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Oil: Money, Politics, and Power in the 21st Century by Tom Bower
Ayatollah Khomeini, banking crisis, bonus culture, corporate governance, credit crunch, energy security, Exxon Valdez, falling living standards, fear of failure, forensic accounting, index fund, interest rate swap, kremlinology, LNG terminal, Long Term Capital Management, margin call, Mikhail Gorbachev, millennium bug, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, passive investing, peak oil, Piper Alpha, price mechanism, price stability, Ronald Reagan, shareholder value, short selling, Silicon Valley, sovereign wealth fund, transaction costs, transfer pricing, éminence grise
After 1976, North Sea production was controlled by the British and Norwegian governments. To avoid oil shortages in Britain and to thwart profiteering, the government agency BNOC (British National Oil Corporation) intervened at the taxpayers’ expense to undercut OPEC prices, and directed that crude should be sold only to refineries. In the early 1980s these restrictions were breaking down, and North Sea oil was leaking onto the “spot market,” attracting dealers in London and New York. Although the quantities traded were small, the free market of Brent oil became the price-setter or benchmark for oil produced in North Africa, West Africa and the Middle East. The Saudis complained of chaos, but the traders loved the opportunities for speculation. BP and Shell fixed Brent prices, and using BP’s oil and information, Andy Hall began trading Brent oil aggressively.
In the Big Boys’ game, a rival trader’s scream was an invitation to squeeze harder. Philipp Bros., or Phibro, was good at squeezing, because there were large numbers of small traders — at least 50 in the US alone. To outsiders, Phibro personified the separate world inhabited by oil traders. “You’re ignoring the rule, ‘Don’t steal from thy brethren,’” London trader Peter Gignoux complained. The British government’s remaining control over North Sea oil prices crumbled as Phibro aggressively traded primitive derivatives and futures against rival traders. The “plain-vanilla swap” compelled the customer either to take physical delivery of the oil or pay to cover the loss. For the first time, global oil prices were influenced by traders speculating as proprietors, regardless of the producers or the customers. The OPEC countries, especially Saudi Arabia, hated their game, and even Shell was displeased that their precious commodity created profiteers and casualties.
Oil spikes, Deuss believed, occurred once every decade, and in the intervening years traders should tread water, manipulating the market with squeezes. The best squeezes, he boasted, passed unnoticed. During 1986, Deuss decided to execute a monster squeeze on the Brent market. Mike Loya, Transworld’s manager in London, was delegated to mastermind the purchase of more oil than was actually produced in the North Sea. In that speculative market, the cargo of a tanker carrying 600,000 barrels of North Sea oil was normally sold and resold a hundred times before it reached a refinery. If prices were falling, traders who bought at higher prices were exposed to losses, while those selling short would expect to profit. Starting in a small way, Deuss and his traders in London bought increasing amounts of 15-day Brent every month. Seeing that by tightening the market they were pushing prices upward and earning extra dollars, they became bolder.
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
Albert Einstein, Clayton Christensen, Daniel Kahneman / Amos Tversky, deliberate practice, double helix, en.wikipedia.org, endowment effect, Isaac Newton, iterative process, Jeff Bezos, Lao Tzu, loss aversion, Mahatma Gandhi, microcredit, minimum viable product, North Sea oil, Peter Thiel, Ralph Waldo Emerson, Richard Thaler, Rosa Parks, side project, Silicon Valley, Silicon Valley startup, sovereign wealth fund, Steve Jobs
Henry Cloud and John Townsend, Boundaries: When to Say Yes, How to Say No (Grand Rapids, MI: Zondervan, 1992), 29–30. 4. I have found this story cited in several places: for example, Jill Rigby’s Raising Respectful Children in an Unrespectful World (New York: Simon & Schuster, 2006), ch. 6. But I have yet to find an original source for the story and therefore share this only as an anecdote. 15. BUFFER 1. Guy Lodge, “Thatcher and North Sea Oil: A Failure to Invest in Britain’s Future,” New Statesman, April 15, 2013, www.newstatesman.com/politics/2013/04/thatcher-and-north-sea-oil-%E2%80%93-failure-invest-britain%E2%80%99s-future. 2. Dale Hurd, “Save or Spend? Norway’s Commonsense Example,” CBN News, July 11, 2011, www.cbn.com/cbnnews/world/2011/July/Save-or-Spend-Norways-Common-Sense-Example-/. 3. Richard Milne, “Debate Heralds Change for Norway’s Oil Fund,” FT.com, June 30, 2013, www.ft.com/cms/s/0/8466bd90-e007-11e2-9de6-00144feab7de.html#axzz2ZtQp4H13. 4.
Nonessentialist Essentialist Assumes the best-case scenario will happen Forces execution at the last minute Builds in a buffer for unexpected events Practices extreme and early preparation When a Nonessentialist receives a windfall, she tends to consume it rather than to set it aside for a rainy day. We can see an example of this in the way nations have responded to finding oil. For example, in 1980, when Britain discovered North Sea oil, the government suddenly had a massive windfall in additional tax revenues, to the tune of 166 billion pounds ($250 billion) over a decade.1 Arguments can be made for and against how this money was used. But what is beyond contestation is that it was used; instead of creating an endowment to prepare against unexpected disasters (such as, in hindsight, the coming great recession), the British government spent it in other ways.
When the Iron Lady Ruled Britain by Robert Chesshyre
Berlin Wall, Big bang: deregulation of the City of London, British Empire, deskilling, Etonian, Fall of the Berlin Wall, financial deregulation, full employment, housing crisis, manufacturing employment, means of production, North Sea oil, oil rush, Plutocrats, plutocrats, Ronald Reagan, school choice, Silicon Valley, the market place, trickle-down economics, union organizing, young professional
If you believe in the hereditary principle, you can’t pick and choose with whom you consort. Republicanism in Britain has fewer adherents than t’ai chi, and even a change at the top – unwelcome though that will be among many diehard royalists when the time inevitably comes – will not alter the British infatuation with a crowned head of state and a balcony of relations. Unlike Norwegians who invested their profits from the North Sea, in 1987 we were already squandering our North Sea oil – ‘pissing it against the wall’ in the words of Aberdonian bumper stickers. We are in a perilous enough economic situation as it is: had it not been for oil we would be a basket case alongside Greece. Oilmen told me how the people who beat a path to their doors in search of work were mostly from overseas (one said he would find them curled up asleep outside his office when he arrived in the morning).
Workers could no longer expect a measurable rise in living standards each year, and start washing an hour before the bell rang. Fishing on Saturday mornings after all bore a heavy price tag. While I was in Washington DC, Britain for the first time began to import more manufactured goods than she exported. In the autumn of 1985, a House of Lords committee forecast the collapse of manufacturing, which, it said, would be followed – once North Sea oil is exhausted – by virtual national bankruptcy, bringing with it social and political turmoil. However, although by the time I returned very little was any longer being manufactured in Britain that you could eat off, sit on, drive, watch or listen to, money was being made in some mysterious way. Nightly, in between the City scandals, financial reporters told of fresh Stock Exchange records. The old folk who used to live on our street had mainly been replaced by yuppies.
Fifteen years later he ran a highly successful business, and had a finger in every pie in town from the local radio station to trying to save Wakefield Trinity rugby league side from bankruptcy. He was exhilarated by American dynamism. After a two-week visit there, he found it ‘takes me a little time to settle back into the much slower pace of the UK.’ He had recently flown to Hong Kong for a two-hour meeting, winning a contract that otherwise would have gone elsewhere. But he was deeply angered by what he saw as the squandering of North Sea oil, and wondered why it had not been spent on the national infrastructure. ‘What the hell are we going to do when it runs out?’ he asked. The gloomy answer he provided himself was that the unemployed may ‘one day turn on us and destroy us all.’ We had, he said, perhaps been purged enough by strong Thatcherite medicine. Before I left Wakefield, I drove out to visit two young men, Ian Conniff and Steve Chapman, whom I had first met fifteen months earlier.
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
affirmative action, Albert Einstein, Bernie Madoff, British Empire, capital controls, cleantech, cloud computing, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve
The wealth came out of the earth. We have a consequence without a cause.”1 The question is, which is the real wealth: the consequence, possessed by the oil-rich lands like Saudi Arabia, or the cause, manifested for centuries, for example, by relatively barren islands like Japan and Great Britain, and now by Hong Kong and Taiwan? The question acquires high importance as Great Britain itself stumbles into its legacy of North Sea oil and threatens to squander it. Will this oil be seen later as a “curse in disguise,” which prevents Britain from recovering from its real losses: the declining productivity of its work force and the slackness of its management? Oil, like a neutron bomb, could end by destroying the real wealth of the land—the morale and ingenuity of its people—and leave standing only the sterile structures of an advanced industrial economy, ruled by a bloated and increasingly oppressive bureaucracy, trained only in the barren arts of redistributing bonanzas.
Britain might have led in transfer payments, but the United States exceeded almost all capitalist countries in proportion of GNP devoted to direct government appropriations of private-sector resources, for all purposes from housing to defense. This is probably the most important index of government impact on an economy. Without the energy crisis, such government growth might have been manageable. But unlike Britain with its North Sea oil, the United States, in order to pay a $60 billion tax to OPEC, was forced to expand its exports massively. Government, unfortunately, despite its many uses, is not usually an exportable item. As the United States increased its exports, therefore, unsubsidized workers had to make do with less in order that civil servants and OPEC might have more. Many private citizens and companies began to suffer.
A regulatory apparatus is a parasite that can grow larger than its host industry and become in turn a host itself, with the industry reduced to parasitism, dependent on the subsidies and protections of the very government body that initially sapped its strength. Such industries exist all over Europe today, firms feeding on the societies they once amply fed. Not one of the nationalized manufacturing companies in Europe has made a consistent profit; all are burdens on the economies they seemingly dominate but actually subvert. In Great Britain the discovery of North Sea oil has been called a “curse in disguise” because it allowed that country to continue financing its parasite leviathans throughout the 1970s and even to endow new nationalized firms such as the now-defunct Inmos, which was a hopeless laggard in the computer industry, as well as virtual government creatures like the failed DeLorean Autos, for which Britain outbid lucky Puerto Rico for the right to lavish immense subsidies on the firm and to deplete the national economy in order to “create” a few jobs and destroy many more.
air freight, banking crisis, big-box store, BRICs, carbon footprint, collateralized debt obligation, collective bargaining, credit crunch, David Ricardo: comparative advantage, decarbonisation, energy security, food miles, hydrogen economy, illegal immigration, immigration reform, invisible hand, James Watt: steam engine, Just-in-time delivery, market clearing, megacity, North Sea oil, oil shale / tar sands, oil shock, peak oil, profit maximization, reserve currency, South Sea Bubble, the market place, The Wealth of Nations by Adam Smith, trade liberalization
In both 1973 and 1979, the world economy was thrown into chaos by fuel shortages and the high prices that accompanied them—only to see the time-tested laws of supply and demand quickly restore order to both oil prices and the economy at large. And as economists predicted, higher oil prices triggered huge investments in technology that dramatically improved energy efficiency, whether it was smaller cars or natural-gas-fired electricity plants. It is also true that new supply was brought on line and helped force down the price of a barrel of oil. The British North Sea oil fields gushed oil into world markets, as did Prudhoe Bay in Alaska, helping restore global supply and fueling economic booms in the UK and Alaska. Once again the laws of demand and supply seemed to be working, with higher prices bringing forth the new supply that economics textbooks said they always fetch. But history can be loaded with head fakes. The energy crises of 1973 and 1979 were political in nature, not geological or economic.
But only a couple of decades later, production rates were dropping like a rock, no matter how much money and technology were thrown at them. In fact, by the 1980s the oil companies had already spent more on drilling technology in the North Sea than NASA spent putting a man on the moon. But the North Sea wells had their best monthly production numbers in 1985. Their peak annual production came in 1999, and had dropped by 43 percent by 2007. While not long ago the UK was an oil exporter to be reckoned with (indeed, the benchmark North Sea oil is Brent Light Crude), today it is a net importer. And that process is repeating itself worldwide. The peak year for deepwater oil discovery was back in 1996. Given past lags between discovery and peak production for other sources of oil supply, a peak in offshore production is not far away. Why does it matter if offshore production will soon peak? Because since 2000, offshore fields, and particularly deepwater fields, have been the single largest source of new supply growth in the world.
The 2008 WEO is available at www.worldenergyoutlook.org/2008.asp. p. 28: The figures for per capita oil consumption around the world are based on data from the CIA World Factbook (www.cia.gov/library/publications/the-world-factbook/). p. 35: Though it is hard to believe that drilling for oil in the North Sea is more expensive than putting a man on the moon, that is the way the numbers add up. A 1975 article in Time estimates that the investment in North Sea oil infrastructure up to 1980 would cost $11 billion more than the American lunar program (www.time.com/time/magazine/article/0,9171,913489,00.html). p. 36: An oilfield’s output does not follow a smooth curve, which is why the North Sea’s peak monthly production arrived fourteen years before its peak annual number. It happened that 1985 saw a particularly good month (www.og.berr.gov.uk/pprs/full_production/monthly+oil+ production/0.htm), and 1999 the best year on record (www.og.berr.gov.uk/pprs/full_production/annual+oil+production+sorted+by+field+m3/0.htm) according to the UK Department of Energy and Climate Change.
The Extreme Centre: A Warning by Tariq Ali
Affordable Care Act / Obamacare, Berlin Wall, bonus culture, BRICs, British Empire, centre right, deindustrialization, Edward Snowden, Fall of the Berlin Wall, financial deregulation, first-past-the-post, full employment, labour market flexibility, land reform, means of production, Mikhail Gorbachev, Monroe Doctrine, mortgage debt, North Sea oil, obamacare, offshore financial centre, reserve currency, Ronald Reagan, South China Sea, The Chicago School, The Wealth of Nations by Adam Smith, trade route, trickle-down economics, Washington Consensus, Wolfgang Streeck
The dystopic vision of capitalist supremacy espoused by Washington, implying the deployment of military force abroad and the redistribution of income away from the poorest to the most prosperous layers in society, would slowly, and in different ways, conquer continental Europe. During Reagan’s first term in office, low-income families lost $23bn in revenue and Federal benefits, while high-income families gained over $35bn. This explained the massive endorsement of Reagan in the prosperous suburbs and the Sun Belt. In Britain, more subservient than ever before, individual greed was shamelessly encouraged by the lowering of income tax (helped by the North sea oil bonanza), along with the sale of council houses and other state assets. Financial deregulation stimulated the formation of a class of nouveau entrepreneurs, who thought little of safety regulations or trade-union rights for their employees. A hallucinatory euphoria, aided and abetted by a sycophantic news establishment, helped to cement the new consensus. A full-scale ideological assault was mounted on the old postwar settlement.
