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Occupy by Noam Chomsky
corporate governance, corporate personhood, deindustrialization, Howard Zinn, income inequality, invisible hand, Martin Wolf, Nate Silver, Occupy movement, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, Ralph Nader, Ronald Reagan, too big to fail, union organizing
After Thirty Years of Class War Interview with Edward Radzivilovskiy, Student, New York University, Paris Interview conducted at MIT, Cambridge, Massachusetts, January 6, 2012 I want to start off with something you said at Occupy Boston: “The most exciting aspect of the Occupy movement is the construction of the linkages that are taking place all over. If they can be sustained and expanded, Occupy can lead to dedicated efforts to set society on a more humane course.”§§ Some have said that the Occupy movement does not have a cohesive message of its demands. If you do believe that the Occupy movement does have specific demands, how many of these demands do you actually think can be realized? There is quite a range of people from many walks of life and many concerns involved in the Occupy movement. There are some general things that bring them together, but of course they all have specific concerns as well. Primarily, I think this should be regarded as a response, the first major public response, in fact, to about thirty years of a really quite bitter class war that has led to social, economic and political arrangements in which the system of democracy has been shredded.
A Howard Zinn memorial lecture could not have been better timed. It’s taking place in the midst of “countless small actions of unknown people” who are rising. The Occupy movement is an extremely exciting development. In fact, it’s kind of spectacular. It’s unprecedented. There’s never been anything like it that I can think of. If the bonds and associations that are being established in these remarkable events can be sustained through a long, hard period ahead—because victory won’t come quickly—it could turn out to be a really historic, and very significant, moment in American history. The fact that the Occupy movement is unprecedented is quite appropriate. It’s an unprecedented era. Not just this moment, but since the 1970s. On the History of the U.S. Economy The 1970s began a major turning point in American history.
We can kick ’em out if we don’t need ’em. And that’s what’s called a “healthy” economy, technically. And he was very highly praised for this, greatly admired. Well, now the world is indeed splitting into a plutonomy and a precariat—again, in the imagery of the Occupy movement, the 1 percent and the 99 percent. Not literal numbers, but the right picture. Now, the plutonomy is where the action is. Well, it could continue like this. If it does continue like this, the historic reversal that began in the 1970s could become irreversible. That’s where we’re heading. And the Occupy movement is the first real, major popular reaction that could avert this. But, as I said, it’s going to be necessary to face the fact that it’s a long, hard struggle. You don’t win victories tomorrow. You have to go on, have to form the structures that will be sustained, that will go on through hard times and can win major victories.
Occupying Wall Street: The Inside Story of an Action That Changed America by Writers For The 99%
Bay Area Rapid Transit, citizen journalism, collective bargaining, desegregation, feminist movement, income inequality, McMansion, Mohammed Bouazizi, Occupy movement, Port of Oakland, We are the 99%, young professional
It remains to be seen what the balance of physical and political force will mean for the future of OWS and the #occupy movement. Police departments, armed with an array of crowd control technologies, have the capacity to disperse unarmed encampments and crowds. And big-city, mostly-liberal mayors have shown their willingness to work together to try to take on protesters. But harsh tactics have backfired, causing public relations problems for police and politicians. So far the #occupy movement has responded to police brutality, above all, by growing. Will police and politicians continue cracking down, change tactics, or return to the old days of “negotiated settlement?” Will #occupy remain defiant and grow? There are many signs that it can. For one thing, the Occupy movement appeals to constituencies far beyond the stereotypical image of “protesters.”
On October 5, the mass convergence of students and workers at Foley Square, combined with the October 1 arrest of more than 700 OWS protesters on the Brooklyn Bridge, played a pivotal role in raising public awareness of the Occupy movement. The event also shows how Occupy Wall Street facilitated interconnections and coalition building. Indeed, the OWS-enabled solidarity between student and labor movements was by no means inevitable. Conflicting motivations, needs, and goals had in recent years fostered divisions–not only between workers and students, but between students of public and private universities and between workers from different unions. With its amorphous goals, but ardent opposition to budget cuts and corporate takeover of public services, the Occupy movement offered a sufficiently large umbrella to mobilize groups with seemingly disparate priorities toward a common cause. The story of how the October 5 rally and march came to be, and the events it subsequently enabled, highlights Occupy’s power as an engine of solidarity.
The Occupation also facilitated connections among unions. Members of Teamsters Local 802 were introduced to members from Local 814 through the Labor Working group, and the two locals quickly decided to support one another’s respective struggles with management. Julian Tysh, an organizer with Local 814, credited the Occupy movement with encouraging workers on picket lines, while universalizing their struggles by pitting them against a common enemy—the 1 percent. “The Occupy movement has changed unions,” said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU). “You’re seeing a lot more unions wanting to be aggressive in their messaging and their activity.” Indeed, in response to Occupy Wall Street, many unions were quick to seize upon the “99 percent” slogan, affixing it to buttons and signs for the October 5 march.
Dreaming in Public: Building the Occupy Movement by Amy Lang, Daniel Lang/levitsky
Bay Area Rapid Transit, bonus culture, British Empire, clean water, cognitive dissonance, collective bargaining, corporate governance, corporate personhood, crowdsourcing, David Graeber, deindustrialization, facts on the ground, glass ceiling, housing crisis, Kibera, late capitalism, Naomi Klein, Occupy movement, oil shale / tar sands, out of africa, Plutocrats, plutocrats, Port of Oakland, Rosa Parks, Saturday Night Live, Slavoj Žižek, structural adjustment programs, the medium is the message, too big to fail, trade liberalization, union organizing, upwardly mobile, urban renewal, War on Poverty, We are Anonymous. We are Legion, We are the 99%, white flight, working poor
p204 photo: Julie Abraham p214 via puppetunderground.blogspot.com p219 Emma Rosenthal p252 via puppetunderground.blogspot.com p325 photo: urban infidel Other photographs within pieces appear as they did in the online originals. We were unable to contact some photographers and imagemakers, especially those responsible for Occupy Lulz graphics – if you are one of them, please contact us at occupy. email@example.com; we want to be able to credit you properly. DREAMING IN PUBLIC Building the Occupy Movement Edited by Amy Schrager Lang & Daniel Lang/Levitsky Dreaming In Public: Building the Occupy Movement First published in 2012 by New Internationalist Publications Ltd 55 Rectory Road Oxford OX4 1BW, UK newint.org This book has been compiled by Amy Schrager Lang and Daniel Lang/Levitsky. Copyright over the contributions to the book is held by the individual authors. Their work appears here under a Creative Commons Attribution-NonCommercial-ShareAlike license.
. ♦ Yours, as always, in solidarity, Comrades from Cairo infrontandcenter.wordpress.com/2011/11/14/comrades-from-cairo-respond-to-ows-egypt-delegation/ 1 http://nin.tl/HerBod Library Bound together by their impressionistic, casual tone, these accounts of Occupy sites report on conversations taking place around the country, on what people thought about their local Occupy movements – on the ‘sonic structure of belonging’. As Barbara Kingsolver’s ‘Another American Way’ makes clear, in Johnson City, Tennessee, as in many small cities across the US, local political traditions and regional culture shape and strengthen the Occupy movement, and give ‘the 99%’ a particular resonance. While media accounts of the early days of OWS puzzled endlessly over the relationship between movement participants and ‘the public’, Angus Johnston’s account of conversations at a deli near the Liberty Plaza encampment suggests that, as much as anything else, Occupy provides a vocabulary for already existing views.
In Flagstaff, Arizona, a city where activists have worked alongside Native communities for years, the local Occupy website features calls to resist a fake-snow-making scheme on a mountain sacred to Native tribes, as well as a plan by Senator John McCain and Representative Paul Gosar to reinstate uranium mining around the Grand Canyon. At Colorlines.com, which has covered the role of race in the Occupy movement, one commenter offered the example of Occupy Los Angeles – a city with a long history of collaborative economic justice campaigns with a clear race angle – as a model to emulate. ‘The LA folks seem to be able to reconcile how to fold race, monetary and social issues all into their messages,’ she wrote. The Occupy movement is clearly unifying. Centralizing racial equity will help to sustain that unity. This won’t happen accidentally or automatically. It will require deliberate, smart, structured organizing that challenges segregation, not only that of the 1% from everyone else, but also that which divides the 99% from within. ♦ colorlines.com/archives/2011/11/forget_the_diversity_debate_its_about_occupying_racial_inequity.html THE ONLY WAY TO EXPERIENCE THE AMERICAN DREAM IS WHILE SLEEPING An Indigenous Platform Proposal for ‘Occupy Denver’ The American Indian Movement of Colorado 9 October 2011 ‘Occupy Denver’ Adopts Colorado AIM initiative on indigenous peoples’ rights!
Networks of Outrage and Hope: Social Movements in the Internet Age by Manuel Castells
access to a mobile phone, banking crisis, call centre, centre right, citizen journalism, cognitive dissonance, collective bargaining, conceptual framework, crowdsourcing, currency manipulation / currency intervention, disintermediation, en.wikipedia.org, housing crisis, income inequality, microcredit, Mohammed Bouazizi, Occupy movement, offshore financial centre, Port of Oakland, social software, statistical model, We are the 99%, web application, WikiLeaks, World Values Survey, young professional
Then, in Los Angeles, my research collaborator Lana Swartz, an outstanding doctoral student at the Annenberg School of Communication at USC, was also involved in Occupy Los Angeles, and also accepted with incredible generosity, intelligence, and rigor to help me in the data collection and analysis of the Occupy movement in the United States. Joan Donovan, an active participant in Occupy Los Angeles and Inter-Occupy, a veteran of many battles for social justice, and a doctoral student at UC San Diego, gave me some key ideas that helped my understanding. Dorian Bon, a student at Columbia University, conveyed to me his experience in the student movement connected to Occupy Wall Street. My friend and colleague Sasha Costanza-Chock, a professor at MIT, shared with me his unpublished survey data on the Occupy movement in the US. Maytha Alhassen, an Arab-American journalist and doctoral student in American Studies and Ethnicity at the University of Southern California in Los Angeles, who had traveled in the Arab countries during the time of the uprisings, worked closely with me, reporting on key events that she witnessed first-hand, allowing me access to Arabic sources, and most importantly educating me about what had really happened everywhere.
Elliott, J. (2011) The origins of Occupy Wall Street explained.Salon. Available at: <http://www.salon.com/2011/10/04/adbusters_occupy_wall_st/>. Kaste, M. (2011) Exploring Occupy Wall Street’s “AdBuster” origin. NPR Morning Edition. Available at: <http://www.npr.org/2011/10/20/141526467/exploring-occupy-wall-streets-adbuster-origins>. Kennedy, M. (2011) Global solidarity and the Occupy Movement. Possible Futures. Available at: <http://www.possible-futures.org/2011/12/05/global-solidarity-occupy-movement/>. Kroll, A. (2011) How Occupy Wall Street really got started. Mother Jones. Available at: <http://motherjones.com/politics/2011/10/occupy-wall-street-international-origins>. Schwartz. M. (2011) Pre-occupied: the origins and future of Occupy Wall Street. The New Yorker. Available at: <http://www.newyorker.com/reporting/2011/11/28/111128fa_fact_schwartz>.
Goodale, G. (2011) Bank Transfer Day: How much impact did it have? Christian Science Monitor. Available at: <http://www.csmonitor.com/USA/Politics/2011/1107/Bank-Transfer-Day-How-much-impact-did-it-have>. Hamilton, W., Reckard, S., and Willon, P. (2011) Occupy Movement moves into neighborhoods. Los Angeles Times. Available at: <http://articles.latimes.com/2011/dec/06/business/la-fi-occupy-home-20111206>. “Occupy Wall Street goes home.” (2011) Occupy Wall Street. Available at: <http://occupywallst.org/article/occupy-wall-street-goes-home/>. Riquier, A., Gopal, P., and Brandt, N. (2011) Occupy Movement targets home evictions in US Day of Action. Bloomberg. Available at: <http://www.bloomberg.com/news/2011-12-06/occupy-protest-movement-targets-home-evictions-in-u-s-day-of-action-.html>. Swartz, L. (2010) Ghoulish ATMs, It’s a Wonderful Bank, and Bloody Valentines: Personal finance as civic communication.
Power Systems: Conversations on Global Democratic Uprisings and the New Challenges to U.S. Empire by Noam Chomsky, David Barsamian
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Chelsea Manning, collective bargaining, colonial rule, corporate personhood, David Brooks, discovery of DNA, double helix, failed state, Howard Zinn, hydraulic fracturing, income inequality, inflation targeting, Julian Assange, land reform, Martin Wolf, Mohammed Bouazizi, Naomi Klein, new economy, obamacare, Occupy movement, oil shale / tar sands, pattern recognition, quantitative easing, Ralph Nader, Ralph Waldo Emerson, single-payer health, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, Tobin tax, union organizing, Upton Sinclair, uranium enrichment, WikiLeaks
And if anyone questions that, it leads to near hysteria and often to charges of anti-Americanism or “hating America”—interesting concepts that don’t exist in democratic societies, only in totalitarian societies and here, where they’re just taken for granted. 4 Domestic Disturbances CAMBRIDGE, MASSACHUSETTS (JANUARY 17, 2012) As someone who is interested in the political deployment of language, you must appreciate the irony of “occupy” and “occupation,” which are extremely negative terms, being used in a very positive way by the Occupy movement. It’s an interesting usage, and it took off. Occupy now means taking something over for popular goals. Occupying public space has been a very successful tactic. I would have never guessed it would have worked, frankly. There is an incipient movement called Occupy the Dream. It was formed by representatives of the Occupy movements and surviving leaders of the original civil rights movement, including Benjamin Chavis.1 The dream that they’re talking about is not the one that people refer to on Martin Luther King Day, the civil rights dream. It’s King’s real dream: end war, end poverty, deal with the real suffering of people, not just civil rights, which is hard enough.
There has been an increase in the use of terms such as “income inequality,” “concentrations of wealth,” “CEO pay,” “poverty,” “unemployment” since the Occupy Wall Street movement began in September 2011. The idea of the 1 percent and 99 percent has become common. The Occupy movement has succeeded in tapping feelings, attitudes, and understandings that have been latent, hidden right below the surface. They brought it out. All of a sudden it exploded. It’s interesting, if you take a look at the business press, the Financial Times, which is the most important business daily in the world, has been surprisingly sympathetic to the Occupy movements. Not to their longer-term goals—they don’t talk about those—but the short-term ones. They use a lot of this imagery now quite freely, and in quite a sympathetic way. There are enormous propaganda efforts to try to denigrate it and undermine the movement, to say it’s the politics of envy.
Another respect in which the revolts are similar—almost identical, in fact—is that the destructive effects of neoliberalism are very highly praised by what’s sometimes called the International Monetary Fund (IMF)–World Bank–U.S. Treasury troika. In fact, in the case of Egypt, international financial elites highly praised the Mubarak dictatorship for its amazing economic performance and reforms up to just weeks before the regime crashed. Similar things are happening in Africa, here, and in Europe. The indignados in southern Europe and the Occupy movements here are in a sense similar, even if they are from different worlds. The protests are not against dictatorships but against the shredding of democratic systems and the consequences of the Western version of the neoliberal system, which has had structurally consistent effects for the past thirty years: a very narrow concentration of wealth in a fraction of 1 percent of the population, stagnation for a large part of the rest, deregulation, and repeated financial crises, each one harsher than the last.
Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams
3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, battle of ideas, blockchain, Bretton Woods, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, late capitalism, low skilled workers, manufacturing employment, market design, Martin Wolf, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, post scarcity, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population
In what follows, we examine two of the strongest cases for horizontalism: the Occupy movement emerging after the 2008 financial crisis and the Argentinean experience in the wake of the country’s 2001 default. In each case, we can see both the real successes and the palpable limits of these approaches. Occupy The most significant recent embodiment of horizontalist principles occurred in the ‘movement of the squares’. While occupations do not require horizontalist governance (indeed, the precursors to the tactic originally came from the military),20 the vast majority of post-2008 occupations have been organised along such lines. This wave of occupations of public spaces spread rapidly to over 950 cities worldwide in 2011, each inflected with local political, economic, cultural and class concerns. Here we want to examine the failure of the Occupy movement in the Western world, in particular because it highlights the deficiencies of folk-political thinking in the core capitalist countries.21 Notably, this failure occurred despite the vast range of approaches subsumed under the name of Occupy.
The strategic imperatives to expand, extend and universalise are left unfulfilled. If Occupy was unsuccessful in expanding prefigurative spaces beyond the margins of society, these protest camps could still be useful as launching pads for direct action. Indeed, one of the most notable achievements of the Occupy movement was to establish a social and physical infrastructure that could act as a foundation for direct actions. In countries like Greece and Spain, debt strikes have been organised and picket lines formed for workers without the right to strike. Other Occupy movements supported squatters, provided food for the homeless, set up pirate media, mobilised to prevent evictions, protested against government cuts and provided humanitarian relief after natural disasters. But the influence of Occupy should not be overstated. For instance, many of the successful eviction and foreclosure movements have been extensions of pre-existing work done by movements such as the black activist–led Take Back the Land.57 More broadly, the problem is that direct actions generally act on surface effects, patching the wounds of capitalism but leaving the underlying problems and structures intact.
Repeated student protests, occupations and riots struggle against rises in tuition fees, but they continue their inexorable advance. Around the world, people set up protest camps and mobilise against economic inequality, but the gap between the rich and the poor keeps growing. From the alter-globalisation struggles of the late 1990s, through the antiwar and ecological coalitions of the early 2000s, and into the new student uprisings and Occupy movements since 2008, a common pattern emerges: resistance struggles rise rapidly, mobilise increasingly large numbers of people, and yet fade away only to be replaced by a renewed sense of apathy, melancholy and defeat. Despite the desires of millions for a better world, the effects of these movements prove minimal. A FUNNY THING HAPPENED ON THE WAY TO THE PROTEST Failure permeates this cycle of struggles, and as a result, many of the tactics on the contemporary left have taken on a ritualistic nature, laden with a heavy dose of fatalism.
One Way Forward: The Outsider's Guide to Fixing the Republic by Lawrence Lessig
Eight months after my weekend in Phoenix, I was in New York. My book Republic, Lost had been released, and I had just returned to the States from an overseas trip. More than slightly jet-lagged, I climbed on a subway to Zuccotti Park to watch and listen and then participate as the people in that park, with the movement it represented—Occupy Wall Street—mobilized fifteen thousand people to march to City Hall. The Occupy movement had begun two and a half weeks before, on September 17, 2011 (a.k.a. Constitution Day). Initially proposed in July by the Canadian group Adbusters, the movement was reported on two days later in a YouTube video on a Facebook page. Three days after that, the protest reached critical mass. Wikipedia reports that “by mid-October, Facebook listed 125 Occupy-related pages” and that “roughly one in every 500 hashtags used on Twitter, all around the world, was the movement’s own #OWS.”12 On October 15, “tens of thousands of demonstrators staged rallies in 900 cities around the world, including Auckland, Sydney, Hong Kong, Taipei, Tokyo, São Paulo, Paris, Madrid, Berlin, Hamburg, Leipzig, and many more.”
Patterson was among the first to show up to the Occupy K Street protests in early October 2011. After work each day, he goes to the camp and stays until 9 or 10 P.M. Sometimes he sleeps at the camp. When I interviewed him in December 2011, he still had a camp set up. Patterson became an Occupier as a disillusioned Obama supporter. As he told me, “The mechanisms that we have in place to resolve the problems of society are not functioning.” And as he became part of the Occupy movement, he began to recognize the many “around the country [who were] feeling the same sort of frustration.” Occupy K Street is different from Occupy Wall Street.15 As Patterson described, we “adopted what they did in some ways, but we also built upon [it] and did things differently.” For example, like Occupy Wall Street, Occupy K Street uses no technical sound amplification when speakers speak, although no D.C. regulation forbids it.
It is a pattern that is common to every important social “surprise” in the last generation. No one (outside of MIT) imagined the Internet; this kind of movement created it. No one (outside of MIT) predicted GNU/Linux, the free software operating system that took on Windows; this kind of movement built it. No one anywhere conceived of Wikipedia as even possible; this kind of movement wrote it. No one predicted the energy of the Tea Party or the Occupy movement or the other parallel movements around the world, but all of them fit this same form. Indeed, as I’ve gathered the material for this short book, I’ve been most struck by the universal invocation of the ideals of “open-source culture” to explain these movements. And not just on the Left. Mark Meckler and Jenny Beth Martin, of the Tea Party Patriots, open their book by defining the Tea Party as an “open-source community.”18 In the world of computer software, open-source communities develop and improve ideas organically, based on concepts and practices that work.
Making the Future: The Unipolar Imperial Moment by Noam Chomsky
Albert Einstein, Berlin Wall, Bretton Woods, British Empire, capital controls, collective bargaining, corporate governance, corporate personhood, deindustrialization, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Frank Gehry, full employment, Howard Zinn, Joseph Schumpeter, kremlinology, Long Term Capital Management, market fundamentalism, Mikhail Gorbachev, Occupy movement, oil shale / tar sands, precariat, RAND corporation, Ronald Reagan, structural adjustment programs, The Great Moderation, too big to fail, uranium enrichment, Washington Consensus, WikiLeaks, working poor
I can’t help but regret that he’s not here to take part in and invigorate a movement that would have been the dream of his life, and for which he laid a lot of the groundwork. The Occupy movements are exciting, inspiring. If the bonds and associations being established in these remarkable events can be sustained and carried forward through a long, hard period ahead—victories don’t come quickly—the Occupy protests could mark a truly significant moment in American history. I’ve never seen anything quite like the Occupy movement in scale and character, here and worldwide. The Occupy outposts are trying to create cooperative communities that just might be the basis for the kinds of lasting organizations necessary to overcome the barriers ahead and the backlash that’s already coming. The Occupy movement is in many ways unprecedented. That is natural enough, because this is an unprecedented era, not just at this moment but since the 1970s.
We’re history’s actors . . . and you, all of you, will be left to just study what we do.” “History’s actors” should be so unlucky that an observer as knowledgeable, indefatigable, writerly and unflinching as Noam Chomsky is on hand to “study what we do.” Events belie the senior adviser as this book goes to press. The Occupy movement is on fire worldwide, ignited by outrages that Chomsky explores here: inequality, disenfranchisement, official arrogance and deceit. “I’ve never seen anything quite like the Occupy movement in scale and character, here and worldwide,” Chomsky said at Occupy Boston on October 22, 2011, a talk adapted for this book’s final entry. “The Occupy outposts are trying to create cooperative communities that just might be the basis for the kinds of lasting organizations necessary to overcome the barriers ahead and the backlash that’s already coming.”
Taken together, the columns in this edition present a narrative of the events that have made the future since 2007: the wars in Afghanistan and Iraq; the U.S. presidential race; the ascendancy of China; Latin America’s leftward turn; the threat of nuclear proliferation in Iran and North Korea; Israel’s invasion of Gaza and expansion of settlements in Jerusalem and the West Bank; developments in climate change; the world financial crisis; the Arab Spring; the death of Osama bin Laden; and the Occupy protests. As often happens, Chomsky’s columns anticipate events. His August 2011 column, “America in Decline,” foreshadows a premise of the Occupy movement: “The resulting concentration of wealth [since the 1970s] yielded greater political power, accelerating a vicious cycle that has led to extraordinary wealth for a fraction of 1 percent of the population, mainly, while for the large majority real incomes have virtually stagnated.” In every sense Chomsky lives up to the title of “public intellectual.” He is constantly on the road, giving talks.
The 99.998271% by Simon Wood
People, however, are cottoning on. The Occupy Wall Street protests have spread rapidly around the country and now all over the world, and may continue to do so. The reason for the popularity of these protests is simple: the protesters want to live by truly democratic principles and are tired of bought and corrupt politicians. They know who pulls the strings and want no more of it. It is remarkable in itself that the Occupy movement is supported according to polls by a majority of Americans. Historically, such movements take much longer to garner such support. The fact that this has happened so quickly serves as testament to the frustration huge numbers of Americans feel. Yet another worrying domestic issue for Americans is the massive database being created by the National Security Agency (NSA) through warrantless wiretapping.
The Occupy Wall Street movement, at first ignored completely by the establishment media, is now feeling the full force of the propaganda mill, with protestors smeared as ‘hippies’ and ‘pot smokers’ with ‘no direction in their lives’ and so on. 41 The author of this book is not a professional journalist, so I hereby request that professional journalists in the media point out to me the part of the course in journalism they studied at college which says that journalists are supposed to criticize, insult, judge and demean the subjects of the stories they cover. It may be old fashioned to say it, but are journalists not simply supposed to report facts in a neutral fashion, and provide honest, unbiased background or analysis (without omissions of important, relevant information) in order to inform the public? The Occupy movement, while an important expression of discontent, is in danger of stagnating unless it evolves and/or grows significantly. With winter already here, only the hardiest will remain steadfast in the face of wall-to-wall media condemnation, ridicule and propaganda. And many are. When spring comes, the elites know that most of the country will be engrossed in the biggest reality show in town – the presidential election.
In the next election, as the current Republican candidates are one and all almost unelectable, even such a true 42 Democrat could win. This could never happen, because both parties are controlled by their financial benefactors, but it would be an interesting experiment, as the media and all other instruments of the corporate elites which ensure the status quo is maintained would be forced to fire at such a person with all guns blazing, just as they are doing with the Occupy movement. The world would witness a campaign of character assassination the like of which has never been seen before. An alternative is for someone to run as an independent candidate. Step forward Matt Damon! There is only one other option, one thing that can save the sane majority who do not want violence, war, torture, hatred or greed, but simply want to live a productive life in peace with all the tools of freedom guaranteed for them and their children in the Universal Declaration of Human Rights - and that is to endow the people with executive power in a legal fashion as described later in this book.
back-to-the-land, balance sheet recession, bank run, banking crisis, Berlin Wall, capital controls, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, credit crunch, Credit Default Swap, currency manipulation / currency intervention, currency peg, eurozone crisis, Fall of the Berlin Wall, floating exchange rates, Francis Fukuyama: the end of history, full employment, ghettoisation, illegal immigration, informal economy, land tenure, low skilled workers, means of production, megacity, Mohammed Bouazizi, Naomi Klein, Network effects, New Journalism, Occupy movement, price stability, quantitative easing, race to the bottom, rising living standards, short selling, Slavoj Žižek, Stewart Brand, strikebreaker, union organizing, We are the 99%, Whole Earth Catalog, WikiLeaks, Winter of Discontent, women in the workforce, working poor, working-age population, young professional
They resent the banks for evicting them and the politicians for bailing out the banks. Around the edges of the project move people from a completely different demographic: the so-called indignados of the 15M movement—anti-globalist youth with trade-mark tattoos and piercings. The indignados made world headlines after massive occupation protests in public squares in May 2011, in turn sparking the global Occupy movement. When you see the Utopia flats, draped with banners announcing ‘no homes without people, no people without homes’, you see what happens when official politics abandons people. Very ordinary, indeed anti-political people have begun to turn to Spain’s radical youth for help. They in turn have found a purpose, here and elsewhere, outside mainstream politics, which they despise. For at the heart of Spain’s economic problem is its political system.
‘Sometimes,’ says Juanjo, ‘it seems like we’ve created a collective intelligence that can move very quickly—we can solve big problems in minutes because the situation we found ourselves in demanded it. But we need victories, we need hope, we need to do things that make people think there is a solution. That’s what made people from different ideologies, movements, strategies work together in a project like this. Before this we never had such objectives—it’s new—but it’s because the situation is really critical.’ * * * * Since the original version of this book was published the Occupy movement took centre stage in the USA, the Russian protests went through the entire cycle of flowering and repression, and important movements such as those in Chile and Canada took place. I’ve spent the past twelve months trying to cover these events firsthand, mainly as part of my day job as a TV reporter. In the next four chapters I revisit Greece and Spain, survey the impact of the Russian movement up to the jailing of Pussy Riot, and offer a critical re-reading of my original blogpost ‘Twenty Reasons Why It’s Kicking Off Everywhere’. 12 Developments in Greece: Love or Nothing Of all the operas written during Germany’s Weimar Republic (1919–33), probably the most haunting is the last.
In the Internet clips and live performances of Citizen Poet, a duo of comedians dedicated to ripping Putin’s reputation to shreds with satire, speech by speech; in the fake tickets for the police arrest bus handed out on every demo. And sometimes just through bitterly earnest songs, in journalism, in 140-character tweets going viral to an online community of millions—actions Putin could never understand, and the FSB could never totally repress. Two months before his election, Vladimir Putin had crowed to the West about its problem with the Occupy movement, who were ‘not just a bunch of outcasts but hundreds of thousands’. Now he had that problem too. Russia is a lucky country. Since the fall of communism it has been blessed with not just one kleptocratic elite, but two. Under Boris Yeltsin, the so-called oligarchy was created when a small group of businessmen, initially emerging from the Gorbachevera elite, seized the country’s privatized resources with all the subtlety of a lion enclosure at feeding time.
Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, low skilled workers, low-wage service sector, minimum wage unemployment, moral hazard, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, Plutocrats, plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration
On the left, disaffection with American inequality crystallized into the 2011 Occupy Wall Street movement, whose rhetoric pitted the top 1 percent of income-earners or wealth holders (the distinction seemed ambiguous) against the 99 percent with whom the movement’s followers identified. Protesters occupied Zuccotti Park in Manhattan’s Wall Street district and set up a campground and a “people’s assembly.” Later, Occupy movements sprouted up around the world. Rhetorically, the Occupy movement had much in common with the egalitarian forebears described in previous chapters. As social critics had in the eighteenth century, Occupy protesters formulated a list of grievances, the “Declaration of the Occupation of New York City.” Like their nineteenth-century progenitors, the protesters focused on the corporations: “corporations do not seek consent to extract wealth from the people and the Earth, and … no true democracy is attainable when the process is determined by economic power.”33 They proposed an opposition between the rich and the poor: The Occupy Wall Street movement is not just demanding change.
The ninety and nine in their hovel bare, The one in luxury with riches rare.35 Substantively, the Occupy movement pointed out that even though many Americans thought economic redistribution was un-American, tax policies since the 1970s had been redistributing money to the top 1 percent.36 Economist William K. Tabb noted that from 1973 to 2006, real wages grew by less than 1 percent, even while productivity increased by more than 80 percent.37 Occupy protesters also resented changes in the banking system. Not only had banks grown so large that they were considered worthy of government bailouts, but also the suspension of the Glass-Steagall Act enabled banks to invest in ways that were in direct conflict with the interests of their depositors.38 The Occupy movement never gained much traction, for several reasons. First, it was impossible for Occupy protesters to pose a real alternative to capitalism without alienating the mainstream media and many Americans.39 The impossibility, today, of really describing alternate economic arrangements without having them written off as “socialistic” testifies to the power of capital to silence other voices and to make change impossible by constricting the notion of alternatives.40 Second, while the language and the tactics of the Occupy movement were promising, the movement was hindered by its lack of larger strategy.
Others issued a vague call for tax restructuring, or job growth through the formation of local cooperative movements using environmentally sustainable practices.41 English professor and Occupy participant Stephen Collis advocated expansion of public transit and free education and health care.42 Some form of reviving collective bargaining, although perhaps not through a traditional union movement, was also suggested.43 A slow movement overly focused on democratic process at the best of times, Occupy was open to being portrayed by the press as increasingly dirty, dangerous, unfocused, or even Marxist and laughable.44 The Occupiers were so enamored of direct democracy that they celebrated divisions within the movement rather than making progress toward some common goal.45 Nonetheless, the Occupy movement brought sustained public attention to the issue of inequality and the degree to which American politics had been captured by the wealthiest 1 percent. Awareness of the issue among young people arguably fueled Vermont Senator Bernie Sanders’s popularity during the 2016 Democratic presidential primary. DISSATISFACTION WITH THE STATUS QUO: THE TEA PARTY A right-wing protest movement emerged a year before the Occupy movement. It was, in its own way, also a protest movement against inequality, but it defined the major issues differently. In 2009, Consumer News and Business Channel commentator Rick Santelli called for a “Tea Party” to resist the Obama administration’s continuation of the Bush administration bank bailout.
Think Complexity by Allen B. Downey
Benoit Mandelbrot, cellular automata, Conway's Game of Life, Craig Reynolds: boids flock, discrete time, en.wikipedia.org, Frank Gehry, Gini coefficient, Guggenheim Bilbao, mandelbrot fractal, Occupy movement, Paul Erdős, sorting algorithm, stochastic process, strong AI, Thomas Kuhn: the structure of scientific revolutions, Turing complete, Turing machine, We are the 99%
Extreme wealth inequality is generally considered a problem, because it means there are many people barely surviving while others are fabulously rich. The Occupy Movement Wealth inequality has partly fueled a modern social movement known as the Occupy movement. The first significant Occupy protest was on Wall Street in New York City, where thousands of protesters gathered to express their dismay with the distribution of wealth, among other things. The movement’s motto is “We are the 99%,” reminding politicians to serve the majority, not the 1% who control more than a third of the nation’s wealth. A major goal of the movement is to achieve a more equal distribution of income, which protesters hope to accomplish by implementing a more progressive tax policy. One of the effects of taxation is to redistribute wealth from the rich to the poor. But opponents of the Occupy movement (and many fiscal conservatives) claim that high tax rates for the rich actually hurt the population as a whole.
Game of Life Implementing Life Life Patterns Conway’s Conjecture Realism Instrumentalism Turmites 8. Fractals Fractal CAs Percolation 9. Self-Organized Criticality Sand Piles Spectral Density Fast Fourier Transform Pink Noise Reductionism and Holism SOC, Causation, and Prediction 10. Agent-Based Models Thomas Schelling Agent-Based Models Traffic Jams Boids Prisoner’s Dilemma Emergence Free Will 11. Case Study: Sugarscape The Original Sugarscape The Occupy Movement A New Take on Sugarscape Pygame Taxation and the Leave Behind The Gini Coefficient Results with Taxation Conclusion 12. Case Study: Ant Trails Introduction Model Overview API Design Sparse Matrices wx Applications 13. Case Study: Directed Graphs and Knots Directed Graphs Implementation Detecting Knots Knots in Wikipedia 14. Case Study: The Volunteer’s Dilemma The Prairie Dog’s Dilemma Analysis The Norms Game Results Improving the Chances A.
Taxation and the Leave Behind Taxation in our implementation of Sugarscape is handled with a Government object. Every 10 time steps, the Government object collects a fraction of each agent’s sugar reserve, then distributes the collected sugar to each agent equally. This transfer represents services provided by the government as well as explicit redistribution of wealth. If opponents of the Occupy movement are correct, transferring wealth from the rich to the poor makes society as a whole less productive. According to this theory, the rich create more wealth than the poor because they can open factories, fund research, and generally make investments into the economy. In order to simulate this effect, we need to augment the model with a mechanism of wealth creation. We implement a simple “leave behind” feature, where agents leave some sugar behind as they leave a location: In this formula, N is the total number of agents, wealth is the amount of sugar each agent has, and is the total sugar owned by all the agents.
Digital Bank: Strategies for Launching or Becoming a Digital Bank by Chris Skinner
algorithmic trading, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, bank run, Basel III, bitcoin, business intelligence, business process, business process outsourcing, call centre, cashless society, clean water, cloud computing, corporate social responsibility, credit crunch, crowdsourcing, cryptocurrency, demand response, disintermediation, don't be evil, en.wikipedia.org, fault tolerance, fiat currency, financial innovation, Google Glasses, high net worth, informal economy, Infrastructure as a Service, Internet of things, Jeff Bezos, Kevin Kelly, Kickstarter, M-Pesa, margin call, mass affluent, mobile money, Mohammed Bouazizi, new economy, Northern Rock, Occupy movement, platform as a service, Ponzi scheme, prediction markets, pre–internet, quantitative easing, ransomware, reserve currency, RFID, Satoshi Nakamoto, Silicon Valley, smart cities, software as a service, Steve Jobs, strong AI, Stuxnet, trade route, unbanked and underbanked, underbanked, upwardly mobile, We are the 99%, web application, Y2K
Therefore, even though the government had taken down all official lines of communication, unofficial technology channels sprang up rapidly to provide alternative cover, and many of these unofficial channels were being launched by individual supports in Holland, France, America and around the rest of the world. Is this a time when societies worldwide change their world or will media, finance and government, continue to control and direct? Not necessarily, as demonstrated by another major protest movement: the Occupy Movement. The Occupy Movement and the 99% Facebook have a vision “to accomplish a social mission - to make the world more open and connected”. As demonstrated by the Arab Spring, that vision is well on the way to being achieved, and there are other examples of how this vision is being delivered. In fact, the real change that Facebook, Twitter and other social pressure organisations such as Change.org have brought about is the ability for one person to create a major social movement.
We saw this social change begin when services such as MySpace allowed individuals to launch their musical careers. Many stars of today, such as Lily Allen, Kate Nash and Sean Kingston, started on a MySpace page. The social network allowed artistes to attract interest without having to find major music moguls or clubs to perform. Then we saw the Arab Spring and, more recently, the Occupy Movement. The Occupy Movement began as a civil protest in New York in September 2011, with the aim of airing the frustration of the masses over job losses, house foreclosures and general disillusionment with those in power: the financial system, rather than the political system. After all, Occupy would have started in Washington if it were aimed at the political system. The movement gathered most of its communication activity through Twitter using the hashtag, a means of tracking specific themes, #OccupyWallStreet which later was shortened to #OWS.
Chris immediately forgot about the page and got on with other things but, four days later, came back and found hundreds of photos had been submitted. One was from Priscilla Grim who noticed that, after a fortnight, the website was not being updated so she offered to help Chris edit it. Soon, the service became a cohesive force for change behind the Occupy Movement. The photos being posted proved to have a major emotional impact, and the blog went viral with protestors adopting the phrase “We Are The 99 Per Cent” as a slogan, writing it on signs and banners. It is quite clear from the emergence of the Arab Spring, the Occupy Movement and the 99% that these and many other social movements would just not exist in the same way without Facebook, Twitter, Tumblr, Change and the power of today’s social internet. Equally, the real revolution of these networks is that they allow critical mass of new movements to be linked globally within days, as demonstrated by the We are the 99% story.
Capitalism: A Ghost Story by Arundhati Roy
Bretton Woods, corporate governance, feminist movement, Frank Gehry, ghettoisation, Howard Zinn, informal economy, land reform, Mahatma Gandhi, means of production, megacity, microcredit, neoliberal agenda, Occupy movement, RAND corporation, reserve currency, special economic zone, spectrum auction, stem cell, The Chicago School, Washington Consensus, WikiLeaks
Gradually, one particular imagination—a brittle, superficial pretense of tolerance and multiculturalism (that morphs into racism, rabid nationalism, ethnic chauvinism, or warmongering Islamophobia at a moment’s notice) under the roof of a single overarching, very unplural economic ideology—began to dominate the discourse. It did so to such an extent that it ceased to be perceived as an ideology at all. It became the default position, the natural way to be. It infiltrated normality, colonized ordinariness, and challenging it began to seem as absurd or as esoteric as challenging reality itself. From here it was a quick, easy step to “There Is No Alternative.” It is only now, thanks to the Occupy movement, that another language has appeared on US streets and campuses. To see students with banners that say “Class War” or “We don’t mind you being rich, but we mind you buying our government” is, given the odds, almost a revolution in itself. One century after it began, corporate philanthropy is as much part of our lives as Coca-Cola. There are now millions of nonprofit organizations, many of them connected through a byzantine financial maze to the larger foundations.
Afterword Afterword Speech to the People’s University Yesterday morning the police cleared Zuccotti Park, but today the people are back. The police should know that this protest is not a battle for territory. We’re not fighting for the right to occupy a park here or there. We are fighting for Justice. Justice, not just for the people of the United States, but for everybody. What you have achieved since September 17, when the Occupy Movement began in the United States, is to introduce a new imagination, a new political language, into the heart of Empire. You have reintroduced the right to dream into a system that tried to turn everybody into zombies mesmerized into equating mindless consumerism with happiness and fulfillment. As a writer, let me tell you, this is an immense achievement. I cannot thank you enough. We were talking about justice.
As a result of twenty years of the Free Market economy, today one hundred of India’s richest people own assets worth one-fourth of the country’s GDP while more than 80 percent of the people live on less than fifty cents a day.3 Two hundred fifty thousand farmers driven into a spiral of death have committed suicide.4 We call this progress and now think of ourselves as a superpower. Like you, we are well qualified, we have nuclear bombs and obscene inequality. The good news is that people have had enough and are not going to take it anymore. The Occupy Movement has joined thousands of other resistance movements all over the world in which the poorest of people are standing up and stopping the richest corporations in their tracks. Few of us dreamed that we would see you, the people of the United States, on our side, trying to do this in the heart of Empire. I don’t know how to communicate the enormity of what this means. They (the 1%) say that we don’t have demands . . . they don’t know, perhaps, that our anger alone would be enough to destroy them.
23andMe, Airbnb, airport security, AltaVista, Anne Wojcicki, augmented reality, Benjamin Mako Hill, Black Swan, Brewster Kahle, Brian Krebs, call centre, Cass Sunstein, Chelsea Manning, citizen journalism, cloud computing, congestion charging, disintermediation, Edward Snowden, experimental subject, failed state, fault tolerance, Ferguson, Missouri, Filter Bubble, Firefox, friendly fire, Google Chrome, Google Glasses, hindsight bias, informal economy, Internet Archive, Internet of things, Jacob Appelbaum, Jaron Lanier, Julian Assange, Kevin Kelly, license plate recognition, linked data, Lyft, Mark Zuckerberg, Nash equilibrium, Nate Silver, national security letter, Network effects, Occupy movement, payday loans, pre–internet, price discrimination, profit motive, race to the bottom, RAND corporation, recommendation engine, RFID, self-driving car, Silicon Valley, Skype, smart cities, smart grid, Snapchat, social graph, software as a service, South China Sea, stealth mode startup, Steven Levy, Stuxnet, TaskRabbit, telemarketer, Tim Cook: Apple, transaction costs, Uber and Lyft, urban planning, WikiLeaks, zero day
the FBI’s COINTELPRO: US Senate (26 Apr 1976), “Final report of the Select Committee to Study Governmental Operations with Respect to Intelligence Activities, United States Senate, Book II: Intelligence activities and the rights of Americans,” US Government Printing Office, p. 213, https://archive.org/details/finalreportofsel02unit. US has spied on the Occupy: Michael S. Schmidt and Colin Moynihan (24 Dec 2012), “FBI counterterrorism agents monitored Occupy movement, records show,” New York Times, http://www.nytimes.com/2012/12/25/nyregion/occupy-movement-was-investigated-by-fbi-counterterrorism-agents-records-show.html. Beau Hodai (9 Jun 2013), “Government surveillance of Occupy movement,” Sourcewatch, http://www.sourcewatch.org/index.php/Government_Surveillance_of_Occupy_Movement. pro- and anti-abortion activists: Charlie Savage and Scott Shane (16 Dec 2009), “Intelligence improperly collected on U.S. citizens,” New York Times, http://www.nytimes.com/2009/12/17/us/17disclose.html. peace activists: American Civil Liberties Union (25 Oct 2006), “ACLU uncovers FBI surveillance of Maine peace activists,” https://www.aclu.org/national-security/aclu-uncovers-fbi-surveillance-maine-peace-activists.
But COINTELPRO was more than simply violating the law or the Constitution. In COINTELPRO the Bureau secretly took the law into its own hands, going beyond the collection of intelligence and beyond its law enforcement function to act outside the legal process altogether and to covertly disrupt, discredit and harass groups and individuals.” Nothing has changed. Since 9/11, the US has spied on the Occupy movement, pro- and anti-abortion activists, peace activists, and other political protesters. • The NSA and FBI spied on many prominent Muslim Americans who had nothing to do with terrorism, including Faisal Gill, a longtime Republican Party operative and onetime candidate for public office who held a top-secret security clearance and served in the Department of Homeland Security under President George W.
