G4S

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pages: 464 words: 121,983

Disaster Capitalism: Making a Killing Out of Catastrophe by Antony Loewenstein

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activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Asian financial crisis, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, clean water, collective bargaining, colonial rule, corporate social responsibility, Corrections Corporation of America, Edward Snowden, facts on the ground, failed state, falling living standards, Ferguson, Missouri, financial independence, full employment, G4S, Goldman Sachs: Vampire Squid, housing crisis, illegal immigration, immigration reform, income inequality, Julian Assange, mandatory minimum, market fundamentalism, mass incarceration, Naomi Klein, neoliberal agenda, obamacare, Occupy movement, offshore financial centre, open borders, private military company, profit motive, Ralph Nader, Ronald Reagan, Satyajit Das, Scramble for Africa, Slavoj Žižek, stem cell, the medium is the message, trade liberalization, WikiLeaks

Stand and Fight,” New Statesman, November 4, 2010. 38Emma de Vita, “‘Failure Is Never an Option’—Ruby McGregor-Smith, CEO of Mitie,” Management Today, July 1, 2014. 39Clare Sambrook, “Fail and Prosper: How Privatisation Really Works,” Open Democracy, March 6, 2014, at opendemocracy.net. 40Phil Miller, “‘Care & Custody’: Mitie’s Detention Centre Contracts,” Corporate Watch, September 1, 2014, at corporatewatch.org. 41Jamie Doward, “Children ‘Kept from Parents’ at Centre for Failed Asylum Seekers,” Guardian, April 27, 2014. 42“HM Inspector of Prisons Exposes Deputy Prime Minister’s Fabrication to have Ended Detention of Children,” Medical Justice, October 25, 2012, at medicaljustice.org.uk. 43Karen McVeigh, “Pregnant Woman at Yarl’s Wood Denied Hospital Scan Despite Baby Scare,” Guardian, October 8, 2010. 44Simon Cox, “Whistleblower’s Concerns over Safety at Yarl’s Wood,” BBC Radio 4, File on 4, June 24, 2014. 45Mark Townsend, “Serco, the Observer and a Hunt for the Truth about Yarl’s Wood Asylum Centre,” Guardian, May 18, 2014. 46Karen McVeigh, “Yarl’s Wood Detainees ‘Paid 50p an Hour,’” Guardian, January 3, 2011. 47Phil Miller, “True Scale of Captive Migrant Labour Revealed,” Corporate Watch, August 22, 2014; Phil Miller, “Detained Migrants Slam Low Pay,” Corporate Watch, December 22, 2014, both at corporatewatch.org. 48“Mental Health in Immigration Detention Action Group: Initial Report,” Medical Justice, press release, December 17, 2013, at medicaljustice.org.uk. 49“Detained and Denied: The Clinical Care of Immigration Detainees Living with HIV,” Medical Justice, press release, March 22, 2011, at medicaljustice.org.uk. 50“Expecting Change: The Case for Ending the Detention of Pregnant Women,” Medical Justice, press release, July 23, 2013, at medicaljustice.org.uk. 51“‘The Second Torture’: The Immigration Detention of Torture Survivors,” Medical Justice, press release, May 22, 2012, at medicaljustice.org.uk. 52Haroon Siddique, “G4S Ordered to Pay 6,000 Pounds to Elderly Disabled Man over Hospital Handcuffs,” Guardian, September 25, 2014. 53Rajeev Syal and Solomon Hughes, “New ‘Revolving Door’ Row as G4S Hires Ex-Mandarins,” Guardian, December 26, 2010. 54Paul Lewis and Matthew Taylor, “G4S Security Firm Was Warned of Lethal Risk to Refused Asylum Seekers,” Guardian, February 8, 2011. 55Owen Bowcott, Paul Lewis, and Matthew Taylor, “G4S Security Guards Accused over Restraint of Colombian Deportee,” Guardian, October 21, 2010; Robert Verkaik, “A Disturbing Insight into G4S’s Tactics,” Independent, October 30, 2010. 56Robert Booth and Matthew Taylor, “Jimmy Mubenga’s Widow Shocked as Security Guards Cleared of Manslaughter,” Guardian, December 17, 2014. 57Simon Hattenstone and Eric Allison, “G4S, the Company with No Convictions—But Does It Have Blood on Its Hands?”

Although the 2013 Home Office committee had elicited admissions from officials that it was not sensible to grant housing contracts to organizations with no experience running them, the contracts had already been signed, and G4S had no fear of losing them. As elsewhere, unaccountability functioned as a core value of disaster capitalism. We later drove a short distance to another G4S property. It was a three-story building with nine tenants, in better condition and tidier than the first. An Iranian man, Bozorg, said his housemate had cleaned the place for Ramadan. There was a G4S sign in the entrance hall that read: “This house has now been professionally cleaned: Please keep it clean and tidy at all times.” The G4S “House Rules” read like a prison manual for good behavior.

Britain started privatizing asylum housing, the Home Office giving most of the contracts to G4S and Serco. There was a plan to “nationalize providers,” and the country was divided into separate territories for the purpose—and Yorkshire was allocated to G4S. Asylum housing was only for those waiting for an outcome of their asylum claim, but many others were homeless. Grayson recalled a 2012 public meeting about the proposed plan at which a Zimbabwean man said: “I don’t want a prison guard as my landlord. I’ve seen G4S in South Africa.” The G4S-run Angel Lodge in Wakefield, West Yorkshire, situated in the grounds of Wakefield prison, was dirty because the company would not pay for better services.


pages: 388 words: 125,472

The Establishment: And How They Get Away With It by Owen Jones

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anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, Plutocrats, plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent

In 2012, Lincolnshire police signed a £200 million contract with G4S, leaving half its civilian force under the control of the company. Towards the end of 2013, Avon and Somerset Police put their custody suites and prisoner-transport services up to tender, with five companies, including G4S, competing to take them over. Until the G4S Olympics debacle led them to abandon it, the West Midlands and Surrey police forces had invited a bid worth £1.5 billion from the company, which would have left private security companies patrolling the streets and investigating crimes. But there are good reasons to believe that the head of G4S, David Taylor-Smith, was right when in June 2012 he suggested private companies would be in control of large swathes of the police within five years.