I. 191–92 Lévy, Dominique 145n Liberal Democrat Party 17–18, 20, 34 Libya 119, 149, 153, 166 Lileikis, Aleksandras 8n Linux 174–75 Livingstone, Ken 37n LJ Group 47 LloydsPharmacy’s Healthcare Advisory Panel 47, 53 Lugo, Fernando 152 M5S (Five Star Movement) 187–91 McCartney, Ian 51 Mair, Peter 9, 10–11n; Ruling the Void 146n Major, John 37 Malnick, Edward 44n Mandelson, Peter 21, 66 Marshall Plan 88 Marx, Karl 172 May, Theresa 81n Mearsheimer, John 142n, 162–64 Meek, James, Private Island 19n Mendick, Robert 44n Merkel, Angela 131n Milburn, Alan 13, 46–47, 53, 58–59 Miliband, David 36, 40–41 Miliband, Ed 17, 40–41, 82 Milne, Alasdair 61, 65 Milne, Seumas 41n, 80; The Enemy Within 13n Milošević, Slobodan 117 miners’ strike 19n, 65 Monbiot, George 79, 80 Monnet, Jean 89–90 Morales, Evo 177, 182n Morgan, Sally 52–53 Morris, Emily 9n Morrison, Herbert 25 Mullen, Mike 160 Munif, Abdelrahman 138n Murdoch, Rupert 7, 44, 66, 80 Murdoch, Wendy 44 Murphy, Darren 53 Nairn, Tom 73 Napolitano, Giorgio 187 National Health Alliance Party 58 National Health Service 22, 43, 49–50, 50; Coalition policy 54–55, 58; funding 56, 57, 60; Pollock interview 55–60; Private Finance Initiative 29, 54, 58–59, 148–49n; privatization 53, 56–58; National Hunger March Against the Means Test, 1932 61–62 NATO 105, 109–10, 149, 153; development of 110–20; French withdrawal 113; future of 120–21; membership 111–13; post–Cold War 113–20, 129–30 Negri, Antonio 105 neoliberalism 7, 8, 11–12, 17, 25, 55, 91, 92–98, 144–47, 148–49, 174, 178–79, 183, 191 New Labour 5–6, 13; and the BBC 66; and big money 42; devolution policy 29–30; education policy 37–38; electoral victory, 1997 20–22; electoral victory, 2001 32–33; electoral victory, 2005 33–34; and the EU 30–31; foreign policy 31–32; leadership competition, 2011 40–41; market culture 25–29; NHS policy 29, 54, 58–59; political geography 32–33; and Scotland 75 New York Times 8n, 167 North sea oil 7 Norway 71, 111 NSA 124, 174 Obama, Barack 3, 92, 141, 150–52, 152 occupation movements 95, 143 Ofsted 53 Olympic Delivery Authority 53 Paddington Station rail crash 28–29 Papademos, Lucas 179–80 Pemberton, Max 54n People’s Vow 84, 85–86 Pepsico 47 Pizzarotti, Federico 188 Plaid Cymru 29 Podemos 9, 9–10, 15, 102, 107, 184–86 Polanyi, Karl, The Great Transformation 136–37 Pollock, Allyson 55–60 Portugal 9, 94, 100, 101, 112, 121, 144, 179 Powell, Colin 153–54, 155 Powell, Enoch 103 Prentis, Dave 149n Prescott, John 13, 27, 28 Priest, Dana 117n Private Finance Initiatives 29, 54, 58–59, 148–49 privatization 7, 11, 27–29, 53 Putin, Vladimir 130n, 141 railways 27–29 Rambouillet Agreement 118 Raynsford, Nick 51 Reagan, Ronald 3, 6, 12 Reid, Melanie 79 Reith, Lord John 61 Renzi, Matteo 187 Revolution in Military Affairs (RMA) 153 Rome, Treaty of 88, 107 Roosevelt, Franklin D. 145 Russia 115–16, 121, 127, 129–30, 141, 159, 161, 163, 168, 172, 173, 191; revolution of 1917 175 Salmond, Alex 80 Sarkozy, Nicolas 113, 131 Saudi Arabia 45–46, 138n, 150 Savile, Jimmy 64–65 Scotland 5, 9, 41; ‘Better Together’ campaign 77; health policy 56; the Highland Clearances 74; Independence Campaign 15, 77–79; Independence Campaign media coverage 78–81; Independence Referendum, 2014 68–72, 81–82; New Labour policy 29–30; the People’s Vow 84, 85–86; post-referendum 82–84; Radical Independence Campaign 83, 186; rise of nationalism 74–77; Scottish Labour Party 82; Scottish National Party (SNP) 29, 71, 75, 78, 82, 83; Scottish Parliament 75, 81; the Union 72–73; voter registration 68–69 Scott, Sir Walter 73 Second World War 11, 88, 90 Short, General Michael 117 Simitis, Costas 179 SITA 50 Smilde, David 177n Smith, Adam, The Wealth of Nations 126n Smith, John 20, 75 Smith, Richard 53 Snowden, Edward 124 social democracy, collapse of 2–3 Solana, Javier 112–13 sovereign debt crisis, 2008 91–92, 98–99, 179–83 Soviet Union 90, 145; fall of 2, 97–98, 113, 133, 137, 142, 145–46, 152; and NATO 111–12 Spain 9, 14, 15, 31, 94, 99–100, 102, 107, 107–8, 112–13, 144, 179, 181–86 Stevens, Simon 53 Stiglitz, Joseph 155, 156 Stobart, Luke 184n Straw, Jack 13, 45–46 Streeck, Wolfgang 10–11n; Buying Time 108 Sturgeon, Nicola 83 Syriza 9, 9–10, 15, 76, 102, 107, 180–81, 184 Taliban 118–19, 150 Thatcher, Margaret 3, 5, 12, 13–15, 19, 23, 33, 34, 42n, 63–64, 65, 74, 124 third way 3, 31, 33 Thompson, Mark 65 Todd, Emmanuel, After the Empire 141n Torvalds, Linus 175 Tsipras, Alexis 180, 184 Turkey 111, 137 Ukip 18, 84, 190 unemployment 19, 23, 99–100, 102, 103, 106–7, 136, 158, 181 United Arab Emirates 150 UnitedHealth UK 53 United States of America 1–2, 12–13, 18, 98, 172; British relationship with 31–32, 123, 131; budget deficit 157–58, 160; and capitalism 135–40; and China 158–68, 169; defence spending 127, 141, 154, 155–56, 157, 165; Democrats 20–21, 148; economic performance 23–25; enemies 127–29; and the EU 88, 97; exercise of power 140–47; First Gulf War 152–54; GDP 160; global economic crisis, 2008 144–47; health funding 56–57; hegemony 123–27, 129–31, 134–35, 140–47, 149–52, 161, 168–69; inequality 24–25; invasion of Iraq, 2003 154–55; Middle East policy 150–51; military policy 152–57; and NATO 110, 114, 114–15, 118, 120, 121, 149; overseas military bases 157; war on terror 128–29, 155 Venezuela 79, 96, 151, 152, 177, 178 Verhofstadt, Guy 104–5 Versailles, Treaty of 90 Vietnam 172; Vietnam War 129, 153 Vine, David 150–52 Wales 29–30, 56 Walt, Stephen 164–65 Warner, Lord Norman 49–50 Warsaw Pact 112, 114 Washington Consensus 91, 131, 142 Weinberger, Caspar 153 Whitlam, Gough 2 Wilde, Oscar 87 Wilpert, Gregory 176n Wilson, Brian 52 Wilson, Harold 25, 45 Windrush Ventures Ltd 43–44 Wine, Martin 167n Wood, Tony, Chechnya 130n World Bank 11 Wu Ming 188 Xansa PLC 49–50 Xuetong, Yan 133, 165 Yeltsin, Boris 130 Yugoslavia, former 112, 114–18, 130 Zilliacus, Konni 111–12
Tomorrowland: Our Journey From Science Fiction to Science Fact by Steven Kotler
Albert Einstein, autonomous vehicles, barriers to entry, Burning Man, carbon footprint, Colonization of Mars, crowdsourcing, Dean Kamen, epigenetics, gravity well, haute couture, interchangeable parts, Kevin Kelly, life extension, Louis Pasteur, North Sea oil, Oculus Rift, oil shale / tar sands, peak oil, personalized medicine, Peter H. Diamandis: Planetary Resources, RAND corporation, Ray Kurzweil, Richard Feynman, Richard Feynman, Ronald Reagan, self-driving car, stem cell, Stephen Hawking, Stewart Brand, theory of mind, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, WikiLeaks
There are no technology gaps. Truthfully, building a North Sea oil platform is a lot harder.” And, suddenly, Houston, we have proof of concept. 3. So what will this concept look like in our lifetime? Already, Planetary Resources has raised over $1.5 million to help launch the ARKYD 100 space telescope, which is specifically designed to hunt for near-Earth asteroid mining prospects. There’s also President Obama’s announcement that he wants to land astronauts on an asteroid by 2025. Teams at Johnson Space Center in Houston and the Jet Propulsion Laboratory in Pasadena are hard at work on this goal, so a government-sponsored first step is not out of the question. Others believe that big energy companies — the same ones who built North Sea oil platforms — will have, by then, staked claims on near-Earth asteroids.
Collapse: How Societies Choose to Fail or Succeed by Jared Diamond
clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, European colonialism, Exxon Valdez, illegal immigration, job satisfaction, means of production, new economy, North Sea oil, Piper Alpha, polynesian navigation, profit motive, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, trade route, transcontinental railway, unemployed young men
In A.D. 1472 ownership of the Orkneys passed without conquest from Norway (then subject to Denmark) to Scotland, for a trivial reason of dynastic politics (Scotland’s King James demanded compensation for Denmark’s failure to pay the dowry promised to accompany the Danish princess whom he married). Under Scottish rule, the Orkney islanders continued to speak a Norse dialect until the 1700s. Today, the Orkney descendents of indigenous Picts and Norse invaders remain prosperous farmers enriched by a terminal for North Sea oil. Some of what I have just said about the Orkneys also applies to the next North Atlantic colony, the Shetland Islands. They too were originally occupied by Pict farmers, conquered by Vikings in the ninth century, ceded to Scotland in 1472, spoke Norse for some time thereafter, and have recently profited from North Sea oil. Differences are that they are slightly more remote and northerly (50 miles north of Orkney and 130 miles north of Scotland), windier, have poorer soils, and are less productive agriculturally. Raising sheep for wool has been an economic mainstay in the Shetlands as in the Orkneys, but raising cattle failed in the Shetlands and was replaced by increased emphasis on fishing.
On the other hand, coal occurs in pure seams up to 10 feet thick stretching for miles, so that the ratio of dumped wastes to product extracted is only about one for a coal mine, far less than the already-mentioned figures of 400 for a copper mine and 5,000,000 for a gold mine. The lethal Buffalo Creek disaster at a U.S. coal mine in 1972 served as a wake-up call for the coal industry, much as the Exxon Valdez and North Sea oil rig disasters did for the oil industry. While the hardrock mining industry has had its share of disasters in the Third World, those have occurred too far from the eyes of the First World public to have served as a comparable wake-up call. Stimulated by Buffalo Creek, the U.S. federal government in the 1970s and 1980s instituted tighter regulation, and required stricter operating plans and financial assurance, for coal mining than for hardrock mining.
.; see also Anasazi Tainos in Vinland natural experiment method natural gas Nature Conservancy, The Navajo people neighbors, hostile Netherlands, polders in Nettles, Bill Nevada, gold mines in Newfoundland New Guinea agriculture of and Australia landmass bottom-up management in deforestation of and El Niño government of indicator species of Kutubu oil field mining in plant domestication in population growth of settlement of silviculture in volcanic ashfall on wood supplies on Nordrseta hunting ground Norfolk Island Norse Greenland abandonment of agriculture in burial customs in climate in communal cooperation in conservative society of decline of deforestation of environment of Erik the Red in Eurocentrism in food in fuel in Gardar Cathedral Gardar Farm hunting in Hvalsey Church integrated economy of Inuit in iron poverty in isolation of native species in population of religion in Sandnes Farm settlement of social stratification in soil quality in starvation in survival of trade with tree shortage in turf cutting in Viking colony in violence in North Atlantic: map sea ice in North Sea, oil/gas in Norway, see Scandinavia nutrients, recycling of Nygaard, Georg Ogowila tephra oil industry disasters in double-hulled tankers in government regulation of Kutubu oil field long-range outlook in natural gas in Point Arguello and public opinion on Salawati Island technology in Oil Search Limited Ok Tedi copper mine Olaf I, king of Norway Olafsson, Thorstein Olav the Quiet, king of Norway Olmecs Ord River Scheme, Australia O’Reilly, David Orkney Islands Orliac, Catherine overgrazing ozone layer, destruction of “Ozymandias” (Shelley) Pacific islands: deforestation of disappearance of societies in Polynesian expansion in sustainable food production on Pacific Ocean: Andesite Line garbage transport to map Packard Foundation packrat midden analysis palynology (pollen analysis) Panguna Copper Mine Pa Nukumara Papua New Guinea, see New Guinea PCBs Peary, Robert Pegasus Gold Inc.
Living in a Material World: The Commodity Connection by Kevin Morrison
barriers to entry, Berlin Wall, carbon footprint, clean water, commodity trading advisor, diversified portfolio, Doha Development Round, Elon Musk, energy security, European colonialism, flex fuel, food miles, Hernando de Soto, Hugh Fearnley-Whittingstall, hydrogen economy, Long Term Capital Management, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, out of africa, peak oil, price mechanism, Ronald Coase, Ronald Reagan, Silicon Valley, sovereign wealth fund, the payments system, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, uranium enrichment, young professional
Energy policies now have the lofty aim of reducing their oil dependency from unstable suppliers and energy efficiency research programmes and alternative clean energy sources are being developed, as energy policy becomes entwined with climate change. ENERGY | 49 The difference between now and the 1970s is that there are no new conventional North Sea oil fields coming on, and the promises of the new supply from the Caspian Sea and central Asia have consistently failed to live up to expectations. At the same time demand for oil – predominately for transportation – remains strong due to the emerging mobile classes in China and India. The cost of cars is coming down, too. Tata Motors, the Indian carmaker, intends to sell its new Tata Nano for $2500 each, or about half the cost of the next cheapest car. Today’s equivalent of the North Sea oil fields – that is, oil supply from a politically stable region – is the Canadian tar sands, also known as oil sands. These are a combination of clay, sand, water and bitumen in a rock formation.
The Verdict: Did Labour Change Britain? by Polly Toynbee, David Walker
banking crisis, Big bang: deregulation of the City of London, call centre, central bank independence, congestion charging, Corn Laws, Credit Default Swap, decarbonisation, deglobalization, deindustrialization, Etonian, failed state, first-past-the-post, Frank Gehry, gender pay gap, Gini coefficient, high net worth, hiring and firing, illegal immigration, income inequality, knowledge economy, labour market flexibility, market bubble, millennium bug, North Sea oil, Northern Rock, offshore financial centre, pension reform, Plutocrats, plutocrats, Ponzi scheme, profit maximization, purchasing power parity, shareholder value, Skype, smart meter, stem cell, The Spirit Level, too big to fail, University of East Anglia, working-age population, Y2K
Yet Blair had pushed for a climate agreement at the G8 Gleneagles summit, and at Copenhagen Brown also worked hard, if in vain. First American then Chinese intransigence meant no deals, no timetables, only the usual expressions of good intent for some unspecified time in the future. Labour left the UK as dependent on carbon as ever. And even more dependent on foreign energy supply. In 2009 gas generated 45 per cent of UK electricity, coal 32 per cent. Long gone were the rich flows of home-drilled North Sea oil and gas, whose revenues had helped pay for mass unemployment in the Thatcher years. The North Sea was running down. In 2006 the UK became a net importer of natural gas, foreign supplies meeting 38 per cent of UK electricity demand. The geopolitics of carbon shifted east and the EU became sensitive to its dependency after Russia started using its gas and oil as a diplomatic tool: why manoeuvre tanks when you can turn off the taps?
