labour mobility

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pages: 482 words: 117,962

Exceptional People: How Migration Shaped Our World and Will Define Our Future by Ian Goldin, Geoffrey Cameron, Meera Balarajan

Admiral Zheng, agricultural Revolution, barriers to entry, Berlin Wall, Branko Milanovic, British Empire, conceptual framework, creative destruction, demographic transition, Deng Xiaoping, endogenous growth, failed state, Fall of the Berlin Wall, Gini coefficient, global pandemic, global supply chain, guest worker program, illegal immigration, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), job automation, Joseph Schumpeter, knowledge economy, labor-force participation, labour mobility, Lao Tzu, life extension, longitudinal study, low skilled workers, low-wage service sector, Malacca Straits, mass immigration, microcredit, Nelson Mandela, Network effects, new economy, New Urbanism, old age dependency ratio, open borders, out of africa, price mechanism, purchasing power parity, Richard Florida, selection bias, Silicon Valley, Silicon Valley startup, Skype, spice trade, trade route, transaction costs, transatlantic slave trade, women in the workforce, working-age population

., International Migration, Remittances and Brain Drain, London: World Bank and Palgrave MacMillan. Annual flow based on calculations in Goldin and Reinert, 2007: 258, table 6.3. b Source countries calculated based on flows from Goldin and Reinert, 2007: 258, table 6.3. Recipient countries based on the stock estimates of temporary foreign workers in 2008. Philip Martin. 2008. “Low and Semi-Skilled Workers Abroad,” in World Migration 2008: Managing Labour Mobility in the Evolving Global Economy. Geneva: International Organization for Migration. Annual flow based on calculations in Goldin and Reinert, 2007: 258, table 6.3. c Source countries, recipient countries, and annual flows all derived from 2006 flows in part VI (country notes) of OECD, 2008: 226-289. d Source countries based on 2004 flows available through the Institute for International Education Atlas of Student Mobility at http://www.atlas.iienetwork.org/?

See http://www.atlas.iienetwork.org/?p=48027. e Source countries are derived from 2001 U.S. flows because the U.S. accepts several times more family migrants than any other country. In 2005, the U.S. accepted 782,100 family migrants, more than the next nine highest recipient countries combined. See Eleonore Kofman and Veena Meetoo. 2008. “Family Migration,” in World Migration 2008: Managing Labour Mobility in the Evolving Global Economy. Geneva: IOM, p. 165. Recipient countries and annual flows are derived from 2006 flows in part VI (country notes) of OECD, 2008: 226-289. f Source countries are determined based on asylum applications lodged in 2008 in 44 industrialized countries. UNHCR. 2008. Asylum Levels and Trends in Industrialized Countries. 24 March 2009. Geneva: UNHCR, p. 15, appendix table 2.

“Report of the Secretary-General, International Migration and Development, UN General Assembly, 60th Session,” UN Doc. A/60/871, 18 May 2006, p. 12. 5. Ibid.: 12. 6. Frank Duvell. 2009. “Irregular Migration in Northern Europe: Overview and Comparison,” presented at Clandestino Project Conference, London, 27 March 2009. 7. International Organization for Migration. 2008. World Migration 2008: Managing Labour Mobility in the Evolving Global Economy. Geneva: IOM, p. 515. 8. Stephen Castles and Godula Kosack. 1974. “How the Trade Unions Try to Control and Integrate Immigrant Workers in the German Federal Republic,” Race and Class 15(4): 497–514. 9. Stephen Castles. 2006. “Guestworkers in Europe: A Resurrection?” International Migration Review 40(4): 741–766, p. 760. 10. Organization for Economic Cooperation and Development. 2008.


pages: 267 words: 79,905

Creating Unequal Futures?: Rethinking Poverty, Inequality and Disadvantage by Ruth Fincher, Peter Saunders

barriers to entry, ending welfare as we know it, financial independence, full employment, Gini coefficient, income inequality, income per capita, labour market flexibility, labour mobility, longitudinal study, low skilled workers, low-wage service sector, marginal employment, minimum wage unemployment, New Urbanism, open economy, pink-collar, positional goods, purchasing power parity, shareholder value, spread of share-ownership, The Bell Curve by Richard Herrnstein and Charles Murray, urban planning, urban renewal, very high income, women in the workforce, working poor, working-age population

Contrary to the claims of labour market segmentation theorists, Botwinick finds the root causes for wage inequality within the dynamics of capitalist competition and accumulation, rather than in institutional arrangements or power struggles between management and labour. Contrary to the claims of neoclassical economists, Botwinick finds no long-term tendency towards equilibrium, but rather an ongoing reproduction of lowwage sectors throughout the economy. This is caused by the intensity of capitalist competition and the presence of a large reserve army of labour: chronic underemployment is the normal condition within the aggregate labor market . . . labour mobility is no longer a sufficient condition for the equalization of wage rates . . . low-wage firms . . . continue to find ample sources of cheap labour within the reserve army. Consequently, there will tend to be little upward pressure on wage rates at the low end of the labor market. Those workers who ultimately exert a downward pressure on above average wage rates primarily come from various components of the reserve army.

Our own analysis of ABS training data (the 1993 Survey of Training and Education) for those occupations likely to proliferate in an enlarged low-wage sector indicates that low-paid workers are only about half as likely to get access to training as are better paid workers. As Table 7.5 shows, this analysis takes account of the other key workplace factors likely to influence training, especially business size. For many of the other issues around low-paid jobs, Australian data are difficult to come by. Labour mobility figures in Australia show very little upward occupational mobility for low-skilled workers (ABS 1998, pp. 16–17) and research by Burgess and Campbell (1998) shows that the large growth in casual jobs during the 1990s did not provide a foothold into secure employment for most workers. From this we can infer that earnings mobility at the bottom of the labour market is quite limited. Further insights into the nature of low-paid jobs are provided by comparing key characteristics of low- and high-wage firms.

No. 4102.0, ABS, Canberra ——1997a Australian Demographic Trends Cat. No. 3102.0, ABS, Canberra ——1997b Underemployed Workers Cat. No. 6265.0, ABS, Canberra ——1997c Part-time, Casual and Temporary Employment Cat. No. 6247.1, ABS, Canberra ——1997d Australians’ Employment and Unemployment Patterns 1994–1996 Cat. No. 6286.0, ABS, Canberra ——1998a Schools. Australia Cat. No. 4221.0, ABS, Canberra ——1998b Labour Mobility Cat. No. 6209.0, ABS, Canberra ——1999 The Labour Force, Australia Cat. No. 6203.0, ABS, Canberra Australian Bureau of Statistics (ABS)/ Centre for Aboriginal Economic and Policy Research (CAEPR) 1996 Employment Outcomes for Indigenous Australians Cat. No. 4199.0, ABS, Canberra Australian Centre for Industrial Relations, Research and Training (ACIRRT) 1998 ADAM, Agreements Data-base And Monitor Report, (ACIRRT’s enterprise agreement database) ——1999 Australia at Work: Just Managing?


pages: 236 words: 67,953

Brave New World of Work by Ulrich Beck

affirmative action, anti-globalists, Asian financial crisis, basic income, Berlin Wall, collective bargaining, conceptual framework, Fall of the Berlin Wall, feminist movement, full employment, future of work, Gunnar Myrdal, hiring and firing, illegal immigration, income inequality, informal economy, job automation, knowledge worker, labour market flexibility, labour mobility, low skilled workers, McJob, means of production, mini-job, post-work, postnationalism / post nation state, profit maximization, purchasing power parity, rising living standards, Silicon Valley, working poor, working-age population, zero-sum game

The key question, then, is the extent to which post-national forms of the division of labour and wealth will be developed in the transnational constellation. In so far as this occurs, the protectionist double morality that distinguishes between desirable mobility and undesirable migration will lose its meaning. The idea of (both spatial and cultural) mobility – which was originally associated with modernity – is now triggered by the pressures of geographical labour mobility and transfers of wealth. Its distinctive cultural meaning may thus be elucidated and verified anew, and in the process it may be possible to scale down spatial mobility and the resulting transport chaos.16 Two things become clear from this example. First, we can see how important it is in the paradigm of the second modernity to raise the question of the future of work at once transnationally and post-nationally.

employment breaks in female full; and economic growth; and first modernity; and future scenarios; modified view; and neoliberal economic miracle; as rhetoric; and risk society part-time; female risk regulation and solidarity temporary; in Brazil; ‘permanent’ and world market see also informalization of work; insecurity; multi-activity; self-employment Emundts, Corinna (quoted) energy and increased employment productivity Enlightenment, and modernity entrepreneurship, public welfare environmentalism and employment and transnational communities see also ecology equality and freedom and migration ethnicity, as class ethnocentrism, American Europe and Brazilianization and civil labour and civil society and conflict regulation and ‘Fortress Europe’ and freedom and equality identity and foreignness and labour mobility exclusion and civil society and ethnicity and unemployment and work family global labour and redistribution of tasks and second modernity and solidarity Featherstone feminism and paid work and transnational communities feminization of work Fischer, Peter flexibilization and control and mobility as redistribution of risk in United States of working time Fordist regime France franchising Franks, Suzanne freedom as absence of work and civil labour and democracy and equality and poverty and security through work fundamentalism Germany and civil labour and civil society compared with USA and decline in paid work and democracy and ecologization of employment and Fordism and freedom and democracy and Green politics and individualization and job insecurity and labour market deregulation as multi-activity society prison population reunification and unemployment and women in work and xenophobic violence Giddens, Anthony globalization and ‘Columbus’ class cultural as despatialization of the social and ecology and first modernity and global apartheid and ‘global family’ and global labour market inner and localization and opaque dependence and politics resistance to and risk regime and second modernity and territoriality glocalization Goebbels, Richard Gordon, Richard Gorostiaga, Javier Gorz, André Gray, John Greece, and the polis Greenpeace Gross, Peter growth, economic and Fordism and full employment and regimes of accumulation Guggenberger Habermas, Jürgen Haraway Harvey Hassner, Pierre Hof, Anja (quoted) Huntington, Samuel identity and civil labour and foreignness and work Illich, Ivan income basic inequality redistribution individualization and civil labour of consumption contractual and family political and risk regime and second modernity and society of work industry, and value of work inequality and access to knowledge and work and working-time policies informalization of work decriminalization in Latin America in United States information society see knowledge society Inglehart, Ronald insecurity in Brazil cognitive employment gender equalization of and self-employment and unemployment and working-time policies see also risk regime insurance and globalization risks social International Labour Organization Internet Italy Japan compared with USA and Fordism job-sharing, international jobs exporting ‘McJobs’ Jospin, Lionel justice deficits and ecology global and work Kant, Immanuel Kempe, Martin Keynes, John Maynard Klages, Dörte Klages, Helmut Knorr-Cetina knowledge society and globalization of capital and unemployment and work society Kohl, Helmut Köhler, Martin Kumar-D'Fouza, Daria Kundera, Milan Kyoto Earth Summit labour and capital casual gender division local mass mobility transnational division see also civil labour labour market bridges into female participation flexibility global neoliberal and risk regime see also deregulation Lash, Scott Latin America and civil society and exclusion and informalization of work and unemployment Latour, Bruno leisure society Lenin, V.


