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The Enigma of Capital: And the Crises of Capitalism by David Harvey
accounting loophole / creative accounting, anti-communist, Asian financial crisis, bank run, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, equal pay for equal work, European colonialism, failed state, financial innovation, Frank Gehry, full employment, global reserve currency, Google Earth, Guggenheim Bilbao, illegal immigration, indoor plumbing, interest rate swap, invention of the steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Just-in-time delivery, land reform, liquidity trap, Long Term Capital Management, market bubble, means of production, megacity, microcredit, moral hazard, mortgage debt, new economy, New Urbanism, Northern Rock, oil shale / tar sands, peak oil, place-making, Ponzi scheme, precariat, reserve currency, Ronald Reagan, sharing economy, Silicon Valley, special drawing rights, special economic zone, statistical arbitrage, structural adjustment programs, the built environment, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, too big to fail, trickle-down economics, urban renewal, urban sprawl, white flight, women in the workforce
But the form of capital circulation that has come to dominate from the mid-eighteenth century onwards is that of industrial or production capital. In this case the capitalist starts the day with a certain amount of money, and, having selected a technology and organisational form, goes into the market place and buys the requisite amounts of labour power and means of production (raw materials, physical plant, intermediate products, machinery, energy and the like). The labour power is combined with the means of production through an active labour process conducted under the supervision of the capitalist. The result is a commodity that is sold by its owner, the capitalist, in the market place for a profit. The next day, the capitalist, for reasons that will shortly become apparent, takes a portion of yesterday’s profit, converts it into fresh capital and begins the process anew on an expanded scale.
This reserve army needs to be accessible, socialised, disciplined and of the requisite qualities (i.e. flexible, docile, manipulable and skilled when necessary). If these conditions are not met, then capital faces a serious barrier to continuous accumulation. The dispossession of the mass of the population from direct access to the means of production (land in particular) releases labour power as a commodity into the market place. Marx’s account of so-called ‘primitive accumulation’ may be overdramatised and oversimplified but its essential truth is undeniable. Somehow or other the mass of a population has been put in a position of having to work for capital in order to live. Primitive accumulation did not end with the rise of industrial capitalism in Britain in the late eighteenth century. In the last thirty years, for example, some 2 billion wage labourers have been added to the available global workforce, through the opening-up of China and the collapse of communism in central and eastern Europe.
It is under these circumstances that enlightened capitalist class interests (as opposed to those of individual capitalists in intense competition with each other, who often practise the politics of après moi le déluge) can rally around a political project to subsidise the supply of cheaper wage goods to keep the value of labour power down (as happened when the industrial interest in Britain sought to reduce tariffs on imported wheat in order to cheapen the supply of bread in the mid-nineteenth century and, as has happened in the US with the advent of the Wal-Mart phenomenon, of cheap retail goods from China). They can also support investing in improvements to the qualities of labour supply through health care, education and housing and ultimately, as did Henry Ford when he moved to establish a $5 dollar 8-hour day in the 1920s, propose higher wages and rationalised worker consumption as a means to ensure a stronger effective demand in the market place. The role of state power in relation to such struggles is by no means fixed. To be sure, if labour is too well organised and too powerful in a particular location, then the capitalist class will seek to command the state apparatus to do its bidding, as happened, noted earlier, with Pinochet, Reagan, Thatcher, Kohl et al. But labour organising through political parties of the left can push in the opposite direction, as has happened in various places (such as Scandinavia) and at certain times (viz. the ‘social democratic’ consensus of the 1960s in much of Europe).
The Complete Novels Of George Orwell by George Orwell
But by that time I knew every inch of the town, which was shaped roughly like a cross with the market-place in the middle. Our shop was in the High Street a little before you got to the market-place, and on the corner there was Mrs Wheeler’s sweet-shop where you spent a halfpenny when you had one. Mother Wheeler was a dirty old witch and people suspected her of sucking the bull’s-eyes and putting them back in the bottle, though this was never proved. Farther down there was the barber’s shop with the advert for Abdulla cigarettes–the one with the Egyptian soldiers on it, and curiously enough they’re using the same advert to this day–and the rich boozy smell of bay rum and latakia. Behind the houses you could see the chimneys of the brewery. In the middle of the market-place there was the stone horse-trough, and on top of the water there was always a fine film of dust and chaff.
After all my memory hadn’t played tricks on me. I knew every inch of it now. Another couple of hundred yards and I’d be in the market-place. The old shop was down the other end of the High Street. I’d go there after lunch–I was going to put up at the George. And every inch a memory! I knew all the shops, though all the names had changed, and the stuff they dealt in had mostly changed as well. There’s Lovegrove’s! And there’s Todd’s! And a big dark shop with beams and dormer windows. Used to be Lilywhite’s the draper’s, where Elsie used to work. And Grimmett’s! Still a grocer’s apparently. Now for the horse-trough in the market-place. There was another car ahead of me and I couldn’t see. It turned aside as we got into the market-place. The horse-trough was gone. There was an A.A. man on traffic-duty where it used to stand.
In a few minutes I’d be seeing it again, the church and the brewery chimney and Father’s shop-window and the horse-trough in the market-place. I got to the bottom of the hill, and the road forked. I took the left-hand turning, and a minute later I was lost. I could remember nothing. I couldn’t even remember whether it was hereabouts that the town used to begin. All I knew was that in the old days this street hadn’t existed. For hundreds of yards I was running along it– rather mean, shabby kind of street, with the houses giving straight on the pavement and here and there a corner grocery or a dingy little pub–and wondering where the hell it led to. Finally I pulled up beside a woman in a dirty apron and no hat who was walking down the pavement. I stuck my head out of the window. ‘Beg pardon–can you tell me the way to the market-place?’ She ‘couldn’t tell’. Answered in an accent you could cut with a spade.
