Philip Mirowski

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Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown

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Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Philip Mirowski, Ronald Reagan, sexual politics, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional, zero-sum game

They are charted by a range of thinkers including Gérard Duménil and Dominique Lévy in The Crisis of Neoliberalism, Michael Hudson in Finance Capitalism and Its Discontents, Yves Smith in E-CONned: How Unrestrained Self-Interest Undermined Democracy and Corrupted Capitalism, Matt Taibbi in Griftopia: A Story of Bankers, Politicians and the Most Audacious Power Grab in American History, and Philip Mirowski in Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown.28 Intensified inequality, crass commodification and commerce, ever-growing corporate inf luence in government, economic havoc and instability — certainly all of these are consequences of neoliberal policy, and all are material for loathing or popular protest, as indeed, Occupy Wall Street, the Southern European protests against austerity policies, and, earlier, the “Antiglobalization” movement loathed and protested them.

University administrations use the language of best practices to implement reorganizations and cuts with enormous implications for student access, staff positions, and education itself, to discuss the policing of demonstrations, and to prepare “rollouts” of new information systems and/or benefits policies.43 Philip Mirowski describes a consulting service called Family/360 that, for a price, provides tailored best practices for parents to help them “create more positive family memories for [their] children.”44 Legislation introduced to prohibit the use of live animals (pigs and goats) in U.S. armed forces combat training was named the BEST Practices Act (the Battlefield Excellence through Superior Training Practices Act).45 An independent association of funeral homes runs a competition for best practices by funeral homes that awards the winner an iPad Air.46 While best practices are promiscuous across research protocols, service agencies, industries, investment strategies, policing, and more, equally striking is their traffic across these and thus their effect in reconfiguring policing, education, military, and social-service activity through a business model.

There is now a fine set of intellectual histories of neoliberalism, including Peck, Constructions of Neoliberal Reason; Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton: Princeton University Press, 2012); Pierre Dardot and Christian Laval, The New Way of the World (New York: Verso, 2014); Philip Mirowski, Never Let a Serious Crisis Go to Waste (New York: Verso, 2013); and Angus Burgin, The Great Persuasion: Reinventing Free Markets since the Depression (Cambridge, MA: Harvard University Press, 2012). Each of these works contributes to an appreciation of neoliberalism as emerging from several streams of dissident thought in the postwar period, eventually taking shape as a governing rationality that drew on and diverged from these waters.


pages: 662 words: 180,546

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski

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Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor

Van Horn, Robert, and Matthias Klaes. “Chicago Neoliberalism Versus Cowles Planning: Perspectives on Patents and Public Goods,” Journal of the History of the Behavioral Sciences 47 (2011): 302–21. Van Horn, Robert, and Philip Mirowski. “The Rise of the Chicago School and the Birth of Neoliberalism,” in Mirowski and Plehwe, The Road from Mont Pèlerin. Van Horn, Robert, Philip Mirowski, and Thomas Stapleford, eds. Building Chicago Economics (New York: Cambridge University Press, 2011). Veblen, Thorstein. The Theory of the Leisure Class (New York: Mentor, 1953). Vernon, Richard. “The Great Society and the Open Society: Liberalism in Hayek and Popper,” Canadian Journal of Political Science 9 (1976): 261–76.

(Frank) When Prophecy Fails (Festinger) Whinston, Michael, Microeconomic Theory, White, Lawrence White House White Mountains Wikipedia Will, George Williamson, Stephen Winners curse Winter, Sidney Wolf, Martin Wolin, Sheldon Woodford, Michael World Bank World of Natural Order World War II Wren-Lewis, Simon WTO (World Trade Organization) Y Yale University Z Zingales, Luigi Zoellick, Robert Zombie Economics (Quiggin) Zuccotti Park Zuidhof, Peter-Wim Copyright First published by Verso 2013 © Philip Mirowski 2013 All rights reserved The moral rights of the author have been asserted Verso UK: 6 Meard Street, London W1F 0EG US: 20 Jay Street, Suite 1010, Brooklyn, NY 11201 www.versobooks.com Verso is the imprint of New Left Books ISBN: 978-1-781-68393-3 (e-book) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Mirowski, Philip, 1951– Never let a serious crisis go to waste : how neoliberalism survived the financial meltdown / Philip Mirowski. pages cm Includes bibliographical references and index.

Never Let a Serious Crisis Go to Waste How Neoliberalism Survived the Financial Meltdown Philip Mirowski To neoliberals of all parties Contents List of Tables List of Figures 1. One More Red Nightmare The Crisis That Didn’t Change Much of Anything 2. Shock Block Doctrine Neoliberalism as Thought Collective and Political Program 3. Everyday Neoliberalism 4. Mumbo Jumble The Underwhelming Response of the Economics Profession to the Crisis 5. The Shock of the New Have Neoclassical Economists Learned Anything at all from the Crisis? 6. The Red Guide to the Neoliberal Playbook Notes Bibliography Index Copyright List of Tables 4.1 Average profit per employee, United States 5.1 Economist salary differentials, by academic sector List of Figures 1.1 Hilarity at the Federal Reserve 2.1 Growth of MPS-affiliated think tanks 2.2 MPS founding meeting, national representation 2.3 MPS 1991 membership, national representation 2.4 Mentions of Friedrich Hayek in various English-language sources 4.1 Corporate profits/U.S.


pages: 357 words: 95,986

Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

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3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Bretton Woods, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, The Future of Employment, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