pages: 353 words: 81,436

Buying Time: The Delayed Crisis of Democratic Capitalism by Wolfgang Streeck

activist fund / activist shareholder / activist investor, banking crisis, basic income, Bretton Woods, business cycle, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, creative destruction, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial repression, fixed income, full employment, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, labour mobility, late capitalism, liberal capitalism, means of production, moral hazard, Myron Scholes, Occupy movement, open borders, open economy, Plutonomy: Buying Luxury, Explaining Global Imbalances, profit maximization, risk tolerance, shareholder value, too big to fail, union organizing, winner-take-all economy, Wolfgang Streeck

See market justice; social justice Kalecki, Michal, 1.1n40, 1.2 Keynes, John Maynard, 1.1n50, 1.2, 4.1, 4.2 Keynesianism, 1.1, 1.2 passim, 1.3, 2.1, 2.2; Europe, 3.1, 3.2. See also ‘privatized Keynesianism’ Kochan, Thomas Kohl, Helmut, 1.1, 1.2n66, 3.1 Korpi, Walter: The Democratic Class Struggle Krippner, Greta Kristal, Tali labour market division and deregulation, 1.1, 1.2 labour mobility labour precariousness. See precarious labour labour productivity. See productivity labour surplus ‘late capitalism’, 1.1, 1.2, 1.3, 1.4n22 law, 2.1, 3.1, 3.2n49, 3.3, 3.4; medieval, 2.2n27. See also courts ‘legitimation crisis’, 1.1, 1.2, 1.3 passim, 1.4, 1.5n61, 1.6, 1.7 passim, 2.1, 4.1, 4.2 lenders as constituency. See Marktvolk ‘liberal capitalism’, 1.1, 1.2n50 loans, private. See private debt loans, public.

See also Greece; Italy; Portugal; Spain Mehrtens, Philip meritocracy Merkel, Angela, 2.1n37, 2.2n81, 3.1n27, 3.2n59, 3.3n72, 3.4n76, 3.5, 3.6, 4.1 Merton, Robert Mezzogiorno, 3.1 passim, 3.2 middle class, 1.1n34, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2n60; EU, 3.3, 3.4 passim, 4.1; Greece, 2.5n83, political parties, 2.6; savings, 2.7 Mikl-Horke, Gertraude Miller, Merton H. Mills, C. Wright, (The Power Elite) minimum wage, 2.1n59, 3.1 Mishel, Larry mobility of labour. See labour mobility Modern Capitalism (Shonfield) money and monetary policy, itr.1, 1.1, 1.2 passim, 2.1, 4.1 passim, 4.2, 4.3 passim; dual nature of money, 1.3; exchange rate; Germany; internationalization, 3.2, 3.3; United States, 2.2, 4.4. See also euro; European Monetary Union; ‘fiat money’; national currencies monitoring of workers Monti, Mario: as EU commissioner, 3.1n25, 3.2n55; as Italian prime minister, 2.1n81, 3.3, 3.4, 3.5n72, 3.6n90, 3.7, 4.1n3, 4.2n4, 4.3 mortgages, subprime.


pages: 346 words: 90,371

Rethinking the Economics of Land and Housing by Josh Ryan-Collins, Toby Lloyd, Laurie Macfarlane

"Robert Solow", agricultural Revolution, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, basic income, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, debt deflation, deindustrialization, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, garden city movement, George Akerlof, ghettoisation, Gini coefficient, Hernando de Soto, housing crisis, Hyman Minsky, income inequality, information asymmetry, knowledge worker, labour market flexibility, labour mobility, land reform, land tenure, land value tax, Landlord’s Game, low skilled workers, market bubble, market clearing, Martin Wolf, means of production, money market fund, mortgage debt, negative equity, Network effects, new economy, New Urbanism, Northern Rock, offshore financial centre, Pareto efficiency, place-making, price stability, profit maximization, quantitative easing, rent control, rent-seeking, Richard Florida, Right to Buy, rising living standards, risk tolerance, Second Machine Age, secular stagnation, shareholder value, the built environment, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, universal basic income, urban planning, urban sprawl, working poor, working-age population

Thus both a financial and a specific social need are met for a significant period, but the wider public interest in the land is preserved and the private interest cannot extract economic rent in perpetuity. Diversified housing tenure There is little evidence that economies where homeownership dominates as a form of tenure are more productive or efficient. On the contrary, as discussed in Chapters 2, 4 and 5 there is evidence that high levels of homeownership combined can reduce labour mobility and increase unemployment, while easy access to housing credit results in greater financial fragility and growing wealth inequality. Two of Europe’s most successful and innovative economies, Germany and Switzerland, have homeownership levels well below 50% and well regulated, secure private rental and cooperative housing sectors. Policy can foster a pluralism of housing models to level the playing field between tenures and ensure enough homes are provided so that people have reasonable choices and are not incentivised to overinvest in homeownership.