It monitored mosques, infiltrated student and political groups, and spied on entire communities. Again, people were targeted because of their ethnicity, not because of any accusations of crimes or evidence of wrongdoing. Many of these operations were conducted with the help of the CIA, which is prohibited by law from spying on Americans. There’s plenty more. Boston’s fusion center spied on Veterans for Peace, the women’s antiwar organization Code Pink, and the Occupy movement. In 2013, the city teamed with IBM to deploy a video surveillance system at a music festival. During the same time period, the Pentagon’s Counterintelligence Field Activity spied on all sorts of innocent American civilians—something the Department of Defense is prohibited by law from doing. Echoing Hoover’s attempt to intimidate King, the NSA has been collecting data on the porn-viewing habits of Muslim “radicalizers”—not terrorists, but those who through political speech might radicalize others—with the idea of blackmailing them.
Present Shock: When Everything Happens Now by Douglas Rushkoff
algorithmic trading, Andrew Keen, bank run, Benoit Mandelbrot, big-box store, Black Swan, British Empire, Buckminster Fuller, cashless society, citizen journalism, clockwork universe, cognitive dissonance, Credit Default Swap, crowdsourcing, Danny Hillis, disintermediation, Donald Trump, double helix, East Village, Elliott wave, European colonialism, Extropian, facts on the ground, Flash crash, game design, global supply chain, global village, Howard Rheingold, hypertext link, Inbox Zero, invention of agriculture, invention of hypertext, invisible hand, iterative process, John Nash: game theory, Kevin Kelly, laissez-faire capitalism, Law of Accelerating Returns, loss aversion, mandelbrot fractal, Marshall McLuhan, Merlin Mann, Milgram experiment, mutually assured destruction, Network effects, New Urbanism, Nicholas Carr, Norbert Wiener, Occupy movement, passive investing, pattern recognition, peak oil, price mechanism, prisoner's dilemma, Ralph Nelson Elliott, RAND corporation, Ray Kurzweil, recommendation engine, Silicon Valley, Skype, social graph, South Sea Bubble, Steve Jobs, Steve Wozniak, Steven Pinker, Stewart Brand, supply-chain management, the medium is the message, The Wisdom of Crowds, theory of mind, Turing test, upwardly mobile, Whole Earth Catalog, WikiLeaks, Y2K
She and her friends had supported his campaign and responded to his explicitly postnarrative refrain, borrowed from Alice Walker’s book title: “We are the ones we have been waiting for. We are the change we seek.” What a call to presentism this was! Young people took Obama at his word, rising to the challenge to become change rather than wait for it. Of course, it turned out to be more of a campaign slogan than an invitation to civic participation—just more rhetoric for a quite-storybook, ends-justify-the-means push to power. It would be left to the Occupy movement to attempt a genuinely presentist approach to social and political change. But Obama’s speechwriters had at least identified the shift under way, the failure of stories to create a greater sense of continuity, and the growing sense that something much more immediate and relevant needed to take their place. BIG STORIES Traditional stories, with traditional, linear arcs, have been around for a long time because they work.
For the one thing the Tea Party appears to want more than the destruction of government is to elect Tea Party members to positions within it. The impatient rush to judgment of the Tea Party movement is only as unnerving as the perpetually patient deliberation of its counterpart present shock movement, Occupy Wall Street. Opposite reactions to collapse of political narrative, the Tea Party yearns for finality while the Occupy movement attempts to sustain indeterminacy. Inspired by the social-media-influenced revolutions of the Arab Spring, Occupy Wall Street began as a one-day campaign to call attention to the inequities inherent in a bank-run, quarterly-focused, debt-driven economy. It morphed into something of a permanent revolution, however, dedicated to producing new models of political and economic activity by its very example.
See intuition/instinct Institute for Creative Technologies, USC, 65–66 intelligence, 125 interactivity. See connectivity Internet: as always-on, 73–74; culture of, 96–97, 99; decontextualized, 27; development of, 224; digiphrenia and, 67, 93, 124, 125; discontinuity of age of, 29; ethics and, 70; fractalnoia and, 199, 224; games and, 64; location of computers and, 179–80; narrative collapse and, 16, 27, 29, 47, 48, 50–51, 56, 64; as never sleeping, 69; Occupy Movement and, 56; overwinding and, 179–80; public confidence about news on, 51; real-time news and, 47, 48; reporting and opining and the, 50–51 interruptions, 74, 123 intuition/instinct, 5, 219–20, 222, 233, 234–35 investments. See financial markets Iraq War, 232 Ito, Joichi, 191–92 James, LeBron, 41 Japan, 148, 191, 198, 225 Jarvis, Jeff, 52 Jay-Z, 154 jet lag, 89–90 Jezebel, 97 jobs/employees, 156, 170, 187–88, 217–18 Jobs, Steve, 108, 203 Johnson, Lyndon B., 45 Johnson, Steve, 118, 203 Jordan, Michael, 41 journalism, 50–52, 56, 66.
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, banking crisis, carried interest, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, full employment, Home mortgage interest deduction, job automation, Mahatma Gandhi, minimum wage unemployment, new economy, Occupy movement, offshore financial centre, Plutocrats, plutocrats, Ponzi scheme, race to the bottom, Ronald Reagan, single-payer health, special drawing rights, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, women in the workforce, working poor
The nonpartisan Congressional Budget Office has issued a major report on the widening disparities. The issue has become front-page news. For the first time since the 1930s, a broad cross section of the American public is talking about the concentration of income, wealth, and political power at the top. Score a big one for the Occupiers. Regardless of whether you sympathize with the so-called Occupier movement that began spreading across America in the fall of 2011, or whether you believe it will become a growing political force in America, it has had a profound effect on the national conversation. Even more startling is the change in public opinion. Not since the 1930s has a majority of Americans called for redistribution of income or wealth. But according to a New York Times/CBS News poll, an astounding 66 percent of Americans say the nation’s wealth should be more evenly distributed.
With hefty campaign contributions and platoons of lobbyists and public relations spinners, America’s executive class has secured lower tax rates while resisting reforms that would spread the gains from growth to more Americans. But it’s unlikely that the plutocrats can retain their political clout forever. So many people have been hit by job losses, sagging incomes, and declining home values that Americans will eventually become mobilized. The question is not whether but when. Perhaps the Occupier movement marks the beginning. Americans have summoned the political will to take back our economy before, in even bleaker times. As the historian James Truslow Adams defined the American dream when he coined the term at the depths of the Great Depression, what we seek is “a land in which life should be better and richer and fuller for every man.” WHY BIG CORPORATIONS WON’T LEAD THE WAY Republicans want to rely on big American corporations to solve our economic problems and to reduce the size and scope of government.
But I soon realized the question was larger than that. It was: What can I do about what’s happening to America—an economic game increasingly rigged in favor of those at the top and against ordinary Americans, and a government that no longer seems to work for average people but is increasingly responsive to big money? In this part of the book I want to try to answer that question. HOW TO MAKE A MOVEMENT I don’t know where the Occupier movement is heading, but I do know there’s great energy at America’s grass roots for progressive change—more energy now than I’ve seen in decades. The question is how to harness that energy and turn it into a sustainable and powerful progressive movement to take back our economy and our democracy from the regressive forces that have been gaining ground. People who voted for Barack Obama in 2008 tended to fall into one of two camps once he became president: trusters, who believed he was a good man with the right values and that as president did everything he could to put those values into effect; and cynics, who became disillusioned with his bailout of Wall Street, his flimsy plan to tame the Street, his willingness to jettison the “public option” in his health-care plan, and his negotiating strategy that always seems to begin by giving away the store.
Pax Technica: How the Internet of Things May Set Us Free or Lock Us Up by Philip N. Howard
Affordable Care Act / Obamacare, Berlin Wall, bitcoin, blood diamonds, Bretton Woods, Brian Krebs, British Empire, call centre, Chelsea Manning, citizen journalism, clean water, cloud computing, corporate social responsibility, crowdsourcing, Edward Snowden, en.wikipedia.org, failed state, Fall of the Berlin Wall, feminist movement, Filter Bubble, Firefox, Francis Fukuyama: the end of history, Google Earth, Howard Rheingold, income inequality, informal economy, Internet of things, Julian Assange, Kibera, Kickstarter, land reform, M-Pesa, Marshall McLuhan, megacity, Mikhail Gorbachev, mobile money, Mohammed Bouazizi, national security letter, Network effects, obamacare, Occupy movement, packet switching, pension reform, prediction markets, sentiment analysis, Silicon Valley, Skype, spectrum auction, statistical model, Stuxnet, trade route, uranium enrichment, WikiLeaks, zero day
The smart, stupid, or surreptitious use of digital media by political actors consistently has the biggest impact on who gets what they want. Such new world orders have been given the label of pax—an epoch of predictable stability based on known rules and expectations. The internet of things is establishing a new pax. Popular uprisings against long-standing dictators have rocked the Arab world. Antiestablishment movements in the West—the Tea Party in the United States, the Pirate Party in the European Union, the Occupy movement globally—have organized protests and captivated voters in unexpected ways. Around the world some regimes are more precarious, yet others seem as stable as ever. The Western internet, constituted by billions of mobile phones, computers, and other networked devices, has formed the largest information infrastructure ever. But this great device network has rivals and attackers. Battles between rival network infrastructure from China and competing norms of internet use from Russia, Saudi Arabia, and other authoritarian political cultures will dominate political life in the years ahead.
Even though most people around the world were connecting to the internet with their mobile phones, the main Western equipment makers gave up producing mobile phones.32 But then people started doing politics with their digital devices. Opposition movements started catching ruling elites off guard by using new communications technologies to organize huge numbers of people quickly. The very policy reforms that seemed to make some governments popular and some economies boom were allowing new political actors to act in powerful and decisive ways. After the Occupy Movement and the Arab Spring, and after a host of politicians from around the world were disgraced by the quick judgment of the internet, governments that hadn’t relaxed the rules became less interested in doing so. Lots of governments try to control the internet, and they are likely to keep on trying. They try to build surveillance systems. They try to build kill switches. They try to set the rules and regulations for developing new parts of their information infrastructures.
With newfound skills in organizing, educating, and lobbying governments, these public-interest groups have been able to expand to other issue domains. People sometimes say that the internet doesn’t “cause” democracy. Or “it’s the people, not the mobile phones.” But people and their technology are often impossible to separate. Try to imagine your life without your mobile phone or your internet connection. Or try to tell the story of the Arab Spring, the Occupy movement, or any recent international social movement without mentioning digital media. You’ll find yourself with an incomplete story. Many of the people involved with these movements are eager to talk about the devices and media that are their tools of resistance. Their technology and their story go together. Political scientists have found similar causal narratives when they compare many different kinds of political changes over time: media use, as a causal factor conjoined with others, often provides the best explanation for political outcomes.
The Misfit Economy: Lessons in Creativity From Pirates, Hackers, Gangsters and Other Informal Entrepreneurs by Alexa Clay, Kyra Maya Phillips
3D printing, Airbnb, Alfred Russel Wallace, Berlin Wall, Burning Man, collaborative consumption, conceptual framework, double helix, fear of failure, game design, Hacker Ethic, Howard Rheingold, informal economy, invention of the steam engine, James Watt: steam engine, Joseph Schumpeter, Kickstarter, lone genius, Mark Zuckerberg, megacity, Occupy movement, Ronald Reagan, Rosa Parks, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, Stewart Brand, supply-chain management, union organizing, Whole Earth Catalog, Whole Earth Review, Zipcar
Graffiti artists try to impress one another by tagging risky locations. Hackers are constantly showing off their skills and commitment, posting their victories online for others to see. An Occupy Wall Street protestor may be just as interested in branding himself as an agitator and seeking out recognition from the community of protestors as he is in societal transformation. In fact, even within the Occupy movement, there was a certain status hierarchy at play. Those who had been with the movement since the beginning were known as “Day 1 occupiers.” Protestors earned kudos from their peers based on how long they had been associated with the movement, whether they had slept in the park, and whether they had been arrested. While it may not be an MBA from Harvard Business School, misfit innovation runs on the social currency that one can receive only from peers.
That means if we want to tap the power of misfits, then our formal institutions have to start becoming better hosts. Popular exposure to festivals like Burning Man, movements like Occupy, hacker collectives, and co-working spaces built around egalitarian principles mean that workplace expectations are changing. At the sight of command and control systems, misfits bolt. One of the interesting side effects from the Occupy movement observed by journalist Nathan Schneider: “When people from Occupy went back to work they realized how their workplaces were run on so little democracy. Occupy gave people a glimpse into a different way of being part of an organization—one where participation and self-determination were everything.” This discontent is something that business thinker and author Dov Seidman has observed, too: Like most protest movements, Occupy Wall Street demonstrators are demanding freedom from the current system.
To Laura Gamse, our talented filmmaker, who traveled with us to India and China and whose father diligently emailed us misfit material throughout the journey. To the community of staff and fellows at Ashoka with whom we connected around the world. And to members of the One/Thousand network, who supported us throughout this entire journey. Thanks to Nathan Schneider for sharing his reflections on the Occupy movement and to Peter Leeson and Marcus Rediker, who spoke to us about the history of pirates. Thank you to David Kyuman Kim and Ken Knisely, early philosophical influences. Thanks to Marvin Gaye Chetwynd for opening our eyes to the world of performance art, to Will Bueche for his guidance and feedback on Dr. John Mack’s study of alien abduction, and to Gary Slutkin for the incredible work he is doing to cure the world of violence.
The Democracy Project: A History, a Crisis, a Movement by David Graeber
Bretton Woods, British Empire, corporate personhood, David Graeber, deindustrialization, dumpster diving, East Village, feminist movement, financial innovation, George Gilder, Lao Tzu, late fees, Occupy movement, payday loans, planetary scale, Plutocrats, plutocrats, Ralph Nader, reserve currency, Ronald Reagan, seigniorage, too big to fail, trickle-down economics, unpaid internship, We are the 99%, working poor
The manager of one website that specializes in matching sugar daddies with those seeking help with student loans or school fees estimates he already has 280,000 college students registered. And very few of these are aspiring professors. Most aspire to little more than a modest career in health, education, or social services.§ It was stories like that I had in the back of my mind when I wrote a piece for The Guardian about why the Occupy movement had spread so quickly. The piece was meant to be part descriptive, part predictive: We are watching the beginnings of the defiant self-assertion of a new generation of Americans, a generation who are looking forward to finishing their education with no jobs, no future, but still saddled with enormous and unforgiveable debt. Most, I found, were of working class or otherwise modest backgrounds, kids who did exactly what they were told they should, studied, got into college, and are now not just being punished for it, but humiliated—faced with a life of being treated as deadbeats, moral reprobates.
The occupiers are the very sort of people, brimming with ideas, whose energies a healthy society would be marshalling to improve life for everyone. Instead they are using it to envision ways to bring the whole system down.4 The movement has diversified far beyond students and recent graduates, but I think for many in the movement the concern with debt and a stolen future remains a core motivation for their involvement. It’s telling to contrast the Occupy movement in this way with the Tea Party, with which it is so often compared. Demographically, the Tea Party is at its core a movement of the middle-aged and well-established. According to one poll in 2010, 78 percent of the Tea Partiers were over the age of thirty-five, and about half of those, over fifty-five.5 This helps explain why Tea Partiers and occupiers generally take a diametrically opposite view of debt.
Yet somehow the news story on Occupy was not that activists had managed to create an environment in the middle of the most dangerous American cities where the rate of assault against women had clearly precipitously declined, but a scandal that they had not eliminated such incidents altogether. What’s more, as she goes on to report of Oakland, California: Now here’s something astonishing. While the camp was in existence, crime went down 19% in Oakland, a statistic the city was careful to conceal. “It may be counter to our statement that the Occupy movement is negatively impacting crime in Oakland,” the police chief wrote to the mayor in an email that local news station KTVU later obtained and released to little fanfare. Pay attention: Occupy was so powerful a force for nonviolence that it was already solving Oakland’s chronic crime and violence problems just by giving people hope and meals and solidarity and conversation.19 Needless to say, no newspaper headlines loudly proclaiming “Violent Crime Drops Sharply During Occupation” ever appeared, and police continued to insist, despite the evidence of their own statistics, that exactly the opposite was the case.
Stuffocation by James Wallman
3D printing, Airbnb, back-to-the-land, Berlin Wall, big-box store, Black Swan, BRICs, carbon footprint, Cass Sunstein, clean water, collaborative consumption, crowdsourcing, David Brooks, Fall of the Berlin Wall, happiness index / gross national happiness, high net worth, income inequality, James Hargreaves, Joseph Schumpeter, Martin Wolf, McMansion, means of production, Nate Silver, Occupy movement, post-industrial society, Post-materialism, post-materialism, Richard Florida, Richard Thaler, sharing economy, Silicon Valley, Simon Kuznets, Skype, spinning jenny, The Signal and the Noise by Nate Silver, Thorstein Veblen, Tyler Cowen: Great Stagnation, World Values Survey, Zipcar
Social scientists would say that all these reasons – the stress of stuff, the stable upbringing, the environment, the ageing population, the growing population, the rise of the global middle class, and the move to cities – they are all relevant, but that we are also increasingly fed up with materialism because we simply don’t believe in the system anymore. One social scientist, such as Ruth Milkman, for instance, might point out that we are disillusioned with its inherent inequalities, that the protesters in the Occupy movement reflected the anger the rest of us felt. Another might highlight the fact that, till recently, we thought that if we earned more and bought more things, it would make us happier. But researchers like Tom Gilovich have shown that this is not the case, and as this truth reaches the mainstream it is changing the importance people place on possessions. An economist might smile at all these explanations.
Now she is Jenna Marbles, her video channel has nine million subscribers, and her videos have been watched more than a billion times. The internet has also transformed fashion. Once the front of catwalks was strictly Hollywood A-listers and VIPs. It still is – only the VIPs now include bloggers like twelve-year-old Tavi Gevinson. And it has revolutionized politics: consider the impact of Facebook and Twitter on Egypt, Iran, and the Occupy movement. Because of the internet, the direction of influence and the structure of power have changed. Instead of the old, top-down system, where information and influence flowed from the top, now they also flow in other ways, from the bottom upwards, and also sideways. And before, the few at the top held sway over the many at the bottom. If you wanted to visualize it, you could describe this system as a pyramid.
Jenna Marbles Watch the amazing Jenna Mourey get ready to go to work as a dancer in her “How to Trick People Into Thinking You’re Good Looking” video at YouTube. Tavi Gevinson Read about the time the twelve-year-old blogger sat front row in “Tavi Gevinson: 13-Year-Old Fashion Blogger Skips School, Attends Fashion Week”, Huffington Post, 17 November 2009. Social media’s effect on politics For the impact of Facebook and Twitter on Egypt, Iran, and the Occupy Movement, consider Jose Antonio Vargas, “Spring Awakening: How an Egyptian Revolution Began on Facebook”, New York Times, February 17, 2012, and Jared Keller, “Evaluating Iran’s Twitter Revolution”, The Atlantic, 18 June 2010. CHAPTER FOUR I Love to Count: the 33, 47, 69 and 100 Things of Minimalism Read more about Tammy Strobel at www.rowdykittens.com. The 39 Socks All the minimalists here have blogs.
Revolution at Point Zero: Housework, Reproduction, and Feminist Struggle by Silvia Federici
Community Supported Agriculture, declining real wages, equal pay for equal work, feminist movement, financial independence, global village, illegal immigration, informal economy, invisible hand, labor-force participation, land tenure, means of production, microcredit, neoliberal agenda, new economy, Occupy movement, planetary scale, Scramble for Africa, statistical model, structural adjustment programs, the market place, trade liberalization, UNCLOS, wages for housework, Washington Consensus, women in the workforce, World Values Survey
This is one of the issues that has most interested me during these last years and to which I intend to dedicate a good part of my future work, both on account of the current reproduction crisis—including the destruction of an entire generation of young people, mostly of young people of color, now rotting in our jails—and on account of the recognition growing among activists in the United States that a movement that does not learn to reproduce itself is not sustainable.9 In New York, this realization has for some years inspired a discussion about “self-reproducing movements” and “communities of care” side by side with the development of a variety of community-based structures. Expanding the notion of the commons and giving it a more broad political meaning also shapes the horizon of the Occupy Movement, the Arab Spring and the many enduring antiausterity struggles worldwide. For their transformational powers stem from their ability to appropriate spaces that are controlled by the state and commodified by the market and turn them once again into common lands. I THEORIZING AND POLITICIZING HOUSEWORK WAGES AGAINST HOUSEWORK (1975) They say it is love. We say it is unwaged work.
The financialization of everyday reproduction through the use of credit cards, loans, indebtedness, especially in the United States, should be also seen in this perspective, as a response to the decline in wages and a refusal of the austerity imposed by it, rather than simply a product of financial manipulation. Across the world, a movement of movements has also grown that, since the ‘90s, has challenged every aspect of globalization—through mass demonstrations, land occupations, the construction of solidarity economies and other forms of commons building. Most important, the recent spread of prolonged mass uprisings and “Occupy” movements that over the last year has swept much of the world, from Tunisia, to Egypt, through most of the Middle East, to Spain, and the United States have opened a space where the vision of a major social transformation again becomes possible. After years of apparent closure, where nothing seemed capable of stopping the destructive powers of a declining capitalist order, the “Arab Spring” and the sprawling of tents across the American landscape, joining the many already set in place by the growing population of homeless, show the bottom is once again rising, and a new generation is walking the squares determined to reclaim their future, and choosing forms of struggle that potentially can begin to build a bridge across some of the main social divides.
Amid wars, economic crises, and devaluations, as the world around them was falling apart, they have planted corn on abandoned town plots, cooked food to sell on the side of the streets, created communal kitchens—ola communes, as in Chile and Peru—thus standing in the way of a total commodification of life and beginning a process of reappropriation and recollectivization of reproduction that is indispensable if we are to regain control over our lives. The festive squares and “occupy” movements of 2011 are in a way a continuation of this process as the “multitudes” have understood that no movement is sustainable that does not place at its center the reproduction of those participating in it, thus also transforming the protest demonstrations into moments of collective reproduction and cooperation. III REPRODUCING COMMONS ON ELDER CARE WORK AND THE LIMITS OF MARXISM (2009) Introduction up “Care work,” especially eldercare, has come in recent years to the cen-Wter of public attention in the countries of the Organization for Economic Cooperation and Development (OECD) in response to a number of trends that have put many traditional forms of assistance into crisis.
Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, invisible hand, Jean Tirole, joint-stock company, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, payday loans, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, War on Poverty, Washington Consensus, We are the 99%, working poor
Economists are still invited to talk shows, profiled in The New Yorker and PBS Newshour and BBC Newsnight and the Wall Street Journal, respectfully solicited for their opinions without being ridiculed openly (even on the recurrent occasions when any pair of them sequentially asserts A and not-A with a straight face). Orthodox economists propound a neoclassical orthodoxy awash in waves of willingly submissive students, are paid salaries frequently second only to the research MDs at their universities, and allowed to preach the self-congratulatory proposition that they remain in firm possession of a self-confident science. Under the influence of the brief uprising known as the Occupy movement in 2011, when a group of students noisily walked out of Gregory Mankiw’s introductory economics lecture at Harvard, it was treated as some passing undergrad hijinks by the press: Who were they kidding? Economists have been treated with relative impunity even on The Colbert Report. They are continually importuned to prophesy: Is the crisis over yet? Will things get better? Where should I park my pitiful 401(k) account?
Not only does the left lack a clear agenda for their own political objectives, but they have repeatedly mistaken or misunderstood the nature of the neoliberal political project, and consequently found themselves co-opted into it, or worse. This book preaches a simple message: Know Your Enemy before you start daydreaming of a better world. In this one particular respect, Carl Schmitt was right. The Privatization of Protest and the Occupy Movement The current problem of left political movements, whatever that benighted term might encompass nowadays, is that they have fallen into the trap where discussions of the crisis end up being hopelessly backward-looking: perhaps preaching “restoration” of proper “regulation,” reenergizing mid-twentieth-century configurations of state power, or returning to a more “fair and equal” income distribution, or redeeming and making debtors whole through debt forgiveness, refurbishing an economy less beholden to and less composed of financialized corporate entities, resembling that which reigned during the immediate postwar period.
To take but one telling example, if the hundreds of lobbyists and millions of dollars of campaign contributions were not sufficient to neuter all attempts at financial reform in the United States, such as the so-called Volcker Rule, then the banksters were not subtle in summoning their second line of defense, insisting that any such rule would violate NAFTA and other international “free trade agreements” instituted under prior transnational neoliberal regimes.4 Although it seems impolite to mention it, the collapse of the “Occupy” movement over 2011–12 was largely due to the long-discredited notion that political action could be sustained and effective in the absence of any sort of theoretical guidance and hierarchical organization of short- to longer-term goals. The Tea Party had Ayn Rand; the closest thing to an Occupy inspiration seemed to be John Stewart. People seem to have forgotten that the initial Occupy Wall Street encampment on September 17, 2011, was sparked by a call from Adbusters, a “global network of culture jammers” based in Vancouver, built around a media collective and a glossy magazine.
Age of Discovery: Navigating the Risks and Rewards of Our New Renaissance by Ian Goldin, Chris Kutarna
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, Airbnb, Albert Einstein, AltaVista, Asian financial crisis, asset-backed security, autonomous vehicles, banking crisis, barriers to entry, battle of ideas, Berlin Wall, bioinformatics, bitcoin, Bonfire of the Vanities, clean water, collective bargaining, Colonization of Mars, Credit Default Swap, crowdsourcing, cryptocurrency, Dava Sobel, demographic dividend, Deng Xiaoping, Doha Development Round, double helix, Edward Snowden, Elon Musk, en.wikipedia.org, epigenetics, experimental economics, failed state, Fall of the Berlin Wall, financial innovation, full employment, Galaxy Zoo, global supply chain, Hyperloop, immigration reform, income inequality, indoor plumbing, industrial robot, information retrieval, intermodal, Internet of things, invention of the printing press, Isaac Newton, Islamic Golden Age, Khan Academy, Kickstarter, labour market flexibility, low cost carrier, low skilled workers, Lyft, Malacca Straits, megacity, Mikhail Gorbachev, moral hazard, Network effects, New Urbanism, non-tariff barriers, Occupy movement, On the Revolutions of the Heavenly Spheres, open economy, Panamax, personalized medicine, Peter Thiel, post-Panamax, profit motive, rent-seeking, reshoring, Robert Gordon, Search for Extraterrestrial Intelligence, Second Machine Age, self-driving car, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart grid, Snapchat, special economic zone, spice trade, statistical model, Stephen Hawking, Steve Jobs, Stuxnet, TaskRabbit, too big to fail, trade liberalization, trade route, transaction costs, transatlantic slave trade, uranium enrichment, We are the 99%, We wanted flying cars, instead we got 140 characters, working poor, working-age population, zero day
Disillusioned by the “recovery” that wasn’t (see Figure 8-1), in September 2011, several hundred people came together under the slogan “We are the 99%” and occupied New York City’s Zuccotti Park, near Wall Street, in protest. What in another time and place might have remained an obscure act of civil disobedience instead found a discouraged global public willing to join in. Within a month, the Occupy movement had spread to over 950 cities in 82 countries across five continents. Protest across the democratic world The Occupy movement became a global brand, but it was itself inspired by popular uprisings in Europe and the Arab world. Unlike the financial crisis in the US, the financial crises that unfolded in European countries like Spain, Greece, Ireland, Iceland and Italy were beyond the resources of their own governments to cope. So, they appealed to the European Union, the European Central Bank and the IMF (the “troika,” as they came to be known) for help.
If Facebook were a nation, it would be the most populous on Earth, with over 1.5 billion active users each month.31 And despite being dispersed around the globe, they are all, on average, less than four degrees of separation apart.32 On Facebook, even if we’ve never met, a friend of your friend knows a friend of my friend. This new group intelligence has been pivotal in many of the most talked-about events of the twenty-first century: the Arab Spring, the Occupy movement, public relief efforts in response to Hurricane Sandy, the Paris Climate Accord and the rise of extremist political parties in Europe. The wide range of these activities highlights how the new digital medium can bring both positive and negative outcomes. Societies and citizens are still fumbling to learn how to operate and manage this layer of consciousness. It has helped give rise to the Islamic State of Iraq and the Levant (ISIS/ISIL)—and to new Arab secular movements that reject not just religious violence but religious governance (see Chapter Eight).
See Buonarroti, Michelangelo middle class, 73–5, 93, 178, 186, 241 Middle East, 40–1, 93 Arab Spring, 24, 36, 211, 222–4, 228 and economic divergence, 211 and development, 161 and health care, 98 and life expectancy, 76 See also Islam migration benefits of, 86–8 challenges of, 230–1 drivers of, 59 economic migration, 56–7 and innovation, 59 international migration flows, 58 and labor, 57–9 long-term, 52–60 and policy, 249–51, 254 in the Renaissance, 55–6 and selected capital inflows to developing world, 87 and urbanization, 53–5, 249–50 See also refugees Milner, Yuri, 156 modernity, 152, 207–10, 212, 229 Moore, Gordon, 31 Moore, Michael, 227 Moore’s Law, 31–2, 117, 123, 136 More, Thomas, 75, 261 Mosteghanemi, Ahlam, 212 Musk, Elon, 243 Myanmar, 24, 206, 252 9/11, 4, 166, 207, 219, 227, 242 nanotechnology, 125–31, 157, 162 National Security Agency (NSA), 24 nationalism, 65, 230 new media, 25–37 New Renaissance, 7–10, 139, 235–67 beginning of, 10 breadth of achievement, 101 and collaboration, 145 and democracy, 230 and life sciences, 121 and progress, 11, 98–9 and protest, 223 Newton, Isaac, 107, 124, 237 Nigeria, 43, 94, 146, 182 Nobel Prize, 137, 158, 238 Nokia, 43 North American Free Trade Agreement (NAFTA), 25 North Korea, 25, 98, 111, 197–9, 223 Occupy movement, 36, 220–1, 224 offshoring, 44, 249 open-source movement, 145, 241 Open Tree of Life, 36 Ottoman Empire, 2, 10–11, 18, 30, 40–1, 51, 55, 60–1, 72–3, 135, 194–5, 204, 209, 213, 230 Oweidat, Nadia, 213 pandemics, 137, 185–7 Black Death, 1, 70, 72–3, 93, 143, 173–5, 177, 184 defined, 179 Ebola, 181–3 H5N1 (bird flu), 165, 183–5, 186, 237, 253 HIV/AIDS, 76, 83, 98, 101, 154, 158, 185–6 SARS, 180–1 Spanish flu, 165 paradigm shifts and Copernicus, 105–8, 110–12, and genius, 107 in life science, 112–21 in physical science, 121–31 in the Renaissance, 105–11 See also genius Paris Climate Accord, 36, 67 patents, 136–7, 159, 227, 244–5 PayPal, 59, 153, 243 perspective, need for, 4–7 Peru, 29, 93 Petrarch, 80, 133, 256 Peurbach, Georg von, 105, 133 PewDiePie, 138 pharmaceutical industry, 83–4, 113, 183, 245 3D-printed drugs, 119 and diminishing returns, 154–5 gene therapy, 119–20, 158 and nanotechnology, 131 and pace of discovery, 162–3 R&D spending, 154 Phelps, Edmund, 240–1 physics, 121–5 quantum mechanics, 123–8 and random motion, 128 and scale, 121–8 scanning tunneling microscope (STM), 128 and stickiness, 128 plague.
Austerity: The History of a Dangerous Idea by Mark Blyth
accounting loophole / creative accounting, balance sheet recession, bank run, banking crisis, Black Swan, Bretton Woods, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, deindustrialization, disintermediation, diversification, en.wikipedia.org, ending welfare as we know it, Eugene Fama: efficient market hypothesis, eurozone crisis, financial repression, fixed income, floating exchange rates, Fractional reserve banking, full employment, German hyperinflation, Gini coefficient, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, market bubble, market clearing, Martin Wolf, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, price stability, quantitative easing, rent-seeking, reserve currency, road to serfdom, savings glut, short selling, structural adjustment programs, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, unorthodox policies, value at risk, Washington Consensus
At the same time, a continent away, the turmoil in the European bond market that began in Greece in 2009 now threatened to engulf Italy and Spain, undermining the European single currency while raising doubts about the solvency of the entire European banking system. Meanwhile, London, one of the world’s great financial centers, was hit by riots that spread all over the city, and then the country. The London riots quickly blew over, but then the Occupy movement began, first in Zuccotti Park in Manhattan, and then throughout the United States and out into the wider world. Its motivations were diffuse, but one stood out: concern over the income and wealth inequalities generated over the past twenty years that access to easy credit had masked.1 Winter, and police actions, emptied the Occupy encampments, but the problems that spawned those camps remain with us.
The Distribution of Debt and Deleveraging Austerity advocates argue that regardless of its actual origins, since the debt ended up on the state’s “books,” its “balance sheet of assets and liabilities,” the state’s balance sheet must be reduced or the increased debt will undermine growth.27 The economic logic once again sounds plausible, but like Bill Gates walking into a bar and everyone becoming millionaires as a result (on average), it ignores the actual distribution of income and the critical issue of ability to pay. If state spending is cut, the effects of doing so are, quite simply, unfairly and unsustainably distributed. Personally, I am all in favor of “everyone tightening their belts”—as long as we are all wearing the same pants. But this is far from the case these days. Indeed, it is further from the case today than at any time since the 1920s. As the Occupy movement highlighted in 2011, the wealth and income distributions of societies rocked by the financial crisis have become, over the past thirty years, extremely skewed. The bursting of the credit bubble has made this all too clear. In the United States, for example, the top 1 percent of the US income distribution now has a quarter of the country’s income.28 Or, to put it more dramatically, the richest 400 Americans own more assets than the bottom 150 million, while 46 million Americans, some 15 percent of the population, live in a family of four earning less than $22,314 per annum.29 As Robert Wade has argued: The highest-earning 1 per cent of Americans doubled their share of aggregate income (not including capital gains) from 8 per cent in 1980 to over 18 per cent in 2007.
P. 48, 190 Morgan Stanley, 48 Morgantheau, Henry, 188 Müller-Armack, Alfred, 137, 139 Naphtali, Fritz, 196 National Asset Management Agency (NAMA), 235 National Industrial Recovery Act (NIRA), 126 Nazis. See Germany neoliberalism, 102, 117–119, 155–157 Austria and, 118 See also liberalism, ordoliberalism Netherlands fiscal adjustment in, 173 Neumann, M. J. M., 169. New Deal, 126 new liberalism, 117–119 Niskanen, William, 155 Nixon, Richard M., 244 Noguchi, Ashai, 198 Occupy movement, 2, 13, 242 On Liberty (Mill), 116 “On Money” (Hume), 107 ordoliberalism building of, 138–139 in Europe, 141–143, 169–170 origins of, 135–137 Organisation for Economic Co-operation and Development (OECD), 161, 165, 170, 174, 208 stimulations, 210 Osaka Mainichi and editorials about the gold standard, 198 Osborne, George, 72 Pagano, Marco, 171, 176, 205, 206 “Can Severe Fiscal Contractions be Expansionary?
When the Money Runs Out: The End of Western Affluence by Stephen D. King
Albert Einstein, Asian financial crisis, asset-backed security, banking crisis, Basel III, Berlin Wall, Bernie Madoff, British Empire, capital controls, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, congestion charging, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-subsidies, debt deflation, Deng Xiaoping, Diane Coyle, endowment effect, eurozone crisis, Fall of the Berlin Wall, financial innovation, financial repression, floating exchange rates, full employment, George Akerlof, German hyperinflation, Hyman Minsky, income inequality, income per capita, inflation targeting, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, London Interbank Offered Rate, loss aversion, market clearing, moral hazard, mortgage debt, new economy, New Urbanism, Nick Leeson, Northern Rock, Occupy movement, oil shale / tar sands, oil shock, price mechanism, price stability, quantitative easing, railway mania, rent-seeking, reserve currency, rising living standards, South Sea Bubble, sovereign wealth fund, technology bubble, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, trickle-down economics, Washington Consensus, women in the workforce, working-age population
The top 1 per cent alone saw their share of after-tax income rise from 10 per cent of the total in 1979 to a staggering 20 per cent by 2007. In effect, the already rich became the super-rich. Admittedly, others ended up better off, but the gap between rich and not-so-rich widened enormously. The spoils of US economic success went mostly to those who already were very well off.8 It’s no wonder that, following the financial crisis, the Occupy movement has become so popular. For the UK, the top 1 per cent of income earners saw their share reach a trough of around 6 per cent in the mid-1970s. Thereafter, the share rose dramatically, reaching a peak of over 15 per cent in 2007, close to ratios last seen before the Second World War. On this particular metric, the UK is not so different from Argentina. The land of the pampas saw the share of the richest 1 per cent hit a trough in the mid-1970s before rising rapidly thereafter.
When those dreams turn to nightmares, however, it’s hardly surprising that mistrust spreads. Does that mistrust then destroy the innovative culture that, while contributing to financial bubbles and high levels of income inequality, ultimately allows living standards to rise for the many, not the few? THE SECOND SCHISM: GROWING OLD DISGRACEFULLY Income inequality may be the issue that grabs headlines, not least thanks to the efforts of the Occupy movement, whether on Wall 170 4099.indd 170 29/03/13 2:23 PM Three Schisms Street, outside the San Francisco Federal Reserve or in a campsite outside London’s St Paul’s Cathedral. There is, however, a second schism that, ultimately, may be more problematic because, within our democratic framework, it is so difficult to deal with. We are on the verge of an intergenerational war. Economic stagnation makes it near enough impossible to satisfy the expectations of both the baby boomers – who hope to enjoy a happy, healthy and financially stress- free retirement – and younger generations – who, increasingly, are expected to pick up the bill.
L. 41 Knickerbocker Trust Company 131 Korea 14, 193, 195, 202–4, 205 Krugman, Paul 112–15, 117, 118–19 labour market 115–16, 252 productivity 53 Landes, David 26 Latin American debt crisis 216 Layard, Richard 114, 117 Lehman Brothers 30, 255 Leveson inquiry 148 Libor 126 life expectancy 47 liquidity 84, 90 liquidity trap 72 Liquidity Coverage Ratio (LCR) 83 Little Dorrit (Dickens) 138–9 living standards 11, 27, 158, 169, 180–1 belief in ever rising 13, 34 China 27 Indonesia 197 Japan 23 Korea 195 late 19th century 185, 186 Malaysia 198 post-Second World War 139 US 11, 163 loan-to-value ratios, mortgage 51–2 Long Depression 189–90 loss aversion 40–1 lotteries 164–5 Macroeconomic Imbalance Procedure (MIP) 233 macroeconomic policies 32, 60, 121, 181, 253 Japan 21 macroprudential rules 256 Madoff, Bernie 35 Mahathir Mohamad 198–201, 205 Malaysia 193, 198–201, 205 Malthus, Thomas 37–9 Manchester United 165–6 Marr, Wilhelm 189 Marx, Karl 57, 179–80 Mary Poppins 131–2 May Report 98 Megawati Sukarnoputri 197 Mellon, Andrew 106, 108 Mexico 158 Mieno, Yasushi 21 miners 103–4 Mississippi 163 mistrust creditors and debtors 141 cross-border 176 endemic 147–9 governments 140, 217–18 of money 219–21 and political extremism 227 monetarism 59 monetary policy 58, 68–74, 77–9, 87–9, 97, 111–12 a new monetary framework 245–50 see also Gold Standard; interest rates; quantitative easing (QE) Monetary Policy Committee 90–1 monetary unions 236–7 see also eurozone moral hazard 62 mortgage-backed securities 30, 65, 136–7 mortgages 51–2, 63–5 Napoleon Bonaparte 156 Napoleon III 182 National Bank of North America 131 national incomes 32, 49–50, 141–2, 247 Germany 33 Japan 32 UK 33, 110–11, 112 US 33, 70, 109, 115, 117–18 284 4099.indd 284 29/03/13 2:23 PM Index National Lottery 164–5 nationalism 228 the Netherlands 48 New Deal 108–9 ‘new economy’ of the 1990s 29–30 New Order (Indonesia) 197 New Zealand 187 Nicholson, Viv 50 Nigeria 19 Northern Rock 30, 51–2, 129, 255 Norway 158 Occupy movement 162, 170–1 Office for Budget Responsibility 33 Oliver Twist (Dickens) 43 Osborne, George 231 Overend, Gurney and Co. 131 painkillers 70–1, 89 ‘The Panic of 1873’ 186 Paul, Ron 93 Peasants’ Revolt 213 Pension Protection Fund (PPF) 172 pensioners’ voting patterns 88 pensions 47, 51, 75, 171–3, 174 per capita incomes 27, 49, 159–60, 163 Argentina and Germany 14 China 251 France 101, 105 Germany 101, 105 India 27, 251 Indonesia 197 Japan 21 Korea 202 Malaysia 198 UK 1, 44, 101, 105 US 14, 101, 105 Perón, Eva 16 Perón, Juan 16–17 Pew Center report 173 Pickett, Kate 159 Pigou, Arthur 59 policies and central bankers 65 fiscal 58, 66–7, 69–70, 77–8, 246–7 macroeconomic 21, 32, 60, 121, 181, 253 monetary 58, 68–74, 77–9, 87–9, 97, 111–12 new monetary framework 245–50 political extremism 226–9 politics and central bankers 78, 89–90, 91–5 and economics 24–6, 34, 102, 191–2, 217 and the eurozone 224–5, 237 and expectations 152–3 and income inequality 160–1 and lack of trust 147–8, 149 and monetary regimes 119–20 voters 50, 78, 88, 222, 242–4 poll tax 211 populations, ageing 78, 88, 250 age-related expenditure 48 generational divide 171–4, 241, 243–5 Germany 136 Japan 23, 25 Portugal 50, 146, 158, 191 precious metal standards 183–4 see also Gold Standard prices asset 73 commodity 77, 109, 116–17 rising 157 see also deflation; inflation property sector see housing markets protectionism 214–15 capital controls 16, 199–200, 201, 234 tariffs 16 Protestant work ethic 26, 28 public sector see governments public spending 49–50, 66, 142, 147–8, 203 government spending 58, 109, 119 social spending 45–7 quantitative easing (QE) 72–82, 84–6, 91, 97, 176–7 ratings agencies 234–5 rationing 114–15, 142–3 recessions 2 recovery from the Asian crisis 195–6, 204–5, 206, 208–9 UK in the 1930s 101–2 redistribution by stealth 90 Reform Acts 222, 242–3 regulation 125, 256 dangers of further 214, 251 dollar transactions 177 reduction 168 the regulatory trap 83–4 Statute of Labourers 213 renminbi (currency) 177 Réveillon, Jean-Baptiste 155–6 Ricardo, David 183–4 Richard II 211–12 ringgit (currency) 198 285 4099.indd 285 29/03/13 2:23 PM When the Money Runs Out risk and banks 255–6 creditors and debtors imbalance 234 and financial services 168 and rapid economic change 170 risk aversion 216 Roosevelt, Franklin Delano 107–9, 117–18, 119, 219 Royal Bank of Scotland 30 Royal Navy 99 Russia 117, 135 Rwanda 19 Samuel, Herbert 104 Saudi Arabia 117, 135 savers and banks 136 confidence 65 and illusions 137 and income inequality 162–3 and interest rates 90, 91, 97 and the subprime boom 133–4 schisms between debtors and creditors 174–7, 191 generational 170–4 income inequality 158–70 Schwartz, Anna 59, 106, 188 second-hand car market 123–4 Sierra Leone 163 silver standard 183 SIVs (structured investment vehicles) 129–30 Skidelsky, R. and E. 37 Smith, Adam 39–40, 207 melancholy state 42, 124–5, 159–60 Snowden’s budget 99–102, 105 soccer 165 social contract, between generations 244–5 social insurance 44–8 social security systems 12 social spending 45–7 Soros, George 200 South Korea 14, 193, 195, 202–4, 205 South Sea Bubble 29 space exploration 9–10, 35 Spain deficit 54, 134 and the eurozone 191, 235–6 exports 82 fiscal position 85 government borrowing 144 interest rates 146 political disenfranchisement 95 property bubble 140 suicide of Amaia Egana 153 spending government 58, 109, 119 public sector 49–50, 66, 142, 147–8, 203 social 45–7 stagnation 37–43, 50, 52–3, 158, 219 and political extremism 227–8 Standard & Poor’s 80 ‘stately home’ effect 221–3 Statute of Labourers 211, 213 sterling 98–106, 110 Stern Review 38–9 stimulus 3–4 and jobs 116 monetary and fiscal 30, 57–8, 181 Paul Krugman 112–15, 118–19 policy 32, 69–70, 82 political debate 205 prior to the financial crisis 67 stock markets 20–1, 30, 193 stock-market crashes 18, 61–2, 66, 99, 186 Straw, Jack 212 structured investment vehicles (SIVs) 129–30 subprime boom 130, 133–4 crisis 190 Suharto 196–7, 205 surpluses 66, 135–7, 204, 232–4 Sweden 158, 204 Switzerland 158, 184 Taiwan 14 Takeshita, Noburo 24 Tanzania 19 tariffs 16 tax avoidance 49, 211, 214 taxation ancien régime and the French Revolution 154–5 death duties 139 medieval poll tax 211 taxpayers 145, 170, 174, 215, 254 technological progress 2–3, 10–11 dotcom bubble 169 and financial industry wages 167 Industrial Revolution 38 Thailand 193, 195 Thaler, R.