anti-communist, battle of ideas, business climate, corporate governance, en.wikipedia.org, full employment, income inequality, invisible hand, liquidationism / Banker’s doctrine / the Treasury view, minimum wage unemployment, Mont Pelerin Society, new economy, price mechanism, profit motive, Ralph Nader, rent control, risk/return, road to serfdom, Ronald Reagan, school vouchers, shareholder value, structural adjustment programs, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Torches of Freedom, trade liberalization, traveling salesman, trickle-down economics, Upton Sinclair, Washington Consensus, young professional
The supply-siders will always have a safe haven in the world of Free Enterprise Institutes and Centers for the Study of Capitalism, outlets in the pages of Forbes and the Wall Street Journal, and new recruits who never tire of saying the same things again and again.33 Similarly, Sidney Blumenthal, in his book The Rise of the Counter-Establishment, argued that supply-side economics ‘travelled from lunatic panacea to ofﬁcial catechism in a few short years’.34 It also had popular appeal because of its ‘have your cake and eat it too’ message: Supply-side economics provided the theoretical underpinnings for oldfashioned optimism. The doctrine restated the free-market myth with verve and originality. In an era when the ‘limits to growth’ were proclaimed, the gnostic supply-siders made claims to knowing the secret of endless wealth: the magic of the market place . . . a theory for the multitude of go-getters, promising that the cornucopia was bottomless.35 This optimism helped Ronald Reagan to get elected, despite George Bush labelling supply-side theories as ‘voodoo economics’ when he was a rival candidate for presidential nomination in the 1980 primaries. Reagan’s campaign advertisements promised tax cuts that would make everyone better off: Ronald Reagan believes that when you tax something, you get less of it.
This means they may distort or withhold information from politicians and they have an interest in large budgets and big departments, which leads to a growth of government and, according to these economists, that is not in the public interest. Without market pressures, government managers have no incentive to reduce waste or become economically efﬁcient. In this way, governments tend to oversupply public goods, or supply them in a wasteful way. However, critics do not accept the assumption that motivations in the political sphere are the same as those in the market place. Surveys seem to back this up: In almost every case there is a relationship between the way the individual views the state of the economy or the competence of the government and how she votes; but little relationship between her vote and her personal ﬁnancial status . . . Of course the voter will hope that what is best for the PRO-BUSINESS POLICIES AS IDEOLOGY 105 national prosperity will also in due course beneﬁt him or herself but this is a different kind of judgement from ‘pocketbook voting’.52 Ideology, which also plays a key role in politics, cannot easily be explained in terms of self-interest.
It has been suggested that American political parties are not only unable to come up with ideas but that they lack any ideological coherence: ‘Think tanks have played a crucial role in building and supporting policy consensus and thereby replaced American parties which tend to work rather as electoral coalitions than as places of ideological discussion and policy planning.’35 Ricci, in his book The Transformation of American Politics, argues that politicians often lack any vision or philosophy or a coherent set of values that would enable them to deal with the mass of information at their disposal; to distinguish between the ‘good and bad, signiﬁcant and insigniﬁcant, relevant and irrelevant’. Politicians and government ofﬁcials therefore look to experts in the think tanks to interpret and make sense of all that information. This gives rise to a set of policy entrepreneurs based in think tanks who usually have the coherent vision that politicians lack, particularly the conservative think tanks that promote the market place as an alternative to big government.36 Corporate-funded neoconservative think tanks proliferated and expanded in the US in the 1970s, promoting the free market and campaigning against big government and government regulation. Their explicit political goals caused them to be referred to as advocacy think tanks. These think tanks helped bring Ronald Reagan to power and then inﬂuenced his policies when he was elected president 116 FREE MARKET MISSIONARIES in 1980.
Well-written, clearly structured, and packed full of sound advice, James has produced an outstanding and intelligent guide to branding in the 21st century.” Roderick Wilkes, CEO, The Chartered Institute of Marketing E N T E R P R I S E S E R I E S Branding Your Business Promoting your business, attracting customers and standing out in the market place James Hammond Branding Your Business THIS PAGE INTENTIONALLY LEFT BLANK ii Branding Your Business Promoting your business, attracting customers and standing out in the market place James Hammond London and Philadelphia Publisher’s note Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publishers and author cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editor, the publisher or the author.
The views expressed in this book are those of the author, and are not necessarily the same as those of Times Newspapers Ltd. ISBN 978 0 7494 5073 1 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Hammond, James, 1952– Branding your business : promoting your business, attracting customers, and standing out in the market place / James Hammond. p. cm. Includes bibliographical references and index. ISBN 978-0-7494-5073-1 1. Branding (Marketing)– –Management. 2. Consumer behavior. 3. Brand name products– –Psychological aspects. 4. Senses and sensation. 5. Communication in marketing. I. Title. HF5415.1255.H36 2008 658.8'27– –dc22 2007047429 Typeset by JS Typesetting Ltd, Porthcawl, Mid Glamorgan Printed and bound in India by Replika Press Pvt Ltd Contents Acknowledgements About the author ix xi Introduction 1 Part 1 Nothing but the brand 5 1.
8 Day Trips From London by Dee Maldon
The Sedgewick Museum of Earth Sciences (Downing Street) is the oldest Cambridge museum and specialises in fossils and rocks – some from Charles Darwin’s famous expedition on the Beagle. The Whipple Museum of Science (Free School Lane off Pembroke Street) hosts scientific instruments that date from the Middle Ages. The Botanic Gardens (Bateman Street) offers a quiet stroll through a vast array of botanic specimens. Non-University sites worth seeing Most of the roads in the centre lead to Market Square, a comfortable place for walking. The market place offers a large plaza of independent traders. On its far side, you will see a tall church, St Mary the Great. This Gothic building is the main university and city church. Visitors are usually welcome and, for a fee, you can climb to the top of its church tower and survey the city and the surrounding countryside. Much of the land is low lying and was once mostly marsh. As a result, few places in the area are more than 50 feet in altitude.
Arabian Sands by Wilfred Thesiger
I had spent nearly half my life in Africa, but it was an Africa very different from this. Khartoum seemed like the suburbs of North Oxford dumped down in the middle of the Sudan. I hated the calling and the cards, I resented the trim villas, the tarmac roads, the meticulously aligned streets in Omdurman, the signposts, and the public conveniences. I longed for the chaos, the smells, the untidiness, and the haphazard life of the market-place in Addis Ababa; I wanted colour and savagery, hardship and adventure. Had I been posted to one of the towns I have no doubt that, disgruntled, I should have left the Sudan within a few months, but Charles Dupuis, Governor of Darfur, had anticipated my reaction and had asked that I should be sent to his Province. I was posted to Kutum in northern Darfur, where I served under Guy Moore, a man of great humanity and understanding.