Addison Act (1919), 78 adverse selection, 127 affordable housing: capital grants, 34; housing investment bank proposal, 209–10; need for public investment, 222–3; planning permission conditionalities, 33, 93–6, 216; public corporations’ investment levels, 220–1; see also social housing age, and net property wealth, 181–2, 181 agricultural land, 9, 61, 68, 69, 122–3 agricultural tariffs, 43 agriculture: common agricultural policy, 33, 122–3; increase in productivity, 68 Alliance and Leicester, 139 Aquinas, Thomas, 16 Arkwright, Richard, 71 armed forces, demobilisation, 78, 79 Association of Residential Letting Agents (ARLA), 134 Assured Shorthold Tenancy, 89 Australia: house price to income ratio, 112, 114; land value taxes, 204–5; mortgage market structure, 156 Bank of England, 210 banks/banking: alternatives to bank debt financing, 211–12; business relationship banking, 208–9; credit and money creation, 115, 206–7; housing investment bank proposal, 209–10; incentives for non-property lending, 206–8; income from mortgage interest, 61; international regulation, 135; land as lending collateral, 7, 55, 127–8; land-related credit creation, 8, 114–19, 190–1, 222; lending by industry sector, 118–19, 118; lending relative to GDP, 117–18, 117; leverage, 184; macroprudential policy, 206; minimum deposit requirements (corset controls), 132, 155; money supply, 115; regulating property-related credit, 154–5; securitisation, 135–42, 156–7, 156; structural reform recommendations, 208–9; wholesale money markets, 131, 139 Basel Accord (Basel I), 135 basements, 57, 57n16 Bath, 71 Belgium, mortgage market structure, 156 Bradford and Bingley, 139 Bretton Woods system, 83 Brighton, 71 building societies: demutualisation, 134–5, 136; effect of mortgage funding deregulation, 132–3; emergence, 72, 128; favourable tax regime, 132; history, 129; interest rate cartel, 130, 132; mergers and acquisitions, 136; mortgage funding arrangements, 131; stability, 129–30, 132, 158 Building Societies Act (1986), 133 buy-to-let (BTL): increase, 7, 184; mortgages, 122, 134; overseas investors, 100, 160; tax relief, 62, 86, 160 Cadbury, George, 71 Canada, mortgage market structure, 156 capital: conflated with land, 48–52, 62; definition, 37–8; differences between land and capital, 51–7; differences between wealth and capital, 170–1; factor in production, 37–8 capital gains tax: for buy-to-let landlords, 62; definition, 85–6; exemption for primary residencies, 85–6, 104, 202 capital goods depreciation, 52–3 capital investment, 56 Capital Markets Union (CMU), 141 capitalism: Golden Age, 83; land as private property, 36; Primitive Accumulation concept, 18 Cerberus Capital Management, 136, 137 cholera, 70, 73 Churchill, Winston, 76–7, 189 Clark, John Bates, 48–51, 57–9 classical economics, 17, 38, 45, 48, 70 co-ownership housing, 72, 86 coal industry, 69 collateral: commercial real estate, 148; land as, 7, 20–1, 127–8, 160; see also home equity withdrawal collectivisation, 43 commercial real estate (CRE), 148–50; bank lending, 118–19, 118, 130, 148; credit bubbles and crises, 111, 148–9; data sets, 63; effect of UK vote to leave EU, 150; foreign investment, 149; investment returns, 148, 149–50; and Japanese crisis, 151–3; rating lists, 202; time-limited leases, 214 common agricultural policy, 33, 122–3 communications technology, 9 Community Land Trusts, 72, 198–9, 214, 221 commuting, 27 Competition, Credit and Control Act (1971), 130 compulsory purchase: ‘hope value’ court judgments, 88; housing construction, 80–1; infrastructure projects, 31, 73, 196–7, 222 conservation areas, 32 construction industry see housing construction industry consumption: affected by house deposit saving, 145; and asset-based wealth, 123–4; consumption-to-income ratio trends, 143–4, 144; equity release and consumer demand, 145–7, 146; and house prices, 147; and inequality, 185–7 cooperative housing, 72, 215 Corn Laws, 43, 69–70 corporate income tax, 168–9 council tax, 104, 201, 202 credit conditions index, 143–4, 144 credit controls, 132 credit liberalisation, 144 Crown Estate, 19, 31 Darrow, Charles, 47 de Soto, Hernando, 21 debt, public sector debt, 219–21 debt-to-income ratio, 115–16, 116, 139, 159, 186 defaults, mortgage lending, 141 deindustrialisation, 168 Denmark: land value taxes, 204; size of new-builds, 97 developing economies, and private property, 21–2 development charge, 82 digital economy, 9 Eastern Europe, serfdom, 23–4 Eccles, Marriner, 186–7 economic growth: dependence on land values, 190–1; and homeownership, 21–2 economic modelling, 50–1, 155, 218 economic rent: Crown Estate, 31; determined by collective rather than individual investment, 40; financial sector, 44, 184; infrastructure projects, 194–5, 196–7; and land, 39–44, 56–7; and land taxes, 34–5, 45–8, 76–7, 199, 222; and landownership, 10–13, 25; oil sector, 44; urban areas, 41–2, 73–4 economic theory: landownership, 16–18; marginal productivity theory, 49–50, 51, 56, 57–9, 165–7; shortcomings, 64–5, 191–2, 217; teaching reform proposals, 218 Edinburgh New Town, 66, 71, 80 eminent domain theory, 16 Enlightenment, 16 equity release see home equity withdrawal European Investment Bank, 210 European Union: Capital Markets Union (CMU), 141; common agricultural policy, 33, 122–3; full-recourse mortgage loans, 141–2; government debt, 220; UK decision to leave, 150, 160 Eurostat, 64, 219 factory workers, accommodation, 71 feudal system, 18, 19, 32 financial crisis (2007-8): causes, 153–4, 159–60, 186–7; effect on mortgages, 100; and house and land prices, 101, 140; Northern Rock, 136–7; payment defaults, 123; UK banking collapse, 139–40 financial instability, 152–3, 154–5, 185–7 Financial Policy Committee, 155, 206 financial sector: economic rent, 44, 184; profitability, 184; reform proposals, 205–12; see also banks/banking financialisation, 120; declining wage share in national income, 169; land, 14, 110–12; land and property, 160 First World War, 77 Fisher, Irving, 152 Florida, credit-driven bubbles, 111 foreign exchange controls, 132 France: feudal system, 32; Livrét A accounts, 210; mortgage market structure, 156; private tenancy, 32; residential property wealth, 9, 10 French Physiocrats, 38 Friedman, Milton, 87 Garden City movement, 72, 75–6 GDP: and bank lending by sector, 118–19, 118; and declining wage share, 169; and domestic mortgage lending, 118, 156–8, 156; and home equity withdrawal, 146; and household debt, 151; and outstanding credit loans, 117; and property wealth, 9–10, 10 George, Henry, 12, 25, 34, 45, 58, 60–1, 76, 87, 199; Progress and Poverty, 40–1, 46–7 Germany: business relationship banking, 208–9; credit controls, 207; economic success and low homeownership, 215; house price to income ratio, 112, 114; mortgage market structure and homeownership, 156, 157–8; private tenancy, 32 Gini coefficient, 163, 177, 178 globalisation, 167–8, 169 Great Depression, 186–7 Great Moderation, 154, 191 Grotius, Hugo, 16 Halifax Bank of Scotland (HBOS), 139 health problems, and inequality, 185 help-to-buy schemes, 122 Henry VIII, King, 20 high-rise buildings, 57 Hill, Octavia, 71 home equity withdrawal: contribution to consumer demand, 145–7, 146; and financial crisis, 187; and living standards, 180; and mortgage market structure, 156–7, 156; to finance consumer goods, 127, 133 homeownership: benefits, 101; difficulties in saving for, rent trap, 106; downward trend, 83, 103, 178; as financial asset, 63; housing costs, 179; increased unemployment and reduced labour mobility, 27–8, 215; interwar growth, 78; investment opportunity, 92; low-supply equilibrium, 102; and mortgage market structure, 156–8, 156; mutual co-ownership, 86; political and electoral dominance, 24–5, 92; Right to Buy policy, 89, 90–1, 103; rise in 1970s/80s, 86; second homes, 160; trends, 106–7, 107 Hong Kong, Mass Transit Railway, 195 house building see housing construction industry house prices: boom and bust, 88, 99; and consumer demand, 147; and credit availability, 116–18; financial crisis collapse, 140; and growing inequality, 177–8; house price-credit feedback cycle, 119–24; increase with buy-to-let mortgages, 134; low-supply equilibrium, 102; negative equity, 123, 133–4; price-to-income ratios, 99, 100, 112–14, 114, 139, 183, 183; and real disposable income, 115–16, 116; replacement cost vs market price, 6; rise due to insufficient supply, 63; volatility, 8, 8, 112–14, 114; volatility reduced by land taxes, 200 Housing Act (1924), 78 Housing Act (1980), 89 Housing Act (1988), 89 housing associations, 72, 82, 83, 93 housing benefit, 34, 96, 106 housing construction industry: barriers to entry, 97; building clubs, 72; compulsory land purchase, 80–1; concentration, 96–7; costs, 8, 95; development charge, 82; effect of financial crisis, 101; land banks (with planning permission), 96–7, 101; peak, 82; poor design quality, 97; private house building, 78; size trends, 97; speculative house building, 93, 94–5, 96; trends, 82–5, 82, 83 housing costs: by tenure type, 179; and inequality, 179–80 housing demand, 63, 114 Housing, Town Planning, &c.


pages: 927 words: 236,812

The Taste of War: World War Two and the Battle for Food by Lizzie Collingham

agricultural Revolution, American ideology, British Empire, centre right, clean water, colonial exploitation, distributed generation, European colonialism, fixed income, full employment, global village, indoor plumbing, labour mobility, land reform, mass immigration, means of production, profit motive, rising living standards, trade route, V2 rocket, women in the workforce

The ‘critical food situation and its dismal future prospects’ was constantly used as a justification for the course the war followed.152 While Nazi ideology provided the ‘value-rational’ reason for murder, the food situation in Germany and the occupied Soviet Union provided an economic rationale. The summer of 1942 brought no relief from the problems of food supply within the German Reich. The newly appointed Fritz Sauckel’s enthusiasm for fulfilling his role as General Plenipotentiary for Labour Mobilization caused Backe yet more problems. The increasing numbers of foreign forced labourers Sauckel was bringing in to the Reich pushed the grain requirements up by about 2 million tons, and that year’s harvest had been badly affected by the hard winter. Herbert Backe might well have spent his energies more profitably trying to gain greater control over the produce of German smallholdings, tackling the transport problem which caused so many shortages in the industrial towns, or overhauling the rationing system in order to equalize distribution of food.

Robert Ley, head of the Labour Front, pronounced that ‘it was the highest social achievement to preserve the health, and thus the ability to work, of the productive people’.119 In 1942 the academic journal of the Institute for the Physiology of Work published the findings of investigations which calculated the precise amounts of calories required for a range of jobs, from foundry workers and carpenters to concentration camp guards.120 Another study examined the impact of glucose and a glucose–vitamin B1 preparation on the performance of workers in hot working conditions, and a further paper published findings on a study of ‘the impact of warm meals on the productivity of women doing night work’.121 It was found that the women’s productivity actually sank by 16 per cent if they were given a cup of warm tea, in contrast to a warm meal, which made them 10 per cent more productive.122 These nutritional studies were a rational attempt to find ways to expend every gram of food as efficiently as possible and use food and manpower resources as effectively as possible. However, when it came to feeding foreign workers the idea of using food resources efficiently was obscured by a mass of ideological principles. In early 1942 Hitler sought to overcome the manpower shortage by appointing Fritz Sauckel as the General Plenipotentiary for Labour Mobilization. In the same reshuffle he appointed Albert Speer as Minister of Armaments and War Production and Herbert Backe, who had long overridden Walther Darré in matters of food, was confirmed in his position as acting Minister for Food and Agriculture. Hitler looked to these three men to revitalize the war effort. Sauckel immediately set about solving the manpower shortage by importing foreign workers from the east at the rate of 34,000 a week.

February–December: Belzec extermination camp functions. 15 February: British garrison at Singapore surrenders to Japanese. 28 February: Japanese land on Java. February–March: Japanese massacre Malayan Chinese community. March: Hitler gives orders for soldiers coming home on leave from the occupied territories to bring food parcels. US interns Japanese-Americans. 8 March: Japanese capture Rangoon, Burma. 14 March: US troops begin arriving in Australia in force. 21 March: Fritz Sauckel appointed General Plenipotentiary for Labour Mobilization. 30 March: Allies divide Pacific theatre into the South-West Pacific (the Philippines, New Guinea, Bismarck Archipelago and Dutch East Indies) under General MacArthur and the South and Central Pacific Ocean Command under Admiral Nimitz. April: German bread, meat and fat rations reduced. British make National Wholemeal Flour compulsory. Regular relief shipments begin arriving in Greece. 8 April: US delegation led by General George Marshall arrives in Britain to discuss US–British strategy on the opening of a Second Front against Germany. 9 April: US–Filipino forces on Bataan Peninsula, Philippines, surrender to the Japanese. 29 April: Japanese close Burma Road to China.


pages: 497 words: 150,205

European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right by Philippe Legrain

3D printing, Airbnb, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, BRICs, British Empire, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, cleantech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, disruptive innovation, Downton Abbey, Edward Glaeser, Elon Musk, en.wikipedia.org, energy transition, eurozone crisis, fear of failure, financial deregulation, first-past-the-post, forward guidance, full employment, Gini coefficient, global supply chain, Growth in a Time of Debt, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, liquidity trap, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, peer-to-peer rental, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, working-age population, Zipcar

Between 1999 and 2007, consumer prices rose by an average of 2.2 per cent a year in the eurozone as a whole – somewhat less in Germany (1.7 per cent) and France (1.9 per cent), fractionally more in Italy (2.4 per cent), somewhat higher in Portugal (3 per cent), Spain (3.2 per cent), Greece (3.3 per cent) and Ireland (3.4 per cent).116 Since it is normal for prices to rise faster in poorer countries as they catch up with richer ones – as Ireland and Spain both did in the pre-crisis years, even after stripping out the impact of the financial bubble – this divergence is less problematic than it may seem. Eurozone economies are also less integrated than they ought to be. Some, such as the Netherlands, trade a lot with the rest of the eurozone; others, such as Greece, do not. Their trade and investment ties would be much greater if the single market in services was completed. Contrary to popular perception, labour mobility within the eurozone remains low. Economies are also much less flexible than they ought to be, with the notable exception of Ireland. Self-evidently, the eurozone lacks a common budget, while the EU’s does not act as an economic stabiliser. But did any of that cause the crisis? No. With global credit booming and investors blind to risk (as Chapter 1 explained), neither the change in local interest rates, nor membership of the euro, nor even the extent of foreign borrowing were the critical factors in determining credit growth across countries, but rather which banks were willing and able to lend – and which local counterparties were willing and able to borrow.

