falling living standards

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pages: 388 words: 125,472

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

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anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, 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

Siddarth sums up the general mentality: ‘I think the City is a convenient whipping boy, because everybody loves having a scapegoat,’ he says. ‘Everybody was more than happy to get a zero per cent interest rate on their credit card, everybody’s happy to spend, consume, and spend money that ultimately they don’t have.’ In truth, workers who had been experiencing real-term falls in their living standards long before the crash had been forced to top up their increasingly meagre income with cheap credit. In the City, you risked ridicule for even mentioning the impact of austerity on people’s lives. ‘If I started talking to people about cuts, I would be a figure of fun,’ says former City trader Darren.

Modern capitalism has become completely ‘financialized’, as Professor Costas Lapavitsas puts it. Modern businesses themselves indulge independently in financial speculation with their retained earnings, or the money that is not distributed to shareholders. Households are ever more dependent, too, as the growth of home ownership and the dependence on credit to top up falling living standards lands them in debt. The modern Establishment has been financialized to an unprecedented degree. Above all, the financial sector is a threat to British democracy. Governments have surrendered their economic powers, whether it be through the abandonment of exchange controls or the promotion of deregulation.

We should levy restrictions on foreign ownership of residential property, deflating potentially economically crippling housing bubbles that price Britons out of the market.6 Above all, this would shift economic sovereignty from corporate interests to elected governments, representing a sizeable blow to the Establishment’s position. A democratic revolution would have redistribution of wealth at its very heart. The bank accounts of the wealthy continue to boom, even as the recession causes a fall in living standards. This is not just manifestly unjust; it also represents a huge pile of cash that is not being invested and could be put to productive use. Money is being hoarded when it could be invested and put to social use. And while the poorest 10 per cent pay 43 per cent of their income in taxes, the richest 10 per cent pay just 35 per cent – surely an indefensible state of affairs from any rational perspective.7 More prosperous European countries, such as Denmark, Sweden, Netherlands and Belgium, have significantly higher top rates.

 

pages: 222 words: 75,561

The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It by Paul Collier

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air freight, Asian financial crisis, British Empire, Doha Development Round, failed state, falling living standards, income inequality, out of africa, rent-seeking, Ronald Reagan, structural adjustment programs, trade liberalization

Although the reforms were modest, they were remarkably successful: output grew more rapidly than at any time during the oil boom. But these few percentage points of growth in non-oil output were completely swamped by the fall in the value of oil and the switch from borrowing to repayment, with the consequent contraction in expenditure. The reform-induced growth only helped slightly to offset the misery of falling living standards. That is what happened, but it is not what Nigerians think happened. Unsurprisingly, Nigerians think that the terrible increase in poverty they experienced was caused by the economic reforms that were so loudly trumpeted. Until reform, life was getting better; then along came reform, and poverty soared.

 

pages: 212 words: 80,393

Getting By: Estates, Class and Culture in Austerity Britain by Lisa McKenzie

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British Empire, call centre, credit crunch, delayed gratification, falling living standards, full employment, income inequality, low skilled workers, New Urbanism, The Bell Curve by Richard Herrnstein and Charles Murray, unpaid internship, urban renewal, working poor

This has risen significantly since the austerity measures started to have an impact on communities after the 2010 General Election. In 2013 the Institute for Fiscal Studies (IFS) published a report revealing that in the first full year of the coalition government, 300,000 more children faced a real fall in living standards that had pushed them into dire levels of poverty (Cribb et al, 2013). The entire increase is from homes where parents are working – there are now 2.4 million children in working households living in severe poverty. And on top of the 300,000 extra young people living below the breadline, half-a-million working-age adults have fallen into the extreme poverty bracket, along with an additional 100,000 pensioners (Cribb et al, 2013).

By 2014 – in the aftermath of the weakest economic recovery since the Victorian era – the Conservative-led coalition government was lauding the return of economic growth as vindication of its assault on public spending. But while it certainly was boom time for the rich – the Sunday Times Rich List recorded a doubling of the wealth of the richest 1,000 Britons between 2009 and 2014 – working people suffered the longest fall in living standards in well over a century. Disabled people faced the slashing of benefits, and the indignity and stress of appealing to win back their desperately needed support; workers enduring plummeting pay packets had their in-work benefits cut in real-terms; while no private pensions, no paid leave or no set hours became the reality for workers driven into zero-hour contracts or bogus self-employment.