In February 2011, David Cameron announced that what he described as the ‘state monopoly’ of public services was over. Everything was now up for grabs. From the justice system to defence, the running of all services was now to be opened up to profiteering companies such as G4S, Serco and Sodexo. Mountains of taxpayer-provided cash awaited them. Around half of G4S’s profits in Britain came from government contracts. In 2012, £4 billion of taxpayers’ money was shovelled into the accounts of the biggest private contractors: Serco, G4S, Atos and Capita. It led to a damning assessment from the National Audit Office, which Margaret Hodge, chair of the Public Accounts Committee, summed up: this outsourcing, she concluded, had created ‘quasi-monopolies’ in the public sector, the ‘inhibiting of whistleblowers’, the trapping of taxpayers into lengthy contracts, and a ‘number of contracts that are not subject to proper competition’.

With London due to host the Olympics in 2012, the opportunities for profit were certainly sizeable. G4S was made the official ‘security services provider’ for the games, charged with providing 10,000 security personnel to ensure their smooth running in a deal worth £100 million. Long before Olympic hype was in full swing, it was clear that the taxpayer stood to haemorrhage money to G4S. By the end of 2011 their management fee had soared from £7.3 million to a whopping £60 million, the bulk of it for the firm’s ‘programme management office’. On the eve of the Olympics, G4S announced that it would not be able to provide the numbers of security personnel promised.


pages: 164 words: 57,068

The Second Curve: Thoughts on Reinventing Society by Charles Handy

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Airbnb, basic income, Bernie Madoff, bitcoin, bonus culture, British Empire, call centre, Clayton Christensen, corporate governance, delayed gratification, Diane Coyle, Edward Snowden, falling living standards, future of work, G4S, greed is good, informal economy, Internet of things, invisible hand, joint-stock company, joint-stock limited liability company, Kickstarter, Kodak vs Instagram, late capitalism, mass immigration, megacity, mittelstand, Occupy movement, payday loans, peer-to-peer lending, Plutocrats, plutocrats, Ponzi scheme, Ronald Coase, shareholder value, sharing economy, Skype, Steve Jobs, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Veblen good, Walter Mischel

But there often comes a point where bigger is too big, where the economies of scale bring less obvious psychological and social disadvantages, creating organisations that seem too big to be managed sensibly and effectively. A case in point is G4S. Originally an amalgamation of two Danish and British security companies, it went on a buying spree in 2008, acquiring over a dozen companies, and has now ended up with more than 620,000 employees, making it the third largest private-sector employer in the world after Walmart and Foxconn in China. Both of the latter are closely focused on either retailing or manufacturing but G4S has spread its wings far wider, operating a range of security and associated services for governments and others in more than 125 different countries, effectively doing the jobs that governments don’t want to do.

That may be no bad thing. Size breeds inhumanity, reducing individuals to mere human resources, costs in the account books. In the lower regions of these vast armies one can feel like a very small cog in a huge machine. At their worst they can be prisons for the human soul. The likes of Walmart and G4S have a huge headcount but are actually collections of small organisations, not the conglomerations of old, massed behind the factory gates. Other large organisations, my old oil company included, are gradually going federal although they don’t necessarily call it that, aiming to be big where it matters and small where they can in order to keep it human and flexible.


pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

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3D printing, balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income

Perhaps most important, what the public authority customer buys is not the substantive service involved, but the terms of the outsourcing contract. Although a large number of firms is engaged in this business across the whole range of public services being traded, the market is dominated by a small number of very large players. In the UK, over recent years, three firms—G4S, Capita and Serco—have come to account for a very large part of the government outsourcing market.7 A small number of purchasers in public authorities faces a small number of suppliers. These are therefore oligopolistic markets. An indicator that the market is not working well is the fact that large firms have continued to win new contracts even after having been fined for dereliction of duty with some of their existing ones.8 Significantly evoking the phrase used about the giant banks that had to be rescued during the financial crisis, one analysis of their operations has suggested that the firms involved in winning contracts to run British public services have become ‘too big to fail’.9 That is, they have become so central to providing Britain’s public services and infrastructure that if they were to leave the market there would be a crisis of collapsing provision.

An indicator that the market is not working well is the fact that large firms have continued to win new contracts even after having been fined for dereliction of duty with some of their existing ones.8 Significantly evoking the phrase used about the giant banks that had to be rescued during the financial crisis, one analysis of their operations has suggested that the firms involved in winning contracts to run British public services have become ‘too big to fail’.9 That is, they have become so central to providing Britain’s public services and infrastructure that if they were to leave the market there would be a crisis of collapsing provision. The observation that these major firms are found across a wide range of disparate activities is also significant. Both G4S and Serco started as contractors for public infrastructure projects in defence and security, but are today involved in schools and care services. Another major player, Amey, started in road building, but is now found right across the range of public administration. That firms so successfully win contracts across fields where they had no past track record or prior professional knowledge is explained by the fact that their core business is not a particular field of activity in which they have expertise, but knowing how to win government contracts: how to bid, and how to develop contacts with officials and politicians.