They were small and wiry, about five feet four inches in height, and were dressed in a length of dark-blue cloth wound round their waists, with an end thrown over one shoulder; the indigo had run out from the cloth and smeared their chests and arms. They were bare-headed, and their hair was long and untidy. Both of them wore daggers and carried rifles. My guard said that they were Bedu from beyond the mountains and that they belonged to the Bait Kathir. In the market-place were more of them, while others waited outside the palace gates. They reminded me of the tribesmen whom I had seen recently at Dhala on the Yemen border, and seemed very different to the Arabs from the great Bedu tribes I had met in Syria and the Najd. The palace gates were guarded by armed men dressed in long Arab shirts and head-cloths. Some of them were from Oman and the rest were slaves; none were local tribesmen.
We camped with them and bought a goat for our evening meal, which they shared with us. They were friendly, and curious about our journey across the sands. The Dahm had a blood-feud with his own tribe and was living among the Yam. He told me that he had been in Najran in the summer when a Christian had come there from Abha and stayed for two days with bin Madhi, the Amir. He was amused when I told him that I was this Christian. He said he had seen me in the distance in the market-place, but that I was then wearing different clothes. This was true, as at that time I was dressed as a Saudi. When we left them they explained how to find the next well. There was a clearly-marked track to Laila, and this route, surveyed by Philby, was shown on the map I had with me. The following afternoon, seeing dark clouds banking up in the west, I asked Muhammad, without thinking, if it would rain, and he answered immediately, ‘Only God knows.’
He saw immediately how the mischief had been done; and, dismissing all the inferior imps, asked the principal demon how he could have been so rash as to kill the young man. The demon replied, that he had been needlessly invoked by an insulting youth, and could do no less than kill him for his presumption. Agrippa reprimanded him severely, and ordered him immediately to reanimate the dead body, and walk about with it in the market-place for the whole of the afternoon. The demon did so: the student revived; and, putting his arm through that of his unearthly murderer, walked very lovingly with him in sight of all the people. At sunset, the body fell down again, cold and lifeless as before, and was carried by the crowd to the hospital, it being the general opinion that he had expired in a fit of apoplexy. His conductor immediately disappeared.
He had taken a house in Milan, in which he prepared his poisonous unguents, and furnished them to his emissaries for distribution. One man had brooded over such tales till he became firmly convinced that the wild flights of his own fancy were realities. He stationed himself 13/10/2008 17:39 Printable format for Mackay, Charles, Memoirs of Extraordinary Popular ... 4 of 14 http://www.econlib.org/cgi-bin/printarticle.pl in the market-place of Milan, and related the following story to the crowds that gathered round him. He was standing, he said, at the door of the cathedral, late in the evening; and when there was nobody nigh, he saw a dark-coloured chariot, drawn by six milk-white horses, stop close beside him. The chariot was followed by a numerous train of domestics in dark liveries, mounted on dark-coloured steeds. In the chariot there sat a tall stranger of a majestic aspect; his long black hair floated in the wind—fire flashed from his large black eyes, and a curl of ineffable scorn dwelt upon his lips.
Monstrelet, in his Chronicle, says that they were tortured until some of them admitted the truth of the whole accusations, and said besides, that they had seen and recognized, in their nocturnal assemblies, many persons of rank; many prelates, seigneurs, governors of bailliages, and mayors of cities, being such names as the examiners had themselves suggested to the victims. Several who had been thus informed against, were thrown into prison, and so horribly tortured, that reason fled, and, in their ravings of pain, they also confessed their midnight meetings with the devil, and the oaths they had taken to serve him. Upon these confessions judgment was pronounced: the poor old women, as usual in such cases, were hanged and burned in the market-place; the more wealthy delinquents were allowed to escape, upon payment of large sums. It was soon after universally recognized that these trials had been conducted in the most odious manner, and that the judges had motives of private vengeance against many of the more influential persons who had been implicated. The Parliament of Paris afterwards declared the sentence illegal, and the judges iniquitous; but its arrêt was too late to be of service even to those who had paid the fine, or to punish the authorities who had misconducted themselves; for it was not delivered until thirty-two years after the executions had taken place. 13/10/2008 17:44 Printable format for Mackay, Charles, Memoirs of Extraordinary Popular ... 9 of 48 http://www.econlib.org/cgi-bin/printarticle.pl In the mean time, accusations of witchcraft spread rapidly in France, Italy, and Germany.
Capitalism and Freedom by Milton Friedman
affirmative action, Berlin Wall, central bank independence, Corn Laws, Deng Xiaoping, floating exchange rates, Fractional reserve banking, full employment, invisible hand, Joseph Schumpeter, liquidity trap, market friction, minimum wage unemployment, price discrimination, rent control, road to serfdom, Ronald Reagan, secular stagnation, Simon Kuznets, the market place, The Wealth of Nations by Adam Smith, union organizing
The challenge to the believer in liberty is to reconcile this widespread interdependence with individual freedom. Fundamentally, there are only two ways of co-ordinating the economic activities of millions. One is central direction involving the use of coercion—the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals—the technique of the market place. The possibility of co-ordination through voluntary co-operation rests on the elementary—yet frequently denied—proposition that both parties to an economic transaction benefit from it, provided the transaction is bi-laterally voluntary and informed. Exchange can therefore bring about co-ordination without coercion. A working model of a society organized through voluntary exchange is a free private enterprise exchange economy—what we have been calling competitive capitalism.
Hence, written out in full, the premises of the Marxist syllogism would run: “Present and past labor produce the whole of the product. Present labor gets only part of the product.” The logical conclusion is presumably “Past labor is exploited,” and the inference for action is that past labor should get more of the product, though it is by no means clear how, unless it be in elegant tombstones. The achievement of allocation of resources without compulsion is the major instrumental role in the market place of distribution in accordance with product. But it is not the only instrumental role of the resulting inequality. We have noted in chapter i the role that inequality plays in providing independent foci of power to offset the centralization of political power, as well as the role that it plays in promoting civil freedom by providing “patrons” to finance the dissemination of unpopular or simply novel ideas.