THE MAKING OF NEOLIBERAL HEGEMONY 1.Jamie Peck, Constructions of Neoliberal Reason (Oxford: Oxford University Press, 2010), p. 40. 2.This standard history is now in the process of being rewritten, and this chapter relies heavily on the pioneers of this research, including the unpublished work of Alex Andrews. See, for example, Philip Mirowski and Dieter Plehwe, eds, The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009); Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013); Peck, Constructions of Neoliberal Reason; Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton, NJ: Princeton University Press, 2012); Richard Cockett, Thinking the Unthinkable: Think-Tanks and the Economic Counter-Revolution, 1931–1983 (London: Fontana, 1995); Michel Foucault, The Birth of Biopolitics: Lectures at the College de France 1978–1979 (New York: Palgrave Macmillan, 2010). 3.Witness, for instance, the unlikely but immensely productive alliance in the United States between economic neoliberals and radical social conservatives.

Secondly, they sought to build a counter-hegemonic project that would overturn the consensus around social democracy and Keynesian policies. They took a full-spectrum approach to changing hegemonic conditions and built up an entire ideological infrastructure that was capable of insinuating itself into every political issue and every fibre of political common sense. It overthrew the hegemonic ideas of its time. As Philip Mirowski writes, their strategic genius was to appreciate that it is not enough to dangle a utopian vision just beyond reach as eventual motivation for political action; the cadre that triumphs is the side that can simultaneously mount a full set of seemingly unrelated political proposals that deal with the short-, medium-, and long-term horizons of action, combining regimes of knowledge and interim outcomes, so that the end result is the inexorable movement of the polis ever closer to the eventual goal.

., pp. 8–9. 88.Giles Tremlett, ‘Spain’s Savings Banks’ Culture of Greed, Cronyism, and Political Meddling’, Guardian, 8 June 2012. 89.Boyle, Local Banking System, p. 10. 90.Andrew Bibby, ‘Co-op Bank Crisis: What Next for the Co-operative Sector?’, Guardian, 21 January 2014. 91.Greg Sharzer, No Local: Why Small-Scale Alternatives Won’t Change the World (Winchester: Zero Books, 2012), p. 3. 92.Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013), p. 326. 93.Zibechi, ‘Latin America Today’. 94.Christian Marazzi, ‘Exodus Without Promised Land’, in Campagna and Campiglio, eds, What We Are Fighting For, p. viii. 95.Such an approach has also been labelled ‘alternativism’ by communisation theorists.


pages: 320 words: 87,853

The Black Box Society: The Secret Algorithms That Control Money and Information by Frank Pasquale

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Affordable Care Act / Obamacare, algorithmic trading, Amazon Mechanical Turk, American Legislative Exchange Council, asset-backed security, Atul Gawande, bank run, barriers to entry, basic income, Berlin Wall, Bernie Madoff, Black Swan, bonus culture, Brian Krebs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, Chuck Templeton: OpenTable, cloud computing, collateralized debt obligation, computerized markets, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, Debian, don't be evil, drone strike, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, Filter Bubble, financial innovation, financial thriller, fixed income, Flash crash, full employment, Goldman Sachs: Vampire Squid, Google Earth, Hernando de Soto, High speed trading, hiring and firing, housing crisis, informal economy, information asymmetry, information retrieval, interest rate swap, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, Julian Assange, Kevin Kelly, knowledge worker, Kodak vs Instagram, kremlinology, late fees, London Interbank Offered Rate, London Whale, Marc Andreessen, Mark Zuckerberg, mobile money, moral hazard, new economy, Nicholas Carr, offshore financial centre, PageRank, pattern recognition, Philip Mirowski, precariat, profit maximization, profit motive, quantitative easing, race to the bottom, recommendation engine, regulatory arbitrage, risk-adjusted returns, Satyajit Das, search engine result page, shareholder value, Silicon Valley, Snapchat, Spread Networks laid a new fibre optics cable between New York and Chicago, statistical arbitrage, statistical model, Steven Levy, the scientific method, too big to fail, transaction costs, two-sided market, universal basic income, Upton Sinclair, value at risk, WikiLeaks, zero-sum game

DeMartino, The Economist’s Oath: On the Need for and Content of Professional Economic Ethics (Oxford, UK: Oxford University Press, 2011); Charles Ferguson, “Larry Summers and the Subversion of Economics,” The Chronicle Review, October 3, 2010; Philip Mirowski and Esther-Mirjam Sent, eds., Science Bought and Sold: Essays in the Economics of Science (Chicago: University of Chicago Press, 2002). 42. See Frederic Filloux, “Google News: The Secret Sauce,” The Guardian, February 25, 2013. 43. Neoliberalism is a complex set of ideas, perhaps best summarized in Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013), 53– 67. For our purposes, the critical tenet of the neoliberal “thought collective” is that “the market (suitably reengineered and promoted) can always provide solutions to problems seemingly caused by the market in the fi rst place.”

