve currency, high-speed rail, hiring and firing, inflation targeting, Irish property bubble, junk bonds, Just-in-time delivery, labour market flexibility, light touch regulation, London Whale, Long Term Capital Management, low interest rates, margin call, market clearing, megacity, megaproject, Mikhail Gorbachev, mini-job, mittelstand, Money creation, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, negative equity, North Sea oil, Northern Rock, offshore financial centre, open economy, paradox of thrift, Pearl River Delta, pension reform, price mechanism, price stability, profit motive, quantitative easing, quantitative trading / quantitative finance, race to the bottom, regulatory arbitrage, reserve currency, reshoring, Right to Buy, rising living standards, Ronald Reagan, savings glut, shareholder value, sovereign wealth fund, tail risk, The Chicago School, the payments system, too big to fail, trade route, transaction costs, two tier labour market, unorthodox policies, uranium enrichment, urban planning, value at risk, WikiLeaks, working-age population, zero-sum game

If you look carefully at what China has been doing, you’ll see that it has been quietly amassing bilateral deals with key neighbours and oil exporters to swap its currency with other central banks. International trade deals are beginning to be priced in renminbi. The Chinese government have called openly for the replacement of the dollar with an alternative based on a basket of currencies. Slowly, surely, in accordance with Deng Xiaoping’s mantra of ‘Crossing the river by feeling the stones’, the renminbi is being internationalised. In February 2013, the UK became the first Western G7 nation to sign up to a central bank agreement to swap currencies. France followed suit weeks later. Twenty of these swap arrangements are now in place.


pages: 543 words: 147,357

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

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

The aim should be to keep global public deficits up to compensate for crippled private credit growth while China adjusts its exchange rate. Then the world might avert a trade war. I like Pettis’s bargain, but there is not much chance of it happening. First, President Obama has to take the high risk of proposing it, and then almost certainly being snubbed by both China and Germany. China’s growth model since Deng Xiaoping launched reform in 1979 has relied on massive state-led investment and even more massive exports. Households subsidise the model, in effect giving producers their savings at derisory interest rates. Consumer spending has certainly been rising, but less rapidly than the growth of output, so both household income and consumption as shares of national output are constantly plumbing new depths.


pages: 470 words: 148,730

Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee, Esther Duflo

3D printing, accelerated depreciation, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, basic income, behavioural economics, Bernie Sanders, Big Tech, business cycle, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon tax, Cass Sunstein, charter city, company town, congestion pricing, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, endowment effect, energy transition, Erik Brynjolfsson, experimental economics, experimental subject, facts on the ground, fake news, fear of failure, financial innovation, flying shuttle, gentrification, George Akerlof, Great Leap Forward, green new deal, high net worth, immigration reform, income inequality, Indoor air pollution, industrial cluster, industrial robot, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jean Tirole, Jeff Bezos, job automation, Joseph Schumpeter, junk bonds, Kevin Roose, labor-force participation, land reform, Les Trente Glorieuses, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, middle-income trap, Network effects, new economy, New Urbanism, no-fly zone, non-tariff barriers, obamacare, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open economy, Paul Samuelson, place-making, post-truth, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, restrictive zoning, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Robert Solow, Ronald Reagan, Savings and loan crisis, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, systematic bias, Tax Reform Act of 1986, tech worker, technology bubble, The Chicago School, The Future of Employment, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, total factor productivity, trade liberalization, transaction costs, trickle-down economics, Twitter Arab Spring, universal basic income, urban sprawl, very high income, War on Poverty, women in the workforce, working-age population, Y2K

As we mentioned, India’s 1991 trade reform was accompanied by the removal of the industrial licensing regime, capital market reforms, and a general shift of power and influence to the private sector. China’s trade liberalization was of course the capstone of the massive economic reform undertaken by Deng Xiaoping, which legitimized private enterprise in an economy where it had been almost forbidden for thirty years. It is also true that Mexico and other Latin American countries opened up exactly at the time when China was also opening up, and therefore they all faced competition from a more labor-abundant economy.


pages: 586 words: 160,321

The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, Jean-Pierre Landau

"there is no alternative" (TINA), Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, banking crisis, battle of ideas, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bretton Woods, Brexit referendum, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, collective bargaining, credit crunch, Credit Default Swap, cross-border payments, currency peg, currency risk, debt deflation, Deng Xiaoping, different worldview, diversification, Donald Trump, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, financial deregulation, financial repression, fixed income, Flash crash, floating exchange rates, full employment, Future Shock, German hyperinflation, global reserve currency, income inequality, inflation targeting, information asymmetry, Irish property bubble, Jean Tirole, Kenneth Rogoff, Les Trente Glorieuses, low interest rates, Martin Wolf, mittelstand, Money creation, money market fund, Mont Pelerin Society, moral hazard, negative equity, Neil Kinnock, new economy, Northern Rock, obamacare, offshore financial centre, open economy, paradox of thrift, pension reform, Phillips curve, Post-Keynesian economics, price stability, principal–agent problem, quantitative easing, race to the bottom, random walk, regulatory arbitrage, rent-seeking, reserve currency, risk free rate, road to serfdom, secular stagnation, short selling, Silicon Valley, South China Sea, special drawing rights, tail risk, the payments system, too big to fail, Tyler Cowen, union organizing, unorthodox policies, Washington Consensus, WikiLeaks, yield curve