Ethics in Investment Banking by John N. Reynolds, Edmund Newell
accounting loophole / creative accounting, banking crisis, capital controls, collapse of Lehman Brothers, corporate governance, corporate social responsibility, credit crunch, Credit Default Swap, discounted cash flows, financial independence, index fund, invisible hand, margin call, moral hazard, Nick Leeson, Northern Rock, quantitative easing, shareholder value, short selling, South Sea Bubble, stem cell, the market place, The Wealth of Nations by Adam Smith, too big to fail
Goldman Sachs (2009) Code of Business Conduct and Ethics. Goodhart, C.A.E. (2009) The Regulatory Response to the Financial Crisis (Cheltenham and Northampton, MA: Edward Elgar). Green, R.M. (1994) The Ethical Manager: A New Method for Business Ethics (Eaglewood, NJ: Macmillan). Green, S. (2009) Good Value: Reflections on Money, Morality and an Uncertain World (London: Allen Lane). Griffiths, B. (1982) Morality and the Market Place (London: Hodder and Stoughton). Bibliography 167 Griffiths, B. (2001) Capitalism, Morality and Markets (London: Institute of Economic Affairs). Griseri, T. (2010) Business Ethics (London: Cengage Learning). Harries, R. (1995) Questioning Belief (London: SPCK). Harvard Business School (2003) Harvard Business Review on Corporate Ethics (Cambridge, MA: Harvard Business School Press). Hassan, K. and M.
Clough (2010) Ethics of Executive Pay: A Christian Viewpoint (Cambridge: Grove). Higginson, R. and D. Clough (2010) The Ethics of Executive Remuneration: A Guide for Christian Investors (Church Investors Group). Higgs-Kleyn, N. and D. Kapeliansis (1999) “The Role of Professional Codes in Regulating Ethical Conduct”, Journal of Business Ethics, 19, 363–74. Hill, A. (1998) Just Business: Christian Ethics for the Market Place (Carlisle: Paternoster Press). Hotten, R. (2008) “Shell Plots $1.2 bn Regal Takeover Bid”, Daily Telegraph, 2 October. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/ 3124785/Shell-plots-1.2bn-Regal-takeover-bid.html, accessed 12 May 2011. Howes, S., and P. Robins (1994) A Theory of Moral Organization: A Buddhist View of Business Ethics (Birmingham: Aston Business School Research Institute).
Walk Away by Douglas E. French
Elliott wave, forensic accounting, full employment, Home mortgage interest deduction, loss aversion, McMansion, mental accounting, mortgage debt, mortgage tax deduction, New Journalism, Own Your Own Home, Richard Thaler, Robert Shiller, Robert Shiller, the market place, transaction costs, unbiased observer
Housing didn’t have to compete with business for credit in post-war America, a “federally insured ‘loop’ directed the savings of small investors into savings and loan institutions, where they were channeled directly into short term loans for builders or mortgages for buyers.” Another government loan guaranty program was born in 1944 after WWII. The U.S. Department of Veterans Administration (VA) loan program was to make it possible for military veterans “to compete in the market place for credit with persons who were not obliged to forego the pursuit of gainful occupations by reason of service in the Armed Forces of the nation. The VA programs are intended to benefit men and women because of their service to the country, and they are not designed to serve as instruments of attaining general economic or social objectives.” Initially the VA loan program parameters were modest, with the government guaranty only covering 50 percent of the loan up to $2,000 for a maximum term of 20 years with an interest rate not to exceed 4 percent.
The Collapse of Western Civilization: A View From the Future by Naomi Oreskes, Erik M. Conway
anti-communist, correlation does not imply causation, en.wikipedia.org, energy transition, invisible hand, laissez-faire capitalism, market fundamentalism, means of production, oil shale / tar sands, road to serfdom, Ronald Reagan, stochastic process, the built environment, the market place
They believed that political freedom was tied to economic freedom, so restrictions on economic freedom threatened political freedom. Their views came out of the Cold War—particularly the writings of Milton Friedman and Friedrich von Hayek—but the essential idea remains a tenet for many people on the right wing of the American political spectrum today. While rarely stated quite this bald-ly, the reasoning goes like this: Government intervention in the market place is bad. Accepting the reality of climate change requires us to acknowledge the need for government intervention either to regulate the use of fossil fuels or to increase the cost of doing so. So we won’t accept the reality of climate change. Erik and I have pointed out that besides being illogical, this sort of thinking—by delaying action— increases the risk that disruptive climate change will lead to the very sort of heavy-handed interventions that conservatives wish to avoid.
Guide to business modelling by John Tennent, Graham Friend, Economist Group
Macroeconomic variables such as gross domestic product (gdp), interest rates, inflation, exchange rates, income levels and income distribution are likely to be important factors. Population growth, urbanisation and trends in transport may also be relevant. At a microeconomic level, customer needs, market size and market growth will be essential. Current and future competitors, the nature of their product offerings and their positioning in the market place should be identified. Once all the critical factors have been identified they should be divided into those that will be explicitly modelled and those that simply provide the context for the forecast and are likely to be described in a business planning document. Critical factors for wind-farm operators Chart 3.2 on the next page shows some of the critical factors for a wind-farm operator.
Care must be taken to ensure that both the numerator and denominator of the calculation are in the same units, but otherwise the calculation is straightforward. The macroeconomic variables discussed in detail here will provide a solid basis for most business planning exercises. 85 10 Forecasting revenue Forecasting revenue is one of the greatest challenges for the business modeller. The first problem is producing a meaningful and useful definition of the market place. In the telecommunications, information technology and media sectors, for example, there is such a high degree of convergence that it is becoming increasingly difficult to differentiate between the separate markets. Modellers may also have incomplete or inaccurate data as a basis for their forecasts. Even when an industry-wide revenue forecast has been produced, estimating a business’s market share of that revenue can be even more difficult.