 

pages: 364 words: 99,613

Servant Economy: Where America's Elite Is Sending the Middle Class by Jeff Faux

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back-to-the-land, Bernie Sanders, Black Swan, Bretton Woods, BRICs, British Empire, call centre, centre right, cognitive dissonance, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, David Brooks, David Ricardo: comparative advantage, falling living standards, financial deregulation, financial innovation, full employment, hiring and firing, Howard Zinn, Hyman Minsky, illegal immigration, indoor plumbing, informal economy, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, lake wobegon effect, Long Term Capital Management, market fundamentalism, Martin Wolf, McMansion, medical malpractice, mortgage debt, Naomi Klein, new economy, oil shock, Plutocrats, plutocrats, price mechanism, price stability, private military company, Ralph Nader, reserve currency, rising living standards, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, school vouchers, Silicon Valley, single-payer health, South China Sea, statistical model, Steve Jobs, Thomas L Friedman, Thorstein Veblen, too big to fail, trade route, Triangle Shirtwaist Factory, union organizing, upwardly mobile, urban renewal, War on Poverty, We are the 99%, working poor, Yogi Berra, Yom Kippur War

Men are bombarded with macho cultural icons: the athletes, the swaggering Wall Street speculators, and the gunslingers of interactive electronic games. Men have to earn a living, so most will work at whatever they have to, but by and large they will not like it. The surrounding culture will relentlessly push back the shame and ache of falling living standards back on the individual. The pronouncements from TVs, classrooms, and pulpits will continue to hammer home the message that people are responsible for their own fate. Self-help books, videos, and guest lecturers will promise that you can beat the odds if only you submit to the Seven Principles, the Five Steps, or the Ten Tenets of Success.

 

pages: 464 words: 121,983

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

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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

The New Economics Foundation found in 2013 that Britain had recently seen the biggest drop in living standards since the Victorian era, most severely affecting public sector workers and women.29 The bald facts of this austerity craze were enough to indicate that something was horribly wrong with modern politics. British prime minister David Cameron felt the need, in 2013, after years of austerity and falling living standards, to teach schoolchildren about the glories of capitalism—which seemed like a defensive impulse. It was vital, he said, to celebrate a culture “that values that typically British, entrepreneurial, buccaneering spirit.”30 Multinational corporations spent the twentieth century gradually reducing their obligations in the various jurisdictions in which they operated.

So dreams can unfurl.” 25Andrew Hill and Gill Plimmer, “G4S: The Inside Story,” Financial Times, November 14, 2013. 26“The Shadow State: A Report about Outsourcing of Public Services,” Social Enterprise UK, December 2012, at socialenterprise.org.uk. 27Larry Elliott, “Britain’s Five Richest Families Worth More than Poorest 20%,” Guardian, March 17, 2014. 28Paul Krugman, “The Austerity Agenda,” New York Times, May 31, 2012. 29Nigel Morris, “The Poorest Pay the Price of Austerity: Workers Face Biggest Fall in Living Standards since Victorian Era,” Independent, December 9, 2013. 30Tom McTague, “David Cameron Calls for Capitalism Lessons in Schools to Celebrate Profits in the Classroom,” Mirror, November 11, 2013. 31Rajeev Syal and Alan Travis, “Britain’s Immigration System in Chaos, MPs’ Report Reveals,” Guardian, October 29, 2014. 32Randeep Ramesh, “Hundreds of Contracts Signed in ‘Biggest Ever Act of NHS Privatisation,’” Guardian, October 3, 2012. 33Charlie Cooper, “NHS Funding Crisis: Boss Warns of 75 Pounds a Night Charge for Hospital Bed,” Independent, October 7, 2014. 34Benedict Cooper, “The NHS Privatisation Experiment Is Unravelling Before Our Eyes,” New Statesman, January 9, 2015. 35“‘People Will Die’—The End of the NHS.

 

pages: 331 words: 60,536

The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State by James Dale Davidson, Rees Mogg

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affirmative action, agricultural Revolution, bank run, barriers to entry, Berlin Wall, borderless world, British Empire, California gold rush, clean water, colonial rule, Columbine, compound rate of return, Danny Hillis, debt deflation, ending welfare as we know it, epigenetics, Fall of the Berlin Wall, falling living standards, feminist movement, financial independence, Francis Fukuyama: the end of history, full employment, George Gilder, Hernando de Soto, illegal immigration, income inequality, informal economy, information retrieval, Isaac Newton, Kevin Kelly, market clearing, Martin Wolf, Menlo Park, money: store of value / unit of account / medium of exchange, new economy, New Urbanism, offshore financial centre, Parkinson's law, pattern recognition, phenotype, price mechanism, profit maximization, rent-seeking, reserve currency, road to serfdom, Ronald Coase, school vouchers, seigniorage, Silicon Valley, spice trade, statistical model, telepresence, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade route, transaction costs, Turing machine, union organizing, very high income

This chuckling aside, the themes of The Great Reckoning proved less ludicrous than the guardians of orthodoxy pretended. • We extended our forecast of the death of the Soviet Union, exploring why Russia and the other former Soviet republics faced a future of growing civil disorder4 hyperinflation, and falling living standards. • We explained why the 1 990s would be a decade of downsizing, including for the first time a worldwide downsizing of governments as well as business entities. 16 • • • • • We also forecast that there would be a major redefinition of terms of income redistribution, with sharp cutbacks in the level of benefits.