Future Perfect: The Case for Progress in a Networked Age by Steven Johnson
airport security, algorithmic trading, banking crisis, barriers to entry, Bernie Sanders, call centre, Captain Sullenberger Hudson, Cass Sunstein, cognitive dissonance, credit crunch, crowdsourcing, dark matter, Dava Sobel, David Brooks, future of journalism, hive mind, Howard Rheingold, HyperCard, Jane Jacobs, John Gruber, John Harrison: Longitude, Kevin Kelly, Kickstarter, lone genius, Mark Zuckerberg, meta analysis, meta-analysis, Naomi Klein, Nate Silver, Occupy movement, packet switching, Peter Thiel, planetary scale, pre–internet, RAND corporation, risk tolerance, shareholder value, Silicon Valley, Silicon Valley startup, social graph, Steve Jobs, Steven Pinker, Stewart Brand, The Death and Life of Great American Cities, Tim Cook: Apple, urban planning, WikiLeaks, working poor, X Prize
Occupy Wall Street as a meme; Twitter as a political platform; the hashtag as a way of organizing information: all three came from the edges of the network, not the center. The temptation, of course, is to draw a straight line of techno-determinism between the Seattle protests and the global wave of pro-democratic and egalitarian protest that swept across the planet in 2010 and 2011: from the Arab Spring to the Spanish Revolution to the Occupy movement. The prediction back in 2000 would have gone something like this: because the Internet abhorred hierarchies and top-down command structures, hierarchies and command structures would come under increasing attack, by organizations and movements that looked like Baran Webs and not Legrand Stars. The Internet helped us grasp the real-world potential of peer networks; the next logical step was to take that transformative insight to the streets.
Global movements comparable to Occupy Wall Street formed many times before the age of networked computing, as Gladwell observed; they might have had a harder time reaching critical mass without the speed and efficiency of the Net, but they were at least within the realm of possibility. But high-frequency trades are literally impossible to execute in a world without networked computers. If the Internet has a bias toward certain kinds of outcomes, you could make a plausible case that it is more biased toward derivatives traders than it is toward the general assemblies of the Occupy movement. So what does the Internet want? It wants to lower the costs for creating and sharing information. The notion sounds unimpeachable when you phrase it like that, until you realize all the strange places that kind of affordance ultimately leads to. The Internet wants to breed algorithms that can execute thousands of financial transactions per minute, and it wants to disseminate the #occupywallstreet meme across the planet.
Utopia or Bust: A Guide to the Present Crisis by Benjamin Kunkel
anti-communist, Bretton Woods, capital controls, Carmen Reinhart, David Graeber, declining real wages, full employment, Hyman Minsky, income inequality, late capitalism, liquidity trap, means of production, money: store of value / unit of account / medium of exchange, mortgage debt, Occupy movement, peak oil, price stability, profit motive, savings glut, Slavoj Žižek, The Wealth of Nations by Adam Smith, transatlantic slave trade, War on Poverty, We are the 99%, women in the workforce, Works Progress Administration
The new prominence of debt in rich countries—no novelty in poorer ones—has lately been matched by its political salience. In Greece, Portugal, and Spain, sovereign debt burdens have driven protesters onto the streets in the tens of thousands. They are indignant at being made to repair their governments’ books through higher taxes and reduced salaries and benefits. In Chile, excessive interest rates on student loans figured among the main grievances in demonstrations throughout the southern winter. And the Occupy movement in the US—whose slogan, “We are the 99 percent,” was reportedly first floated by Graeber himself—has condemned not only the maldistribution of wealth but the related vice of massive consumer debt, in the form of mortgages, student loans, and usurious interest rates on credit cards. Generally speaking, the 1 percent lends and the rest borrow. Western politicians meanwhile excuse their policies by alluding to the national debt.
Some readers of Debt have surmised that Graeber opposes all forms of impersonal economic relationship, on the basis of his warm accounts of neighborly credit relations or the Islamic bazaar with its “handshake deals,” as well as his denunciation of a credit system, articulated through laws and defended by violence, that exempts debt obligations and the value of money from the sort of continuous revision typical of humane dealings among equals. In response, Graeber has said that he is not “against impersonal relations, or all impersonal exchange relations,” which must in some degree characterize “any complex society.” There is no reason to doubt him. Yet the spirit of the Occupy movement has so far been defined by what Graeber, in Direct Action: An Ethnography (2009), described as the—mainly anarchist—theory and practice of “direct action,” or what is now often called “prefigurative politics.” In this ethos, “means and ends become, effectively, indistinguishable; a way of actively engaging with the world to bring about change, in which the form of the action … is itself a model for the change one wishes to bring about.”
Amazon Web Services, clean water, cloud computing, computer vision, en.wikipedia.org, full employment, income inequality, job automation, knowledge worker, mutually assured destruction, Occupy movement, Search for Extraterrestrial Intelligence, self-driving car, Stephen Hawking, working poor
In fact, riots seem likely. But chances are will see nothing of the sort. Why is that? Why won't we see millions of unemployed truck drivers rioting in the streets? Sure, it might happen, and it definitely would have happened in the past, but it is unlikely today. Why? First, police forces, especially in urban areas, have become much more militarized, with military equipment and military tactics. In the Occupy movements in 2011, there were many examples of a particular tactic: when people started to organize or march in a concerted way, they were repelled with startling amounts of force. A group of people would assemble, and a platoon of police officers twice as large, wearing riot gear and carrying a variety of weapons, would appear and control them. See videos like this one  as an example. In addition, the mainstream media outlets will not cover the protests of truckers, or the force used against them, to any great extent.
This paragraph from Wikipedia is telling: On October 5, 2011, conservative talk radio host Rush Limbaugh told his listening audience: "When I was 10 years old I was more self-sufficient than this parade of human debris calling itself Occupy Wall Street." Glenn Beck said on his internet television network GBTV, "Capitalists, if you think that you can play footsies with these people, you are wrong. They will come for you and drag you into the streets and kill you. They will do it. They’re not messing around." Newt Gingrich said, "All the Occupy movements starts with the premise that we all owe them everything. Now, that is a pretty good symptom of how much the left has collapsed as a moral system in this country and why you need to reassert something as simple as saying to them, go get a job right after you take a bath." Rick Santorum also told the protesters to get jobs.  “Human debris”? “Drag you into the streets and kill you”? “go get a job right after you take a bath”?
On Anarchism by Chomsky, Noam
A new generation of radicals had experienced a moment in the limelight and a sense of possibility—and had little clear idea about what to do next. They had participated in an uprising that aspired to organize horizontally, that refused to address its demands to the proper authority, and that, like other concurrent movements around the world, prided itself on the absence of particular leaders. One couldn’t call the Occupy movement an anarchist phenomenon per se; though some of its originators were self-conscious and articulate anarchists, most who took part wouldn’t describe their objectives that way. Still, the mode of being that Occupy swept so many people into with its temporary autonomous zones in public squares nevertheless left them feeling, as it was sometimes said, anarcho-curious. The generation most activated by Occupy is one for which the Cold War means everything and nothing.
However much one cursed at the time, one realized afterwards that one had been in contact with something strange and valuable. One had been in a community where hope was more normal than apathy or cynicism, where the word “comrade” stood for comradeship and not, as in most countries, for humbug. One had breathed the air of equality. With a few proper nouns adjusted, much the same statement could have come from a witness to the Occupy movement, though the awe would be less well deserved. Orwell saw anarchy overtake a whole city along with large swaths of countryside, rather than the square block or less of a typical Occupy encampment. That these far smaller utopias managed to convey the same sense of knock-you-down newness, of soul-conquering significance, is probably because of historical amnesia again: most people had never learned about the bigger ones in school.
Albert Einstein, Berlin Wall, British Empire, corporate governance, desegregation, Fall of the Berlin Wall, Jane Jacobs, Kibera, Mahatma Gandhi, McMansion, Mikhail Gorbachev, Mohammed Bouazizi, Occupy movement, Rosa Parks, urban planning, urban sprawl
With images of the Arab Spring inspiring millions throughout the region, the Syrians thought it would be a simple enough thing to take down Assad. They thought that all they needed was a few tens of thousands of eager young people showing up in the middle of Damascus waving their sts, and their dictator would fall just as quickly as had Mubarak in Egypt and Ben Ali in Tunisia before him. But the Syrians, like the leaders of the Occupy movement in the United States, were deceived by the apparent simplicity of the revolutions in Egypt and elsewhere. What people didn’t realize was that the group of Egyptian revolutionaries trained by CANVAS in Belgrade had spent two years winning small victories, building coalitions, and branding their movement before they undertook their Tahrir Square action. Proper revolutions are not cataclysmic explosions; they are long, controlled burns.
If someone asked me, “Srdja, do you feel like part of the 99 percent?” I might answer, “Well, my wife and I live in a ve-hundred-square-foot apartment and drive a car that’s almost a decade old. So yes, I guess I de nitely feel like the 99 percent.” I’d probably even wear a pin that said that. Why not? But if they asked me, “Do you feel like occupying Zuccotti Park?” I’d be less likely to sign up. With just a simple name change, the Occupy movement could have shown themselves welcoming of so many people: the urban, the rural, the conservative, the liberal, the short, the tall, the drivers, and the pedestrians. I would have loved to see that happen. That’s because unity, in the end, is about much more than having everybody line up behind a particular candidate or issue. It’s about creating a sense of community, building the elements of a group identity, having a cohesive organization, leaving none of your men or women behind, and sticking to your values.
Rethinking Money: How New Currencies Turn Scarcity Into Prosperity by Bernard Lietaer, Jacqui Dunne
3D printing, agricultural Revolution, Albert Einstein, Asian financial crisis, banking crisis, Berlin Wall, BRICs, business climate, business process, butterfly effect, carbon footprint, Carmen Reinhart, clockwork universe, collapse of Lehman Brothers, complexity theory, conceptual framework, credit crunch, discounted cash flows, en.wikipedia.org, Fall of the Berlin Wall, fear of failure, fiat currency, financial innovation, Fractional reserve banking, full employment, German hyperinflation, happiness index / gross national happiness, job satisfaction, Marshall McLuhan, microcredit, mobile money, money: store of value / unit of account / medium of exchange, more computing power than Apollo, new economy, Occupy movement, price stability, reserve currency, Silicon Valley, the payments system, too big to fail, transaction costs, trickle-down economics, urban decay, War on Poverty, working poor
It has to be the spirit, the culture, the dance, the music, the generosity of people Rethinking Money 223 toward each other, and I think this is happening because of the rise of the women to full partnership with men in the whole domain of human affairs with a new emphasis on process rather than on product, on making things grow, cohere, relate. This is already the biggest shift, I think, in human sensibility.” She continues: “Take the fact that the Arab Spring, whatever happens with it, became the basis of the Occupy Movement, and what has happened there, the end of which we neither have seen nor can imagine. And it will end up in many movements, leading us into a deeper exploration and communication of the steps toward radical democracy and the gradual arising of a world civilization with high individuation of culture. This is a shift that is changing everything. As the great civilizations 4,000 years ago grew up along the great rivers—the Tigris, the Euphrates, the Ganges, the Nile, the Yellow River—so a whole new order of civilization is finding its outer mythic base in the Internet and social media and on the innernet in its inner mythic expression of psycho-spiritual growth and development.”17 The new mythology is one of emancipation, the liberation to express in word and in deed each individual’s gifts and abilities.
See Nazi Party Nayahan Banjar. See Banjar Nazi Party, 180 Network structure, 32– 33 Newtonian physics, 29– 31 Nigeria, 42– 43 Nobel Prize in Economics, 35– 36 Nongovernmental organization (NGO), 56, 59, 73–74, 93; in Blaengarw, 159–161; competition among, 162; in Japan, 167; in principled society, 193 Nonmarket economy, 34 Nonprofit. See Nongovernmental organization NU-card, 186 Nyanza, 207–209 Obsolescence, 15 Occupy Movement, 223 Oil, 137–138 Oil spill, 211 257 Ooin, 186 OPEC nations, 113–114 Open source software, 123 Operational cost, 139, 140 Overcrowding, 164 Overdraft, 39 Panda, 32– 33 Papelitos, 183–184 Paper money, 25–26, 114, 152–153, 184–185 Paradigm: competition, 215–216; in education, 220–221 Pareto distribution, 68 Paris Club, 43 Patch Adams Free Clinic, 164–165 Patriarchy, 15 Pay-it-forward system, 83, 85 PayPal, 115–116 Pemaksan, 187 Performance bonus, 50 Pis bolong, 189 Pollution, 141 Poverty trap, 108 Prestige, 64 Principled society, 193–194 Privacy, 48 Private international scrip, 74, 199, 200 Private public partnership (PPP), 20–21 Privatization, 1, 20–21 Production loan, 104–105, 107 Profit-neutral investment system, 193–194 Prohibition, 157 Prostitution, 20, 184, 227n19 Prosumidores, 183–184 Psychiatry, 17, 34 Public good, 49 Publicity, 111–112 Public transport, 141–143, 152 Punishment, 197 Puntos, 125 Puntotransacciones, 125 Qoin, 93, 123, 150 Quality of life, 143 QuipShare, 77–78 258 INDEX Racial violence, 83 Randomness, 31– 32 Rationalism, 217; Age of Enlightenment, 15, 29– 30; markets as, 4 Real estate, 110–111 Realism, 30 Recession, 2, 50, 78–79 Recidivism, 83– 84 Reciprocity, 47– 49, 82, 171–172 Recirculation, 129–130 Reconstruction Finance Corporation, 181 Reconstruction multiplier, 170 Recycling, 142, 234n1 Red Cross, 83 Red Global de Trueque, 182–183 Redistribution, 217 Reference currency, 140, 199, 200 Reforestation, 67, 206, 207 Regio, 85– 89 Regional currency, 5, 75, 85– 87; criteria for, 191; in monetary ecosystem, 199, 201 Reichsbank, 179–180 Reichsmark, 176, 236n5 Relief money.
Buying Time: The Delayed Crisis of Democratic Capitalism by Wolfgang Streeck
banking crisis, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial repression, full employment, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, labour mobility, late capitalism, means of production, moral hazard, Occupy movement, open borders, open economy, Plutonomy: Buying Luxury, Explaining Global Imbalances, profit maximization, risk tolerance, shareholder value, too big to fail, union organizing, winner-take-all economy, Wolfgang Streeck
In unclear situations – contrary to what is repeatedly claimed – fear can be a good counsellor. That the crisis might lead to ‘social unrest’ is a constant nightmare for the men and women at the helm, even though what has been seen on the streets up to now bears little relation to it. Apparently the ruling class has not yet totally forgotten the events of 1968 in Paris or Turin, and in this respect the occasional street battles in Athens or the global ‘Occupy’ movement of the ‘99 per cent’ marked a good beginning. A lot can be learned from the excessive reaction of banks and governments, or from the sense of horror aroused by movements such as Occupy, tiny as they are. The idea that ‘the markets’ should adapt to the people, not vice versa, is nowadays thought of as outright crazy – and indeed it is so if the world is taken as it is. It might, however, become more realistic perhaps if it were argued more often, with dogged persistence, bypassing the blocked channels of institutionalized democracy, so that the calculators have to build it into their calculations and to reckon with the incorrigibly romantic view of ordinary people that they should not have to spend the rest of their lives in thrall to the spreadsheets of some IOU buffs and their trained collectors.
See solidarity, national national sovereignty, 2.1 passim, 3.1, 3.2, 3.3, 3.4, 4.1n23, 4.2 passim; curtailment/surrender of, 2.2, 2.3, 2.4, 3.5n14, 3.6, 3.7, 3.8 passim, 3.9, 3.10n91, 3.11 NATO neo-Protestantism, 1.1, 3.1 Netherlands, 2.1, 3.1, 3.2, 4.1 Neue Länder. See Germany: Neue Länder Nobel Prize in Economics Norquist, Grover North Atlantic Treaty Organization. See NATO nuclear energy Obama, Barack Occupy movement O’Connor, James, 1.1, 2.1n38, 2.2, 2.3 Offe, Claus offshoring oil, itr.1, 1.1, 2.1n8, 2.2 Organisation for Economic Co-operation (OECD), 1.1, 3.1 ownership, private panic, 1.1, 2.1n68, 3.1 Papademos, Lukas, 3.1, 3.2, 4.1 Papandreou, George Papanikolaou, Spyros pay, 1.1 passim, 1.2, 2.1, 2.2, 2.3n40, 2.4, 3.1, 4.1; deferred; EU, 3.3, 3.4; expectations; of public workers; relationship to devaluation of currency; relationship to productivity/production profits, 1.5n76, 3.5; ‘reservation wage’, 2.5n54; by results; of Sicilian politicians; subsidies, 3.7.
Ethics of Big Data: Balancing Risk and Innovation by Kord Davis, Doug Patterson
4chan, business process, corporate social responsibility, crowdsourcing, en.wikipedia.org, Mahatma Gandhi, Mark Zuckerberg, Netflix Prize, Occupy movement, performance metric, side project, smart grid, urban planning
Actor Ashton Kutcher can reach over 10 million people instantly. The American Red Cross has over 700 thousand followers. One has to wonder what Martin Luther King, Jr. would have done with a Twitter account. Or how the Civil War would have been changed in a world with blogs and real-time search. The telegraph was instrumental enough in how wartime communication took place; what if Lincoln or Churchill and Roosevelt had instant messaging? The Occupy movement has benefited enormously from being able to coordinate action and communicate its message on the backs of big-data systems. And, at both ends of the spectrum, imagine a data breach at Facebook: what would Hitler have done with that information? How would Mahatma Gandhi have utilized that kind of information about so many people? And because of the sheer velocity, volume, and variety of big data, as it evolves, it is introducing ethical challenges in places and ways we’ve never encountered before.
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland
Albert Einstein, algorithmic trading, banking crisis, barriers to entry, Basel III, battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Branko Milanovic, Bretton Woods, BRICs, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, conceptual framework, corporate governance, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial innovation, Flash crash, Frank Gehry, Gini coefficient, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, short selling, Silicon Valley, Silicon Valley startup, Simon Kuznets, Solar eclipse in 1919, sovereign wealth fund, stem cell, Steve Jobs, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy
No matter what passport you hold, if you run or own a global company, that is not really a big deal. But, as Autor, Dorn, and Hanson show, if you are an American worker, that “leveling out” can be painful indeed. Professor Van Reenen said these tensions have been building for years but have been laid bare by the financial crisis. That, he believes, has sparked a wave of populist protest, ranging from the Tea Party on the right to the Occupy movement. “These things have been going on for a couple of decades,” he said. “What has happened is, with the rise of the financial crisis, all of these things are coming into sharp relief.” — The twin gilded ages are speeding each other up: The industrialization of the emerging economies is creating new markets and new supply chains for the West—iPhones are produced in China, and also sold there.
“I recently talked to an IT engineer at a midsize financial services company downtown and he complained that his budget is being slashed every year, as he’s expected to do more with less,” Rosoff wrote on his Business Insider blog. “He’s over forty and sees no chance of getting hired at one of these sexy start-ups run by 20-somethings and funded by VCs who are younger than him. So maybe Eric Schmidt and the people he talks to really don’t discuss the Occupy movement. But that’s not a Silicon Valley thing—that’s just the circles he travels in.” The plutocratic bubble isn’t just about being insulated by the company of fellow super-elites, although that is part of it. It is also created by the way you are treated by everyone else. One financier, speaking about his friend who is one of the top five hedge fund managers in the world, said, “He’s a good man—or as good as you can be when you are surrounded by sycophants.”
., 131–34, 137 Murray, Charles, 286 music industry, 109–10, 126–27, 170–71 n-11 economies, 30 Nakamoto, Michiyo, 169 Naspers, 66 Neeleman, David, 156–57 Netherlands, 16 NetJets, 2, 66 New Class, 264–69 New Class, The (Djilas), 89–90 New Deal, 13–14, 132–34, 177 Newsweek, 127 New Yorker, 33 New York Times, 6, 7, 39, 45, 70, 125, 126, 140, 165, 174, 227, 258, 268 New York World, 7 New Zealand, 3, 159–60 Next Convergence, The: The Future of Economic Growth in a Multispeed World (Spence), 20 Nicaragua, 191 Niccolini, Julian, 36 Nigeria, 66 Nobel, Alfred, 71 Nobel Prize, 50, 69, 123, 124, 126, 175 Nolte, Nick, 127 Nucor, 158 Oakland A’s, 129 Obama, Barack, x, 18, 92–93, 242–43, 245, 247, 249, 250, 258, 269 as empiricist, 93 Observer, 74 Occupy movement, 28, 42, 80, 83, 92, 238, 244–45, 248–51 O’Connor, Caroline, 171–72 Odnoklassniki, 163 OECD, 3 O’Neill, Jim, 19, 21, 29–30, 33 one percent, xii, 135 0.1 percent vs., 79–83 99 percent vs., 80 during 1940s–1970s period, 14 in economic recovery of 2009–2010, xiii political vs. economic focus on, xiv share of national income, 3, 14 Open Society Foundations, 70, 77 Orange Revolution, 79–80, 192 Orlov, Yuri, 90 Orszag, Peter, 18 Orwell, George, 90 outsourcing, 92, 105, 106, 155, 179, 241 Oxford University, 62 Page, Larry, 55 PaineWebber, 142 Palin, Sarah, 83, 223 Pangea3, 106–7 paradigm shifts, 144, 145, 164 see also revolutions paradox of happy peasants and miserable millionaires, 31–32, 51, 82 Paulson, Hank, 213, 271–72 Paulson, John, 148, 244 Pavarotti, Luciano, 97, 98 pay for performance, 136, 138, 139 PayPal, 171, 183 Perella, Joe, 170 Peru, 82 Peterson, Holly, 1–3, 52, 80–81 Peterson, Pete, 1, 36–37, 44–45, 70, 78, 80 Petrarca, Francesco, 278 philanthro-capitalism, 71, 74–76, 264, 267 philanthropy, 70–76, 246, 264 Philippines, 25 Philippon, Thomas, 48, 53, 220–21 Pierson, Paul, 18 Piff, Paul, 239 Piketty, Thomas, 34, 43 Pimco, 65, 251 Pinchuk, Victor, 72–73, 268, 270 Pipes, Richard, 145 Pisarev, Kirill, 103 pivoting, 171–73 Platinum Study, 43 Pleading Guilty (Turow), 38 Plepler, Richard, 72 Pliny the Elder, 195 Plutarch, 195 political influence, 222–24, 247, 260–62 political revolutions, 144–46 politicians, 76–79, 269–70 Polo, Marco, 278 Poore, Peter, 76 PopTech, 67 Porter, Michael, 23 Posner, Victor, 120, 122 Potanin, Vladimir, 151 Premji, Azim, 155 Prince, Chuck, 169–70 private equity, 120–22, 128, 190, 243, 280 privatization, 193–94, 205, 207, 222, 225 in Russia, 162–64, 176, 179–81, 188, 192–93, 198, 207, 218, 223, 225 telecom, 196–98 privilege, 239 transferred to children, 282–83 Progress and Poverty (George), 38, 40–41 Progressive Era, 39, 78 Prokhorov, Mikhail, 162 Putin, Vladimir, 80, 107, 149–51, 255 Qiu Ying, 96 Quantum Fund, 142, 143, 154, 172 Queen Elisabeth Competition, 126 Quiggin, John, 48 Radia, Niira, 200 railroads, 178, 191 Raja, Andimuthu, 200 Rajan, Raghuram, 188–89, 198, 201, 228 Rajaratnam, Raj, 121–22 Rakoff, Jed, 256 Rand, Ayn, 249 Rauh, Joshua, 119–20 Ravid, Abraham, 130 Reagan, Ronald, 17, 89 Reagan Revolution, xii real estate, 222–23 Red Capitalism (Walter and Howie), 207–8 Reformed Broker, The, 84 Reich, Robert, 3 Renaissance, 96 Renaissance Capital, 65, 159 rentier elite, 42, 43, 283 rent-seeking, 188–228, 283 in China, 204–10 globalization and, 226–28 in India, 198–200, 228 value creation vs., 280–81 Reshef, Ariell, 48, 220–21 revolutions, 141–87 industrial, see industrial revolution political, 144–46 in technology, xiv, 4, 14–15, 18, 19, 21, 22, 25, 28, 30–31, 67, 100, 104, 146, 157–58, 164, 166, 184, 221, 285 Reynolds, Joshua, 94 “rich,” use of word, x Roach, Stephen, 210 robber barons, xv, 9, 19, 41, 42, 71, 118, 134, 191, 195, 237 Roosevelt on, 177–78 Robertson, Julian, 142 Robinson, James, 279–80 Rockefeller, John D., 195 Rodriguez, Alex, 108–9 Rolls-Royce, 46 Romney, Mitt, 77, 92–94, 236, 237, 286 as empiricist, 93–94 Roosevelt, Franklin Delano, 132 Commonwealth Club speech of, 176–78 New Deal of, 13–14, 132–34, 177 Roosevelt, Theodore, 39 Rose, Charlie, 72 Rosen, Sherwin, 97, 99–100, 107–12, 116, 123 Rosoff, Matt, 238 Royal Bank of Canada, 217 Royal Bank of Scotland, 217 Rubenstein, David, 121, 148–49 Rubin, Bob, 213 Russia, 3, 14, 19, 35, 56, 62, 66, 82, 96, 148, 149, 159–61, 163, 164, 178–81, 186, 206, 260 billionaire-to-GDP ratio in, 189 Bolsheviks in, 14, 93, 145, 284 privatization in, 162–64, 176, 179–81, 188, 192–93, 198, 207, 218, 223, 225 Revolution in, 152–53 science and technology in, 178–79 Russian oligarchs, 42, 46, 51–52, 61–62, 72, 92, 107, 147, 149–52, 186, 193, 196, 223, 255, 285 Ryan, Paul, 83, 190 Sabharwal, Manish, 32 Saez, Emmanuel, xiii, 34, 35–36, 43, 117, 281 Saïd, Wafic, 62 Sainath, Palagummi, 32 Saint Laurent, Yves, 114–16 Salganik, Matthew, 126 Salinas, Carlos, 196, 198 Salomon Brothers, 130 Sandberg, Sheryl, 174–75 Santorum, Rick, 246 Sawiris, Naguib, 4, 35, 77 Say’s law, 30–31 Schiff, Peter, 245 Schmidt, Eric, 56, 58, 69, 104–5, 236, 238, 280–81 Schmidt, Jacqueline, 70 Schrage, Elliot, 47 Schultz, Howard, 69 Schumer, Chuck, 211–13, 227 Schumpeter, Joseph, 32, 118 Schwarzman, Steve, 1, 36–37, 45, 46, 60, 147, 237, 243 science, 123–25 screenplays, 128 Seasteading Institute, 250 Securities and Exchange Commission (SEC), 226, 256 self-interest, 178, 215, 216, 239–40, 243–44, 249, 273–75, 286 Sennett, Mack, 98 Sense and Sensibility (Austen), 274–75 sewing machine, 113–15 Shaw, George Bernard, 39 Shelley, Percy Bysshe, 89 Shubrick, 40 Silicon Valley, 46–47, 56, 93, 163–64, 166, 171, 174, 175, 181–83, 230–31, 235, 236, 238, 283, 285 Silver Lake, 59 Simmons, Ruth, 284 Singapore, 63 Singer, Paul, 77 Singh, Manmohan, 155, 198–99 Sinha, Jayant, 189 skill-biased technical change, 91 skimming, 138 Slim, Carlos, 42, 46, 51, 195–98, 199, 218, 227, 236, 255 Smith, Adam, 67, 131, 138, 194, 229 Smith, Art, 112 Smith, Michael, 102 social mobility, 5, 82, 278–79 income inequality and, 283–84 Socialnet, 183 Somoza family, 191 Sorensen, Alan, 126 Soros, George, 53–54, 70, 73, 77, 141–45, 147, 148, 152–55, 172–73, 242 Soros, Jonathan, 153, 173 Soros, Tivadar, 152–53 South Korea, 32, 193 Soviet republics, former, 20, 77, 149, 155, 192, 193, 267 Soviet Union, 14, 17, 89–90, 144, 155, 178–80, 266 Spectator, 56–57, 59, 67 Spence, Michael, 20, 187 Spitzer, Eliot, 213 Splinter, Michael, 64 sports stars, 108–9, 129, 130, 138 Stalin, Joseph, 20, 90 Stanford Business School, 61, 147 Starr International, 101 Start-Up of You, The (Hoffman), 184–85, 187 Stengel, Rick, 72 Stephenson, Randall, 164, 185–86 Stevenson, Betsey, 32 Stewart, Rod, 36 Stiglitz, Joe, 27 Stock Market Boys, 51 Stoll, Craig, 112–13 Strauss-Kahn, Dominique, 72, 238–39 Stringer, Howard, 36 student activism, 268 Sull, Donald, 145, 147, 167–68, 171 Summers, Larry, xiii, 49, 87, 165, 174 Sunstein, Cass, 93 Sun Valley, 68 Sun Yat-sen, 39 superstars, 88–140 fees charged by, 101–3 globalization and, 91–92, 108 income of, vs. everyone else, 100–101 industrial revolution and, 95–99, 118 and talent vs. capital, 116–17, 122, 129–30 technology and, 91–92, 98–100, 108, 109 “Sustaining New York’s and the US’ Global Financial Services Leadership,” 211–15 Swank, Hilary, 110 Sweden, xii, 3, 12 Switzerland, 35, 63 Szelényi, Ivan, 89–90, 136, 266 Tahrir Square, 80 Taiwan, 35 Tawney, R.
Our Kids: The American Dream in Crisis by Robert D. Putnam
correlation does not imply causation, deindustrialization, demographic transition, desegregation, ending welfare as we know it, epigenetics, full employment, George Akerlof, helicopter parent, impulse control, income inequality, index card, low skilled workers, manufacturing employment, meta analysis, meta-analysis, mortgage tax deduction, new economy, Occupy movement, Ralph Waldo Emerson, randomized controlled trial, school choice, Socratic dialogue, The Bell Curve by Richard Herrnstein and Charles Murray, the built environment, upwardly mobile, Walter Mischel, white flight, working poor
But first, zooming out from our close focus on Port Clinton to a wide-angle view of contemporary American society, let’s examine the principle of equality and what it actually means for Americans today. Inequality in America: The Broader Picture Contemporary discussion of inequality in America often conflates two related but distinct issues: • Equality of income and wealth. The distribution of income and wealth among adults in today’s America—framed by the Occupy movement as the 1 percent versus the 99 percent—has generated much partisan debate during the past several years. Historically, however, most Americans have not been greatly worried about that sort of inequality: we tend not to begrudge others their success or care how high the socioeconomic ladder is, assuming that everyone has an equal chance to climb it, given equal merit and energy. • Equality of opportunity and social mobility.
Bill, 160–61 gifted-and-talented programs, 143, 153 Gilded Age, 41, 191 global warming, 228 Golden, Claudia, 34 Goodnight Moon time, 126–27, 242 government policies: on child development, 248–51 on family structure, 244–48 on parenting, 248–51 on schooling, 251–58 grandparents: financial assistance from, 6, 133 as replacement parents, 102, 132–34, 149–52 Great Depression, 34, 74, 191 Great Migration, 13 Great Recession, 22, 35, 130, 148, 223 grit, 4, 111, 176, 241 H hand-me-downs, 9–11 Hardy Boys, The (mystery series), 87 Hargittai, Eszter, 211–12 Harlem Children’s Zone (HCZ), 254 Head Start, 153, 249–50 helicopter parents, 133 high school: drop outs and, 26, 56 educational attainment and, 183–84 equivalency tests (GEDs), 93, 157, 183 graduation rates and, 137 see also Santa Ana High School; Troy High School High School movement, 160, 183, 260 Holzer, Harry, 231 Hooked on Phonics, 85, 118 housing: affordable, 251–52 crowded, 136 mixed-income, 251–52 school choice and, 164 vouchers for, 60, 247 Hout, Michael, 36 hug/spank ratio, 121 I immigrants: European, 192 Latino, 47, 84, 135 traditional marriage and, 72 unaccompanied children as, 261 upward mobility and, 141 imprisonment, parental, 76–77, 77 child poverty and, 26–27, 152 policy changes and, 247–48 incarceration policy, 76, 247–48 income: academic achievement and, 162, 165 distribution of, 22, 23, 31–32 Earned Income Tax Credit and, 247 equality, 31–34 mixed-income housing and, 251–52 social mobility and, 43–44 trends in, 35–36 income inequality, 37 in 21st century, 35, 43 low- vs. high-income schools and, 137, 138, 163, 166 Occupy movement and, 31 opportunity gap and, 227–28 poor old-timers vs. rich newcomers, 47, 251 residential segregation and, 38–39, 38 individualism, 206, 261 informal mentoring, 213 intensive parenting, 128 intergenerational mobility, 31, 82, 233 Internet: fund-raising and, 205 political uses of, 236 social networks and, 211–12, 269 Invisible Man (Ellison), 18 Isabella, 137, 139, 141–48, 160, 161, 165, 169, 182, 225 Ivy League schools: competitive pressure and, 139, 145, 147 educational attainment and, 139, 142, 198 graduation from, 148, 193 J James Joyce (Ellmann), 1 Jesse, 2, 12–16, 18–19, 30, 274 Jim Crow South, 13, 81 Job Corps training programs, 59 Joe, 54–56, 58–60, 64, 68, 73, 79, 118, 167 John, 203–204 “John Henry effect,” 113 Junior Women’s Club, 8 K Katz, Lawrence, 34, 160, 231 Kayla, 49, 54–61, 64–65, 67–68, 78, 115, 118, 125, 128, 185, 188, 216, 221, 234, 240, 256 Kefalas, Maria, 73–74 Kensington, 192–193, 198–205, 213, 216–221 Kenworthy, Lane, 246 King, Martin Luther, Jr., 241 Kirk, David, 170 Knott’s Berry Farm, 141, 162 Kornhauser, William, 239–40 L Laguna Beach, Calif., 136 Lake Erie, 3, 21 Land-Grant College movement, 160–61 language: as barrier to education, 155, 159 social class and, 29, 116 Lareau, Annette, 118 Latinos, 39, 47, 101, 267 affluent, 139–48, 158–60 in gangs, 140, 149, 152 in Orange County, Calif., 131, 135–37, 140–41, 144, 158–59, 175 poverty of, 148–58 traditional marriages and, 72, 84 see also specific individuals Lauren, 83, 92–100, 123, 185, 188, 216, 256 learning disabilities, 111, 163 Libby, 2, 9–12, 18–19, 30, 274 library cards, 97 licking and grooming, 115 life stories, research for, 263–77 see also specific accounts of individuals LinkedIn, 211 Lisa, 198–206, 216, 225, 234, 256, 257 logging industry, 46 Lola, 132, 137, 148–57, 161, 171–72, 175, 178, 182, 184, 188, 216, 234, 240, 256, 267, 269 Los Angeles, Calif., 135, 139 Lower Merion, 192–98, 205, 206, 217, 221 M McGuffey’s Reader, 33 McLanahan, Sara, 63, 65, 68, 69–70, 71 Madeline, 193–96 manners, 10, 151 March on Washington, 241 Marines, U.S., 157 Marnie, 193–98, 205, 209, 211, 229, 264, 269 marriage: class gap and, 40–41 cohabitation vs., 67–68 government policies and, 244 shotgun, 62 traditional, 7, 12, 62, 72 marriage trap, 56 Mary Sue, 221, 268 Massey, Douglas, 34, 44–45, 252 mass movements, 240 medical insurance, 201 mentors, mentoring: Big Brothers Big Sisters, 213 church leaders as, 4, 197 class gap and, 213–16, 215 formal vs. informal, 213 parents as, 98, 197 as solution to class gap, 259 sports coaches as, 14 teachers as, 141, 196 methods appendix: qualitative research, 263–74 quantitative research, 268–69 Michelle, 83, 92–100, 125, 128, 185, 188, 216, 234, 256, 267, 270 mining industry, 13, 16, 20 Mississippi, 13, 14 mobility: absolute vs. relative, 41–42 intergenerational, 31, 82–83 methods of assessing, 43–44 PCHS class of ’59 and, 4, 7 social, 31–34, 43–44 trends in, 228–29 see also upward mobility Molly, 198–206, 217, 218, 224, 233 Mommy and Me classes, 86 money: “old money” gentry and, 25 parental spending and, 125–26 politics and, 238–39 mothers: age at child’s birth and, 64, 65 employment of, 71, 71 marital status and, 66–68, 66 stay-at-home, 71 Mount Laurel, 251–52 Moving to Opportunity, 223 Moynihan, Daniel Patrick, 62 multi-partner fertility, 68–71, 78 Mullainathan, Sendhil, 130 Murnane, Richard, 250 My Brother’s Keeper, 213 “My City Was Gone” (song), 1 N natural growth, 118 neglect: educational, 155 parental, 26, 104, 111–12 Negro Family, The (Moynihan), 62 neighborhoods: affluence vs. poverty and, 217–23, 219 childhood obesity and, 222–23, 222 class segregation and, 38–39, 38 crime in, 102–3, 199–200 Moving to Opportunity and, 223 regeneration of, 259–60 safety and, 97, 140 social trust and, 219–21, 219 neighborhood development, 251, 259–60 Nelson, Timothy J., 68 New Deal, 34 New Hope Program, 260 New Orleans, La., 102–4 New York, N.Y., 81, 84, 254 1950s: affluence in, 5–6 class disparities in, 6–9 economic mobility during, 9–12 family structure and, 62–63 parental involvement in schools during, 156 Port Clinton during, 1–19, 29–30 race in and, 12–19 social norms of, 12 working class in, 3–4 Nixon, Richard, 135 noncognitive skills, 111, 176 O obesity, childhood, 222–23, 222 Occupy movement, 31 Okun, Arthur, 230–31, 234 opportunity, equality: as American Dream, 41–44 child development for, 248–58 class gap and, 31–34 Declaration of Independence and, 241 through democracy, 230, 234–41 diminishing the gap of, 260–61 through economic growth, 230–34 education and, 32, 44–45, 137, 161, 258 fairness in, 22, 241–42, 264 income distribution and, 31–32 mobility and, 31–34, 41–44 moral obligation to, 240–42 social mobility and, 41–44 statistical evidence and, 42–43 opportunity gap, 227–61 child development and, 248–51 community and, 258–60 community colleges and, 257–58 democracy and, 234–40 economic growth and, 230–34 family structure and, 244–48 income equality and, 227–28 moral obligation and, 240–42 opportunity costs and, 230 opportunity youth and, 232, 232 schools and, 251–58 solutions to, 242–44, 260–61 Orange County, Calif.: affluence in, 135, 139–143, 264–265, 270–71 demographic changes in, 135–36 Latinos in, 135–37, 139–43, 148–52, 158–59 life stories of, see Clara; Isabella; Lola; Ricardo; Sofia Santa Ana schools in, 137, 138, 153–57 Troy High School in, 137, 138, 143–48 working-class communities, 265 Orfield, Gary, 165 Origins of Totalitarianism (Arendt), 240 out-out-wedlock births, see nonmarital pregnancies Ozzie-and-Harriet families, 61, 63 P para-school funding, see fund-raising parental leave, 248 parenting, 80–134 age of mother and, 64, 65 child development and, 109–17 class gap and, 119–22, 120, 133–34 day care and, 128–30, 248–49 education of parents and, 119, 249 family dinners and, 24, 122–24, 124 government policies on, 248–51 grandparents and, 132–34 imprisonment and, 26–27, 76–77, 77, 152, 247–48 investments in children, 24, 29, 51, 86–88, 92, 123–24, 127, 143, 145, 159, 166–67, 195 nonmarital births and, 66–68, 66 permissive, 117 planned vs. unplanned births and, 64–65 school involvement and, 24, 86, 156, 167 solutions for problems in, 248–51 spending and, 125–26, 126 stress and, 130–32 time and, 26, 59, 88, 126–28, 127 verbal, 120 parenting trends, 117–34 parent-teacher association (PTA), 88, 167 parochial schools, 84, 254–55 Patty, 50–52, 92, 128, 229 pay-to-play policies, 180–81, 258 peer pressure, 160–73 People of Plenty (Potter), 33 Percheski, Christine, 69–70 permissive parenting, 117 Philadelphia, Pa.: community disparity in, 191–206 life stories of, see Amy; Eleanor; Lisa, Madeline; Marnie; Molly Philadelphia Story, The (film), 191 Philadelphia Youth Orchestra, 204 piano lessons, 86, 139, 178, 194 pluralism, 136 Police Athletic League (PAL), 199–200 politics: class gap and, 237–40 class savvy and, 11, 140 Politics of Mass Society, The (Kornhauser), 240 Port Clinton, Ohio, 1–45 in 1950s, 1–9, 29–30, 270; see also Port Clinton High School (PCHS) in 21st century, 2, 19–30, 270 affluence in, 5–6, 24–26 class gap and, 2, 6–9, 19–30, 270 factory closings in, 20 life stories of, see Cheryl; Chelsea; David; Don; Frank; Jesse; Libby opportunity gap in, 29 poverty in, 22, 23, 26–29 race in, 12–19 Port Clinton High School (PCHS), 3–6, 9–19 class of 1959, 3 Potter, David, 33 poverty: antipoverty programs and, 246–47 in Bend, Oreg., 47–48, 48 child development and, 116 costs of, 231–32 family instability and, 74 in Kensington, 198–206 in neighborhoods, 217–19, 219 in New Orleans, La., 102–3 in Port Clinton, Ohio, 22, 23 in Santa Ana, Calif., 136–38, 138, 170 schools and, 169–71, 171 pregnancy: marital, 203, 205 nonmarital, 61–62, 66–72, 66, 75, 78, 162, 204, 243, 245 teen, 2, 70, 196, 203–5, 245–46 trends in, 64–66, 73–75 premarital sex: family structure and, 62 teens and, 196, 203–5 Pretenders, The (band), 1 prison, see imprisonment, parental private schools, 52, 173, 194 Progressive Era, 244, 253, 256 property taxes, 165 prostitution, 152 public education system: Common School movement and, 160 equal opportunity and, 32 High School movement and, 160 Land-Grant College movement and, 160–61 see also class gap, education and public policy, 75–76 Q qualitative research, 263–74 constraints of, 272–84 life stories as, 263 model for, 265–66 participants and, 265–67 sample and, 270–71 Sandelson and, 265 Silva and, 270–71, 269–71 topics of, 267–68 quantitative research, 274–77 data sets and, 277 life stories as, 274 PCHS class of ’59 survey, 274–75 statistics of, 276–77 survey results, 276 R race: in 1950s, 12–19 in 21st century, 18, 91 affluence and, 84–92 class gap and, 76, 161–62 college scholarships and, 14, 17 in discrimination and segregation, 81–83 socializing and, 16–18 racism, 18–19 reading, 87, 143, 249 real estate: good schools and, 164 in Port Clinton, Ohio, 22 property taxes and, 165 white flight and, 81 Reardon, Sean, 161–62, 280 “rearview mirror” method, 44 relative mobility, 41–42 religion: child development and, 89–90 church attendance and, 224–25, 225 communities and, 197, 201–4, 223–26 see also churches research: field, 264 financial support and, 266 leadership of, 266 undergraduate, 265 see also qualitative research; quantitative research residential segregation: affordable housing and, 251–52 income and, 38–39, 38 schools and, 163–64, 251–52 residential sorting, 163 Ricardo, 137, 139, 141, 143, 146, 148, 165, 229 Riis, Jacob, 41 Rocky (film), 191–92 Rotary Club, 8 row houses, 192 Rust Belt, 30, 73, 264 S Sampson, Robert, 170, 217–18 San Diego, Calif., 135 Santa Ana, Calif.: as America’s most troubled city, 136 gangs in, 136, 170 poverty in, 136–37, 138, 170 Santa Ana High School, 59, 136–38, 148, 153–58, 163–64, 166–67, 169–70 characteristics of, 136 SATs (scholastic aptitude tests): as academic measure, 137, 142, 246 competitive pressure and, 139 preparation for, 144, 147, 197, 206 savvy gap, 213–16 Sawhill, Isabel, 79, 229, 245 Scarcity (Mullainathan and Shafir), 130 scholarships, 8 for black students, 14, 17 for Latino students, 141 school choice, 97, 164–65 school climate, 97, 153–54, 171–73 schools, schooling, 135–90 AP classes and, 39, 143, 168, 168, 173 Catholic, 84, 201, 254–55 class divergence and, 160 class gap and, 137, 138, 160–73 discipline problems in, 171 drugs and violence in, 153–54, 170 educational attainment and, 183–90, 189, 190 extracurricular activities and, 174–83, 177 finances of, 165–66 fund-raising and, 137, 147, 167 government policies and, 251–58 inequality in, 137, 138 Latino communities and, 158–60 opportunity gap and, 251–58 peer influence in, 11, 160-73, 197, 214, 236 poverty in, 169–70, 171 private schools and, 52, 173, 194 public education system and, 160–61 residential segregation and, 163–64, 251–52 solutions for problems in, 251–58 tracking and, 143, 173 see also education; specific schools Science Olympiad, 144 Schlozman, Kay, 236 Scott, Helen Hope Montgomery, 191 seat belts, sociological, 224 SeaWorld, 151 Section 8 housing assistance, 60 security, emotional, 53, 115 segregation, residential, 38–39, 38, 163–64, 251–52 “Self-Reliance” (Emerson), 261 serve-and-return interactions, 110, 123, 126 sexual norms, 73 Shafir, Eldar, 130 Shonkoff, Jack, 109–12 shotgun marriages, 62 Silva, Jennifer: field research and, 264 research methods appendix and, 263–74 Simone, 83, 84–92, 101, 110, 117–19, 122, 128, 143, 164, 166, 174, 206 single-parent families: changing family structure and, 69–71, 70, 92–101 in 1970s, 21, 62 nonmarital births and, 66–68, 66 parental imprisonment and, 76 social class: education and, 44–45 language and, 29, 116 parenting style and, 119–22, 120 see also class gap social isolation, 16–17, 28, 211 social mobility, 31–34, 43–44 social networks: affluence and, 209–10, 209 churches as, 4, 10, 89–90, 201, 206 class gap and, 207–10, 208 communities and, 207–13 Internet and, 211–12, 269 social safety net, and communities, 132, 206, 229, 246–47, 254, 258–59, 261, 264, 265 social trust, 95, 201, 219–20 socioeconomic status (SES), 189–90 Sofia, 132, 137, 148–58, 160–61, 165, 168, 171, 172, 175, 178, 182, 185, 188, 216, 234, 256, 269 soft skills, 174–76 spending, parental, 125–26, 126 Spock, Benjamin, 117 sports: class gap and, 178, 179 as equalizer, 4, 97 pay-to-play policies and, 180–81, 258 Title IX and, 175 Stephanie, 83, 92–101, 110–11, 114, 117, 120–21, 123, 128, 163, 167, 263, 267 step-parents, 63, 93 step-siblings, 57, 63 stress: competitive, 144–45 financial, 130–31, 131 parental, 130–32 toxic, 111–14 suburbs, 261, 265 summer learning gap, 86–87, 143, 162 Sun Belt, 80 Supporting Healthy Marriage program, 244 T teachers: Talent Transfer Initiative and, 253 teacher flight and, 253 teacher quality and, 137 teacher salaries and, 165–66 team sports, see sports technology, 143, 212, 257, 265 see also computers; Internet teen pregnancy, 203–5, 245–46 television, 3, 57, 89, 91, 93, 117, 119, 123, 128, 162 test scores: K-12 education and, 161–62 see also SATs Tiger Moms, 145, 159 time, child-parent relationships and, 126–28, 127 Tolstoy, Leo, 61 tough love, 88, 96, 100–101, 120, 195 toxic stress, 111–14 tracking, 143, 173 traditional families, 61–62 traditional marriage, 7, 12, 62, 72 trailer parks, 22, 57 travel, 53 Troy High School, 137, 142, 143–48, 163, 165 characteristics of, 138 competitive pressure at, 139, 144–45 curriculum of, 143–44, 213 extracurricular activities in, 145–47 fund-raising and, 147 Newsweek ranking of, 143 Tiger Moms and, 145 trust: building of, 270 social, 95, 201, 219–21 trust funds, 6 U unemployment, 20, 136 United Auto Workers (UAW), 8 upward mobility: gender and, 11 parental spending and, 125 PCHS class of ’59 and, 4, 7 race and, 18 2nd generation immigrants and, 141 trends in, 228–29 V values, 75, 240 Verba, Sidney, 236 verbal parenting, 120 veterans, 160–61 violence: in New Orleans, La., 102–3 in Santa Ana, Calif., 136 in schools, 153–54, 170 in South, 13 vocabulary gap, 92 vocational education, 255–56 volunteer work, 157, 259 voting, 235–37, 235 W Waldfogel, Jane, 122, 248 Waltham, Mass., 270, 272 War on Drugs, 76 Washbrook, Elizabeth, 122 weak ties, 198, 208–10, 208, 209 wealth gap, 31, 37 welfare system: costs of, 232 family structure and, 75 medical insurance and, 202 reforms of, 244 Wendy, 24–25, 29, 92, 143, 266 Weston, Mass., 270 white flight, 81 Y youth: church programs for, 202–4 Facebook and, 205, 269 recreation, 199 voting and, 235–37, 235 YouthBuild network, 256 Simon & Schuster 1230 Avenue of the Americas New York, NY 10020 www.SimonandSchuster.com Copyright © 2015 by Robert D.