Adapt: Why Success Always Starts With Failure by Tim Harford
Andrew Wiles, banking crisis, Basel III, Berlin Wall, Bernie Madoff, Black Swan, car-free, carbon footprint, Cass Sunstein, charter city, Clayton Christensen, clean water, cloud computing, cognitive dissonance, complexity theory, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, Dava Sobel, Deep Water Horizon, Deng Xiaoping, double entry bookkeeping, Edmond Halley, en.wikipedia.org, Erik Brynjolfsson, experimental subject, Fall of the Berlin Wall, Fermat's Last Theorem, Firefox, food miles, Gerolamo Cardano, global supply chain, Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, Jarndyce and Jarndyce, John Harrison: Longitude, knowledge worker, loose coupling, Martin Wolf, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Netflix Prize, New Urbanism, Nick Leeson, PageRank, Piper Alpha, profit motive, Richard Florida, Richard Thaler, rolodex, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, South China Sea, special economic zone, spectrum auction, Steve Jobs, supply-chain management, the market place, The Wisdom of Crowds, too big to fail, trade route, Tyler Cowen: Great Stagnation, web application, X Prize
We’ve been imagining a flat plane stretching in every direction, but now let’s change the picture and say that on our fitness landscape: the better the solution, the higher the altitude of the square that contains it. Now the fitness landscape is a jumble of cliffs and chasms, plateaus and jagged summits. Valleys represent bad solutions; mountain tops are good. In an ecosystem, the latter are creatures more likely to survive and reproduce; in the market place, they are the profitable business ideas; and at the dinner party, they are the tastiest dishes. In our dinnerparty landscape, a deep, dark pit might contain a recipe for spaghetti with fish fingers and a jar of curry sauce. From there, the only way is up. Trek in one direction and you might eventually ascend to the soaring peak of Bolognese ragù. Head off in the opposite direction and you might eventually climb to the summit of a Bangladeshi fish curry.
In biology, variation emerges from mutations and from sexual reproduction, which mixes the genes from two parents. Selection happens through heredity: successful creatures reproduce before they die and have offspring that share some or all of their genes. In a market economy, variation and selection are also at work. New ideas are created by scientists and engineers, meticulous middle managers in large corporations or daring entrepreneurs. Failures are culled because bad ideas do not survive long in the market place: to succeed, you have to make a product that customers wish to buy at a price that covers costs and beats obvious competitors. Many ideas fail these tests, and if they are not shut down by management they will eventually be shut down by a bankruptcy court. Good ideas spread because they are copied by competitors, because staff leave to set up their own businesses, or because the company with the good ideas grows.
Security Analysis by Benjamin Graham, David Dodd
asset-backed security, backtesting, barriers to entry, capital asset pricing model, carried interest, collateralized debt obligation, collective bargaining, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, diversified portfolio, fear of failure, financial innovation, fixed income, full employment, index fund, invisible hand, Joseph Schumpeter, locking in a profit, Long Term Capital Management, low cost carrier, moral hazard, mortgage debt, p-value, risk-adjusted returns, risk/return, secular stagnation, shareholder value, The Chicago School, the market place, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, zero-coupon bond
These considerations do not gainsay the principle that untrained investors should confine themselves to the best regarded enterprises. It should be realized, however, that this preference is enjoined upon them because of the greater risk for them in other directions, and not because the most popular issues are necessarily the safest. The analyst must pay respectful attention to the judgment of the market place and to the enterprises which it strongly favors, but he must retain an independent and critical viewpoint. Nor should he hesitate to condemn the popular and espouse the unpopular when reasons sufficiently weighty and convincing are at hand. QUALITATIVE AND QUANTITATIVE FACTORS IN ANALYSIS Analyzing a security involves an analysis of the business. Such a study could be carried to an unlimited degree of detail; hence practical judgment must be exercised to determine how far the process should go.
Examples: The Fisk Rubber Company case is an excellent example of the former point; the Studebaker Corporation situation in September 1933 illustrates the latter. The company’s securities were selling together for less than one-third of the cash alone, and for only one-seventh of the net current assets, allowing nothing for the fixed property.9 STUDEBAKER CORPORATION, SEPTEMBER 1933 The company’s debt, selling at 40 cents on the dollar, was entitled to prompt payment in full before the stockholder received anything. Nevertheless, the market placed a much larger value upon the stock issues than upon the prior debt. Voluntary Readjustment Plans. Realization of the manifest disadvantages of receivership has often led bondholders to accept suggestions emanating from the management for a voluntary reduction of their contractual claims. Arrangements of this kind have varied from the old-fashioned type of “composition” (in which creditors extended or even curtailed their claims, while the stockholders retained their interest intact) to cases where the bondholders received a substantial part of the stock equity.
It is always good to know the truth, but it may not always be wise to act upon it, particularly in Wall Street. And it must always be remembered that the truth that the analyst uncovers is first of all not the whole truth and, secondly, not the immutable truth. The result of his study is only a more nearly correct version of the past. His information may have lost its relevance by the time he acquires it, or in any event by the time the market place is finally ready to respond to it. With full allowance for these pitfalls, it goes without saying, none the less, that security analysis must devote thoroughgoing study to corporate income accounts. It will aid our exposition if we classify this study under three headings, viz.: 1. The accounting aspect. Leading question: What are the true earnings for the period studied? 2. The business aspect.
Take the money and run: sovereign wealth funds and the demise of American prosperity by Eric Curt Anderson
asset allocation, banking crisis, Bretton Woods, business continuity plan, business intelligence, business process, collective bargaining, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, diversified portfolio, floating exchange rates, housing crisis, index fund, Kenneth Rogoff, open economy, passive investing, profit maximization, profit motive, random walk, reserve currency, risk tolerance, risk-adjusted returns, risk/return, Ronald Reagan, sovereign wealth fund, the market place, The Wealth of Nations by Adam Smith, too big to fail, Vanguard fund
While Halvorsen was quick to note Norway maintained one of the most transparent government investment vehicles, she also declared that there were logical limits to what could be expected when it comes to disclosure. As Halvorsen put it, “There is a need to strike a balance . . . between the need for transparency on the one hand, and on the other hand to use business sense and not be put at a disadvantage in the market place.” “Furthermore,” she continued, “transparency has to run both ways. If recipient countries set up screening processes to address national security concerns, there must be transparency with respect to how such screening decisions are made, by whom and under what criteria.”22 As for Norway’s efforts to reassure target or recipient countries, Halvorsen contended Oslo’s Government Pension Fund-Global adhered to ﬁve factors that serve to avoid criticism.