Therefore, eliminating or sharply reducing the taxes that are negatively compounding against their net worths may not appear to make them much better off-the price of lower taxation is a diminished stream of transfer payments. They will lose income because they will no longer be able to depend upon political compulsion to pick the pockets of persons more productive than themselves. Those without savings who rely upon government to pay their retirement benefits and medical care will in all probability suffer a fall in living standards. This loss of income translates into a depreciation of what financial writer Scott Burns has dubbed "transcendental" or political capital. 88 This "transcendental" or imaginary capital is based not upon the economic ownership of assets but upon the de facto claim to the income stream established by political rules and regulations.

 

pages: 317 words: 101,475

Chavs: The Demonization of the Working Class by Owen Jones

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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

After all, the vast majority of people who were out of work or poor did not riot. But there are growing numbers of young people in Britain with no secure future to risk. Youth unemployment is running at over 20 per cent. There is a crisis of affordable housing, the biggest cuts since the 1920s, and falling living standards; university tuition fees have trebled and the Educational Maintenance Allowance for students from poor backgrounds has been scrapped. Many young people have been left with very little to hope for. For the first time since the World War II,the next generation will be worse off than the generation before it. of course, we all have agency: we don't all respond to the same situation in the same way.

 

pages: 323 words: 95,188

The Year That Changed the World: The Untold Story Behind the Fall of the Berlin Wall by Michael Meyer

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Ayatollah Khomeini, bank run, Berlin Wall, Bonfire of the Vanities, Bretton Woods, BRICs, call centre, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, haute couture, Mikhail Gorbachev, mutually assured destruction, Ronald Reagan, Ronald Reagan: Tear down this wall, union organizing

Nemeth was under no illusions about the depth of Hungary’s crisis, nor why he had been tapped as prime minister. He was being set up. He was to be the communists’ fall guy, the man whom the people would blame when the economy completely crumbled. Grosz and other party leaders feared they could not arrest Hungary’s economic slide—30 percent inflation, the highest per capita foreign debt in Europe, falling living standards and wages. Few Hungarian families could make ends meet without working two or even three jobs. Resentment was growing. So that May, at a fractious party conference, they looked around for a potential scapegoat to become prime minister. Nemeth, then head of the party economics department, was their choice.

 

pages: 669 words: 150,886

Behind the Berlin Wall: East Germany and the Frontiers of Power by Patrick Major

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anti-communist, Berlin Wall, centre right, falling living standards, land reform, Mikhail Gorbachev, mittelstand, open borders, Post-materialism, post-materialism, refrigerator car, rising living standards, Ronald Reagan, Sinatra Doctrine

These were all prominent GDR artists—Biermann had been deported in 1976, while Krug and Mueller-Stahl were allowed to leave the following year. ¹⁰⁴ Cited in Madarász, Conflict, 143. ¹⁰⁵ Jena citizens to Volkskammer, 12 July 1983, exhibit in Museum Haus am Checkpoint Charlie, 2001. ¹⁰⁶ Lehmann to Eichler, 3 Jan. 1975, BAB, DA-5/9013. 212 Behind the Berlin Wall mould growing on their furniture.¹⁰⁷ Others attacked falling living standards. In such cases the authorities usually tried to remedy the immediate cause of the aggravation, in the interests of achieving a retraction. Such applications could, it has to be said, range from the sublime to the ridiculous and petitions officers must occasionally have wondered if pranks were being played.

 

pages: 497 words: 143,175

Pivotal Decade: How the United States Traded Factories for Finance in the Seventies by Judith Stein

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1960s counterculture, affirmative action, airline deregulation, anti-communist, Ayatollah Khomeini, barriers to entry, Berlin Wall, blue-collar work, Bretton Woods, capital controls, centre right, collective bargaining, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, desegregation, energy security, Fall of the Berlin Wall, falling living standards, feminist movement, financial deregulation, floating exchange rates, full employment, income inequality, income per capita, intermodal, invisible hand, knowledge worker, laissez-faire capitalism, Long Term Capital Management, manufacturing employment, market bubble, Martin Wolf, new economy, oil shale / tar sands, oil shock, open economy, payday loans, post-industrial society, post-oil, price mechanism, price stability, Ralph Nader, RAND corporation, reserve currency, Robert Gordon, Ronald Reagan, Simon Kuznets, strikebreaker, trade liberalization, union organizing, urban planning, urban renewal, War on Poverty, Washington Consensus, working poor, Yom Kippur War