China’s Push for a Multipolar World The financial crisis appeared to shake up the world economic order. Many interpreted the story of the crisis as marking a shift of economic power toward Asia, and especially toward China. China traditionally had a quite different philosophy in respect to economic arrangements than either Europe or the United States. Since Deng Xiaoping’s reforms of the 1980s, Chinese policy makers had emphasized the need for pragmatism and adaptability, “passing a river by touching the stone,” or experimenting with reforms to see which one worked in practice. There was no worry about moral hazard, and a confidence that the state would always be able to direct or control financial markets.


pages: 598 words: 172,137

Who Stole the American Dream? by Hedrick Smith

Affordable Care Act / Obamacare, Airbus A320, airline deregulation, Alan Greenspan, anti-communist, asset allocation, banking crisis, Bear Stearns, Boeing 747, Bonfire of the Vanities, British Empire, business cycle, business process, clean water, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, desegregation, Double Irish / Dutch Sandwich, family office, financial engineering, Ford Model T, full employment, Glass-Steagall Act, global supply chain, Gordon Gekko, guest worker program, guns versus butter model, high-speed rail, hiring and firing, housing crisis, Howard Zinn, income inequality, independent contractor, index fund, industrial cluster, informal economy, invisible hand, John Bogle, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, laissez-faire capitalism, Larry Ellison, late fees, Long Term Capital Management, low cost airline, low interest rates, manufacturing employment, market fundamentalism, Maui Hawaii, mega-rich, Michael Shellenberger, military-industrial complex, MITM: man-in-the-middle, mortgage debt, negative equity, new economy, Occupy movement, Own Your Own Home, Paul Samuelson, Peter Thiel, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, Powell Memorandum, proprietary trading, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Bork, Robert Shiller, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Solyndra, Steve Jobs, stock buybacks, tech worker, Ted Nordhaus, The Chicago School, The Spirit Level, too big to fail, transaction costs, transcontinental railway, union organizing, Unsafe at Any Speed, Vanguard fund, We are the 99%, women in the workforce, working poor, Y2K

Like other U.S. multinationals, it set up shop in China big-time, with headquarters in Shenzhen, the miracle city that embodies China’s breathtaking explosion of economic growth since 1978. For centuries, Shenzhen had been a sleepy little fishing village just across Kowloon Bay from Hong Kong. Then in 1978, Chinese leader Deng Xiaoping proclaimed a new strategy of economic reform. He blessed private farming, free markets, and an “open door” to world trade. He named Shenzhen a customs-free zone for trade—a springboard for China’s export strategy to the West. Overnight, Shenzhen shot up. Its economy grew at the rate of 50 percent a year.


pages: 735 words: 165,375

The Survival of the City: Human Flourishing in an Age of Isolation by Edward Glaeser, David Cutler

Affordable Care Act / Obamacare, agricultural Revolution, Alvin Toffler, Andrei Shleifer, autonomous vehicles, basic income, Big bang: deregulation of the City of London, Big Tech, Black Lives Matter, British Empire, business cycle, buttonwood tree, call centre, carbon footprint, Cass Sunstein, classic study, clean water, collective bargaining, Columbian Exchange, contact tracing, Corn Laws, Cornelius Vanderbilt, coronavirus, COVID-19, crack epidemic, defund the police, deindustrialization, Deng Xiaoping, desegregation, discovery of penicillin, Donald Trump, Edward Glaeser, Elisha Otis, Fellow of the Royal Society, flying shuttle, future of work, Future Shock, gentrification, George Floyd, germ theory of disease, global pandemic, global village, hiring and firing, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial cluster, James Hargreaves, Jane Jacobs, Jevons paradox, job automation, jobless men, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, knowledge worker, lockdown, Louis Pasteur, Mahatma Gandhi, manufacturing employment, mass incarceration, Maui Hawaii, means of production, megacity, meta-analysis, new economy, New Urbanism, Occupy movement, opioid epidemic / opioid crisis, out of africa, place-making, precautionary principle, RAND corporation, randomized controlled trial, remote working, Richard Florida, Salesforce, Saturday Night Live, Silicon Valley, Skype, smart cities, social distancing, Socratic dialogue, spinning jenny, superstar cities, Tax Reform Act of 1986, tech baron, TED Talk, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, TikTok, trade route, union organizing, universal basic income, Upton Sinclair, urban planning, working poor, Works Progress Administration, zero-sum game, zoonotic diseases

If the public sector is modestly weak, then the private company will skimp on quality and convince the government to let it raise its rates. If the public sector is utterly inept, then it will end up subsidizing the private company with massive tax dollars and the taps will still be dry. There is no absolute rule about public or private provision of water or any public service. Deng Xiaoping wisely adhered to the adage that “it doesn’t matter if a cat is black or white as long as it catches mice,” meaning that competence, not ideology, should determine the nature of production. When it comes to water systems in the developing world or anywhere else, neither public nor private is inherently better.


Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition by Kindleberger, Charles P., Robert Z., Aliber

active measures, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, Bonfire of the Vanities, break the buck, Bretton Woods, British Empire, business cycle, buy and hold, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, Corn Laws, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-border payments, currency peg, currency risk, death of newspapers, debt deflation, Deng Xiaoping, disintermediation, diversification, diversified portfolio, edge city, financial deregulation, financial innovation, Financial Instability Hypothesis, financial repression, fixed income, floating exchange rates, George Akerlof, German hyperinflation, Glass-Steagall Act, Herman Kahn, Honoré de Balzac, Hyman Minsky, index fund, inflation targeting, information asymmetry, invisible hand, Isaac Newton, Japanese asset price bubble, joint-stock company, junk bonds, large denomination, law of one price, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, margin call, market bubble, Mary Meeker, Michael Milken, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nick Leeson, Northern Rock, offshore financial centre, Ponzi scheme, price stability, railway mania, Richard Thaler, riskless arbitrage, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, special drawing rights, Suez canal 1869, telemarketer, The Chicago School, the market place, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, very high income, Washington Consensus, Y2K, Yogi Berra, Yom Kippur War

The Korean peninsula had been fractured in the war in the early 1950s; in the mid-1960s South Korea began a remarkable period of economic growth. Singapore had been a fortified swamp in the 1950s but by the 1990s had achieved a first-world standard of living. The change in political leadership in China from Mao Zedong to Deng Xiaoping in 1978 led to a dramatic change from a self-contained, isolated country to one that was open and eager for international trade and international investment; the annual rate of growth averaged nearly 10 percent for more than twenty years and the increase was even more dramatic in the provinces that bordered the seacoast and in the major cities such as Beijing, Shanghai, and Shenzen.


pages: 687 words: 189,243

A Culture of Growth: The Origins of the Modern Economy by Joel Mokyr

Andrei Shleifer, barriers to entry, Berlin Wall, business cycle, classic study, clockwork universe, cognitive dissonance, Copley Medal, creative destruction, David Ricardo: comparative advantage, delayed gratification, deliberate practice, Deng Xiaoping, Edmond Halley, Edward Jenner, epigenetics, Fellow of the Royal Society, financial independence, flying shuttle, framing effect, germ theory of disease, Haber-Bosch Process, Herbert Marcuse, hindsight bias, income inequality, information asymmetry, invention of movable type, invention of the printing press, invisible hand, Isaac Newton, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, Johannes Kepler, John Harrison: Longitude, Joseph Schumpeter, knowledge economy, labor-force participation, land tenure, law of one price, Menlo Park, moveable type in China, new economy, phenotype, price stability, principal–agent problem, rent-seeking, Republic of Letters, Robert Solow, Ronald Reagan, seminal paper, South Sea Bubble, statistical model, survivorship bias, tacit knowledge, the market place, the strength of weak ties, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, ultimatum game, World Values Survey, Wunderkammern