Even so, should the ECB try to limit asset-price bubbles as well as curb consumer-price inflation – and if so, how? Like the US Federal Reserve, should it have a broader mandate of supporting growth and employment, not just keeping inflation low, especially in a downturn? Should it be more open and accountable? Last but not least comes economic policy. Eurozone economies are very different, often ossified and not as integrated as they ought to be: the EU single market remains woefully incomplete and labour mobility low. Moreover, even very open and flexible economies such as Ireland’s can get blown off course by a surge of foreign money that inflates a bubble and then inflicts a bust. The danger, then, is that economies will get out of joint and not be able to snap back. To try to prevent and remedy that, the European Commission has acquired new powers to coordinate economic policies and has devised a scoreboard that seeks to provide an early warning of dangerous economic imbalances.


pages: 215 words: 64,460

Shadows of Empire: The Anglosphere in British Politics by Michael Kenny, Nick Pearce

battle of ideas, Berlin Wall, Boris Johnson, Bretton Woods, British Empire, colonial rule, corporate governance, Dominic Cummings, Donald Trump, eurozone crisis, Fall of the Berlin Wall, floating exchange rates, Francis Fukuyama: the end of history, full employment, global reserve currency, imperial preference, informal economy, invention of the telegraph, Khartoum Gordon, labour mobility, liberal capitalism, Mahatma Gandhi, mass immigration, Monroe Doctrine, Nixon shock, quantitative easing, reserve currency, Ronald Reagan, trade route, Washington Consensus

On giving the 2013 John Howard Lecture in New South Wales, Hague affirmed ‘the ties of history, family, and values’ binding Australia and Great Britain together and sought to position both countries as regional actors with global links.17 On a trip to Australia in 2013, Boris Johnson, then mayor of London, struck a distinctly Eurosceptic tone, rehearsing the argument that Britain had betrayed its relationships with the Commonwealth in 1973 and arguing that the UK should seek greater links with the dynamic growing economies of the new world. He proposed a ‘Free Labour Mobility Zone’ with Australia.18 In 2014, he would return to this theme, arguing that ‘it is absurd that we should be kicking out Australian physiotherapists and nurses and teachers, and excluding New Zealand scientists, our kith and kin as we used to say.’19 This was political positioning intended largely for a domestic audience – a foretaste of what was to come when Johnson would break ranks with his prime minister and join the Leave campaign in the 2016 EU referendum.


pages: 626 words: 167,836

The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

"Robert Solow", 3D printing, autonomous vehicles, basic income, Bernie Sanders, Branko Milanovic, British Empire, business cycle, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, collective bargaining, computer age, computer vision, Corn Laws, creative destruction, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, desegregation, deskilling, Donald Trump, easy for humans, difficult for computers, Edward Glaeser, Elon Musk, Erik Brynjolfsson, everywhere but in the productivity statistics, factory automation, falling living standards, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, game design, Gini coefficient, Hyperloop, income inequality, income per capita, industrial cluster, industrial robot, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of movable type, invention of the steam engine, invention of the wheel, Isaac Newton, James Hargreaves, James Watt: steam engine, job automation, job satisfaction, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, labor-force participation, labour mobility, Loebner Prize, low skilled workers, Malcom McLean invented shipping containers, manufacturing employment, mass immigration, means of production, Menlo Park, minimum wage unemployment, natural language processing, new economy, New Urbanism, Norbert Wiener, oil shock, On the Economy of Machinery and Manufactures, Pareto efficiency, pattern recognition, pink-collar, Productivity paradox, profit maximization, Renaissance Technologies, rent-seeking, rising living standards, Robert Gordon, robot derives from the Czech word robota Czech, meaning slave, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, social intelligence, speech recognition, spinning jenny, Stephen Hawking, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade route, Triangle Shirtwaist Factory, Turing test, union organizing, universal basic income, washing machines reduced drudgery, wealth creators, women in the workforce, working poor, zero-sum game

Long, 2005, “Rural-Urban Migration and Socioeconomic Mobility in Victorian Britain,” Journal of Economic History 65 (1): 1–35; M. Anderson, 1990, “The Social Implications of Demographic Change,” in The Cambridge Social History of Britain, 1750–1950, vol. 2: People and Their Environment, ed. F.M.L. Thompson (Cambridge: Cambridge University Press), 1–70; H. R. Southall, 1991, “The Tramping Artisan Revisits: Labour Mobility and Economic Distress in Early Victorian England,” Economic History Review 44 (2): 272–96. For an overview of urban migration during the Industrial Revolution, see P. Wallis, 2014, “Labour Markets and Training,” in The Cambridge Economic History of Modern Britain, vol. 1, Industrialisation, 1700–1870, ed. R. Floud, J. Humphries, and P. Johnson (Cambridge: Cambridge University Press), 178–210. 45.

Quarterly Journal of Economics 70 (1): 65–94. Solow, R. 1987. “We’d Better Watch Out.” New York Times Book Review, July 12. Solow, R. M. 1965. “Technology and Unemployment.” Public Interest 1 (Fall): 17–27. Sorensen, T., P. Fishback, S. Kantor, and P. Rhode. 2008. “The New Deal and the Diffusion of Tractors in the 1930s.” Working paper, University of Arizona, Tucson. Southall, H. R. 1991. “The Tramping Artisan Revisits: Labour Mobility and Economic Distress in Early Victorian England.” Economic History Review 44 (2): 272–96. Spence, M., and S. Hlatshwayo. 2012. “The Evolving Structure of the American Economy and the Employment Challenge.” Comparative Economic Studies 54 (4): 703–38. Stasavage, D. 2003. Public Debt and the Birth of the Democratic State: France and Great Britain 1688–1789. Cambridge: Cambridge University Press.


Money and Government: The Past and Future of Economics by Robert Skidelsky

anti-globalists, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Basel III, basic income, Ben Bernanke: helicopter money, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, constrained optimization, Corn Laws, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Graeber, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, Donald Trump, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, Financial Instability Hypothesis, forward guidance, Fractional reserve banking, full employment, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, incomplete markets, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, law of one price, liberal capitalism, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, market clearing, market friction, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, mobile money, Mont Pelerin Society, moral hazard, mortgage debt, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, placebo effect, price stability, profit maximization, quantitative easing, random walk, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, rising living standards, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, shareholder value, short selling, Simon Kuznets, structural adjustment programs, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, value at risk, Washington Consensus, yield curve, zero-sum game

Structural adjustment would have been easier had Keynes’s recipe of low interest rates and a ‘managed’ exchange rate been followed, but for most of the interwar years ‘abnormal’ unemployment was treated as a cyclical problem that would soon disappear. Policies most frequently recommended were to remove the obstacles to adjustment such as war debts and reparations, tariffs, and the over-generous unemployment benefits which hindered labour mobility and wage flexibility. Otherwise it was a matter of emergency measures. By June 1921, 2.2 million people were out of work – an unemployment rate of 22 per cent – and Britain experienced a then record peacetime budget deficit of 7 per cent of GDP. The Lloyd George coalition government set up a Cabinet Committee on Unemployment, which made several proposals for increasing public spending. Particularly striking was one in December 1921 by Sir Edwin Montagu, Secretary of State for India, that the government should deliberately budget for a deficit by reducing income tax, with the expectation that the borrowing requirement would decline as the tax cuts revived the economy, and therefore the government’s revenue.22 Lloyd George’s own preference was to invest in large public works programmes; these counted as capital expenditure and so would not affect the Chancellor’s budget for current spending.