Bhidé, A Call for Judgment. 94. MacKinnon, Consent of the Networked; Anupam Chander, “Facebookistan,” North Carolina Law Review 90 (2012): 1807–1844. 304 NOTES TO PAGES 214–218 95. For the strange career of neoliberal approaches to antitrust law, see Robert Van Horn and Philip Mirowski, “Reinventing Monopoly,” in The Road from Mount Pèlerin, ed. Philip Mirowski and Dieter Plehwe (Cambridge, MA: Harvard University Press, 2009), 219 ff. 96. C. Wright Mills, The Power Elite. New ed. (New York: Oxford University Press, 2000). First published 1956. 97. Thomas Piketty, Capital in the Twenty-First Century (Cambridge: Harvard University Press, 2014), 574. 98.


pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

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

In this way, governments can avoid blame if things don’t work out at the same time as they not only avoid challenging big business but deliver new customers to them through privatisation. Focusing purely on individual consumers depoliticises things. Although many neoliberal politicians dismiss global warming as fiction, it’s hard to believe that they really believe the vast weight of scientific research is mistaken. Philip Mirowski has researched neoliberal think-tanks and argues that – contrary to appearances, particularly their tendency to deny climate change – neoliberals actually have a strategy for dealing with it. This strategy has three parts: 1. deny climate change;61 2. advocate carbon markets, in which permissions to emit CO2 can be traded; 3. invest in ‘geoengineering’ to weaken and reverse global warming and its effects.

Sometimes the term is just used to cover ‘everything that’s been happening recently’, but this misses its specificity and the counter-currents. For those wanting to read more on it, I recommend David Harvey’s (2007) A brief history of neoliberalism, Oxford: Oxford University Press. Best of all, especially in relation to the crisis, is Philip Mirowski’s (2013) Never let a serious crisis go to waste, London: Verso. 27 Sayer, A. (2007) ‘Moral economy as critique’, New Political Economy, 12(2), pp 261–70. Many associate the term ‘moral economy’ with Edward Thompson’s research on regulated markets: (1971) ‘The moral economy of the English crowd in the eighteenth century’, Past & Present, 50, pp 76–136.

Also, most such workers are women, and gender discrimination depresses pay too. 40 Hayek, F.A. (1976) ‘“Social” or distributive justice’, in his Law, legislation and liberty, vol 2, p 74. Similarly: ‘the value which a person’s capacities or services have for us and for which he is recompensed has little relation to anything we call moral merit or deserts’: Hayek, F.A. (1960) The constitution of liberty, Chicago: The University of Chicago Press, p 94. 41 Philip Mirowski calls this division between what neoliberals say in private and what they say in public neoliberalism’s ‘double-truth’. Mirowski, P. (2013) Never let a serious crisis go to waste, London: Verso. The quotation from Hayek encapsulates it. 42 Some enlightened employers may try not to favour applicants according to their accent and demeanour and social background, but the applicants have already been made unequal by being brought up in a society of wide economic and social inequalities, so they are usually competing unequally for unequal positions. 43 Wright (2000).


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The Happiness Industry: How the Government and Big Business Sold Us Well-Being by William Davies

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1960s counterculture, Airbnb, business intelligence, Cass Sunstein, corporate governance, dematerialisation, experimental subject, Exxon Valdez, Frederick Winslow Taylor, Gini coefficient, income inequality, intangible asset, invisible hand, joint-stock company, lifelogging, market bubble, mental accounting, nudge unit, Philip Mirowski, profit maximization, randomized controlled trial, Richard Thaler, road to serfdom, Ronald Coase, Ronald Reagan, science of happiness, selective serotonin reuptake inhibitor (SSRI), sentiment analysis, sharing economy, Slavoj Žižek, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, Steve Jobs, The Chicago School, The Spirit Level, theory of mind, urban planning, Vilfredo Pareto

., 11–12. 16Rosalind Williams, Dream Worlds: Mass Consumption in Late Nineteenth-Century France, Berkeley: University of California Press, 1982. 17Jevons, The Theory of Political Economy, 101. 18Alfred Marshall, Principles of Economics, Basingstoke: Palgrave Macmillan, 2013, 53. 19Jevons, The Theory of Political Economy, 83. 20Quoted in Philip Mirowski, More Heat Than Light: Economics as Social Physics, Physics as Nature’s Economics, Cambridge: Cambridge University Press, 1989, 219. 21See Philip Mirowski, Edgeworth on Chance, Economic Hazard, and Statistics, Lanham, MD: Rowman & Littlefield, 1994. 22David Colander, ‘Retrospectives: Edgeworth’s Hedonimeter and the Quest to Measure Utility’, Journal of Economic Perspectives 21: 2, 2007. 23D.


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The Computer Boys Take Over: Computers, Programmers, and the Politics of Technical Expertise by Nathan L. Ensmenger

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barriers to entry, business process, Claude Shannon: information theory, computer age, deskilling, Donald Knuth, Firefox, Frederick Winslow Taylor, future of work, Grace Hopper, informal economy, information retrieval, interchangeable parts, Isaac Newton, Jacquard loom, Jacquard loom, job satisfaction, John von Neumann, knowledge worker, loose coupling, new economy, Norbert Wiener, pattern recognition, performance metric, Philip Mirowski, post-industrial society, Productivity paradox, RAND corporation, Robert Gordon, Shoshana Zuboff, sorting algorithm, Steve Jobs, Steven Levy, the market place, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Turing machine, Von Neumann architecture, Y2K

And although the programmer being referred to here was obviously a logistical or mathematical planner rather than a computer programmer, it was also clear that this new elite would be intimately familiar with computer technology and software design.68 Although “Management in the 1980s” is most generally cited for its role in introducing the term information technology, it is best understood in the context of a more general shift in management practices in the decades after the Second World War. The war had produced a series of “managerial sciences”—including operations research, game theory, and systems analysis—all of which promised a more mathematical and technologically oriented approach to business management. As Philip Mirowski and others have suggested, these nascent “cyborg” sciences were deeply connected to the emerging technology of electronic computing.69 Not only did many of these new techniques require a significant amount of computing power in and of themselves but they relied on the electronic computer as a central metaphor for understanding the nature of the modern bureaucratic organization.70 Many of the most visionary proposals for the use of the electronic computer in management frequently rode into the corporation on the back of this new breed of expert consultants.