., 68 New Deal, 34 New Hope Program, 260 New Orleans, La., 102–4 New York, N.Y., 81, 84, 254 1950s: affluence in, 5–6 class disparities in, 6–9 economic mobility during, 9–12 family structure and, 62–63 parental involvement in schools during, 156 Port Clinton during, 1–19, 29–30 race in and, 12–19 social norms of, 12 working class in, 3–4 Nixon, Richard, 135 noncognitive skills, 111, 176 O obesity, childhood, 222–23, 222 Occupy movement, 31 Okun, Arthur, 230–31, 234 opportunity, equality: as American Dream, 41–44 child development for, 248–58 class gap and, 31–34 Declaration of Independence and, 241 through democracy, 230, 234–41 diminishing the gap of, 260–61 through economic growth, 230–34 education and, 32, 44–45, 137, 161, 258 fairness in, 22, 241–42, 264 income distribution and, 31–32 mobility and, 31–34, 41–44 moral obligation to, 240–42 social mobility and, 41–44 statistical evidence and, 42–43 opportunity gap, 227–61 child development and, 248–51 community and, 258–60 community colleges and, 257–58 democracy and, 234–40 economic growth and, 230–34 family structure and, 244–48 income equality and, 227–28 moral obligation and, 240–42 opportunity costs and, 230 opportunity youth and, 232, 232 schools and, 251–58 solutions to, 242–44, 260–61 Orange County, Calif.: affluence in, 135, 139–143, 264–265, 270–71 demographic changes in, 135–36 Latinos in, 135–37, 139–43, 148–52, 158–59 life stories of, see Clara; Isabella; Lola; Ricardo; Sofia Santa Ana schools in, 137, 138, 153–57 Troy High School in, 137, 138, 143–48 working-class communities, 265 Orfield, Gary, 165 Origins of Totalitarianism (Arendt), 240 out-out-wedlock births, see nonmarital pregnancies Ozzie-and-Harriet families, 61, 63 P para-school funding, see fund-raising parental leave, 248 parenting, 80–134 age of mother and, 64, 65 child development and, 109–17 class gap and, 119–22, 120, 133–34 day care and, 128–30, 248–49 education of parents and, 119, 249 family dinners and, 24, 122–24, 124 government policies on, 248–51 grandparents and, 132–34 imprisonment and, 26–27, 76–77, 77, 152, 247–48 investments in children, 24, 29, 51, 86–88, 92, 123–24, 127, 143, 145, 159, 166–67, 195 nonmarital births and, 66–68, 66 permissive, 117 planned vs. unplanned births and, 64–65 school involvement and, 24, 86, 156, 167 solutions for problems in, 248–51 spending and, 125–26, 126 stress and, 130–32 time and, 26, 59, 88, 126–28, 127 verbal, 120 parenting trends, 117–34 parent-teacher association (PTA), 88, 167 parochial schools, 84, 254–55 Patty, 50–52, 92, 128, 229 pay-to-play policies, 180–81, 258 peer pressure, 160–73 People of Plenty (Potter), 33 Percheski, Christine, 69–70 permissive parenting, 117 Philadelphia, Pa.: community disparity in, 191–206 life stories of, see Amy; Eleanor; Lisa, Madeline; Marnie; Molly Philadelphia Story, The (film), 191 Philadelphia Youth Orchestra, 204 piano lessons, 86, 139, 178, 194 pluralism, 136 Police Athletic League (PAL), 199–200 politics: class gap and, 237–40 class savvy and, 11, 140 Politics of Mass Society, The (Kornhauser), 240 Port Clinton, Ohio, 1–45 in 1950s, 1–9, 29–30, 270; see also Port Clinton High School (PCHS) in 21st century, 2, 19–30, 270 affluence in, 5–6, 24–26 class gap and, 2, 6–9, 19–30, 270 factory closings in, 20 life stories of, see Cheryl; Chelsea; David; Don; Frank; Jesse; Libby opportunity gap in, 29 poverty in, 22, 23, 26–29 race in, 12–19 Port Clinton High School (PCHS), 3–6, 9–19 class of 1959, 3 Potter, David, 33 poverty: antipoverty programs and, 246–47 in Bend, Oreg., 47–48, 48 child development and, 116 costs of, 231–32 family instability and, 74 in Kensington, 198–206 in neighborhoods, 217–19, 219 in New Orleans, La., 102–3 in Port Clinton, Ohio, 22, 23 in Santa Ana, Calif., 136–38, 138, 170 schools and, 169–71, 171 pregnancy: marital, 203, 205 nonmarital, 61–62, 66–72, 66, 75, 78, 162, 204, 243, 245 teen, 2, 70, 196, 203–5, 245–46 trends in, 64–66, 73–75 premarital sex: family structure and, 62 teens and, 196, 203–5 Pretenders, The (band), 1 prison, see imprisonment, parental private schools, 52, 173, 194 Progressive Era, 244, 253, 256 property taxes, 165 prostitution, 152 public education system: Common School movement and, 160 equal opportunity and, 32 High School movement and, 160 Land-Grant College movement and, 160–61 see also class gap, education and public policy, 75–76 Q qualitative research, 263–74 constraints of, 272–84 life stories as, 263 model for, 265–66 participants and, 265–67 sample and, 270–71 Sandelson and, 265 Silva and, 270–71, 269–71 topics of, 267–68 quantitative research, 274–77 data sets and, 277 life stories as, 274 PCHS class of ’59 survey, 274–75 statistics of, 276–77 survey results, 276 R race: in 1950s, 12–19 in 21st century, 18, 91 affluence and, 84–92 class gap and, 76, 161–62 college scholarships and, 14, 17 in discrimination and segregation, 81–83 socializing and, 16–18 racism, 18–19 reading, 87, 143, 249 real estate: good schools and, 164 in Port Clinton, Ohio, 22 property taxes and, 165 white flight and, 81 Reardon, Sean, 161–62, 280 “rearview mirror” method, 44 relative mobility, 41–42 religion: child development and, 89–90 church attendance and, 224–25, 225 communities and, 197, 201–4, 223–26 see also churches research: field, 264 financial support and, 266 leadership of, 266 undergraduate, 265 see also qualitative research; quantitative research residential segregation: affordable housing and, 251–52 income and, 38–39, 38 schools and, 163–64, 251–52 residential sorting, 163 Ricardo, 137, 139, 141, 143, 146, 148, 165, 229 Riis, Jacob, 41 Rocky (film), 191–92 Rotary Club, 8 row houses, 192 Rust Belt, 30, 73, 264 S Sampson, Robert, 170, 217–18 San Diego, Calif., 135 Santa Ana, Calif.: as America’s most troubled city, 136 gangs in, 136, 170 poverty in, 136–37, 138, 170 Santa Ana High School, 59, 136–38, 148, 153–58, 163–64, 166–67, 169–70 characteristics of, 136 SATs (scholastic aptitude tests): as academic measure, 137, 142, 246 competitive pressure and, 139 preparation for, 144, 147, 197, 206 savvy gap, 213–16 Sawhill, Isabel, 79, 229, 245 Scarcity (Mullainathan and Shafir), 130 scholarships, 8 for black students, 14, 17 for Latino students, 141 school choice, 97, 164–65 school climate, 97, 153–54, 171–73 schools, schooling, 135–90 AP classes and, 39, 143, 168, 168, 173 Catholic, 84, 201, 254–55 class divergence and, 160 class gap and, 137, 138, 160–73 discipline problems in, 171 drugs and violence in, 153–54, 170 educational attainment and, 183–90, 189, 190 extracurricular activities and, 174–83, 177 finances of, 165–66 fund-raising and, 137, 147, 167 government policies and, 251–58 inequality in, 137, 138 Latino communities and, 158–60 opportunity gap and, 251–58 peer influence in, 11, 160-73, 197, 214, 236 poverty in, 169–70, 171 private schools and, 52, 173, 194 public education system and, 160–61 residential segregation and, 163–64, 251–52 solutions for problems in, 251–58 tracking and, 143, 173 see also education; specific schools Science Olympiad, 144 Schlozman, Kay, 236 Scott, Helen Hope Montgomery, 191 seat belts, sociological, 224 SeaWorld, 151 Section 8 housing assistance, 60 security, emotional, 53, 115 segregation, residential, 38–39, 38, 163–64, 251–52 “Self-Reliance” (Emerson), 261 serve-and-return interactions, 110, 123, 126 sexual norms, 73 Shafir, Eldar, 130 Shonkoff, Jack, 109–12 shotgun marriages, 62 Silva, Jennifer: field research and, 264 research methods appendix and, 263–74 Simone, 83, 84–92, 101, 110, 117–19, 122, 128, 143, 164, 166, 174, 206 single-parent families: changing family structure and, 69–71, 70, 92–101 in 1970s, 21, 62 nonmarital births and, 66–68, 66 parental imprisonment and, 76 social class: education and, 44–45 language and, 29, 116 parenting style and, 119–22, 120 see also class gap social isolation, 16–17, 28, 211 social mobility, 31–34, 43–44 social networks: affluence and, 209–10, 209 churches as, 4, 10, 89–90, 201, 206 class gap and, 207–10, 208 communities and, 207–13 Internet and, 211–12, 269 social safety net, and communities, 132, 206, 229, 246–47, 254, 258–59, 261, 264, 265 social trust, 95, 201, 219–20 socioeconomic status (SES), 189–90 Sofia, 132, 137, 148–58, 160–61, 165, 168, 171, 172, 175, 178, 182, 185, 188, 216, 234, 256, 269 soft skills, 174–76 spending, parental, 125–26, 126 Spock, Benjamin, 117 sports: class gap and, 178, 179 as equalizer, 4, 97 pay-to-play policies and, 180–81, 258 Title IX and, 175 Stephanie, 83, 92–101, 110–11, 114, 117, 120–21, 123, 128, 163, 167, 263, 267 step-parents, 63, 93 step-siblings, 57, 63 stress: competitive, 144–45 financial, 130–31, 131 parental, 130–32 toxic, 111–14 suburbs, 261, 265 summer learning gap, 86–87, 143, 162 Sun Belt, 80 Supporting Healthy Marriage program, 244 T teachers: Talent Transfer Initiative and, 253 teacher flight and, 253 teacher quality and, 137 teacher salaries and, 165–66 team sports, see sports technology, 143, 212, 257, 265 see also computers; Internet teen pregnancy, 203–5, 245–46 television, 3, 57, 89, 91, 93, 117, 119, 123, 128, 162 test scores: K-12 education and, 161–62 see also SATs Tiger Moms, 145, 159 time, child-parent relationships and, 126–28, 127 Tolstoy, Leo, 61 tough love, 88, 96, 100–101, 120, 195 toxic stress, 111–14 tracking, 143, 173 traditional families, 61–62 traditional marriage, 7, 12, 62, 72 trailer parks, 22, 57 travel, 53 Troy High School, 137, 142, 143–48, 163, 165 characteristics of, 138 competitive pressure at, 139, 144–45 curriculum of, 143–44, 213 extracurricular activities in, 145–47 fund-raising and, 147 Newsweek ranking of, 143 Tiger Moms and, 145 trust: building of, 270 social, 95, 201, 219–21 trust funds, 6 U unemployment, 20, 136 United Auto Workers (UAW), 8 upward mobility: gender and, 11 parental spending and, 125 PCHS class of ’59 and, 4, 7 race and, 18 2nd generation immigrants and, 141 trends in, 228–29 V values, 75, 240 Verba, Sidney, 236 verbal parenting, 120 veterans, 160–61 violence: in New Orleans, La., 102–3 in Santa Ana, Calif., 136 in schools, 153–54, 170 in South, 13 vocabulary gap, 92 vocational education, 255–56 volunteer work, 157, 259 voting, 235–37, 235 W Waldfogel, Jane, 122, 248 Waltham, Mass., 270, 272 War on Drugs, 76 Washbrook, Elizabeth, 122 weak ties, 198, 208–10, 208, 209 wealth gap, 31, 37 welfare system: costs of, 232 family structure and, 75 medical insurance and, 202 reforms of, 244 Wendy, 24–25, 29, 92, 143, 266 Weston, Mass., 270 white flight, 81 Y youth: church programs for, 202–4 Facebook and, 205, 269 recreation, 199 voting and, 235–37, 235 YouthBuild network, 256 Simon & Schuster 1230 Avenue of the Americas New York, NY 10020 www.SimonandSchuster.com Copyright © 2015 by Robert D.
3D printing, additive manufacturing, Albert Einstein, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, asset-backed security, augmented reality, barriers to entry, bitcoin, bounce rate, business intelligence, business process, business process outsourcing, call centre, capital controls, citizen journalism, Clayton Christensen, cloud computing, credit crunch, crowdsourcing, disintermediation, en.wikipedia.org, George Gilder, Google Glasses, high net worth, I think there is a world market for maybe five computers, Infrastructure as a Service, invention of the printing press, Jeff Bezos, jimmy wales, London Interbank Offered Rate, M-Pesa, Mark Zuckerberg, mass affluent, microcredit, mobile money, more computing power than Apollo, Northern Rock, Occupy movement, optical character recognition, performance metric, platform as a service, QWERTY keyboard, Ray Kurzweil, recommendation engine, RFID, risk tolerance, self-driving car, Skype, speech recognition, stem cell, telepresence, Tim Cook: Apple, transaction costs, underbanked, web application
Saving the banks has cost more money than it cost to fight WWII, the first Gulf War, put a man on the moon, clean up after last year’s Japanese Tsunami, and the entire African aid budget for the last 20 years all put together.” —David McWilliams, PunkEconomics This was not just a crisis of identity, a challenge to the perception of banks as “secure” and “socially responsible” bastions of the community. It was a challenge to the very role of banks in an open, transparent society. This was more than just the “occupy” movement and a backlash against unreasonable bonuses—bankers suddenly found themselves having to answer to the public for their decisions that led to the crisis. Bankers rallied in this environment to claim how unjust negative public opinion was, how they had the right to make a profit (thanks for that gem, Brian Moynihan), how bankers needed to get huge bonuses because otherwise they might leave their employers, and that they were sick of the sledging they were getting from customers who really had no idea how banks or the banking system worked.
Within just 10 short years, we’ve gone from 50–60 per cent of transactions done over the counter at the branch to 95 per cent of our day-to-day transactions now going through the mobile, Internet, call centre and ATM.24 Game changing . . . In the later part of this first phase, in parallel to the start of the second phase, was the emergence of social media. Social media is a sort of theme running contiguously throughout each of the four phases, but it was enabled by the Internet (obviously). The key to understanding the disruption of social media can be seen not only in base crusades such as the Occupy Movement, but in the fundamental shift in power within the customer value exchange (see Chapter 5). In retail banking previously, banks had the enviable position of being able to “reject” customers because they were too risky, or not profitable enough. Customers would come to the bank, jump through all these hoops called “KYC” (Know-Your-Customer), and if the bank didn’t like them, sorry—they didn’t qualify.
Regardless of where social media is taking us, credibility is built only through dialogue and open communication with the crowd. If you aren’t in the game already, it’s getting harder and harder to get a proper seat at the table. There’s no technological fix to being able to tell whether or not people like you. There’s only the ability to change the way you talk to your audience. Crowdsourcing—use the power of the crowd The “occupy” movement we talked about earlier is an example of how communities work in the social, hyperconnected landscape of today. However, there is a mechanism for using crowdsourcing as a mechanism for designing new products and services that are immediately advocated by customers because they were designed by the crowd, for the crowd. Commonwealth Bank in Australia has invited the crowd to submit, discuss and vote on ideas that improve the Australian banking experience.
Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman
23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, meta analysis, meta-analysis, Minecraft, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Turing test, Uber and Lyft, Uber for X, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar
The rise of wearable computing and cheap, portable digital cameras and smartphones has contributed to a phenomenon known as sousveillance, in which people participating in an activity, such as a protest, film it. That footage may prove useful in a lawsuit that claims police brutality, or it may simply help a group to analyze an event after the fact. In many cases, the video is then shared on social media, helping to catalyze political awareness. Sousveillance became particularly popular during the Occupy movement, in which activists filmed and photographed police and made heavy use of streaming video in order to transmit their message to a wider audience. Syrian rebels, from secular Kurdish groups to foreign jihadists, use video to publicize their exploits, as propaganda against Bashar al-Assad, as a plea for foreign aid, or as a way to inform the world of a government attack. Variations of sousveillance have become central to the quantified self movement, in which people use smartphones, cameras, sensors, and other devices to record and analyze data about anything from their eating habits to their daily movements.
The pagination of this electronic edition does not match the edition from which it was created. To locate a specific passage, please use your e-book reader’s search tools. Abbey, Edward, 327 Abelson, Brian, 98 About The Data Web site, Acxiom, 307–8 ACLU (American Civil Liberties Union), 365–68 acquihiring, 17 Acquisti, Alessandro, 302 activists Electronic Frontier Foundation, 311 methods of protection, 356–64 Occupy movement, 136–37 open source activism, 359–62 vs. abuse, injustice, and racism, 169–73 Acxiom, 307–8, 316–17 ad critic at BuzzFeed, 117 addiction to the Internet, 337–38, 341–42 Adium app, 369 advertisers overview, ix, 297–98 and Do Not Track signals, 296–97, 306 Facebook’s data for, vii, 12, 41–42, 293–94, 300, 305–6, 316–18 and Facebook’s News Feed algorithm, 203 and Google, 16 and Like, +1, or heart buttons, 10–11 producing optimal conditions for, 265–66, 266n and sentiment analysis, 39 use of social graph to push your friends, 157 advertising advertorials, 116–17 appropriation of memes, 60 authentic identity as basis for, 10 creating dissatisfaction with, 24 and endorsements, 31–35, 85, 191 fraudulent companies, 97–98 and Google, 14 and hashtags, 94–95 metrics, 97–99 Old Spice campaign, 93–94 online vs. physical world, 298 opting out of advertising-based social networks, 275–77 roots of, 23–24 Ruckus Network email gleaning ploy, 92 and social media, 23–24, 31–35, 148 sponsored content, 28, 31–32, 116–18 targeting individuals, 298–300, 301, 302, 316–17 and television, 249 tradition of deception, 59, 94–95 on Tumblr, 27, 28–30 See also marketing; targeting individuals Advertising Age journal, 358 Afghanistan, 362 African Americans, 70–71, 170–73, 210 aggregators overview, 122–23, 214, 235–36 Bleacher Report, 125–28 Gawker, 75, 96, 111 Huffington Post, 115, 179 Klout, 194–96, 200 and mugshot photographs, 207–9, 210–11, 213–14, 217 Stellar, 32 story reworking process, 106–7 Upworthy, 102, 121–22, 125 See also BuzzFeed Airbnb overview, 181–82 CEO’s “people as businesses” attitude, 234 costs, 237–38, 243 hosts and regulations, 242–43 and Peers, 238–39 racial discrimination on, 182–84 on social and economic benefits, 244 terms, 240 Alang, Navneet, 274 alert noises video, 362–63 alerts and notifications, 50–53, 214 Alexander, Keith B., 314 Alford, Henry, 54–55 algorithms overview, 200–201 decoding their processes, 201 effect of syntax, slang, and cultural context, 37–38 experimentation with social graph, 204–6 Facebook’s, 201, 202–4 and fractional workers, 228, 229–30 and Google Search, 198 for incoming call management, 40 for influence scores, 194 for labor market laborers, 227 news outlet importance, 84–85 for recommendations, 201–2 for searches, 188 Amazon overview, 245 abusive labor practices, 266–67n deleting e-books from Kindles, 255 long-term marketing plan, 242n Mechanical Turk, 90, 226, 228, 229–30 ambient awareness of others, 50 American Airlines, 195 American Civil Liberties Union (ACLU), 365–68 amplifiers for memes, 88–89 analytics computational voice analysis, 40–43 cost-benefit analysis of social media rebellion tools, 369–70 predictive analytics, 216–17, 309 for speech, 40–43 See also sentiment analysis analytics firms and online presence, 99 ANAR Foundation, 299–300 Andrejevic, Mark, 307 anonymity on 4chan, 162 assault on, 177 and Big Data, 317–18 and charity, 179–80 governments’ use of, 179 importance for some people, 166 merits of, 175–78 and online abusers, 177–78 of online speech, 180 as preserving control over your name, 168 and security, 176–77 AOL Community Leader Program, 263 apartments as short-term rentals, 237–38 Apple, 3, 99 applications “apps” augmented reality, 191–92 BlinkLink, 358 chatting, 369 data-sharing policies, 176–77 dating, 141, 191, 246–47 facial recognition, 301 fitness, 305–6 Girls Around Me, 140–41 Hell Is Other People, 358 messaging, 156, 177, 259 ObscuraCam, 357 Social Roulette for Facebook, 360 tracking blockers, 297 Twitch for Androids, 260 and Twitter, 16 voice analysis, 40–41 App.net, 362 archive.org, 364 Arpaio, Joe, 193 ARPANET, 251 artifacts on the Internet, 363–64 Atkin, Douglas, 239, 244 attention economy, 302 AT&T U-verse Internet Service plans, 282 audience as collection of data points, 124–25 metrics, 95–96, 101–2, 103 augmented reality apps, 191–92 authentication process, 10 authentic identity allowing for ambiguity vs., 184–85 branding yourself, 181 Facebook’s advocacy for using online, 8–9, 158–60 intolerance for deception about, 74 real names, 160, 178 and reblogs and retweets, 56 and rudeness or antisocial behaviors, 159–60 and social media, 9–10, 48, 164, 180–81 AutoAdmit Web site, 79 automation leading to unemployment, 331–32 Aytes, Ayhan, 229 Baffler, The (Byrne), x Bain & Company, 281–82, 328–29 Balial, Nandini, 219–26, 245–48 Ballard, J.
See also sentiment analysis Moran, Robert, 191 Morozov, Evgeny, 4–5, 84, 322 Moves fitness app, 305–6 mugshot Web sites, 207–9, 210–11, 213–14, 217 multitasking, 51–52 Mun, Sang, 358 MyEx.com, 210 Myspace, 9 Nambikwara tribe, Brazil, 167–68, 356 narcissism of the social media experience, 61–62 National Reconnaissance Office spy satellite, 314 National Science Foundation (NSF), 279 National Security Agency (NSA), 129–32, 312, 314 National Security Letters (NSLs), 130 NEC, 299, 301 negative sentiments and sharing, 24, 31, 203–4, 305 Negri, Toni, 264 networked privacy model, 291–92 network effects, 13–14, 47, 272–73, 275–76, 295, 327 news consumers’ culpability, 109 news organizations algorithms rating news outlet importance, 84–85 and audience metrics, 101–2, 103 and embeddable media, 259–60 firehose approach to news, 112 as invasion of privacy, 288 memes from local newscasts, 69–72 presidential press conferences, 105 pushing articles selectively, 98 social media/viral editor, 122–23 trawling social media, 113 trending articles as premium journalism, 101 See also BuzzFeed; journalism New Times newspaper, 67–68 New York City and Uber, 237 New York Comic Con 2013, 34 New York Post, 113 New York Times Magazine, 75 Nike, 139 Niquille, Simone C., 356–57 Nissenbaum, Helen, 284, 297 notifications and alerts, 50–53, 214 NSA (National Security Agency), 129–32, 312, 314 NSF (National Science Foundation), 279 NSLs (National Security Letters), 130 Obama, Barack, 134, 169, 194 “Obama Is Wrong” (Hayes), 105–6 ObscuraCam, 357 Occupy movement, 136–37 OCR (optical character recognition) software, 260, 358 O’Donnell, Robert, 152 Office Max, 279–80 OkCupid, 204 Old Spice advertising campaign, 93–94 Omidyar, Pierre, 239 online persona, 344–45 online recommendations, 201–2 online reputation. See reputation On the Media radio program, 109 Open Graph, 11–12 opting out of advertising-based social networks, 275–77 cost of, 295 difficulty finding option for, 32, 33 of friends adding you to a group, 92 of Google Shared Endorsements, 33 of including your location in messages, 177 of Klout, 195 opt-in vs., 7–8 of social media, 272, 340–41, 342, 346, 347 oral storytelling, 62, 63 Oremus, Will, 106–7, 265 outing students via privacy faux pas, 286 ownership of your identity, 256–57, 273–74, 275–77, 311, 360 Page, Larry, 250 page views overview, 95–96, 98 and advertising dollars, 71, 93, 97 Facebook-ready content for generating, 115 and invented controversy, 107 meme-related, 84, 103–4, 105 new outlets’ boosting of, 122–23 Palihapitiya, Chamath, 249 Pandora, 303 paparazzos, 211–12 parents, scrapbooking about their children, 46, 55–60 Pariser, Eli, 122 Paris, France, 267, 268 Patriot Act, 130 pay-per-gaze advertising, 302 Peers, 238–39, 244 peer-to-peer social networks, 311 Peretti, Jonah, 114–15 personal care, 224 personal endorsements, 31–35 personal graph, 18–19 Persson, Markus, 164–65 Pezold, John, 187 PGP, 368–69 PHD, 304 PhoneID Score, TeleSign, 40 phones.
additive manufacturing, barriers to entry, Berlin Wall, bilateral investment treaty, business process, business process outsourcing, call centre, citizen journalism, Clayton Christensen, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, conceptual framework, corporate governance, crony capitalism, deskilling, disintermediation, don't be evil, failed state, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, illegal immigration, immigration reform, income inequality, income per capita, intermodal, invisible hand, job-hopping, Joseph Schumpeter, Julian Assange, Kickstarter, Martin Wolf, megacity, Naomi Klein, Nate Silver, new economy, Northern Rock, Occupy movement, open borders, open economy, Peace of Westphalia, Plutocrats, plutocrats, price mechanism, price stability, private military company, profit maximization, Ronald Coase, Ronald Reagan, Silicon Valley, Skype, Steve Jobs, The Nature of the Firm, Thomas Malthus, too big to fail, trade route, transaction costs, Washington Consensus, WikiLeaks, World Values Survey
Few could have anticipated that, when a small band of Malaysian activists decided in the summer of 2011 to “occupy” Dataran square in Kuala Lumpur, thus emulating the Indignados (“the indignant ones”) camping in Madrid’s Puerta del Sol, a similar movement would spring up to occupy Wall Street and spark similar initiatives in 2,600 cities around the world. Although the concrete political changes produced by the “Occupy” movements have thus far been meager, their impact is worthy of notice. As noted 1960s chronicler Todd Gitlin observed, “The sort of sea changes in public conversation that took three years to develop during the long-gone sixties—about brutal war, unsatisfying affluence, debased politics, and the suppressed democratic promise—took three weeks in 2011.” 16 In terms of speed, impact, and new forms of horizontal organization, the Occupy movements also revealed the erosion of the monopoly that traditional political parties once had over the channels through which members of society transmitted their grievances, hopes, and demands.
The most surprising and consequential manifestation of this broader activist trend started with an upheaval in a small town in Tunisia in December 2010. It led to the toppling of the government there and ultimately to the contagious wave of protests and demonstrations throughout the Middle East that became the Arab Spring. Millions of once passive—and repressed—citizens became political actors willing to make extreme sacrifices that included not just risking their own lives but even putting their families in danger. In contrast to the “Occupy” movements, which so far have been unable to convert political energy into political power, in the Arab Spring the political awakening did lead to important power shifts. Thus, whereas under normal circumstances political participation is for small groups of engaged activists, in other instances, such as revolutions, political activism becomes the obsessive focus of entire societies. But revolutions are too costly, their outcome is too uncertain, and progress is not their guaranteed result.
The Social Life of Money by Nigel Dodd
accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, blockchain, borderless world, Bretton Woods, BRICs, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, eurozone crisis, fiat currency, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, money: store of value / unit of account / medium of exchange, mortgage debt, new economy, Nixon shock, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer lending, Ponzi scheme, post scarcity, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative ﬁnance, remote working, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Wave and Pay, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond
And to speak of banks as if they were all the same—to wit, part of an overarching Wall Street system—glosses over the complexity of financial institutions that do not operate in unison and are fragmented within themselves. Indeed, one could argue that divisions within banks, and their fragmented epistemic cultures, played a significant role in bringing the crisis about (MacKenzie 2011). Nevertheless, it is mainly the banks that have provided the conduit through which critique and protest have flowed since the crisis began. The Occupy movement is broad-based, its aims unclear, its progress uncertain. But its core thesis—that the financial system has grown absurdly disproportionate relative to the rest of the economy: distorting capitalism, widening inequality, damaging society, and exposing its key public institutions to unacceptable risks—has gained popular support across the political spectrum, on both left and right. This phenomenon raises a question that has been in the background of political discussion of events in the financial system since 2007 but remains largely unremarked upon by scholars: where did the crisis leave money?
In effect, Eurozone countries falling within the former group “have their own currencies and therefore can’t run out of money—a club all of whose members have very low borrowing costs, more or less independent of their debts and deficits”; see “France has its own currency again,” April 8, 2013, http://krugman.blogs.nytimes.com/2013/04/08/france-has-its-own-currency-again/, accessed May 10, 2013. 55 Hudson is invoking a meme of the Occupy movement, which is designed to capture the concentration of wealth in the richest 1 percent of Americans, whose incomes rose by 275 percent between 1979 and 2007, compared to a rise of 40–60 percent for the remaining 99 percent. 56 The precise nature of the myth is that excessive government spending leads to hyperinflation. In reality, Hudson argues, every hyperinflation has been caused by international payment deficits. 57 See “Helicopter QE will never be reversed,” The Telegraph (London), April 3, 2013; “Helicopter money and supply-siders,” Financial Times (London), February 6, 2013; “Helicopters can be dangerous,” Financial Times (London), February 17, 2013.
In Agamben, it is the ban—the exception—that produces bare life, creating a zone of indeterminacy between bios (or life as defined in relation to the polis) and zoē (or life as defined in relation to oikos). In law, this zone is created by a suspension of human rights: the person who is subjected to it is placed at the threshold of the law and rendered as an outcast, a refugee.49 These two logics, exception and crisis, meet in political protest, in those makeshift camps that form the amorphous Occupy movement. The insolvent state is the state that fails to pay its debts. An insolvent state that lacks the capacity to create its own money is—in relation to the international monetary system—in a position that is analogous to the outcast. Its debts are entered into through bonds taken out as if between private parties: the state is essentially treated as a debtor, much as a firm or household would be.
affirmative action, Affordable Care Act / Obamacare, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, invisible hand, job automation, low skilled workers, market fundamentalism, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor
The fact that Armey was himself a Washington insider belied the notion that the Tea Party movement was anti-elitist. Armey had spent eighteen years in Congress and was reportedly paid $750,000 a year as a lobbyist at the law firm DLA Piper, which represented corporate clients such as the pharmaceutical giant Bristol-Myers Squibb. But billionaire backers were useful. They gave the nascent Tea Party movement organization and political direction, without which it might have frittered away like the Occupy movement. The protesters in turn gave the billionaire donors something they’d had trouble buying—the numbers needed to lend their agenda the air of legitimacy. As Armey put it, “We’d been doing this lonely work for years. From our point of view, it was like the cavalry coming.” FreedomWorks, it was later revealed, also had some hired help. The tax-exempt organization quietly cemented a deal with Glenn Beck, the incendiary right-wing Fox News television host who at the time was a Tea Party superstar.
But it caused a little problem. One of the Koch donors turned out to have invested in Solyndra and was not happy. A subsequent Koch-created ad, aired by the American Future Fund, also proved problematic. The mysterious Iowa-based front group was a favorite choice for messages from which the Koch camp preferred to distance itself. Shot as populist rage against the “1 percent” was coalescing in the Occupy movement and protesters were marching on David Koch’s apartment, the ad slyly attacked Obama for being too cozy with Wall Street. After quoting Obama calling Wall Street bankers “fat cats,” it asked, “Guess who voted for the Wall Street bailout? His White House is full of Wall Street executives,” it went on, as mug shots of Obama’s advisers flashed by. The Kochs’ political operatives tested the ad in fifteen separate focus groups.
Once aired, it seemed to be a great success, getting over five million hits on YouTube. But some of the finance industry executives in the donor group were not amused by the political misdirection. “Why attack Wall Street?” they asked. One donor, Peter Schiff, an attendee at the June Koch seminar, evidently didn’t receive the new, populist talking points. A Connecticut financial analyst and broker, he barged into the midst of the Occupy movement’s Manhattan encampment in October with a sign proclaiming, “I am the 1%. Let’s talk.” Subsequent video footage of him arguing in favor of eliminating the minimum wage and paying “mentally retarded” people $2 an hour made him a laughingstock on Jon Stewart’s Daily Show. The Kochs’ “Mother of All Wars” wasn’t starting out all that much better than Saddam Hussein’s. — The picture was far brighter in the key presidential battleground state of Wisconsin.
What's the Matter with White People by Joan Walsh
affirmative action, Affordable Care Act / Obamacare, banking crisis, clean water, collective bargaining, David Brooks, desegregation, Donald Trump, Edward Glaeser, full employment, global village, Golden Gate Park, hiring and firing, impulse control, income inequality, invisible hand, knowledge worker, labor-force participation, new economy, obamacare, Occupy movement, Plutocrats, plutocrats, Ralph Nader, Ronald Reagan, upwardly mobile, urban decay, War on Poverty, We are the 99%, white flight, women in the workforce
Suddenly, cable news shows that had been obsessing over the deficit “crisis” and President Obama’s latest poll numbers were explaining how decades of tax cuts and deregulation unraveled the social contract established in the New Deal. It had been accepted by every American president for thirty years afterward, until Richard Nixon brilliantly divided the New Deal coalition, largely around race. In the early days, polls showed that the Occupy movement’s grievances were broadly shared, even by the white working class, which Nixon and then Ronald Reagan had lured to the GOP. Yet how long before the 99 percent would cleave back into the 51 and the 48 percent? I couldn’t know. For the moment, though, it was amazing to see such broadly shared political discontent surfacing at all. As I headed down the dark canyon of Wall Street itself, I decided to climb the steps of Federal Hall to get a better view of blue-helmeted cops behind barricades, waiting for trouble that never came that day.
The New Deal wasn’t handed to us; it took decades of fighting, including strikes and civil disobedience, to get government’s and business’s attention. The civil rights movement likewise involved strife and turmoil and jail time for its leaders. I was thrilled to see the new activism. Maybe we were finally realizing we’re all in this together. Maybe. But the old ways take time to be unlearned. Though the Occupy movement transformed the political debate, emblazoning the issue of income inequality high on the national agenda, many of its local satellites fell back into ’60s style infighting—over property destruction and violence, relations with police, and race and gender. Too many Democrats judged the new activism only on the grounds of whether it was good or bad for President Obama and the party’s congressional leadership.
The Internet Is Not the Answer by Andrew Keen
3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, augmented reality, Bay Area Rapid Transit, Berlin Wall, bitcoin, Black Swan, Burning Man, Cass Sunstein, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, cuban missile crisis, David Brooks, disintermediation, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, full employment, future of work, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, Kodak vs Instagram, Lean Startup, libertarian paternalism, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, move fast and break things, Nate Silver, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Occupy movement, packet switching, PageRank, Paul Graham, Peter Thiel, Plutocrats, plutocrats, Potemkin village, precariat, pre–internet, RAND corporation, Ray Kurzweil, ride hailing / ride sharing, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, TaskRabbit, Ted Nelson, telemarketer, the medium is the message, Thomas L Friedman, Tyler Cowen: Great Stagnation, Uber for X, urban planning, Vannevar Bush, Whole Earth Catalog, WikiLeaks, winner-take-all economy, working poor, Y Combinator
As a 2014 Pew Report showed, 90% of Americans think that the Web has been good for them personally—with 76% believing it has been good for society.21 It is true that most of the personal lives of the estimated 3 billion Internet users (more than 40% of the world’s population) have been radically transformed by the incredible convenience of email, social media, e-commerce, and mobile apps. Yes, we all rely on and even love our ever-shrinking and increasingly powerful mobile communications devices. It is true that the Internet has played an important and generally positive role in popular political movements around the world—such as the Occupy movement in the United States, or the network-driven reform movements in Russia, Turkey, Egypt, and Brazil. Yes, the Internet—from Wikipedia to Twitter to Google to the excellent websites of professionally curated newspapers like the New York Times and the Guardian—can, if used critically, be a source of great enlightenment. And I certainly couldn’t have written this book without the miracles of email and the Web.
The letter was a defense of Silicon Valley’s technological elite—the venture capitalists, entrepreneurs, programmers, and Internet executives of KPCB-backed local Internet companies like Google, Twitter, and Facebook, identified by Perkins as “the successful one percent.”3 It turned out to be the most commented upon letter ever published in the Journal, sparking an intense debate about the nature of the new digital economy. “From the Occupy movement to the demonization of the rich embedded in virtually every word of our local newspaper, the San Francisco Chronicle, I perceive a rising tide of hatred of the successful one percent. This is a very dangerous drift in our American thinking. Kristallnacht was unthinkable in 1930; is its descendant ‘progressive’ radicalism unthinkable now?,” Perkins wrote about the growing popular resentment in the Bay Area to dominant Internet companies like Google and Facebook.