., 72, 151, 152, 172, 213, 279 dedications, book, 219 Dee, John, 74, 105, 210 Deification of cultural entrepreneurs, 114 deism, 115 DeJean, Joan, 250, 262 Delambre, Jean Baptiste, 110 Delatour, Jérôme, 280 Delft, 207 della Porta, Giambatista, 210, 270 Delmedigo, Joseph Solomon, 256, 257 Deming, David, 138 Deng Xiaoping, 337 Deng, Kent, 300, 327 Denonain, Jean Jacques, 93, 179 Desaguliers, John T., 83, 110, 112, 205, 223, 233, 242 Descartes, Rene, 68, 86, 95, 103, 105-107, 114, 130, 157, 160, 166, 193, 197, 198, 200, 203, 207, 208, 212, 213, 214, 227, 231, 239, 243, 248, 261, 263, 281, 310 and blood circulation theory, 243 cosmology of, 220 on the goals of philosophy, 240 works banned, 240 Deutsch, David, 198, 268 Devlin, Keith, 151 Dharampal, 215 d’Harcourt college, 130 Dibon, Paul, 180, 196 Dick, Malcolm, 277 Diderot, Denis, 79, 96, 109, 130, 178, 193, 245, 261, 333 Dieckmann, Herbert, 96 Digby, Kenelm, 243 Digges, Leonard, 74 Digges, Thomas, 74 Dijksterhuis, Fokko Jan, 82 Dikötter, Frank, 337 Dini, Piero, 131 direct bias, 101, 107,, 108, 133, 191, 209, 217, 218, 220 dispute-resolution, and religion, 128 dissent, political, Chinese crackdown on, 294 dissenting academies, 234 Dittmar, Jeremiah, 160 divination, 220 Djerassi, Carl, 257 Dobbs, Betty Jo, 102, 112 Doepke, Matthias, 7, 140, 236 Dollond, John, 108 Dooley, Brendan, 131 Dougharty, John, 280 Dover, Thomas, 91 Drebbel, Cornelis, 74, 185 Dublin, 256 Dubrovnik, 188 Duillier, Fatio de, 101 Dupré, Louis, 261, 263 Dupuy, Jacques, 280 Dupuy brothers, cabinet of, 198 Durham, William H., 144 Dury, John, 85, 86, 282 Dutch rivers, 169 Eamon, William, 73, 76, 77, 137, 147, 153-155, 183, 205 Easterlin, Richard A., 123, 126 Easterly, William, 126 Eckstein, Zvi, 127 ecological arbitrage, 317 economic growth, 4-6, 14, 20-23, 47, 78,119, 140-143, 185, 189, 238, 246, 256, 259, 268, 278, 279, 317, 322, 338, 342 and evolutionary models, 23 and human capital 124-126 and technological progress, 6, 143 and useful knowledge, 67 cultural roots of, 8 engines of, 259 in pre-industrial time, 143 institutional roots of, 16, 214, 215 economic progress, 115 economies of scale, 170 edict of Nantes, 317 Edinburgh, 177 Edinburgh, University of, 111, 178 Edison, Thomas A., 41 education, 37, 39, 40, 121, 123-126, 129, 141, 235, 244, 253 and economic growth, 126 cultural attitudes to, 123 in China, 292, 295, 330 and religious competition, 234 see also human capital education reform, 235-237 efflorescences, before the Industrial Revolution, 315 egalitarianism, in the Republic of Letters, 200 Egyptian hieroglyphs, Newton’s work on, 100 Ehrlich, Paul, 257 Einstein, Albert, 288 Eisenstein, Elizabeth, 159, 184, 187, 195, 208 Eldredge, Niles, 26, 164 Élements de la Philosophie de Newton, 107 elite, culture of, 119 elite, values and motives of, 120 elites, educated, 120 Elizabeth of Bohemia, Princess, 208 Elman, Benjamin A., 292, 293, 302-308, 312, 322-324, 325, 328, 330-333, 335 on Chinese science, 325 Elvin, Mark, 136, 287, 289, 317, 332, 336 emergent property, growth of open science as, 183 emulation, 129, 168, 331 Encyclopaedia Britannica, 220 encyclopedias, 79 Chinese, 332 European, 332 Encyclopédie, 96, 121, 332 Engelfriet, Peter, 321, 325 engineers, 204 England, 175, 176, 178, 207 Puritanism in, 237 see also Britain Enlightenment, 94, 114, 154, 159, 171, 178, 198, 216, 231, 247, 266, 268, 297, 298, 339-341 and economic development, 321 and economic growth, 13 and religion, 244 Bacon’s influence on, 96, 97 different versions of, 221 importance of for growth, 315 Newton’s influence on, 101 victory of, 220 view of the Universe, 338 see also Industrial Enlightenment Enlightenment, Agricultural, 268 Enlightenment, Chinese, 321-338 Enlightenment, Commercial, 268 Enlightenment, European, 265 Enlightenment, Medical, 268 Enlightenment religion, 246 entrepreneurs, 63, 66, 67, 159 see also cultural entrepreneurs entrepreneurship, 67 Entsu, Fumon, 149 Epicurean materialism, 115 epigenetic inheritance, 12 epigenetic transmission, 43 epistasis, 29 epistemic base, 27, 83, 316 Epstein, S.R., 82, 183, 192, 273 Erasmus, Desiderius, 175, 176, 187, 197, 213, 214, 247 Estates General, Dutch, 177 Estonia, 126 ethos of science, 201 Euclid, 74, 326 Euler, Johann, 242 Euler, Leonhard, 108, 110, 112, 242, 271, 272, 274 Europe, considered a single entity, 243 European exceptionalism, 227 Evans, R.J.W., 206 Evelyn, John, 80, 154, 155, 196, 243, 249 evidence, admissible, 55 evidence, rules of, 216 evidentiary research school see kaozheng, 322 evolution, cultural, 24-33 evolution, multiple mechanisms, of, 43 evolutionary models, 22, 23 in economics, 22 evolutionary systems, 28-30 unintended consequence in, 245 examination system, in China, 306 examinations, imperial, 300 see also civil service examinations exceptionalism, cultural, 243 experimental data as rhetorical tool, 217 validity of, 190 experimental method, 73, 76, 190, 213 and Isaac Newton, 104 in Bacon’s thought, 76 experimental methodology, 231 experimental philosophy, 228 experimentation, and content bias, 212 expertise, 218 demand for, 109 experts, 217 eyeglasses, introduced into China, 288 fact, concept of, 216 facts, definition of, 55 Fairbank, John King, 304 Fang-Yizhi, 324, 325 Fara, Patricia, 99, 101, 102, 108, 205 Faraday, Michael, 245 Farrington, Benjamin, 70, 77, 97 feedback, 53, 71, 314 dynamic, 48 negative, 315 feedback effects, 29, 65, 66 Feijoo, Benito Jeronimo, 172 Feingold, Mordecai, 106, 109, 113, 114, 130, 131, 199 Feldman, M.W., 24, 41, 60 Ferdinand de Medici, Grand Duke, 204 Ferguson, Adam, 168 Fernández, Raquel, 13, 14 Fernel, Jean, 204 Ferney, 176 Ferrone, Vincenzo, 77, 253 Ficino, Marsilio, 197 Findlay, Moses, 143 Findlen, Paula, 239 five classics, 302, 305 Flamsteed, John, 87, 100, 106 Florence, 205, 206 princes of, 207 Fludd, Robert, 213 Fontenelle, Bernard LeBovier, 103, 243, 262 Foucault, Michel, 60 four books, 302, 305 Four Treasuries, 334 Fowler, James, 24 Fracastoro, Girolamo, 173 fragmentation, political, 145, 166, 167, 169, 170, 175, 177, 290 framing bias, 52 France, 56, 74, 106, 107, 109, 121, 130, 160, 177, 178, 231, 233, 234, 240-243, 250, 261, 264, 269, 317 belief in progress in, 261 “moderns” in, 250 Francke, August Hermann, 245 Frängsmyr, Tore, 279 Frank, Robert G., 251 Frankfurt on the Oder, 110 Franklin, Benjamin, 275, 277, 278 Frederic the Great, King,178, 181, 245, 282 free-riding behavior, 13 freedom of entry, 189 French science, 241 frequency-dependence, 13, 52, 53, 208 Freud, Sigmund, 7, 60 Friedrich Wilhelm I, King, 245 Fumaroli, Marc, 56, 180, 186, 187, 195, 197, 200, 258, 262 Futuyma, Douglas, 33 Galen, 134, 151, 258, 319 Galenian medicine, 134, 162, 251, 252 Galiani, Sebastian, 5 Galilean method, 105 Galilei, Galileo, 68, 72, 78, 81, 93, 100, 101, 111, 112, 130, 131, 152, 156, 157, 158, 160, 162, 164, 171-173, 191, 197, 204, 205, 206, 207, 211-213, 227, 256, 260, 281, 324, 330 Gallup World Poll, 13 Galor, Oded, 22, 36, 121, 124 games against nature, 135 Gans, Joshua, 62 gas lighting, 271 Gascoigne, John, 104, 107, 276 Gassendi, Pierre, 95, 104, 156, 207, 240, 243, 280, 281 Gaukroger, Stephen, 73, 80, 92, 95, 150, 213, 277 Gauss, Christian, 96 Gay, Peter, 68, 114, 177, 193, 242, 243, 262 General Scholium, 103 genetic transmission, 24 Geneva, 171, 174 Geng Dingxian, 323 Genghis Khan, 309, 315 genotype, 28 Genshō, Mukai, 149 Geoffroy, Etienne François, 101, 275 George II, King, 205 German universities, 173 Germany, 12, 110, 127, 176, 195, 244, 281 East, 54 fragmentation of, 176 Industrial Enlightenment in, 244 Gernet, Jacques, 307, 308, 330, 331 Gesner, Conrad, 204 Getaldić, Marin, 188 Geynes, John, 151 Gezhi congshu, 333 Gibbon, Edward, 168, 176, 243 Giddy (Gilbert), Davies, 276 Giglioni, Guido, 73 Gilbert, William, 72, 134, 152, 157, 194, 213 Gillispie, Charles C., 76, 93, 96, 269 Gintis, Herbert, 14, 22, 46 Giuliano, Paola, 7, 10, 13, 32 Glaeser, Edward, 60, 123, Glanvill, Joseph, 146, 255, 262 Glasgow University, 125 Glass, Bentley, 107 Goddard, Jonathan, 229 Goebbels, Joseph, 55 Goldgar, Anne, 196 Goldsmith, Richard, 26 Goldstone, Jack A., 5, 33, 163, 250, 287, 291, 308, 314, 340 Golinsky, Jan, 280 good works, virtuousness of, 230 Goodman, Dana, 96, 181, 223 Goody, Jack, 296, 297, 332 Gorodnichenko, Yuriy, 18 Gough.