In both countries, Keynesian economic management was validated by the wartime experience of full employment with relative price stability.9 Unlike in the previous conflict, the economic policymakers (at least Allied ones) seemed to know what they were doing. And no one in 1945 wanted to get back to the 1930s. In its 1944 Employment White Paper, the British Government accepted responsibility for securing ‘high and stable levels of employment’ by ensuring that ‘total expenditure on goods and services [is] prevented from falling to a level where general unemployment appears’. Pointedly, it emphasized the need for wage restraint and sufficient labour mobility as a condition of success.10 In the United States, the Full Employment Act, passed by Congress in 1946, made the Administration responsible for maintaining ‘a high employment level of labor and price stability’. There were similar, less explicit commitments in other countries. In the light of experience, full employment came to be defined as 2 per cent unemployment in the UK, 4 per cent in the USA.


pages: 267 words: 74,296

Unhappy Union: How the Euro Crisis - and Europe - Can Be Fixed by John Peet, Anton La Guardia, The Economist

bank run, banking crisis, Berlin Wall, Bretton Woods, business cycle, capital controls, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, credit crunch, Credit Default Swap, debt deflation, Doha Development Round, eurozone crisis, Fall of the Berlin Wall, fixed income, Flash crash, illegal immigration, labour market flexibility, labour mobility, light touch regulation, market fundamentalism, moral hazard, Northern Rock, oil shock, open economy, pension reform, price stability, quantitative easing, special drawing rights, supply-chain management, The Great Moderation, too big to fail, transaction costs, éminence grise

But these gains needed to be weighed against the possible costs from losing both monetary and exchange-rate independence.10 Such costs, according to optimal currency-area theory, risked being especially high if the countries concerned suffered from internal labour- or product-market rigidities, had very different economic structures or were likely to be subject to asymmetric shocks. The theory went on to look at how groups of countries that did not meet these conditions could be changed to make them more suitable. The obvious remedies were more flexibility, notably in labour and product markets; greater labour mobility, so that workers who lost jobs in one country could move freely to countries with more job opportunities; and a substantial central budget that could transfer resources to countries that got into trouble. The 1977 MacDougall report had argued that, in the early stages of a European federal union, a central budget would have to be at least 5–7% of Europe-wide GDP, excluding defence (that is, 5–7 times the size of the existing European budget), if it was to be effective.11 The second force driving monetary union was a more practical one: the move towards a full single market that was being pushed forward by the Delors Commission, most notably by the British commissioner of the time, Arthur Cockfield.


pages: 193 words: 63,618

The Fair Trade Scandal: Marketing Poverty to Benefit the Rich by Ndongo Sylla

British Empire, carbon footprint, corporate social responsibility, David Ricardo: comparative advantage, deglobalization, Doha Development Round, Food sovereignty, global value chain, illegal immigration, income inequality, income per capita, invisible hand, Joseph Schumpeter, labour mobility, land reform, market fundamentalism, mass immigration, means of production, Mont Pelerin Society, Naomi Klein, non-tariff barriers, offshore financial centre, open economy, Philip Mirowski, plutocrats, Plutocrats, price mechanism, purchasing power parity, Ronald Reagan, Scientific racism, selection bias, structural adjustment programs, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, transatlantic slave trade, trickle-down economics, Washington Consensus, zero-sum game

The Impact of Fair Trade, 2nd edn (The Netherlands: Wageningen Academic Publishers). Polanyi, Karl (2001 [1944]) The Great Transformation: The Political and Economic Origins of Our Time, 2nd edn (Boston, MA: Beacon Press). Popper, Karl (1970) ‘Normal Science and its Dangers’, in Lakatos, I. and Musgrave, A. (eds) Criticism and the Growth of Knowledge (Cambridge: Cambridge University Press). Pritchett, Lant (2006) Let Their People Come: Breaking the Gridlock on Global Labour Mobility (Washington, DC: Center for Global Development). Progressive Policy Institute (2002) ‘America’s Hidden Tax on the Poor: The Case for Reforming US Tariff Policy’ (March, Washington, DC: Progressive Policy Institute). Ratha, Dilip and Mohaptra, Sanket (2007) ‘Increasing the Macroeconomic Impact of Remittances on Development, Development Prospect Groups’ (Washington, DC: World Bank). Raynolds, Laura T., Murray, Douglas and Wilkinson, John (2007) Fair Trade: The Challenges of Transforming Globalization (London: Routledge).


pages: 276 words: 82,603

Birth of the Euro by Otmar Issing

"Robert Solow", accounting loophole / creative accounting, Bretton Woods, business climate, business cycle, capital controls, central bank independence, currency peg, financial innovation, floating exchange rates, full employment, inflation targeting, information asymmetry, labour market flexibility, labour mobility, market fundamentalism, money market fund, moral hazard, oil shock, open economy, price anchoring, price stability, purchasing power parity, reserve currency, Y2K, yield curve

Mundell, ‘A theory of optimum currency areas’, American Economic Review, 51:4 (1961); R. I. McKinnon, ‘Optimum currency areas’, American Economic Review, 53:4 (1963); P. B. Kenen, ‘The optimum currency area: an eclectic view’, in R. Mundell and A. Swoboda (eds.), Monetary Problems of the International Economy (Chicago, 1969). The euro area • 49 market conditions to avoid a large, persistent increase in unemployment. High labour mobility, that is, the willingness to move to where the jobs are, is a further measure of the degree of adaptability. The more the price system (in the widest sense) bears the burden of adjustment, the less important is the loss of the national exchange rate and monetary policy instruments, and the greater the benefit of using a single currency. This benefit increases with the size of the currency area and the economic interlinkages between the areas forming a monetary union.


pages: 561 words: 87,892

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

Admiral Zheng, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low skilled workers, market clearing, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, women in the workforce, working-age population, Y2K, Yom Kippur War

(i), (ii) Kennedy, Paul (i) Keynesianism (i), (ii) Keynes, John Maynard (i), (ii), (iii), (iv), (v), (vi) KGB (i) Khan, Genghis (i) Khan, Kublai (i) Kirchgaessner, Stephanie (i) Klein, Naomi (i) knowledge economy (i), (ii) Komatsu (i) Korea (i), (ii), (iii), (iv) Korean War (i) kudoka (‘hollowing out’) in Japan (i) Kuwait (i) Kuznets, Simon (i), (ii) labour capital markets (i) empires (i), (ii) political economy and inequalities (i), (ii), (iii), (iv) price stability and economic instability (i), (ii) rent-seeking behaviour (i) running out of workers (i) command over limited resources (i) demographic dividends and deficits (i) demographic dynamics (i) infant mortality (i) Japan: an early lesson in ageing (i) not the time to close the borders (i) pensions and healthcare (i) a renewed look at migration (i) scarcity (i) state capitalism (i) trade (i), (ii), (iii), (iv) the West’s diminished status (i), (ii) labour mobility (i), (ii), (iii), (iv), (v), (vi) Labour Party (i), (ii) land (i), (ii), (iii), (iv), (v), (vi) Latin America (i), (ii), (iii), (iv), (v), (vi), (vii) law (i), (ii) League of Nations (i) Leicester, Andrew (i) Lenglen, Suzanne (i) Lenin, Vladimir (i), (ii), (iii) Lennon, Emily (i) Leviathan (Hobbes) (i) Levi Strauss company (i) Levy, Frank (i), (ii), (iii) Lewis, Bernard (i) LG (i) liberal democracy (i), (ii), (iii), (iv), (v) life expectancy (i), (ii), (iii), (iv), (v) Lincoln, Abraham (i) liquidity (i), (ii), (iii) Liverpool FC (i) living standards anarchy in capital markets (i), (ii), (iii) capital controls (i) demographic dividends and deficits (i) political economy and inequalities (i), (ii) price stability and economic instability (i), (ii) scarcity (i), (ii), (iii), (iv), (v), (vi), (vii) trade (i) London (i), (ii), (iii) London Electricity plc (i) L’Oréal (i) Louisiana Purchase (i), (ii) Louis XVIII (i) Louvre accord (i) Lucas, Edward (i) Luther, Martin (i) Macmillan, Harold (i) macroeconomic policy (i), (ii), (iii) Maddison, Angus (i), (ii), (iii) Magna Carta (i) malaria (i) Malaysia (i) Malta (i) Malthusian constraint political economy and inequalities (i), (ii), (iii), (iv) population demographics (i) price stability and economic instability (i) rent-seeking behaviour (i), (ii) scarcity (i) state capitalism (i) Malthus, Thomas (i), (ii), (iii) Manchester City FC (i), (ii) Manchester United FC (i) manufacturing (i), (ii), (iii) Mao Zedong (i), (ii), (iii), (iv) market forces political economy and inequalities (i), (ii) scarcity (i), (ii) secrets of Western success (i), (ii), (iii) state capitalism (i), (ii) Western progress (i), (ii) the West’s diminished status (i), (ii) Marks, Catherine (i) Marxism (i) Marx, Karl (i), (ii), (iii) McDonalds (i) meat-based diets (i) Medicare (i) Medvedev, Dimitry (i), (ii) metals (i), (ii), (iii), (iv), (v) Mexico anarchy in capital markets (i), (ii) migration (i) monetary union (i) Spain and silver (i) trade (i), (ii), (iii), (iv) Meyer, Sir Christopher (i) Microsoft (i) Middle East (i), (ii), (iii), (iv), (v), (vi) migration globalization (i), (ii), (iii) political economy and inequalities (i), (ii), (iii) population demographics (i), (ii) scarcity (i) Spain and silver (i) military action (i), (ii), (iii), (iv), (v) Mill, John Stuart (i) Minder, Raphael (i) Ming Dynasty (i), (ii) minimum wage (i) Mitsubishi Estate Company (i), (ii) mobile phones (i) monetarism (i), (ii) monetary policy (i), (ii), (iii), (iv), (v), (vi) Monetary Policy Committee (i) money supply (i), (ii), (iii) Mongols (i), (ii) monopolies (i), (ii) Morgan, Darren (i) mortgages (i), (ii), (iii) multinationals (i), (ii), (iii), (iv), (v), (vi), (vii) Muslims (i), (ii) Nabucco (i) Napoleon Bonaparte (i) Napoleonic Wars (i) nationalism globalization (i), (ii), (iii) political economy and inequalities (i), (ii) state capitalism (i) the West’s diminished status (i), (ii), (iii) xenophobia (i) nation states (i), (ii), (iii), (iv), (v), (vi), (vii) NATO (North Atlantic Treaty Organization) (i), (ii), (iii), (iv) natural gas (i), (ii), (iii), (iv) The Netherlands (i), (ii) ‘new economy’ (i) New Orleans (i) Newton, Sir Isaac (i) New York (i) New York Times (i) New Zealand dollar (i) Nicolson, Sir Arthur (i) Nigeria (i) Nixon, Richard (i), (ii) Nord Stream (i), (ii), (iii) North American Free Trade Association (i), (ii), (iii) North Atlantic Treaty Organization see NATO Norway (i), (ii) Nozick, Robert (i) nuclear technology (i), (ii), (iii), (iv) nutrition see diet; food Obama, Barack (i), (ii) Obama, Michelle (i) Obstfeld, Maurice (i) O’Dea, Cormac (i) OECD see Organization for Economic Co-operation and Development Office for National Statistics (i), (ii), (iii) off-shoring (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) oil indulging the US no more (i), (ii) political economy and inequalities (i), (ii), (iii) price stability (i), (ii), (iii), (iv) scarcity (i) state capitalism (i), (ii) Oldfield, Zoë (i) Olympic Games (i), (ii), (iii) one-child policy (i), (ii) On the Principles of Political Economy and Taxation (Ricardo) (i), (ii) OPEC (Organization of the Petroleum Exporting Countries) (i) Opium Wars (i), (ii) opportunity cost (i), (ii), (iii) Oregon (i) Organization for Economic Co-operation and Development (OECD) (i), (ii), (iii) Organization of the Petroleum Exporting Countries (OPEC) (i) Ottoman Empire (i), (ii), (iii), (iv) outsourcing (i), (ii), (iii), (iv), (v), (vi), (vii) Owens, Jesse (i), (ii) ownership (i), (ii) Oxford University (i) P&O (i) Pakistan (i) Panama (i) Pearl Harbor (i) Pebble Beach, California (i) Pennine Natural Gas (i) pensions anarchy in capital markets (i), (ii), (iii) population demographics (i), (ii), (iii), (iv), (v), (vi), (vii) price stability and economic instability (i) scarcity (i) the West’s diminished status (i), (ii), (iii) People’s Bank of China (i) Perloff, Jeffrey M.