Chavs: The Demonization of the Working Class by Owen Jones
Asperger Syndrome, banking crisis, Berlin Wall, British Empire, call centre, collapse of Lehman Brothers, credit crunch, deindustrialization, Etonian, facts on the ground, falling living standards, first-past-the-post, ghettoisation, Gini coefficient, hiring and firing, housing crisis, Hugh Fearnley-Whittingstall, illegal immigration, income inequality, informal economy, low skilled workers, low-wage service sector, Occupy movement, pension reform, place-making, Plutocrats, plutocrats, race to the bottom, rising living standards, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, too big to fail, unpaid internship, upwardly mobile, We are the 99%, Winter of Discontent, women in the workforce, working-age population
They were, in part, inspired by the Spanish indignados (outraged) who had occupied Madrid's main square the previous May in protest at the Spanish government's response to the banking crisis; they, in tum, had followed the example of Egyptian revolutionaries who had taken Cairo's Tahrir Square. The New York protests spawned a global 'Occupy' movement, as similar camps were set up in hundreds of cities across the globe-including London, where tents were erected outside St Paul's Cathedral. The key slogan of the Occupy movement, 'We are the 99 per cent', reflected that the interests of the overwhelming majority of people conflicted with those of the elite 1 per cent at the top. It may not have been an accurate figure, but that wasn't the point: the slogan tapped into a deep sense of injustice that had taken root since the collapse of Lehman Brothers in September 2008.
The End of Growth by Jeff Rubin
Ayatollah Khomeini, Bakken shale, banking crisis, Berlin Wall, British Empire, call centre, carbon footprint, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, decarbonisation, deglobalization, energy security, eurozone crisis, Exxon Valdez, Fall of the Berlin Wall, fiat currency, flex fuel, full employment, ghettoisation, global supply chain, Hans Island, happiness index / gross national happiness, housing crisis, hydraulic fracturing, illegal immigration, income per capita, Jane Jacobs, labour mobility, McMansion, Monroe Doctrine, moral hazard, new economy, Occupy movement, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, quantitative easing, race to the bottom, reserve currency, Ronald Reagan, South China Sea, sovereign wealth fund, The Chicago School, The Death and Life of Great American Cities, Thomas Malthus, Thorstein Veblen, too big to fail, uranium enrichment, urban planning, urban sprawl, women in the workforce, working poor, Yom Kippur War
A Greek default might start in Athens, but it would quickly spread to Paris, Berlin, New York and Tokyo. Today’s interconnected financial market gives everyone exposure to everyone else. Will taxpayers be asked to finance another massive bank bailout? Will protest movements such as Occupy Wall Street morph into a broader-based political opposition that will demand far more in return for the next round of bailouts than the free ride the banks got the last time around? The Occupy movement has been dismissed by the conservative establishment as mere fringe groups of young people camping in city parks. But what if they’re simply the most vocal representation of a deeper current of dissatisfaction among citizens? Could other changes be on the way? The financial industry is overdue for a deep structural overhaul that will help to eliminate some of the conflicts of interest that led to the 2008 financial crisis.
But what happens if society’s values change along with the economic speed limit? If conservation and sustainability become the watchwords for a new generation of eco-conscious adults, maybe keeping up with the Joneses will mean building a rooftop garden or installing solar panels in your backyard. A Rolex watch, to pick another example, has long been a token of wealth and status, but there’s no reason that can’t change. Judging by the protesters in the Occupy movement, a significant segment of our society has lost faith in the merits of unregulated capitalism. To them, a Rolex isn’t a sign that the wearer is an investment banker worthy of respect. Instead, it signals that the person who owns it may be about to break another securities law or make millions engineering a Ponzi scheme that will bilk suckers out of their life savings. As always, virtue is in the eye of the beholder.
The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, access to a mobile phone, additive manufacturing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, barriers to entry, Baxter: Rethink Robotics, British Empire, business intelligence, business process, call centre, clean water, combinatorial explosion, computer age, computer vision, congestion charging, corporate governance, crowdsourcing, David Ricardo: comparative advantage, employer provided health coverage, en.wikipedia.org, Erik Brynjolfsson, factory automation, falling living standards, Filter Bubble, first square of the chessboard / second half of the chessboard, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, full employment, game design, global village, happiness index / gross national happiness, illegal immigration, immigration reform, income inequality, income per capita, indoor plumbing, industrial robot, informal economy, inventory management, James Watt: steam engine, Jeff Bezos, jimmy wales, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, knowledge worker, Kodak vs Instagram, law of one price, low skilled workers, Lyft, Mahatma Gandhi, manufacturing employment, Mark Zuckerberg, Mars Rover, means of production, Narrative Science, Nate Silver, natural language processing, Network effects, new economy, New Urbanism, Nicholas Carr, Occupy movement, oil shale / tar sands, oil shock, pattern recognition, payday loans, price stability, Productivity paradox, profit maximization, Ralph Nader, Ray Kurzweil, recommendation engine, Report Card for America’s Infrastructure, Robert Gordon, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Simon Kuznets, six sigma, Skype, software patent, sovereign wealth fund, speech recognition, statistical model, Steve Jobs, Steven Pinker, Stuxnet, supply-chain management, TaskRabbit, technological singularity, telepresence, The Bell Curve by Richard Herrnstein and Charles Murray, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Tyler Cowen: Great Stagnation, Vernor Vinge, Watson beat the top human players on Jeopardy!, winner-take-all economy, Y2K
Jay Olshansky and his colleagues published in Health Affairs, the average American white woman without a high school diploma had a life expectancy of 73.5 years in 2008, compared to 78.5 years in 1990. Life expectancy for white men without a high school education fell by three years during this period.10 It’s no wonder that protests broke out across America even as it was beginning to recover from the Great Recession. The Tea Party movement on the right and the Occupy movement on the left each channeled the anger of the millions of Americans who felt the economy was not working for them. One group emphasized government mismanagement and the other abuses in the financial services sector. How Technology Is Changing Economics While undoubtedly both of these problems are important, the more fundamental challenge is deep and structural, and is the result of the diffusion to the second machine age technologies that increasingly drive the economy.
., robot use by Minsky, Marvin MIT, Computer Science and Artificial Intelligence Lab at Mitchell, Tom Mitra, Sugata MITx Monster.com Montessori, Maria Monthly Labor Review Moore, Gordon Moore’s Law in business in computing persistence of spread of Moravec, Hans Moravec’s paradox Morris, Ian mortgages Mullis, Kary multidimensional poverty index Munster, Gene Murnane, Richard Murray, Charles music, digitization of Nader, Ralph Narrative Science NASA National Academy of Sciences National Association of Realtors National Bureau of Economic Research National Review Nature of Technology, The (Arthur) Neiman, Brent New Digital Age, The (Schmidt and Cohen) New Division of Labor, The (Levy and Murnane) Newell, Al new growth theory New York Times Next Convergence, The (Spence) Nike Nixon, Richard Nordhaus, William numbers: development of large Occupy movement oDesk Oh, Joo Hee Olshansky, S. Jay OpenTable OrCam O’Reilly, Tim Organization for Economic Co-operation and Development (OECD) Orteig Prize Orwell, George Oswald, Andrew Page, Larry Paine, Thomas Pandora Partnership for a New American Economy Pascarella, Ernest pattern recognition Pauling, Linus peer economy Perrow, Charles Perry, Mark philosophy, transformative phones, mobile: in developing world see also smartphones photography photo sharing Picasso, Pablo Pigou, Arthur Pigovian taxes Pink, Daniel Pinker, Steven Pinterest Pivot Power Plutarch Polanyi, Michael pollution polymerase chain reaction (PCR) Popular Science Porter, Michael Powerbook G4 Power Law distributions Principles of Economics (Mankiw) printing, 3D privacy, in digital vs. analog world productivity: decoupling of employment from decoupling of wages from effect of spread on in electricity era growth of innovation linked to intangible goods’ effect on mid-1990s U.S. increase in new paths to post-1970 U.S. decline in post-2000 U.S. growth in see also economic growth; gross domestic product (GDP); labor productivity, capital productivity, multifactor productivity, total factor publishing, digitization and Putnam, Robert Quirky R Race Against the Machine (Brynjolfsson and McAfee) Rajan, Raghuram Rampell, Catherine Raymond, Eric reading AI capabilities in Reagan, Ronald regulation: of business of peer economy religion rents, economic resource curse Rethink Robotics retinal implants Rhapsody Ricardo, David Rigobon, Roberto Robinson, James Robotics, Three Laws of robots: business use of; see also automation rapid progress in sensory equipment for skills acquisition by; see also Moravec’s paradox towel-folding see also artificial intelligence (AI) Rockoff, Jonah Roksa, Josipa Romer, Paul Roomba Roosevelt, Franklin D.
Capitalism: Money, Morals and Markets by John Plender
Andrei Shleifer, asset-backed security, bank run, Berlin Wall, Big bang: deregulation of the City of London, Black Swan, bonus culture, Bretton Woods, business climate, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collapse of Lehman Brothers, collective bargaining, computer age, Corn Laws, corporate governance, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, discovery of the americas, diversification, Eugene Fama: efficient market hypothesis, eurozone crisis, failed state, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, Fractional reserve banking, full employment, Gordon Gekko, greed is good, Hyman Minsky, income inequality, inflation targeting, invention of the wheel, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, labour market flexibility, London Interbank Offered Rate, London Whale, Long Term Capital Management, manufacturing employment, Mark Zuckerberg, market bubble, market fundamentalism, means of production, Menlo Park, moral hazard, moveable type in China, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, paradox of thrift, Plutocrats, plutocrats, price stability, principal–agent problem, profit motive, quantitative easing, railway mania, regulatory arbitrage, Richard Thaler, rising living standards, risk-adjusted returns, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, short selling, Silicon Valley, South Sea Bubble, spice trade, Steve Jobs, technology bubble, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, Thorstein Veblen, time value of money, too big to fail, tulip mania, Upton Sinclair, We are the 99%, Wolfgang Streeck
The Almighty certainly never intended that people should travel at such breakneck speeds.67 Throughout history, such creative destruction, in the celebrated phrase of the economist Joseph Schumpeter, has increased economic growth and, ultimately, human welfare, but the transitional human cost as the structure of the economy changes is invariably high. There are also social costs. Many of the newer industries that are replacing manufacturing operate, in salary terms, on a ‘winner takes all’ basis, so that a lucky few make vast fortunes. This contributes to inequality both inside companies and in society at large, leading to the kinds of discontent and alienation expressed by the Occupy movement across America in 2011 and 2012, along with similar protests around the world. It is possible to put a case that manufacturing can shrink too far if international specialisation causes economies to suffer from a lack of diversity. That was the case with Britain, which was seriously under-diversified when the credit crunch struck in 2007. Back then, it derived more than 9 per cent of GDP from financial services.
E. 1 morbidity syndrome 1 More, Thomas 1, 2 Morgan, John Pierpont 1 Mozart 1, 2 Mussolini 1 Mutual Assured Production (Richard Katz) 1 Mynors, Humphrey 1 Napoleonic Wars 1 Nash, Ogden 1, 2 Native Americans 1 Nazi Germany 1 Netherlands 1 New Deal 1, 2 New Testament 1 Newton, Isaac 1, 2, 3 Nicholas Nickleby (Dickens) 1, 2, 3 Nigeria 1 Norquist, Grover 1 North, Roger 1 North and South (Mrs Gaskell) 1 North Korea 1 Northern Rock (UK) 1 Novalis 1 Nuffield, Lord 1 Obama, Barack 1, 2 Occupy movement 1, 2 oil states 1 da l’Osta, Andrea 1, 2 outsourcing 1, 2 paper currency 1 Parker, Dorothy 1 Pascal, Blaise 1, 2 Past and Present (Thomas Carlyle) 1 Paulson, John 1 Peasants’ Revolt (England) 1 pension funds 1 Pepys, Samuel 1 Peruzzi family 1 perverse incentives 1, 2 Petronius 1 Picasso 1, 2 Piketty, Thomas 1 Pitt, William the Elder 1 Pitt, William the Younger 1 Plato 1, 2, 3 Political Discourses (Hume) 1 Politics (Aristotle) 1, 2, 3, 4, 5 poll taxes 1 Pope, Alexander 1, 2, 3, 4, 5 Portugal 1 positional goods 1 Poussin, Nicolas 1 Prell, Michael 1 Priestley, Joseph 1 printing 1 Proposition 1 (California) 2 Protestant Ethic and the Spirit of Capitalism (Weber) 1 Prussia 1, 2, 3 public sector debt 1 R.
Pay Any Price: Greed, Power, and Endless War by James Risen
air freight, airport security, banking crisis, clean water, Edward Snowden, greed is good, illegal immigration, income inequality, large denomination, Occupy movement, pattern recognition, pre–internet, RAND corporation, Silicon Valley, Stuxnet, too big to fail, WikiLeaks
So it is only natural that the FBI, Homeland Security, and state and local law enforcement agencies have to find ways to fill their days. In late 2012, the Partnership for Civil Justice Fund, a civil rights group, obtained a series of FBI documents that showed that the FBI had been spying on the Occupy Wall Street movement, treating it like a terrorist threat. FBI agents in New York and across the country conducted surveillance on the Occupy movement and shared information with businesses, universities, and local police and other law enforcement agencies. In Indianapolis, the FBI issued a “potential criminal activity alert” even before any protests were scheduled there. In Syracuse, New York, the Joint Terrorism Task Force sent information about Occupy protests to campus police at colleges in the region. These FBI documents underscore the danger posed by the unbridled growth of the nation’s counterterrorism infrastructure, and how easily the machinery designed to catch terrorists can be turned to other targets.
. [>] bin Laden et al. (2011), [>] Hayden, Michael, [>], [>]–[>], [>], [>]–[>], [>] health hazards, burn pits as, [>]–[>] Heilbrun, Mark, [>]–[>], [>]–[>] Hersh, Seymour, [>]–[>] Homeland Security Department: counterterrorism and, [>]; cybersecurity and, [>]–[>]; drones program and, [>]; Einstein [>] and, [>]; enhanced interrogation methods and, [>]; intelligence operations and, [>]–[>]; money and, [>]; Occupy movement and, [>]; Operation Stonegarden and, [>]–[>] homeland security-industrial complex: overview of, [>]–[>], [>]; airport security and, [>], [>]–[>]; anti-Muslim rhetoric and, [>]–[>], [>], [>]–[>]; architecture and, [>]–[>]; Boston marathon bombing in 2013 and, [>], [>]–[>]; Canadian border and, [>]–[>], [>]; Derby Line Battle and, [>]–[>], [>]; fear and, [>], [>], [>], [>]; government buildings and, [>]; greed and, [>]; independent terrorism analysts and, [>]–[>], [>]; individual extremists and, [>]–[>]; money and, [>], [>]–[>], [>], [>]–[>], [>], [>]–[>]; NIH and, [>]–[>]; 9/11 terrorist attacks and, [>]–[>], [>], [>]–[>], [>]; power/abuse of power and, [>]–[>]; press investigations and, [>]–[>]; security zones/procedures and, [>]–[>].
Who Rules the World? by Noam Chomsky
Albert Einstein, anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, capital controls, corporate governance, corporate personhood, cuban missile crisis, deindustrialization, Donald Trump, Doomsday Clock, Edward Snowden, en.wikipedia.org, facts on the ground, failed state, Fall of the Berlin Wall, Howard Zinn, illegal immigration, invisible hand, Malacca Straits, Martin Wolf, Mikhail Gorbachev, Monroe Doctrine, nuclear winter, Occupy movement, oil shale / tar sands, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, Ralph Waldo Emerson, Ronald Reagan, South China Sea, Stanislav Petrov, structural adjustment programs, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trade route, union organizing, uranium enrichment, wage slave, WikiLeaks, working-age population
A recent book-length study by the Economic Policy Institute, which has been the major source of reputable data on these developments for years, is entitled Failure by Design. The phrase “by design” is accurate; other choices were certainly possible. And as the study points out, the “failure” is class based. There is no failure for the designers—far from it. The policies are only a failure for the large majority—the 99 percent, in the imagery of the Occupy movements—and for the country, which has declined and will continue to do so under these policies. One factor is the offshoring of manufacturing. As the Chinese solar panel example mentioned earlier illustrates, manufacturing capacity provides the basis and stimulus for innovation, leading to higher stages of sophistication in production, design, and invention. Those benefits too are being outsourced—not a problem for the “money mandarins” who increasingly design policy, but a serious problem for working people and the middle classes, and a real disaster for the most oppressed: African-Americans, who have never escaped the legacy of slavery and its ugly aftermath, and whose meager wealth virtually disappeared after the collapse of the housing bubble in 2008, setting off the most recent financial crisis, the worst so far.
Non-Aligned Movement Non-Proliferation Treaty (NPT) NORAD North American Free Trade Agreement (NAFTA) North Atlantic Treaty Organization (NATO) Northern Alliance North Korea North Vietnam Norway nuclear weapons Nuremberg tribunal Obama, Barack assassinations and climate change and Cuba and economy and energy and habeas corpus and Israel and Latin America and nuclear weapons and terrorism and torture and Obeid, Sheikh Abdul Karim Occupied Territories Occupy movement oil. See also energy Okinawa Oman one-state solution Ornstein, Norman Orwell, George Oslo Accords Oslo Peace Research Institute Ostrom, Elinor Ottoman Empire Oxfam Ozanne, Julian Pacific Rim Pakistan Palestine (Carter) Palestine Liberation Organization (PLO) Palestinian Authority (PA) Palestinian National Council (PNC) Palestinians. See also Israeli-Palestinian conflict; and specific territories binational secular democracy and elections of 2006 expulsion of “external” vs “internal” Palestinian state.
The Vanishing Neighbor: The Transformation of American Community by Marc J. Dunkelman
Affordable Care Act / Obamacare, Albert Einstein, Berlin Wall, big-box store, blue-collar work, Bretton Woods, Broken windows theory, call centre, clean water, cuban missile crisis, dark matter, David Brooks, delayed gratification, double helix, Downton Abbey, Edward Glaeser, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Gini coefficient, glass ceiling, global supply chain, global village, helicopter parent, if you build it, they will come, impulse control, income inequality, invention of movable type, Jane Jacobs, Khyber Pass, Louis Pasteur, Marshall McLuhan, Martin Wolf, McMansion, Nate Silver, Nicholas Carr, obamacare, Occupy movement, Peter Thiel, post-industrial society, Richard Florida, rolodex, Saturday Night Live, Silicon Valley, Skype, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, the medium is the message, Thomas L Friedman, Tyler Cowen: Great Stagnation, urban decay, urban planning, Walter Mischel, War on Poverty, women in the workforce, World Values Survey
The abolitionists, the “know-nothings,” the isolationists, the progressives, the John Birchers, the suffragettes—they all worked, to different effect, to shape the nation’s history. But none emerged out of nowhere: each was incubated by connections forged between friends, neighbors, and familiar acquaintances. That’s not how things work anymore. More recently that “style” of movement has become almost antiquated. Far from harnessing the connections wrought by preexisting middle-ring relationships, the Tea Party and Occupy movements, two of the most prominent echoes of earlier campaigns for change, were fueled by messages sent through the outer rings. People offended by what they saw, respectively, as the stifling authority of Washington and the corrupting power of Wall Street found each other without nearly so much middle-ring brokering. Quite the opposite, the miracle of information technology—blogs and social networks, e-mails and Twitter feeds—made it possible for individuals to find, connect, and organize ideological peers without knowing one another very well.
., 19, 84, 128, 176, 230 Chinatown in, 33–35 Diamond District in, 98–99, 135 Jacobs’s views on, 85–86, 166, 167–68 New York Times, xiv, 27, 38, 46, 54–55, 59, 182, 229 New York Times Book Review, 5–6 New York Times Magazine, 64 niches, 36, 40, 41, 44–45, 73–74 affirmation and, 107–8, 110–11 Nichols, Mike, 4, 248n Nie, Norman, 125 1950s, 3–6, 32, 50, 52, 60, 114, 115, 127, 138, 139, 248n conformity in, 4–5, 65, 73, 74 family routines in, 58 fantasy view of, 3, 51 membership associations in, 130–31 1960s, 70–71, 248n social trust in, 135 upheavals of, 6, 68, 87, 108–9, 128 Nisbet, Robert, 194 North American Free Trade Agreement, 197–98 nostalgia, ix–x, 51, 72, 146, 182–83 nuclear war, 51, 52, 55, 56, 57, 60 nursing homes, 197, 200, 202, 206–7 Obama, Barack, 24, 37–38, 42, 59, 146, 186, 205, 210 Occupy movement, 109–10 Office, The (TV show), 131 Ogle, Richard, 162 Olds, Jacqueline, 130 Olympic Games (2014), 178 online buying, 41, 69–70 online communities, 114–15, 116, 145, 250n opportunity, 12–13, 26, 27, 32, 43, 49, 62, 69, 73, 74, 75, 98, 212, 213 affirmation and, 103, 108 optimism, 51, 82, 114, 236 Organization Man, The (Whyte), 5, 6, 138 organizations: new breed of, 116–18 voluntary, 80, 116, 118, 130–31, 187, 201, 228, 239 Osteen, Joel, 72, 238 other-directedness, 5–7 Our Best Life (Osteen), 72 outer-ring relationships, 96–97, 114–19, 137, 138–39, 143, 145, 147–48, 169, 173, 190, 204, 237, 238 affirmation and, 107–12, 115 online, 114–15, 121–22 Oxycodone epidemic, 147–48 Packer, George, 235, 236 Palin, Sarah, 206 Pariser, Eli, 37, 48, 176, 194–95 Park Forest, 4–5 Pasteur, Louis, 158–59, 174 Pauling, Linus, 161 PBS, 182, 192 pensions, 20, 205, 235–36 Perot, Ross, 197–98 Perry Preschool Project, 224 Pew Center for American Life, 250n Pew Forum on Religion and Public Life, 71 Pew Internet & American Life Project, 125 Pew Research Center, 106–7, 237 Pixar studio, 164–65 Planet Money (radio show), 180–81 Platinum Mile, 176 polio, 51, 52, 59 political science, 66–69, 141 politics, xiv–xvii, xix, 11, 15, 82, 101, 148, 181–95, 210, 229, 232 affirmation and, 108–10 Chinatown Bus effect and, 44, 47–48 culture wars and, 114 globalization and, 18 taste and, 37–38 polls, polling, 7, 29, 182, 226 deliberative, 192–93, 195 World Values Survey, 67–68, 73 Poole, Keith, 184 Porter, Eduardo, 255n potlikker, 136–37 poverty, 11, 22, 41, 43, 54, 62, 75, 146, 194, 201, 226, 255n in Brazil, 178, 267n urbanism and, 83, 216 prejudice, 88, 146, 148, 231 against homosexuals, 42, 43, 51 racial, 24, 39, 146 productivity, 19, 53, 167 progress, 24, 31, 35, 68, 75, 174, 238 progressives (the left), 11, 15, 23, 26, 31, 47, 148, 235 crime and, 56 Washington dysfunction and, 182, 184, 189, 190 property, 82, 179, 229 prosperity, 52–55, 57, 62, 67, 68–69, 72, 178, 230 psychology, Maslow’s influence in, 61–62 public policy, failure of, 22–23 Pulitzer, Joseph, 188 purchasing power, 53–54 Putnam, Robert, 7, 97, 99–100, 113–16, 119, 120, 141, 151–52, 170, 192 on social trust, 134–35 quality of life, 21, 50–62 affluence and, 52–55, 62, 72 health and, 31, 51, 52, 57–60 hierarchy of needs and, 61–62, 72 security and safety and, 52, 55–62, 72 Quest for Community, The (Nisbet), 194 race, 11, 32, 68, 79, 147, 148, 237 prejudice and, 24, 39, 146 see also African Americans racism, 4, 51 Radicalism of the American Revolution, The (Wood), xii, 81, 194 radio, 36, 37, 71, 133, 148, 152, 180–81 Rainie, Lee, 237 Rauch, Jonathan, 199 Raytheon, 165 Reagan, Ronald, 22 Real World, The (TV show), 63 rebels, 102–3, 127 religion, 29, 39, 48, 71–72, 74, 114, 147, 148, 231, 238 Republicans, 15, 37–38, 148, 182–85 retirement, 55, 60, 104–5, 197, 198, 204–5, 235–36 Riesman, David, 5–8, 12, 65, 73, 74, 213 Rock, Chris, 40 romance, 70, 71, 74 Romney, Mitt, 37–38 Roosevelt, Franklin D., 203 Rose, Charlie, 182 Rosenthal, Howard, 184 Rotary Clubs, 44, 45, 116 Rumspringa, 28–29, 30 Sachar, Abram L., 4 Saddleback Church, 72 Safford, Sean, xi, 97, 169–72 Sampson, Robert, 149–50 San Francisco, Calif., 129, 189 Santayana, George, 51 Saturn model, 95–98 see also intimate relationships; middle-ring relationships; outer-ring relationships Schmidt, Eric, 18 Schwartz, Richard, 130 Second Wave society, 16–17, 20, 23, 31–32, 48 mass market and, 40 membership organizations and, 44 townships in, 88, 89, 233 security and safety, 52, 55–62, 67, 68, 72, 133, 150 segregation, 40–41, 79, 237–38 self-actualization, 61, 72 self-control, 214–25 self-expression, 69, 71–72 self-fulfillment, 104, 261n self-interest, 183, 195 Senate, U.S., xvi, 184, 185, 186, 188, 191 service jobs, 18–19, 53, 132, 138, 236 settled horticultural societies, 92, 95 shopping, 25, 38–42, 49 shopping malls, 40, 41 Silicon Valley, 174, 175, 227, 237 Silver, Nate, 7 Skocpol, Theda, 44, 45, 116–18, 130, 201 smallpox, 157–58 social architecture, 232–34 in Barbados vs.
Nuclear War and Environmental Catastrophe by Noam Chomksy
British Empire, cuban missile crisis, David Ricardo: comparative advantage, energy security, Howard Zinn, interchangeable parts, invisible hand, Malacca Straits, mutually assured destruction, Naomi Klein, Occupy movement, oil shale / tar sands, Ralph Nader, Ronald Reagan, South China Sea, The Wealth of Nations by Adam Smith, trade route, University of East Anglia, uranium enrichment, WikiLeaks
That book, like the present volume, was composed from interviews. Chomsky has written and lectured widely on linguistics, philosophy, intellectual history, contemporary issues, international affairs, and US foreign policy. In 2010 Chomsky, Eduardo Galeano, Michael Hardt, Naomi Klein, and Vandana Shiva became signatories to United for Global Democracy, a manifesto created by the international Occupy movement. Laray Polk was born in Oklahoma in 1961 and currently lives in Dallas, Texas. She is a multimedia artist and writer. Her articles and investigative reports have appeared in the Dallas Morning News, D Magazine, and In These Times. As a 2009 grant recipient from the Investigative Fund at the Nation Institute, she produced stories on the political entanglements and compromised science behind the establishment of a radioactive waste disposal site in Texas, situated in close proximity to the Ogallala Aquifer.
Rebooting Democracy: A Citizen's Guide to Reinventing Politics by Manuel Arriaga
I hope it is easy to (intuitively!) recognize that complex policy issues (e.g., how to properly regulate the financial sector) don’t quite have an “intuitively evident” solution. [xi] It should be clear from the outset, though, that these citizen panels should have more power than merely producing “recommendations” for the benefit of the government and/or the state bureaucracy. [xii] In the wake of the Occupy movement, some argued that “popular assemblies,” in which all citizens who wished to do so would be able to freely participate in the decision-making process, could also help us avoid those problems. However, they are plagued by their own serious difficulties. First, popular assemblies do not scale to a large society. Second, they are vulnerable to manipulation by powerful interests who are able to more effectively organize and sponsor the participation of their own supporters.
Seventeen Contradictions and the End of Capitalism by David Harvey
accounting loophole / creative accounting, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business climate, California gold rush, call centre, central bank independence, clean water, cloud computing, collapse of Lehman Brothers, colonial rule, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Deng Xiaoping, deskilling, falling living standards, fiat currency, first square of the chessboard, first square of the chessboard / second half of the chessboard, Food sovereignty, Frank Gehry, future of work, global reserve currency, Guggenheim Bilbao, income inequality, informal economy, invention of the steam engine, invisible hand, Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Just-in-time delivery, knowledge worker, low skilled workers, Mahatma Gandhi, market clearing, Martin Wolf, means of production, microcredit, new economy, New Urbanism, Occupy movement, peak oil, phenotype, Plutocrats, plutocrats, Ponzi scheme, quantitative easing, rent-seeking, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, short selling, Silicon Valley, special economic zone, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, Tyler Cowen: Great Stagnation, wages for housework, Wall-E, women in the workforce, working poor, working-age population
They do not shrink from violence and are convinced that the only way to preserve their threatened freedoms is to pursue a politics of total domination. This political current is supported and to some degree meshes with increasingly violent militarised responses to any and all movements that threaten to break through the walls of that repressive tolerance so crucial to the perpetuation of liberal governmentality. Consider as examples the unduly violent police repression of the Occupy movement in the United States; the even more violent response to ongoing peaceful protests in Turkey that began in Taksim Square; police actions in Syntagma Square in Athens that smack of the fascist tactics of Golden Dawn; the continuous police brutality visited on student protesters in Chile; the government-organised attack upon protesters against the unsafe labour conditions in Bangladesh; the militarisation of the response to the Arab Spring movement in Egypt; the murder of union leaders in Colombia and many more.
283 Maddison, Angus 227 Maghreb 174 Malcolm X 291 Maldives 260 Malthus, Thomas 229–30, 232–3, 244, 246, 251 Manchester 149, 159 Manhattan Institute 143 Mansion House, London 201 manufacturing 104, 239 Mao Zedong 291 maquilas 129, 174 Marcuse, Herbert 204, 289 market cornering 53 market economy 198, 205, 276 marketisation 243 Marshall Plan 153 Martin, Randy 194 Marx, Karl 106, 118, 122, 142, 207, 211 and alienation 125, 126, 213 in the British Museum library 4 on capital 220 conception of wealth 214 on the credit system 239 and deskilling 119 on equal rights 64 and falling profits 107 and fetishism 4 on freedom 207, 208, 213 and greed 33 ‘industrial reserve army’ 79–80 and isolation of workers 125 labour theory of value 109 and monetary system reforms 36 monopoly power and competition 135 reality and appearance 4, 5 as a revolutionary humanist 221 and social reproduction 182 and socialist utopian literature 184 and technological innovation 103 and theorists of the political left 54 and the ‘totally developed individual’ 126–7 and world crises xiii; Capital 57, 79–80, 81, 82, 119, 129, 132, 269, 286, 291–2 The Economic and Philosophic Manuscripts of 1844 269, 286 Grundrisse 97, 212–13 Theories of Surplus Value 1 Marxism contradiction between productive forces and social relations 269 ‘death of Marxism’ xii; ecologically sensitive 263 and humanism 284, 286, 287 ‘profit squeeze’ theory of crisis formation 65 traditional Marxist conception of socialism/ communism 91 Marxists 65, 109 MasterCard Priceless 275 Mau Mau movement 291 Melbourne 141 merchants 67 and industrial capital 179 price-gouging customers 54 and producers 74–5 Mercosur 159 Mexican migrants 115, 175, 195–6 Mexico 123, 129, 174 Mexico City riots (1968) x microcredit 194, 198 microfinance 186, 194, 198, 211 Microsoft 131 Middle East 124, 230 Milanovic, Branko 170 military, the capacities and powers 4 dominance 110 and technology 93, 95 ‘military-industrial complex’ 157 mind-brain duality 70 mining 94, 113, 123, 148, 239, 257 MIT (Massachusetts Institute of Technology) 292 Mitchell, David: Cloud Atlas 264 Mitchell, Timothy 122 Modern Times (film) 103 Mondragon 180 monetarism xi monetary wealth and incomes, inequalities in (1920s) x 1071 monetisation 44, 55, 60, 61, 62, 115, 192–3, 198, 235, 243, 250, 253, 261, 262 money abandonment of metallic basis of global moneys 30, 37, 109 circulation of 15, 25, 30–31, 35 coinage 15, 27, 29, 30 commodification of 57 commodity moneys 27–31 creation of 30, 51, 173, 233, 238–9, 240 credit moneys 28, 30, 31, 152 cyber moneys 36, 109–10 electronic moneys 27, 29, 35, 36, 100 and exchange value 28, 35, 38 fiat 8, 27, 30, 40, 109, 233 gap between money and the value it represents 27 global monetary system 46–7 love of money as a possession 34 measures value 25, 28 a moneyless economy 36 oxidisation of 35 paper 15, 27, 29, 30, 31, 37, 40, 45 power of 25, 36, 59, 60, 62, 65–66, 131–6, 245, 266 quasi-money 35 relation between money and value 27, 35 represented as numbers 29–30 and social labour 25, 27, 31, 42, 55, 88, 243 and the state 45–6, 51, 173 storage of value 25, 26, 35 the US dollar 46–7 use value 28 money capital 28, 32, 59, 74, 142, 147, 158, 177, 178 money laundering 54, 109 ‘money of account’ 27–8, 30 monopolisation 53, 145 monopoly, monopolies 77 and competition 131–45, 218, 295 corporate 123 monetary system 45, 46, 48, 51 monopoly power 45, 46, 51, 93, 117, 120, 132, 133–4, 136, 137, 139, 141, 142–3 monopoly pricing 72, 132 natural 118, 132 of state over legitimate use of force and violence 42, 44, 45, 51, 88, 155, 173 see also prices, monopoly monopsony 131 Monsanto 123 Montreal Protocol 254, 259 ‘moral restraints’ 229, 233 mortgages 19, 21, 28, 32, 54, 67, 82, 239 multiculturalism 166 Mumbai 155, 159 Murdoch, Rupert xi Myrdal, Gunnar 150 N NAFTA 159 name branding 31, 139 nano-trading 243 Nation of Islam 291 national debt 45, 226, 227 National Health Service 115 National Labor Relations Board 120 National Security Administration 136 nationalisation 50 nationalism 7, 8, 44, 289 natural resources 58, 59, 123, 240, 241, 244, 246, 251 nature 56 alienation from 263 capital’s conception of 252 capital’s relation to 246–63 commodification of 59 domination of 247, 272 Heidegger on 59, 250 Polanyi on 58 power over 198 process-thing duality 73 and technology 92, 97, 99, 102 Nazis 151 neoclassical economists 109 neocolonialism 143, 201 neoliberal era 128 neoliberal ethic 277 neoliberalisation x, 48 neoliberalism xiii, 68, 72, 128, 134, 136, 176, 191, 234, 281 capitalism 266 consensus 23 counter-revolution 82, 129, 159, 165 political programme 199 politics 57 privatisation 235 remedies xi Nevada, housing in 77 ‘new economy’ (1990s) 144 New York City 141, 150 creativity 245 domestic labour in 196 income inequality 164 rental markets 22 social reproduction 195 Newton, Isaac 70 NGOs (non-governmental organisations) 189, 210, 284, 286, 287 Nike 31 Nkrumah, Kwame 291 ‘non-coincidence of interests’ 25 Nordic countries 165 North America deindustrialisation in 234 food grain exports 148 indigenous population and property rights 39 women in labour force 230 ‘not in my back yard’ politics 20 nuclear weapons 101 Nyere, Julius 291 O Obama, Barack 167 occupational safety and health 72 Occupy movement 280, 292 Ohlin Foundation 143 oil cartel 252 companies 77, 131 ‘Seven Sisters’ 131 embargo (1973) 124 ‘peak oil’ 251–2, 260 resources 123, 240, 257 oligarchy, oligarchs 34, 143, 165, 221, 223, 242, 245, 264, 286, 292 oligopoly 131, 136, 138 Olympic Games 237–8 oppositional movements 14, 162, 266–7 oppression 193, 266, 288, 297 Orwell, George 213 Nineteen Eighty-Four 202 overaccumulation 154 overheating 228 Owen, Robert 18, 184 Oxfam xi, 169–70 P Paine, Tom: Rights of Man 285 Paris 160 riots (1968) x patents 139, 245, 251 paternalism 165, 209 patriarchy 7 Paulson, Hank 47 pauperisation 104 Peabody, George 18 peasantry ix, 7, 107, 117, 174, 190, 193 revolts 202 pensions 134, 165, 230 rights 58, 67–8, 84, 134 people of colour: disposable populations 111 Pereire, Emile 239 pesticides 255, 258 pharmaceuticals 95, 121, 123, 136, 139 Philanthropic Colonialism 211 philanthropy 18, 128, 189, 190, 210–11, 245, 285 Philippines 115, 196 Picasso, Pablo 140–41, 187, 240 Pinochet, Augusto x Pittsburgh 150, 159, 258 planned obsolescence 74 plutocracy xi, xii, 91, 170, 173, 177, 180 Poland 152 Polanyi, Karl 56, 58, 60, 205–7, 210, 261 The Great Transformation 56–7 police 134 brutality 266 capacities and powers 43 powers xiii, 43, 52 repression 264, 280 surveillance and violence 264 violence 266, 280 police-state 203, 220 political economy xiv, 54, 58, 89, 97, 179–80, 182, 201, 206–9 liberal 204, 206, 209 political parties, incapable of mounting opposition to the power of capital xii political representation 183 pollutants 8, 246, 255 pollution 43, 57, 59, 60, 150, 250, 254, 255, 258 Pontecorvo, Gillo 288 Ponzi schemes 21, 53, 54, 243 population ageing 223, 230 disposable 108, 111, 231, 264 growth 107–8, 229, 230–31, 242, 246 Malthus’s principle 229–30 Portugal 161 post-structuralism xiii potlatch system 33 pounds sterling 46 poverty 229 anti-poverty organisations 286–7 and bourgeois reformism 167 and capital 176 chronic 286 eradication of 211 escape from 170 feminisation of 114 grants 107 and industrialisation 123 and population expansion 229 and unemployment 170, 176 US political movement denies assistance to the poor 292–3 and wealth 146, 168, 177, 218, 219, 243 world xi, 170 power accumulation of 33, 35 of capital xii, 36 class 55, 61, 88, 89, 97, 99, 110, 134, 135, 221, 279 computer 105 and currencies 46 economic 142, 143, 144 global 34, 170 the house as a sign of 15–16 of labour see under labour; of merchants 75 military 143 and money 25, 33, 36, 49, 59, 60, 62, 63, 65–6, 245, 266 monopoly see monopoly power; oligarchic 292 political 62, 143, 144, 162, 171, 219, 292 purchasing 105, 107 social 33, 35, 55, 62, 64, 294 state 42–5, 47–52, 72, 142, 155–9, 164, 209, 295 predation, predators 53, 54, 61, 67, 77, 84, 101, 109, 111, 133, 162, 198, 212, 254–5 price fixing 53, 118, 132 price gouging 132 Price, Richard 226, 227, 229 prices discount 133 equilibrium in 118 extortionate 84 food 244, 251 housing 21, 32, 77 land 77, 78, 150 low 132 market 31, 32 and marketplace anarchy 118 monopoly 31, 72, 139, 141 oil 251, 252 property 77, 78, 141, 150 supermarket 6 and value 31, 55–6 private equity firms 101, 162 private equity funds 22, 162 private property and the commons 41, 50, 57 and eradication of usufructuary rights 41 and individual appropriation 38 and monopoly power 134–5, 137 social bond between human rights and private property 39–40 and the state 47, 50, 58, 59, 146, 210 private property rights 38–42, 44, 58, 204, 252 and collective management 50 conferring the right to trade away that which is owned 39 decentralised 44 exclusionary permanent ownership rights 39 and externality effects 44 held in perpetuity 40 intellectual property rights 41 microenterprises endowed with 211 modification or abolition of the regime 14 and nature 250 over commodities and money 38 and state power 40–41, 42–3 underpinning home ownership 49 usufructuary rights 39 privatisation 23, 24, 48, 59, 60, 61, 84, 185, 235, 250, 253, 261, 262, 266 product lines 92, 107, 219, 236 production bourgeois 1 falling value of 107 immaterial 242 increase in volume and variety of 121 organised 2 and realisation 67, 79–85, 106, 107, 108, 173, 177, 179, 180, 221, 243 regional crises 151 workers’ dispossession of own means of 172 productivity 71, 91, 92, 93, 117, 118, 121, 125, 126, 132, 172, 173, 184, 185, 188, 220, 239 products, compared with commodities 25–6 profitability 92, 94, 98, 102, 103, 104, 106, 112, 116, 118, 125, 147, 184, 191–2, 240, 252, 253, 256, 257 profit(s) banking 54 as capital’s aim 92, 96, 232 and capital’s struggle against labour 64, 65 and competition 93 entrepreneurs 24, 104 falling 81, 107, 244 from commodity sales 71 and money capital 28 monopoly 93 rate of 79, 92 reinvestment in expansion 72 root of 63 spending of 15 and wage rates 172 proletarianisation 191 partial 175, 190, 191 ‘property bubble’ 21 property market boom (1920s) 239 growth of 50 property market crashes 1928 x, 21 1973 21 2008 21–2, 54, 241 property rights 39, 41, 93, 135 see also intellectual property rights; private property property values 78, 85, 234 ‘prosumers’ 237 Proudhon, Pierre-Joseph 183 Prozac 248 public goods 38 public utilities 23, 60, 118, 132 Q quantitative easing 30, 233 R R&D ix race 68, 116, 165, 166, 291 racial minorities 168 racialisation 7, 8, 62, 68 racism 8 Rand, Ayn 200 raw materials 16, 17, 148, 149, 154 Reagan, Ronald x, 72 Speech at Westminster 201 Reagan revolution 165–166 realisation, and production 67, 79–85, 106, 107, 108, 173, 177, 179, 180, 221, 243 reality contradiction between reality and appearance 4–6 social 27 Reclus, Elisée 140 regional development 151 regional volatility 154 Reich, Robert 123, 188 religion 7 religious affiliation 68 religious hatreds and discriminations 8 religious minorities 168 remittances 175 rent seeking 132–3, 142 rentiers 76, 77, 78, 89, 150, 179, 180, 241, 244, 251, 260, 261, 276 rents xii, 16–19, 22, 32, 54, 67, 77, 78, 84, 123, 179, 241 monopoly 93, 135, 141, 187, 251 repression 271, 280 autocratic 130 militarised 264 police-state 203 violent 269, 280, 297 wage 158, 274 Republican Party (US) 145, 280 Republicans (US) 167, 206 res nullius doctrine 40 research and development 94, 96, 187 ‘resource curse’ 123 resource scarcity 77 revolution, Fanon’s view of 288 revolutionary movements 202, 276 Ricardo, David 122, 244, 251 right, the ideological and political assault on the left xii; response to universal alienation 281 ‘rights of man’ 40, 59, 213 Rio de Janeiro 84 risk 17, 141, 162, 219, 240 robbery 53, 57, 60, 63, 72 robotisation 103, 119, 188, 295 Rodney, Walter 291 romantic movement 261 Roosevelt, Theodore 131, 135 Four Freedoms 201 Rousseau, Jean-Jacques 213, 214 Ruhr, Germany 150 rural landscapes 160–61 Russia 154 a BRIC country 170, 228 collapse of (1989) 165 financial crisis (1998) 154, 232 indebtedness 152 local famine 124 oligarchs take natural resource wealth 165 S ‘S’ curve 225, 230–31 Saint-Simon, Claude de Rouvroy, comte de 183 sales 28, 31, 187, 236 San Francisco 150 Santiago, Chile: street battles (2006–) 185 Sao Paulo, Brazil 129, 195 savings the house as a form of saving 19, 22, 58 loss of 20, 58 private 36 protecting the value of 20 Savings and Loan Crisis (USA from 1986) 18 savings accounts 5, 6 Scandinavia 18, 85, 165 scarcity 37, 77, 200, 208, 240, 246, 260, 273 Schumpeter, Joseph 98, 276 science, and technology 95 Seattle 196 Second Empire Paris 197 Second World War x, 161, 234 Securities and Exchange Commission 120, 195 security xiii, 16, 121, 122, 165, 205, 206 economic 36, 153 food 253, 294, 296 job 273 national 157 Sen, Amartya 208–11, 281 Development as Freedom 208–9 senior citizens 168 Seoul 84 serfdom 62, 209 sexual hatreds and discriminations 8 Shanghai 153, 160 share-cropping 62 Sheffield 148, 149, 159, 258 Shenzhen, China 77 Silicon Valley 16, 143, 144, 150 silver 27–31, 33, 37, 57, 233, 238 Simon, Julian 246 Singapore 48, 123, 150, 184, 187, 203 slavery 62, 202, 206, 209, 213, 268 slums ix, 16, 175 Smith, Adam 98, 125–6, 157, 185, 201, 204 ‘invisible hand’ 141–2 The Wealth of Nations 118, 132 Smith, Neil 248 social distinction 