In April 1950 the Bureau of the Budget announced: “Foreign economic policies should not be formulated in terms primarily of economic objectives; they must be subordinated to our politico-security objectives and the priorities which the latter involve.”27 Three years later, the National Security Council urged the entry of Japanese goods to the United States to halt “economic deterioration and falling living standards” in Japan that “create fertile ground for communist subversion.”28 The State Department judged that “Japan’s resistance to Soviet-Sino pressures will depend in large measure on whether the free world [is] willing [to] make reasonable place for Japan’s trade.”29 Many believed that American industry was so strong that it would not suffer from unilateral trade measures that drew in imports from Europe and Japan.

 

pages: 464 words: 116,945

Seventeen Contradictions and the End of Capitalism by David Harvey

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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

Does this portend a global capitalism managed under the dictatorship of the world’s central bankers whose foremost charge is to protect the power of the banks and the plutocrats? If so, then that seems to offer very little prospect for a solution to current problems of stagnant economies and falling living standards for the mass of the world’s population. There is also much chatter about the prospects for a technological fix to the current economic malaise. While the bundling of new technologies and organisational forms has always played an important role in facilitating an exit from crises, it has never played a determinate one.

 

pages: 525 words: 131,496

Near and Distant Neighbors: A New History of Soviet Intelligence by Jonathan Haslam

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Albert Einstein, Benoit Mandelbrot, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, cuban missile crisis, falling living standards, John von Neumann, Robert Hanssen: Double agent, Ronald Reagan, Vladimir Vetrov: Farewell Dossier, éminence grise

He had finally allowed the imbalance of military power in Europe, which had stood provocatively and overwhelmingly to Soviet advantage since 1945, to be broken unopposed. Behind all this lay a basic truth: Moscow had effectively already given up the ideological struggle. The Russia reborn in 1992 had to confront the unexpected need to substitute at short notice raw patriotism for a long-outmoded belief in a global ideal, all in the face of falling living standards and full consciousness—not least via MTV, now beamed freely into city apartments—of what the West could offer in return for betrayal. The negative impact on intelligence assets and their recruitment was severe, given how heavily Moscow depended upon human resources once attracted by and tied to the Soviet model.

 

pages: 223 words: 10,010

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

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banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business process, call centre, capital controls, collective bargaining, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

In an echo of Ronald Reagan’s war on air traffic controllers in the 1980s, this was an attempt to dismantle what was left of union power, one which led to sustained protests across the country. A similar divide has been emerging in the UK. After falling in every year from 2005-2010, real take-home pay is now predicted to continue to fall for the next year or two at least. This is the first time since the 1920s there have been six successive years of falling real living standards, a process that started well before the crash. In both the US and the UK, the likelihood is that wages will continue to lag productivity postrecovery, living standards will continue to stagnate while the wealth and income gap will remain at historic highs. Indeed, the new independent economic overseer set up by the Coalition, the Office for Budget Responsibility, has forecast that the United Kingdom’s wage share will continue to fall until 2016.416 The risk now is that the fundamental economic factor that has driven rising instability and created the conditions for the crash—the two-decade long growing wage-productivity gap in both the UK and the US—is set to continue.

 

pages: 376 words: 109,092

Paper Promises by Philip Coggan

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accounting loophole / creative accounting, balance sheet recession, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Madoff, Black Swan, Bretton Woods, British Empire, call centre, capital controls, Carmen Reinhart, carried interest, Celtic Tiger, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, debt deflation, delayed gratification, diversified portfolio, eurozone crisis, Fall of the Berlin Wall, falling living standards, fear of failure, financial innovation, financial repression, fixed income, floating exchange rates, full employment, German hyperinflation, global reserve currency, hiring and firing, Hyman Minsky, income inequality, inflation targeting, Isaac Newton, joint-stock company, Kenneth Rogoff, labour market flexibility, Long Term Capital Management, manufacturing employment, market bubble, market clearing, Martin Wolf, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Nick Leeson, Northern Rock, oil shale / tar sands, paradox of thrift, peak oil, pension reform, Plutocrats, plutocrats, Ponzi scheme, price stability, principal–agent problem, purchasing power parity, quantitative easing, QWERTY keyboard, railway mania, regulatory arbitrage, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, time value of money, too big to fail, trade route, tulip mania, value at risk, Washington Consensus, women in the workforce

The second category consists of those borrowers who had secured their debts against an asset which has fallen in value. In such circumstances, both the borrower and the creditor lose out. The borrower’s wealth is less than it was and so is the creditor’s. They have discovered, like the clients of Bernie Madoff, that part of their wealth was illusory. The result could be a substantial fall in living standards, rather than just sluggish growth. THE LONG VIEW As this book has explained, the world has seen cycle after cycle in which money and debts have expanded. These cycles are initially self-reinforcing as the extra money begets confidence, as in John Law’s experiment in the early eighteenth century.