China Development Bank (CDB) circular economy citizenship goods climate change and capitalism and economics and politics Paris Accord policy Club of Rome Cold War collective goods Compaq compensation contracts competition Japanese law limits perfect competition protected firms and sectors consumerism consumers behaviour benefits choice debt demand protection welfare corporate sector accountability debt financialisation Fortune 500 companies Fortune 1000 companies governance new public management (NPM) organisational models resource allocation D DARPA debt consumer corporate household hysteria private public short-term sovereign debt-to-GDP ratios decarbonisation and structural change democracy and capitalism election campaigns post-democratic politics Department of Defense Department of Energy Department of health developing countries devolution discrimination anti-discrimination laws displacement of peoples Dosi, Giovanni Draghi, Mario E economic and monetary union (EMU) economic growth and inequality and innovation and technology environmental concerns green growth zero growth economic policy and capitalism consensus-building macroeconomic policy monetary expansion reshaping economic theory economic models model of the firm neoclassical orthodox post-Keynesian education access to and skills efficiency employment growth ‘non-standard’ work energy sector storage technologies environmental impacts environmental risk damage degradation sustainability technologies euro zone debt-to-GDP ratio economic policy fiscal policy GDP growth government lending investment macroeconomic conditions private investment productivity growth recession southern countries sovereign debt unemployment European Central Bank (ECB) role European Exchange Rate Mechanism (ERM) European Investment Bank (EIB) proposed new European Fund for Investment European Regional Development Fund (ERDF) European Stability Mechanism European Union (EU) competition law debt-to-GDP ratio de-industrialisation GDP growth government lending Growth Compact investment-led recovery macroeconomic conditions monetary expansion policy framework private investment productivity growth Stability and Growth Pact unemployment executive pay F Federal Reserve financial crash of 1929 financial crash of 2008 financial markets borrowing discrimination efficient markets hypothesis mispricing short-termism systemic risks financial regulation Finland public innovation research and development universal basic income firms business models in perfect competition productive firm First World War fiscal austerity fiscal compact fiscal consolidation fiscal deficits fiscal policy fiscal tightening food insecurity Forstater, Matthew Fortune 500 companies Fortune 1000 firms fossil fuels fracking France average real wage index labour productivity growth private debt public deficit unemployment Freeman, Chris Friedman, Milton G G4S Gates, Bill Germany average real wage index GDP green technology investment state investment bank unemployment wages global financial system globalisation and welfare state asymmetric first golden age Godley, Wynne Goldman Sachs Goodfriend, Marvin Google governments and innovation deficits failures intervention by modernisation of risk-taking Graham, Benjamin Great Depression Greece austerity bailouts debt problems GDP investment activity public deficit unemployment green technology green direction for innovation greenhouse gas emissions Greenspan, Alan Grubb, Michael H Hatzius, Jan health and climate change older people Hirschman, Albert history Integration with theory home mortgage specialists household income housing purchases value I IBM income distribution industrial revolution inequality adverse effects and economic performance China ethnicity explanation for income international trend OECD countries opportunities redistributive policies reinforcement reversing rise taxation UK wealth inflation information and communications technologies (ICT) consumer demand green direction internet of things online education planned obsolescence innovation and climate change and companies and government and growth innovative enterprise path-dependence public sector institutions European financial role Intel interest rates and quantitative easing Intergovernmental Panel on Climate Change (IPCC) International Bank for Reconstruction and Development (IBRD) International Energy Agency (IEA) International Labour Organization (ILO) International Monetary Fund (IMF) Studies investment and theory of the firm crowding out decline in investment in innovation private private vs publicly owned firms public public–private investment partnerships investment-led growth Ireland debt problems investment activity Public deficit Israel public venture capital fund research and development Italy average real wage index debt problems GDP Income inequality unemployment J Japan average real wage index competitive advantage over US GDP wages Jobs, Steve Juncker, Jean-Claude K Kay Review Keynes, John Maynard KfW Knight, Frank Koo, Richard Krueger, Alan Krugman, Paul L labour markets insecurity of regulation structures United States labour productivity and wages declining growth public deficit unemployment Lehman Brothers Lerner, Abba liquidity crisis Lloyd George, David lobbying corporate M Maastricht Treaty Malthus, Thomas market economy theory markets behaviour failure uncertainty Marshall, Alfred Marx, Karl McCulley, Paul Merrill Lynch Mill, John Stuart Minsky, Hyman mission oriented investment monetary policy money and fiscal policy and macroeconomic policy bank money electronic transactions endogenous exogenous fiat money government bonds IOUs modern money theory quantity theory theories monopolies monopoly rents natural Moore, Gordon N NASA nanotechnology National Health Service (NHS) National Institutes of Health (NIH) national savings neoliberalism corporate Newman, Frank Newton, Isaac O Obama, Barack P patents patient capital patient finance see patient capital Penrose, Edith Piketty, Thomas PIMCO Pisano, Gary Polanyi, Karl Portugal austerity bailout debt problems GDP investment activity unemployment privatisation productivity marginal productivity theory productive firm unproductive firm – see also labour productivity public deficits public goods public organisations and change public policy and change evaluation role public service outsourcing public spending public–private investment partnerships Q quantitative easing quarterly capitalism R Reagan, Ronald recessions Reinhart, Carmen renewable energy policy rents and banks increase rent-seeking research and development (R&D) state organisations Ricardo, David risk-taking – mitigation of risk role of the state Rogoff, Kenneth Roosevelt, Franklin D.


pages: 382 words: 92,138

The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato

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Apple II, banking crisis, barriers to entry, Bretton Woods, California gold rush, call centre, carbon footprint, Carmen Reinhart, cleantech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Financial Instability Hypothesis, full employment, G4S, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, total factor productivity, trickle-down economics, Washington Consensus, William Shockley: the traitorous eight