pages: 209 words: 89,619

The Precariat: The New Dangerous Class by Guy Standing

8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, Panopticon Jeremy Bentham, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional

As welfare systems are restructured in ways that force claimants to go through ever more complex procedures to gain and to retain entitlement to modest benefits, the demands on the time of the precariat are large and fraught with tension. Queuing, commuting to queue, form filling, answering questions, answering more questions, obtaining certificates to prove something or other, all these are painfully time consuming yet are usually ignored. A flexible labour market that makes labour mobility the mainstream way of life, and that creates LABOUR, WORK AND THE TIME SQUEEZE 121 a web of moral and immoral hazards in the flurry of rules to determine benefit entitlement, forces the precariat into using time in ways that are bound to leave people enervated and less able to undertake other activities. Some other work-for-labour is complementary to the labour a person does in a job, such as networking outside office hours, commuting or reading company or organisational reports ‘at home’, ‘in the evening’ or ‘over the weekend’.


pages: 308 words: 99,298

Brexit, No Exit: Why in the End Britain Won't Leave Europe by Denis MacShane

3D printing, banking crisis, battle of ideas, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, British Empire, centre right, Corn Laws, deindustrialization, Doha Development Round, Donald Trump, Etonian, European colonialism, first-past-the-post, fixed income, Gini coefficient, greed is good, illegal immigration, James Dyson, labour mobility, liberal capitalism, low cost airline, low cost carrier, Martin Wolf, mass immigration, Mont Pelerin Society, negative equity, Neil Kinnock, new economy, non-tariff barriers, offshore financial centre, open borders, open economy, price stability, purchasing power parity, quantitative easing, reshoring, road to serfdom, secular stagnation, Silicon Valley, Thales and the olive presses, trade liberalization, transaction costs, women in the workforce

These are all means of internal migration controls rather than archaic external controls such as quotas, work permits or travel visas. They respond to the call for managed migration but do so in a modern fashion and on the basis of supporting local workers rather than discriminating against anyone not born in the UK. One of the old complaints about Europe was that in comparison to the United States there was insufficient labour mobility. That allegation has been stood on its head with the mass movement of millions of Europeans across borders, especially since EU enlargement to southern and then Eastern Europe after the end of fascism and colonels’ rule in Spain, Portugal and Greece and 15 years later the end of communism. It is now the US which has a more static labour market and become dependent on millions of undocumented or illegal Latin American immigrant workers.


pages: 371 words: 98,534

Red Flags: Why Xi's China Is in Jeopardy by George Magnus

3D printing, 9 dash line, Admiral Zheng, Asian financial crisis, autonomous vehicles, balance sheet recession, banking crisis, Bretton Woods, BRICs, British Empire, business process, capital controls, carbon footprint, Carmen Reinhart, cloud computing, colonial exploitation, corporate governance, crony capitalism, currency manipulation / currency intervention, currency peg, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, financial deregulation, financial innovation, financial repression, fixed income, floating exchange rates, full employment, Gini coefficient, global reserve currency, high net worth, hiring and firing, Hyman Minsky, income inequality, industrial robot, Internet of things, invention of movable type, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, land reform, Malacca Straits, means of production, megacity, money market fund, moral hazard, non-tariff barriers, Northern Rock, offshore financial centre, old age dependency ratio, open economy, peer-to-peer lending, pension reform, price mechanism, purchasing power parity, regulatory arbitrage, rent-seeking, reserve currency, rising living standards, risk tolerance, smart cities, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, speech recognition, The Wealth of Nations by Adam Smith, total factor productivity, trade route, urban planning, Washington Consensus, women in the workforce, working-age population, zero-sum game

Industrial firms were largely vertically integrated enterprises, which controlled and managed employment strictly, and which, from about 1951, took on typical urban spending and cradle-to-grave care commitments, commonly known as the ‘iron rice bowl’. Agriculture was organised on a collective basis, migration from the countryside was subject to rigidly applied regulations and controls, and there was no labour mobility. There was a price system, used to dictate the terms of trade between the state enterprise sector, which benefited from high set prices, and the countryside, which had to endure low prices. This provided the government with profits and fiscal revenues, which bore no relation to operating efficiency, but by the mid-1950s, the government was raising more than a quarter of GDP in budgetary revenues, far higher than anything its pre-decessors had ever achieved.6 These revenues were essential to pay for expanded administration, defence, and a higher rate of ‘accumulation’, or, in other words, the surplus value of production over consumption needed for future investment in industry.


pages: 492 words: 70,082

Immigration worldwide: policies, practices, and trends by Uma Anand Segal, Doreen Elliott, Nazneen S. Mayadas

affirmative action, Asian financial crisis, Berlin Wall, borderless world, British Empire, Celtic Tiger, centre right, conceptual framework, credit crunch, demographic transition, deskilling, en.wikipedia.org, European colonialism, Fall of the Berlin Wall, financial independence, full employment, global village, guest worker program, illegal immigration, immigration reform, income inequality, income per capita, informal economy, knowledge economy, labor-force participation, labour mobility, longitudinal study, low skilled workers, mass immigration, minimum wage unemployment, moral panic, Nelson Mandela, New Urbanism, open borders, phenotype, South China Sea, structural adjustment programs, trade route, transaction costs, upwardly mobile, urban planning, women in the workforce

Research Project, Centre for Peace and Conflict Studies, University of Ibadan. Magazine.biafranigeriaworld.com/Osita_chiagorom/ 2005/10/07. McDougal, M., Lasswell, H., and Chen, L. 1976. The protection of aliens from discrimination and world public order: Responsibility of states conjoined with human rights. American Journal of International Law 70 (3) July. Meyers, E. 2002, November. Multinational cooperation, integration, and regimes: The case of international labour mobility. The Center for Comparative Immigration Studies (CCIS) Working Paper No. 61, pp. 1–64. Mitchell, J.C. 1959. The causes of labour migration. Bulletin of the Inter-African Labour Institute 6 (1), 12–46. Model, S. 1997. An occupational tale of two cities: Minorities in London and New York. Demography 34 (4), pp. 539–550. National Population Commission (NPC). 1998. Migration. In: 1991 Population Census of the Federal Republic of Nigeria: Analytical Report at the National Level.

., and Mai, N. (2008) Immigration and Social Cohesion in the UK: The Rhythms and Realities of Everyday Life. York: Joseph Rowntree Foundation/London Metropolitan University. Independent Asylum Commission (2008) Saving Sanctuary: The Independent Asylum Commission’s First Report of Conclusions and Recommendations. www.independentasylumcommission.org.uk/files/ Saving%20Sanctuary.pdf (accessed 20.11.08). IOM (International Organisation for Migration) (2008) World Migration 2008: Managing Labour Mobility in the Evolving Global Economy. Geneva: IOM. Jones Finer, C. (ed.) (2006) Migration, Immigration, and Social Policy. Oxford: Blackwell Publishing. Kymlicka, W. (2003) ‘‘Immigration, citizenship, multiculturalism: Exploring the links,’’ in Spencer, S. (ed.) The Politics of Migration: Managing Opportunity, Conflict and Change. Oxford, Blackwell Publishing. 448 Regional Movements Lindstrom, C. (2006) ‘‘European Union policy on asylum and immigration: Addressing the root causes of forced migration; A justice and home affairs policy of freedom, security and justice?’’


pages: 424 words: 115,035

How Will Capitalism End? by Wolfgang Streeck

accounting loophole / creative accounting, Airbnb, basic income, Ben Bernanke: helicopter money, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, Clayton Christensen, collective bargaining, conceptual framework, corporate governance, creative destruction, credit crunch, David Brooks, David Graeber, debt deflation, deglobalization, deindustrialization, disruptive innovation, en.wikipedia.org, eurozone crisis, failed state, financial deregulation, financial innovation, first-past-the-post, fixed income, full employment, Gini coefficient, global reserve currency, Google Glasses, haute cuisine, income inequality, information asymmetry, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, labour mobility, late capitalism, liberal capitalism, market bubble, means of production, moral hazard, North Sea oil, offshore financial centre, open borders, pension reform, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, post-industrial society, private sector deleveraging, profit maximization, profit motive, quantitative easing, reserve currency, rising living standards, Robert Gordon, savings glut, secular stagnation, shareholder value, sharing economy, sovereign wealth fund, The Future of Employment, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Uber for X, upwardly mobile, Vilfredo Pareto, winner-take-all economy, Wolfgang Streeck