pages: 741 words: 179,454

Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Alan Greenspan, Albert Einstein, algorithmic trading, Andy Kessler, AOL-Time Warner, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, BRICs, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, carbon credits, Carl Icahn, 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, currency risk, Daniel Kahneman / Amos Tversky, deal flow, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Dr. Strangelove, Dutch auction, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Fall of the Berlin Wall, financial engineering, financial independence, financial innovation, financial thriller, fixed income, foreign exchange controls, full employment, Glass-Steagall Act, global reserve currency, Goldman Sachs: Vampire Squid, Goodhart's law, Gordon Gekko, greed is good, Greenspan put, happiness index / gross national happiness, haute cuisine, Herman Kahn, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", job automation, Johann Wolfgang von Goethe, John Bogle, John Meriwether, joint-stock company, Jones Act, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Market Wizards by Jack D. Schwager, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Michael Milken, Mikhail Gorbachev, Milgram experiment, military-industrial complex, Minsky moment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, NetJets, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Phillips curve, planned obsolescence, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, Reminiscences of a Stock Operator, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Thaler, Right to Buy, risk free rate, risk-adjusted returns, risk/return, road to serfdom, 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, short squeeze, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, stock buybacks, survivorship bias, tail risk, Teledyne, 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 Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, two and twenty, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Commenting on the devastation wrought on the New World by transmission of Western diseases, one observer noted: “Europe had much to give and little to receive in the way of human infections.”11 Following decolonization after the Second World War, former colonial powers established zones of influence using emerging nations as cheap sources of resources or labor or markets for Western goods. Over time, some countries with high rates of savings became sources of capital for developed countries. El-Dollardo economics now ruled a world of globalized trade and capital flows. The Unbalanced Bicycle China exemplified this new global monetary order. Under Deng Xiaoping, leader of the Communist Party from 1978, China undertook Gaige Kaifang (reforms and openness)—changing domestic, social, political, and economic policy. The centerpiece was economic reforms that combined socialism with elements of the market economy. In embracing markets, Deng famously observed: “It doesn’t matter if a cat is black or white, so long as it catches mice.”


Money and Government: The Past and Future of Economics by Robert Skidelsky

"Friedman doctrine" OR "shareholder theory", Alan Greenspan, anti-globalists, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Basel III, basic income, Bear Stearns, behavioural economics, Ben Bernanke: helicopter money, Big bang: deregulation of the City of London, book value, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, constrained optimization, Corn Laws, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Graeber, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, Donald Trump, Eugene Fama: efficient market hypothesis, eurozone crisis, fake news, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, forward guidance, Fractional reserve banking, full employment, Gini coefficient, Glass-Steagall Act, Goodhart's law, Growth in a Time of Debt, guns versus butter model, Hyman Minsky, income inequality, incomplete markets, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, Kondratiev cycle, labour market flexibility, labour mobility, land bank, law of one price, liberal capitalism, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, long and variable lags, low interest rates, market clearing, market friction, Martin Wolf, means of production, Meghnad Desai, Mexican peso crisis / tequila crisis, mobile money, Modern Monetary Theory, Money creation, Mont Pelerin Society, moral hazard, mortgage debt, new economy, Nick Leeson, North Sea oil, Northern Rock, nudge theory, offshore financial centre, oil shock, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, Phillips curve, placebo effect, post-war consensus, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, random walk, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, rising living standards, risk/return, road to serfdom, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, shareholder value, short selling, Simon Kuznets, structural adjustment programs, technological determinism, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, tontine, too big to fail, trade liberalization, value at risk, Washington Consensus, yield curve, zero-sum game