Watts, Business Experience with Electronic Computers: A Synthesis of What Has Been Learned from Electronic Data Processing Installations (New York: Price Waterhouse, 1959), 81–83. 66. Felix Kaufman, “EDP and the Disenchanted,” California Management Review 1, no. 4 (1959): 67. 67. Harold Leavitt and Thomas Whisler, “Management in the 1980s,” Harvard Management Review 36, no. 6 (1958): 41–48. 68. Ibid., 44. 69. Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: Cambridge University Press, 2002). 70. Herbert Alexander Simon, Administrative Behavior: A Study of Decision-Making Processes in Administrative Organization (New York: Macmillan, 1947). 71. Herbert Alexander Simon, The New Science of Management Decision (New York: Harper, 1960), 22. 72.


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Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present by Jeff Madrick

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accounting loophole / creative accounting, Asian financial crisis, bank run, Bretton Woods, capital controls, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, John Meriwether, Kitchen Debate, laissez-faire capitalism, locking in a profit, Long Term Capital Management, market bubble, minimum wage unemployment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, new economy, North Sea oil, Northern Rock, oil shock, Paul Samuelson, Philip Mirowski, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Bork, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, short selling, Silicon Valley, Simon Kuznets, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War

Talese, 2009). 4 “MONEY WAS ALWAYS A CONCERN”: Friedman gives an account in the book he co-authored with his wife, Rose, Two Lucky People: Memoirs (Chicago: University of Chicago Press, 1998), pp. 20–32. 5 YET THE FAMILY WAS ABLE TO BUY: Author interview with Milton Friedman, November 2003. 6 “FANATICALLY RELIGIOUS”: Ibid. 7 IF HIS FATHER HAD ANY POLITICAL INFLUENCE: Ibid. 8 “SAVE FOR MY PARENTS”: Friedman and Friedman, Two Lucky People, p. 30 9 FRIEDMAN THOUGHT MARSHALL’S MODEL: Friedman’s early devotion to Marshall is evident in an essay, “Marshall’s Demand Curve,” in his book Essays in Positive Economics (Chicago: University of Chicago Press, 1953). 10 “LIKE HIS MENTOR”: Friedman and Friedman, Two Lucky People, p. 32. 11 JONES WAS THE REASON: Ibid., p. 33. 12 IT EMPHASIZED, AS SIMONS PUT IT: Henry Simons private papers, cited by Rob Van Horn and Philip Mirowski, “The Rise of the Chicago School of Economics and the Birth of Neoliberalism,” in The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective, ed. Philip Mirowski and Dieter Plehwe (Cambridge, Mass.: Harvard University Press, 2009), p. 145. 13 THIS APPROACH IN A TIME: H. L. Miller, “On the Chicago School of Economics,” Journal of Political Economy 70 (February 1962): 64–69. 14 “MY TEACHERS REGARDED THE DEPRESSION”: Milton Friedman, “Comments on the Critics,” Journal of Political Economy (September-October 1972): 906–50. 15 “SIMONS FOR EXAMPLE DID NOT EQUATE”: Miller “On the Chicago School of Economics,” p. 70. 16 “ONCE A DEFLATION HAS GOTTEN UNDER WAY”: Henry Simons, Personal Income and Taxation: The Definition of Income as a Problem of Fiscal Policy (Chicago: University of Chicago Press, 1938), p. 222, cited by Esteban Pérez Caldentey and Matías Vernengo, “Fiscal Policy for the Global Economic Crisis,” Challenge, May-June 2001. 17 HE WAS, IN FACT, A MILD PROPONENT: Author interview with Milton Friedman, November 2003; Lanny Ebenstein, Milton Friedman: A Biography (London: Macmillan Palgrave, 2007). 18 FEW INVITATIONS CAME HIS WAY: Friedman did get an offer from the University of Wisconsin, but became embroiled in what he said was an anti-Semitic battle between the economics department and the business school, and he had to leave.

Knight was also more sympathetic to the progressive writings of John Kenneth Galbraith than his younger associates. “Colleagues spoof at [Galbraith], but I find some truth in what he says, perhaps as much as in their position,” he wrote to the British economist Lionel Robbins, referring in particular to Friedman. As economic historians Rob Van Horn and Philip Mirowski make clear, claims that the “neo-liberalism” of Friedman was a pure outgrowth of the highly respected Chicago pioneers like Knight and Simons were misleading. Once securely at the University of Chicago, Friedman became a prolific researcher and writer, much of his work based on a Marshallian framework.


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Red Plenty by Francis Spufford

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affirmative action, anti-communist, Anton Chekhov, asset allocation, Buckminster Fuller, clean water, cognitive dissonance, computer age, double helix, Fellow of the Royal Society, John von Neumann, Kitchen Debate, linear programming, market clearing, New Journalism, oil shock, Philip Mirowski, Plutocrats, plutocrats, profit motive, RAND corporation, Simon Kuznets, the scientific method

Heilbroner, The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 4th edn (New York: Simon and Schuster, 1971). For a much more intricate and specific (but still narrative) study of the ambitions that seemed to be enabled by economics’ encounter with information technology in the post-war twentieth century, see Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002). 6 Value shone in material things once labour had made them useful: the ‘labour theory of value’, as originated by Adam Smith and passed via David Ricardo to Marx. Soviet economists tended to be aware of pre-Marxian classical economics, at least in the form of citations and summaries, but not the post-Marxian development of it.