The increasing percentage of public services, across the globe, that are being ‘outsourced’ to the private sector, is usually done using precisely this ‘efficiency’ argument. Yet a proper look at the real cost savings that such outsourcing provides – especially taking into account the lack of ‘quality control’ and absurd costs that ensue – is almost never carried out. The recent scandal where the security for London’s 2012 Olympics was outsourced to a company called G4S, which then failed due to utter incompetence to deliver, meant that the British Army was called in to provide security during the Olympics. While the managers of the company were ‘reprimanded’ the company today is still making profits and outsourcing remains on the rise. Examples where outsourcing is resisted, such as the BBC’s choice to build the Internet platform for its broadcasting, the iPlayer, in-house has meant that it has been able to keep the BBC a dynamic innovative organization, that continues to attract top talent, retaining its high market share in both radio and TV – what public broadcasters in other countries can only dream of.

‘me too’ 64–7; see also pharmaceutical companies (‘pharma’); specific drugs Duhigg, Charles 173–4 DuPont 178–9 economic crisis: boosting clean technologies 142–3; causes of 12, 182; public sector blamed for 15, 17; varied impact of in EU 41 Economist, view on State and enterprise 16 ‘ecosystems’: see innovation ecosystems electric cars/vehicles 108, 123, 124, 133 Electric Power Research Institute (EPRI) 151 Elias, John 102–3 email 104 End of Laissez Faire, The (Keynes) 4, 194 endogenous growth theory: see ‘new growth’ theory energy crisis 137, 144–5; see also green industrial revolution Energy Frontier Research Centers (EFRCs) 133 Enron 148 ‘enterprise zones’ 54 ‘entrepreneurial’ State: building of 54, 196–7; growth and inequality in 183; risk assumption and vision of 24; role of 6, 10, 21, 23; see also State Entrepreneurial State, The (report) 2, 3 entrepreneurs: DARPA’s brokering role with 77; financing of 57; investment choices of 136; myth of in Silicon Valley 63; risk types and 58–9; SBIR funding to 80, 188 EPA (Environmental Protection Agency) 150 equitable growth 13, 177, 185 European Organization for Nuclear Research (CERN) 101 ‘European Paradox’ 53 European Union: approach to green initiatives 124; ‘Big State’ behind innovation in 166; feed-in tariffs in 153; ‘fiscal compact’ of 42, 197; green transition targets in 115n2; gross R&D spending as percentage of GDP 43; growth producing spending in 196; investment in renewable energy 120, 121; public sectors in 17–18; R&D targets of 41; weaknesses of countries in 52–3 Evans, Peter 4 Evergreen Solar 151–2, 162 Evolutionary Theory of Economic Change, An (Nelson and Winter) 34–5 ‘evolutionary theory’ of production 34–5 ‘exogenous growth theory’ 34 externalities 4, 7, 21, 168; see also Apple Fadell, Tony 100n8; see also Apple Fairchild Semiconductor 76 fast Fourier transform (FDT) algorithm 109 feed-in tariffs: in energy technology 114; in European markets 153; German 122, 138, 149, 156; policy changes in 125n7; UK 124 Fert, Albert 96 Fiegerman, Seth 171n3 finance firms 182 financialization 25–8 FingerWorks 103 Finland 120n4, 121, 190 First Solar (formerly Solar Cells Inc.) 128–9, 151, 159–60; see also green industrial revolution Fiscal Investment Loan Program (Japan) 40 flat panel display (FPD) industry 106 Florida, Richard 107 Forbes on WuxiSuntech 153 ‘Fordist’ model of production in 38–9 Foxconn 170–71 France 61, 120, 120n4, 121 Freeman, Chris 193 Fuchs, Erica 133 Funding a Revolution: Government Support for Computing Research 63 G4S, security company 16 game theory 36 GDP, balance in categories of 30 Gedser turbine 145 Genentech Inc. 57, 69, 81 General Electric (GE) 125, 137, 147–8, 160–61, 174n5 general purpose technologies (GPTs) 62, 83 Genzyme 81, 181 Germany: feed-in tariffs 122, 138, 149, 156; government energy R&D spending 121; green revolution in 115n2, 116, 120, 122; long-term support provided by 158; public R&D spending in 61, 144–6; solar resources of 144; State investment bank 190; systems of innovation in 37; wind energy and R&D projects in 144–6, 149, 156 Ghosh, Shikhar 127 giant magnetoresistance (GMR) 96–7 GlaxoSmithKline 66–7, 82 Global Wind Energy Council (GWEC) 138–9 Goldwind 149 Goodenough, John B. 108 Google 20, 174–5 government energy R&D spending 121, 121 GPS (global positioning system) 105, 105n12 Great Transformation, The (Polanyi) 194–5 Greece, R&D/GDP 52 Green, Martin 152 green industrial revolution: ARPA-E 133–5; ‘carbon lock-in’ 117; China’s ‘green’ 5 year plan 122–4; climate change 117, 123, 135; development banks funding of 139–40, 139n14; DoE role in 132–3; Economist on 16; financial commitment for 116; funding of 116–19; global new investment in renewable energy 120; government energy R&D spending 121; government support to 114–15, 119, 129, 141–2; hurdles to 138, 156, 160; leaders in 11–12, 126; national approaches to 119–22; ‘No More Solyndras Act’ 130–31n12; patient capital 138–40; policies impacting 113–15, 119; pushing green development 136–7; renewable energy credits (RECs) 115n1; smart grid technology in 115, 118; sustainability 117, 119, 123; UK’s approach to 124–6; US approach to 126–35; venture capital in 127–9, 128n9; venture capital subsectors in 128; see also clean technology; solar power; wind power Green Investment Bank 125n7 Gronet, Chris 151 growth: economy-wide 62; effect of venture capital on 49; of firms and R&D benefit 44; firm size relationship to 45–6; ‘inclusive’ 167, 183, 195; inequality and 31, 54, 177; innovation as key source of 9, 177; measures of 33; myths about innovation and 10; national debt relationship to 18; ‘smart’ 167, 183; and technology 33–4; theories of 33–4; variables important for 18; see also equitable growth Grünberg, Peter 96, 97 Grunwald, Michael 113, 136 Haltiwanger, J 45 Hamilton, Alexander 73 Hanwha Group 157 hard disk drives (HDD) 96–7, 109 Harrison, Brian 154 Harrod, Roy F. 33 Haslam, Karen 171n3 Heymann, Matthias 145 Hoffman Electronics 150, 150n4 Hopkins, Matt 129n10, 160 House of Commons Energy and Climate Change Committee 125 Hsieh, Chang-Tai 46 HTTP/HTML 103–5, 109 Hughes, Alan 45 Hurst, Samuel 101 IBM 50, 97, 104, 107 ‘iGesture Numpad’ 103 Ill Fares the Land (Judt) 1 Immelt, Jeffrey 126 income-contingent loans and equity 189–90 income distribution 30n1 India 45–6, 120 industrial policy: challenges to 13; decentralized 78; in ‘rebalancing’ of economies 27; recent US history of 10, 21; redistributive tools needed in 167; State led 40; see also ‘picking winners’ inequality: as debilitating economic issue 177; growth impacted by 31; reducing 166, 186; shareholders as source of 183; tax cut impact on 54 information and communications technology (ICT) 50, 118 Information Processing Techniques Office (DARPA’s) 76 Innovalight 158 innovation: collective character of 183–7, 193; ‘culture’ of 87; as cumulative 167, 187; Death Valley stage of 47, 48, 122; development banks fostering 139–40; development of 3, 41–2; and distribution 186; economic growth driven by 9; firms resisting pressure for 77; global process of 155; government support for 31; in Japan 37–8; macro models on 44; myths about 10, 22; myths of R&D being about 44; ‘open innovation’ model of 25, 27; patent increase relationship to 50–51; process in energy technology 114; Schumpeterian innovation economics 5; State as a force in 5, 166; State leading in risky 62–4; stock market speculation and 49–50; tax policy impact on 51; threatened in US 24; undermining of in US 53, 183, 187; US 24; see also ‘systems of innovation’ approach innovation ecosystems: cumulative innovation curve in 167–8; open systems 193; socioeconomic prosperity dependence on 179; symbiotic vs. parasitic 23–5, 155, 162–3, 179; types of 2; see also actors ‘innovation fund’ 189 innovation networks 36, 40 innovation policy 22–3, 44, 46, 54, 167 Inquiry into the Nature and Causes of the Wealth of Nations, An (Smith) 1; see also ‘Invisible Hand’ Institute for Fiscal Studies (IFS) 51–2 institutional change, assessment of 36 integrated circuits 98, 98n6 Intel 130n11 intellectual property protection 110 intellectual property rights 174 International Bank for Reconstruction and Development (IBRD) 5 Internet: Apple’s use of 109; commercialization of 22; DARPA’s role in 76; and HTTP/HTML 103–5, 109; origin of 63; public funding behind 105 interventionist policy 83 investment returns, social vs. private 3–4 ‘Invisible Hand’ 30 iOS mobile operating system 89–90 iPad 102, 105, 109, 111n14 iPhone 101–3, 105–6, 109 iPlayer 16 iPod 95–6, 100–102, 105, 109, 110 Ireland 120n4, 121, 121 IRS 529 plans 111, 111n15 Italy 17, 39, 41, 52, 121 Jacobs 149 Janeway, William H. 49–50 Japan: Apple entering market of 110; computer electronics competition by 97, 98, 98n7, 106–7; economic growth of 37–8; finance system coordination by 40; flat panel display (FPD) industry of 106; government energy R&D spending 121; lithium-ion battery perfection by 108; MITI 37–8, 40; public R&D spending in 61; systems of innovation in vs.