Flows defined as net purchases of domestic assets by non-residents; total capital inflows comprised of inward foreign direct investment, and portfolio and lending inflows. 11 Dani Rodrik, quoted in Ostry, et al. (2016), p. 39. 12 International Monetary Fund (2009), Appendix I, p. 1. 13 Pettis (2013). See also Chi Lo (2015). Lo’s argument in a nutshell is that China has reached the end of the line of the Deng Xiaoping development model based on export-led growth through an under-valued exchange rate, continued political monopoly of the Communist Party and a repressed financial system that funnels Chinese savings into lossmaking state-owned enterprises. It needs to be rebalanced towards serving domestic consumer needs.


The Chomsky Reader by Noam Chomsky

American ideology, anti-communist, Bolshevik threat, British Empire, business climate, cognitive dissonance, conceptual framework, Cornelius Vanderbilt, cuban missile crisis, Deng Xiaoping, disinformation, European colonialism, feminist movement, Herman Kahn, Howard Zinn, interchangeable parts, land reform, land tenure, means of production, Monroe Doctrine, RAND corporation, Ronald Reagan, Seymour Hersh, strikebreaker, theory of mind, Thomas L Friedman, union organizing, War on Poverty, zero-sum game, éminence grise

The Democratic Kampuchea (DK) coalition, based primarily on Pol Pot’s Khmer Rouge forces, continues a border war against the Vietnamese troops who installed the Heng Samrin regime. The Khmer Rouge receive “massive support” from China, Nayan Chanda reports, while the United States has more than doubled its indirect support to the DK coalition. Deng Xiaoping, expressing the Chinese stand, states: I do not understand why some want to remove Pol Pot. It is true that he made some mistakes in the past but now he is leading the fight against the Vietnamese aggressors. [November 1984] The State Department has meanwhile explained that the United States supports the DK coalition because of its “continuity” with the Pol Pot regime.


Understanding Power by Noam Chomsky

anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, Burning Man, business climate, business cycle, cognitive dissonance, continuous integration, Corn Laws, cuban missile crisis, dark matter, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, disinformation, European colonialism, Fall of the Berlin Wall, feminist movement, gentrification, global reserve currency, guns versus butter model, Howard Zinn, junk bonds, Korean Air Lines Flight 007, liberation theology, Mahatma Gandhi, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, Paul Samuelson, Ralph Nader, reserve currency, Ronald Reagan, Rosa Parks, school choice, Strategic Defense Initiative, strikebreaker, structural adjustment programs, systems thinking, the scientific method, The Wealth of Nations by Adam Smith, union organizing, wage slave, women in the workforce

And because the pressures on them have never let up since the war, if there ever were any possibilities for recovery afterwards, the United States has ensured that Vietnam could never do anything with them. Because U.S. policy since the war has been to make Vietnam suffer as much as possible, and to keep them isolated from the rest of the world: it’s what’s called “bleeding Vietnam.” 54 The Chinese leadership is much more frank about it than we are—for example, Deng Xiaoping [China’s dominant political figure until the 1990s] says straight out that the reason for supporting Pol Pot in Cambodia is that he’s Vietnam’s enemy, and he’ll help us make Vietnam suffer as much as possible. We’re not quite as open about it, but we take basically the same position—and for only slightly different reasons.


pages: 620 words: 214,639

House of Cards: A Tale of Hubris and Wretched Excess on Wall Street by William D. Cohan

Alan Greenspan, asset-backed security, Bear Stearns, book value, call centre, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, deal flow, Deng Xiaoping, diversification, Financial Instability Hypothesis, fixed income, Glass-Steagall Act, Hyman Minsky, Irwin Jacobs, Jim Simons, John Meriwether, junk bonds, Long Term Capital Management, low interest rates, margin call, merger arbitrage, Michael Milken, money market fund, moral hazard, mortgage debt, mutually assured destruction, Myron Scholes, New Journalism, Northern Rock, proprietary trading, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Savings and loan crisis, savings glut, shareholder value, sovereign wealth fund, stock buybacks, too big to fail, traveling salesman, uptick rule, vertical integration, Y2K, yield curve

There isn't anybody that would tell you they choose him as their best man, or best friend, or one who they would have lunch with or go on a trip with, or socialize with, or whatever. They don't exist. He had one friend—me.” Cayne's promotion to CEO came and went without any of Green-berg's internal memoranda mentioning it. But Greenberg remained a ubiquitous presence at the firm, in the way that Deng Xiaoping remained powerfully behind the scenes in China following his supposed relinquishing of power in 1989. “Every time there was a monthly meeting of the senior executives of the firm, the senior managing directors, Jimmy would get up in front of everybody and talk and Ace would get up and sit next to him,” explained one former Bear executive.