Heilbroner, The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 4th edn (New York: Simon and Schuster, 1971). For a much more intricate and specific (but still narrative) study of the ambitions that seemed to be enabled by economics’ encounter with information technology in the post-war twentieth century, see Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002). 6 Value shone in material things once labour had made them useful: the ‘labour theory of value’, as originated by Adam Smith and passed via David Ricardo to Marx. Soviet economists tended to be aware of pre-Marxian classical economics, at least in the form of citations and summaries, but not the post-Marxian development of it.

Available at www.sovietcomputing.com Terry Dean Martin, The Affirmative Action Empire: Nations and Nationalism in the Soviet Union, 1923–1939 (Ithaca NY: Cornell University Press, 2001) Frank J. Miller, Folklore for Stalin: Russian Folklore and Pseudo-folklore of the Stalin Era (Armonk: M.E.Sharpe, Inc., 1990) Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002) Ludwig von Mises, Socialism, 1922; trans. from the German by J. Kahane (Indianapolis: Liberty Fund, 1981) Nikolai Nekrasov (‘Nicholas Nekrassov’), Who Can Be Happy and Free in Russia?, trans. Juliet M Soskice (London, 1917) V.


pages: 518 words: 107,836

How Not to Network a Nation: The Uneasy History of the Soviet Internet (Information Policy) by Benjamin Peters

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Albert Einstein, Andrei Shleifer, Benoit Mandelbrot, bitcoin, Brownian motion, Claude Shannon: information theory, cloud computing, cognitive dissonance, computer age, conceptual framework, continuation of politics by other means, crony capitalism, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, Dissolution of the Soviet Union, Donald Davies, double helix, Drosophila, Francis Fukuyama: the end of history, From Mathematics to the Technologies of Life and Death, hive mind, index card, informal economy, information asymmetry, invisible hand, Jacquard loom, Jacquard loom, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, linear programming, mandelbrot fractal, Marshall McLuhan, means of production, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Network effects, Norbert Wiener, packet switching, Pareto efficiency, pattern recognition, Paul Erdős, Peter Thiel, Philip Mirowski, RAND corporation, rent-seeking, road to serfdom, Ronald Coase, scientific mainstream, Steve Jobs, Stewart Brand, stochastic process, technoutopianism, The Structural Transformation of the Public Sphere, transaction costs, Turing machine

Katherine Hayles, How We Became Posthuman: Virtual Bodies in Cybernetics, Literature, and Informatics (Chicago: University of Chicago Press, 1999); Jean-Pierre Dupuy, The Mechanization of the Mind: The Origins of Cognitive Science, trans. M. B. DeBevoise (Princeton: Princeton University Press, 2000; Cambridge: MIT Press, 2009); John Johnston, The Allure of Machinic Life: Cybernetics, Artificial Life, and the New AI (Cambridge: MIT Press, 2008); Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (New York: Cambridge University Press, 2001); Orit Halpern, “Dreams for Our Perceptual Present: Archives, Interfaces, and Networks in Cybernetics,” Configurations 13 (2007): 283–319; Stuart Umpleby, “A History of the Cybernetics Movement in the United States,” Journal of the Washington Academy of Sciences 91 (2005): 54–66; Bernard Geoghegan, “The Historiographic Conceptualization of Information: A Critical Survey,” IEEE Annals of the History of Computing 30 (2008): 66–81.For more on cybernetics in the Soviet Union, see Slava Gerovitch, From Newspeak to Cyberspeak: A History of Soviet Cybernetics (Cambridge: MIT Press, 2002); David Holloway, “Innovation in Science: The Case of Cybernetics in the Soviet Union,” Science Studies 4 (1974): 299–337; and David Mindell, Jerome Segal, and Slava Gerovitch, “From Communications Engineering to Communications Science: Cybernetics and Information Theory in the United States, France, and the Soviet Union,” in Science and Ideology: A Comparative History, ed.


pages: 415 words: 125,089

Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein

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Albert Einstein, Alvin Roth, Andrew Wiles, Antoine Gombaud: Chevalier de Méré, Bayesian statistics, Big bang: deregulation of the City of London, Bretton Woods, buttonwood tree, capital asset pricing model, cognitive dissonance, computerized trading, Daniel Kahneman / Amos Tversky, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Lloyd's coffeehouse, endowment effect, experimental economics, fear of failure, Fellow of the Royal Society, Fermat's Last Theorem, financial deregulation, financial innovation, full employment, index fund, invention of movable type, Isaac Newton, John Nash: game theory, John von Neumann, Kenneth Arrow, linear programming, loss aversion, Louis Bachelier, mental accounting, moral hazard, Myron Scholes, Nash equilibrium, Paul Samuelson, Philip Mirowski, probability theory / Blaise Pascal / Pierre de Fermat, random walk, Richard Thaler, Robert Shiller, Robert Shiller, spectrum auction, statistical model, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thomas Bayes, trade route, transaction costs, tulip mania, Vanguard fund, zero-sum game

This `can get' [the winnings he can expect] is, of course, presumed to be a minimum; he may get more if others make mistakes (behave irrationall y)."19 This stipulation has posed a major problem for critics, including distinguished behavioral psychologists like Daniel Ellsberg and Richard Thaler, whom we will meet later. In a highly critical paper published in 1991, the historian Philip Mirowski asserted, "All is not well in the House of Game Theory-in every dreamhouse a heartache-and signs of pathology can no longer be ignored."20 He cites criticisms by Nobel Prize winners Henry Simon, Kenneth Arrow, and Paul Samuelson. He claims that game theory would never have amounted to anything had von Neumann not sold it to the military; he even goes so far as to speculate, "Some laid the blame for the escalation of nuclear weaponry directly at the door of game theory."21 Indeed, Mirowski claims that Morgenstern was a "godsend" to von Neumann because he proposed economists as an audience for game theory when no one else was interested.