 

pages: 934 words: 232,651

Iron Curtain: The Crushing of Eastern Europe, 1945-1956 by Anne Applebaum

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affirmative action, anti-communist, Berlin Wall, centre right, deindustrialization, Fall of the Berlin Wall, falling living standards, hiring and firing, illegal immigration, indoor plumbing, Internet Archive, Johann Wolfgang von Goethe, land reform, language of flowers, means of production, New Urbanism, Potemkin village, price mechanism, road to serfdom, Ronald Reagan, Slavoj Žižek, stakhanovite, strikebreaker, union organizing, urban planning

Initial discussion topics included the peasants’ revolt of 1514 (a pretext for a debate on agricultural policy) and an analysis of Hungarian historiography (a pretext for a debate about the falsification of history in communist textbooks).55 The choice of name quickly proved “double-edged,” as one Hungarian writer put it: Petőfi had been a revolutionary fighting for Hungarian independence and the group bearing his name soon felt empowered to become revolutionary too.56 Changes had been taking place in other regime institutions at the same time. At Szabad Nép, the communist party’s hitherto reliable newspaper, reporters had become restless. In October 1954, a group of them, sent to cover life in the country’s factories, returned wanting to write about faked production statistics, falling living standards, and workers who had been blackmailed into buying “peace bonds.” In a published article, they declared that “though the life of the workers has changed and improved a great deal in the last ten years, many of them still have serious problems. Many are still living in overcrowded and shabby apartments.

 

pages: 334 words: 98,950

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

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affirmative action, Albert Einstein, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

Even if we discount the 1980s as a decade of adjustment and take it out of the equation, per capita income in the region during the 1990s grew at basically half the rate of the ‘bad old days’ (3.1% vs 1.7%). Between 2000 and 2005, the region has done even worse; it virtually stood still, with per capita income growing at only 0.6% per year.21 As for Africa, its per capita income grew relatively slowly even in the 1960s and the 1970s (1–2% a year). But since the 1980s, the region has seen a fall in living standards. This record is a damning indictment of the neo-liberal orthodoxy, because most of the African economies have been practically run by the IMF and the World Bank over the past quarter of a century. The poor growth record of neo-liberal globalization since the 1980s is particularly embarrassing.

 

pages: 385 words: 111,807

A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang

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Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Washington Consensus, working-age population, World Values Survey

The growth acceleration was so dramatic that the half-century following 1820 is typically referred to as the Industrial Revolution.6 In those fifty years, per capita income in Western Europe grew at 1 per cent, a poor growth rate these days (Japan grew at that rate during the so-called ‘lost decade’ of the 1990s), but compared to the 0.14 per cent growth rate between 1500 and 1820, it was a turbo-charged drive. Expect to live for seventeen years and work eighty hours a week: misery increases for some This acceleration of growth in per capita income, however, was initially accompanied by a fall in living standards for many. Some with old skills – such as textile artisans – lost their jobs, having been replaced by machines operated by cheaper, unskilled workers, including many children. Some machines were even designed with the small sizes of children in mind. Those who were hired to work in factories, or in the small workshops that supplied inputs for them, worked long hours – seventy to eighty hours per week was the norm, and some worked more than 100 hours a week with usually only half of Sunday free.

 

pages: 347 words: 99,317

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

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affirmative action, Albert Einstein, banking crisis, Big bang: deregulation of the City of London, bilateral investment treaty, borderless world, Bretton Woods, British Empire, Brownian motion, call centre, capital controls, central bank independence, colonial rule, Corn Laws, corporate governance, David Ricardo: comparative advantage, Deng Xiaoping, Doha Development Round, en.wikipedia.org, falling living standards, Fellow of the Royal Society, financial deregulation, fixed income, Francis Fukuyama: the end of history, income inequality, income per capita, industrial robot, Isaac Newton, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labour mobility, land reform, low skilled workers, market bubble, market fundamentalism, Martin Wolf, means of production, moral hazard, offshore financial centre, oil shock, price stability, principal–agent problem, Ronald Reagan, South Sea Bubble, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transfer pricing, urban sprawl, World Values Survey

Even if we discount the 1980s as a decade of adjustment and take it out of the equation, per capita income in the region during the 1990s grew at basically half the rate of the ‘bad old days’ (3.1% vs 1.7%). Between 2000 and 2005, the region has done even worse; it virtually stood still, with per capita income growing at only 0.6% per year.21 As for Africa, its per capita income grew relatively slowly even in the 1960s and the 1970s (1–2% a year). But since the 1980s, the region has seen a fall in living standards. This record is a damning indictment of the neo-liberal orthodoxy, because most of the African economies have been practically run by the IMF and the World Bank over the past quarter of a century. The poor growth record of neo-liberal globalization since the 1980s is particularly embarrassing.