Free trade should be just that.83 In short, London appears prepared to “stay the course,” but is unwilling to surrender rights to play a “golden” trump card should the perceived need arise. But What about the Rest of Europe? London’s insistence on maintaining an open door for foreign investment has met with less-than-enthusiastic support on the other side of the English Channel. Both Berlin and Paris have publicly expressed mounting dismay with the potential political agenda that sovereign wealth funds bring to the market place. The Germans have been particularly adamant about crafting a national policy intended to protect against hostile foreign investors. As early as July 2007, German Chancellor Angela Merkel was voicing concerns about the manner in which sovereign wealth funds were acquiring assets throughout the European Union. Just a week before Alistair Darling declared Britain’s intention to remain open to foreign investors, Merkel was telling reporters that sovereign wealth funds are “a new phenomenon . . . we must tackle with some urgency.”84 Speaking for Paris, French President Nicolas Sarkozy has been equally adamant about establishing defenses against foreign investors.
When the Iron Lady Ruled Britain by Robert Chesshyre
Berlin Wall, Big bang: deregulation of the City of London, British Empire, deskilling, Etonian, Fall of the Berlin Wall, financial deregulation, full employment, housing crisis, manufacturing employment, means of production, North Sea oil, oil rush, Plutocrats, plutocrats, Ronald Reagan, school choice, Silicon Valley, the market place, trickle-down economics, union organizing, young professional
Coming back across the Atlantic was like leaving a stiff, invigorating breeze to plunge into a stuffy, smoke-filled back room. Anti-Americanism is often the old codger in the corner’s objection to having the window opened an inch to let in fresh air. ‘Enterprise’ has become a loaded word in Britain, almost interchangeable with Thatcherism. Enterprise is part of Thatcherism, certainly, but Thatcherism is an ideology which has been applied to matters that ought to lie outside the market-place, like university research and race relations. It has an intellectual purity which offends common sense. Many who ‘fail’ are not equipped to compete, and their failure is not due to some deep moral flaw or inadequacy which is susceptible to exhortation or bullying. That most over-borrowed of Hamlet’s notions is perfectly applicable to Mrs Thatcher – there are more things in heaven and earth than are dreamed of in her philosophy.
Being an advocate required very different skills from those of the laboratory scientist, who had to lay out all his doubts on the bench. Professor Noble, a fluent French speaker, supported the idea of an exam like the baccalaureate, with its compulsory breadth of subjects. He argued that British science was a victim of the government’s ideology. Science, according to ministers he had dealt with, should be out in the market-place. But, he argued, they overlooked such foreign practices as massive Federal funding in the United States and 150 per cent research and development tax breaks in Australia. Sir Keith Joseph, when Secretary of State for Education and Science, had told an Oxford audience of scientists – worth, according to Professor Noble, thirty million pounds of public investment – that, since the government could not possibly afford what they wanted, they should go abroad.
Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, Basel III, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, call centre, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, cognitive dissonance, corporate governance, Credit Default Swap, cross-subsidies, dematerialisation, diversification, diversified portfolio, Edward Lloyd's coffeehouse, Elon Musk, Eugene Fama: efficient market hypothesis, eurozone crisis, financial innovation, financial intermediation, fixed income, Flash crash, forward guidance, Fractional reserve banking, full employment, George Akerlof, German hyperinflation, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, income inequality, index fund, inflation targeting, interest rate derivative, interest rate swap, invention of the wheel, Irish property bubble, Isaac Newton, London Whale, Long Term Capital Management, loose coupling, low cost carrier, M-Pesa, market design, millennium bug, mittelstand, moral hazard, mortgage debt, new economy, Nick Leeson, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shock, passive investing, peer-to-peer lending, performance metric, Peter Thiel, Piper Alpha, Ponzi scheme, price mechanism, purchasing power parity, quantitative easing, quantitative trading / quantitative ﬁnance, railway mania, Ralph Waldo Emerson, random walk, regulatory arbitrage, Renaissance Technologies, rent control, Richard Feynman, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, Schrödinger's Cat, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, sovereign wealth fund, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, Steve Wozniak, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tobin tax, too big to fail, transaction costs, tulip mania, Upton Sinclair, Vanguard fund, Washington Consensus, We are the 99%, Yom Kippur War
In this instance the purchaser (the Dutch governor-general of New Netherland, Peter Minuit) tricked the sellers: the Natives simply made a mistake. Or perhaps not. Another version of the legend has the Natives getting the better of the deal, since they never owned Manhattan Island in the first place.10 In either case the trade was based on misinformation and disinformation. The notion that the market-place was a venue in which unscrupulous merchants robbed unwitting customers, and foreign trade a means of extracting wealth from foreigners, dominated economic thought from the days of Aristotle until the mid-eighteenth century. We might honour the seventeenth-century French economist and politician Jean-Baptiste Colbert as the champion of this doctrine, since many of his compatriots – along with Ruskin, whose grasp of economics was never strong, and more recent critics of commercial activity – adhere to it still.
A lending bank would require security, and property was the preferred collateral – the assets of the business might serve for this purpose, but often the bank would place a charge on the homes of the founders. Bank finance was, and continues to be, more suitable for businesses that needed to buy plant and fit out premises than for new companies which need to spend money to develop products or test them in the market-place. But as financialisation gathered pace, and the traditional bank manager retired, or was made redundant, business lending operations were removed from bank branches and transferred to regional offices. More professional analysis of business plans replaced information gained at the nineteenth hole. The Moneyball phenomenon – the substitution of statistical methods for gut instinct and conventional wisdom – has improved outcomes in fields such as medicine, on which no baseball is played; dispassionate analysis of numbers is often more reliable than the conventional wisdom of people who emphasise the value of experience and know the value of little else.11 But the financing of small business is not only, or primarily, a matter of judging the numbers, as J.P.