pages: 320 words: 86,372

Mythology of Work: How Capitalism Persists Despite Itself by Peter Fleming

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1960s counterculture, anti-work, call centre, clockwatching, commoditize, corporate social responsibility, creative destruction, David Graeber, Etonian, future of work, G4S, Goldman Sachs: Vampire Squid, illegal immigration, Kitchen Debate, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, means of production, neoliberal agenda, Parkinson's law, post-industrial society, profit maximization, profit motive, quantitative easing, Results Only Work Environment, shareholder value, The Chicago School, transaction costs, wealth creators, working poor

Their organized disorganization is obviously designed to induce a certain type of anxiety in the prisoner, a Kafkaesque state of mind that continuously anticipates an arrival that never eventuates. However, the tagged prisoner is emotionally tortured, not as the land-surveyor K. was by a mystically inscrutable Castle, but by a private firm called Securicor (now G4S) which had successfully bid for the governmental contract: Day 2: As I enjoy a nice relaxing bath, the telephone rings. It’s the Securicor monitoring centre in Manchester, asking if I am at home. Either the bath water obscured the signal, or I was out of range. They say they will send someone round to investigate.

capitalism ref1, ref2, ref3, ref4 General Motors plant (Michigan) ref1 Goffee, R. ref1 Goldman Sachs ref1 The Good Soldier Svejk (Hasek) ref1 Gordon, D. ref1 Gorz, A. ref1, ref2 Graeber, D. ref1 Groundhog Day (Ramis) ref1 Guattari, F. ref1, ref2, ref3 on criticism/criticality ref1 and de-subjectification ref1 language ref1, ref2 Gujarat NRE ref1 Gulf of Mexico oil spill (2010) ref1 Hamper, B. ref1 Hanlon, G. ref1 Hardt, M. ref1 Hart, A. ref1 Harvard Business Review (HBR) ref1 Harvey, D. ref1, ref2 Hayek, F. ref1, ref2, ref3 health and safety ref1, ref2 ‘Help to Buy’ support scheme ref1 Hirschhorn, N. ref1 Hodgkinson, T. ref1 holiday policy ref1 Houellebecq, Michel ref1, ref2, ref3 human capital ref1, ref2, ref3, ref4, ref5, ref6, ref7 human relations movement ref1 Human Resource Management (HRM) ref1, ref2, ref3, ref4, ref5, ref6 humour ref1 ‘I, Job’ function ref1, ref2, ref3, ref4, ref5, ref6 and biopower ref1, ref2 and death drive ref1, ref2 as escape into work ref1 and illness ref1, ref2, ref3 resisting ref1, ref2, ref3, ref4, ref5, ref6 see also escape; totality refusal see also work, as all-encompassing; working hours illegal immigrants, deportations ref1 illness ref1, ref2 collective ref1, ref2 see also Social Patients’ Collective as desirable experience ref1, ref2, ref3, ref4 of managers ref1, ref2 and productive power ref1, ref2 as weapon against capitalism ref1 ‘immersion room’ exercise ref1, ref2, ref3, ref4 imperceptibility ref1 see also invisibility incentivization ref1 indexation process ref1, ref2, ref3, ref4, ref5 informality and authoritarianism ref1, ref2 see also deformalization insecurity ref1 Institute of Leadership and Management (ILM) ref1, ref2, ref3 invisibility ref1, ref2 ‘Invisible Committee’ ref1, ref2 Italian autonomist thought ref1, ref2 Jameson, F. ref1 Jones, G. ref1 Junjie, Li ref1 Kamp, A. ref1 Kein Mensch ist illegal ref1 Kellaway, L. ref1 Key Performance Indicators (KPIs) ref1 Keynes, J.M. ref1, ref2 Khrushchev, Nikita ref1, ref2 Kim, Jonathan ref1 King, Stephen ref1 ‘Kitchen Debate’ ref1 Kramer, M. ref1, ref2 labour unions ref1 dissolution of ref1, ref2 language, evolution of ref1 Larkin, P. ref1 Latour, B. ref1, ref2 Laval, C. ref1, ref2 Lazzarato, M. ref1, ref2 leaders backgrounds ref1 remuneration and bonuses ref1, ref2, ref3, ref4, ref5 see also managers Lefebvre, H. ref1 Leidner, R. ref1 Lewin, D. ref1 liberation management ref1, ref2, ref3, ref4, ref5 life itself, enlisting ref1, ref2, ref3, ref4, ref5 lines of flight ref1, ref2 Lordon, F. ref1, ref2, ref3 Lucas, R. ref1, ref2 Lukács, G. ref1 Lynch, R. ref1 McChesney, R. ref1 McGregor, D. ref1 management ref1, ref2 and class function ref1, ref2 as co-ordination ref1 and inducement of willing obedience ref1, ref2 information deficit ref1 and power ref1, ref2 self-justification rituals ref1 as transferable skill ref1, ref2 managerialism ref1, ref2, ref3, ref4, ref5, ref6, ref7 and abandonment ideology ref1, ref2, ref3, ref4, ref5 and boundary management ref1 and conflict-seeking behaviour ref1 division between managers and managed ref1, ref2 general principles of ref1 and leadership ref1 profligate management function