., 1 Gallagher, Liam, 1 Gallagher, Noel, 1 gambling, 1 gangmasters, 1, 2 gas, 1 Gates, Bill, 1 Gateshead, 1 Gaza, 1 GCHQ, 1 GCSEs, 1, 2, 3, 4 Gehry, Frank, 1 Geldof, Bob, 1 gender reassignment, 1 General Teaching Council, 1 genetically modified crops, 1 Germany, 1, 2, 3, 4, 5, 6, 7 economy and business, 1, 2, 3, 4 and education, 1, 2 and health, 1, 2 Ghana, 1 Ghandi’s curry house, 1 Ghent, 1 Gladstone, William Ewart, 1, 2 Glaister, Professor Stephen, 1 Glasgow, 1, 2, 3, 4 Gleneagles summit, 1, 2, 3, 4, 5 globalization, 1, 2, 3, 4, 5, 6, 7 and crime, 1 and foreign policy, 1, 2, 3 and inequality, 1 and migration, 1, 2 Gloucester, 1 Goldacre, Ben, 1 Good Friday agreement, 1 Goodwin, Sir Fred, 1 Goody, Jade, 1 Gormley, Antony, 1 Gould, Philip, 1 grandparents, and childcare, 1 Gray, Simon, 1 Great Yarmouth, 1 Greater London Authority, 1, 2 Greater London Council, 1 green spaces, 1 Greenberg, Stan, 1 Greengrass, Paul, 1 Greenspan, Alan, 1, 2 Greenwich, 1 Gregg, Paul, 1 Guardian, 1, 2, 3 Guizot, François, 1 Gulf of Mexico oil spill, 1 Gummer, John, 1 Gurkhas, 1 Guthrie of Craigiebank, Lord, 1 Guy’s and St Thomas’s Hospital, 1 habeas corpus, suspension of, 1 Hacienda Club, 1 Hackney, 1 Hale, Baroness Brenda, 1 Hallé Orchestra, 1 Ham, Professor Chris, 1 Hamilton, Lewis, 1 Hammersmith Hospital, 1 Hammond, Richard, 1 Hardie, Keir, 1 Hardy, Thea, 1 Haringey, 1, 2 Harman, Harriet, 1 Harris of Peckham, Lord, 1 Harrison, PC Dawn, 1, 2 Harrow School, 1 Hartlepool, 1, 2 Hastings, 1, 2 Hatfield rail crash, 1 Hatt family, 1, 2, 3, 4 health, 1 and private sector, 1, 2 and social class, 1 spending on, 1, 2 Health Action Zones, 1 Health and Safety Executive, 1 Heathcote, Paul, 1 Heathrow airport, 1, 2, 3, 4 Hellawell, Keith, 1 Hennessy, Professor Peter, 1 Henry, Donna Charmaine, 1, 2, 3 heroin, 1 Hewitt, Patricia, 1, 2 Higgs, Sir Derek, 1 Hills, Professor John, 1, 2, 3 Hirst, Damien, 1 HMRC, 1, 2, 3 Hogg, John, 1, 2, 3 Hoggart, Richard, 1 Holly, Graham, 1 homelessness, 1, 2 Homerton Hospital, 1 homosexuality, 1, 2, 3 ‘honour’ killings, 1 Hoon, Geoff, 1 hospital-acquired infections, 1 hospitals and clinics, 1, 2, 3, 4 A&E units, 1, 2 closures, 1, 2, 3 foundation trusts, 1, 2, 3, 4, 5 and PFI, 1 House of Commons reforms, 1, 2 House of Lords reforms, 1, 2, 3, 4 housing market, 1, 2, 3 housing policies, 1, 2, 3, 4, 5 Howe, Elspeth, 1 Hoxton, 1 Huddersfield, 1 Hudson, Joseph, 1 Hull, 1, 2, 3 Human Rights Act, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Humber Bridge, 1 hunting ban, 1 Hussein, Saddam, 1, 2, 3, 4 Hutton, John, 1 Hutton, Will, 1, 2 identity cards, 1, 2 If (Kipling), 1 Imperial War Museum North, 1 income inequalities, 1, 2, 3 gender pay gap, 1, 2 and high earners, 1 and social class, 1 Independent Police Complaints Commission (IPCC), 1 Independent Safeguarding Authority, 1 independent-sector treatment centres (ISTCs), 1 Index of Multiple Deprivation, 1 India, 1, 2, 3, 4, 5, 6 individual learning accounts, 1 inflation, 1 and housing market, 1, 2 International Criminal Court, 1 International Monetary Fund (IMF), 1, 2, 3 internet, 1, 2, 3 and crime, 1 and cyber-bullying, 1 file sharing, 1 gambling, 1 and sex crimes, 1 Iran, 1, 2, 3 Iraq, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 arms supplies, 1 Chilcot inquiry, 1, 2, 3, 4 and Territorial Army, 1 and WMD, 1 Ireland, 1, 2, 3 Irish famine, 1 Irvine of Lairg, Lord, 1, 2 Ishaq, Khyra, 1 Islamabad, 1 Isle of Man, 1 Isle of Wight, 1, 2 Israel, 1 Italy, 1, 2, 3 and football, 1 Ivory Coast, 1 Japan, 1, 2, 3, 4 Jenkins, Roy, 1, 2 Jerry Springer: The Opera, 1 Jobcentre Plus, 1, 2 John Lewis Partnership, 1, 2 Johnson, Alan, 1, 2, 3, 4 Johnson, Boris, 1, 2 Judge, Lord (Igor), 1 Judge, Professor Ken, 1 Julius, DeAnne, 1 jury trials, 1, 2 Kabul, 1 Kapoor, Anish, 1, 2 Karachi, 1 Karadžic, Radovan, 1 Kashmir, 1 Kaufman, Gerald, 1 Keegan, William, 1 Keep Britain Tidy, 1 Kelvingrove Art Gallery and Museum, 1 Kensit, Patsy, 1 Keynes, John Maynard, 1 Keys, Kenton, 1 Kidderminster Hospital, 1 King, Sir David, 1, 2 King, Mervyn, 1 King Edward VI School, 1 King’s College Hospital, 1 Kingsnorth power station, 1 Kirklees, 1 Knight, Jim, 1 knighthoods, 1 knowledge economy, 1 Kosovo, 1, 2, 3, 4 Kynaston, David, 1 Kyoto summit and protocols, 1, 2, 3 Labour Party membership, 1 Lacey, David, 1 Ladbroke Grove rail crash, 1 Lamb, General Sir Graeme, 1 Lambert, Richard, 1 landmines, 1 Lansley, Andrew, 1 lapdancing, 1 Las Vegas, 1 Lawrence, Stephen, 1 Lawson, Mark, 1 Layard, Professor Richard, 1 Le Grand, Professor Julian, 1 Lea, Ruth, 1 Lea Valley High School, 1, 2, 3, 4, 5, 6 Leahy, Sir Terry, 1, 2 learndirect, 1 Learning and Skills Council, 1 learning difficulties, 1, 2 learning mentors, 1 Leeds, 1, 2, 3, 4 legal reforms, 1 Leigh, Mike, 1 Lenon, Barnaby, 1 Lewes, 1 Lewisham, 1 Liberty, 1 licensing laws, 1, 2 life expectancy, 1, 2, 3, 4, 5 Life on Mars, 1 Lincoln, 1 Lindsell, Tracy, 1, 2 Lindsey oil refinery, 1 Lisbon Treaty, 1 Liverpool, 1, 2, 3, 4, 5, 6 Liverpool FC, 1 living standards, 1, 2 living wage campaign, 1, 2 Livingstone, Ken, 1, 2, 3, 4, 5 Livni, Tzipi, 1 Loaded magazine, 1 local government, 1, 2, 3 and elected mayors, 1 Lockerbie bomber, 1 London, 1, 2, 3, 4, 5, 6 bombings, 1, 2 congestion charge, 1, 2 detention of foreign leaders, 1 G20 protests, 1 Iraq war protests, 1, 2 mayoral election, 1, 2 and transport policy, 1, 2, 3 London Array wind farm, 1 Longannet, 1 Longfield, Anne, 1 Lord-Marchionne, Sacha, 1 Lorenzetti, Ambrogio, 1 lorry protests, 1, 2 Lowry Museum, 1 Lumley, Joanna, 1 Luton, 1, 2, 3, 4 Lyons, Sir Michael, 1 Macfadden, Julia, 1 Machin, Professor Stephen, 1, 2 Maclean, David, 1 Macmillan, Harold, 1 Macmillan, James, 1 McNulty, Tony, 1 Macpherson, Sir Nick, 1 Macpherson, Sir William, 1 McQueen, Alexander, 1 Madrid, 1, 2, 3 Major, John, 1, 2, 3, 4, 5, 6 Malaya, 1 Malloch Brown, Mark, 1 Manchester, 1, 2, 3, 4, 5, 6 club scene, 1, 2 and crime, 1, 2 Gorton, 1, 2, 3, 4, 5, 6 and local government, 1 and transport policy, 1, 2, 3 Manchester Academy, 1 Manchester United FC, 1, 2 Manchester University, 1 Mandelson, Peter, 1, 2 Manpower Services Commission, 1 manufacturing, 1, 2, 3 Margate, 1 ‘market for talent’ myth, 1 marriage rate, 1 Martin, Michael, 1 maternity and paternity leave, 1, 2 Mayfield, Charlie, 1 Medical Research Council, 1 mental health, 1, 2, 3, 4 mephedrone, 1 Metcalf, Professor David, 1 Metropolitan Police, 1, 2, 3 Mexico, 1, 2 MG Rover, 1 Michael, Alun, 1 Middlesbrough College, 1, 2 migration, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 Milburn, Alan, 1, 2, 3, 4, 5 Miliband, David, 1, 2, 3, 4, 5, 6 Miliband, Ed, 1, 2, 3 Millennium Cohort Study, 1, 2 Millennium Dome, 1, 2, 3 Miloševic, Slobodan, 1 Milton Keynes, 1 minimum wage, 1, 2, 3, 4, 5, 6, 7 Mitchell, Senator George, 1 modern art, 1 Mohamed, Binyam, 1 Monbiot, George, 1 Moray, 1 Morecambe, 1, 2 Morecambe Bay cockle pickers, 1 Morgan, Piers, 1 Morgan, Rhodri, 1 mortgage interest relief, 1 Mosley, Max, 1 motor racing, 1 Mowlam, Mo, 1 Mozambique, 1 MPs’ expenses, 1, 2, 3, 4, 5 MRSA, 1 Mugabe, Robert, 1 Muijen, Matt, 1 Mulgan, Geoff, 1 Mullin, Chris, 1 Murdoch, Rupert, 1, 2, 3 Murphy, Richard, 1 museums and galleries, 1, 2, 3 music licensing, 1 Muslims, 1, 2, 3, 4, 5 mutualism, 1 Myners, Paul, 1 nanotechnology, 1, 2, 3 National Air Traffic Control System, 1 National Care Service, 1 national curriculum, 1 national debt, 1 National Forest, 1 National Health Service (NHS) cancer plan, 1 drugs teams, 1 and employment, 1, 2 internal market, 1 IT system, 1 league tables, 1 managers, 1, 2 NHS direct, 1 primary care, 1 productivity, 1, 2 and public satisfaction, 1 staff numbers and pay, 1 and targets, 1, 2, 3 waiting times, 1, 2, 3, 4, 5, 6, 7, 8 National Heart Forum, 1 National Institute for Health and Clinical Excellence (NICE), 1, 2 National Insurance, 1, 2, 3, 4, 5 National Lottery, 1, 2, 3 National Offender Management Service, 1 National Savings, 1 National Theatre, 1 Natural England, 1, 2 Nazio, Tiziana, 1 Neighbourhood Watch, 1 Netherlands, 1, 2 neurosurgery, 1 New Deal, 1, 2, 3, 4, 5, 6, 7 New Deal for Communities, 1, 2 New Forest, 1 Newcastle upon Tyne, 1, 2 Newham, 1, 2 newspapers, 1, 2, 3, 4, 5 Nigeria, 1 Nightingale, Florence, 1 non-doms, 1 North Korea, 1 North Middlesex Hospital, 1 North Sea oil and gas, 1 Northern Ireland, 1, 2, 3, 4, 5, 6, 7 Northern Rock, 1, 2, 3, 4, 5 Norway, 1 Nottingham, 1, 2 NSPCC, 1 nuclear power, 1 Number Ten Delivery Unit, 1 nurses, 1, 2, 3, 4 Nutt, Professor David, 1 NVQs, 1 O2 arena, 1 Oakthorpe primary school, 1, 2 Oates, Tim, 1 Obama, Barack, 1, 2 obesity, 1, 2 Octagon consortium, 1 Office for National Statistics, 1, 2 Office of Security and Counter Terrorism, 1 Ofsted, 1, 2, 3, 4, 5 Ofwat, 1 Oldham, 1, 2, 3, 4 O’Leary, Michael, 1 Oliver, Jamie, 1, 2 Olympic Games, 1, 2, 3 Open University, 1 O’Reilly, Damien, 1, 2 orthopaedics, 1 Orwell, George, 1, 2 outsourcing, 1, 2, 3, 4 overseas aid, 1, 2 Oxford University, 1 paedophiles, 1, 2, 3 Page, Ben, 1, 2 Pakistan, 1, 2, 3, 4, 5, 6, 7 Palestine, 1, 2 parenting, 1 absent parents, 1 lone parents, 1, 2 teenage parents, 1 Paris, 1, 2 Park Lane, 1 Parkinson, Professor Michael, 1 particle physics, 1 party funding, 1, 2, 3 passport fraud, 1 Passport Office, 1 Patch, Harry, 1 Payne, Sarah, 1, 2 Peach, Blair, 1 Pearce, Nick, 1 Peckham, 1, 2 Aylesbury estate, 1 Peel, Sir Robert, 1 pensioner poverty, 1, 2 pensions, 1, 2 occupational pensions, 1, 2 pension funds, 1, 2 private pensions, 1 public-sector pensions, 1 state pension, 1, 2 Persian Gulf, 1 personal, social and health education, 1 Peterborough, 1 Peugeot, 1 Philips, Helen, 1 Phillips, Lord (Nicholas), 1, 2 Phillips, Trevor, 1 Pilkington, Fiona, 1 Pimlico, 1 Pinochet, Augusto, 1 Plymouth, 1, 2 Poland, 1, 2 police, 1 and demonstrations, 1 numbers, 1, 2, 3 in schools, 1, 2, 3 pornography, 1 Portsmouth FC, 1, 2 Portugal, 1 post offices, 1 Postlethwaite, Pete, 1 poverty, 1, 2, 3 see also child poverty; pensioner poverty Premier League, 1 Prescott, John, 1, 2, 3, 4, 5 press officers, 1 Preston, 1 Prevent strategy, 1 Primary Care Trusts (PCTs), 1, 2 prisons, 1, 2 Private Finance Initiative (PFI), 1, 2 probation, 1, 2 property ownership, 1 prostitution, 1, 2, 3 Public Accounts Committee, 1 public sector reform, 1, 2 public service agreements, 1 public spending, 1, 2, 3 and the arts, 1 and science, 1 Pugh, Martin, 1 Pullman, Philip, 1 QinetiQ, 1 Quality and Outcomes Framework, 1 quangos, 1, 2 Queen, The, 1 Quentin, Lieutenant Pete, 1, 2 race relations legislation, 1 racism, 1, 2 RAF, 1, 2, 3 RAF Brize Norton, 1 railways, 1 Rand, Ayn, 1 Rawmarsh School, 1 Raynsford, Nick, 1 Reckitt Benckiser, 1 recycling, 1 Redcar, 1 regional assemblies, 1, 2 regional development agencies (RDAs), 1, 2, 3 regional policy, 1 Reid, John, 1 Reid, Richard, 1 religion, 1, 2 retirement age, 1, 2 right to roam, 1 Rimington, Stella, 1 Rio Earth summit, 1 road transport, 1 Rochdale, 1, 2 Roche, Barbara, 1 Rogers, Richard, 1 Romania, 1, 2 Rome, 1 Rooney, Wayne, 1 Roosevelt, Franklin D., 1 Rosetta Stone, 1 Rosyth, 1 Rotherham, 1, 2, 3 Royal Opera House, 1 Royal Shakespeare Company, 1 Royal Society for the Protection of Birds, 1 Rugby, 1 rugby union, 1 Rumsfeld, Donald, 1 rural affairs, 1, 2 Rushdie, Salman, 1 Russia, 1, 2 Rwanda, 1 Ryanair, 1, 2 Sainsbury, Lord David, 1 St Austell, 1 St Bartholomew’s Hospital, 1, 2 St Pancras International station, 1 Salford, 1, 2, 3, 4 Sanchez, Tia, 1 Sandwell, 1 Sarkozy, Nicolas, 1, 2 Savill, Superintendent Paul, 1 Saville, Lord, 1 savings ratio, 1 Scandinavia, 1, 2, 3 Scholar, Sir Michael, 1 school meals, 1, 2 school uniforms, 1 school-leaving age, 1 schools academies, 1, 2, 3, 4 building, 1 class sizes, 1 comprehensive schools, 1, 2 faith schools, 1, 2, 3, 4 grammar schools, 1, 2, 3 and inequality, 1 nursery schools, 1 and PFI, 1, 2, 3 police in, 1, 2, 3 primary schools, 1, 2, 3, 4, 5 private schools, 1, 2 secondary schools, 1, 2, 3 in special measures, 1 special schools, 1 specialist schools, 1 and sport, 1 science, 1, 2, 3, 4, 5 Scotland, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 electricity generation, 1 and health, 1, 2, 3, 4, 5 Scottish parliament, 1, 2 Section 1, 2 security services, 1 MI5, 1, 2, 3 Sedley, Stephen, 1 segregation, 1 self-employment, 1 Sellafield, 1 Serious Organized Crime Agency, 1 sex crimes, 1 Sex Discrimination Act, 1 Shankly, Bill, 1 Sharkey, Feargal, 1 Shaw, Liz, 1 Sheen, Michael, 1 Sheffield, 1, 2, 3, 4, 5, 6 Sheringham, 1 Shetty, Shilpa, 1 Shipman, Harold, 1 shopping, 1 Short, Clare, 1 Siemens, 1 Siena, 1 Sierra Leone, 1, 2 Skeet, Mavis, 1 skills councils, 1 slavery, 1 Slough, 1 Smith, Adam, 1 Smith, Chris, 1 Smith, Jacqui, 1, 2 Smith, John, 1, 2 Smithers, Professor Alan, 1, 2 smoking ban, 1, 2 Snowden, Philip, 1 social care, 1, 2, 3 Social Chapter opt-out, 1 social exclusion, 1, 2 Social Fund, 1 social mobility, 1, 2 social sciences, 1 social workers, 1 Soham murders, 1, 2, 3, 4 Solihull, 1, 2 Somalia, 1, 2 Souter, Brian, 1 South Africa, 1 South Downs, 1 Spain, 1, 2, 3 special advisers, 1 speed cameras, 1 Speenhamland, 1 Spelman, Caroline, 1 Spence, Laura, 1 sport, 1, 2 see also football; Olympic Games Sri Lanka, 1, 2 Stafford Hospital, 1 Staffordshire University, 1 Standard Assessment Tests (Sats), 1, 2, 3 Standards Board for England, 1 statins, 1, 2, 3 stem cell research, 1 STEM subjects, 1 Stephenson, Sir Paul, 1 Stern, Sir Nicholas, 1, 2 Stevenson, Lord (Dennis), 1 Stevenson, Wilf, 1 Steyn, Lord, 1 Stiglitz, Joseph, 1 Stockport, 1 Stonehenge, 1 Stoppard, Tom, 1 Straw, Jack, 1, 2, 3, 4, 5 student fees, 1 Stuff Happens, 1 Sudan, 1, 2 Sugar, Alan, 1 suicide bombing, 1 suicides, 1 Sun, 1, 2 Sunday Times, 1, 2 Sunderland, 1, 2 supermarkets, 1, 2 Supreme Court, 1, 2 Sure Start, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 surveillance, 1, 2 Sutherland, Lord (Stewart), 1 Swansea, 1 Sweden, 1, 2, 3, 4, 5 Swindon, 1 Taliban, 1, 2 Tallinn, 1 Tanzania, 1 Tate Modern, 1 Taunton, 1 tax avoidance, 1, 2, 3 tax credits, 1, 2, 3, 4, 5, 6, 7, 8 council tax credit, 1 pension credit, 1, 2, 3 R&D credits, 1 taxation, 1, 2 10p tax rate, 1 capital gains tax, 1, 2 corporation tax, 1, 2, 3, 4 council tax, 1, 2 fuel duty, 1, 2, 3 green taxes, 1, 2 and income inequalities, 1 income tax, 1, 2, 3, 4 inheritance tax, 1, 2 poll tax, 1 stamp duty, 1, 2, 3 vehicle excise duty, 1 windfall tax, 1, 2, 3 see also National Insurance; VAT Taylor, Damilola, 1 Taylor, Robert, 1 teachers, 1, 2, 3 head teachers, 1, 2 salaries, 1, 2 teaching assistants, 1, 2 teenage pregnancy, 1, 2, 3 Teesside University, 1 television and crime, 1 and gambling, 1 talent shows, 1 television licence, 1, 2, 3 Territorial Army, 1 terrorism, 1, 2, 3, 4, 5, 6, 7 Terry, John, 1 Tesco, 1, 2, 3, 4 Tewkesbury, 1 Thames Gateway, 1 Thameswey, 1 Thatcher, Margaret, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 Thatcherism, 1, 2, 3 theatre, 1 Thornhill, Dorothy, 1 Thorp, John, 1 Tibet, 1 Tilbury, 1 Times, The, 1 Times Educational Supplement, 1, 2 Timmins, Nick, 1 Titanic, 1 Tomlinson, Mike, 1 Topman, Simon, 1, 2 torture, 1, 2 trade unions, 1, 2, 3 Trades Union Congress (TUC), 1, 2, 3 tramways, 1 transport policies, 1, 2 Trident missiles, 1, 2, 3 Triesman, Lord, 1 Turkey, 1, 2 Turnbull, Lord (Andrew), 1 Turner, Lord (Adair), 1, 2, 3 Tweedy, Colin, 1 Tyneside Metro, 1 Uganda, 1 UK Film Council, 1 UK Sport, 1 UK Statistics Authority, 1 unemployment, 1, 2, 3, 4, 5, 6, 7 United Nations, 1, 2, 3 United States of America, 1, 2 Anglo-American relationship, 1, 2, 3, 4, 5, 6, 7 and child poverty, 1 and clean technologies, 1 economy and business, 1, 2, 3 and education, 1, 2, 3 and healthcare, 1, 2 and income inequalities, 1 and internet gambling, 1 and minimum wage, 1 universities, 1, 2, 3, 4, 5 and migration, 1 and terrorism, 1 tuition fees, 1 University College London Hospitals, 1 University for Industry, 1 University of East Anglia, 1 University of Lincoln, 1 Urban Splash, 1, 2 Vanity Fair, 1 VAT, 1, 2, 3 Vauxhall, 1 Venables, Jon, 1 Vestas wind turbines, 1 Victoria and Albert Museum, 1 Waitrose, 1 Waldfogel, Jane, 1 Wales, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 Walker, Sir David, 1 walking, 1, 2 Walsall, 1 Wanless, Sir Derek, 1 Wanstead, 1 Warm Front scheme, 1 Warner, Lord Norman, 1 Warsaw, 1 Warwick accord, 1 water utilities, 1 Watford, 1 welfare benefits child benefit, 1, 2 Employment Support Allowance, 1 and fraud, 1, 2, 3, 4 housing benefit, 1 incapacity benefit, 1, 2 Income Support, 1 Jobseeker’s Allowance, 1, 2, 3 and work, 1, 2 Welsh assembly, 1, 2 Wembley Stadium, 1 Westfield shopping mall, 1 Wetherspoons, 1 White, Marco Pierre, 1 Whittington Hospital, 1 Wiles, Paul, 1 Wilkinson, Richard, and Kate Pickett, 1 Williams, Professor Karel, 1 Williams, Raymond, 1 Williams, Rowan, 1 Wilson, Harold, 1, 2, 3, 4, 5, 6, 7 Wilson, Sir Richard, 1 wind turbines, 1, 2 Winslet, Kate, 1 winter fuel payments, 1 Wire, The, 1 Woking, 1, 2 Wolverhampton, 1 Woolf, Lord, 1 Wootton Bassett, 1, 2 working-class culture, 1 working hours, 1, 2 World Bank, 1 Wrexham, 1 Wright Robinson School, 1, 2, 3 xenophobia, 1 Y2K millennium bug, 1 Yarlswood detention centre, 1 Yeovil, 1 Yiewsley, 1 York, 1, 2, 3, 4 Young Person’s Guarantee, 1 Youth Justice Board, 1 Zimbabwe, 1, 2 About the Author Polly Toynbee is the Guardian’s social and political commentator.