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Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott

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airport security, banking crisis, Bretton Woods, British Empire, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, liquidationism / Banker’s doctrine / the Treasury view, means of production, Mont Pelerin Society, mortgage debt, New Journalism, Northern Rock, Paul Samuelson, Philip Mirowski, price mechanism, pushing on a string, road to serfdom, Robert Bork, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, War on Poverty, Yom Kippur War

Klein (University of Chicago Press, Chicago, 1992), p. 191. 11 Raymond-Claude-Ferdinand Aron (1905–83), French sociologist and social scientist, and friend of Jean-Paul Sartre. 12 Michael Polanyi, born Polányi Mihály (1891–1976), Hungarian-born English economist, chemist, and philosopher of science who fled Nazi Germany in 1933 to avoid Jewish persecution. 13 Wilhelm Röpke (1899–1966), the German economist whose ideas about the need to temper the depredations of the free market with “economic humanism” led to him help establish the highly successful postwar German social-market economy that underpinned the “German miracle.” 14 Now the Hôtel Mirador. 15 Albert Hunold (1899–1981). 16 Philip Mirowski and Dieter Plehwe, The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective (Harvard University Press, Cambridge, Mass., 2009), p. 15. 17 George H. Nash (1945– ), American historian, authority on Herbert Hoover, and author of The Conservative Intellectual Movement in America since 1945 (Basic Books, New York, 1976). 18 Nash, Conservative Intellectual Movement in America, p. 26. 19 George Joseph Stigler (1911–91) who, after researching for the Manhattan Project, became a leading member of the University of Chicago School of Economics and protégé of Frank Knight, who won a Nobel Prize for economics in 1982. 20 John Jewkes (1902–88), professor of economic organization at Merton College, Oxford. 21 Sir Karl Raimund Popper (1902–94), former Marxist Viennese-born British scientific philosopher and advocate of the hypercritical liberal democratic tradition that forms the “open society.” 22 Dame (Cicely) Veronica “C.


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Austerity: The History of a Dangerous Idea by Mark Blyth

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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, creative destruction, 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, information asymmetry, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, market bubble, market clearing, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, Philip Mirowski, 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, zero-sum game

Graber, “Constitutionalizing the Economy,” 45. 16. Berghahn and Young, “Reflections,” passim. 17. Ralf Ptak, “Neoliberalism in Germany: Revisiting the Ordoliberal Foundations of the Social Market Economy” in The Road From Mont Pelerin: The Making of the Neoliberal Thought Collective, ed. Philip Mirowski and Dieter Plehwe (Cambridge, MA: Harvard University Press, 2009), 102. 18. Gerber, “Constitutionalizing the Economy,” 48–49. 19. If you detect echoes of the Eurozone debacle here, you should. 20. Crudely, supply creates its own demand. 21. Carl J. Freidrich, “The Political Thought of Neo-Liberalism” American Political Science Review 49, 2 (1955): 511.


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The Stack: On Software and Sovereignty by Benjamin H. Bratton

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1960s counterculture, 3D printing, 4chan, Ada Lovelace, additive manufacturing, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, basic income, Benevolent Dictator For Life (BDFL), Berlin Wall, bioinformatics, bitcoin, blockchain, Buckminster Fuller, Burning Man, call centre, carbon footprint, carbon-based life, Cass Sunstein, Celebration, Florida, charter city, clean water, cloud computing, connected car, corporate governance, crowdsourcing, cryptocurrency, dark matter, David Graeber, deglobalization, dematerialisation, disintermediation, distributed generation, don't be evil, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, Eratosthenes, ethereum blockchain, facts on the ground, Flash crash, Frank Gehry, Frederick Winslow Taylor, future of work, Georg Cantor, gig economy, global supply chain, Google Earth, Google Glasses, Guggenheim Bilbao, High speed trading, Hyperloop, illegal immigration, industrial robot, information retrieval, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Jacob Appelbaum, Jaron Lanier, John Markoff, Jony Ive, Julian Assange, Khan Academy, liberal capitalism, lifelogging, linked data, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, McMansion, means of production, megacity, megastructure, Menlo Park, Minecraft, Monroe Doctrine, Network effects, new economy, offshore financial centre, oil shale / tar sands, packet switching, PageRank, pattern recognition, peak oil, peer-to-peer, performance metric, personalized medicine, Peter Eisenman, Peter Thiel, phenotype, Philip Mirowski, Pierre-Simon Laplace, place-making, planetary scale, RAND corporation, recommendation engine, reserve currency, RFID, Robert Bork, Sand Hill Road, self-driving car, semantic web, sharing economy, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, smart cities, smart grid, smart meter, social graph, software studies, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Startup school, statistical arbitrage, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, Superbowl ad, supply-chain management, supply-chain management software, TaskRabbit, the built environment, The Chicago School, the scientific method, Torches of Freedom, transaction costs, Turing complete, Turing machine, Turing test, universal basic income, urban planning, Vernor Vinge, Washington Consensus, web application, Westphalian system, WikiLeaks, working poor, Y Combinator