68, 166 social inequality 34, 110, 111, 130, 171, 177, 180, 220, 223, 266 social justice 200, 266, 268, 276 social labour 53, 73, 295 alienated 64, 66, 88 and common wealth 53 creation of use values through 36 expansion of total output 232 household and communal work 296 immateriality of 37, 233 and money 25, 27, 31, 42, 55, 88, 243 productivity 239 and profit 104 and value 26, 27, 29, 104, 106, 107, 109 weakening regulatory role of 109, 110 social media 99, 136, 236–7, 278–9 social movements 162–3 social reproduction 80, 127, 182–98, 218, 219, 220, 276 social security 36, 165 social services 68 social struggles 156, 159, 165, 168 social value 26, 27, 32, 33, 55, 172, 179, 241, 244, 268, 270 socialism 215 democratic xii; ‘gas and water’ 183 socialism/communism 91, 269 socialist revolution 67 socialist totalitarianism 205 society capitalist 15, 34, 81, 243, 259 civil 92, 122, 156, 185, 189, 252 civilised 161, 167 complex 26 demolition of 56 and freedom 205–6, 210, 212 hope for a better society 218 industrial 205 information 238 market 204 post-colonial 203 pre-capitalist 55 primitive 57 radical transformation of 290 status position in 186 theocratic 62 women in 113 work-based 273 world 204 soil erosion 257 South Africa 84–5, 152, 169 apartheid 169, 202, 203 South Asia labour 108 population growth 230 software programmers and developers 115, 116 South Korea 123, 148, 150, 153 South-East Asia 107–8 crisis (1997–8) 154, 232, 241 sovereign debt crises 37 Soviet Bloc, ex-, labour in 107 Soviet Union 196, 202 see also Russia Spain xi, 51, 161 housing market crash (2007–9) 82–3 spatio-temporal fixes 151–2, 153, 154, 162 spectacle 237–8, 242, 278 speculative bubbles and busts 178 stagnation xii, 136, 161–2, 169 Stalin, Joseph 70 standard of life 23, 175 starvation 56, 124, 246, 249, 260, 265 state, the aim of 156–7 brutality 266, 280 and capital accumulation 48 and civil society 156 curbing the powers of capital as private property 47 evolution of the capitalist state 42 and externality effects 44 guardian of private property and of individual rights 42 and home ownership 49–50 interstate system 156, 157 interventionism 193, 205 legitimate use of violence 42, 44, 45, 51, 88, 155, 173 loss of state sovereignty xii; and money 1, 45–6, 51, 173 ‘nightwatchman’ role 42, 50 powers of 42–5, 47–52, 57–8, 65, 72, 142, 155–9, 209, 295 and private property 47, 50, 58, 59, 146, 210 provision of collective and public goods 42–3 a security and surveillance state xiii; social democratic states 85 war aims 44 state benefits 165 state regulatory agencies 101 state-finance nexus 44–5, 46–7, 142–3, 156, 233 state-private property nexus 88–9 steam engine, invention of the 3 steel industry 120, 121, 148, 188 steel production 73–4 Stiglitz, Joseph 132–4 stock market crash (1929) x Stockholm, protests in (2013) 171, 243 strikes 65, 103, 124 sub-prime mortgage crisis 50 suburbanisation 253 supply and demand 31, 33, 56, 106 supply chain 124 supply-side remedies xi supply-side theories 82, 176 surplus value 28, 40, 63, 73, 79–83, 172, 239 surveillance xiii, 94, 121, 122, 201, 220, 264, 280, 292 Sweden 166, 167 protests in (2013) 129, 293 Sweezy, Paul 136 swindlers, swindling 45, 53, 57, 239 ‘symbolic analysts’ 188 Syntagma Square, Athens 266, 280 T Tahrir Square, Cairo 266 Taipei, Taiwan 153 Taiwan 123, 150, 153 Taksim Square, Istanbul 266, 280 Tanzania 291 tariffs 137 taxation 40, 43, 47, 67, 84, 93–4, 106, 133, 150, 155, 157, 167, 168, 172, 190 Taylor, Frederick 119, 126 Taylorism 103 Tea Party faction 205, 280, 281, 292 technological evolution 95–6, 97, 101–2, 109 technological imperatives 98–101 technological innovation 94–5 technology changes involving different branches of state apparatus 93–4 communicative technologies 278–9 and competition 92–3 constraints inhibiting deployment 101 culture of 227, 271 definition 92, 248 and devaluation of commodities 234 environmental 248 generic technologies 94 hardware 92, 101 humanising 271 information 100, 147, 158, 177 military 93, 95 monetary 109 and nature 92, 97, 99, 102 organisational forms 92, 99, 101 and productivity 71 relation to nature 92 research and development 94 and science 95 software 92, 99, 101 a specialist field of business 94 and unemployment 80, 103 work and labour control 102–11 telephone companies 54, 67, 84, 278 Tennessee 148 Teresa, Mother 284 Thatcher, Margaret (later Baroness) x, 72, 214, 259 Thatcherism 165 theft 53, 60, 61, 63 Thelluson, Peter 226, 227 think tanks 143 ‘Third Italy’ 143 Third World debt crisis 240 Toffler, Alvin 237 tolls 137 Tönnies, Ferdinand 122, 125 tourism ix, 16, 140, 141, 187, 236 medical 139 toxic waste disposal 249–50, 257 trade networks 24 trade unions xii, 116, 148, 168, 176, 184, 274, 280 trade wars 154 transportation 23, 99, 132, 147–8, 150, 296 Treasury Departments 46, 156 TRIPS agreement 242 tropical rainforest 253 ‘trust-busting’ 131 trusts 135 Turin, Italy 150 Turkey 107, 123, 174, 232, 280, 293 Tuscany, Italy 150 Tutu, Archbishop Desmond 284 Twitter 236 U unemployment 37, 104, 258, 273 benefits 176 deliberately created 65, 174 high xii, 10, 176 insurance 175 and labour reserves 175, 231 and labour-saving technologies 173 long-term 108, 129 permanent 111 echnologically induced 80, 103, 173, 274 uneven geographical developments 178, 296 advanced and underserved regional economies 149–50 and anti-capitalist movements 162 asset bubbles 243 and capital’s reinvention of itself 147, 161 macroeconomic processes of 159 masking the true nature of capital 159–60 and technological forms 219 volatility in 244 United Fruit 136 United Kingdom income inequality in 169; see also Britain United Nations (UN) 285 United States aim of Tea Party faction 280 banking 158 Bill of Rights 284 Britain lends to (nineteenth century) 153 capital in (1990s) 154 Constitution 284 consumption level 194 global reserve currency 45–6 growth 232 hostility towards state interventions 167 House of Representatives 206 human rights abuses 202 imperial power 46 indebtedness of students in 194 Indian reservations 249 interstate highway system 239 jobless recoveries after recession 172–3 liberty and freedom rhetoric 200–201, 202 Midwest ‘rust belt’ 151 military expenditures 46 property market crashes x, 21–2, 50, 54, 58, 82–3 racial issues 166 Savings and Loan Crisis (from 1986) 18 social mobility 196 social reproduction 196–7 solidly capitalist 166 steel industry 120 ‘symbolic analysts’ 188 ‘trust-busting’ 131 unemployment 108 wealth distribution 167 welfare system 176 universal suffrage 183 urbanisation 151, 189, 228, 232, 239, 247, 254, 255, 261 Ure, Andrew 119 US Congress 47 US dollar 15, 30, 45–6 US Executive Branch 47 US Federal Reserve xi, 6, 30, 37, 46, 47, 49, 132, 143, 233 monetary policy 170–71 US Housing Act (1949) 18 US Treasury 47, 142, 240 use values collectively managed pool of 36 commodification of 243 commodities 15, 26, 35 common wealth 53 creation through social labour 36 and entrepreneurs 23–4 and exchange values 15, 35, 42, 44, 50, 60, 65, 88 and housing 14–19, 21–2, 23, 67 and human labour 26 infinitely varied 15 of infrastructural provision 78 loss of 58 marketisation of 243 monetisation of 243 of money 28 privatised and commodified 23 provision of 111 and revolt of the mass of the people 60 social demand for 81 usufructuary rights 39, 41, 59 usury 49, 53, 186, 194 utopianism 18, 35, 42, 51, 66, 119, 132, 183, 184, 204, 206–10, 269, 281, 282 V value(s) commodity 24, 25 failure to produce 40 housing 19, 20, 22 net 19 production and realisation of 82 production of 239 property 21 relation between money and value 27, 35 savings 20 storing 25, 26, 35 see also asset values; exchange values; social value; use values value added 79, 83 Veblen, Thorstein: Theory of the Leisure Class 274 Venezuela 123, 201 Vietnam, labour in 108 Vietnam War 290 violence 53, 57, 72, 204–5, 286 against children 193 against social movements 266 against women 193 colonial 289–90, 291 and contemporary capitalism 8 culture of 271 of dispossession 58, 59 in a dystopian world 264 and humanism 286, 289, 291 of the liberation struggle 290 militarised 292 as the only option 290–91 political 280 in pursuit of liberty and freedom 201 racialised 291 state’s legitimate use of 42, 44, 45, 51, 88, 155, 173 of technology 271 and wage labour 207 virtual ecological transfer 256 Volcker, Paul 37 W wages 103 basic social wage 103 falling 80, 82 for housework 115, 192–3 low xii, 114, 116, 186, 188 lower bound to wage levels 175 non-payment of 72 and profits 172 reduction in 81, 103, 104, 135, 168, 172, 176, 178 rising 178 and unskilled labour 114 wage demands 150, 274 wage levels pushed up by labour 65 wage rates 103, 116, 172, 173 wage repression 158–9 weekly 71 see also income Wall Street criticised by a congressional committee 239–40 illegalities practised by 72, 77 and Lebed 195 new information-processing technologies 100 Wall Street Crash (1929) x, 47 Wall-E (film) 271 Walmart xii, 75, 84, 103, 131 war on terror 280 wars 8, 60, 229 currency 154 defined 44 monetisation of state war-making activities 44–5 privatisation of war making 235 resource 154, 260 and state aims 44 state financing of 32, 44, 48 and technology 93 trade 154 world 154 water privatisation 235 wave theory 70 wave-particle duality 70 wealth accumulation of 33, 34, 35, 157, 205 creation of 132–3, 142, 214 disparities of 164–81 distribution of 34, 167 extraction from non-productive activities 32 global 34 the house as a sign of 15–16 levelling up of per capita wealth 171 and poverty 146, 168, 177, 218, 219, 243 redistribution of 9, 234, 235 social 35, 53, 66, 157, 164, 210, 251, 265, 266, 268 taking it from others 132–3 see also common wealth weather futures 60 Weber, Max 122, 125 Weimar Republic 30 welfare state 165, 190, 191, 208 Wells Fargo 61 West Germany 153, 154, 161 Whitehead, Alfred North 97 Wilson, Woodrow 201 Wolf, Martin 304n2 Wollstonecraft, Mary: A Vindication of the Rights of Woman 285 women career versus family obligations 1–2 disposable populations 111 exploitation of 193 housework versus wage labour 114–15 oppression against 193 social struggle 168 trading of 62 violence against 193 in the workforce 108, 114, 115, 127, 174, 230 women’s rights 202, 218 workers’ rights 202 working classes and capital 80 consumer power 81 crushing organisation 81 education 183, 184 gentrified working-class neighbourhoods ix; housing 160 living conditions 292 wage repression and consumption 158–9 working hours 72, 104–5, 182, 272–5, 279 World Bank 16, 24, 100, 186, 245 World Trade Organization 138, 242 WPA programmes (1930s) 151 Wright, Frank Lloyd: Falling Water 16 Wriston, Walter 240 Y YouTube 236 Yugoslavia, former 174 Z Zola, Émile 7
The American Way of Poverty: How the Other Half Still Lives by Sasha Abramsky
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, bank run, big-box store, collective bargaining, deindustrialization, Francis Fukuyama: the end of history, full employment, ghettoisation, Gini coefficient, housing crisis, illegal immigration, immigration reform, income inequality, indoor plumbing, job automation, Mark Zuckerberg, Maui Hawaii, microcredit, mortgage debt, mortgage tax deduction, new economy, Occupy movement, offshore financial centre, payday loans, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, profit motive, Ronald Reagan, school vouchers, upwardly mobile, War on Poverty, Washington Consensus, women in the workforce, working poor, working-age population, Works Progress Administration
“Increasingly, the conditions that define the lives of domestic workers—like instability, low wages, low benefits—these are conditions increasingly defining the reality for most American workers. We’re in the same boat more than ever.” Yet, while more people were making these connections, this hadn’t yet translated into mass political movements. Occupy Wall Street garnered much public sympathy, but most people sympathized from the sidelines. They didn’t have the time and energy to engage in the sort of all-in protests that came to define the Occupy movement—at least in part because so many people were working such long hours just to keep their families afloat—they didn’t like the confrontational tactics and scruffy style of the Occupiers, or they didn’t feel that camping out in parks and outside of city halls would actually change a whole lot in their lives. And despite the opinion poll data showing that Americans were becoming increasingly uneasy about the degree of inequality seen in the country, on the whole that unease was more about the shrinking middle class than it was about the conditions of those at the very bottom of the economy.
Why hasn’t such a tax been enacted? Not because it’s impractical; not because it would bankrupt oil companies—but because those companies pump a huge amount of money into lobbying against such measures, and because today in America the political process is far more finely tuned to meeting the needs of the affluent than those of the poor. This leads to the third and last problem: until the Occupy movement grabbed the political spotlight, for decades America’s poor had come to think of themselves as ever more disempowered, ever more passive in the face of their poverty. And to a large extent, the assumption of powerlessness became self-fulfilling. Unable to influence the body politic, more and more people simply opted out: not voting in elections, not joining trade unions, and not informing themselves about the great issues of the day.
3D printing, additive manufacturing, Airbnb, autonomous vehicles, back-to-the-land, big-box store, bioinformatics, bitcoin, business process, Chris Urmson, clean water, cleantech, cloud computing, collaborative consumption, collaborative economy, Community Supported Agriculture, computer vision, crowdsourcing, demographic transition, distributed generation, en.wikipedia.org, Frederick Winslow Taylor, global supply chain, global village, Hacker Ethic, industrial robot, informal economy, intermodal, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Julian Assange, Kickstarter, knowledge worker, labour mobility, Mahatma Gandhi, manufacturing employment, Mark Zuckerberg, market design, means of production, meta analysis, meta-analysis, natural language processing, new economy, New Urbanism, nuclear winter, Occupy movement, oil shale / tar sands, pattern recognition, peer-to-peer lending, personalized medicine, phenotype, planetary scale, price discrimination, profit motive, RAND corporation, randomized controlled trial, Ray Kurzweil, RFID, Richard Stallman, risk/return, Ronald Coase, search inside the book, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, smart grid, smart meter, social web, software as a service, spectrum auction, Steve Jobs, Stewart Brand, the built environment, The Nature of the Firm, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, transaction costs, urban planning, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog, Whole Earth Review, WikiLeaks, working poor, Zipcar
Chapter Four Human Nature through a Capitalist Lens What’s most remarkable about the concentration of economic power in the hands of a few corporate players in each industry is how little public angst it has generated—at least in the United States—over the course of the nineteenth and twentieth centuries. While the labor unions’ struggles against corporate power were bitterly fought, they never attracted a majority of the workforce to their cause. Although there have also been occasional populist uprisings challenging the unbridled corporate control exercised over the economic life of society—the most recent being the Occupy Movement, with its rallying cry of the 99 percent versus the 1 percent—such outbursts have generally been few and far between and led to only mild regulatory reforms that did little to curb the concentration of power. To some extent, the criticism was muted because these large, vertically integrated corporate enterprises succeeded in bringing ever-cheaper products and services to the market, spawned millions of jobs, and improved the standard of living of working people throughout the industrial world.
., 281 Linux, 170, 175–176, 199, 309 live healthier lives, how to, 275 local exchange trading systems (LETS), 259–262 Locke, John, 60–62 Loescher, Peter, 14 The London Independent, 188 Lovelock, James, 184 L3C laws, 265 Luther, Martin, 58–59 Lymphangioleiomyomatosis (LAM), 241–242 Lynch, Mike, 129 Lynn, Mary Scott, 147 Makerbot Industries, 94 Makers Movement, 93–94, 99, 103 manufacture vs. infofacture, 90 marginal cost economy. see near zero marginal cost society Margulis, Lynn, 184 market economy, 4, 61 rise of the 32–38 Martin, Dean, 144 Marx, Karl, 33, 41, 105 massive open online courses (MOOCs), 4, 109–119, 247, 309–310 and the decline of the brick and mortar classroom, 113–119 negatives of, 117–118 the one-room schoolhouse with two billion students, 109–113 and peer-to-peer grading, 115–116 and service learning, 111–113, 264 and teachers as facilitators, 110 see also Coursera; edX; Udacity materialism/materialist(s), 276–279 mercantilist policies, 37 Mestrallet, Gérard, 141 microcurrencies, 259–262 microgrid(s), 103–104, 107, 294–295 microplot(s), 239 micropower plant(s), 69, 101, 102, 146, 267, 294–295 Millennial Generation, 19, 226, 230, 252, 264, 280–283 Mill, John Stuart, 63 Moglen, Eben, 175–176 monopoly or oligopoly, 6–8, 23, 198, 202, 307 and AT&T, 49–51 and effect on capitalism, 3 “natural monopoly,” 8, 50–51, 136–138, 203–204 temporary, 8 Montreuil, Benoit, 219–220 Moore, Gordon, 79–82 Moore’s Law, 79–80, 82, 147, 169 More, Sir Thomas, 31 Morgan Stanley, 54, 292 Mosaic, 146, 256–257 Moss, Frank, 242 music sharing, 232 Music Xray, 130 Myspace, 201 Napster, 170, 232 National Human Genome Research Institute, 169 Resources Defense Council (NRDC), 147 Science Foundation, 96 Telecommunications and Information Administration (NTIA), 149 near zero marginal cost society, 68–151 ascent of the prosumer and the build-out of the smart economy, extreme productivity, the Internet of Things, and free energy, 69–87 getting closer to, 84–87 the last worker standing, 121–133 and marginal cost controversy, 135–138 MOOCs, 109–119 reluctance to come to grips with, 5 3D printing, 89–108 see also paradigm shift from market capitalism to Collaborative Commons network neutrality, 197–198, 203 The New Capitalist Manifesto (Haque), 253 Networked Commons, 119, 151, 173, 190, 194, 202, 212, 221, 222, 229–233, 237–241, 309 Newmark, Craig, 249 The New York Times, 5, 129, 251, 281 Noam, Eli, 151, 194 Northern Renaissance, 36, 300 Noubel, Jean-Francois, 262 Obama, President Barack, 71–72, 128 Occupy Movement, 57 oil cost of, 87, 137–138, 233 crude oil reserves are dwindling, 86–87 and infrastructure, 72 mass production of automobiles, effect on, 52–53 and the Second Industrial Revolution, 47–54 spills, 165, 290 Standard Oil Company, 48–49, 51 see also fossil fuel(s); Hall, Andy online higher education. see massive open online courses (MOOCs) Open Source Initiative (OSI), 176 “optimum general welfare,” 3 Organization for Economic Co-operation and Development (OECD), 21, 277 The Origin of Species (Darwin), 64 Ostrom, Elinor, 158–162, 175, 190 Paine, Thomas, 65 paradigm shift from market capitalism to Collaborative Commons, 1–25 and changing the economic paradigm, 9–11 and the Internet of Things, 11–16 and the rise of the Collaborative Commons, 16–25 Parkifi, 145–146 Patagonia, 263 patent(s), 138, 165–167, 170, 174–177, 180–181, 202 patient-driven research (PDR), 19, 240–247 peer-to-peer social lending, 255–257 Perens, Bruce, 176 Perlow, Jason, 128 Perry, Mark J., 122–123 Personal Genome Project, 180 The Philosophy of Money (Simmel), 259 phone, importance of, 49–51 population, key to stabilization of, 285 poverty, 21, 107–112, 209, 264, 275–278, 283–286 print, and the impact it had on the way we do business, 35–36, 178–179 printing press(es), 33–37, 44–45 privacy, age of, 75–77 property relations, notion of, 30–32 prosumer(s) ascent of the, 135–151 beyond governments and markets, 150–151 and the clean web, 144–147 definition of, 4, 90 and free wi-fi for everyone, 147–149 and power to the people, 138–144 protests to reclaim the public Commons, 187–188 QR code, 127 Quigg, Donald J., 166 rallying around free software, 174–177 Raspberry Pi, 80 Raymond, Eric S., 176–177 RelayRides, 228 rental(s)/renting. see social capital and the sharing economy reputation rankings on the web, 257–259 reviews, consumer-generated, 248–249 Rifkin, Milton, 305–306, 309 rise in collaborative innovation, 21 Rochdale Society of Equitable Pioneers, 212–213 Rockefeller, John D., 48–49 Rose, Carol, 157–158 Rowe, Jonathan 190 Royal Dutch Shell, 49, 54, 142 Ruben, Andy, 237–238 Rural Electric Administration (REA), 209–210 Say, Jean-Baptiste, 3 Say’s Law, 3 scarcity. see abundance Schelgel, Heather, 262 Scherzer, Norman, 243 Schlatter, Richard, 30, 62 Schor, Juliet, 280 Schumacher, E.
Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, banks create money, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, Detroit bankruptcy, diversification, double entry bookkeeping, eurozone crisis, facts on the ground, financial innovation, fixed income, friendly fire, full employment, hiring and firing, housing crisis, Hyman Minsky, illegal immigration, inflation targeting, interest rate swap, Isaac Newton, Kenneth Rogoff, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, market bubble, market clearing, market fundamentalism, McMansion, moral hazard, naked short selling, new economy, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, price mechanism, quantitative easing, Ralph Waldo Emerson, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, short selling, South Sea Bubble, statistical model, the payments system, time value of money, too big to fail, working-age population, yield curve, Yogi Berra
They question the justice of the seemingly large costs taxpayers had to bear, and they wonder why so many reckless truck drivers are still on the road, prospering while other Americans suffer. Perhaps most of all, they are anxious about what the future may bring. As late as the 2012 election, a strong majority of Americans were telling pollsters that the country was still “on the wrong track” or “heading in the wrong direction.” No wonder we heard populist political thunder from both the Right (the Tea Party movement) and the Left (the Occupy movement). The United States recently completed the quadrennial spectacle we call a presidential election with a plainly angry electorate. While President Obama won reelection, no one yet knows what the 2012 election will bring in its wake. But we do know that the last chapters of the story that began in 2007 are yet to be written. So let’s start by looking back. What hit us—and why? A VERY BRIEF HISTORY OF THE FINANCIAL CRISIS AND THE GREAT RECESSION Historical perspective accrues only with the passage of time, and we are still living through the aftermath of the frightening financial crisis and the Great Recession that followed closely on its heels.* But enough time has now elapsed, and enough dust has now settled, that some preliminary judgments can be made.
This thunder from the Right was followed by mere rumblings from the Left, in the form of the Occupy Wall Street movement, which later spawned Occupy Boston, Occupy San Diego, Occupy Denver, Occupy Oakland, and many others. Like the Tea Party, Occupy is a highly populist movement that, for example, hates the Wall Street bailouts. It is more antioligarchy than antigovernment, however, arguing that Wall Street’s reckless behavior hurt working-class Americans badly (which is true) and yet has gone unpunished (which is also largely true). But the Occupy movement did not engage much in electoral politics. No Occupy candidates entered any Democratic primaries or ran under a third-party banner for election in November 2012. So while it certainly counts as part of the backlash against the Obama administration, it is by no means clear that Occupy Wall Street is part of the backlash against government activism in general. Maybe it’s government passivity they don’t like.
Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, Basel III, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, call centre, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, cognitive dissonance, corporate governance, Credit Default Swap, cross-subsidies, dematerialisation, diversification, diversified portfolio, Edward Lloyd's coffeehouse, Elon Musk, Eugene Fama: efficient market hypothesis, eurozone crisis, financial innovation, financial intermediation, fixed income, Flash crash, forward guidance, Fractional reserve banking, full employment, George Akerlof, German hyperinflation, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, income inequality, index fund, inflation targeting, interest rate derivative, interest rate swap, invention of the wheel, Irish property bubble, Isaac Newton, London Whale, Long Term Capital Management, loose coupling, low cost carrier, M-Pesa, market design, millennium bug, mittelstand, moral hazard, mortgage debt, new economy, Nick Leeson, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shock, passive investing, peer-to-peer lending, performance metric, Peter Thiel, Piper Alpha, Ponzi scheme, price mechanism, purchasing power parity, quantitative easing, quantitative trading / quantitative ﬁnance, railway mania, Ralph Waldo Emerson, random walk, regulatory arbitrage, Renaissance Technologies, rent control, Richard Feynman, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, Schrödinger's Cat, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, sovereign wealth fund, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, Steve Wozniak, 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, The Wisdom of Crowds, Tobin tax, too big to fail, transaction costs, tulip mania, Upton Sinclair, Vanguard fund, Washington Consensus, We are the 99%, Yom Kippur War
Credit expansion could not continue indefinitely: it would inevitably go into reverse when the low quality of much of the induced lending was revealed. And that was what happened in the global financial crisis. The social tensions that had been suppressed when consumption was growing faster than incomes were no longer contained. Public opinion turned against banking and finance, reflected in the Occupy movement and the surge in popularity of fringe political movements. A century after Upton Sinclair and Ida Tarbell the tradition of the muckraker was revived. A new generation of journalists sought to expose corporate and – especially – financial malpractice. When the internet journalist Matt Taibbi described Goldman Sachs as ‘a giant vampire squid, sucking money from wherever it finds it’,45 the description quickly went viral.
.: Hyperion 220 Loomis, Carol 108 lotteries 65, 66, 68, 72 Lucas, Robert 40 Lynch, Dennios 108 Lynch, Peter 108, 109 M M-Pesa 186 Maastricht Treaty (1993) 243, 250 McCardie, Sir Henry 83, 84, 282, 284 McGowan, Harry 45 Machiavelli, Niccolò 224 McKinley, William 44 McKinsey 115, 126 Macy’s department store 46 Madoff, Bernard 29, 118, 131, 132, 177, 232, 293 Madoff Securities 177 Magnus, King of Sweden 196 Manhattan Island, New York: and Native American sellers 59, 63 Manne, Henry 46 manufacturing companies, rise of 45 Marconi 48 marine insurance 62, 63 mark-to-market accounting 126, 128–9, 320n22 mark-to-model approach 128–9, 320n21 Market Abuse Directive (MAD) 226 market economy 4, 281, 302, 308 ‘market for corporate control, the’ 46 market risk 97, 98, 177, 192 market-makers 25, 28, 30, 31 market-making 49, 109, 118, 136 Markets in Financial Instruments Directive (MIFID) 226 Markkula, Mike 162, 166, 167 Markopolos, Harry 232 Markowitz, Harry 69 Markowitz model of portfolio allocation 68–9 Martin, Felix 323n5 martingale 130, 131, 136, 139, 190 Marx, Groucho 252 Marx, Karl 144, 145 Capital 143 Mary Poppins (film) 11, 12 MasterCard 186 Masters, Brooke 120 maturity transformation 88, 92 Maxwell, Robert 197, 201 Mayan civilisation 277 Meade, James 263 Means, Gardiner 51 Meeker, Mary 40, 167 Melamed, Leo 19 Mercedes 170 merchant banks 25, 30, 33 Meriwether, John 110, 134 Merkel, Angela 231 Merrill Lynch 135, 199, 293, 300 Merton, Robert 110 Metronet 159 Meyer, André 205 MGM 33 Microsoft 29, 167 middleman, role of the 80–87 agency and trading 82–3 analysts 86 bad intermediaries 81–2 from agency to trading 84–5 identifying goods and services required 80, 81 logistics 80, 81 services from financial intermediaries 80–81 supply chain 80, 81 transparency 84 ‘wisdom of crowds’ 86–7 Midland Bank 24 Milken, Michael 46, 292 ‘millennium bug’ 40 Miller, Bill 108, 109 Minuit, Peter 59, 63 Mises, Ludwig von 225 Mittelstand (medium-size business sector) 52, 168, 169, 170, 171, 172 mobile banking apps 181 mobile phone payment transfers 186–7 Modigliani-Miller theorem 318n9 monetarism 241 monetary economics 5 monetary policy 241, 243, 245, 246 money creation 88 money market fund 120–21 Moneyball phenomenon 165 monopolies 45 Monte Carlo casino 123 Monte dei Paschi Bank of Siena 24 Montgomery Securities 167 Moody’s rating agency 21, 248, 249, 313n6 moral hazard 74, 75, 76, 92, 95, 256, 258 Morgan, J.P. 44, 166, 291 Morgan Stanley 25, 40, 130, 135, 167, 268 Morgenthau, District Attorney Robert 232–3 mortality tables 256 mortgage banks 27 mortgage market fluctuation in mortgage costs 148 mechanised assessment 84–5 mortgage-backed securities 20, 21, 40, 85, 90, 100, 128, 130, 150, 151, 152, 168, 176–7, 284 synthetic 152 Mozilo, Angelo 150, 152, 154, 293 MSCI World Bank Index 135 muckraking 44, 54–5, 79 ‘mugus’ 118, 260 multinational companies, and diversification 96–7 Munger, Charlie 127 Munich, Germany 62 Munich Re 62 Musk, Elon 168 mutual funds 27, 108, 202, 206 mutual societies 30 mutualisation 79 mutuality 124, 213 ‘My Way’ (song) 72 N Napoleon Bonaparte 26 Napster 185 NASA 276 NASDAQ 29, 108, 161 National Economic Council (US) 5, 58 National Employment Savings Trust (NEST) 255 National Institutes of Health 167 National Insurance Fund (UK) 254 National Provincial Bank 24 National Science Foundation 167 National Westminster Bank 24, 34 Nationwide 151 Native Americans 59, 63 Nazis 219, 221 neo-liberal economic policies 39, 301 Netjets 107 Netscape 40 Neue Markt 170 New Deal 225 ‘new economy’ bubble (1999) 23, 34, 40, 42, 98, 132, 167, 199, 232, 280 new issue market 112–13 New Orleans, Louisiana: Hurricane Katrina disaster (2005) 79 New Testament 76 New York Stock Exchange 26–7, 28, 29, 31, 49, 292 New York Times 283 News of the World 292, 295 Newton, Isaac 35, 132, 313n18 Niederhoffer, Victor 109 NINJAs (no income, no job, no assets) 222 Nixon, Richard 36 ‘no arbitrage’ condition 69 non-price competition 112, 219 Norman, Montagu 253 Northern Rock 89, 90–91, 92, 150, 152 Norwegian sovereign wealth fund 161, 253 Nostradamus 274 O Obama, Barack 5, 58, 77, 194, 271, 301 ‘Obamacare’ 77 Occidental Petroleum 63 Occupy movement 52, 54, 312n2 ‘Occupy Wall Street’ slogan 305 off-balance-sheet financing 153, 158, 160, 210, 250 Office of Thrift Supervision 152–3 oil shock (1973–4) 14, 36–7, 89 Old Testament 75–6 oligarchy 269, 302–3, 305 oligopoly 118, 188 Olney, Richard 233, 237, 270 open market operations 244 options 19, 22 Organisation for Economic Co-operation and Development (OECD) 263 Osborne, George 328n19 ‘out of the money option’ 102, 103 Overend, Gurney & Co. 31 overseas assets and liabilities 179–80, 179 owner-managed businesses 30 ox parable xi-xii Oxford University 12 P Pacific Gas and Electric 246 Pan Am 238 Paris financial centre 26 Parliamentary Commission on Banking Standards 295 partnerships 30, 49, 50, 234 limited liability 313n14 Partnoy, Frank 268 passive funds 99, 212 passive management 207, 209, 212 Patek Philippe 195, 196 Paulson, Hank 300 Paulson, John 64, 109, 115, 152, 191, 284 ‘payment in kind’ securities 131 payment protection policies 198 payments system 6, 7, 25, 180, 181–8, 247, 259–60, 281, 297, 306 PayPal 167, 168, 187 Pecora, Ferdinand 25 Pecora hearings (1932–34) 218 peer-to-peer lending 81 pension funds 29, 98, 175, 177, 197, 199, 200, 201, 208, 213, 254, 282, 284 pension provision 78, 253–6 pension rights 53, 178 Perkins, Charles 233 perpetual inventory method 321n4 Perrow, Charles 278, 279 personal financial management 6, 7 personal liability 296 ‘petrodollars’ 14, 37 Pfizer 96 Pierpoint Morgan, J. 165 Piper Alpha oil rig disaster (1987) 63 Ponzi, Charles 131, 132 Ponzi schemes 131, 132, 136, 201 pooled investment funds 197 portfolio insurance 38 Potts, Robin, QC 61, 63, 72, 119, 193 PPI, mis-selling of 296 Prebble, Lucy: ENRON 126 price competition 112, 219 price discovery 226 price mechanism 92 Prince, Chuck 34 private equity 27, 98, 166, 210 managers 210, 289 private insurance 76, 77 private sector 78 privatisation 39, 78, 157, 158, 258, 307 probabilistic thinking 67, 71, 79 Procter & Gamble 69, 108 product innovation 13 property and infrastructure 154–60 protectionism 13 Prudential 200 public companies, conversion to 18, 31–2, 49 public debt 252 public sector 78 Q Quandt, Herbert 170 Quandt Foundation 170 quantitative easing 245, 251 quantitative style 110–11 quants 22, 107, 110 Quattrone, Frank 167, 292–3 queuing 92 Quinn, Sean 156 R railroad regulation 237 railway mania (1840s) 35 Raines, Franklin 152 Rajan, Raghuram 56, 58, 79, 102 Rakoff, Judge Jed 233, 294, 295 Ramsey, Frank 67, 68 Rand, Ayn 79, 240 ‘random walk’ 69 Ranieri, Lew 20, 22, 106–7, 134, 152 rating agencies 21, 41, 84–5, 97, 151, 152, 153, 159, 249–50 rationality 66–7, 68 RBS see Royal Bank of Scotland re-insurance 62–3 Reagan, Ronald 18, 23, 54, 59, 240 real economy 7, 18, 57, 143, 172, 190, 213, 226, 239, 271, 280, 288, 292, 298 redundancy 73, 279 Reed, John 33–4, 48, 49, 50, 51, 242, 293, 314n40 reform 270–96 other people’s money 282–5 personal responsibility 292–6 principles of 270–75 the reform of structure 285–92 robust systems and complex structures 276–81 regulation 215, 217–39 the Basel agreements 220–25 and competition 113 the origins of financial regulation 217–19 ‘principle-based’ 224 the regulation industry 229–33 ‘rule-based’ 224 securities regulation 225–9 what went wrong 233–9 ‘Regulation Q’ (US) 13, 14, 20, 28, 120, 121 regulatory agencies 229, 230, 231, 235, 238, 274, 295, 305 regulatory arbitrage 119–24, 164, 223, 250 regulatory capture 237, 248, 262 Reich, Robert 265, 266 Reinhart, C.M. 251 relationship breakdown 74, 79 Rembrandts, genuine/fake 103, 127 Renaissance Technologies 110, 111, 191 ‘repo 105’ arbitrage 122 repo agreement 121–2 repo market 121 Reserve Bank of India 58 Reserve Primary Fund 121 Resolution Trust Corporation 150 retirement pension 78 return on equity (RoE) 136–7, 191 Revelstoke, first Lord 31 risk 6, 7, 55, 56–79 adverse selection and moral hazard 72–9 analysis by ‘ketchup economists’ 64 chasing the dream 65–72 Geithner on 57–8 investment 256 Jackson Hole symposium 56–7 Kohn on 56 laying bets on the interpretation of incomplete information 61 and Lloyd’s 62–3 the LMX spiral 62–3, 64 longevity 256 market 97, 98 mitigation 297 randomness 76 socialisation of individual risks 61 specific 97–8 risk management 67–8, 72, 79, 137, 191, 229, 233, 234, 256 risk premium 208 risk thermostat 74–5 risk weighting 222, 224 risk-pooling 258 RJR Nabisco 46, 204 ‘robber barons’ 44, 45, 51–2 Robertson, Julian 98, 109, 132 Robertson Stephens 167 Rockefeller, John D. 44, 52, 196 Rocket Internet 170 Rogers, Richard 62 Rogoff, K.S. 251 rogue traders 130, 300 Rohatyn, Felix 205 Rolls-Royce 90 Roman empire 277, 278 Rome, Treaty of (1964) 170 Rooney, Wayne 268 Roosevelt, Franklin D. v, 25, 235 Roosevelt, Theodore 43–4, 235, 323n1 Rothschild family 217 Royal Bank of Scotland 11, 12, 14, 24, 26, 34, 78, 91, 103, 124, 129, 135, 138, 139, 211, 231, 293 Rubin, Robert 57 In an Uncertain World 67 Ruskin, John 60, 63 Unto this Last 56 Russia defaults on debts 39 oligarchies 303 Russian Revolution (1917) 3 S Saes 168 St Paul’s Churchyard, City of London 305 Salomon Bros. 20, 22, 27, 34, 110, 133–4 ‘Salomon North’ 110 Salz Review: An Independent Review of Barclays’ Business Practices 217 Samuelson, Paul 208 Samwer, Oliver 170 Sarkozy, Nicolas 248, 249 Savage, L.J. 67 Scholes, Myron 19, 69, 110 Schrödinger’s cat 129 Scottish Parliament 158 Scottish Widows 26, 27, 30 Scottish Widows Fund 26, 197, 201, 212, 256 search 195, 209, 213 defined 144 and the investment bank 197 Second World War 36, 221 secondary markets 85, 170, 210 Securities and Exchange Commission (SEC) 20, 64, 126, 152, 197, 225, 226, 228, 230, 232, 247, 292, 293, 294, 313n6 securities regulation 225–9 securitisation 20–21, 54, 100, 151, 153, 164, 169, 171, 222–3 securitisation boom (1980s) 200 securitised loans 98 See’s Candies 107 Segarra, Carmen 232 self-financing companies 45, 179, 195–6 sell-side analysts 199 Sequoia Capital 166 Shad, John S.R. 225, 228–9 shareholder value 4, 45, 46, 50, 211 Sharpe, William 69, 70 Shell 96 Sherman Act (1891) 44 Shiller, Robert 85 Siemens 196 Siemens, Werner von 196 Silicon Valley, California 166, 167, 168, 171, 172 Simon, Hermann 168 Simons, Jim 23, 27, 110, 111–12, 124 Sinatra, Frank 72 Sinclair, Upton 54, 79, 104, 132–3 The Jungle 44 Sing Sing maximum-security gaol, New York 292 Skilling, Jeff 126, 127, 128, 149, 197, 259 Slim, Carlos 52 Sloan, Alfred 45, 49 Sloan Foundation 49 small and medium-size enterprises (SMEs), financing 165–72, 291 Smith, Adam 31, 51, 60 The Wealth of Nations v, 56, 106 Smith, Greg 283 Smith Barney 34 social security 52, 79, 255 Social Security Trust Fund (US) 254, 255 socialism 4, 225, 301 Société Générale 130 ‘soft commission’ 29 ‘soft’ commodities 17 Soros, George 23, 27, 98, 109, 111–12, 124, 132 South Sea Bubble (18th century) 35, 132, 292 sovereign wealth funds 161, 253 Soviet empire 36 Soviet Union 225 collapse of 23 lack of confidence in supplies 89–90 Spain: property bubble 42 Sparks, D.L. 114, 283, 284 specific risk 97–8 speculation 93 Spitzer, Eliot 232, 292 spread 28, 94 Spread Networks 2 Square 187 Stamp Duty 274 Standard & Poor’s rating agency 21, 99, 248, 249, 313n6 Standard Life 26, 27, 30 standard of living 77 Standard Oil 44, 196, 323n1 Standard Oil of New Jersey (later Exxon) 323n1 Stanford University 167 Stanhope 158 State Street 200, 207 sterling devaluation (1967) 18 stewardship 144, 163, 195–203, 203, 208, 209, 210, 211, 213 Stewart, Jimmy 12 Stigler, George 237 stock exchanges 17 see also individual stock exchanges stock markets change in organisation of 28 as a means of taking money out of companies 162 rise of 38 stock-picking 108 stockbrokers 16, 25, 30, 197, 198 Stoll, Clifford 227–8 stone fei (in Micronesia) 323n5 Stone, Richard 263 Stora Enso 196 strict liability 295–6 Strine, Chancellor Leo 117 structured investment vehicles (SIVs) 158, 223 sub-prime lending 34–5, 75 sub-prime mortgages 63, 75, 109, 149, 150, 169, 244 Summers, Larry 22, 55, 73, 119, 154, 299 criticism of Rajan’s views 57 ‘ketchup economics’ 5, 57, 69 support for financialisation 57 on transformation of investment banking 15 Sunday Times 143 ‘Rich List’ 156 supermarkets: financial services 27 supply chain 80, 81, 83, 89, 92 Surowiecki, James: The Wisdom of Crowds xi swap markets 21 SWIFT clearing system 184 Swiss Re 62 syndication 62 Syriza 306 T Taibbi, Matt 55 tailgating 102, 103, 104, 128, 129, 130, 136, 138, 140, 152, 155, 190–91, 200 Tainter, Joseph 277 Taleb, Nassim Nicholas 125, 183 Fooled by Randomness 133 Tarbell, Ida 44, 54 TARGET2 system 184, 244 TARP programme 138 tax havens 123 Taylor, Martin 185 Taylor Bean and Whitaker 293 Tea Party 306 technological innovation 13, 185, 187 Tel Aviv, Israel 171 telecommunications network 181, 182 Tesla Motors 168 Tetra 168 TfL 159 Thai exchange rate, collapse of (1997) 39 Thain, John 300 Thatcher, Margaret 18, 23, 54, 59, 148, 151, 157 Thiel, Peter 167 Third World debt problem 37, 131 thrifts 25, 149, 150, 151, 154, 174, 290, 292 ticket touts 94–5 Tobin, James 273 Tobin tax 273–4 Tolstoy, Count Leo 97 Tonnies, Ferdinand 17 ‘too big to fail’ 75, 140, 276, 277 Tourre, Fabrice ‘Fabulous Fab’ 63–4, 115, 118, 232, 293, 294 trader model 82, 83 trader, rise of the 16–24 elements of the new trading culture 21–2 factors contributing to the change 17–18 foreign exchange 18–19 from personal relationships to anonymous markets 17 hedge fund managers 23 independent traders 22–3 information technology 19–20 regulation 20 securitisation 20–21 shift from agency to trading 16 trading as a principal source of revenue and remuneration 17 trader model 82, 83 ‘trading book’ 320n20 transparency 29, 84, 205, 210, 212, 226, 260 Travelers Group 33, 34, 48 ‘treasure islands’ 122–3 Treasuries 75 Treasury (UK) 135, 158 troubled assets relief program 135 Truman, Harry S. 230, 325n13 trust 83–4, 85, 182, 213, 218, 260–61 Tuckett, David 43, 71, 79 tulip mania (1630s) 35 Turner, Adair 303 TWA 238 Twain, Mark: Pudd’nhead Wilson’s Calendar 95–6 Twitter 185 U UBS 33, 134 UK Independence Party 306 unemployment 73, 74, 79 unit trusts 202 United States global dominance of the finance industry 218 house prices 41, 43, 149, 174 stock bubble (1929) 201 universal banks 26–7, 33 University of Chicago 19, 69 ‘unknown unknowns’ 67 UPS delivery system 279–80 US Defense Department 167 US Steel 44 US Supreme Court 228, 229, 304 US Treasury 36, 38, 135 utility networks 181–2 V value discovery 226–7 value horizon 109 Van Agtmael, Antoine 39 Vanderbilt, Cornelius 44 Vanguard 200, 207, 213 venture capital 166 firms 27, 168 venture capitalists 171, 172 Vickers Commission 194 Viniar, David 204–5, 233, 282, 283, 284 VISA 186 volatility 85, 93, 98, 103, 131, 255 Volcker, Paul 150, 181 Volcker Rule 194 voluntary agencies 258 W wagers and credit default swaps 119 defined 61 at Lloyd’s coffee house 71–2 lottery tickets 65 Wall Street, New York 1, 16, 312n2 careers in 15 rivalry with London 13 staffing of 217 Wall Street Crash (1929) 20, 25, 27, 36, 127, 201 Wall Street Journal 294 Wallenberg family 108 Walmart 81, 83 Warburg 134 Warren, Elizabeth 237 Washington consensus 39 Washington Mutual 135, 149 Wasserstein, Bruce 204, 205 Watergate affair 240 ‘We are the 99 per cent’ slogan 52, 305 ‘We are Wall Street’ 16, 55, 267–8, 271, 300, 301 Weber, Max 17 Weill, Sandy 33–4, 35, 48–51, 55, 91, 149, 293, 314n40 Weinstock, Arnold 48 Welch, Jack 45–6, 48, 50, 52, 126, 314n40 WestLB 169 Westminster Bank 24 Whitney, Richard 292 Wilson, Harold 18 windfall payments 14, 32, 127, 153, 290 winner’s curse 103, 104, 156, 318n11 Winslow Jones, Alfred 23 Winton Capital 111 Wolfe, Humbert 7 The Uncelestial City 1 Wolfe, Tom 268 The Bonfire of the Vanities 16, 22 women traders 22 Woodford, Neil 108 Woodward, Bob: Maestro 240 World Bank 14, 220 World.Com bonds 197 Wozniak, Steve 162 Wriston, Walter 37 Y Yellen, Janet 230–31 Yom Kippur War (1973) 36 YouTube 185 Z Zurich, Switzerland 62
Hacking Politics: How Geeks, Progressives, the Tea Party, Gamers, Anarchists and Suits Teamed Up to Defeat SOPA and Save the Internet by David Moon, Patrick Ruffini, David Segal, Aaron Swartz, Lawrence Lessig, Cory Doctorow, Zoe Lofgren, Jamie Laurie, Ron Paul, Mike Masnick, Kim Dotcom, Tiffiniy Cheng, Alexis Ohanian, Nicole Powers, Josh Levy
4chan, Affordable Care Act / Obamacare, Airbnb, Bernie Sanders, Burning Man, call centre, Cass Sunstein, collective bargaining, crony capitalism, crowdsourcing, don't be evil, facts on the ground, Firefox, hive mind, immigration reform, informal economy, jimmy wales, Kickstarter, liquidity trap, Mark Zuckerberg, obamacare, Occupy movement, offshore financial centre, Plutocrats, plutocrats, prisoner's dilemma, rent-seeking, Silicon Valley, Skype, technoutopianism, WikiLeaks, Y Combinator
They believe in democracy, freedom of expression, and transparent governance; they have little tolerance for draconian rules, for back-room deals, or for imposed legalistic “solutions” to poorly-defined problems that might be better solved with more technology. They are, if anything, more libertarian than anything else. But even that label implies a willingness to engage in traditional political theater, a willingness that doesn’t exist. Brad Burnham (managing partner at Union Square Ventures) I recently heard a woman from the Occupy movement say the most poignant thing. She said “no one is coming for us.” Her generation does not expect the government to be there when they need it, nor do they think the incumbent industrial hierarchies are structured or motivated to address the challenges they expect to face. Remarkably, she was not depressed, defeated, or bitter. She was determined. The kids who grew up inside AOL chat rooms and came of age on Facebook have an intuitive understanding of the power of networks that our generation will never have.