Global Spin: The Corporate Assault on Environmentalism by Sharon Beder
battle of ideas, business climate, centre right, clean water, corporate governance, Exxon Valdez, Gary Taubes, global village, invisible hand, laissez-faire capitalism, oil shale / tar sands, price mechanism, profit maximization, Ralph Nader, RAND corporation, Ronald Reagan, shareholder value, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, the market place, The Wealth of Nations by Adam Smith, urban planning
As a consequence of the undermining of the prevailing consensus of traditional values by the counter-culture of the 1960s and 70s, and the crisis of confidence in the US brought on by the Vietnam War, policy-makers often lack the vision, philosophy or coherent set of values that would enable them to deal with the information: to distinguish between the “good and bad, significant and insignificant, relevant and irrelevant”. Politicians and government officials therefore looked to experts in the think-tanks to interpret and make sense of the massive amounts of information that they were receiving. This gave rise to a set of policy entrepreneurs based in think-tanks who often had the coherent vision that politicians lacked, particularly in the conservative think-tanks which promoted the market place as an alternative to big government.53 An additional function that think-tanks provide in the US, which is often carried out by political parties in other countries, is the facilitation of ‘élite transfer’. In Britain and Australia, cabinet ministers are chosen from the elected members of government, whereas in the United States this is not necessarily the case. The American system also allows each new administration to appoint its own senior bureaucrats including the staff of government departments, heads of departments and advisory councils.
Recycling, he says, should only be carried out where there is an economic reason to do it; “Recycling is the biggest hoax perpetuated on the American public since the synthetic fuels debacle of the early ’80s.”32 In a similar vein, CEI’s Environmental Briefing Book for Congressional Candidates states: “Recycling can also be a wasteful use of energy, time and money. . . Whether or not to recycle a particular material or product should be determined by the market place, not by government fiat.”33 In its magazine Facts, the Australia Institute for Public Policy also attacks recycling. Drawing on an Industry Commission report, it argues that packaging only accounts for a tenth of the waste stream ‘by weight’ and that recycling can be costly and produce pollution problems. In the same issue of the magazine, the IPA argues that the amount of pollutants ingested as a result of pesticide use and water pollution are trivial compared with those occurring ‘naturally’; that “enhancing the Greenhouse Effect may be necessary for our survival” because nature is not providing enough CO2; and that the banning of DDT initiated by greens has “been accompanied by a blow out of reported malaria cases to hundreds of thousands” in Sri Lanka.34 Most of the conservative think-tanks also attack environmentalism in some way.
Computer: A History of the Information Machine by Martin Campbell-Kelly, William Aspray, Nathan L. Ensmenger, Jeffrey R. Yost
Ada Lovelace, air freight, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Apple's 1984 Super Bowl advert, barriers to entry, Bill Gates: Altair 8800, borderless world, Buckminster Fuller, Build a better mousetrap, Byte Shop, card file, cashless society, cloud computing, combinatorial explosion, computer age, deskilling, don't be evil, Douglas Engelbart, Dynabook, fault tolerance, Fellow of the Royal Society, financial independence, Frederick Winslow Taylor, game design, garden city movement, Grace Hopper, informal economy, interchangeable parts, invention of the wheel, Jacquard loom, Jacquard loom, Jeff Bezos, jimmy wales, John von Neumann, linked data, Mark Zuckerberg, Marshall McLuhan, Menlo Park, natural language processing, Network effects, New Journalism, Norbert Wiener, Occupy movement, optical character recognition, packet switching, PageRank, pattern recognition, pirate software, popular electronics, prediction markets, pre–internet, QWERTY keyboard, RAND corporation, Robert X Cringely, Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, Ted Nelson, the market place, Turing machine, Vannevar Bush, Von Neumann architecture, Whole Earth Catalog, William Shockley: the traitorous eight, women in the workforce, young professional
Other useful sources are Kenneth Flamm’s monographs Targeting the Computer: Government Support and International Competition (1987) and Creating the Computer: Government, Industry and High Technology (1988). A history of the IBM 1401 is given in Charles J. Bashe et al.’s IBM’s Early Computers (1986). The technical development of the IBM 360 and 370 computer series is described in Emerson W. Pugh et al.’s IBM’s 360 and Early 370 Systems (1991). Tom Wise’s Fortune articles “I.B.M.’s $5,000,000,000 Gamble” and “The Rocky Road to the Market Place” (1966a and 1966b) remain the best external account of the System/360 program. A good internal account is contained in Thomas DeLamarter’s Big Blue (1986). Thomas Haigh’s “Inventing Information Systems” (2001) describes the rise of the systems men in computing. James Cortada’s three-volume Digital Hand provides a sweeping survey of the use of computers in industry. For a case study of the application of computers in medical science, see Joseph November, Biomedical Computing (2012).
See also volume 1, Charles Babbage Institute Reprint Series for the History of Computing, introduction by Martin Campbell-Kelly. Williams, Frederik C. 1975. “Early Computers at Manchester University.” The Radio and Electronic Engineer 45, no. 7: 327–331. Williams, Michael R. 1997. A History of Computing Technology. Englewood Cliffs, NJ: Prentice-Hall. Wise, Thomas A. 1966a. “I.B.M.’s $5,000,000,000 Gamble.” Fortune, September, p. 118. ———. 1966b. “The Rocky Road to the Market Place.” Fortune, October, p. 138. Wolfe, Tom. 1983. “The Tinkerings of Robert Noyce: How the Sun Rose on Silicon Valley.” Esquire, December, pp. 346–374. Yates, JoAnne. 1982. “From Press Book and Pigeonhole to Vertical Filing: Revolution in Storage and Access Systems for Correspondence.” Journal of Business Communication 19 (Summer): 5–26. ———. 1989. Control Through Communication: The Rise of System in American Management.
Brit-Myth: Who Do the British Think They Are? by Chris Rojek
British Empire, business climate, colonial rule, deindustrialization, demand response, full employment, Gordon Gekko, Isaac Newton, Khartoum Gordon, Mahatma Gandhi, means of production, post-industrial society, Red Clydeside, Stephen Hawking, the market place, urban planning, Winter of Discontent
This changed with the technology of the printing press, which widened the incentive of ordinary people to become literate and the development of a national system of turnpikes, roads, canals and railways that enhanced connectivity. What we now call ‘the public sphere’ – that complex amalgamation of a free press, independent universities, organized and legitimate public opposition (pressure groups, trade unions) – grew rapidly from its eighteenth-century origins in the coffee houses of London, Bristol, Edinburgh and other mercantile centres of Europe and the burgeoning Empire. One may think of it as the market-place of public opinion. Free speech and free ideas could flourish in an ambience that was partly detached from court society. As the powers of the court waned in favour of the growth of Parliament and representative democracy, persuading the public by winning over the public sphere became the precondition of successful political policy and strategy. Engineering the public sphere – through oratory, advertising and marketing – to support a particular version of ‘the national interest’ now became a key feature of party politics.