ref1 refusing ref1 and securitization ref1 as self-referential abstraction ref1 managers as abandonment enablers ref1, ref2 and deformalization ref1 and engagement of workers ref1, ref2 lack of practical experience ref1 overwork ref1, ref2 see also leaders Marcuse, H. ref1 Market Basket supermarket chain ref1 Marx, K. ref1, ref2, ref3, ref4, ref5, ref6 Maslow, A. ref1 Matten, D. ref1 meat consumption ref1 Meek, J. ref1 Meyerson, D. ref1 Michelli, J. ref1 Miller, W.I. ref1 Mitchell, David ref1 mobile technology ref1, ref2, ref3, ref4, ref5, ref6, ref7 Modafinil ref1, ref2 Monaghan, A. ref1 money ref1, ref2 see also accumulation Mooney, G. ref1 Moore, A.E. ref1 Moore, Michael ref1, ref2 music industry ref1 Naidoo, Kumi ref1 NASA ref1 Natali, Vincenzo ref1 Negri, A. ref1, ref2 neoliberal capitalism ref1, ref2, ref3, ref4, ref5, ref6, ref7 and bureaucracy ref1 and ideal worker ref1, ref2 and non-work time ref1, ref2 and paranoia ref1, ref2 resisting ref1, ref2 see also post-labour strategy and threat of abandonment ref1, ref2 and truth telling ref1, ref2, ref3 neoliberalism ref1, ref2, ref3, ref4, ref5, ref6 and class relations ref1, ref2, ref3 and disciplinary power ref1 and human-capital theory ref1 and impossibility ref1, ref2, ref3, ref4, ref5, ref6 and micro-fascism ref1 and reign of technocrats ref1 role of state ref1 and truth telling ref1, ref2 and worker engagement ref1, ref2, ref3 Nestlé ref1 New Public Management ref1, ref2 New Zealand, and capitalist deregulation ref1 New Zealand Oil and Gas (NZOG) ref1 Newman, Maurice ref1 Nietzsche, Friedrich ref1, ref2 Nixon, Richard ref1, ref2 Nyhan, B. ref1 obsession ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Onionhead program ref1 overcoding ref1, ref2, ref3, ref4, ref5, ref6, ref7 The Pain Journal (Flanagan) ref1, ref2, ref3 paranoia ref1, ref2, ref3, ref4 overwork/paranoia complex ref1, ref2 Paris Commune ref1, ref2 Parkinson’s Law ref1 Parnet, C. ref1 Parsons, T. ref1 Peep Show (TV comedy) ref1 pensions ref1, ref2 personnel management ref1 see also Human Resource Management Peters, T. ref1 Philip Morris ref1 Pike River Coal mine (New Zealand) ref1 Pollack, Sydney ref1 Pook, L. ref1 Porter, M. ref1, ref2 post-labour strategy, recommendations ref1 postmodernism ref1, ref2, ref3 power ref1, ref2, ref3, ref4, ref5 and truth telling ref1 Prasad, M. ref1 Price, S. ref1 private companies, transferring to public hands ref1 privatization ref1, ref2, ref3, ref4, ref5, ref6, ref7 profit maximization ref1, ref2, ref3, ref4, ref5 quantitative easing ref1 Rand, Ayn ref1 rationalization ref1, ref2, ref3 Reifler, J. ref1 reserve army of the unemployed ref1 Ressler, C. ref1 results-only work environment (ROWE) ref1, ref2, ref3 Rimbaud, A. ref1 Rio+20 Earth Summit (2012) ref1 ‘riot grrrl’ bands ref1 rituals of truth and reconciliation ref1 Roberts, J. ref1 Roger Award ref1 Roger and Me (Moore) ref1 Rosenblatt, R. ref1 Ross, A. ref1, ref2 Ross, K. ref1 Rudd, Kevin ref1 ruling class fear of work-free world ref1, ref2 and paranoia ref1, ref2 Sade, Marquis de ref1 Sallaz, J. ref1 Saurashtra Fuels ref1 Scarry, E. ref1 Securicor (G4S) ref1 Segarra, Carmen ref1 self-abnegation ref1 self-employment ref1 self-management ref1, ref2, ref3, ref4, ref5 self-preservation ref1, ref2, ref3, ref4 self-sufficiency ref1, ref2, ref3 shareholder capitalism ref1, ref2, ref3, ref4 shift work ref1, ref2 see also working hours Shragai, N. ref1 sleep and circadian rhythms ref1 as form of resistance ref1 working in ref1, ref2, ref3 smart drugs ref1, ref2 Smith, Roger ref1 smoking and addiction ref1 dangers of ref1, ref2 scientific research ref1 sociability ref1, ref2 ‘the social’ ref1, ref2 social factory ref1, ref2, ref3, ref4, ref5, ref6, ref7 and structure of work ref1 social media ref1 Social Mobility and Child Poverty Commission ref1 Social Patients’ Collective (SPK) ref1, ref2, ref3 social surplus (commons) ref1, ref2, ref3 socialism ref1, ref2, ref3, ref4 Sontag, S. ref1 Spicer, A. ref1 stakeholder management ref1, ref2 Starbucks ref1 state, theory of ref1 subcontracting ref1, ref2, ref3 subsidization ref1, ref2, ref3, ref4, ref5, ref6, ref7 suicide as act of refusal ref1 Freud’s definition ref1 work-related ref1, ref2, ref3, ref4, ref5 surplus labour ref1, ref2 surplus living wage ref1 ‘tagged’ employees ref1 ‘tagged’ prisoner ref1 Tally, Richard ref1 taxation ref1, ref2, ref3 Taylor, F.W. ref1 Taylor, S. ref1 Taylorism ref1 technological progress, and emancipation from labour ref1 Thatcher, Margaret ref1 Thatcherism ref1 They Shoot Horses Don’t They?