So the next time you see a piece of legislation that has an impact on an open Internet, software or business method patents, copyright enforcement, free and fair competition, open government, or cyber security, I urge you to see it through the lens of the competition between incumbent industrial hierarchies and emergent networks. Consider who is sponsoring the legislation. Does it really protect consumers or does it protect the business models and cost structures of the incumbents? I recently heard a woman from the Occupy movement say the most poignant thing. She said “no one is coming for us.” Her generation does not expect the government to be there when they need it, nor do they think the incumbent industrial hierarchies are structured or motivated to address the challenges they expect to face. Remarkably, she was not depressed, defeated, or bitter. She was determined. The kids who grew up inside AOL chat rooms and came of age on Facebook have an intuitive understanding of the power of networks that our generation will never have.
Disaster Capitalism: Making a Killing Out of Catastrophe by Antony Loewenstein
Affordable Care Act / Obamacare, anti-communist, Asian financial crisis, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, clean water, collective bargaining, colonial rule, corporate social responsibility, Edward Snowden, facts on the ground, failed state, falling living standards, Ferguson, Missouri, financial independence, full employment, Goldman Sachs: Vampire Squid, housing crisis, illegal immigration, immigration reform, income inequality, Julian Assange, market fundamentalism, Naomi Klein, neoliberal agenda, obamacare, Occupy movement, offshore financial centre, open borders, private military company, profit motive, Ralph Nader, Ronald Reagan, Scramble for Africa, Slavoj Žižek, stem cell, the medium is the message, trade liberalization, WikiLeaks
In his book The Divide: American Injustice in the Age of the Wealth Gap, Rolling Stone journalist Matt Taibbi argues that the problem begins at home: “We [Americans] have a profound hatred of the weak and poor, and a corresponding groveling terror before the rich and powerful, and we’re building a bureaucracy to match those feelings.”9 In copious detail, Taibbi shows how key instigators of the 2008 financial crisis have not just been spared jail time but have benefited and been protected, while untold millions of needy men and women are crunched through an unforgiving legal system. With a few exceptions, such as the Occupy movement, there has been no public protest movement to demand prosecutions for Wall Street fraud. Taibbi goes to the heart of an economic, social, and legal system that underpins the abuses documented here and explains why they are allowed to happen. “We’re creating a dystopia,” he explains, “where the mania of the state isn’t secrecy or censorship but unfairness. Obsessed with success and wealth and despising failure and poverty, our society is systematically dividing the population into winners and losers, using institutions like courts to speed the process.”10 It is this carelessness and cruelty, amplified through the corporate media, that allows companies in the United States and globally to behave badly against the poor.
Ashraf 42–3 Haiti 26, 105–53, 175, 308 aid 12, 108, 120, 123–8, 144–7, 342n89 aid delivery failure 340n56 aid dependency 121, 126 American colonialism 109–13 American corporate pillaging 111–12 American investment 116–20 American policy 115–16, 116–20, 134 Aristide rule 112–13 beggars 106 Canadian aid 120 Caracol industrial park 116, 128–33, 133–6, 148 challenge facing 152–3 child slaves 145 cholera outbreak 113–16 CIA involvement 110 and the Cold War 111 corruption 141 coup, 2004 112 death toll, cholera outbreak 113 death toll, earthquake 107, 145 debt 127 Duvalier dictatorship 109–12 earnings 117, 132, 144 earthquake, January 2010 12, 107, 117 earthquake, January 2010, aftermath of 105–7 economic exploitation 132, 133–6 economic fragility 109–13 economic resistance 150 eco-system damage 130 effect of neoliberalism on 112–13 exploitation 107–8 foreign investment 116–18, 121–2, 133–6 French aid 120 historical background 109–13 homelessness 107 housing 129–30, 140, 150–1 human rights 110, 116 indigenous development 147–9, 150–2 job creation 131 leadership 119–20 living conditions 105–7, 141–4 mining regulation 120–1 National Palace demolition 137–9 NGO-ization of 137–41 occupation of 127 organisations populaires 112 paramilitary groups 109 political freedom 109 Presidential elections, 2015 140 reconstruction gold rush 107–9 refugee camps 141–4 religious faith 106 resource exploitation 120–1 revolution 109 rice imports 122–3 sovereignty 135, 146, 152 tourism 152 unemployment rate 127 unregulated capitalism 135–6 UN stabilization force 113, 115–16 women in 142–3 workers’ rights 148 Haiti Economic Lift Program 133 Haiti Grassroots Watch 117, 120 Haiti-Liberte 108–9 Halliburton 28 Hallward, Peter 109, 111–12, 152 Hamburg 84, 311 Hammond, Philip 16 Harding, Richard 284 Hardwick, Nick 263–7 Harper, Stephen 120 Harry (Christmas Islander) 272–3 Hastings, Michael 26 Hayatullah (asylum seeker) 301–3, 360n49 Headley, Linden 220–1 health services privatization, United Kingdom 244–5 heart disease 14 Hellenic Broadcasting Corporation 74 Hellenic Foundation for European and Foreign Policy 96 Hellenic Republic Asset Development Fund 101–2 helplessness, feeling of 308–9 Higgins, Greg 128 Hill+Knowlton 25–6 History Channel 306–7 homelessness 107 Honduras 225 Howard, John 275–6, 279 humanitarian relief, NGO-ization of 137–41 humanitarian work, military and 58–9 human rights 123 Afghanistan 42 commodification of 308 disregard for 9 and economic freedom 2 Haiti 110, 116 Human Rights Defense centre 216 Human Rights Watch 47, 48, 67, 71, 196, 200 Human Terrain System 53, 331n67 human trafficking 29, 70 Huppert, Julian 249–51 Hurricane Katrina 26, 118, 124, 337n6 Hurricane Sandy 8 Hyman, Christopher 290 identity, questions of 103–4 immigrants children 212, 225 criminalization 198–9 demonization of 226 deportation 212, 227–8 detention centers 211–28 incarceration rates 195 legal representation 217–18 United Kingdom 243–4 United States of America 198–9, 211–28 see also asylum seekers imperialism, legacy of 10–11 Independent Human Rights Commission, Conflict Mapping in Afghanistan since 1978 32 Independent Timbers and Stevedoring 344n19 IndustriALL 187 inequality 2–4, 56, 242–3, 302–3 information management consultancy 51–6 Innocent, Alix 130–2 Integrity Watch Afghanistan 24 intellectuals, responsibility of 310 intelligence gathering, privatization 51–6 Inter-American Development Bank 123, 130 Interfaith Prison Coalition 216 Interim Haiti Recovery Commission (IHRC) 118 International Criminal Court (ICC) 43 International Health and Medical Services 295 International Monetary Fund (IMF) 4–5, 62, 72, 99, 112, 127 International Organization for Migration 74 International Relief and Development (IRD) 28 International Security Assistance Force (ISAF) 32 interrogators and interrogation, privatization 15 Inter-Services Intelligence 56, 331n73 “Invisible Suffering” (MSF) 75 Iran 23, 49 Iraq 12, 14, 25, 27, 28, 323n33 Islamabad 56, 57 Islamic State (ISIS) 16, 41 Jack (PMC owner) 20–5 Jalalabad 38 Japan 11 Jean, Arnolt 121 Jean, Wyclef 141 job creation 131 John (BCL manager) 160–1, 164–5, 166–7 John (detention center guard) 296–8 Jones, Justin 198 Josephine (teacher, PNG) 183 Josh (PMC contractor) 59–60 journalism, usefulness of 309 J/P Haitian Relief Organization 137–9 JSOC 59 Jubilee 159 Jubilee Australia 190–1 Justice Police Institute (JPI) 201 Justinvil, Pierre 130 Kabul 19, 36 drinking holes 59–62 drug abuse 38–9 population 45 private military companies 19–25 suicide attacks 41 women in 47–8 Kambana, Adrienne Makenda 258–9 Kampagiannis, Thanasis 93–5 Kandahar 55 Karachi 56 Karunakara, Unni 139 Karzai, Ahmed Wali 41 Karzai, Hamid 27, 31–2, 41, 44, 47 Katz, Jonathan 119, 139–40 Kauona, Samuel 161, 178–80, 346n35 Kavo, Havila 186 KBR 28 Keerfa, the Movement United Against Racism and the Fascist Threat 93 Kelleher, Joan 285–6 Keller, Ska 97 Kemish, Ian 189 Kentucky 205, 228 Kerry, John 30, 62 Khalilzad, Zalmay 50 Khan, Muhammad Alamgir 57 Khogyani, Saima 48–50 Khyber News Bureau 58–9 Kilcullen, David 53 Kim Woong-ki 133 Kirra, Bernadine 185 Klein, Naomi 6–8, 11 KOFAVIV 142–3 Koim, Sam 188 Koofi, Maryam 50–1 Korean Peninsula 23 Kosovo 26 Kotsioni, Ioanna 76–7 Krugman, Paul 243 Kuwait 25 labor abuses 29 Laleau, Wilson 116–17 Lamothe, Laurent 120 landowner rights 177 Langdon, Robert 60, 332n82 Lasslett, Kristian 159–60, 161 Lebrun, Jean Robert 148 Lemberg-Pedersen, Martin 96–7 Leonard (teacher, PNG) 181 Lepani, Charles 189 Libby Sacer Foundation 103–4 Libya 16, 30 Limits to Growth, The (Randers) 1–2 Lloyds Banking Group 16 lobbying 124 Lockheed Martin 31 Logan, Steve 198–9 London, Becket House 263 Louisiana 200 Lucke, Lewis 108–9 Lujan, Nathan K. 306–7 Lumpkin, Georgia, USA 222–3 Stewart immigration detention center 211–22 McDowall, Paul 252 McDowell, Janine 252 McFate, Sean 16 McGregor-Smith, Ruby 242, 245–9 McKibben, Bill 8–9 McLean, Murray 11 Malmström, Cecilia 98 Management and Training Corp 218–19 Management Today 242 Manjoo, Rashida 252 Manus Island 276–7, 280, 281, 282–3, 297, 357n11 market principles, application of 14–15 market system 2 Marr, David 282 Martelly, Michel 106, 110, 116, 117, 140, 339n34 Mason, Paul 73, 267 MASS Design Group 114–15 Matheson, Scott 299 Maywood, California 5 Médecins de Monde (MdM) 77–80 Médecins Sans Frontières (MSF) 75–7, 114, 183 media outlets, ownership of 5 Medical Association of Athens 84 medical care asylum seekers 77–80, 78–80, 256–8 detention centers 77–80, 266, 295 Germany 84 Greece 80–4 prisons 205, 209, 214–15, 215–16 Medical Justice 256–8, 260 Medina, Roberto Martinez 218 Meek, James 234, 239 Mehmood, Tahir, death of 241 mental health 254–5, 285, 286, 295, 302 mentally disturbed people, incarceration rates of 201 mercenaries 20, 59 Merkel, Angela 73 Merten, Kenneth 107–8, 339n34 Metropolitan Community Clinic, Athens 80–4 Michael (asylum seeker) 230–2 Migration Policy Institute (MPI) 212 MiHomecare 255 military ideology 15 Miller, Phil 263 “Mining for Development” initiative, Australia 190 Ministry of Public Order and Citizen Protection, Greece 76 MINUSTAH 113, 115–16 Mitie 242, 245–9, 255 Mlotshwa, Emma 255–8 Moise, Rosembert 150 Momis, John 159, 161, 169 Monaghan, Karon 260 Monbiot, George 9, 236 Money Morning 49 Monsanto 267 Moradian, Davood 44–6 Morales, Evo 125 Morales, Pablo 107 Morauta, Mekere 188 Morrison, Scott 279–80 Mortime, Antonal 140 Morumbi 346n33 MSS Security 296–8 Mubenga, Jimmy, killing of 258–60 Mudd, Gavin 185 Mundell, Robert 84 Munnings, Kate 358n25 murders, private military companies 15, 46, 57, 60, 323–4n40 Murdoch, Rupert 5, 41, 359n30 Musharraf, Pervez 57 MWH Americas 124 Nader, Ralph 173 Namaliu, Sir Rabbie 160, 343n6 Namorong, Martyn 190 Nashville, Tennessee 209 Nathan (PNG resident) 167–8 National Audit Office 236 National Health Service 244–5 National Institute of Money in State Politics 201 National Research Council 198 nation building 23 Nation (magazine) 118 Nation (newspaper) 57 NATO 32, 55, 63 Nauru 275–6, 276, 276–7, 280–1, 283, 296 Needham, Emma 299 neo-colonization 190 neoliberalism 83, 112–13 New Economics Foundation 243 Newmont Mining 120 News Corporation 5 New York Times 8, 38, 101, 113, 115, 118, 131, 141, 199, 212, 226, 243, 284, 340n56 New Zealand 361n51 New Zealand Aid Programme 158–9 Nicaragua 134 Nicholls, Adelina 224–6 No Logo (Klein) 7–8 non-government organizations, and humanitarian relief 137–41 North American Free Trade Agreement 225 Northrop Grumman 35 Norway 2, 186–7 Obama, Barack 3, 31, 35, 45, 118, 124, 149, 195, 212, 221–2, 224 obesity 14 Occupy movement 5–6, 309 Occupy Wall Street 3 O’Faircheallaigh, Ciaran 162 Office for the Coordination of Humanitarian Affairs, United Nations 139 O’Grady, Mary Anastasia 134 Ohio 197–8 oil prices 166 Ona, Francis 169, 178 O’Neill, Peter 159, 166, 171, 186, 188, 347n50 One World 117 Operation Enduring Freedom 31 organisations populaires, Haiti 112 Organization for Economic Cooperation and Development 6, 267 outsourcing 28–30 outsourcing contractors, United Kingdom 240–2 overcharging 29 overconsumption 8 Oxfam 191, 242–3 Pakistan 12, 56–9, 62 community mapping 58 Federally Administrated Tribal Areas 58 feeling of occupation 59 private military companies 56, 57 state absence 56–7 Taliban in 31 US army action 58 Palast, Greg 84 Panagiotaros, Ilias 91–3 Panguna Landowners’ Association 177 Panguna mine, Papua New Guinea 154–64, 164–5, 167, 168, 177–8, 181, 182, 184–6, 191–2 Panguna town, Papua New Guinea 165–7 Papua New Guinea 11–12, 12, 117, 154–92 agricultural exports 174 aid 13, 167, 171–5, 179 and America 170–1 and Australia 154, 160, 163, 167, 169–75, 176–7, 188, 188–91 Australian exploitation of 169–75 Australian goals 172 Australian government aid 158–9, 171–5, 179, 182, 189–91 Autonomous Bougainville Government 161, 167, 178–80, 184, 346n33 average age 158 baby boom 157 BCL legacy 160–1 Bougainville mining legislation 161 and China 170 civil disturbances 175 civil war 154–5, 158–9, 161, 163–4, 178–80, 180–2, 187 constitutional planning committee 169 corruption 170, 171, 188 desire for independence 176–8 education 158, 166–7, 167–8 environmental destruction 157–8 foreign investment 186–7 forest 336n19 gold panning 164 Grasberg mine 187 independence 169–70 lack of change 167–9 life expectancy 175 maternal mortality rate 183 mining boom 13, 156, 169–76, 184–91, 344n50 mining waste 157 officials’ role 175–6 Ok Tedi Mine 157–8, 173, 188, 345n23 opposition to mining 168–9, 174, 178–80 Panguna Landowners’ Association 177 Panguna mine 154–64, 164–5, 167, 168, 177–8, 181, 182, 184–6, 191–2 Panguna reserves 186 Panguna town 165–7 pollution 157, 164, 173 poverty 175 private military companies 180 Ramu nickel mine 174 reconciliation meeting, February 2013 158–9 resource exploitation 120, 154–64, 176, 184–91, 344n19, 346n33 the Sandline controversy 180 sovereign fund 188 sovereignty 156, 175–6, 176–8, 191, 192 Task Force Sweep 188 weapons decommissioning 181–2 women in 182–4 World War II 170 Papua New Guinea Sustainable Development Program (PNGSDP) 345n23 Partners in Health 113–14 Partners Worldwide 136 Pay Any Price (Risen) 11 Peace and Security Project 98 peace building 54–5 Peck, Raoul 118–19 Penn, Sean 137–9 Pennsylvania 209 Pentagon, the, waste 34–5 people-smugglers 70, 287 Peshawar 57–9 Peter (PMC contractor) 59–60 Petraeus, David 52–3 Piketty, Thomas, Capital in the Twenty-First Century 6 Pilger, John 10, 245 Pindar, Paul 241–2 Pipiro, Moses 184 Pita, Aaron 181–2 Platform of Haitian Human Rights Organizations 140 Podur, Justin 115, 147 police militarized 203, 238 privatization 240 surveillance 6 police brutality Greece 83 United States of America 203 pollution, Papua New Guinea 157, 164, 173 Port-au-Prince 105–7, 107, 116, 118, 127, 128, 146, 149–50, 150–1 Port Moresby 166 poverty 98–9, 175 PPSS 206 predatory capitalism 11, 13–14, 162, 310–11 press freedom 74, 75 price-gouging 292 Prince, Erik 16 prisons and the prison industry 197, 202–11 abuse 216–17, 218 access 219 American Correctional Association (ACA) conference, 2014 202–11 bed mandate 226–7 children in 208 emotional impact of incarceration 207–8 employee wages 223 exploitation 227 failure of private 200–1 female population 197 food 215 green technology 204 incarceration rates 195–6, 200, 201, 204 inmate labor 205–6, 211, 213 lack of oversight 216, 228–9 lack of transparency 225–6 medical care 205, 209, 214–15, 215–16 money saving 217 occupancy quotas 226–7, 228 opposition to private 223–8 overcrowding 196 phone call costs 214 prisoner costs 200–1 privacy 208–9 private operators 196–8 privatization 13, 195–229, 240, 264–5 profits 197, 201–2 Scandinavian 208–9 solitary confinement 208, 209, 218–19 state oversight 205 Stewart immigration detention center, Lumpkin, Georgia, USA 211–22 suicide rate 209, 217 United Kingdom 240, 264–5 uprisings 208–9 visit 211–22 private military companies 12 accountability 16 Afghanistan 19–25, 33–5, 41–3, 44, 46–8, 50, 59–62, 331n69 Australian contractors 60 casualties 32, 326n27 clients 20–1 connection between 23–4 contractor motivations 59–62 employees 22, 47, 57 exploitation by 22 fees 21 future 23 hiring practices 61 influence 41–2 justifications 22–3 killings 46, 57, 60, 61 lack of state control 34, 47 locals view of 46–8 motivation 23 murders 15, 46, 57, 60, 323–4n40 and nation building 23 need for 21 numbers 20 origins 33 Pakistan 56, 57 Papua New Guinea 180 problem of 42 recruits 20 regulations 21, 22 and sovereignty 22–3 static work 21–2 transparency 34 weapons 20, 21 private power 4, 9 private security contractors, motivations 59–62 privatization asylum seeker detention network 77 Australia 361n51 border controls 241 contractor privacy 248–9 costs 236 detention centers 13, 98, 230–5, 245–51, 280–5, 289–99 disaster relief 108–9 economic logic of 289–99 failure of 239 Golden Dawn and 92–3 Greece 72, 98, 100–2, 307–8 and the IMF 4–5 intelligence gathering 51–6 justification 238–9, 245–6 Klein’s critique of 6–7 opposition to 100, 101, 102–3, 251 overcharging 240–1 prisons 13, 195–229, 240, 264–5 public services 230–68 as recent history 311 resistance to 7 revolving door 197 scale in UK 244 school teachers 4 surveillance 15 tender process 289–90 transparency 246, 290–1 United Kingdom 230–68, 310 of war 7 and waste reduction 30 profit, and poverty-level wages 117 prostitution 102 Psarras, Dimitris 85–7, 93 public services, privatization 230–68 Public Service Strategy Board 245–6 punishment, outsourcing 264–5 Putin, Vladimir 90, 93 racism 80, 259–60, 294 Raleigh, Jeff 26 Ramsbotham, David 260–1 Randers, Jørgen, The Limits to Growth 1–2 rape 47, 142–3, 183 Rau, Cornelia 289 Reagan, Ronald 238 Red Cross 342n89 refugee camps, Haiti 141–4 refugee crisis, Europe 95–8 refugees see asylum seekers Regan, Tony 159, 161 Rendon Group 26 Rene, George Andy 136 Reporters Without Borders 74 resource curse 13 resource exploitation accountability 180 Afghanistan 24, 49–50 Christmas Island 274 as entertainment 306–7 Haiti 120–1 impact 164–5, 166–7, 168 landowner rights 177 opposition to 178–80 Papua New Guinea 120, 154–64, 176, 184–91, 344n19, 346n33 regulation 120–1 responsibility 161 toxic dilemma of 162 and violence 159–60, 163–4, 167–8 “Restore Haiti” conference 136 Rhiannon, Lee 50 Rice, Susan 116 Rio Tinto 154, 157, 159, 162, 180, 186–8, 189 Risen, James, Pay Any Price 11 Roches, James Des 33 Roka, Theonila 159 Rolling Stone 41 Rompos, Antonios 78–80 Rooney, Nahau 281 Roupakias, Giorgos 90 Royal Mail 236 Roy, Arundhati 5–6, 307–8 Rubio, Marco 228 Rudd, Kevin 289, 290 Rumsfeld, Donald 26, 29–30 Saddam Hussein 25 Sae-A 130, 131, 132, 134, 135, 148 SAIC 31 Sally (case manager) 300–1, 303–4 Samaras, Antonis 94–5 Sanderson, Janet A. 115 Sandline 180 Sanon, Reyneld 150–1 Sarantou, Elina 66–7 Sarobi 38 Sassen, Saskia 99 Sassine, George 134–6 Sathi (asylum seeker) 253–4 Scahill, Jeremy 15 Scarperia, Annette 206 Schäuble, Wolfgang 75 Schofield, Josh 206 Schuller, Mark 107 Schumer, Chuck 228 Schwartz, Timothy 144–7, 342n92 Schweich, Thomas 38 Sean (Serco source) 292–4 Security and Management Services 57 security, outsourcing see private military companies Sediqqi, Sediq 41–2 sentencing reform, United States of America 198 September 11 terrorist attacks, 2001 7, 33 Serco 13, 232, 235, 240, 248, 252, 264, 270, 271, 277, 278, 279, 280, 282, 284, 289–99, 359n30 Shah, Rajiv 123 Shahshahani, Azadeh 226–7 Shah, Silky 222, 227–8 Sharon (detention center worker) 298 Sheffield 230–5, 262 Shell 186 Shield Defence Systems 204 shock doctors 8 Shock Doctrine: The Rise of Disaster Capitalism (Klein) 6–7, 11 Sideris, Christos 80–4 Simon (teacher) 272 Singer, P.
The Establishment: And How They Get Away With It by Owen Jones
anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, glass ceiling, hiring and firing, housing crisis, inflation targeting, investor state dispute settlement, James Dyson, laissez-faire capitalism, market fundamentalism, Monroe Doctrine, Mont Pelerin Society, moral hazard, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, open borders, Plutocrats, plutocrats, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, Winter of Discontent
‘London Anti-Cuts Protests End in Violence and 200 Arrests’, declared The Metro, a headline ignoring the fact that the vast majority of those detained had been arrested for taking part in a peaceful sit-in over tax avoidance at the Fortnum & Mason department store. ‘TUC March: The Militants behind the Violence’ and ‘How a Family Day Turned to Mayhem’ was how the Daily Telegraph reported the day. When protesters peacefully set up camp outside London’s St Paul’s Cathedral as part of the global ‘Occupy’ movement, they were met with ridicule from the media, and a lack of serious engagement with the issues they were raising. ‘When we think of occupations, we think of the Nazis in Germany, in France for example,’ said Adam Boulton of Sky News to an Occupy protester; Boulton attempted to justify such eyebrow-raising hyperbole by suggesting protesters were ‘imposing your will on everybody else in quite a similar way’.
This, of course, helps perpetuate its own dominance. None of this is to say that opponents of the Establishment have been entirely Missing in Action in recent years. By tapping into an age-old tradition of peaceful civil disobedience, UKUncut has forced the political and media elite to at least engage with (if not tackle) the issue of tax avoidance on the part of corporate interests and wealthy individuals. The Occupy movement, pitching its tents outside St Paul’s Cathedral, drew attention to how Britain and the world is being run in the interests of ‘the 1%’ rather than ‘the 99%’. Trade unionists have protested and gone on strike in their hundreds of thousands, demonstrating their defiance against austerity, while groups such as Disabled People Against Cuts have fought back against attacks on some of the most vulnerable in society.
Computer: A History of the Information Machine by Martin Campbell-Kelly, William Aspray, Nathan L. Ensmenger, Jeffrey R. Yost
Ada Lovelace, air freight, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Apple's 1984 Super Bowl advert, barriers to entry, Bill Gates: Altair 8800, borderless world, Buckminster Fuller, Build a better mousetrap, Byte Shop, card file, cashless society, cloud computing, combinatorial explosion, computer age, deskilling, don't be evil, Douglas Engelbart, Dynabook, fault tolerance, Fellow of the Royal Society, financial independence, Frederick Winslow Taylor, game design, garden city movement, Grace Hopper, informal economy, interchangeable parts, invention of the wheel, Jacquard loom, Jacquard loom, Jeff Bezos, jimmy wales, John von Neumann, linked data, Mark Zuckerberg, Marshall McLuhan, Menlo Park, natural language processing, Network effects, New Journalism, Norbert Wiener, Occupy movement, optical character recognition, packet switching, PageRank, pattern recognition, pirate software, popular electronics, prediction markets, pre–internet, QWERTY keyboard, RAND corporation, Robert X Cringely, Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, Ted Nelson, the market place, Turing machine, Vannevar Bush, Von Neumann architecture, Whole Earth Catalog, William Shockley: the traitorous eight, women in the workforce, young professional
Similar early characterizations by journalists and politicians highlighted the important role of Facebook and Twitter in the 2011 Arab Spring (protests throughout the Arab world that led to the overthrow of authoritarian regimes in Tunisia, Libya, and Egypt) and the 2011 international Occupy Movement (sit-in demonstrations against political and economic inequality and concentrated corporate power that began with an Occupy Wall Street protest in lower Manhattan’s Zuccotti Park). Although social networking apparently played a considerable role in the Occupy Movement, Internet penetration is still fairly low in many Arab nations and relatively few citizens of these countries use Twitter or Facebook. At least as important to these varied protests was the older technology of cellphone texting, which enabled information to rapidly percolate, from person to person, throughout a community.
GDP: A Brief but Affectionate History by Diane Coyle
Asian financial crisis, Berlin Wall, big-box store, Bretton Woods, BRICs, clean water, computer age, conceptual framework, crowdsourcing, Diane Coyle, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Fall of the Berlin Wall, falling living standards, financial intermediation, global supply chain, happiness index / gross national happiness, income inequality, income per capita, informal economy, John von Neumann, Kevin Kelly, Long Term Capital Management, mutually assured destruction, Nathan Meyer Rothschild: antibiotics, new economy, Occupy movement, purchasing power parity, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, The Wealth of Nations by Adam Smith, Thorstein Veblen, University of East Anglia, working-age population
Yet the primacy of GDP as the measure of economic success has been increasingly challenged, not so much by politicians or economists as by people who see it as the primary symbol of what’s gone wrong with the capitalist market economy. For example, environmentalists believe it leads to an overemphasis on growth at the expense of the planet, “happiness” advocates think it needs to be replaced with indicators of genuine well-being, and activists such as those in the Occupy movement argue that a focus on GDP has disguised inequality and social disharmony. There are certainly several reasonable critiques of GDP and the role it has come to play in guiding economic policy. These also include questions about how complicated the statistical construction of GDP has become, and what such a complex abstraction can actually mean. But GDP is also, as this book will show too, an important measure of the freedom and human capability created by the capitalist market economy.
Spoiled Brats: Short Stories by Simon Rich
It’s hard to think of a better metaphor for our times. If we don’t give back to society—if we don’t “return our jars”—then our world may very well fall apart. Luckily, we have Herschel to help us hold it all together. Strange things soon begin to happen. People start to camera me when I am manning cart. Customers ask me to write my name on jars that they have bought. One day, newspaper lady asks my opinion on “Occupy movement.” I do not understand her words and so I let Claire answer. “Our company believes in the value of all human beings,” she says. “We stand for the ninety-nine percent.” She says many things like this to many people. Her words are crazy, but I do not stop her, because it is making more people buy our pickles. Every day, there are more and more customers lining up. “This is so wonderful,” she says to me one night while helping me count out the day’s moneys.
Without Their Permission: How the 21st Century Will Be Made, Not Managed by Alexis Ohanian
Airbnb, barriers to entry, carbon-based life, cloud computing, crowdsourcing, en.wikipedia.org, Hans Rosling, hiring and firing, Internet Archive, Kickstarter, Mark Zuckerberg, means of production, Menlo Park, minimum viable product, Occupy movement, Paul Graham, Silicon Valley, Skype, slashdot, social web, software is eating the world, Startup school, Tony Hsieh, unpaid internship, Y Combinator
In aggregate, millions of disparate, independent people can perform phenomenal works of collaboration never possible before the connected web. The vast network of open-source projects that made nearly all the aforementioned stories possible is the result of countless hours of work from all over the world, all for a purpose not explicitly defined. The movement for Internet freedom is similarly structured. Furthermore, all political movements will begin to show a similar DNA, if they’re not already. To wit, the Tea Party and the Occupy movement have little in common when it comes to political agendas, but their networks are incredibly widely distributed and their hierarchies virtually nonexistent. Both groups are distributed across the country and both believe their government doesn’t represent them—the people. They disagree on what to do about that, but it’s rather striking that their common bond is rooted in making the government more accountable to its citizens, something we really saw for the first time at the national level during the SOPA and PIPA discussions.
citizen journalism, crowdsourcing, Google Earth, informal economy, Julian Assange, knowledge economy, minimum wage unemployment, Mohammed Bouazizi, Occupy movement, RAND corporation, Rosa Parks, Silicon Valley, Skype, Slavoj Žižek, WikiLeaks
Figure 6.8: The Fourth Square, the square of confusion and mixed messages This eBook is licensed to Edward Betts, firstname.lastname@example.org on 03/31/2016 CHAPTER SEVEN The Anti-Ideology Machine The January 25 Revolution, while in many respects a distinctly Egyptian and Arab event, also tells the global story of youth resistance in the digital age. Discontented youth around the world are searching for a new emancipatory paradigm. From the Arab uprisings that began with Tunisia in December 2010 and quickly spread to Egypt and other countries of the region, to the Occupy movement that popularized the slogan of the 99 percent, to the anti-austerity protest movements in southern Europe, to Taksim Square in Turkey, young citizens have been sending a clear and loud message: they reject the current economic and political system that neither respects nor nurtures them, and that denies them their dream of living with human dignity in a just and balanced global order. A central piece of the ongoing resistance movements has been concerned with the control of knowledge, the war of ideas, and struggles over who can pull the levers of ideology and culture to build an alternative order.
Because We Say So by Noam Chomsky
Affordable Care Act / Obamacare, Chelsea Manning, cuban missile crisis, David Brooks, Edward Snowden, Julian Assange, Malacca Straits, Martin Wolf, means of production, Monroe Doctrine, Occupy movement, oil shale / tar sands, Ralph Waldo Emerson, RAND corporation, Slavoj Žižek, Stanislav Petrov, Thorstein Veblen, too big to fail, uranium enrichment, WikiLeaks
At the same time, he has refused, in spite of the occasional and most hateful and insipid of attacks, to mimic such tactics in responding to his less civil denigrators.4 Some of Chomsky’s detractors have accused him of being too strident, not being theoretical enough, or, more recently, not understanding the true nature of ideology. These criticisms seem empty and baseless and appear irrelevant, considering the encouraging impact Chomsky’s work has had on younger generations, including many in the Occupy movement and other international resistance networks. It is important to note that I am not suggesting that Chomsky is somehow an iconic figure who inhabits an intellectual version of celebrity culture. On the contrary, he deplores such a role and is an enormously humble and self-effacing human being. What I am suggesting is that the models for political leadership and civic responsibility put forth in American society for young people and others to learn from, are largely drawn from the ranks of a criminal, if not egregiously anti-democratic, class of elite financers and the rich.
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, Plutocrats, plutocrats, Post-materialism, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent
That slogan, which framed the protest in populist terms, defined the movement as an attack on growing political and economic inequality. On September 17, somewhere over a thousand demonstrators showed up and about 300 ended up camping out on Zuccotti Park. And over the next month—aided by police overreaction—the occupation and the demonstrations it spawned attracted thousands in New York. New occupy movements sprung up in scores of American cities. Occupy Boston, Chicago, Oakland, Los Angeles, and Washington, D.C., to be sure, but also Occupy Tupelo, Wichita, Tampa, Nashville, Missoula, Birmingham, El Paso, and many other cities and towns. It drew primarily from the college-educated young (reducing or writing off student debts was a prominent demand), but also from veterans of past anti-globalization struggles, like the demonstrations in Seattle in 1999 against the World Trade Organization.
Bureaucracy by David Graeber
3D printing, Affordable Care Act / Obamacare, airport security, Albert Einstein, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, George Gilder, High speed trading, hiring and firing, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning
This was already true of the great Festivals of Resistance organized around trade summits by the Global Justice movement from 1998 to 2003, where the intricate details of the process of democratic planning for the actions was, if anything, more important than the actions themselves, but it became even more true in 2011 with the camps of the Arab Spring, the great assemblies of Greece and Spain, and finally, the Occupy movement in the United States. These were simultaneously direct actions, practical demonstrations of how real democracy could be thrown in the face of power, and experiments in what a genuinely non-bureaucratized social order, based on the power of practical imagination, might look like. Such is the lesson, I think, for politics. If one resists the reality effect created by pervasive structural violence—the way that bureaucratic regulations seem to disappear into the very mass and solidity of the large heavy objects around us, the buildings, vehicles, large concrete structures, making a world regulated by such principles seem natural and inevitable, and anything else a dreamy fantasy—it is possible to give power to the imagination.
The Dark Net by Jamie Bartlett
3D printing, 4chan, bitcoin, blockchain, brain emulation, carbon footprint, crowdsourcing, cryptocurrency, deindustrialization, Edward Snowden, Filter Bubble, Francis Fukuyama: the end of history, global village, Google Chrome, Howard Rheingold, Internet of things, invention of writing, Johann Wolfgang von Goethe, Julian Assange, Kuwabatake Sanjuro: assassination market, life extension, litecoin, Mark Zuckerberg, Marshall McLuhan, moral hazard, Occupy movement, pre–internet, Ray Kurzweil, Satoshi Nakamoto, Skype, slashdot, technological singularity, technoutopianism, Ted Kaczynski, The Coming Technological Singularity, Turing test, Vernor Vinge, WikiLeaks, Zimmermann PGP
His social media activity stopped. Maybe, I allowed myself to hope, our meetings had made a difference? Or maybe the police had finally worked out who he was? Perhaps something worse? A New Platform Paul is not alone in finding the internet a perfect place to spread his message. It has become a vital platform for political groups around the world. From Barack Obama’s Facebook electioneering in the US, to the Occupy movement’s flash mobs, to the Italian comedian-cum-politician Beppe Grillo’s digital reach, the battle for ideas, influence and impact is moving online. Over the last decade, Paul and thousands of people like him have eschewed the traditional stomping grounds of the nationalist movement in favour of Facebook, Twitter and YouTube. They were among the first political groups to do so. Extremist organisations, denied a platform on mainstream media and unable to propound their beliefs in public, were particularly attuned to the opportunities that new outlets and platforms gave them.
airport security, blood diamonds, colonial rule, credit crunch, fixed income, Goldman Sachs: Vampire Squid, high net worth, income inequality, jitney, market clearing, Occupy movement, the market place
and the other banker dismisses him with, “Charvet. Ever heard of it?” I’ve always made fun of this mentality by adding “Ever heard of it?” after any kind of shameless place or name-dropping. Just a few hours earlier, I had been in a bar in Hong Kong with a group of friends, all of whom were finance guys. Although markets had recovered from the bowels of the financial crisis, the summer of 2011 was still a tumultuous time. The Occupy movement was just starting to gain momentum; people were still angry. Despite the housing collapse, the ensuing crisis, and subsequent bailouts, not a single banker had been held criminally responsible. Bonuses had remained relatively intact and the equity markets had come roaring back from the lows of 2009. The fact that most people hadn’t benefited from the market recovery, and that income inequality was breaking through generational highs, only further fanned the flames of anger and resentment.
3D printing, Amazon Web Services, augmented reality, call centre, clockwatching, cloud computing, Firefox, future of work, ghettoisation, Google Chrome, Google Glasses, Google Hangouts, Khan Academy, Kickstarter, Kodak vs Instagram, Lean Startup, Mark Zuckerberg, Network effects, new economy, Occupy movement, place-making, prediction markets, pre–internet, recommendation engine, Richard Florida, risk tolerance, self-driving car, Silicon Valley, Silicon Valley startup, Skype, social graph, social web, Steve Jobs, Steve Wozniak, Thomas L Friedman, Tim Cook: Apple, Tony Hsieh, WikiLeaks
Instead, he approached his career (and life) with that startup spirit: a rugged determination and belief in himself and his work and the ability to consciously pursue it with a bootstrapped mindset. NOW IT’S YOUR TURN… The January 2012 cover story of Fast Company magazine was all about Generation Flux. You’ve heard of Gen X, Gen Y, and more, but what is Generation Flux? Our business world has been through some tumultuous times: recessions, financial meltdowns, the massive disruption of technology, natural disasters, nations defaulting on their debt, the Arab Spring, the Occupy Movement, and much more. From every catastrophe and massive shift emerge new breakthroughs and advancements. During these past few years, we’ve also seen some of the most interesting companies flourish and grow (Apple, Facebook, Lululemon, Amazon, Twitter, and more); we’ve seen medical advancements at an unprecedented pace and the introduction of new technologies that will forever change our future.
Bitcoin: The Future of Money? by Dominic Frisby
3D printing, altcoin, bank run, banking crisis, banks create money, barriers to entry, bitcoin, blockchain, capital controls, Chelsea Manning, cloud computing, computer age, cryptocurrency, disintermediation, ethereum blockchain, fiat currency, friendly fire, game design, Isaac Newton, Julian Assange, litecoin, M-Pesa, mobile money, money: store of value / unit of account / medium of exchange, Occupy movement, Peter Thiel, Ponzi scheme, prediction markets, price stability, quantitative easing, railway mania, Ronald Reagan, Satoshi Nakamoto, Silicon Valley, Skype, slashdot, smart contracts, Snapchat, Stephen Hawking, Steve Jobs, Ted Nelson, too big to fail, transaction costs, Turing complete, War on Poverty, web application, WikiLeaks
Amir says quite firmly, ‘If we’re disturbing them, they can go somewhere else.’ As if in reply, they pull their sleeping bags over their heads. Amir asks another guy – unshaven, matted hair, grungy, friendly – to bring us a chai. Amir seems to have a bit of status in this place. The chai arrives and the guy sits down with us. He wants to listen to the interview. ‘I’m interested in all this stuff,’ he says. It turns out he’s one of the ringleaders in the Occupy movement. Amir starts talking. I’ve always loved the way many inventions and discoveries happened by accident. Alexander Fleming didn’t clean up one day and now we have penicillin. George Crum, a chef, got so infuriated by a customer who kept sending back his potatoes that he sliced them as thin and fried them as long as he dared – and we have the potato chip (or crisp). Wilhelm Roentgen was playing around with a light and some cathode ray tubes – and we have the X-ray.