 

pages: 344 words: 94,332

The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton, Andrew Scott

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3D printing, Airbnb, carbon footprint, Clayton Christensen, collapse of Lehman Brothers, crowdsourcing, delayed gratification, diversification, Downton Abbey, Erik Brynjolfsson, falling living standards, financial independence, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, gender pay gap, gig economy, Google Glasses, indoor plumbing, information retrieval, Isaac Newton, job satisfaction, low skilled workers, Lyft, Network effects, New Economic Geography, pattern recognition, pension reform, Peter Thiel, Ray Kurzweil, Richard Florida, Richard Thaler, Second Machine Age, sharing economy, side project, Silicon Valley, smart cities, Stephen Hawking, Steve Jobs, women in the workforce, young professional

In fact, one study found that 70 per cent of people aged 70 or under felt there was a minimal chance of selling their house to pay for retirement.7 Another study found that when people retire they are equally as likely to move into a larger house as a smaller one.8 It is generally only traumatic events, such as death of a partner or illness, that tends to trigger house sales as people age. Given that owning a house provides imputed rent, and selling a house involves a fall in living standards, it is no surprise that equity release schemes have been growing in popularity with older home owners. Equity release helps provide financing without the loss of imputed rent. This clearly has a role to play in providing financing for old age, but while these schemes make a contribution, they cannot be relied upon to solve the problem.

 

pages: 488 words: 144,145

Inflated: How Money and Debt Built the American Dream by R. Christopher Whalen

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Albert Einstein, bank run, banking crisis, Black Swan, Bretton Woods, British Empire, California gold rush, Carmen Reinhart, central bank independence, conceptual framework, corporate governance, cuban missile crisis, currency peg, debt deflation, falling living standards, fiat currency, financial deregulation, financial innovation, financial intermediation, floating exchange rates, Fractional reserve banking, full employment, global reserve currency, housing crisis, interchangeable parts, invention of radio, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, means of production, money: store of value / unit of account / medium of exchange, moral hazard, mutually assured destruction, non-tariff barriers, oil shock, payday loans, Plutocrats, plutocrats, price stability, pushing on a string, quantitative easing, rent-seeking, reserve currency, Ronald Reagan, special drawing rights, The Chicago School, The Great Moderation, too big to fail, trade liberalization, transcontinental railway, Upton Sinclair, women in the workforce

Grant imposed legal tender laws on Americans via the subversion of the Supreme Court set a pattern of duplicity by the Executive Branch that remains strongly embedded in American jurisprudence today. By giving the federal government control over the issuance of “money,” which was now defined as a piece of paper, an expedient war leader doomed future generations of Americans to live with inflation and falling real living standards, the bitter legacy of all legal tender laws going back centuries before the founding of the United States. When émigrés from Europe came to the United States seeking freedom, it was not just religious liberty or freedom from physical bondage, but also freedom from the tendency of monarchs to compel their subjects to use the king’s money, which was frequently light in terms of metal content.

 

pages: 401 words: 112,784

Hard Times: The Divisive Toll of the Economic Slump by Tom Clark, Anthony Heath

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Affordable Care Act / Obamacare, British Empire, Carmen Reinhart, credit crunch, Daniel Kahneman / Amos Tversky, debt deflation, deindustrialization, Etonian, eurozone crisis, falling living standards, full employment, Gini coefficient, hiring and firing, income inequality, interest rate swap, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, low skilled workers, mortgage debt, new economy, Northern Rock, obamacare, oil shock, Plutocrats, plutocrats, price stability, quantitative easing, Ronald Reagan, science of happiness, statistical model, The Wealth of Nations by Adam Smith, unconventional monetary instruments, War on Poverty, We are the 99%, women in the workforce, working poor

‘Benefit fraud could lead to 10-year jail terms, says DPP’, BBC News, 16 September 2013, at: www.bbc.co.uk/news/uk–24104743 By way of comparison, the official figures for average punishments for some other crimes are reported on by Alan Travis, ‘Rape sentences now average eight years, Ministry of Justice figures show’, Guardian, 27 May 2011, at: www.theguardian.com/society/2011/may/26/rape-sentence-average-eight-years-justice-figures 22. Curtice, ‘Thermostat or weather vane?’. 23. British polling by YouGov from spring 2013 suggests that a majority (52%) of poorer families (gross income below £20,000) anticipate a continuing fall in living standards, compared to less than one-third (31%) of households where income exceeds £70,000. Details reported in: Resolution Foundation, 2015: The living standards election, 2013, at: www.resolutionfoundation.org/media/media/downloads/2015_-_The_living_standards_election.pdf 24. Tom Clark, ‘Britons favour state responsibilities over individualism, finds survey’, Guardian, 15 April 2013, at: www.theguardian.com/society/2013/apr/14/britons-sympathetic-unemployed-france-germany 25.