Collapse by Jared Diamond
clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, European colonialism, Exxon Valdez, illegal immigration, job satisfaction, means of production, new economy, North Sea oil, Piper Alpha, polynesian navigation, prisoner's dilemma, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, trade route, transcontinental railway, unemployed young men
In A.D. 1472 ownership of the Orkneys passed without conquest from Norway (then subject to Denmark) to Scotland, for a trivial reason of dynastic politics (Scotland's King James demanded compensation for Denmark's failure to pay the dowry promised to accompany the Danish princess whom he married). Under Scottish rule, the Orkney islanders continued to speak a Norse dialect until the 1700s. Today, the Orkney descendants of indigenous Picts and Norse invaders remain prosperous farmers enriched by a terminal for North Sea oil. Some of what I have just said about the Orkneys also applies to the next North Atlantic colony, the Shetland Islands. They too were originally occupied by Pict farmers, conquered by Vikings in the ninth century, ceded to Scotland in 1472, spoke Norse for some time thereafter, and have recently profited from North Sea oil. Differences are that they are slightly more remote and northerly (50 miles north of Orkney and 130 miles north of Scotland), windier, have poorer soils, and are less productive agriculturally. Raising sheep for wool has been an economic mainstay in the Shetlands as in the Orkneys, but raising cattle failed in the Shetlands and was replaced by increased emphasis on fishing.
On the other hand, coal occurs in pure seams up to 10 feet thick stretching for miles, so that the ratio of dumped wastes to product extracted is only about one for a coal mine, far less than the already-mentioned figures of 400 for a copper mine and 5,000,000 for a gold mine. The lethal Buffalo Creek disaster at a U.S. coal mine in 1972 served as a wake-up call for the coal industry, much as the Exxon Valdez and North Sea oil rig disasters did for the oil industry. While the hardrock mining industry has had its share of disasters in the Third World, those have occurred too far from the eyes of the First World public to have served as a comparable wake-up call. Stimulated by Buffalo Creek, the U.S. federal government in the 1970s and 1980s instituted tighter regulation, and required stricter operating plans and financial assurance, for coal mining than for hardrock mining.
The Atlantic and Its Enemies: A History of the Cold War by Norman Stone
affirmative action, anti-communist, 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, central bank independence, Deng Xiaoping, desegregation, 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, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, labour mobility, land reform, means of production, Mikhail Gorbachev, new economy, North Sea oil, oil shock, Ponzi scheme, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Silicon Valley, special drawing rights, Steve Jobs, strikebreaker, 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
Reagan’s United States could somehow absorb interest rates at this level, because of a unique feature of the civilization: Americans moved, and expected to, from parts of the country that did not work to parts of the country that did. Besides, the bankruptcy laws were far easier than in England, and bankruptcy was almost par for the course. Foreign money moved to the USA in any case. The British also got foreign investment, given North Sea oil, and of course the income from it helped as regards budgets. But the problems were more difficult to solve: the pound was absurdly overvalued, at $2 in 1979 and $2.50 in 1980, very helpful for buying American assets, very bad for exports. This was a very unfortunate context in which to proceed, and it took Margaret Thatcher time to find her way. She had had to keep men from the Heathite past, very ill at ease when it came to forceful confrontation.
Bohley, Bärbel Böhm, Karl Bokassa, Jean-Bédel Bolivia Bologna Bolsheviks: and bureaucracy and China Civil War Congress of the Peoples of the East (1920) lies of Revolution and science Bond, James (fictional character) Bonn Borinage Borland Software Corporation Borodin, Mikhail Boston Bourgès-Maunoury, Maurice BP (British Petroleum) Bradlee, Ben Braestrup, Peter Brandt, Willy: background and character elected Chancellor foreign minister mayor of West Berlin memoirs Nobel Peace Prize Ostpolitik resignation Braşov Bratislava author’s imprisonment in Braudel, Fernand Braun, Otto Brazil Breakfast at Tiffany’s (film) Brecht, Bertolt Brentano, Lujo Brescia Brest-Litovsk Bretherton, Russell Bretton Woods conference (1944) Bretton Woods system end of Triffin Dilemma Brezhnev, Leonid: and Afghanistan and arms limitiation talks background and character and de Gaulle death and East Germany and Helsinki conference (1975) and Johnson and Middle East nationalities policy and Orthodox Church ‘our common European home’ and Poland political reforms and ‘Prague Spring’ and Soviet satellite states and Stalin succeeds Khrushchev and Vietnam Brioni island Britain: agriculture atomic bombs automobile industry balance of payments banking system and Chinesewar civil service class system coal industry Communist Party council housing crime cultural institutions currency controls and Cyprus defence expenditure Department of Trade and Industry Depression (1930s) devaluation of sterling divorce rates economic and political decline education system (see also universities) and EEC/EU and Egypt emigration and establishment of NATO and European Exchange Rate Mechanism (ERM) Falklands War (1982) family breakdown film industry financial deregulation fishing industry general elections: (1945); (1950); (1951); (1959); (1970); (1974); (1979); (1983) gold reserves and GreekWar IMF bail-out (1976) import surcharges income per capita Industrial Revolution industrial wastelands inflation intelligentsia and Iran Lend-Lease aid and Malaya and Marshall Plan middle classes miners’ strike (1984-5) monarchy National Health Service nationalization of industry navy North Sea oil nuclear weapons oil imports Poll Tax post-war debt post-war shortages and rationing privatizations productivity levels property prices public transport race riots scientific and technological developments Second World War shipbuilding steel industry strikes Suez crisis taxation television textile industry trade unions underclass unemployment universities Welfare State Westland affair (‘Westgate’; 1986) winter weather of 1946-7 withdrawal of forces from Gulf (1971) zone of occupation in Germany British Airways British Commonwealth British Empire: American antipathy towards decline of decolonization revitalization attempts trade British Leyland (automobile manufacturer) British Petroleum (BP) British Steel British Telecom Brittan, Sir Samuel Bronfman, Edgar Brown, Andrew Brucan, Silviu Bruce, David Bruges Brussels Brussels Exhibition (1958) Brussels Pact (1948) Bryan, William Jennings Brzezinski, Zbigniew Bucak, Mehmet Celal Bucharest Buck, Pearl S.
Miami Michael I, King of Romania Microsoft (corporation) Midnight Cowboy (film) Midnight Express (film) Mikoyan, Anastas Milan, Catholic University Milken, Michael Millar, Ronald Miller, William Milward, Alan Minc, Julia Mindszenty, József, Cardinal miners’ strike (Britain; 1984-5) Minford, Patrick Minh, Duong Van MIR (Latin American Movement for the Revolutionary Left) MIRVs (multiple independently targeted re-entry vehicles) Mises, Ludwig von Missing (film) Missoffe, François Mitchell, John Mitterrand, Danielle Mitterrand, François Mobil (oil company) mobile phones Modrow, Hans Mollet, Guy Molotov, Vyacheslav: and Austria and Germany and Hungary and Khrushchev and Korean War Molotov Plan Moscow conference (1947) and nuclear weapons obstructiveness ‘our common European home’ on Stalin’s death Mondale, Walter ‘Fritz’ Monde, Le (newspaper) monetarism monetary union, European money, as emblem of the eighties Mongolia Monnet, Jean Monnet Plan Mons Montand, Yves Montanelli, Indro Montesquieu, Charles de Secondat, baron de Montgomery, Bernard, 1st Viscount Montgomery of Alamein Moon landings Moore, Barrington Morgan, Kenneth, Baron Moro, Aldo Morocco Moscow: alcohol prohibition Hotel Lux Khrushchev as Party head Olympic Games (1980) Oriental Workers University post-war rebuilding see also Kremlin Moscow conference (1947) Moslems: Greece India Pakistan Palestine Vietnam see also Islam Mossadegh, Mohammad overthrown motor cars see automobile industry Mounier, Emmanuel Mount, Ferdinand Mountbatten, Louis, 1st Earl Mountbatten of Burma Moynihan, Daniel Patrick Mozart, Wolfgang Amadeus Muggeridge, Malcolm mujaheddin Müller-Armack, Alfred multinational corporations Munich Münzenberg, Willi Murdoch, Rupert Murray, Charles Murray, Lionel ‘Len’, Baron Murray of Epping Forest Musil, Robert Muskie, Edmund Mussolini, Benito Mussorgsky, Modest My Lai massacre (1968) Myrdal, Gunnar Nagasaki Nagorny Karabakh Nagy, Imre Najibullah, Mohammed Namur Nancy Festival (France) Nanking massacre (1937) Nanterre, University of Naples: earthquake (1980) student population Napoleon I Code Napoléon Napoleonsee Louis Napoleon Nasser, Gamel Abdal: and Algerian independence and Aswan Dam coup of 1952 death disasters of regime Egyptian-Syrian union pan-Arab nationalist ambitions Six Day War (1967) and Suez crisis National Archives (British) National Coal Board (British) National Enterprise Board (British) National Freight (British lorry company) National Health Service (British) National Review (magazine) National Rifle Association (American) National Security Council (American; NSC) National Union of Journalists (British) National Union of Mineworkers (British) National Union of Public Employees (British; NUPE) nationalism Belgium China Hungary India Ireland Kurdish Middle East Romania Scotland Slovakia South East Asia Spain USSR Yugoslavia nationalization of industry: Britain Chile France NATO (North Atlantic Treaty Organization): establishment of and European missile bases fiftieth anniversary French withdrawal from military command headquarters moved to Brussels intelligence network and Korean War military-financial complex Turkish membership West German membership natural gas Nature (magazine) Nazism see Germany, Nazi; neo-Nazism Needham, Joseph Neil, Andrew Nekrich, Alexandr Nemchinov, Vasily Németh, Miklós Nenni, Pietro neo-Nazism Nerchinsk, Treaty of (1689) Neruda, Pablo Neues Deutschland (newspaper) Neues Forum (East German independent political movement) Nevşehir New Deal (Roosevelt) New Delhi New Frontier (Kennedy) New Republic (magazine) New York: affluence anti-Vietnam War protests bankruptcy and collapse of public services Castro in crime financial centre government Kennedy airport poverty New York Review of Books New York Times New Zealand Newsweek (magazine) Newton Dunn, Bill Nhu, Madame Ngo Dinh Nicaragua Contras Nicholas of Cusa Nicolson, Sir Harold Nielsen, Birgit Nietzsche, Friedrich Nigeria, oil production Nightingale, Florence Nissan (automobile manufacturer) Nixon, Richard: appearance and character and Cambodia and Ceauşescu and Chile China visit (1972) and Congress economic policy election as President: (1968); (1972) impeachment proceedings and resignation and Israel loses 1960 election reputation row with Khrushchev over culture and SALT (Strategic Arms Limitation Talks) ‘silent majority’ speech Vice-President and Vietnam Watergate scandal Nkrumah, Kwame NKVD (Soviet People’s Commissariat for Internal Affairs) Noble, Denis Nol, Lon Norilsk North Korea: establishment of and Japan Kim II Sung regime missiles see also Korean War North Sea oil North Vietnam: agricultural collectivization Army bombing of Chinese military support establishment of executions see also Vietnam War Norway Novorossiysk Novotný, Antonín nuclear physics nuclear power nuclear weapons: American development of British development of French development of Geneva conference on nuclear tests (1958) ‘nuclear deterrent’ doctrine Pakistan’s development of ‘peaceful coexistence’ doctrine SALT (Strategic Arms Limitation Talks) Soviet development of threatened use in Korean War see also ICBMs NUPE (British National Union of Public Employees) Nuremberg trials Nuti, Mario Oberdorfer, Don Observer (newspaper) Öcalan, Abdullah Occidental Petroleum OECD (Organization for Economic Cooperation and Development) OEEC (Organization for European Economic Cooperation) oil crisis of 1973 oil prices oil production: Indonesia Mexico Middle East Nigeria North Sea OPEC Sahara USA USSR Venezuela Oistrakh, David Olçay, Osman Olympic Games, Moscow (1980) Onassis, Aristotle O’Neill, Thomas ‘Tip’ OPEC (Organization of Petroleum Exporting Countries) opera opium ‘Optimal Functioning’ (Soviet planning system) Orbán, Viktor Organization of American States Organization for Economic Cooperation and Development (OECD) Organization for European Economic Cooperation (OEEC) Organization of Petroleum Exporting Countries see OPEC Orlov, Andrey Orlov, Yuri Orthodox Church Orwell, George Coming Up for Air Nineteen Eighty-Four Osborne, John Ostpolitik O’Sullivan, John Oswald, Lee Harvey Ottoman Empire collapse of Outer Mongolia Owen, Sir Geoffrey Oxford University Bodleian Library Özal, Turgut: background, family and character death economic reforms foreign policy and Kurdish nationalism opposition to premiership and presidency Packard, Vance, Status Seekers Pakistan: and Afghanistan American support for and China establishment of nuclear weapons development war in Kashmir Palermo Palestine: British Mandate partition Palestine Liberation Organization (PLO) Palestinians Palme, Olof Panama Panmunjom papacy Papandreou, Andreas Paris: 1930s 1960s Bibliothèque Nationale bourgeoisie Centre Beaubourg Eiffel Tower financial institutions Louvre museum metro Musée’Orsay Palais de Chaillot post-war rationing property prices revolution of 1848 suburban tower blocks Paris Commune Paris Peace accords (1973) Paris Peace conference (1947) Paris summit (1960) Parsifal (opera) Partisan Review Pasternak, Boris Pathans Patten, Chris, Baron Patten of Barnes Patti, Adelina Pavlov, Georgy Pavlovsky, General Ivan PDK (Kurdistan Democratic Party) Pearl Harbor Peasant Party (Hungarian) peasantry Chile China Cuba Czechoslovakia France Germany Greece Hungary Italy Poland Romania Russia USSRp> Turkey Vietnam Peck, Gregory Pei, I.