pages: 736 words: 233,366

Roller-Coaster: Europe, 1950-2017 by Ian Kershaw

airport security, anti-communist, Apollo 11, Ayatollah Khomeini, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, business cycle, centre right, colonial rule, cuban missile crisis, deindustrialization, Deng Xiaoping, Donald Trump, European colonialism, eurozone crisis, Exxon Valdez, failed state, Fall of the Berlin Wall, falling living standards, feminist movement, first-past-the-post, fixed income, floating exchange rates, foreign exchange controls, Francis Fukuyama: the end of history, full employment, Herbert Marcuse, illegal immigration, income inequality, Jeremy Corbyn, Johann Wolfgang von Goethe, labour market flexibility, land reform, late capitalism, Les Trente Glorieuses, liberal capitalism, liberation theology, low interest rates, low skilled workers, mass immigration, means of production, Mikhail Gorbachev, mutually assured destruction, Neil Armstrong, Nelson Mandela, Nixon triggered the end of the Bretton Woods system, North Sea oil, Northern Rock, oil shale / tar sands, oil shock, open borders, post-war consensus, precariat, price stability, public intellectual, quantitative easing, race to the bottom, reserve currency, rising living standards, road to serfdom, Ronald Reagan, Ronald Reagan: Tear down this wall, Sinatra Doctrine, Suez crisis 1956, The Chicago School, trade liberalization, union organizing, upwardly mobile, washing machines reduced drudgery, Washington Consensus, Winter of Discontent, young professional

However serious the problems of the Soviet Union were when Gorbachev became party leader, they could have been sustained for some years to come. There were those at the time, and subsequently, who in fact argued that the Soviet Union could have successfully followed the example, adopted in China in 1979 under the leadership of Deng Xiaoping, of combining economic reform with the continuation of strong, authoritarian political control. Such a strategy of undertaking economic reform and only then attempting political transformation, they claimed, would have preserved the Soviet Union indefinitely. Gorbachev disagreed. He judged such views to be naive.


America in the World by Robert B. Zoellick

Albert Einstein, anti-communist, banking crisis, battle of ideas, Berlin Wall, Bretton Woods, British Empire, classic study, Corn Laws, coronavirus, cuban missile crisis, defense in depth, Deng Xiaoping, Donald Trump, Douglas Engelbart, Douglas Engelbart, energy security, European colonialism, facts on the ground, Fall of the Berlin Wall, foreign exchange controls, Great Leap Forward, guns versus butter model, hypertext link, Ida Tarbell, illegal immigration, immigration reform, imperial preference, Isaac Newton, Joseph Schumpeter, land reform, linear model of innovation, Mikhail Gorbachev, MITM: man-in-the-middle, Monroe Doctrine, mutually assured destruction, Nixon triggered the end of the Bretton Woods system, Norbert Wiener, Paul Samuelson, public intellectual, RAND corporation, reserve currency, Ronald Reagan, Ronald Reagan: Tear down this wall, scientific management, Scramble for Africa, Silicon Valley, Strategic Defense Initiative, The Wealth of Nations by Adam Smith, trade liberalization, transcontinental railway, undersea cable, Vannevar Bush, War on Poverty

Export-led growth beckoned—if developed economy markets remained open and local officials could manage exchange rates and internal reforms. Yet Japanese and South Korean trade protectionism and surpluses threatened American public support for the trading system upon which East Asian growth depended. A new and much larger dragon awoke in China. A decade after Deng Xiaoping had begun to open China to the world, younger Chinese wanted to speed up those reforms. Incomes were improving, but inflation rose rapidly. Corruption ran rampant. Gorbachev challenged old Communist controls in the USSR. A new generation in China demanded political reforms—and some senior Communist officials, Deng’s inheritors but not Deng himself, seemed sympathetic.


pages: 864 words: 272,918

Palo Alto: A History of California, Capitalism, and the World by Malcolm Harris

2021 United States Capitol attack, Aaron Swartz, affirmative action, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, Amazon Mechanical Turk, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, bank run, Bear Stearns, Big Tech, Bill Gates: Altair 8800, Black Lives Matter, Bob Noyce, book scanning, British Empire, business climate, California gold rush, Cambridge Analytica, capital controls, Charles Lindbergh, classic study, cloud computing, collective bargaining, colonial exploitation, colonial rule, Colonization of Mars, commoditize, company town, computer age, conceptual framework, coronavirus, corporate personhood, COVID-19, cuban missile crisis, deindustrialization, Deng Xiaoping, desegregation, deskilling, digital map, double helix, Douglas Engelbart, Edward Snowden, Elon Musk, Erlich Bachman, estate planning, European colonialism, Fairchild Semiconductor, financial engineering, financial innovation, fixed income, Frederick Winslow Taylor, fulfillment center, future of work, Garrett Hardin, gentrification, George Floyd, ghettoisation, global value chain, Golden Gate Park, Google bus, Google Glasses, greed is good, hiring and firing, housing crisis, hydraulic fracturing, if you build it, they will come, illegal immigration, immigration reform, invisible hand, It's morning again in America, iterative process, Jeff Bezos, Joan Didion, John Markoff, joint-stock company, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, land reform, Larry Ellison, Lean Startup, legacy carrier, life extension, longitudinal study, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Max Levchin, means of production, Menlo Park, Metcalfe’s law, microdosing, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Mont Pelerin Society, moral panic, mortgage tax deduction, Mother of all demos, move fast and break things, mutually assured destruction, new economy, Oculus Rift, off grid, oil shale / tar sands, PageRank, PalmPilot, passive income, Paul Graham, paypal mafia, Peter Thiel, pets.com, phenotype, pill mill, platform as a service, Ponzi scheme, popular electronics, power law, profit motive, race to the bottom, radical life extension, RAND corporation, Recombinant DNA, refrigerator car, Richard Florida, ride hailing / ride sharing, rising living standards, risk tolerance, Robert Bork, Robert Mercer, Robert Metcalfe, Ronald Reagan, Salesforce, San Francisco homelessness, Sand Hill Road, scientific management, semantic web, sexual politics, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social web, SoftBank, software as a service, sovereign wealth fund, special economic zone, Stanford marshmallow experiment, Stanford prison experiment, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, stock buybacks, strikebreaker, Suez canal 1869, super pumped, TaskRabbit, tech worker, Teledyne, telemarketer, the long tail, the new new thing, thinkpad, Thorstein Veblen, Tim Cook: Apple, Tony Fadell, too big to fail, Toyota Production System, Tragedy of the Commons, transcontinental railway, traumatic brain injury, Travis Kalanick, TSMC, Uber and Lyft, Uber for X, uber lyft, ubercab, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban renewal, value engineering, Vannevar Bush, vertical integration, Vision Fund, W. E. B. Du Bois, War on Poverty, warehouse robotics, Wargames Reagan, Washington Consensus, white picket fence, William Shockley: the traitorous eight, women in the workforce, Y Combinator, Y2K, Yogi Berra, éminence grise