pages: 475 words: 155,554

The Default Line: The Inside Story of People, Banks and Entire Nations on the Edge by Faisal Islam

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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, British Empire, capital controls, carbon footprint, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, credit crunch, Credit Default Swap, crony capitalism, dark matter, deindustrialization, Deng Xiaoping, disintermediation, energy security, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, financial repression, floating exchange rates, forensic accounting, forward guidance, full employment, G4S, ghettoisation, global rebalancing, global reserve currency, hiring and firing, inflation targeting, Irish property bubble, Just-in-time delivery, labour market flexibility, light touch regulation, London Whale, Long Term Capital Management, margin call, market clearing, megacity, Mikhail Gorbachev, mini-job, mittelstand, 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, 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, working-age population, zero-sum game

In central Nicosia the first victims were the elderly, many of whom had never had to use a cash machine before. The mood on the island was febrile, if not yet panicked. Ordinary Cypriots queued at ATMs for money replenished once a day by the nation’s new emergency service: security vans full of euros run by British contractor G4S. On the streets, Cypriots were broadly consistent in their view as to who was to blame: Germany. Germany, they insisted, was trying to drive Russian deposits off the island, with the intention of gaining primacy in the race for Cyprus’s abundant gas reserves. Before the parliamentary vote, protestors surrounded the German embassy and tore down the German flag.