The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan
air freight, airline deregulation, Albert Einstein, asset-backed security, bank run, Berlin Wall, Bretton Woods, business process, call centre, capital controls, central bank independence, collateralized debt obligation, collective bargaining, conceptual framework, Corn Laws, corporate governance, correlation coefficient, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Hernando de Soto, income inequality, income per capita, invisible hand, Joseph Schumpeter, labor-force participation, labour market flexibility, laissez-faire capitalism, land reform, Long Term Capital Management, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, new economy, North Sea oil, oil shock, open economy, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, reserve currency, risk tolerance, Ronald Reagan, shareholder value, short selling, Silicon Valley, special economic zone, the payments system, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, working-age population, Y2K
In general, it appears that if a country is "developed" before the discovery of a natural-resource bonanza, it is immune to any long-lasting pernicious effect. Nevertheless, Dutch disease can strike anywhere. Great Britain went through an apparent bout of it in the early 1980s, following the development of North Sea oil. As Britain changed from a net importer of oil to a net exporter, the dollar-sterling exchange rate rose and the prices of British export goods temporarily became increasingly uncompetitive. Norway, with a population of less than five million, had to take dramatic action to insulate its small economy from the North Sea oil bonanza. The country created a large stabilization fund that reduced pressure on the krone's exchange rate after it spiked in the late 1970s. And in the wake of the collapse of Communism, Russia is struggling with a mild form of Dutch disease today.
., 27 Newsweek, 70, 230 Newton, Sir Isaac, 496 New York City, 1-4, 19-51, 76, 7 7 - 8 1 , 96-99, 369n, 499 terrorist attacks in, 4, 13, 153 Washington Heights in, 19-25, 81 New York Fed, 84, 108, 134, 193, 1 9 4 , 4 8 2 , 4 9 0 n New York Giants, 2 1 , 2 2 New York Stock Exchange (NYSE), 7, 107, 177-78, 369n, 3 7 0 , 4 8 8 New York Times, 33, 83, 104, 115, 138, 145,147, 152n, 161, 174, 177, 194,201 New York University, 29-33 New York Yankees, 21-22 New Zealand, 275, 276, 291-92 Nicholson, Jack, 81 Nickles, Don, 236 Nigeria, 2 5 8 , 4 4 0 , 4 5 1 9/11 terrorist attacks, 1-10, 225, 226-32, 234, 255, 302,469,491 Nixon, Richard M., 6, 27, 3 1 , 55n, 57-65, 73, 74, 235, 298 Clinton compared with, 58, 144 in election of 1968, 52, 57-59, 86, 216, 246 pardoning of, 75, 245 profane side ofj 59 resignation of, 64, 208 Social Security and, 94 wage and price controls of, 16, 61—62, 63, 297, 344, 395,446n, 482 Nixon Mudge Rose Guthrie Alexander & Mitchell, 57 North Korea, 12,316 North Sea oil, 259, 4 5 6 - 5 7 Norway, 259, 440 nuclear attack, Federal Reserve precautions against, 2-3 nuclear power, 453-54, 461 nuclear weapons, 8, 34, 38, 135-36, 137, 191 "oasis of prosperity" remark, 192 objectivism, 4 0 - 4 1 , 5 1 , 52 O'Connor, Frank, 40 Office of Management and Budget, U.S., 145, 183, 209,213-14,239 Office of the Comptroller of the Currency, U.S., 199 oil, 79, 84, 2 1 1 , 241, 274, 386, 437-50, 456-61 consumption of, 4 3 7 ^ 0 , 442, 445, 446, 4 5 8 - 5 9 , 460 Dutch disease and, 257-59 in Latin America, 336, 339-40 natural gas compared with, 450 price of, 83, 114, 126, 190, 207, 328, 331, 340, 437-42, 444-49, 457, 459, 484 refining of, 437, 443-44 of Russia, 190,324-31 see also OPEC oil futures, 368,441 Okun, Arthur, 6 1 , 77 Olayan, Mary, 80 Olayan, Suleiman, 79-80 O'Neill, Paul, 209-10, 214-17, 219, 220, 238, 241, 428 O'Neill, Tip, 95-96, 245 OPEC (Organization of Petroleum Exporting Countries), 79, 80, 258, 329, 438-40, 4 4 2 ^ 3 , 446,449,459,460,461 oil shock (1973), 6, 62, 7 1 , 75, 439, 446 savings of, 483-84 Organization for Economic Cooperation and Development (OECD), 4 5 7 , 4 5 8 n Economic Policy Committee of, 15 Ortiz, Guillermo, 341 outsourcing, 315, 319, 401, 477n Owen, Robert, 264, 503 525 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.
3D printing, Airbnb, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, BRICs, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, cleantech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, credit crunch, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, Downton Abbey, Edward Glaeser, Elon Musk, en.wikipedia.org, energy transition, eurozone crisis, fear of failure, financial deregulation, first-past-the-post, forward guidance, full employment, Gini coefficient, global supply chain, Growth in a Time of Debt, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, liquidity trap, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, working-age population, Zipcar
No doubt it is due to several factors. Some argue that firms hung on to surplus workers because it was costly to fire them and rehire them when demand picked up, but it seems implausible that businesses would hoard lots of labour for so long. Nor can this explain why there were so many new hires, no doubt because wages have fallen. On the supply side, sectoral issues, such as the decline in North Sea oil production, make a difference. As banks have retrenched, measured productivity in the financial sector has also fallen, but since its output was overstated in the bubble years, some of this decline is more apparent than real.406 More generally, firms have failed to invest enough and so the capital stock has depreciated. But the biggest reason for the fall in productivity results from the government’s failure to fix the banks.
The overvalued pound crushed manufacturing, which shrank from 20 per cent of the economy in 1997 to 12 per cent a decade later. Britain’s industrial and skills base is now so shrivelled that it has been unable to benefit much from a cheaper pound. A broken banking system has also failed to fund promising new exporters. While the foreign-owned car industry and the pharmaceuticals and aerospace sectors have fared well, overall exports of Britain’s higher-tech industries have been flat in recent years.417 A plunge in North Sea oil and gas production and the delay in developing alternatives such as shale gas have made matters worse. Britain remains unhealthily reliant on exports of financial services, for which demand has fallen.418 Worse, Britain has failed to tap into the boom in emerging economies. As a share of GDP, it exports less to emerging economies than any other of the Group of Seven (G7) largest advanced economies – and indeed less to China than any EU-15 country, including Greece.419 Japan sends nearly a quarter of its goods exports to Brazil, Russia, India and China (the BRICs), Germany a tenth – and Britain only 5 per cent.420 Worse, Britain’s exports to the BRICs have grown more slowly in recent years than any other G-7 economy’s.421 That said, since Britain sends more of its exports to America, it will hopefully do better if the US recovery strengthens.
air freight, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, Bretton Woods, 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, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, 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, forward guidance, Fractional reserve banking, full employment, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, moral hazard, mortgage debt, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, price stability, private sector deleveraging, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, 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: Great Stagnation, very high income, winner-take-all economy
No doubt some loss was indeed inevitable, but one as big as this in terms of both levels and rates of growth of GDP needs meticulous justification, particularly for a country that had exceptionally low short-term and long-term interest rates. It could certainly have borrowed and spent more if it had wished to do so. Again, in the case of the UK, the economy was still smaller in early 2014 than six years earlier, despite the upsurge in growth in 2013. True, this dismal performance – the slowest recovery on record – was partly because of the contraction in the output of North Sea oil. Nevertheless, the recovery had been very slow in coming. Moreover, the rate of growth still had not surpassed its historic trend. Furthermore, in the UK, too, short- and long-term interest rates remained very low, even though the actual fiscal deficits greatly exceeded those planned by the incoming coalition government in 2010. It is hard, given these facts, to argue that policy in the US and the UK was the best that could be managed.
In the US, the new orthodoxy generated a recovery that was feeble by historical standards, but not too bad for an economy hit by a financial crisis, particularly one far too large to gain much from export-led economic growth. In other crisis-hit countries, the economic rewards were far slower in coming. The UK’s austerity programme, launched in 2010, removed fiscal support for recovery and, together with the falling output of North Sea oil, adverse shifts in the terms of trade and rising domestic prices of imports, resulted in economic stagnation for a further three years. The outcome was far worse in crisis-hit parts of the Eurozone, where the approach taken was close to liquidationism (on which see further below). In brief, the short-term record of the new orthodoxy was far from a catastrophe. But it could have done far better.
Company: A Short History of a Revolutionary Idea by John Micklethwait, Adrian Wooldridge
affirmative action, barriers to entry, Bonfire of the Vanities, borderless world, business process, Corn Laws, corporate governance, corporate social responsibility, credit crunch, crony capitalism, double entry bookkeeping, Etonian, hiring and firing, invisible hand, James Watt: steam engine, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, mittelstand, new economy, North Sea oil, race to the bottom, railway mania, Ronald Coase, Silicon Valley, six sigma, South Sea Bubble, Steve Jobs, Steve Wozniak, strikebreaker, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, tulip mania, wage slave, William Shockley: the traitorous eight
Privatization was such a radical idea that the Tories scarcely mentioned it in their 1979 manifesto, and the government initially flirted with “corporatization”—making public companies act more like private ones. Eventually, Thatcher and her guru, Keith Joseph, rejected the idea as insufficient—like trying to “make a mule into a zebra by painting stripes down its back.”2 The mules had to be put back in the private sector. In 1982 and 1984, the government privatized its share in North Sea oil and gas; this was soon followed by British Telecom, British Gas, British Airways, and British Steel. Even the water supply and the electricity grid were handed over to private companies. By 1992, two-thirds of state-owned industries had been pushed into the private sector. Privatization was invariably followed by the downsizing of the workforce (sometimes by as much as 40 percent) and the upsizing of executive salaries, both of which raised the public’s hackles, and the Conservatives made a complete hash of privatizing British Rail.
Albert Einstein, barriers to entry, Bernie Madoff, collapse of Lehman Brothers, corporate governance, corporate social responsibility, credit crunch, Grace Hopper, happiness index / gross national happiness, high net worth, James Dyson, Jarndyce and Jarndyce, Jarndyce and Jarndyce, mittelstand, Network effects, North Sea oil, Northern Rock, patent troll, Plutocrats, plutocrats, Ponzi scheme, profit motive, Ralph Waldo Emerson, Silicon Valley, software patent, stealth mode startup, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, traveling salesman, tulip mania
So he left his modest radio company in Canada for Edinburgh and, almost on a whim, bought the struggling Scotsman newspaper. A year later he founded STV, the first commercial broadcaster north of the border. It was an astounding success, making a return of at least 1,500 per cent for its original subscribers. It was he who muttered the immortal phrase describing a television franchise as a ‘licence to print money’ (no longer the valid statement it once was). He went on to become a pioneer backer of North Sea oil, and later launched Thomson Holidays, Britain’s first package-tour operator. Subsequently he became the owner of The Times and the Sunday Times, and ultimately his organization merged with Reuters to become one of Canada’s largest corporations. All this, and a peerage too, after sixty. He’s not the only late developer in business history. Harland D. Sanders had a tough childhood, going out to work at the age of twelve as a farmhand.
The Prize: The Epic Quest for Oil, Money & Power by Daniel Yergin
anti-communist, Ayatollah Khomeini, bank run, Berlin Wall, British Empire, colonial exploitation, Columbine, cuban missile crisis, energy security, European colonialism, Exxon Valdez, financial independence, fudge factor, informal economy, joint-stock company, land reform, megacity, Mikhail Gorbachev, Monroe Doctrine, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, postnationalism / post nation state, price stability, RAND corporation, rent-seeking, Ronald Reagan, shareholder value, Thomas Malthus, Yom Kippur War
It now held title to the government's participation oil, reflecting the right to buy 51 percent of North Sea production, and was meant to be the national champion. The British government's push for more revenues and more control of North Sea oil led the head of one company finally to explode, "I don't see any difference any more between those OPEC countries and Britain." In some ways, that same thought was on the mind of Harold Wilson, Britain's Prime Minister. He was sitting in a second-floor study at 10 Downing Street, puffing on his pipe, in the summer of 1975, a few weeks after the celebration over the first barrels of North Sea oil. Wilson had already had one of the longest-running tenures as Prime Minister. He had also made a major contribution to political theory with a line that deserved to be engraved on the wall of every parliament and congress around the world: "In politics, a week is a long time."
Some months later, a senior Phillips executive was excitedly asked at a technical meeting in London what methods Phillips had used to diagnose the geology of the field. "Luck," he replied. Toward the end of 1970, British Petroleum announced the discovery of oil in the Forties field, on the British side, one hundred miles northwest of Ekofisk. It was a huge reservoir. A series of major strikes followed in 1971, including Shell and Exxon's discovery of the huge Brent field. The North Sea oil rush was on. The 1973 oil crisis turned the rush into a roar. Fortunately, a new generation of technology was either available or under development that would allow production to proceed in the North Sea, a province of the sort that the industry had never before attempted. The whole venture was risky and dangerous—physically and economically. Drilling rigs had to be able to work through water depths much greater than anything tried heretofore, and then still drill another four miles under the seabed.
Altogether, the development of the North Sea was one of the greatest investment projects in the world, made all the more expensive by rapidly inflating costs. It was also a technological marvel of the first order. And it was carried out in an amazingly expeditious manner. On June 18, 1975, the British Secretary of State for Energy, Anthony Wedgwood Benn, turned a valve at a ceremony on an oil tanker in the estuary of the River Thames. The first North Sea oil flowed ashore to a refinery. Publicly, Benn enthusiastically declared that June 18 should from then on be a day of national celebration. Personally, however, he did not enjoy the inaugural event at all. Benn was a leader of the left wing of the Labour party with a passion for nationalization and an inbred detestation of capitalism, especially as it was represented by the oil industry, and was extremely distrusting by nature.
The Oil Factor: Protect Yourself-and Profit-from the Coming Energy Crisis by Stephen Leeb, Donna Leeb
Buckminster Fuller, diversified portfolio, fixed income, hydrogen economy, income per capita, index fund, mortgage debt, North Sea oil, oil shale / tar sands, oil shock, peak oil, profit motive, reserve currency, rising living standards, Ronald Reagan, shareholder value, Silicon Valley, Vanguard fund, Yom Kippur War, zero-coupon bond
Hubbert’s work has applied equally successfully to many deposits outside the U.S. The North Sea is a major example. It was defined as an important oil and gas deposit in 1969. At the time, Britain and Norway, the two major beneficiaries of the discovery, were struggling economically. In fact, it was fashionable in the early 1970s to refer to Britain as a burgeoning third world economy. To develop North Sea oil as rapidly as possible, the most advanced technology available was brought to bear. As a result, in thirty years the North Sea produced about 15 billion barrels of oil, and in the process Norway became rich and Britain shed its status as a third-rate economy. The problem is that there are no encores. Production in the British portion already has started to decline, and Norway is very close to peak production.
The Comforts of a Muddy Saturday by Alexander McCall Smith
“I know that you have your doubts about it,” Grace informed Isabel, as she began to load the dishwasher. “But there was a very good medium at the meeting last night. A man from Lerwick, a Shetlander. You don’t often get mediums from up north. It’s the first time, in fact, that we’ve had anybody from the Shetland Islands—or even from Orkney.” Isabel looked up from her crossword. She had heard about Georgina, who looked after an aged mother in Leith and whose husband had died on a North Sea oil platform. There had been an explosion, Grace had told her, and Georgina had been left alone with her aged mother. It was the explosion, Isabel imagined, that had begun the path that led to the spiritualist meetings and the quest for a message from the other side. The other side—that was what Grace called it, although Isabel preferred the other shore, if one were to have an expression for a place whose existence was debatable.