 

pages: 473 words: 132,344

The Downfall of Money: Germany's Hyperinflation and the Destruction of the Middle Class by Frederick Taylor

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Albert Einstein, anti-communist, banking crisis, Berlin Wall, British Empire, central bank independence, centre right, collective bargaining, falling living standards, fiat currency, full employment, German hyperinflation, housing crisis, Internet Archive, Johann Wolfgang von Goethe, mittelstand, offshore financial centre, Plutocrats, plutocrats, quantitative easing, rent control, risk/return, strikebreaker, trade route

 

pages: 159 words: 45,073

GDP: A Brief but Affectionate History by Diane Coyle

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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

 

pages: 372 words: 107,587

The End of Growth: Adapting to Our New Economic Reality by Richard Heinberg

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3D printing, agricultural Revolution, back-to-the-land, banking crisis, banks create money, Bretton Woods, carbon footprint, Carmen Reinhart, clean water, cloud computing, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, dematerialisation, demographic dividend, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy transition, falling living standards, financial deregulation, financial innovation, Fractional reserve banking, full employment, Gini coefficient, global village, happiness index / gross national happiness, I think there is a world market for maybe five computers, income inequality, invisible hand, Isaac Newton, Kenneth Rogoff, late fees, money: store of value / unit of account / medium of exchange, mortgage debt, naked short selling, Naomi Klein, Negawatt, new economy, Nixon shock, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, post-oil, price stability, private military company, quantitative easing, reserve currency, ride hailing / ride sharing, Ronald Reagan, short selling, special drawing rights, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, tulip mania, working poor

 

pages: 278 words: 82,069

Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover by Katrina Vanden Heuvel, William Greider

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Asian financial crisis, banking crisis, Bretton Woods, capital controls, carried interest, central bank independence, centre right, collateralized debt obligation, conceptual framework, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, declining real wages, deindustrialization, Exxon Valdez, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, fixed income, floating exchange rates, full employment, housing crisis, Howard Zinn, Hyman Minsky, income inequality, kremlinology, Long Term Capital Management, margin call, market bubble, market fundamentalism, McMansion, mortgage debt, Naomi Klein, new economy, offshore financial centre, payday loans, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, pushing on a string, race to the bottom, Ralph Nader, rent control, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, sovereign wealth fund, structural adjustment programs, The Great Moderation, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, wage slave, Washington Consensus, women in the workforce, working poor, Y2K

 

pages: 339 words: 88,732

The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee

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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

 

pages: 323 words: 90,868

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

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3D printing, Airbnb, American energy revolution, autonomous vehicles, Bakken shale, barriers to entry, Bernie Sanders, BRICs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, gig economy, global supply chain, global value chain, hydraulic fracturing, income inequality, indoor plumbing, industrial robot, interchangeable parts, Internet of things, inventory management, invisible hand, Jacquard loom, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low skilled workers, lump of labour, Lyft, manufacturing employment, means of production, new economy, performance metric, pets.com, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, TaskRabbit, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, transaction costs, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, very high income, working-age population

 

pages: 462 words: 150,129

The Rational Optimist: How Prosperity Evolves by Matt Ridley

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23andMe, agricultural Revolution, air freight, back-to-the-land, banking crisis, barriers to entry, Bernie Madoff, British Empire, call centre, carbon footprint, charter city, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, colonial exploitation, colonial rule, Corn Laws, credit crunch, David Ricardo: comparative advantage, decarbonisation, dematerialisation, demographic dividend, demographic transition, double entry bookkeeping, Edward Glaeser, en.wikipedia.org, everywhere but in the productivity statistics, falling living standards, feminist movement, financial innovation, Flynn Effect, food miles, Gordon Gekko, greed is good, Hans Rosling, happiness index / gross national happiness, haute cuisine, Hernando de Soto, income inequality, income per capita, Indoor air pollution, informal economy, invention of agriculture, invisible hand, James Hargreaves, James Watt: steam engine, Jane Jacobs, John Nash: game theory, joint-stock limited liability company, Joseph Schumpeter, Kevin Kelly, knowledge worker, Kula ring, Mark Zuckerberg, meta analysis, meta-analysis, mutually assured destruction, Naomi Klein, Northern Rock, nuclear winter, oil shale / tar sands, out of africa, packet switching, patent troll, Pax Mongolica, Peter Thiel, phenotype, Plutocrats, plutocrats, Ponzi scheme, Productivity paradox, profit motive, purchasing power parity, race to the bottom, Ray Kurzweil, rent-seeking, rising living standards, Silicon Valley, spice trade, spinning jenny, stem cell, Steve Jobs, Steven Pinker, Stewart Brand, supervolcano, technological singularity, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, ultimatum game, upwardly mobile, urban sprawl, Vernor Vinge, wage slave, working poor, working-age population, Y2K, Yogi Berra