By redistributing parts of the proceeds of the capitalist market economy downward, through both industrial relations and social policy, democracy provided for rising standards of living among ordinary people and thereby procured legitimacy for a capitalist market economy; at the same time it stimulated economic growth by securing a sufficient level of aggregate demand. This twofold role was essential for Keynesian politics-cum-policies, which turned the political and economic power of organized labour into a productive force and assigned democracy a positive economic function. The problem was that the viability of that model was contingent on labour mobilizing a sufficient amount of political and economic power, which it could do in the more or less closed national economies of the post-war era. Inside these, capital had to content itself with low profits and confinement in a strictly delimited economic sphere, a condition it accepted in exchange for economic stability and social peace as long as it saw no way out of the national containers within which its hunting licence had been conditionally renewed after 1945.


pages: 386 words: 113,709

Why We Drive: Toward a Philosophy of the Open Road by Matthew B. Crawford

1960s counterculture, Airbus A320, airport security, augmented reality, autonomous vehicles, Bernie Sanders, Boeing 737 MAX, British Empire, Burning Man, call centre, collective bargaining, crony capitalism, deskilling, digital map, don't be evil, Donald Trump, Elon Musk, en.wikipedia.org, Fellow of the Royal Society, gig economy, Google Earth, hive mind, income inequality, informal economy, Internet of things, Jane Jacobs, labour mobility, Lyft, Network effects, New Journalism, New Urbanism, Nicholas Carr, Ponzi scheme, Ralph Nader, ride hailing / ride sharing, Ronald Reagan, Sam Peltzman, security theater, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, smart cities, social graph, social intelligence, Stephen Hawking, technoutopianism, the built environment, The Death and Life of Great American Cities, the High Line, too big to fail, traffic fines, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Unsafe at Any Speed, urban planning, Wall-E, Works Progress Administration

“The additional cost of those rear-view cameras—only a few hundred dollars—will deprive thousands more households of the chance to buy a new car.”14 It is probably more realistic to assume that this additional cost will simply be added to the burden of consumer credit that American households bear.15 Either way, there is an argument from economic justice—as opposed to libertarian zealotry—for challenging the regime of infinite safety. Owning a car is a necessity for those on the periphery, more than it is for those in metropolitan centers serviced by public transportation. Luttwak points out “the intensely reassuring sense of freedom depicted in countless writings and films, which reflect the hard realities of labour-mobility imperatives even more than the romance of the open road.” But let us meet that safety argument on its own terms, and return to the question of safety gains sought by new technologies and regulation, beginning with another brief run through the developments of recent decades. It is a trajectory in which each new stage of safety equipment is more obtrusive than the previous one, and therefore has a greater unintended effect in retraining drivers.


pages: 471 words: 124,585

The Ascent of Money: A Financial History of the World by Niall Ferguson

Admiral Zheng, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, business cycle, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collateralized debt obligation, colonial exploitation, commoditize, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, deglobalization, diversification, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Glaeser, Edward Lloyd's coffeehouse, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, German hyperinflation, Hernando de Soto, high net worth, hindsight bias, Home mortgage interest deduction, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, iterative process, John Meriwether, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour mobility, Landlord’s Game, liberal capitalism, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, Naomi Klein, negative equity, Nelson Mandela, Nick Leeson, Northern Rock, Parag Khanna, pension reform, price anchoring, price stability, principal–agent problem, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, quantitative hedge fund, RAND corporation, random walk, rent control, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, stocks for the long run, structural adjustment programs, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Malthus, Thorstein Veblen, too big to fail, transaction costs, undersea cable, value at risk, Washington Consensus, Yom Kippur War

And, as we have seen, houses are pretty illiquid assets - which means they are hard to sell quickly when you are in a financial jam. House prices are ‘sticky’ on the way down because sellers hate to cut the asking price in a downturn; the result is a glut of unsold properties and people who would otherwise move stuck looking at their For Sale signs. That in turn means that home ownership can tend to reduce labour mobility, thereby slowing down recovery. These turn out to be the disadvantages of the idea of property-owning democracy, appealing though it once seemed to turn all tenants into homeowners. The question that remains to be answered is whether or not we have any business exporting this high-risk model to the rest of the world. As Safe as Housewives Quilmes, a sprawling slum on the southern outskirts of Buenos Aires, seems a million miles from the elegant boulevards of the Argentine capital’s centre.


pages: 385 words: 121,550

Three Years in Hell: The Brexit Chronicles by Fintan O'Toole

airport security, banking crisis, Berlin Wall, blockchain, Bob Geldof, Boris Johnson, British Empire, centre right, cognitive dissonance, congestion charging, deindustrialization, deliberate practice, Dominic Cummings, Donald Trump, Double Irish / Dutch Sandwich, Downton Abbey, Etonian, eurozone crisis, facts on the ground, Fall of the Berlin Wall, first-past-the-post, full employment, income inequality, l'esprit de l'escalier, labour mobility, late capitalism, open borders, Slavoj Žižek, South China Sea, technoutopianism, zero-sum game

They have a political declaration but it is much thinner than anyone expected it to be even a year ago. Once those negotiations start, the British may become nostalgic for the good old days when there was only the Irish backstop to give them migraines. Instead of one big issue, they will have to deal with trade in goods and services; foreign policy, security and policing co-ordination; participation in EU agencies; agriculture; fisheries; data protection; labour mobility and the mutual recognition of professional qualifications; broadcasting; intellectual property; public procurement; consumer safety and standards; aviation; freight; energy; medicines; and scientific co-operation. And instead of dealing with the EU27 as a bloc, they will have to face twenty-seven countries, each with a veto and each with its own particular interests to defend. All of this – bear in mind – while also trying to construct a trade deal with, for example, Donald Trump.


Liberty's Dawn: A People's History of the Industrial Revolution by Emma Griffin

agricultural Revolution, Corn Laws, deskilling, equal pay for equal work, full employment, informal economy, James Hargreaves, James Watt: steam engine, labour mobility, spinning jenny, Thomas Malthus, trickle-down economics, University of East Anglia, urban sprawl, women in the workforce, working poor

See also Burn, p. 134; Corben, pp. 11–12. 38. Burn, p. 152. 39. Claxton, p. 17. 40. Skeen, p. 9. 41. Hick, p. 23. 42. Younger, p. 291; T. Mitchell, p. 18 (Bristol Central Library). 43. Bennett, p. 4 (Bristol Record Office). 44. See, for instance, J. Robinson, p. 1. 45. See, for instance, ibid., pp. 4–8 passim; Croll, p. 16. See also, more generally, Humphrey R. Southall, ‘The tramping artisan revisits: labour mobility and economic distress in early Victorian England’, Economic History Review, 44/2 (1991), pp. 272–96. 46. Davenport, pp. 28–30. 47. Ibid., pp. 33–7. 48. T. Carter, p. 152; Crowe, p. 6; [Holkinson], 24 Jan. 1857 (of his father), 31 Jan. 1857 (himself ); ‘Life of Irish tailor’, 18 April 1857. 49. Lowery, pp. 59–61. 50. Chatterton, p. 2. 51. Watkins, pp. 22–3. See also C. Bent, pp. 6–20; ‘Life of a journeyman baker’, 13 & 20 Dec. 1856; ‘Life of a journeyman baker’, 2 May 1857.


pages: 524 words: 143,993

The Shifts and the Shocks: What We've Learned--And Have Still to Learn--From the Financial Crisis by Martin Wolf

air freight, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, break the buck, Bretton Woods, business cycle, call centre, capital asset pricing model, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, debt deflation, deglobalization, Deng Xiaoping, diversification, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, floating exchange rates, forward guidance, Fractional reserve banking, full employment, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, information asymmetry, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, mandatory minimum, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, negative equity, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, The Chicago School, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tyler Cowen: Great Stagnation, very high income, winner-take-all economy, zero-sum game

The Limits of Eurozone Integration If we compare the Eurozone with the most obvious economy in terms of scale, political values and level of development, we end up looking at the US. But, as one would expect, given not just its lengthy history as a united country, its common language, shared legal traditions and mobile population, the US economy is far more integrated than that of the Eurozone: US internal trade is bigger, relative to GDP; and US labour mobility is far greater. Yet perhaps even more important is the fact that the US offers two insurance mechanisms for its states. It also offers a critical background condition. The background condition is that break-up is not an option. Fear of secession will not generate flight from a state’s (government or private) liabilities. The Civil War resolved that question. Fortunately, nobody would go to war to keep the Eurozone together.


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The Human Swarm: How Our Societies Arise, Thrive, and Fall by Mark W. Moffett

affirmative action, barriers to entry, Berlin Wall, California gold rush, delayed gratification, demographic transition, eurozone crisis, George Santayana, glass ceiling, Howard Rheingold, invention of agriculture, invention of writing, Kevin Kelly, labour mobility, land tenure, long peace, Milgram experiment, out of africa, phenotype, Ralph Waldo Emerson, Ronald Reagan, shared worldview, Silicon Valley, social intelligence, Steve Jobs, Steven Pinker, World Values Survey

Dolphins restructure social system after reduction of commercial fisheries. Anim Behav 575–581. Anzures G, et al. 2012. Brief daily exposures to Asian females reverses perceptual narrowing for Asian faces in Caucasian infants. J Exp Child Psychol 112:485–495. Apicella CL, et al. 2012. Social networks and cooperation in hunter-gatherers. Nature 481:497–501. Appave G. 2009. World Migration 2008: Managing Labour Mobility in the Evolving Global Economy. Sro-Kundig, Switzerland: International Organization for Migration. Appelbaum Y. 2015. Rachel Dolezal and the history of passing for Black. The Atlantic. June 15. Armitage KB. 2014. Marmot Biology. Cambridge: Cambridge University Press. Arnold JE. 1996. The archaeology of complex hunter-gatherers. J Archaeol Meth Th 3:77–126. Asch SE. 1946. Forming impressions of personality.


pages: 1,057 words: 239,915

The Deluge: The Great War, America and the Remaking of the Global Order, 1916-1931 by Adam Tooze

anti-communist, bank run, banking crisis, British Empire, centre right, collective bargaining, Corn Laws, credit crunch, failed state, fear of failure, first-past-the-post, floating exchange rates, German hyperinflation, imperial preference, labour mobility, liberal world order, mass immigration, Mikhail Gorbachev, Monroe Doctrine, mutually assured destruction, negative equity, price stability, reserve currency, Right to Buy, the payments system, trade route, transatlantic slave trade, union organizing, zero-sum game

But the Tory leadership were convinced that Lloyd George was essential as a shield against the rise of Labour.36 And the modest electoral share was to prove a persistent feature of Tory electoral fortunes in the 1920s, a decade in which they broke the 40 per cent threshold only once. Despite the superficial dominance of the Coalition in Parliament, it was clear that the ground was shifting. In the election in Britain on 14 December 1918, the trade unions were strong enough to pay for half of Labour’s candidates.37 And this was backed outside Parliament by a truly unprecedented wave of labour mobilization. The upsurge in working-class militancy between 1910 and 1920 was a phenomenon that swept the entire world.38 Rather than seeing it as a mere epiphenomenon of the socialist revolution that did not happen, it deserves to be seen as a transformative event in its own right. In the United States, in the last 18 months of Wilson’s presidency, it was to unleash a veritable right-wing panic.