It said: ‘Movement of currency up to one thousand euro per passenger only.’ And this applied even to passengers flying within the EU. It was just one of a number of decrees restricting the movement of currency in and out of bank accounts, cash machines and off the island. Meanwhile, fanning out from the Central Bank in Nicosia, G4S security vans sped across the island, shadowed by police cars. Their task? To deliver the cash before the reopening of bank branches at noon. In Larnaca there were queues of two or three dozen people waiting outside each branch. It was an orderly affair. At a BoC branch, names of clients had been placed on a list in arrival order, enabling people to sit in the shade of a nearby tree.


pages: 511 words: 111,423

Learning SPARQL by Bob Ducharme

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Donald Knuth, en.wikipedia.org, G4S, hypertext link, linked data, place-making, semantic web, SPARQL, web application

This next update request has a WHERE clause that looks for triples with a predicate of dm:tag and an object of “five” or “six”. Because of the USING keyword, it looks in graph dg:g2 for these triples. It then inserts copies of these triples into a new d:g4 graph: # filename: ex344.ru PREFIX d: <http://learningsparql.com/ns/data#> PREFIX dm: <http://learningsparql.com/ns/demo#> INSERT { GRAPH d:g4 { ?s dm:tag "five", "six" . } } USING d:g2 WHERE { ?s dm:tag "five" . ?s dm:tag "six" . } After running it, run the ex332.rq List All Triples SELECT query, and you’ll see that the two triples inserted into graph d:g4 both have subjects of d:x. Although the default graph has triples that match the WHERE clause’s patterns (the ones with a subject of d:w that you inserted with update request ex343.ru), the USING keyword specifically told the SPARQL processor to look in the d:g2 graph for triples that matched those patterns, so those are the ones that got copied to d:g4.

If the ex344.ru update request had said USING NAMED instead of just USING, the query processor wouldn’t have found those triples in the d:g2 graph unless the name was explicitly included in the WHERE clause, like this: # filename: ex345.ru PREFIX d: <http://learningsparql.com/ns/data#> PREFIX dm: <http://learningsparql.com/ns/demo#> INSERT { GRAPH d:g4 { ?s dm:tag "five", "six" . } } USING NAMED d:g2 WHERE { GRAPH d:g2 { ?s dm:tag "five" . ?s dm:tag "six" . } } Copying and Moving Entire Graphs SPARQL Update’s COPY and MOVE operations let you copy and move triples between named graphs or between the default graph and a named graph. We can set up some sample data to see their effects by first running the DROP ALL command shown in ex337.ru in Dropping Graphs, and then running the ex338.ru update that follows it.


pages: 315 words: 70,044

Learning SPARQL by Bob DuCharme

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database schema, Donald Knuth, en.wikipedia.org, G4S, linked data, semantic web, SPARQL, web application

This next update request has a WHERE clause that looks for triples with a predicate of dm:tag and an object of “five” or “six”. It then inserts copies of these triples into a new d:g4 graph. # filename: ex344.ru PREFIX d: <http://learningsparql.com/ns/data#> PREFIX dm: <http://learningsparql.com/ns/demo#> INSERT { GRAPH d:g4 { ?s dm:tag "five", "six" . } } USING d:g2 WHERE { ?s dm:tag "five" . ?s dm:tag "six" . } After running it, run the ex332.rq List All Triples SELECT query, and you’ll see that the two triples inserted into graph d:g4 both have subjects of d:x. Although the default graph has triples that match the WHERE clause’s patterns (the ones that you inserted with update request ex343.ru), the USING keyword specifically tells the SPARQL processor to look in the d:g2 graph for triples that match those patterns, so those are the ones that got copied to d:g4.


pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

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accounting loophole / creative accounting, Albert Einstein, asset-backed security, banking crisis, banks create money, basic income, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, Plutocrats, plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, Winter of Discontent, working poor, Yom Kippur War, zero-sum game

Evidently a global plutocrats’ forum is seen as an appropriate setting for them; at least business interests will be represented. (Well, plutocrat politicians are there anyway, so why not make global diplomacy come to them?) And business has major interests in wars, particularly resource wars, as was so clear in Halliburton’s, G4S’s and other companies’ involvement in the Iraq war. Meanwhile, the governed are kept at bay through massive security. Noam Chomsky contrasts the WEF with the alternative World Social Forum: The dominant propaganda systems have appropriated the term ‘globalization’ to refer to the specific version of international economic integration that they favor, which privileges the rights of investors and lenders, those of people being incidental.


pages: 466 words: 127,728

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

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Affordable Care Act / Obamacare, Asian financial crisis, asset allocation, Ayatollah Khomeini, bank run, banking crisis, Ben Bernanke: helicopter money, bitcoin, Black Swan, Bretton Woods, BRICs, business climate, 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, Edward Snowden, eurozone crisis, fiat currency, financial innovation, financial intermediation, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, G4S, George Akerlof, global reserve currency, global supply chain, Growth in a Time of Debt, income inequality, inflation targeting, information asymmetry, invisible hand, jitney, John Meriwether, Kenneth Rogoff, labor-force participation, labour mobility, Lao Tzu, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, market clearing, market design, money market fund, money: store of value / unit of account / medium of exchange, mutually assured destruction, obamacare, offshore financial centre, oil shale / tar sands, open economy, Plutocrats, plutocrats, Ponzi scheme, price stability, 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, 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, uranium enrichment, Washington Consensus, working-age population, yield curve

China waited over six years, from late 2002 to early 2009, before publicly announcing its last increase in official reserves. If China repeats that tempo, the next update to the gold reserve figures can be expected in 2015. Even these estimates based on known mining output and known imports must be qualified by the fact that certain gold imports to China are completely unreported. A senior manager of G4S, one of the world’s leading secure logistics firms, recently revealed to a gold industry executive that he had personally transported gold into China by land through central Asian mountain passes at the head of a column of People’s Liberation Army tanks and armored transport vehicles. This gold was in the form of the 400-ounce “good delivery” bars favored by central banks rather than the smaller one-kilo bars imported through regular channels and favored by retail investors.