 

pages: 497 words: 153,755

The Power of Gold: The History of an Obsession by Peter L. Bernstein

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Albert Einstein, Atahualpa, Bretton Woods, British Empire, California gold rush, central bank independence, double entry bookkeeping, Edward Glaeser, falling living standards, financial innovation, floating exchange rates, Francisco Pizarro, German hyperinflation, Hernando de Soto, Isaac Newton, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, large denomination, liquidity trap, money: store of value / unit of account / medium of exchange, price stability, profit motive, random walk, rising living standards, Ronald Reagan, seigniorage, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route

 

pages: 566 words: 163,322

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

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3D printing, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, Commodity Super-Cycle, corporate governance, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, Malacca Straits, Mark Zuckerberg, market bubble, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Peter Thiel, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, working-age population

Spiraling prices for staple foods and collapsing growth conspired to unseat the left-wing government in Argentina and the left-wing legislature in Venezuela. As the price of onions rule warns, rapidly rising prices for basics like onions doom economic prospects and often unseat leaders, particularly when high inflation is accompanied by falling growth and dwindling living standards. One simple rule of thumb is to watch out for countries where inflation is well above the emerging-world average, which has fallen recently to around 4 percent. In Argentina the combination of 25 percent inflation and zero growth toppled President Cristina Fernández de Kirchner and her populist party, which had been in power for twelve years.

 

pages: 479 words: 144,453

Homo Deus: A Brief History of Tomorrow by Yuval Noah Harari

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23andMe, agricultural Revolution, algorithmic trading, Anne Wojcicki, anti-communist, Anton Chekhov, autonomous vehicles, Berlin Wall, call centre, Chris Urmson, cognitive dissonance, Columbian Exchange, computer age, Deng Xiaoping, don't be evil, European colonialism, experimental subject, falling living standards, Flash crash, Frank Levy and Richard Murnane: The New Division of Labor, glass ceiling, global village, invention of writing, invisible hand, Isaac Newton, job automation, Kevin Kelly, means of production, Mikhail Gorbachev, Minecraft, Moneyball by Michael Lewis explains big data, mutually assured destruction, new economy, pattern recognition, Peter Thiel, placebo effect, Ray Kurzweil, self-driving car, Silicon Valley, Silicon Valley ideology, stem cell, Steven Pinker, telemarketer, too big to fail, trade route, Turing machine, Turing test, ultimatum game, Watson beat the top human players on Jeopardy!

 

pages: 554 words: 168,114

Oil: Money, Politics, and Power in the 21st Century by Tom Bower

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Ayatollah Khomeini, banking crisis, bonus culture, corporate governance, credit crunch, energy security, Exxon Valdez, falling living standards, fear of failure, forensic accounting, index fund, interest rate swap, kremlinology, LNG terminal, Long Term Capital Management, margin call, Mikhail Gorbachev, millennium bug, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, passive investing, peak oil, Piper Alpha, price mechanism, price stability, Ronald Reagan, shareholder value, short selling, Silicon Valley, sovereign wealth fund, transaction costs, transfer pricing, éminence grise

 

pages: 1,152 words: 266,246

Why the West Rules--For Now: The Patterns of History, and What They Reveal About the Future by Ian Morris

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Admiral Zheng, agricultural Revolution, Albert Einstein, anti-communist, Arthur Eddington, Atahualpa, Berlin Wall, British Empire, Columbian Exchange, conceptual framework, cuban missile crisis, defense in depth, demographic transition, Deng Xiaoping, discovery of the americas, Doomsday Clock, en.wikipedia.org, falling living standards, Flynn Effect, Francisco Pizarro, global village, hiring and firing, indoor plumbing, invention of agriculture, Isaac Newton, James Watt: steam engine, knowledge economy, market bubble, Menlo Park, Mikhail Gorbachev, mutually assured destruction, New Journalism, out of africa, Peter Thiel, phenotype, pink-collar, place-making, purchasing power parity, RAND corporation, Ray Kurzweil, Ronald Reagan, Scientific racism, Silicon Valley, Sinatra Doctrine, South China Sea, special economic zone, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Thomas Malthus, trade route, upwardly mobile, wage slave, washing machines reduced drudgery