The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton

active measures, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, British Empire, business cycle, call centre, centre right, collective bargaining, colonial exploitation, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, manufacturing employment, means of production, Mikhail Gorbachev, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, Plutocrats, post-industrial society, rising living standards, road to serfdom, Ronald Reagan, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, trade liberalization, union organizing, very high income, wages for housework, wealth creators, Winter of Discontent, women in the workforce, working poor

I would add to this analysis the need to take account of the Communist Party’s inheritance of E. P. Thompson, which, as I note above, was itself deeply nationalist while also encased in an internationalist frame. These rich papers are remarkable testimony to the invisibility of British nationalism. 17. Nairn, ‘The Left against Europe?’. Nairn sees the war as a triumph of working-class (but not labour) mobilization, and also a conservative one; Labour reaped where it had not sowed. What it enacted in 1945 was a liberal welfare state the liberals would have enacted had they continued. But this ignores 1) other possible readings of the war and 2) that after 1945 there was a distinctly national political economy in play, unlike before 1914. 18. Nairn, ‘Left against Europe’, notes the centrality of 1940 in this context but not the lack of attention to 1945.


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The Atlantic and Its Enemies: A History of the Cold War by Norman Stone

affirmative action, Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, British Empire, business cycle, central bank independence, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, European colonialism, facts on the ground, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, Gunnar Myrdal, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, labour mobility, land reform, long peace, mass immigration, means of production, Mikhail Gorbachev, Mitch Kapor, new economy, Norman Mailer, North Sea oil, oil shock, Paul Samuelson, Ponzi scheme, popular capitalism, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Silicon Valley, special drawing rights, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, trade liberalization, trickle-down economics, V2 rocket, War on Poverty, Washington Consensus, Yom Kippur War, éminence grise

There was only one Conservative seat left in Scotland - aptly, at Bearsden outside Glasgow, the northernmost outpost, once upon a time, of the Roman Empire, which was commemorated by a piece of wall and the first recorded Scottish utterance, to the effect that Rome created devastation and called it peace. That sentiment was expressed, less pithily, by its author’s descendants, as the impetus came from southern England, in the accents of which the Prime Minister spoke. And southern England boomed. This should have given prosperity to the north as well, but there were formidable difficulties, especially to do with a system of ‘social’ housing that stopped labour mobility. Later on, Mrs Thatcher did admit that she wished she had handled some of the real, longer-term problems earlier. This was right: Britain became a country where local government, education, health and transport were sometimes lamentably behind those of other European countries. However, there was always the excuse, a perfectly fair one, that major enemies had to be disposed of first. ‘The conflict between good and evil’ was what Mrs Thatcher saw at work in British politics.


pages: 870 words: 259,362

Austerity Britain: 1945-51 by David Kynaston

Alistair Cooke, anti-communist, British Empire, Chelsea Manning, collective bargaining, continuous integration, deindustrialization, deskilling, Etonian, full employment, garden city movement, hiring and firing, industrial cluster, invisible hand, job satisfaction, labour mobility, light touch regulation, mass immigration, moral panic, Neil Kinnock, occupational segregation, price mechanism, rent control, reserve currency, road to serfdom, Ronald Reagan, shared worldview, stakhanovite, strikebreaker, the market place, upwardly mobile, urban planning, urban renewal, very high income, wage slave, washing machines reduced drudgery, wealth creators, women in the workforce, young professional

Durbin, like everyone else, knew that the stumbling block to his strategy was the trade unions and their deep attachment to free collective bargaining. Moreover, although the TUC did, through gritted teeth, agree in the spring of 1948 to an informal policy of wage restraint, essentially as a quid pro quo for government efforts to restrain inflation, this agreement neither contained a differential element (such as might stimulate labour mobility) nor implied any endorsement of a wages policy as part of the permanent landscape of a planned economy. ‘We shall go forward building up our wage claims in conformity with our understanding of the people we are representing’ was how the most powerful union leader, Arthur Deakin of the Transport and General Workers’ Union (TGWU), had put it in 1946, adding that ‘any attempt to interfere with that position would have disastrous results’.


pages: 1,309 words: 300,991

Vanished Kingdoms: The Rise and Fall of States and Nations by Norman Davies

anti-communist, Berlin Wall, British Empire, Celtic Tiger, Corn Laws, en.wikipedia.org, energy security, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, labour mobility, land tenure, mass immigration, Mikhail Gorbachev, oil rush, oil shale / tar sands, Red Clydeside, Ronald Reagan, Skype, special economic zone, trade route, urban renewal, WikiLeaks

Reading very much like an old-fashioned school report, their statement listed the current position regarding each chapter under one of five categories: 1. ‘No major difficulties expected’, 2. ‘Further effort needed’, 3. ‘Considerable effort needed’, 4. ‘Nothing to adopt’, and 5. ‘Totally incompatible with the acquis’. It placed eight subjects starting with ‘Taxation’ into the first category; thirteen starting with ‘Labour Mobility’ into the second; eighteen starting with ‘Free Movement of Goods’ into the third; two including ‘Institutions’ into the fourth; and only one, ‘Environment’, into the fifth. Why exactly policy to the environment should be judged ‘totally incompatible’ in Montenegro, which has declared itself ‘an ecological state’, would now have to be investigated. It may have something to do with the plan for multiple dams on the Moraca river.13 An overall Action Plan was proposed and accepted on 23 February 2011.


The Empire Project: The Rise and Fall of the British World-System, 1830–1970 by John Darwin

anti-communist, banking crisis, Bretton Woods, British Empire, capital controls, cognitive bias, colonial rule, Corn Laws, European colonialism, floating exchange rates, full employment, imperial preference, Joseph Schumpeter, Khartoum Gordon, Kickstarter, labour mobility, land tenure, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Mahatma Gandhi, Monroe Doctrine, new economy, New Urbanism, open economy, railway mania, reserve currency, Right to Buy, rising living standards, Scientific racism, South China Sea, the market place, The Wealth of Nations by Adam Smith, trade route, transaction costs, transcontinental railway, undersea cable

Factions not parties dominated the colonial parliaments – a pattern only partly mitigated by disputes between the ‘squatter’ interest with its vast sheep runs and aristocratic pretensions and those who favoured close settlement and small farms.75 Australian experience between 1860 and 1890 seemed to show that colonial autonomy could be successfully practised despite political fragmentation, heavy dependence on a narrow range of staple exports and a small population recruited almost exclusively from British migrants. Australia remained a geographical expression, although a sense of common origins, cultural and occupational similarities and a high degree of labour mobility between colonies encouraged literary depiction of a distinctive Australian ‘type’ or identity common to all. Australian unity remained a vague aspiration. Inter-colonial cooperation was chiefly visible in the common antipathy to Chinese immigration – the occasion of joint inter-colonial declarations in 1881 and 1887 – and in a gradually rising alarm at the arrival of German colonialism in the South Pacific in the same decade.


pages: 1,213 words: 376,284

Empire of Things: How We Became a World of Consumers, From the Fifteenth Century to the Twenty-First by Frank Trentmann

Airbnb, Anton Chekhov, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, British Empire, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, Cass Sunstein, choice architecture, clean water, collaborative consumption, collective bargaining, colonial exploitation, colonial rule, Community Supported Agriculture, cross-subsidies, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, equity premium, Fall of the Berlin Wall, Fellow of the Royal Society, financial exclusion, fixed income, food miles, full employment, germ theory of disease, global village, haute cuisine, high net worth, income inequality, index card, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kitchen Debate, knowledge economy, labour mobility, libertarian paternalism, Livingstone, I presume, longitudinal study, mass immigration, McMansion, mega-rich, moral panic, mortgage debt, Murano, Venice glass, Naomi Klein, New Urbanism, post-industrial society, post-materialism, postnationalism / post nation state, profit motive, purchasing power parity, Ralph Nader, rent control, Richard Thaler, Right to Buy, Ronald Reagan, school vouchers, Scientific racism, Scramble for Africa, sharing economy, Silicon Valley, Skype, stakhanovite, the built environment, the market place, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, urban planning, urban sprawl, Washington Consensus, women in the workforce, working poor, young professional, zero-sum game

As we have seen, places like Württemberg were held back not because the women there did not have material desires or the wish to be industrious and earn some money, but because they were punished if they acted on them. In 1742, for example, a knitter’s wife who had been working independently was ordered by the local village court to stop and return to her husband. Shopkeepers made sure their towns barred pedlars, and husbands beat their wives for leaving the house in search of work, with the full support of the authorities. Guilds restricted labour mobility. Together, husbands, fathers, churches and guilds exercised a social discipline unknown in England.140 Compare this to London in 1455, where the women who threw silk said they were ‘more than a thousand’, including ‘many gentlewomen’ who lived ‘honorably’ and supported their households.141 Blessed with an early central state, England was spared the multitude of local authorities and regional powers which interfered with the flow of goods on the continent.