Jacob Applebaum, Andy Mueller-Maguhn, Jeremie Zimmermann, and Julian Assange, “Episode 8, Part 1,” WikiLeaks World Tomorrow, April 2012, https://worldtomorrow.wikileaks.org/episode-8.html.If you look at it from a market perspective, I'm convinced that there is a market in privacy that has been mostly left unexplored, so maybe there will be an economic drive for companies to develop tools that will give users the in-dividual ability to control their data and communication. Maybe this is one way that we can solve that problem. I'm not sure it can work alone, but this may happen and we may not know it yet. —Jeremie ZimmermannPhilip Mirowski writes that “the Incredible Disappearing Agent has had all sorts of implications for neoliberal political theory. First off, the timeworn conventional complaint that economics is too pigheadedly methodologically individualist does not begin to scratch the neoliberal program. ‘Individuals’ are merely evanescent projects from a neoliberal perspective.


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The Invention of Science: A New History of the Scientific Revolution by David Wootton

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agricultural Revolution, Albert Einstein, British Empire, clockwork universe, Commentariolus, commoditize, conceptual framework, Dava Sobel, double entry bookkeeping, double helix, en.wikipedia.org, Ernest Rutherford, Fellow of the Royal Society, fudge factor, germ theory of disease, Google X / Alphabet X, Hans Lippershey, interchangeable parts, invention of gunpowder, invention of the steam engine, invention of the telescope, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, John Harrison: Longitude, knowledge economy, lone genius, Mercator projection, On the Revolutions of the Heavenly Spheres, Philip Mirowski, placebo effect, QWERTY keyboard, Republic of Letters, spice trade, spinning jenny, the scientific method, Thomas Kuhn: the structure of scientific revolutions

Snow) 16 Two New Sciences (Galileo Galilei) 296, 304, 417, 515 two spheres/one sphere theories (Earth) 113–21, 124–5, 126–7, 128–43, 245, 467 see also Earth Tycho’s nova 13, 192 see also Brahe, Tycho Uccello, Paolo 179 underdetermination 515 United Kingdom 49 United Provinces 68n units of measurement 234–5, 258–9 see also measurement Universae naturae theatrum (Jean Bodin) 132, 134, 141 universities 136 Urania propitia (Maria Cunitz) 6n Uraniborg 196 Uranus 99 Urban VIII, Pope 216 Urbino 175–6 Uriana 307 Ursus 93–4, 96 vacuums 332–5, 339–41 Aristotle denies 69, 177, 300, 311–12, 320 barometer and 245 Boyle and 349–52 competing views 105, 246 Descartes and 366, 371, 439 experiments 77n, 101, 294, 296, 336 explanations 392 laboratories and nature 323 Pascal’s unfinished treatise 297–8 Sarrotti’s efforts 477 steam and 491 Torricellian tubes 324 Vadianus, Joachim Aristotle’s fallibility 523 Earth’s centre of gravity 138 experience and 247 Habes lector 128 India and Africa as antipodes 137 man of many talents 125 van Helmont, Jean Baptiste Boyle influenced by 294, 297 garlic and magnets 279 Jesuits enraged by 291 ‘theory’, use of word 395 weapon salve book 287, 289, 292 Vanini, Giulio Cesare 75 vanishing point 176–9 ‘Vanity of Authors, The’ (Samuel Johnson) 474 Vanity of Dogmatizing, The (Joseph Glanvill) 295, 512n Variation of the Compass, The (William Borough) 331 Vasari, Giorgio 36, 167 Vaucanson, Jacques de 439, 440 Venice 8, 106, 215, 524 Venus 224–9 as seen from earth 526 changes in apparent size 148 distances from sun 145 Galileo begins to observe 222, 224 Galileo publishes on 94 Morning Star and Evening Star 66, 91 phases discovered 24n, 194, 197, 245–6, 515, 523 Tycho Brahe’s nova and 13, 192 Venus Seen on the Sun 149n Verbiest, Ferdinand 180, 182 Vergil 454 Vergil, Polydore 65–8, 93, 176, 339 Versailles 496 Vesalius, Andreas 182–6 see also Fabric of the Human Body muscles of the body 185 new fact-grounded science of 302 priority claims and 97 surgical concerns 207 Vespucci, Amerigo Copernicus indebted to 143 ‘discovery’, the word 65 discovery and invention 60 facts, absence of 255 important book on 76 important features of voyages 136 Mundus novus 121 naming of America 98, 99 publication of supposed letters of 59 water and earth 124 vestiges 410, 529 Vesuvius, Mount 301 Vicentinis, Alexander de 279 Vickers, Brian 355 Vikings 57, 93 Villani, Filippo 451 ‘Visible Hand, A’ (Philip Mirowski) 520n Visigoths 451 ‘Visualization and Cognition: Drawing Things Together’ (Bruno Latour) 302 Vitruvius Cesariano’s commentary 177, 178 diagrams lost 183–4n 1521 translation 305n on Pythagoras and Archimedes’ discoveries 67n, 80, 100–1 painting of stage sets 77 perspective painting and 251 Roman machinery 435, 437 Serlio popularizes 200 Vitruvius Teutsch (Johannes Petreius) vi Viviani, Vincenzo 335–6 Vögelin, Johannes 192 Voltaire women readers 474 works by 237, 396 writes on English science 10, 448 von Guericke, Otto 343, 491, 502, 506 Vulgar Errors (Pseudoxia epidemica) (Thomas Browne) 254, 304 Vulgate 59 Wacker, Mathias 211, 214 Waldseemüller, Martin Copernicus indebted to 142 discovering America?