Affordable Care Act / Obamacare, Bernie Madoff, big data - Walmart - Pop Tarts, call centre, carried interest, cloud computing, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, Emanuel Derman, housing crisis, illegal immigration, Internet of things, late fees, medical bankruptcy, Moneyball by Michael Lewis explains big data, new economy, obamacare, Occupy movement, offshore financial centre, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price discrimination, quantitative hedge fund, Ralph Nader, RAND corporation, recommendation engine, Sharpe ratio, statistical model, Tim Cook: Apple, too big to fail, Unsafe at Any Speed, Upton Sinclair, Watson beat the top human players on Jeopardy!, working poor
The inclination is to replace people with data trails, turning them into more effective shoppers, voters, or workers to optimize some objective. This is easy to do, and to justify, when success comes back as an anonymous score and when the people affected remain every bit as abstract as the numbers dancing across the screen. I was already blogging as I worked in data science, and I was also getting more involved with the Occupy movement. More and more, I worried about the separation between technical models and real people, and about the moral repercussions of that separation. In fact, I saw the same pattern emerging that I’d witnessed in finance: a false sense of security was leading to widespread use of imperfect models, self-serving definitions of success, and growing feedback loops. Those who objected were regarded as nostalgic Luddites.
Airbnb, airport security, Al Roth, Andrei Shleifer, attribution theory, autonomous vehicles, barriers to entry, Brownian motion, centralized clearinghouse, clean water, conceptual framework, constrained optimization, continuous double auction, deferred acceptance, Donald Trump, Edward Glaeser, experimental subject, first-price auction, framing effect, frictionless, fundamental attribution error, George Akerlof, Goldman Sachs: Vampire Squid, helicopter parent, Internet of things, invisible hand, Isaac Newton, iterative process, Jean Tirole, Jeff Bezos, Johann Wolfgang von Goethe, John Nash: game theory, John von Neumann, Joseph Schumpeter, late fees, linear programming, Lyft, market clearing, market design, market friction, medical residency, multi-sided market, mutually assured destruction, Nash equilibrium, Occupy movement, Peter Thiel, pets.com, pez dispenser, pre–internet, price mechanism, price stability, prisoner's dilemma, profit motive, proxy bid, RAND corporation, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Ronald Coase, school choice, school vouchers, sealed-bid auction, second-price auction, second-price sealed-bid, sharing economy, Silicon Valley, spectrum auction, Steve Jobs, Tacoma Narrows Bridge, technoutopianism, telemarketer, The Market for Lemons, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade route, transaction costs, two-sided market, uranium enrichment, Vickrey auction, winner-take-all economy
Among Pareto’s enduring contributions were his incisive observations on the distribution of income. Building from his calculation that the richest 20 percent of Italians owned 80 percent of the country’s land, Pareto posited that incomes in an economy tend to be distributed according to a “power law.” (Power law distributions will often generate extreme inequality, making Pareto an unlikely hero of the Occupy movement.) Most memorably, though, he used his mathematical skills to extend Smith’s invisible hand arguments, introducing a particular criterion by which economists could assess social well-being.5 This welfare principle, named Pareto efficiency by British economist I. M. D. Little, suggests that we may judge an economic system by whether it’s possible, through some series of trades or exchanges, to make at least one individual better off without making anyone worse off.
autonomous vehicles, banking crisis, Bartolomé de las Casas, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey
But I have been very distressed by that fact.”10 When a congressman asked him if he had been misled by his own ideas, Greenspan replied, “That’s precisely the reason I was shocked because I’d been going for 40 years or so with considerable evidence that it was working exceptionally well.” The lesson of December 21, 1954, is that everything centers on that one moment of crisis. When the clock strikes midnight, what happens next? A crisis can provide an opening for new ideas, but it can also shore up old convictions. So what happened after September 15, 2008? The Occupy movement briefly galvanized people, but quickly ebbed. Meanwhile, left-leaning political parties lost elections across most of Europe. Greece and Italy more or less canned democracy altogether and rolled out neoliberal-tinted reforms to please their creditors, trimming government and boosting labor market flexibility. In northern Europe, too, governments proclaimed a new age of austerity. And Alan Greenspan?
4chan, Airbnb, Amazon Mechanical Turk, asset-backed security, barriers to entry, Berlin Wall, big-box store, bitcoin, blockchain, citizen journalism, collaborative consumption, congestion charging, Credit Default Swap, crowdsourcing, data acquisition, David Brooks, don't be evil, gig economy, Hacker Ethic, income inequality, informal economy, invisible hand, Jacob Appelbaum, Jane Jacobs, Jeff Bezos, Khan Academy, Kibera, Kickstarter, license plate recognition, Lyft, Mark Zuckerberg, move fast and break things, natural language processing, Netflix Prize, Network effects, new economy, Occupy movement, openstreetmap, Paul Graham, peer-to-peer lending, Peter Thiel, pre–internet, principal–agent problem, profit motive, race to the bottom, Ray Kurzweil, recommendation engine, rent control, ride hailing / ride sharing, sharing economy, Silicon Valley, Snapchat, software is eating the world, South of Market, San Francisco, TaskRabbit, The Nature of the Firm, Thomas L Friedman, transportation-network company, Uber and Lyft, Uber for X, ultimatum game, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Zipcar
Examples include parks, sidewalks, streetscapes, community sports, and Business Improvement Areas. Other examples are more nebulous but no less important: the energy of Manhattan, the “cafe culture” of Rome, the Catalan history and distinctive architectural environment of Barcelona, the unique symbolic meaning of post–Cold War Berlin, the focal role of Tahrir Square during the 2011 Egyptian uprising, or of New York’s Zucotti Park during the Occupy movement in 2012. Cities are sites where people of all sorts and classes mingle. The social, collective production of culture is much of what makes a city a city: Harvey quotes Hardt and Negri: “the metropolis [is] a factory for the production of the common.” Commercial cultural industries play an increasingly important role in the economy: “The number of workers engaged in cultural activities and production has increased considerably over the past few decades.” 19 But culture is distinct from commodities like shirts and shoes20 in that commerce is just the tip of the cultural iceberg.
3D printing, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, bitcoin, business climate, call centre, Cass Sunstein, centralized clearinghouse, Chelsea Manning, citizen journalism, cloud computing, collaborative consumption, collaborative editing, crony capitalism, cross-subsidies, crowdsourcing, David Brooks, death of newspapers, Donald Trump, Douglas Engelbart, en.wikipedia.org, Exxon Valdez, Fall of the Berlin Wall, Filter Bubble, Firefox, Galaxy Zoo, global supply chain, Google Chrome, Gordon Gekko, Hacker Ethic, Jaron Lanier, Jeff Bezos, jimmy wales, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, Lean Startup, Mark Zuckerberg, minimum viable product, Mohammed Bouazizi, Mother of all demos, Narrative Science, new economy, Occupy movement, Peter Thiel, pirate software, Ronald Reagan, Ronald Reagan: Tear down this wall, sharing economy, Silicon Valley, Skype, social web, Steve Jobs, Steve Wozniak, Stewart Brand, Stuxnet, Ted Nelson, Telecommunications Act of 1996, telemarketer, The Wisdom of Crowds, transaction costs, uranium enrichment, Whole Earth Catalog, WikiLeaks, Zipcar
He “grabbed” a handful of social media mentions relevant to the story, starting with the last tweet from Congresswoman Giffords before she was shot and including tweets from other eyewitnesses as well as breaking news reports and relevant YouTube videos.42 Carvin went on to organize a number of Storify narratives around the Arab Spring, telling the stories of political uprisings in Tunisia, Egypt, and Syria by curating social media from people on the ground who experienced it live. Josh Stearns of the media advocacy group Free Press likewise began using Storify to track, confirm, and verify reports of journalists being arrested at Occupy protests all over the United States. During the Occupy Movement’s heyday he documented more than sixty-nine journalists who had been arrested in twelve cities around the United States.43 Unfinished Business As such journalistic experiments suggest, the dangers wrought by the End of Big are not necessarily insurmountable. Yet they are real. Writing in The New Yorker back in 1960, A. J. Liebling famously observed that “freedom of the press is guaranteed only to those who own one.”
3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lump of labour, Lyft, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, Thomas Malthus, transaction costs, Tyler Cowen: Great Stagnation, Uber for X, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional
This part of the book could have been written by Peter Diamandis, author of “Abundance” and “Bold”, and a leading evangelist for the claim that the exponential growth in computer power is leading us towards utopia. “Spread” seems to be a synonym for inequality, although the authors are strangely reluctant to use that word.[xxxv] It is “ever-bigger differences among people in economic success”. This part of the book could have been written by a member of the Occupy movement[xxxvi]. “Spread is a troubling development for many reasons, and one that will accelerate in the second machine age unless we intervene.” Brynjolfsson and McAfee pose the question whether bounty will overcome the spread. In other words, will we create an economy of radical abundance, in which inequality is relatively unimportant because even though a minority is extraordinarily wealthy, everyone else is comfortably off?
The Clash of the Cultures by John C. Bogle
asset allocation, collateralized debt obligation, corporate governance, corporate social responsibility, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, diversified portfolio, estate planning, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, fixed income, Flash crash, Hyman Minsky, income inequality, index fund, interest rate swap, invention of the wheel, market bubble, market clearing, mortgage debt, new economy, Occupy movement, passive investing, Ponzi scheme, principal–agent problem, profit motive, random walk, rent-seeking, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, shareholder value, short selling, South Sea Bubble, statistical arbitrage, The Wealth of Nations by Adam Smith, transaction costs, Vanguard fund, William of Occam
The social contract between Americans and their corporations was supposed to go roughly as follows: In exchange for limited liability and other privileges, corporations were to be held to a set of obligations that legitimatized the powers they were given. But modern corporations have assumed the right to relocate to different jurisdictions, almost at will, irrespective of where they really do business, and thus avoid the constraints of those obligations. “Government cannot and will not hold corporations to account. That much is now obvious. Indeed, the dawning realization of this truth is what has informed the Occupy movement, but only the owners of corporations can create the accountability that will ultimately unwind the knot of government capture. “The essence of the problem is quite straightforward: a failed system of corporate governance. So is the cause: the unwillingness of trustee owners of America’s corporations to assert their responsibility, legal duty, and civic obligation to monitor and oversee the corporations they invest in.
Culture & Empire: Digital Revolution by Pieter Hintjens
4chan, airport security, anti-communist, anti-pattern, barriers to entry, Bill Duvall, bitcoin, blockchain, business climate, business intelligence, business process, Chelsea Manning, clean water, congestion charging, Corn Laws, correlation does not imply causation, cryptocurrency, Debian, Edward Snowden, failed state, financial independence, Firefox, full text search, German hyperinflation, global village, GnuPG, Google Chrome, greed is good, Hernando de Soto, hiring and firing, informal economy, invisible hand, James Watt: steam engine, Jeff Rulifson, Julian Assange, Kickstarter, M-Pesa, mutually assured destruction, Naomi Klein, national security letter, new economy, New Urbanism, Occupy movement, offshore financial centre, packet switching, patent troll, peak oil, pre–internet, private military company, race to the bottom, rent-seeking, reserve currency, RFC: Request For Comment, Richard Feynman, Richard Feynman, Richard Stallman, Satoshi Nakamoto, security theater, Skype, slashdot, software patent, spectrum auction, Steve Crocker, Steve Jobs, Steven Pinker, Stuxnet, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, trade route, transaction costs, union organizing, web application, WikiLeaks, Y2K, zero day, Zipf's Law
Occupy Wall Street was mainly a protest against corruption, and since the US government is filled with corrupt men, it was logical that the response to protesters from the State would be more brutal and broadly coordinated than usual. That seems to make sense. Yet we may also have to wonder how that massive internal security apparatus was so conveniently ready and waiting. Perhaps the saddest thing about the events around the ending of the Occupy movement in the US was that most of America simply did not care enough to respond. The beatings and arrests of ordinary young people peacefully protesting against political corruption should, in any normal circumstances, provoke outrage. And that outrage should have amplified the protests, and turned them into a much wider set of confrontations in defense of the anti-corruption movement. Instead we were treated to a visual slapstick comedy of cops pepper-spraying dirty hippies on the sidewalk, and the public started to disassociate themselves from the victims.
Postcapitalism: A Guide to Our Future by Paul Mason
Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, payday loans, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, wages for housework, women in the workforce
In the preceding chapters I’ve shown how the rise of information technology disrupted the basic institutions of capitalism: price, ownership and wages. I’ve argued that neoliberalism was a false dawn; that the post-2008 crisis is the product of flaws within the economic model which prevent the exploitation of new technologies, and the takeoff of a fifth long wave. All this makes postcapitalism possible, but we have no model for the transition. Stalinism left us with a blueprint for disaster; the Occupy movement came up with some piecemeal good ideas; the so-called P2P (peer-to-peer) movement has evolved collaborative models on a small scale; while environmentalists have developed pathways for the transition to a zero-carbon economy, but tend to see these as separate from the survival of capitalism. So when it comes to planning the transition from one kind of economy to another, all we have is the experience of two very different events: the rise of capitalism and the collapse of the Soviet Union.
Conscious Capitalism, With a New Preface by the Authors: Liberating the Heroic Spirit of Business by John Mackey, Rajendra Sisodia, Bill George
Berlin Wall, Buckminster Fuller, business process, carbon footprint, collective bargaining, corporate governance, corporate social responsibility, crony capitalism, cross-subsidies, en.wikipedia.org, Fall of the Berlin Wall, fear of failure, Flynn Effect, income per capita, invisible hand, Jeff Bezos, job satisfaction, lone genius, Mahatma Gandhi, microcredit, Occupy movement, profit maximization, Ralph Waldo Emerson, shareholder value, six sigma, Steve Jobs, Steven Pinker, The Fortune at the Bottom of the Pyramid, The Wealth of Nations by Adam Smith, too big to fail, union organizing, women in the workforce
Conscious capitalism will ultimately triumph because it is based on higher levels of innovation, collaboration, and cooperation. Eventually, the marketplace will weed out businesses that aren’t sufficiently conscious. APPENDIX B Conscious Capitalism and Related Ideas Dissatisfaction with the status quo in the world of business and capitalism has been brewing for quite some time. The Occupy movement of 2011 channeled some of this angst into protests that spread to a number of cities, but ultimately did not amount to much because it did not offer a coherent alternative vision. In recent years, many business thinkers and some CEOs have started to speak of alternative or modified forms of capitalism. In this appendix, we discuss how Conscious Capitalism relates to some of these ideas on how capitalism needs to evolve.
Money: The Unauthorized Biography by Felix Martin
bank run, banking crisis, Basel III, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, call centre, capital asset pricing model, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, credit crunch, David Graeber, en.wikipedia.org, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, Fractional reserve banking, full employment, Goldman Sachs: Vampire Squid, Hyman Minsky, inflation targeting, invention of writing, invisible hand, Irish bank strikes, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, mobile money, moral hazard, mortgage debt, new economy, Northern Rock, Occupy movement, Plutocrats, plutocrats, private military company, Republic of Letters, Richard Feynman, Richard Feynman, Robert Shiller, Robert Shiller, Scientific racism, seigniorage, Silicon Valley, smart transportation, South Sea Bubble, supply-chain management, The Wealth of Nations by Adam Smith, too big to fail
The median income of American households has hardly risen for more than two decades. Inequalities of wealth are higher now than at any time since the 1930s. The baby boomers own all the houses, and no one under thirty can get on the property ladder. These are not short-term problems—they have built up over decades. The crisis just exposed them and made them worse. I know you’ll laugh if I mention the Occupy movement or the indignados of Madrid—but these people are asking a question which seems perfectly sensible if you just look at the bare statistics: is capitalism really all it’s cracked up to be? “Now, you and I agree that basically it is—or at least, it’s better than anything else. But unless we can explain what’s gone wrong, we will lose the argument. You know my answer: the problem is not capitalism, but money and the way we think about it.
Social Class in the 21st Century by Mike Savage
call centre, Capital in the Twenty-First Century by Thomas Piketty, Clapham omnibus, Corn Laws, deindustrialization, deskilling, Downton Abbey, financial independence, gender pay gap, Gini coefficient, income inequality, Mark Zuckerberg, megacity, New Urbanism, Occupy movement, precariat, psychological pricing, The Spirit Level, unpaid internship, upwardly mobile, very high income, winner-take-all economy, young professional
Piketty’s insistence that returns to capital generally exceed the rate of economic growth, and hence that there is a tendency for wealth to accumulate more rapidly than national economies, draws attention to the way that the highest levels of economic capital are self-generating in an increasingly intense way. To put this more directly, the more you have, the more you get. There has been an important campaign to raise visibility towards the excessive rewards accruing to the super-rich – such as by the Occupy movement – and we strongly support this concern. We would, however, argue that it is important not simply to concentrate on particular ‘super-wealthy’ individuals alone, or indeed even the ‘one per cent’, who are commonly singled out. There is a danger that this politics becomes both sensationalist and focused on particular individuals in a way which detracts from the wider sociological resonance of what we have called the ‘ordinary’ wealth-elite.
The Impulse Society: America in the Age of Instant Gratification by Paul Roberts
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, accounting loophole / creative accounting, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, asset allocation, business process, Cass Sunstein, centre right, choice architecture, collateralized debt obligation, collective bargaining, corporate governance, corporate social responsibility, crony capitalism, David Brooks, delayed gratification, double helix, factory automation, financial deregulation, financial innovation, full employment, game design, greed is good, If something cannot go on forever, it will stop, impulse control, income inequality, inflation targeting, invisible hand, job automation, Joseph Schumpeter, knowledge worker, late fees, Long Term Capital Management, loss aversion, low skilled workers, new economy, Nicholas Carr, obamacare, Occupy movement, oil shale / tar sands, performance metric, postindustrial economy, profit maximization, Report Card for America’s Infrastructure, reshoring, Richard Thaler, rising living standards, Robert Shiller, Robert Shiller, Rodney Brooks, Ronald Reagan, shareholder value, Silicon Valley, speech recognition, Steve Jobs, technoutopianism, the built environment, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, Walter Mischel, winner-take-all economy
Meanwhile, America’s other protest movement, the Tea Party, whose platform was largely dedicated to preventing any sort of a meaningful reform of those imbalances, was so effective that it took over the Republican Party and shut down the government. Sadly, this is precisely the outcome we would expect in a political culture that is driven as much by branding and the creation of identity as by a desire for real political change. Consider the liberal response to the financial crisis. Although the Occupy movement reflected a broad consensus among mainstream liberals that both Wall Street and its government watchdogs were corrupt and in need of serious reform, the movement failed to motivate many mainstream liberals. To be fair, Occupy made little effort to appeal to the mainstream. The group was perversely uninterested in speaking with the media or working with potential allies, such as labor. Nor was it willing, or perhaps able, to offer a coherent agenda.
banking crisis, Basel III, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, central bank independence, corporate governance, corporate social responsibility, deindustrialization, eurozone crisis, fiat currency, financial independence, financial innovation, forensic accounting, Goldman Sachs: Vampire Squid, haute cuisine, IBM and the Holocaust, Occupy movement, offshore financial centre, Ponzi scheme, price stability, quantitative easing, reserve currency, special drawing rights, V2 rocket
That is the BIS using the resources of bigger countries to put something back into emerging markets and developing countries.27 There are small but encouraging signs that some central bankers understand that with great financial power comes social responsibility. In October 2012, Andrew Haldane, executive director for financial stability at the Bank of England, gave a speech on “Socially Useful Banking” at a meeting hosted by Occupy Economics, the London branch of the social protest movement.28 The Occupy movement, he said, had helped trigger the first stages of a “reformation of finance.” Policymakers were listening to criticism and were acting to close the “fault lines” in the global financial system. “Occupy has been successful in its efforts to popularize the problems of the global financial system for one very simple reason: they are right.” Over the years, there had been a “great sucking sound” as “people and monies” were drawn into banking, especially investment banking, draining human and financial resources from the rest of the economy.
4chan, Asperger Syndrome, bitcoin, call centre, Chelsea Manning, corporate governance, crowdsourcing, Firefox, hive mind, Julian Assange, Minecraft, Occupy movement, pirate software, side project, Skype, speech recognition, Stephen Hawking, Stuxnet, We are Anonymous. We are Legion, We are the 99%, web application, WikiLeaks, zero day
Then there was the growing international movement called “Occupy,” which emerged in September 2011 and saw tens of thousands take to the streets in major capitals to protest social and economic inequality, often using the slogan “We are the 99%.” Activist-style supporters of Anonymous largely showed their support for Occupy, promoting it on Twitter and blogs and wearing the V for Vendetta masks at protests. Police had arrested more than 6,800 people in connection with the Occupy movement as of April 2012, by which time it had gone into hiatus. But as observers marveled at how this apparently leaderless global crowd could organize itself so extensively online and in physical demonstrations, they only had to look at Anonymous to see it had already been done before. For the FBI, getting Sabu as an informant had been a coup, but chasing the day-to-day glut of bragging, secret discussions, conspiracies, and threats probably soon turned into a bureaucratic nightmare.
Hacker, Hoaxer, Whistleblower, Spy: The Story of Anonymous by Gabriella Coleman
1960s counterculture, 4chan, Amazon Web Services, Bay Area Rapid Transit, bitcoin, Chelsea Manning, citizen journalism, cloud computing, collective bargaining, corporate governance, crowdsourcing, David Graeber, Debian, East Village, Edward Snowden, feminist movement, hive mind, impulse control, Jacob Appelbaum, jimmy wales, Julian Assange, Mohammed Bouazizi, Network effects, Occupy movement, pirate software, Richard Stallman, SETI@home, side project, Silicon Valley, Skype, Steven Levy, WikiLeaks, zero day
The company hired Stratfor to keep tabs on various activist groups, such as The Yes Men and Bhopal Medical Appeal, which was assisting victims. The documents revealed that Coca-Cola hired Stratfor to watch the environmental group PETA, particularly its operations in Canada in the lead-up to the Vancouver Olympics. And Stratfor sent an employee, self-described in an email as “U/O” (undercover), to infiltrate the local Occupy group in Austin, Texas with the goal of gathering organizational intelligence—tracking the occupiers’ movements and identifying any ties with environmental activists: There is a group you may be familiar with called Deep Green Resistance….Whether anyone in the Fed or elsewhere classifies this group as eco-terror or not, I don’t know, but they are nothing but and should be watched….The local Austin chapter was part of the Occupy Austin crowd at city hall, however, things were not “radical” enough for them since they do not believe in working within the system.
A Line in the Tar Sands: Struggles for Environmental Justice by Tony Weis, Joshua Kahn Russell
Bakken shale, bilateral investment treaty, call centre, carbon footprint, clean water, colonial exploitation, conceptual framework, corporate social responsibility, decarbonisation, Deep Water Horizon, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, global village, guest worker program, happiness index / gross national happiness, hydraulic fracturing, immigration reform, investor state dispute settlement, invisible hand, LNG terminal, market fundamentalism, means of production, Naomi Klein, new economy, Occupy movement, oil shale / tar sands, peak oil, profit maximization, race to the bottom, smart grid, special economic zone, working poor
See Indigenous rights NATO, 311 Natural Resources Canada, 51 Natural Resources Damage Assessment (NRDA), 199 Navajo Nation, 168, 241; Black Mesa, 241 Nebraska, 178, 250 neo-conservatism, 13 neo-liberalism, 46, 50, 68, 75, 267, 270, 302, 306, 307 neo-Nazi organizations, 96 Netherlands, Canadian embassy in, 57 neurotoxins, 136 “new green economy,” 41 New York State, 315 Nexen, 92–93 NextGen Climate Group, 91 “NGO industrial complex,” 68 nibi (water) walkers, 262 Nicholls, Zak, 144 nickel, 254 Nieto, Yudith, 184 Nikiforuk, Andrew, 34, 53; Tar Sands: Dirty Oil and the Future of a Continent, 50 Nimbyism, 295 nitrogen oxides, emissions of, 32, 324n33 non-governmental organizations (NGOs), 23, 175, 186, 213–14, 244, 248, 270–71, 277; alliances with Indigenous communities, 41–42; environmental (ENGOs), 64–75, 88, 93, 167, 243, 248–49, 287, 310 “non-profit industrial complex,” 242 nonviolent direct action (NVDA), 173–74 Nooski, Larry, 163 North American Free Trade Agreement (NAFTA), 89, 92, 94, 96; “proportionality” clause of, 30 North American Mobilization for Climate Justice, 311 North Dakota, 314; Bakken shale boom near, 100, 138; as new Saudi Arabia, 282 Northern Gateway pipeline, 5, 11, 13, 17, 34, 41, 79, 91, 125, 162–63, 165, 204, 257, 312; and containing Indigeneity, 153–56; joint review panel (JRP), 148–50, 153–56, 158, 264; movement against, 146–59, 260 Northwest Territories, diamond mining in, 126 Norway, 29, 33; Canadian embassy in, 57; oil imports from, 31; Statoil, 29, 53, 56, 57–58, 102, 215; tar sands as election issue in, 56 nuclear power, 9, 218, 221–22, 224, 230, 250, 307, 314, 319 Nunavut, 316 Nuu-chah-nulth First Nation, 71; Central Regional Board, 71; Interim Measurements Agreement (IMA) Obama, Barack, 60–62, 91, 170, 174, 175–77, 186, 192, 221, 223, 234, 244–45, 284, 310, 318 Occupy movement, 74–75, 187, 238, 283–84 O’Connor, Dr. John, 53 Odendahl, Sandra, 103 Ogallala Aquifer (Nebraska), 234, 250 OilChange, 234 Oil Sands Developers Group, 49 Oil Sands Sustainable Development Secretariat, 50 The Oil Sands: Toward Sustainable Development, 50 oil sands vs. tar sands, 322n4 oil shale, 82, 100, 108–9; kerogeninfused, 105–7 Oja Jay, Dru, 65, 70 Ojibwe people, 229; Fond du Lac Band, 231–32; Leech Lake Band, 231–32; Red Lake Band, 232 Oklahoma, 12, 192, 241, 250, 283–84 Oliver, Joe, 34, 45, 55, 107, 150 100 Thousand Poets for Change, 165 1Sky, 243, 245 oppression, 18, 160, 192, 252, 255, 259, 263–64, 266, 273, 275–76, 278 Oregon, 315 Organization of the Petroleum Exporting Countries (OPEC), 28 organized labour.
Atul Gawande, Bernie Madoff, call centre, cognitive dissonance, David Brooks, delayed gratification, Edward Glaeser, epigenetics, Erik Brynjolfsson, estate planning, facts on the ground, game design, happiness index / gross national happiness, indoor plumbing, invisible hand, Mark Zuckerberg, medical residency, Menlo Park, meta analysis, meta-analysis, neurotypical, Occupy movement, place-making, Ponzi scheme, Ralph Waldo Emerson, randomized controlled trial, Ray Oldenburg, Silicon Valley, Skype, Steven Pinker, The Great Good Place, The Wisdom of Crowds, theory of mind, Tony Hsieh, urban planning, Yogi Berra
And adolescents who say that their families understand them, pay attention to their concerns, and have fun with them are more likely to delay intercourse, regardless of religiosity.”31 Being There As we’ve seen, the process of social contagion begins with mimicry: sensing what other people are doing in real time and unconsciously doing it too. Like the chimps who “aped” their tree-signaling buddies, you have to be in close proximity for synchrony to happen. Online networks can mobilize people’s votes and political protests can spread via Twitter and Facebook, as was the case during the astounding transformations of the Arab Spring and the Occupy movement. But even if the images and invitations to participate were transmitted electronically, the protests happened face-to-face. Anyone who saw the mobs, the tent cities, and the riot police knows that the expression “You had to be there” still holds. The tweets, digital photos, and messages inflamed people, invoking them to join in. But if the political activity had taken place only in the virtual world, those protest movements would have been emasculated.
Why We Can't Afford the Rich by Andrew Sayer
accounting loophole / creative accounting, Albert Einstein, asset-backed security, banking crisis, banks create money, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, collective bargaining, corporate social responsibility, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, Goldman Sachs: Vampire Squid, high net worth, income inequality, investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, labour market flexibility, laissez-faire capitalism, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, means of production, moral hazard, mortgage debt, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Plutocrats, plutocrats, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, Winter of Discontent, working poor, Yom Kippur War
I don’t envy the rich, in fact I regard such envy as thoroughly misguided. But I resent the unjust system by which the rich are allowed to extract wealth that others produce and to dominate society for their own interests. What’s more, this is not only unjust but profoundly dysfunctional and inefficient, and it creates inhumane, rat-race societies. The time is ripe for examining where the wealth of the rich comes from. The Occupy movement has very successfully highlighted the growing split between the top 1% and the 99%, and the dominance of politics by the 1%. The rich have made a remarkable comeback since the 1970s – the end of the post-war boom – rapidly increasing their share of national income in a large number of countries, Britain included. As Figure 1.1 shows, we are now getting back to early 20th-century levels of inequality between the rich and the rest.
The Best Business Writing 2013 by Dean Starkman
Asperger Syndrome, bank run, Basel III, call centre, clean water, cloud computing, collateralized debt obligation, Columbine, computer vision, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, Erik Brynjolfsson, eurozone crisis, Exxon Valdez, factory automation, full employment, Goldman Sachs: Vampire Squid, hiring and firing, hydraulic fracturing, income inequality, jimmy wales, job automation, late fees, London Whale, low skilled workers, Mahatma Gandhi, market clearing, Maui Hawaii, Menlo Park, Occupy movement, oil shale / tar sands, price stability, Ray Kurzweil, Silicon Valley, Skype, sovereign wealth fund, stakhanovite, Steve Jobs, Stuxnet, the payments system, too big to fail, Vanguard fund, wage slave, Y2K
MARK GREIF is a cofounder and coeditor of n+1, a magazine of literature, culture, and politics, where DAYNA TORTORICI is an associate editor. With KATHLEEN FRENCH, EMMA JANASKIE, and NICK WERLE, they are the editors of the volume The Trouble Is the Banks: Letters to Wall Street. The letters by Deena DaNaro, Joel Roche, Pamila Payne, and other anonymous authors first appeared on the Occupy the Boardroom website created by volunteers from community and labor organizations as well as the Occupy movement to allow everyday Americans to send personal e-mails to the nation’s top bank and corporate executives. BRIAN GROW is a special enterprise correspondent for Reuters based in Atlanta. He joined Thomson Reuters in 2010 as a senior staff writer covering legal affairs. Previously, he was a project director at the Center for Public Integrity in Washington and reported for BusinessWeek. He has won eighteen awards for his work.
Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia by Anthony M. Townsend
1960s counterculture, 4chan, A Pattern Language, Airbnb, Amazon Web Services, anti-communist, Apple II, Bay Area Rapid Transit, Burning Man, business process, call centre, carbon footprint, charter city, chief data officer, clean water, cleantech, cloud computing, computer age, congestion charging, connected car, crack epidemic, crowdsourcing, DARPA: Urban Challenge, data acquisition, Deng Xiaoping, East Village, Edward Glaeser, game design, garden city movement, Geoffrey West, Santa Fe Institute, George Gilder, ghettoisation, global supply chain, Grace Hopper, Haight Ashbury, Hedy Lamarr / George Antheil, hive mind, Howard Rheingold, interchangeable parts, Internet Archive, Internet of things, Jacquard loom, Jacquard loom, Jane Jacobs, jitney, John Snow's cholera map, Khan Academy, Kibera, knowledge worker, load shedding, M-Pesa, Mark Zuckerberg, megacity, mobile money, mutually assured destruction, new economy, New Urbanism, Norbert Wiener, Occupy movement, openstreetmap, packet switching, patent troll, place-making, planetary scale, popular electronics, RFC: Request For Comment, RFID, ride hailing / ride sharing, Robert Gordon, self-driving car, sharing economy, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart grid, smart meter, social graph, social software, social web, special economic zone, Steve Jobs, Steve Wozniak, Stuxnet, supply-chain management, technoutopianism, Ted Kaczynski, telepresence, The Death and Life of Great American Cities, too big to fail, trade route, Tyler Cowen: Great Stagnation, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban renewal, Vannevar Bush, working poor, working-age population, X Prize, Y2K, zero day, Zipcar
“But I like it.”1 It’s November 2011. A dozen blocks south, the Occupy Wall Street protests are reaching their violent zenith in Zuccotti Park. The city is on edge from daily marches that take the “99 percent” and their riot gear–clad chaperones tramping across Manhattan. Police helicopters hover like angry wasps overhead. Hirshberg’s neologism is an attempt to capture the excitement of the Occupy movement as well as the more subtle technological transformation of citizen-government interaction by open data and apps. America is no stranger to youth movements, though it had been a long time since one loomed so large in the public mind. The closest analogue is probably 1967, when tens of thousands of young people descended on San Francisco’s Haight-Ashbury district. In a hothouse of social experimentation that became known as the “Summer of Love,” they shared everything—housing, food, drugs, and sex.
4chan, Airbnb, Apple's 1984 Super Bowl advert, banking crisis, bitcoin, blockchain, Burning Man, capital controls, Colonization of Mars, crowdsourcing, cryptocurrency, David Graeber, Edward Snowden, Elon Musk, Extropian, fiat currency, Fractional reserve banking, Jeff Bezos, Julian Assange, Kickstarter, life extension, litecoin, lone genius, M-Pesa, Mark Zuckerberg, Occupy movement, peer-to-peer lending, Peter Thiel, Ponzi scheme, price stability, Satoshi Nakamoto, Silicon Valley, Simon Singh, Skype, slashdot, smart contracts, Startup school, stealth mode startup, the payments system, transaction costs, tulip mania, WikiLeaks
The Bitcoin forum was full of people talking about their experiences visiting Zuccotti Park and other Occupy encampments around the country to advertise the role that a decentralized currency could play in bringing down the banks. The people who had been attending the New York Bitcoin Meetup went to Zuccotti Park with flyers and cards offering an introduction to Bitcoin. Soon enough, a few branches of the Occupy movement began accepting Bitcoin donations. The anticorporate Occupy sentiment was even more widespread in the European Bitcoin community, where libertarianism had less of a foothold. An anarchist bar in a hip neighborhood of Berlin, Room 77, had been one of the first establishments to accept Bitcoin and it became a regular gathering spot for many of the European Bitcoin developers who were working with Gavin Andresen.
Finance and the Good Society by Robert J. Shiller
bank run, banking crisis, barriers to entry, Bernie Madoff, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, cognitive dissonance, collateralized debt obligation, collective bargaining, computer age, corporate governance, Daniel Kahneman / Amos Tversky, Deng Xiaoping, diversification, diversified portfolio, Donald Trump, Edward Glaeser, eurozone crisis, experimental economics, financial innovation, full employment, fundamental attribution error, George Akerlof, income inequality, invisible hand, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, land reform, loss aversion, Louis Bachelier, Mahatma Gandhi, Mark Zuckerberg, market bubble, market design, means of production, microcredit, moral hazard, mortgage debt, Occupy movement, passive investing, Ponzi scheme, prediction markets, profit maximization, quantitative easing, random walk, regulatory arbitrage, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, self-driving car, shareholder value, Sharpe ratio, short selling, Simon Kuznets, Skype, Steven Pinker, telemarketer, The Market for Lemons, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, Vanguard fund, young professional, Zipcar
But your lessons in history, philosophy, and literature will be just as important, because it is vital not only that you have the right tools, but also that you never lose sight of the purposes and overriding social goals of finance. Unless you have been studying at the bottom of the ocean, you know that the nancial sector has come under severe criticism—much of it justi ed—for thrusting the world economy into its worst crisis since the Great Depression. And you need only check in with some of your classmates who have populated the Occupy movements around the world to sense the widespread resentment of nanciers and the top 1 percent of income earners to whom they largely cater (and often belong). While some of this criticism may be overstated or misplaced, it nonetheless underscores the need to reform nancial institutions and practices. Finance has long been central to thriving market democracies, which is why its current problems need to be addressed.
Who Stole the American Dream? by Hedrick Smith
Affordable Care Act / Obamacare, airline deregulation, anti-communist, asset allocation, banking crisis, Bonfire of the Vanities, British Empire, business process, clean water, cloud computing, collateralized debt obligation, collective bargaining, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, desegregation, Double Irish / Dutch Sandwich, family office, full employment, global supply chain, Gordon Gekko, guest worker program, hiring and firing, housing crisis, Howard Zinn, income inequality, index fund, informal economy, invisible hand, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, laissez-faire capitalism, late fees, Long Term Capital Management, low cost carrier, manufacturing employment, market fundamentalism, Maui Hawaii, mortgage debt, new economy, Occupy movement, Own Your Own Home, Peter Thiel, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Steve Jobs, The Chicago School, The Spirit Level, too big to fail, transaction costs, transcontinental railway, union organizing, Unsafe at Any Speed, Vanguard fund, We are the 99%, women in the workforce, working poor, Y2K
But what can be learned from the Tea Party is that a fresh surge of civic energy at the grass roots can change the political debate in Washington—and the balance of power. Another fresh surge of energy came last fall from Occupy Wall Street demonstrators in New York City and thousands more from Boston to Portland, Oregon, and St. Louis to Los Angeles. They gave voice to a populist protest against concentrated power and wealth in America, and much of the public responded positively to their message. In a few short weeks, the Occupy movement, inchoate as it was, not only changed the public dialogue on economic issues, but implanted in America’s political lexicon a vivid, Twitter-easy slogan—“We are the 99 percent”—opposing the richest 1 percent—a slogan that frames a central issue for election-year politics and policy makers in Washington. But lasting change in America will require a broader movement that is more deeply rooted, better organized, and more politically clear about a short list of policy goals.
This Changes Everything: Capitalism vs. The Climate by Naomi Klein
1960s counterculture, battle of ideas, Berlin Wall, big-box store, bilateral investment treaty, British Empire, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, Climategate, cognitive dissonance, colonial rule, Community Supported Agriculture, complexity theory, crony capitalism, decarbonisation, deindustrialization, dematerialisation, Donald Trump, Downton Abbey, energy security, energy transition, equal pay for equal work, Exxon Valdez, failed state, Fall of the Berlin Wall, feminist movement, financial deregulation, food miles, Food sovereignty, global supply chain, hydraulic fracturing, ice-free Arctic, immigration reform, income per capita, Internet Archive, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, market fundamentalism, moral hazard, Naomi Klein, new economy, Nixon shock, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, patent troll, planetary scale, post-oil, profit motive, quantitative easing, race to the bottom, Ralph Waldo Emerson, Rana Plaza, Ronald Reagan, smart grid, special economic zone, Stephen Hawking, Stewart Brand, structural adjustment programs, Ted Kaczynski, the scientific method, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, transatlantic slave trade, trickle-down economics, Upton Sinclair, uranium enrichment, urban planning, urban sprawl, wages for housework, walkable city, Washington Consensus, Whole Earth Catalog, WikiLeaks
This can go far beyond the usual calls for stronger seawalls: activists can demand everything from free, democratically controlled public transit, to more public housing along those transit lines, powered by community-controlled renewable energy—with the jobs created by this investment going to local workers and paying a living wage. And unlike the disaster capitalists who use crises to end-run around democracy, a People’s Recovery (as many from the Occupy movement called for post-Sandy) would require new democratic processes, including neighborhood assemblies, to decide how hard-hit communities should be rebuilt. The overriding principle must be to address the twin crises of inequality and climate change at the same time. One example of this kind of inverted shock doctrine took place in the rural town of Greensburg, Kansas. In 2007, a super tornado ripped through the area, turning about 95 percent of the town into rubble.
23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, artificial general intelligence, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Brian Krebs, business process, butterfly effect, call centre, Chelsea Manning, cloud computing, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, Dean Kamen, disintermediation, don't be evil, double helix, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, future of work, game design, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kuwabatake Sanjuro: assassination market, Law of Accelerating Returns, Lean Startup, license plate recognition, litecoin, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, mobile money, more computing power than Apollo, move fast and break things, Nate Silver, national security letter, natural language processing, obamacare, Occupy movement, Oculus Rift, offshore financial centre, optical character recognition, pattern recognition, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, RAND corporation, ransomware, Ray Kurzweil, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, supply-chain management, technological singularity, telepresence, telepresence robot, Tesla Model S, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Wall-E, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, WikiLeaks, Y Combinator, zero day
Not long ago, signals intelligence capabilities such as these would have cost tens of millions of dollars and were only available to the world’s most advanced militaries. The WASP was built for $6,000. With basic drones equipped with HD cameras costing so little, they are beginning to show up in a variety of unexpected places, including at protests and riots. In Warsaw, Poland, demonstrators from the Occupy movement launched a quadcopter to document the activities of aggressive riot-clad police as they attempted to control a crowd of thousands with tear gas. The so-called Occu-copter flying a hundred feet off the ground provided protesters with stunningly clear images of police officers as they moved in column formation to try to encircle the demonstration, a powerful and previously unimaginable countersurveillance tool now in the hands of the common man.
The Unwinding: An Inner History of the New America by George Packer
Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, bank run, big-box store, citizen journalism, cleantech, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, diversified portfolio, East Village, El Camino Real, Elon Musk, family office, financial independence, financial innovation, Flash crash, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, income inequality, informal economy, Jane Jacobs, life extension, Long Term Capital Management, low skilled workers, margin call, Mark Zuckerberg, market bubble, market fundamentalism, Maui Hawaii, Menlo Park, new economy, New Journalism, obamacare, Occupy movement, oil shock, peak oil, Peter Thiel, Ponzi scheme, Richard Florida, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, side project, Silicon Valley, Silicon Valley startup, single-payer health, smart grid, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, the scientific method, too big to fail, union organizing, urban planning, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight
Peter Thiel told an interviewer, “In the history of the modern world, inequality has only been ended through communist revolution, war, or deflationary economic collapse. It’s a disturbing question which of these three is going to happen today, or if there’s a fourth way out.” Elizabeth Warren, campaigning for the Senate, said, “I created much of the intellectual foundation for what they do.” Newt Gingrich, campaigning for president, was heckled by Occupy protesters at Harvard, and afterward he told the audience at an Iowa family values forum, “All the Occupy movement starts with the premise that we all owe them everything. They take over a public park they didn’t pay for, to go nearby to use bathrooms they didn’t pay for, to beg for food from places they don’t want to pay for, to obstruct those who are going to work to pay the taxes to sustain the bathrooms and to sustain the park, so they can self-righteously explain that they are the paragons of virtue to which we owe everything.
The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal by Ludwig B. Chincarini
affirmative action, asset-backed security, automated trading system, bank run, banking crisis, Basel III, Bernie Madoff, Black-Scholes formula, buttonwood tree, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, corporate governance, correlation coefficient, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, discounted cash flows, diversification, diversified portfolio, family office, financial innovation, financial intermediation, fixed income, Flash crash, full employment, Gini coefficient, high net worth, hindsight bias, housing crisis, implied volatility, income inequality, interest rate derivative, interest rate swap, labour mobility, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low skilled workers, margin call, market design, market fundamentalism, merger arbitrage, Mexican peso crisis / tequila crisis, moral hazard, mortgage debt, Northern Rock, Occupy movement, oil shock, price stability, quantitative easing, quantitative hedge fund, quantitative trading / quantitative ﬁnance, Ralph Waldo Emerson, regulatory arbitrage, Renaissance Technologies, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ronald Reagan, Sharpe ratio, short selling, sovereign wealth fund, speech recognition, statistical arbitrage, statistical model, systematic trading, The Great Moderation, too big to fail, transaction costs, value at risk, yield curve, zero-coupon bond
The largest bailouts came for Freddie and Fannie who were the leading providers of home loans, with a large percentage going to low-income housing. Wall Street banks paid back government money with interest, so these loans cost taxpayers nothing. About $245 billion has not been repaid.2 Debtors include many regular U.S. banks, Fannie and Freddie, and the automobile companies (see Table 19.1). Freddie and Fannie owe $151 billion alone. If the Occupy movement wants the right place to locate its tents, it should consider Washington, DC, home to Congress, the White House, Freddie Mac, and Fannie Mae. However, this is probably not the most productive way to initiate change. TABLE 19.1 Summary of TARP Program Profits and Losses We shouldn’t criticize the Fed or the bailout too much. It prevented the lending markets from malfunctioning further, which would have meant a much larger burden for Main Street.