Fred Dibnah's Age of Steam by David Hall, Fred Dibnah
It is really hard work compared with using a big power-driven drill. The phone rang and it was the boiler inspector and he said: ‘I should hang fire a bit. The elongation on the weld metal is a few decimal points short of what it should be and we cannot accept this weld metal in the longitudinal seam.’ The people who’d done the job for me were adamant that there was nothing wrong with it. They did work for the North Sea oil people and they got their radiographer in and their examiner and he also said there was nothing wrong with it. The Scottish Boiler Insurance Company and this company who’d done the job argued between themselves and it went on and on and on. In the end I said: ‘What happens if I rivet it like they used to?’ That was different, there are no tests on a riveted seam. The people who did it said if the insurance company was not satisfied they would grind all the weld out and re-weld it for nothing.
The Perfect Storm: A True Story of Men Against the Sea by Sebastian Junger
Waves have destroyed docks and buildings in Newfoundland, for example, that haven't been damaged for decades. As a result, stresses on ships have been rising. The standard practice is to build ships to withstand what is called a twenty-five-year stress—the most violent condition the ship is likely to experience in twenty-five years. The wave that flooded the wheelhouse of the Queen Mary, ninety feet up, must have nearly exceeded her twenty-five-year stress. North Sea oil platforms are built to accommodate a 111-foot wave beneath their decks, which is calculated to be a one-hundred-year stress. Unfortunately, the twenty-five-year stress is just a statistical concept that offers no guarantee about what will happen next year, or next week. A ship could encounter several twenty-five-year waves in a month or never encounter any at all. Naval architects simply decide what level of stress she's likely to encounter in her lifetime and then hope for the best.
Drowning in Oil: BP & the Reckless Pursuit of Profit by Loren C. Steffy
Its weather is cold and terrifying, roiled by relentless gales and massive undulating waves that roll toward the coast like a giant gray blanket unfurled by an angry maid. Its bitter, powerful currents and frequent storm-force winds can make the most hardened sailor or pilot anxious. Against this inhospitable backdrop 250 miles north of Scotland, BP found oil in 1965. Five years later, it discovered the Forties ﬁeld, touching off a North Sea oil boom and enabling BP to shift its reserve base from the Middle East, where countries were nationalizing their oil ﬁelds. The Forties, along with Alaska, became the cornerstone of BP’s reserve base. By 2003, however, the Forties ﬁeld was in decline. Production had peaked in 1979, and most of the easy oil had been pumped out long ago. Now it was costing more and more to get less and less from the reservoir deep below the tumultuous seas.
affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, carbon footprint, centre right, collective bargaining, energy security, full employment, illegal immigration, immigration reform, low skilled workers, Mikhail Gorbachev, Naomi Klein, North Sea oil, open economy, postnationalism / post nation state, Potemkin village, Ronald Reagan, World Values Survey
Nothing in the EU’s history compares to the enlargement of 2004 when, at a stroke, ten states—eight of them ex–Soviet bloc nations—joined the organization. This eastern enlargement was qualitatively different from earlier cases. In 1972, the six had become the nine with the admission of Denmark, Ireland, and the United Kingdom—all consolidated democracies with advanced market economies. At this time Norwegians, protective of their national identity and flush with new revenue from North Sea oil fields, rejected membership in a referendum. Expansion did not always mean adding members to the Community. European states that maintained close economic links to their former colonies sought a special status for these faraway, now independent states. Accordingly, in 1975 the Yaoundé and Lomé conventions assured increased economic aid and preferential access to EC markets for African, Caribbean, and Pacific (ACP) states.
Oil Panic and the Global Crisis: Predictions and Myths by Steven M. Gorelick
California gold rush, carbon footprint, energy security, energy transition, flex fuel, income per capita, invention of the telephone, meta analysis, meta-analysis, North Sea oil, oil shale / tar sands, oil shock, peak oil, price stability, profit motive, purchasing power parity, RAND corporation, statistical model, Thomas Malthus
., 62 mass balance, 10, 124, 221–2 Massachusetts Institute of Technology (MIT), 59, 215 McCabe, Peter, 118–21 mercury, 108–9 metals price trends, 103–7 production, 100–2 methane, 18 Mexico, oil reserves, 65, 144 Michigan Basin gas field, 140 Middle East conflicts, 63, 112–13, 115 Minerals Management Service, 26, 28 Montana, 176 myths, 87–181 National Energy Program, 64 national oil bank, 218–19 natural gas conversion to liquid fuels, 173–4 description, 18 discarded, 177 discoveries, 70–1, 128–9, 138, 140, 145–6 236 Index natural gas (cont’d ) initial in-place, 164–5 liquids see NGLs peak estimation, 96 powering motor vehicles by, 210 synthetic fuel from, 175–7 USGS Assessment, 177–9 natural gas condensate, 138, 165, 189 natural gas consumption, 177, 196 natural gas endowment, 177–9 natural gas field growth, 135 natural gas liquids see NGLs natural gas plant liquids, 39 natural gas production, US, 95 natural gas reserves, 177 growth, 135–6 replacement, 138 natural gas resources, 177–80 natural gas, US offshore, 128–9 Nature, 215 neo-Malthusian, 59–62, 66, 98, 103 New York City, horses, 206 NGLs, 27, 28 Nigeria bonus payments, 125 corruption index, 217 OPEC membership, 23 political stability, 217 non-renewable resource model, 195–6 non-renewable resources, 100–3 normal distribution, 93–4 North Sea, oil reserves, 65 Norway, oil production, 66 OAPEC, 23 embargo in 1970s, 63, 115 members, 23 production, 24 offshore oil, 139 oil conventional, 27 definition, 17 era, 1, 3 initial in-place, 164–5 Oil and Gas Journal, 29, 31, 136 oil availability, 220 oil business, 20–3 return on investment (ROI), 21 oil consumption by country, 33–4, 148 per capita, 33, 35, 74–5, 147–9 industrial development and, 74–6 production vs., 38–40 see also oil-use intensity oil crises 1916, 62–3 1918, 63 1970s, 63–5 oil demand, 220 oil dependence, 26, 35–6, 61, 195, 199, 208–9, 213, 215 oil dependence, cost, 12–13 oil depletion models, 8–9 predictions, 61–2 see also oil crises oil discoveries deficit, 66–7 global, 138–44 number peak, 73 peak production and, 73–4 production and, 66 volume peak, 73–4 oil endowment definition, 17 global estimates, 8–9, 119–21, 124 as inflated, 68–9 USGS, 9, 28–9, 68–9, 119–20 historical assessments, 119–20 Hubbert curve and, 7–9 peak oil timing and, 68–9 regional breakdown, 32 status in 2009, 29–31 total, 28 see also US, oil endowment oil expenditures, 79, 153–6 oil extraction price ranges for profitable, 163–4 stages, 162 oil fields, 97 Index oil finding costs, 42–3, 53, 56, 133–4 oil imports, 35–7 from OPEC, 36–7, 208 oil lifting costs, 43, 54, 56 oil panics see oil crises oil price, 24–5 annual average, 77–8, 116 inflation-adjusted, 78–9, 114–15, 116 relative to wages, 114–15 by quality, 40–1 demand and supply relation, 24 gasoline price and, 44–5, 206, 217 reserves and, 132 spikes in, 78–9, 114–15, 219 stability, 26, 217–19, 224 oil production by country, 32–3 by region, 94 consumption vs., 38–40 costs, 23, 42–3, 133–4, 142 curve fitting, 6–9 declining, 65–6, 71–2, 80–1 global Hubbert predictions, 8–9, 95–8 population vs., 111 replacement by reserve additions, 136–8 trend, 110–11, 203–4 OPEC, 33 peak see peak oil see also US, oil production oil quality, 40 pricing by, 40–1 oil recovery technology, 121, 222–3 oil reserves booking, 125–6 by country, 32, 34 global, 123, 132–8 estimates as inflated, 67–8, 124–5 prices and, 132 industry exaggeration, 69, 125 possible and probable, 72 proven, 72 resources vs., 126 237 SEC rules, 69, 125–6 status in 2008, 31–2 oil resource pyramids, 160–5 global, 163–5 US, 161–2 oil sands Canada, 27, 29, 122, 132, 136, 168–70 US, 162, 168 oil shale global, 172–3 US, 162, 170–2 oil shocks, 155–6 oil, unconventional, 27, 165–75 oil-use efficiency see efficiency oil-use intensity, 148–52 oil wells, 96–7 oil window, 170 Oklahoma, 62 OPEC, 21, 23–6 dependence on, 36–7, 208 members, 23 price control, 24–6, 218 price rises in 1970s, 63–4 production, 24–5, 118, 218 quotas, 24, 67 reserves, 23 estimates, 67–8, 124–5 OPEC Basket, 24, 41, 56 Organization of Arab Petroleum Exporting Countries, see OAPEC Organization of Petroleum Exporting Countries, see OPEC Orimulsion, 167 Orinoco heavy-oil belt, 167 overshoot and collapse, 60 palm oil, 212–13 panic, see oil crises patent activity, 222 PDVSA, 168 peak oil, 3–4 effects, 62 Hubbert predictions, 7–9, 11–12 238 Index peak oil (cont’d ) modern proponents, 124 oil company views, 16 oil discovery volume and, 73–4 oil endowment and, 68–9 US Department of Energy predictions, 81 peanut oil, 212 Pennsylvania, 1, 20, 160, 176 Peru, oil reserves, 144 petroleum composition, 18–19 definition, 17 refinement, 18–19 unconventional, 27 see also gasoline and oil petroleum endowment, 178–9 Petroleum Producers Association, 20 petroleum products, from barrel of oil, 37–8 Petroleum Week, 88 placer deposits, 156 plankton, 17 platinum, 106 political stability, 217, 221 population growth, 5, 58–61, 111 Porter, Edward, 114 predictions, 2, 4–13, 60–3, 87–93, 95–99, 123–4, 128, 130, 134–5, 223 price elasticity of demand, 45, 56 price gouging, 48–9 PricewaterhouseCoopers, 217 primary recovery, 162 private investment, 144 processing gain, 38, 39 producer rebound, 200 production costs, 23, 42–3, 133–4, 142 production decline, scarcity and, 98–103 profitable oil extraction prices, 113–4 Prudhoe Bay oil field, 128 Qatar, 23, 74, 176 Rand Corporation, 172 reasonable certainty, 125–6 rebound, 199–200 recession, 25, 154–5 recovery factor, definition, 18 remaining reserves, 28 renewable energy resources, 216 renewable resources, 98–100, 102 Requa, Mark L., 63 research and development spending, 222 reserve additions, 127, 130, 136–7 reserve base, 184 reserve growth, 28, 127, 134–6 reserves booking, 125–6 definition, 17, 122 private investment and, 144 revisions based on backdating, 136 see also gold reserves; natural gas reserves; oil reserves resource endowment, 6 resource pyramid, 156–73 resource substitution, 107–8, 207 resources definition, 17, 122 non-renewable, 100–3 renewable, 98–100, 102 reserves vs., 126 rock bit, 223 Royal Dutch Shell in-situ recovery method, 170 oil discoveries, 144 oil reserves, 23, 69, 125–6 Russia heavy oil, 166–7 natural gas, 145 oil production, 32, 144–5 oil reserves, 144 Sasol, 176 Saudi Arabia oil consumption, 74 oil production, 32, 71–2 Index incremental cost, 114 spare capacity, 118 oil reserves, 72 OPEC membership, 23 scarcity, 61, 77–9, 98–116, 186, 196, 219, 222 scarcity rent, 116–18 Science, 2, 5, 65, 90 Scientific American, 106 SEC, 69, 125, 126 SEC Rule (4–10), 125 secondary recovery, 162 security, 12–3, 64, 195, 217–9, 221 Shell see Royal Dutch Shell Shell Canada, 169 Shenhua China Coal Liquefaction Corporation, 177 silver, 106, 108 Simmons, Mathew, 104 Simon-Ehrlich bet, 103–5 Simon, Julian, 103–4 Six Day War (1967), 112–13, 115 Smithsonian Institute, 63 social disintegration, 217 solar power generation, 214 “sour” oil, 40 South Africa, transportation fuels from coal, 176 South America, heavy oil, 167 South Korea, vehicle ownership, 205 South Pars field, 138 soybean oil, 212–13 Spindletop, 160 spot price, 48 St.
The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley
banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business process, call centre, capital controls, collective bargaining, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population
While high interest rates and a strong exchange rate favoured finance, they were bad news for manufacturers and exporters. Yet for most of the period since the end of the 1970s, the pound has been held at a higher rate than justified by Britain’s economic strength. It had risen by 50 per cent in real terms against the dollar in the two years to 1981. This over-valuation was initially due, in part, to the discovery of North Sea Oil which made Britain an exporting nation. But the persistently high pound has also been the result of explicit government policy to give preference to financial services and its need to attract global footloose capital. These huge capital inflows were always going to push up the sterling exchange rate. When, in 1990, after years of pressure, Britain finally joined the European Exchange Rate Mechanism—which meant keeping sterling at a fixed position to other currencies in the scheme—it did so at an inflated and unsustainable level.
accounting loophole / creative accounting, asset-backed security, bank run, banking crisis, Black-Scholes formula, Bretton Woods, business climate, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, easy for humans, difficult for computers, financial innovation, fixed income, housing crisis, interest rate derivative, interest rate swap, locking in a profit, Long Term Capital Management, McMansion, mortgage debt, North Sea oil, Northern Rock, Renaissance Technologies, risk tolerance, Robert Shiller, Robert Shiller, short selling, sovereign wealth fund, statistical model, The Great Moderation, too big to fail, value at risk, yield curve
Morgan, and while the bank paid less than most of its rivals, the trade-off was greater job security. The young trainees in the training program were told solemnly that while the bank would tolerate “errors of judgment,” an “error of principle” was a firing offense. “First-class banking” remained the mantra. Peter Hancock easily passed the course and was dispatched back to the London office, where he spent a couple of years analyzing the credit-worthiness of North Sea oil companies. That was considered a plum job, because the Norwegian and British oil industry was starting to boom. But Hancock was hungry for more. As he looked around the City, he could see the revolution in derivatives and swaps building, and he wanted in. The Morgan Bank was considered too stodgy to be a pioneer in the business. Aggressive Salomon Brothers and iconoclastic Bankers Trust were the real innovators.
accounting loophole / creative accounting, algorithmic trading, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, Big bang: deregulation of the City of London, capital asset pricing model, central bank independence, corporate governance, Credit Default Swap, dematerialisation, discounted cash flows, diversified portfolio, double entry bookkeeping, Edward Lloyd's coffeehouse, Elliott wave, Exxon Valdez, forensic accounting, global reserve currency, high net worth, index fund, inflation targeting, interest rate derivative, interest rate swap, London Interbank Offered Rate, Long Term Capital Management, margin call, market fundamentalism, Nick Leeson, North Sea oil, Northern Rock, pension reform, Piper Alpha, price stability, purchasing power parity, Real Time Gross Settlement, reserve currency, shareholder value, short selling, The Wealth of Nations by Adam Smith, transaction costs, value at risk, yield curve, zero-coupon bond
International securities were the break that restored the City’s fortunes. The Eurobond market started in London in July 1963 and received a competitive boost thereafter when the United States introduced compulsory US interest equalisation tax, which drove issuers away. The fortunes of sterling have been a more broadly based factor in building up the City. In the late 1970s sterling rose sharply because of the North Sea oil bonanza and, in October 1979, the Conservative Government under Margaret Thatcher as prime minister abolished the exchange controls limiting the amount of currency that UK residents could exchange for another. This removed a restriction on the rise of sterling that had been in force since 1939. UK institutional investors started adding substantially to their overseas investments, although mostly through foreign brokers. _________________________________________ THE CITY OF LONDON 7 In the 1980s, the London Stock Exchange (LSE) was the unrivalled leader among European exchanges.