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Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

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affirmative action, Albert Einstein, algorithmic trading, Andy Kessler, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial independence, financial innovation, financial thriller, fixed income, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, job automation, Johann Wolfgang von Goethe, John Meriwether, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, labour market flexibility, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Mikhail Gorbachev, Milgram experiment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, negative equity, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, Richard Thaler, Right to Buy, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, survivorship bias, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Sherwin (2006) American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer, Vintage Books, New York: 62. 7. Upton Sinclair (1965) The Jungle, Dover Publications: 32. 8. Quoted in Peter Watson (2000) A Terrible Beauty: The People and Ideas that Shaped the Modern Minds—A History, Phoenix Press, London: 81. 9. Philip Mirowski (2002) Machine Dreams: Economics Becomes a Cyborg Science, Cambridge University Press, Cambridge: 203, 204. 10. Johan van Overtveldt (2007) The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionised Economics and Business, Agate Books, Chicago: 9. 11. Ibid: 91. 12.


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

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affirmative action, anti-communist, banking crisis, battle of ideas, Boycotts of Israel, Bretton Woods, British Empire, capital controls, central bank independence, Chelsea Manning, colonial exploitation, colonial rule, corporate social responsibility, credit crunch, cuban missile crisis, Deng Xiaoping, drone strike, Edward Snowden, energy security, energy transition, European colonialism, eurozone crisis, experimental subject, F. W. de Klerk, facts on the ground, failed state, financial innovation, Food sovereignty, Francis Fukuyama: the end of history, full employment, future of journalism, high net worth, invisible hand, Julian Assange, liberal world order, Mikhail Gorbachev, millennium bug, Mohammed Bouazizi, Monroe Doctrine, Naomi Klein, Northern Rock, Philip Mirowski, RAND corporation, Ronald Reagan, Silicon Valley, South China Sea, statistical model, structural adjustment programs, too big to fail, trade liberalization, trade route, UNCLOS, UNCLOS, uranium enrichment, Washington Consensus, WikiLeaks, zero-sum game, éminence grise

On the drawbacks of financialization for productive investment, see Costas Lapavitsas, Profiting Without Producing: How Finance Exploits Us All (London/New York: Verso, 2013). 61Panitch and Gindin, Making of Global Capitalism, pp. 216–19. 62“Conclusion,” in “The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States,” February 2011, at gpo.gov. 63David McNally, Global Slump: The Economics and Politics of Crisis and Resistance (Oakland, CA: PM Press, 2011), p. 86. 64Panitch and Gindin, Making of Global Capitalism, pp. 236–7. 65Ibid., pp. 310–30. See also Leo Panitch, Sam Gindin, and Greg Albo, In and Out of Crisis: The Global Financial Meltdown and Left Alternatives (Oakland, CA: PM Press, 2010); Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London/New York: Verso, 2013). 66Tony Wood, “Good Riddance to New Labour,” New Left Review II/62 (March–April 2010). CHAPTER 5: US WAR CRIMES AND THE ICC 1Lesley Wroughton, “US, Afghans Agree Most of Pact, Elders to Make Final Decision,” Reuters, October 13, 2013, at reuters.com. 2Josh Dougherty, “When Victimless Crimes Matter and Victims Don’t: The Trial of Bradley Manning,” Iraq Body Count, August 2, 2013, at iraqbodycount.org. 3Glen Greenwald, With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful (New York: Metropolitan, 2011). 4White House, “Statement of President Barack Obama on Release of OLC Memos,” April 16, 2009, at whitehouse.gov. 5White House, “Statement by the President Report of the Senate Select Committee on Intelligence,” December 9, 2014, at whitehouse.gov. 6John R.


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Connectography: Mapping the Future of Global Civilization by Parag Khanna

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1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, charter city, clean water, cloud computing, collateralized debt obligation, commoditize, complexity theory, continuation of politics by other means, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, digital map, diversification, Doha Development Round, edge city, Edward Snowden, Elon Musk, energy security, ethereum blockchain, European colonialism, eurozone crisis, failed state, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, fixed income, forward guidance, global supply chain, global value chain, global village, Google Earth, Hernando de Soto, high net worth, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial cluster, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, labour market flexibility, labour mobility, LNG terminal, low cost carrier, manufacturing employment, mass affluent, mass immigration, megacity, Mercator projection, Metcalfe’s law, microcredit, mittelstand, Monroe Doctrine, mutually assured destruction, New Economic Geography, new economy, New Urbanism, off grid, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Parag Khanna, Peace of Westphalia, peak oil, Pearl River Delta, Peter Thiel, Philip Mirowski, Plutocrats, plutocrats, post-oil, post-Panamax, private military company, purchasing power parity, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, TaskRabbit, telepresence, the built environment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, Tim Cook: Apple, trade route, transaction costs, UNCLOS, uranium enrichment, urban planning, urban sprawl, WikiLeaks, young professional, zero day