An estimated one-third of the region’s Indochinese immigrant population was employed assembling printed wire boards in the 1990s, a whopping 40,000 people.25 The increasing sophistication of Taiwanese contract manufacturers—led by the Taiwan Semiconductor Manufacturing Company (TSMC), which was founded by former Texas Instruments employee and Stanford electrical engineering PhD Morris Chang in 1987—also allowed firms to outsource progressively more work. In China, Deng Xiaoping’s pro-market policies allowed the Taiwanese contractors to “onshore” production to the mainland in turn, where firms enjoyed the privileges that came with the People’s Republic’s first capitalist production enclaves. All this distancing of companies from production, shoving it into the home and over the border, also pushed the environmental and health hazards of an extremely toxic industry onto someone else’s books.


pages: 1,477 words: 311,310

The Rise and Fall of the Great Powers: Economic Change and Military Conflict From 1500 to 2000 by Paul Kennedy

agricultural Revolution, airline deregulation, anti-communist, banking crisis, Berlin Wall, book value, Bretton Woods, British Empire, cuban missile crisis, deindustrialization, Deng Xiaoping, disinformation, European colonialism, floating exchange rates, full employment, German hyperinflation, Great Leap Forward, guns versus butter model, Herman Kahn, imperial preference, industrial robot, joint-stock company, laissez-faire capitalism, long peace, means of production, military-industrial complex, Monroe Doctrine, mutually assured destruction, night-watchman state, North Sea oil, nuclear winter, oil shock, open economy, Peace of Westphalia, Potemkin village, price mechanism, price stability, RAND corporation, reserve currency, Ronald Reagan, Silicon Valley, South China Sea, South Sea Bubble, spice trade, spinning jenny, stakhanovite, Strategic Defense Initiative, Suez canal 1869, Suez crisis 1956, The Wealth of Nations by Adam Smith, trade route, University of East Anglia, upwardly mobile, zero-sum game

China’s internal history for the past century does not offer encouraging precedents for long-term strategies of development. Nevertheless, the indications of reform and self-improvement in China which have occurred over the past six to eight years are very remarkable, and suggest that this period of Deng Xiaoping’s leadership may one day be seen in the way that historians view Colbert’s France, or the early stages of Frederick the Great’s reign, or Japan in the post-Meiji Restoration decades: that is, as a country straining to develop its power (in all senses of that word) by every pragmatic means, balancing the desire to encourage enterprise and initiative and change with an étatiste determination to direct events so that the national goals are achieved as swiftly and smoothly as possible.


pages: 1,263 words: 371,402

The Year's Best Science Fiction: Twenty-Sixth Annual Collection by Gardner Dozois

augmented reality, Bletchley Park, carbon tax, clean water, computer age, cosmological constant, David Attenborough, Day of the Dead, Deng Xiaoping, double helix, financial independence, game design, gravity well, heat death of the universe, jitney, John Harrison: Longitude, Kickstarter, Kim Stanley Robinson, Kuiper Belt, lolcat, Mahatma Gandhi, mass immigration, Neal Stephenson, orbital mechanics / astrodynamics, Paul Graham, power law, quantum entanglement, Richard Feynman, Richard Feynman: Challenger O-ring, Search for Extraterrestrial Intelligence, Skype, stem cell, theory of mind, time dilation, Turing machine, Turing test, urban renewal, Wall-E

Jieling said. “I don’t think we’re supposed to earn money outside of the compound,” Baiyue said. “You are too much of a good girl,” Jieling said. “Remember, it doesn’t matter if the cat is black or white, as long as it catches mice.” “Is that Mao?” Baiyue asked, frowning. “No,” Jieling said, “Deng Xiaoping, the one after Mao.” “Well, he’s dead, too,” Baiyue said. She rapped a dish against the counter and the needle on the voltmeter jumped. Jieling had been working just over four weeks when they were all called to the cafeteria for a meeting. Mr. Cao from Human Resources was there. He was wearing a dark suit and standing at the white screen.