The New Economics: A Bigger Picture by David Boyle, Andrew Simms
Asian financial crisis, back-to-the-land, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, capital controls, carbon footprint, clean water, collateralized debt obligation, colonial rule, Community Supported Agriculture, congestion charging, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, delayed gratification, deskilling, en.wikipedia.org, energy transition, financial deregulation, financial innovation, full employment, garden city movement, happiness index / gross national happiness, if you build it, they will come, income inequality, informal economy, Jane Jacobs, land reform, loss aversion, microcredit, Mikhail Gorbachev, mortgage debt, neoliberal agenda, new economy, North Sea oil, Northern Rock, offshore financial centre, oil shock, peak oil, pensions crisis, profit motive, purchasing power parity, quantitative easing, Ronald Reagan, seigniorage, Simon Kuznets, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trickle-down economics, Washington Consensus, working-age population
The success of this, policy can be measured in the fact that the sections of South Korea’s industry that benefited are now ‘world leaders’. 17 Pay for energy transition and fuel poverty: a windfall tax on the unearned profits of the fossil fuel companies to provide a safety net for those in fuel poverty, and to help finance the UK’s transition to clean energy Fossil fuels are an unrepeatable windfall from nature, yet the UK government has so far failed adequately to take advantage of its income from oil to prepare for a lowcarbon future. Norway, by contrast, has used its oil surpluses to help create a safety net for future generations that is today worth around €260 billion (£198 billion). This amounts to €75,000 (£57,000) for every man, woman and child in the country. The UK could follow Norway’s lead and set up an Oil Legacy Fund, paid for primarily by a windfall tax on oil and gas company profits. Before North Sea oil is exhausted, introducing a windfall tax on oil and gas companies would be a significant funding source. Part of these increased revenues would be used to protect low-income households subject to fuel poverty and who would otherwise be too adversely affected by fossil fuel price rises during the transition to a low-carbon future. 18 Hold accountancy firms accountable Now there is an opportunity to reshape the world of auditing so that it reflects new expectations of transparency, prudence and responsibility in the modern global economy.
barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, clean water, computer age, Corn Laws, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, full employment, global village, hiring and firing, Howard Rheingold, income inequality, informal economy, invisible hand, Jane Jacobs, Joseph Schumpeter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Marshall McLuhan, McJob, microcredit, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pensions crisis, Ronald Reagan, Silicon Valley, spinning jenny, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population
They take exchange rates to extreme levels unwarranted by the underlying economic conditions because they react so much faster than other markets, either markets for goods or labour markets, to changed conditions. For example, in 1980 the pound appreciated by 25 per cent in value against a range of other currencies. It should have risen part of the way — investors were reacting rationally to the extraction of North Sea Oil and the Thatcher Government’s tight macroeconomic policies. However, the extent of the appreciation was so great that it caused industrial devastation as British exports became too expensive abroad. Manufacturing industry collapsed to such a degree that the 1979 level of output was not regained until 1987 when the economy was booming. The level at the end of 1996 was only about 15 per cent above its 1979 peak.
The Future of Money by Bernard Lietaer
agricultural Revolution, banks create money, barriers to entry, Bretton Woods, clean water, complexity theory, dematerialisation, discounted cash flows, diversification, fiat currency, financial deregulation, financial innovation, floating exchange rates, full employment, George Gilder, German hyperinflation, global reserve currency, Golden Gate Park, Howard Rheingold, informal economy, invention of the telephone, invention of writing, Lao Tzu, Mahatma Gandhi, means of production, microcredit, money: store of value / unit of account / medium of exchange, Norbert Wiener, North Sea oil, offshore financial centre, pattern recognition, post-industrial society, price stability, reserve currency, Ronald Reagan, seigniorage, Silicon Valley, South Sea Bubble, the market place, the payments system, trade route, transaction costs, trickle-down economics, working poor
Specifically in our case, the consequences of a shift of control over money systems to various new players in society will be highlighted. 3. To work creatively with these discoveries, and use the clarity they inspire to shape a more desirable future. Scenarios are not academic exercises. The scenario-building process enabled Shell to forecast and prepare for the fall of the former Soviet Union, thereby avoiding billion-dollar mistakes in North Sea oil investments. Shell still updates its scenarios roughly every three years. This process also contributed to the 'South African miracle' of the peaceful transition after Apartheid (see sidebar). These same methods were further refined by the Global Business Network founded by several Shell alumni, and later published by Peter Schwartz. The Official Future: ‘more of the same’ The Official Future that we art: told we can expect during the coming decades is usually based on an extrapolation of what has happened over the past 20 years or so.
Dangerous Waters: Modern Piracy and Terror on the High Seas by John S. Burnett
British Empire, cable laying ship, Dava Sobel, defense in depth, Exxon Valdez, Filipino sailors, illegal immigration, Khyber Pass, Malacca Straits, North Sea oil, South China Sea, transcontinental railway, UNCLOS, UNCLOS
There is nothing outwardly to identify the Montrose as belonging to this oil major. This is increasingly true among many of the oil companies. At a glance, you can’t tell one company’s VLCC from another. In fact, Exxon-Mobil announced it would sell nine of its tankers by the summer of 2003 and then lease the ships, no longer identified as Exxon ships, back from the new Greek owners. Shell perhaps started the trend, in response to the controversial disposal of the North Sea oil rig Brent Spar, in 1995. Shell had proposed dumping the installation, claimed by environmentalists to contain radioactive and toxic sludge, in the North Atlantic. Environmental activists occupied the rig for months to prevent its disposal, and all of it played out in full view of the media. Today, Shell’s famous yellow scallop has been wiped clean from its ships, and its company symbol has vanished from its fleet of VLCCs.
A Sea in Flames: The Deepwater Horizon Oil Blowout by Carl Safina
By the end of 1985, when Reagan’s administration and Congress have allowed tax credits for solar homes to lapse, the dream of a solar era has faded. Solar water heating has gone from a billion-dollar industry to peanuts overnight; thousands of sun-minded businesses have gone bankrupt. “It died. It’s dead,” says one solar-energy businessman of the time. “First the money dried up, then the spirit dried up.” 1988. Occidental Petroleum’s North Sea production platform Piper Alpha produces about a tenth of all North Sea oil and gas. When it explodes on July 6, it kills 167 men. March 1989. The 987-foot supertanker Exxon Valdez has just been loaded with 50 million gallons of crude oil piped across the vastness of Alaska from the North Slope to a terminal near the tiny village of Valdez, on Prince William Sound. After altering course to avoid ice, the crew fails to get the ship to respond to efforts to resume course.
No Such Thing as Society by Andy McSmith
anti-communist, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, British Empire, call centre, cuban missile crisis, Etonian, F. W. de Klerk, feminist movement, Francis Fukuyama: the end of history, friendly fire, full employment, glass ceiling, greed is good, illegal immigration, index card, means of production, Mikhail Gorbachev, mortgage debt, mutually assured destruction, North Sea oil, Northern Rock, Ronald Reagan, South Sea Bubble, strikebreaker, The Chicago School, union organizing, upwardly mobile, urban decay, Winter of Discontent, young professional
This was the first statistic that the IMF examined when a government applied for a loan and it was the main measure of the amount of money in circulation. In 1976, the Labour government had set about reducing the figure, but by 1978–9, with unemployment rising and tax receipts falling, it had slipped back up to £9.25 billion. Howe’s target was to bring it down to £8.25 billion in 1979–80, but all he had done was put it up, despite the money now coming from North Sea oil. The news that Howe brought to an incredulous prime minister was that it was now on course to reach £14.5 billion in the coming year. This was the most testing moment Thatcher ever faced in her capacity as an economic manager. If there are three incidents that defined her as prime minister, they are the miners’ strike, the Falklands War and the economic crisis of 1981. The country was deep in recession, with unemployment rampant, much of it as a direct result of government policy.
Inviting Disaster by James R. Chiles
airline deregulation, cuban missile crisis, Exxon Valdez, Maui Hawaii, Milgram experiment, North Sea oil, Piper Alpha, Richard Feynman, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance
Compared to the twenty-seven years of the offshore oil industry, major rig mishaps had been hitting historic highs in recent years, with twenty-two rigs reporting fires, blowouts, capsizes, or sinkings in 1980 alone. The reason, said industry sources, was the worldwide acceleration in drilling activity. Although shipyards could build rigs quickly enough, finding expert crews to man them was a major difficulty. In that troubled year of 1980, the Alexander Keilland, a floating dormitory for North Sea oil workers, had rolled over in a winter storm, killing 123 men. It happened after a cracked strut in the steel framework finally broke all the way through under the constant pounding of waves. A shipyard painter had painted over it during construction (known because some of the crack length contained paint) but apparently had not reported it. The strut’s failure allowed rough seas to break off one of the Keilland’s five legs, throwing it out of balance.
Fifty Degrees Below by Kim Stanley Robinson
airport security, bioinformatics, Burning Man, clean water, Donner party, full employment, invisible hand, iterative process, means of production, minimum wage unemployment, North Sea oil, Ralph Waldo Emerson, Richard Feynman, Richard Feynman, statistical model, Stephen Hawking, the scientific method
On the sail up to the festival, some of them had encountered an oil tanker, only slightly smaller than the ULCCs (Ultra Large Crude Carriers) of the late twentieth century, double-hulled, as was legally required, and making a dry run on a great circle route from Japan to Norway that passed near the pole. This voyage was demonstrating that the Northwest Passage was open for business at last; and better late than never. Oil could be shipped directly from the North Sea to Japan, cutting the distance by two-thirds. Even if oil was passé, post-peak, old paradigm and all the rest, Japan and the North Sea oil countries were nevertheless awfully pleased to be able to move it over the Pole. They were not ashamed to admit that the world still needed oil, and that while it did, there would be reasons to appreciate certain manifestations of global warming. Shipyards in Glasgow, Norway, and Japan had been revitalized, and were now busy building a new class of Arctic Sea tankers to follow this prototype, boldly going where no tanker had gone before.
A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption by Steven Hiatt; John Perkins
airline deregulation, Andrei Shleifer, Asian financial crisis, Berlin Wall, big-box store, Bretton Woods, British Empire, capital controls, centre right, clean water, colonial rule, corporate governance, corporate personhood, deglobalization, deindustrialization, Doha Development Round, energy security, European colonialism, financial deregulation, financial independence, full employment, global village, high net worth, land reform, large denomination, Long Term Capital Management, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, moral hazard, Naomi Klein, new economy, North Sea oil, offshore financial centre, oil shock, Ponzi scheme, race to the bottom, reserve currency, Ronald Reagan, Scramble for Africa, statistical model, structural adjustment programs, too big to fail, trade liberalization, transatlantic slave trade, transfer pricing, union organizing, Washington Consensus, working-age population, Yom Kippur War
To sacrifice a significant chunk of that would undermine the whole country’s development. Working with Ian Rutledge, a respected energy economist from Sheffield in the north of England, I set out to correct ITIC’s omission. I had been an admirer of Rutledge’s work for several years. During the late 1990s, oil companies had lobbied hard against any increase in Britain’s rock-bottom taxation of its North Sea oil production, claiming that an increase would make the North Sea economically unviable and they would have to pull out altogether. Rutledge’s research had shown that, for some of the companies making these claims, the North Sea was in fact their most profitable region in the world, even after tax. More recently, Rutledge wrote Addicted to Oil,26 one of the best books available on international energy dynamics and the strategic context of the Iraq War.
Geek Heresy: Rescuing Social Change From the Cult of Technology by Kentaro Toyama
Albert Einstein, Berlin Wall, Bernie Madoff, blood diamonds, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, computer vision, conceptual framework, delayed gratification, Edward Glaeser, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Francis Fukuyama: the end of history, fundamental attribution error, germ theory of disease, global village, Hans Rosling, happiness index / gross national happiness, income inequality, invention of the printing press, invisible hand, Isaac Newton, Khan Academy, Kibera, knowledge worker, libertarian paternalism, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, microcredit, mobile money, Nicholas Carr, North Sea oil, pattern recognition, Peter Singer: altruism, Peter Thiel, post-industrial society, randomized controlled trial, rent-seeking, RFID, Richard Florida, Richard Thaler, school vouchers, self-driving car, Silicon Valley, Simon Kuznets, Steve Jobs, Steven Pinker, technoutopianism, The Fortune at the Bottom of the Pyramid, Upton Sinclair, Walter Mischel, War on Poverty, winner-take-all economy, World Values Survey, Y2K
The same problem occurs at a national scale when the resource curse of oil and minerals corrupts leaders and stunts other industries.8 Even more stable countries are prone to “Dutch disease,” where the availability of an easy resource displaces other productive capacity, just as an overused crutch can lead to muscular atrophy.9 Apparent exceptions only affirm the rule. There are trust-fund children who increase the prestige of their families, but they’re focused on more than collecting baubles and living a lavish social life. Among nations, there is, for example, Norway, which took a windfall from North Sea oil, invested it carefully, and pumped some of the returns into one of the world’s most generous foreign aid programs.10 That striving after aspirations leads to greater mind and will is not surprising. Intentional effort leads to learning. What’s most noteworthy about Agyare’s intrinsic growth is her change in heart. She underwent a fundamental change in intention – from being focused primarily on serving her own economic, intellectual, and emotional needs through a corporate job to becoming increasingly focused on serving the needs of others.
Chickenhawk by Robert Mason
They are doing their jobs, unknown to most Americans, better than any group of aviators in the world. At the beginning of the talk, Bill asked the pilots who had read Chickenhawk. Almost all of them raised their hands. It turns out that Chickenhawk—over twenty years in print—has become a sort of handbook for helicopter pilots all over the world. Since it was published in 1983, I’ve gotten a letter, a phone call, or an e-mail from a reader every day. The North Sea oil pilots read Chickenhawk; I’ve heard from air force, army, navy, and marine pilots. Military pilots in Great Britain and Australia read Chickenhawk. It’s published in English, Dutch, Hebrew, Polish, and Chinese, with a Czech version on the way. Now that I have a Web site (robertcmason.com), I get messages almost every day from Chickenhawk readers all over the world. When I wrote the book, I had no idea where any of the guys I was talking about had ended up.
accounting loophole / creative accounting, American energy revolution, Bakken shale, Bernie Sanders, Buckminster Fuller, clean water, corporate governance, energy security, energy transition, hydraulic fracturing, margin call, market fundamentalism, Mason jar, North Sea oil, oil shale / tar sands, oil shock, peak oil, Project Plowshare, risk tolerance, Ronald Reagan, shareholder value, Silicon Valley, Upton Sinclair
In North Africa, the Silurian shales of Algeria and Libya have earned those countries membership in the oil-exporting cartel OPEC (Organization of Petroleum Exporting Countries). Farther east, the same shales generated gas trapped in carbonate rock cavities now known as the giant North Field between Iran and Qatar, the world’s largest gas reservoir. In northern Europe, the Kimmeridgian Shales led to the 1970s North Sea oil boom. The poetically named La Luna Shale sits under Venezuela. The Qusaiba “hot shale” is believed to be the source of Saudi Arabia’s Ghawar, the largest single collection of crude oil that has ever been—and likely will ever be—discovered. These are conventional reservoirs that until a few years ago were the exclusive target of the world’s petroleum industry. “Drill a well and drain the reservoir” was the oilman’s mandate.
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters by Gregory Zuckerman
American energy revolution, Asian financial crisis, Bakken shale, Bernie Sanders, Buckminster Fuller, corporate governance, credit crunch, energy security, Exxon Valdez, housing crisis, hydraulic fracturing, LNG terminal, margin call, Maui Hawaii, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, Peter Thiel, reshoring, self-driving car, Silicon Valley, sovereign wealth fund, Steve Jobs, urban decay
ExxonMobil, ConocoPhillips, and others beat a hasty retreat from the country, though at least part of the decision likely stemmed from a desire by some to avoid offending Russia, one of the largest energy players in the world. Chevron and others still seem committed to Poland’s shale formations, but by the spring of 2013 fewer than fifty wells had been drilled there. The United Kingdom is a likely participant in the shale energy revolution, at least at some point, for a number of good reasons. The nation is seeing a marked slowdown in production from its prized North Sea oil beds. The country has been importing gas since 2004, relying on Norway and the Netherlands, and is in an increasingly precarious position when it comes to key energy supplies. In March 2013, Britain came within six hours of running out of natural gas entirely, the Financial Times reported, as wholesale gas prices surged to record levels. Two tremors in the spring of 2011 around the town of Blackpool caused deep unease when they were linked to fracking efforts, leading to a ban on fracking.
The Making of an Atlantic Ruling Class by Kees Van der Pijl
anti-communist, banking crisis, Berlin Wall, Boycotts of Israel, Bretton Woods, British Empire, capital controls, collective bargaining, colonial rule, cuban missile crisis, deindustrialization, deskilling, diversified portfolio, European colonialism, floating exchange rates, full employment, imperial preference, Joseph Schumpeter, means of production, North Sea oil, Plutocrats, plutocrats, profit maximization, RAND corporation, strikebreaker, trade liberalization, trade route, union organizing, uranium enrichment, urban renewal, War on Poverty
The owners of Edison in this way secured a foothold in an expanding private company after the nationalization of the electricity holdings by the Centre-Left government of Fanfani.13 This example illustrates the subordination of state intervention to private capital accumulation; wherever major private interests were prejudiced, public action was corrected promptly. A notorious example was in the case of the Italian energy monopoly ENI and its independent-minded head, Mattel, whose mysterious death in 1962 cleared the way for the agreement with ESSO concluded a year later.14 In the Netherlands, the Centre-Left Cals cabinet of 1965 did not survive the challenge posed to the oil companies on the issue of North Sea oil exploitation. It was brought down by Norbert Schmelzer, the future Foreign Secretary, whose allegiance to the oil companies (it was revealed later that he was on the payroll of Gulf Oil) in this case proved stronger than his party loyalty. The subsequent governments, however, continued to support the reinforcement of industrial capital, and the formation of AKZO out of AKU and the chemical company KZO may be mentioned in this respect.
How Will Capitalism End? by Wolfgang Streeck
accounting loophole / creative accounting, Airbnb, Ben Bernanke: helicopter money, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, Clayton Christensen, collective bargaining, conceptual framework, corporate governance, credit crunch, David Brooks, David Graeber, debt deflation, deglobalization, deindustrialization, en.wikipedia.org, eurozone crisis, failed state, financial deregulation, financial innovation, first-past-the-post, full employment, Gini coefficient, global reserve currency, Google Glasses, haute cuisine, income inequality, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, labour mobility, late capitalism, market bubble, means of production, moral hazard, North Sea oil, offshore financial centre, open borders, pension reform, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, post-industrial society, private sector deleveraging, profit maximization, profit motive, quantitative easing, reserve currency, rising living standards, Robert Gordon, savings glut, secular stagnation, shareholder value, sharing economy, sovereign wealth fund, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Uber for X, upwardly mobile, winner-take-all economy, Wolfgang Streeck
Finally, I look at some of the political-economic consequences of consolidation, especially for the relationship between states, societies and markets, and for what citizens will be entitled to expect from democratic government and democratic participation in the future. FROM THE FISCAL CRISIS OF THE STATE TO THE GREAT RECESSION By the mid-1970s, the accumulated debt of states in the OECD world began to increase steeply and steadily (see above, Figure 1.4, p. 54). Indebtedness rose by and large simultaneously, regardless of country, national economic performance, or the political complexion of the government of the day. North Sea oil made a difference for Britain, unification for Germany, the rise and fall of defence spending for the United States, but always only temporarily. Indebtedness increased for two decades until the mid-1990s, when debt levels seemed to stabilize. After 2008, however, they rapidly returned to the long-term trend. A growing level of public debt is the result of cumulative, non-Keynesian5 deficits in public budgets: of an enduring inadequacy of government revenue compared to government spending.
3D printing, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, 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, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, Malacca Straits, Mark Zuckerberg, market bubble, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Peter Thiel, pets.com, Plutocrats, 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, 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, working-age population
Meanwhile other industries suffer. Foreigners pump in money to buy the oil, which drives up the value of the currency, in turn making it difficult for local factories—what few exist—to export their goods. The oil windfall tends to undermine every local industry other than oil. This is the classic “Dutch disease,” a term inspired by the collapse of manufacturing in the Netherlands after it discovered North Sea oil in 1959. Despite the developed-world origins of the term, the affliction has hit poor countries hardest. Over the past decade, this disease has struck in Brazil, Russia, South Africa, and much of the rest of Africa. For the most part, only countries that were reasonably well off (and well diversified) before they discovered their resource wealth, such as Norway and Canada, have invested commodity profits wisely enough to avoid seeing their development blocked by the rise and fall of commodity prices.
Making Globalization Work by Joseph E. Stiglitz
affirmative action, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, Berlin Wall, business process, capital controls, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Gini coefficient, global reserve currency, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, inventory management, invisible hand, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative ﬁnance, race to the bottom, reserve currency, rising living standards, risk tolerance, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, trickle-down economics, union organizing, Washington Consensus
There is a 148 MAKING GLOBALIZATION WORK third problem, first noticed in the 1970s and early 1980s in the aftermath of the discovery of oil in the North Sea; while they enjoyed this obvious bounty, the Dutch began to notice that the rest of their economy had slowed. Here was a developed, well-functioning economy that suddenly faced massive job problems because its firms couldn't compete. The reason was that the inflow of dollars in payment for the North Sea oil and gas led to a high exchange rate; at that high exchange rate, Dutch exporters couldn't sell their products abroad and domestic firms found it difficult to compete with imports. The problem, known as the Dutch disease in honor of the country where it was first analyzed, has plagued resource-rich countries around the world as they sell their resources and convert the dollars they earn into local currency.
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, ghettoisation, global rebalancing, global reserve currency, hiring and firing, inflation targeting, Irish property bubble, Just-in-time delivery, labour market flexibility, 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, North Sea oil, Northern Rock, offshore financial centre, open economy, paradox of thrift, pension reform, price mechanism, price stability, profit motive, quantitative easing, quantitative trading / quantitative ﬁnance, race to the bottom, regulatory arbitrage, reserve currency, reshoring, 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
Ulrich’s house was besieged by journalists, and the details of his executive pay package were splashed across the pages of the tabloids. People resented the fact that they were being told to adopt a more Spartan lifestyle by a multimillionaire. But his predictions were, of course, quite right. A leaked industry report suggested that UK domestic gas prices could surge by 70 per cent, and then remain there, if oil prices stayed at $100. Ulrich’s efforts to source alternatives to North Sea oil were being hampered by rampant resource nationalism – the escalating tendency for countries with significant energy reserves to use their position as a geopolitical bargaining tool. By far the easiest, cheapest and greenest way to counter this tendency is for consumer countries to pursue energy efficiency on a national scale. The average internal temperature of a British house is 18 degrees – 5 degrees higher than in 1970.
Albert Einstein, Asian financial crisis, asset allocation, asset-backed security, backtesting, banking crisis, Bernie Madoff, Black Swan, Bretton Woods, BRICs, British Empire, business process, capital asset pricing model, capital controls, central bank independence, collateralized debt obligation, Commodity Super-Cycle, commodity trading advisor, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, diversification, diversified portfolio, equity premium, family office, fiat currency, fixed income, follow your passion, full employment, Hyman Minsky, implied volatility, index fund, inflation targeting, interest rate swap, inventory management, invisible hand, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, market microstructure, moral hazard, North Sea oil, open economy, peak oil, pension reform, Ponzi scheme, prediction markets, price discovery process, price stability, private sector deleveraging, profit motive, purchasing power parity, quantitative easing, random walk, reserve currency, risk tolerance, risk-adjusted returns, risk/return, savings glut, Sharpe ratio, short selling, sovereign wealth fund, special drawing rights, statistical arbitrage, stochastic volatility, The Great Moderation, time value of money, too big to fail, transaction costs, unbiased observer, value at risk, Vanguard fund, yield curve
Outside of pure commodities, I would buy the Russian ruble as a bullish play on energy and metals prices, which will lead to an improvement in the Russian economy and trade balance and ultimately to a virtuous cycle over time. What about on the short side? I can’t think of a single commodity that I would want to be short with a long-term time horizon. I would be very cautious about UK commercial property priced in sterling. I’m very bearish the pound, which has a massive problem long term. The UK is running out of North Sea oil and natural gas, and its manufacturing has been moving east for 30 years. Heavy industries such as oil refining, steel refining, and car manufacturing are all also moving east. The City of London and services sector have been the main drivers for maintaining a reasonable current account balance against a big trade deficit in the UK in recent years. But now, with heightened regulation, more restrictions on the banks, and rising taxes, headwinds will be brought to the financial and services sectors of the economy.
Commuter City: How the Railways Shaped London by David Wragg
Beeching cuts, British Empire, financial independence, joint-stock company, joint-stock limited liability company, Louis Blériot, North Sea oil, railway mania, South Sea Bubble, urban sprawl, V2 rocket, Winter of Discontent, yield management
Failure to do so means that the London commuter belt will remain much as it is for now. The problem is that when money was available, it was spent none too wisely, and now the money isn’t available as government borrowing has soared. The previous massive debt, built up to finance two world wars, to cover the years of recession between the wars and post-war reconstruction, was largely eliminated due to North Sea oil revenues, but now we are a net importer of oil, gas and coal. One problem with Crossrail is that a contribution was expected from business, but the recession has made this unlikely, and as for HS2, the estimated cost today is £34 billion, money which the government does not have and is unlikely to have for many years. Electrification is vital, and to provide reliable supplies for the long term, the only source of this power must be nuclear energy.
The Defence of the Realm by Christopher Andrew
anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, Clive Stafford Smith, collective bargaining, credit crunch, cuban missile crisis, Desert Island Discs, Etonian, Fall of the Berlin Wall, glass ceiling, illegal immigration, job satisfaction, large denomination, liquidationism / Banker’s doctrine / the Treasury view, Mahatma Gandhi, Mikhail Gorbachev, North Sea oil, Red Clydeside, Robert Hanssen: Double agent, Ronald Reagan, strikebreaker, Torches of Freedom, traveling salesman, union organizing, uranium enrichment, V2 rocket, Vladimir Vetrov: Farewell Dossier, Winter of Discontent
The chairman of the Key Points Sub-Committee of Whitehall’s Official Committee on Terrorism, which oversaw preparations for the protection of vital installations during war or periods of severe international tension, was reluctant to add protection against peacetime terrorist attack to his already large responsibilities.58 In 1972 an attempt by the Service to persuade the Home Secretary, Reggie Maudling, of the need for better protection of what later became known as Critical National Infrastructure (CNI) produced only what it considered ‘a lethargic response’. However, the discovery in 1975 in London and Liverpool of PIRA target lists which included public utilities changed Whitehall attitudes and marked a turning point in the history of British protective security. Harold Wilson was sufficiently concerned to ask the Official Committee on Terrorism to review the terrorist (in particular PIRA) threat to North Sea oil and gas supplies.59 By October 1976 a list of Economic Key Points (EKPs) which required protection against peacetime terrorist attack had been completed and added to the responsibilities of the Official Committee on Terrorism. The Committee approved a C Branch proposal for the establishment of a working group to supervise a phased programme of work for the protection of these installations. In 1977 a C Branch section assumed responsibility for the first time for assessing the sabotage capabilities of PIRA, as well as Welsh and Scottish extremists.
BP, however, balked at the cost of implementing all the recommendations, which ran into seven figures, and detailed discussions were still continuing at the time of the attack.76 Cost remained, as it had been for the past decade, the main obstacle to implementing the Security Service’s protective-security recommendations in the private sector. Throughout the 1980s the Security Service believed that, of the hundreds of Economic Key Points (EKPs), ‘only a small number were even reasonably protected.’77 C Branch went by helicopter to inspect most North Sea oil platforms and organized a series of exercises with the Royal Marines to practise recapturing a platform in case one was ever taken over by a terrorist group.78 Whitehall showed little interest. C Branch complained that Whitehall found counter-terrorist protective security boring as well as expensive: Security organisations in departments are not staffed by high fliers. The Departments of Transport and Energy seem to find particular difficulty in making decisions quickly on the protection of EKPs.
The Cabinet Office concluded in 1982 that PIRA had no coherent strategy (such as it developed in the 1990s) for causing serious damage to the economy and national infrastructure: There has been no attempt to study supply systems, such as electricity or telecommunications. PIRA is therefore unlikely to be able to identify and simultaneously destroy mutually dependent targets in supply systems in Great Britain, although it might be able to do so in Northern Ireland.81 Even the attack on Sullum Voe seems to have been designed as a spectacular demonstration of PIRA’s ability to penetrate royal security rather than as an operation to do serious damage to the North Sea oil industry. PIRA’s ‘armed struggle’ did not yet aim at undermining the British economy. As with the attempted bombing of Sullum Voe, the Security Service had no advance intelligence on the targets of PIRA’s continental campaign, which resumed on 16 February 1980 when Colonel Mark Coe was shot dead at Bielefeld. On 1 March a Royal Military Police patrol in Münster was fired at while approaching traffic lights and the driver wounded.
accounting loophole / creative accounting, Asian financial crisis, bank run, Bretton Woods, capital controls, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, laissez-faire capitalism, locking in a profit, Long Term Capital Management, market bubble, minimum wage unemployment, Mont Pelerin Society, moral hazard, mortgage debt, new economy, North Sea oil, Northern Rock, oil shock, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, short selling, Silicon Valley, Simon Kuznets, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War
He started to hear inadvertently about British government bonds, called gilts, as well as foreign currencies. “I was already pretty successful—in fact making enough money,” he recalled. “It must have been 1979. I wanted to use the money for a philanthropic purpose. I wanted to set up a sort of Brookings Institution in England. So I went to Brookings and they said, ‘Why do it [with someone] there, why not do it with us?’ So I [financed] a Brookings study of Britain’s future with the North Sea oil discoveries. We had the conference at Ditchley. It was the most expensive weekend of my life and the most unproductive. It was methodology running rampant. They used all this analysis and didn’t have anything to say. But I got to know the British Treasury and the bank loan officials. Then Margaret Thatcher raised interest rates and their Treasury bonds fell in price tremendously. And I knew enough that I got on to those Treasury bonds.
bank run, banking crisis, Big bang: deregulation of the City of London, Bolshevik threat, Boycotts of Israel, Bretton Woods, British Empire, California gold rush, capital controls, collective bargaining, Etonian, financial deregulation, German hyperinflation, index arbitrage, interest rate swap, margin call, Monroe Doctrine, North Sea oil, oil shale / tar sands, paper trading, Plutocrats, plutocrats, Robert Gordon, Ronald Reagan, short selling, strikebreaker, the market place, the payments system, too big to fail, transcontinental railway, Yom Kippur War, young professional
After years of torrid growth, by the 1987 crash it managed $25 billion. This dwarfed America’s top asset manager among wholesale firms, Morgan Stanley, with its meager $11 billion. At 23 Great Winchester, pension money for San Francisco, the state of California, Fort Worth, and the Rockefeller Foundation was handled. It was also distinguished in trade and project financing. Morgan Grenfell had led in financing North Sea oil and chalked up several energy triumphs, including the record $1.6-billion financing for Woodside Petroleum’s natural gas project in Australia, the biggest such loan ever to hit the Euromarkets. It was also active in financing projects in the Soviet Union. And when other banks wrote off Africa in the 1970s as poor and hopelessly indebted, Morgan Grenfell established a business advising black African states.
The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
affirmative action, Albert Einstein, anti-communist, Ayatollah Khomeini, barriers to entry, Bonfire of the Vanities, Brownian motion, capital asset pricing model, card file, centralized clearinghouse, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, Donald Trump, Eugene Fama: efficient market hypothesis, global village, Golden Gate Park, Haight Ashbury, haute cuisine, Honoré de Balzac, If something cannot go on forever, it will stop, In Cold Blood by Truman Capote, index fund, indoor plumbing, interest rate swap, invisible hand, Isaac Newton, Jeff Bezos, joint-stock company, joint-stock limited liability company, Long Term Capital Management, Louis Bachelier, margin call, market bubble, Marshall McLuhan, medical malpractice, merger arbitrage, Mikhail Gorbachev, moral hazard, NetJets, new economy, New Journalism, North Sea oil, paper trading, passive investing, pets.com, Plutocrats, plutocrats, Ponzi scheme, Ralph Nader, random walk, Ronald Reagan, Scientific racism, shareholder value, short selling, side project, Silicon Valley, Steve Ballmer, Steve Jobs, supply-chain management, telemarketer, The Predators' Ball, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transcontinental railway, Upton Sinclair, War on Poverty, Works Progress Administration, Y2K, zero-coupon bond
It picked up the Northern Natural Gas pipeline from Dynegy, another troubled energy company.21 Within days, MidAmerican lent more money to Williams Companies.22 It bought The Pampered Chef, which sold cookware at parties through a sales-force of 70,000 independent “kitchen consultants.” It bought farm-equipment maker CTB Industries and teamed with investment bank Lehman Brothers to lend $1.3 billion to struggling Reliant Energy. Ajit Jain quickly moved into the terrorism-insurance business, filling a sudden vacuum by insuring airlines, Rockefeller Center, the Chrysler Building, a South American oil refinery, a North Sea oil platform, and the Sears Tower in Chicago. Berkshire was paid to unburden the Olympics of the dubious risk that either the Games would be canceled or the U.S. would not show up at least twice before 2012. It insured the Winter Olympics in Salt Lake City against a terrorist attack. It insured the FIFA World Cup soccer championship against terrorism.23 Buffett was handicapping. Some of Berkshire’s businesses struggled in a weak economy.
Great Britain by David Else, Fionn Davenport
active transport: walking or cycling, Albert Einstein, Beeching cuts, British Empire, call centre, car-free, carbon footprint, clean water, colonial rule, Columbine, congestion charging, credit crunch, David Attenborough, Etonian, food miles, glass ceiling, global village, haute cuisine, illegal immigration, Isaac Newton, James Watt: steam engine, land reform, Livingstone, I presume, Mahatma Gandhi, new economy, North Sea oil, Northern Rock, offshore financial centre, place-making, Skype, South of Market, San Francisco, Stephen Hawking, the market place, trade route, transatlantic slave trade, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent
The rest of the region boosts Scottish stereotypes with castles (bleak Dunnottar or boutique Balmoral), whisky, with dozens of distilleries in and around Dufftown, and epic hills, at their best around Braemar. Return to beginning of chapter ABERDEEN pop 184,788 Scotland’s third city was a place in seemingly inevitable decline, with industry changing and fishing going belly-up, when a ‘there she blows’ from offshore signalled not a whale, but the discovery of North Sea oil in the early 1960s. Aberdeen’s large harbour made it the perfect base for the industry, and it’s now a thriving city, whose economy is driven by the oil and gas reserves. Its nickname ‘The Granite City’ may conjure up images of a dour sort of town, but not so; the soft Aberdonian tones mingle here with the accents of transient multinational oilworkers and a large student population from around the country, ensuring that the inviting pubs, roaring clubs and decent restaurants are always busy.