Top 10 San Diego by Pamela Barrus, Dk Publishing
Walk your bike back to Hotel del Coronado (see p24) and check out the shops on its lower level (see p90). Leaving the hotel, bear left to Ocean Avenue; the Pacific Ocean is on the left and several 100-year-old mansions on the right. Turn right on Alameda and ride through a typical Coronado neighborhood with Spanish-style houses and bungalows. At 4th, cross the street and walk one block; the Naval Air Station will be on your left. Turn right on 1st. It’s a straight stretch back to the Market Place. Around Town – Southern San Diego As the endangered Western snowy plover seeks a place in which to lay her fragile eggs, the green-and-white vehicles of the US Border Patrol swoop down hillsides, lights blazing, in search of the illegal immigrant. An enormous, rusty, corrugated metal fence, which separates the US and Mexico, slices through the park before plunging into the sea. This southern part of the Tijuana River National Estuarine Research Reserve (see p47) attracts nature lovers who come to hike, ride horses, picnic on the beach, and birdwatch.
Forever Summer by Nigella Lawson
Also by Nigella Lawson HOW TO EAT THE PLEASURES AND PRINCIPLES OF GOOD FOOD HOW TO BE A DOMESTIC GODDESS BAKING AND THE ART OF COMFORT COOKING NIGELLA BITES FEAST FOOD THAT CELEBRATES LIFE NIGELLA EXPRESS GOOD FOOD FAST NIGELLA CHRISTMAS FOOD, FAMILY, FRIENDS, FESTIVITIES KITCHEN RECIPES FROM THE HEART OF THE HOME List of Recipes Barbecue Barbecued Loin of Lamb, Three Ways Barbecued Quail Barbecued Sea Bass with Preserved Lemons Black and Blue Beef Coconut and Chilli Salmon Kebabs Grilled Sardines with Lemon Salsa Grilled Tuna with Wasabi Butter Sauce Lamb Kebabs Red Mullet with Sweet and Sour Shredded Salad Salmon Kebabs with Pomegranate Molasses and Honey Steak with Barbecue Butters Beef Black and Blue Beef Cold Roast Beef with Lemon Salad Steak with Barbecue Butters Thai Crumbled Beef in Lettuce Wraps Bread Brioches Crostini del Mare Flatbread Pizzas Garlic Bread Za’atar Chicken with Fattoush Dips Cacik Feta, Walnut and Herb Salad Moutabal Cheese Baked Pasta Shells Stuffed with Spinach and Ricotta Baked Ricotta with Grilled Radicchio Capellini con Cacio e Pepe Corsican Omelette Feta, Walnut and Herb Salad Flatbread Pizzas Griddled Aubergines with Feta, Mint and Chilli Puy Lentil, Goat’s Cheese and Mint Salad Ricotta Hotcakes The Ultimate Greek Salad Watermelon, Feta and Black Olive Salad Chocolate Baci Ice Cream Blonde Mocha Layer Cake Caramelised Pineapple with Hot Chocolate Sauce Chocolate Peanut Squares Chocolate Raspberry Pavlova Dime Bar Ice Cream Frozen Chocolate Truffles Mint Chocolate Mousse White Chocolate Almond Cake White Chocolate and Passionfruit Mousse White Chocolate Ice Cream with Hot Blackberry Sauce Curries Chicken and Cashew Nut Curry Green Vegetable Curry Keralan Fish Curry with Lemon Rice Mauritian Prawn Curry Seafood Laksa Desserts Anglo-Italian Trifle Arabian Pancakes with Orange-Flower Syrup Banana and Butterscotch Upside-Down Tart Blonde Mocha Layer Cake Brioches Caramelised Pineapple with Hot Chocolate Sauce Chilled Caramelised Oranges with Greek Yoghurt Chocolate Peanut Squares Chocolate Raspberry Pavlova Coconut Slab Eastern Mediterranean Cheesecake Figs for a Thousand and One Nights Frozen Chocolate Truffles Gingered and Minty Fruit Salad Gooseberry Fool Honey Semifreddo Lavender Trust Cupcakes Lemon Cupcakes Lemon Rice Pudding Mint Chocolate Mousse Mint Julep Peaches Orange Cornmeal Cake Passionfruit Pavlova, Again Passionfruit Shortcakes Red Roast Quinces Red-Hot Chilli Syrup Rhubarb Fool Ricotta Hotcakes Slut-Red Raspberries in Chardonnay Jelly Strawberry Meringue Layer Cake Summer Crumble Vanilla Shortbread White Chocolate Almond Cake White Chocolate and Passionfruit Mousse Drinks Alcoholic Iced Coffee Blue Lagoon Campari Soda Elderflower and Passionfruit Cooler Fragonard Fresh Green Gimlet Gina Ginger Beer Shandy Journalist Kiwitini Lemon Drop Mint and Lime Cool Aid Moscow Mule Passione Pimms Pina Colada Pomme Pomme Sangria Tom Collins White Lady Eggs Corsican Omelette Potato and Pea Frittata Fish and Seafood Baby Octopus and Potato Salad Barbecued Sea Bass with Preserved Lemons Coconut and Chilli Salmon Kebabs Crostini del Mare Ginger-Cured Salmon Grilled Sardines with Lemon Salsa Grilled Tuna with Wasabi Butter Sauce Keralan Fish Curry with Lemon Rice Lemony Prawn Salad Linguine alle Vongole Linguine with Chilli, Crab and Watercress Linguine with Mussels Marinated Salmon with Capers and Gherkins Mauritian Prawn Curry Pepper-Seared Tuna Prawn and Black Rice Salad with Vietnamese Dressing Red Mullet with Sweet and Sour Shredded Salad Salmon Kebabs with Pomegranate Molasses and Honey Salt Cod Fritters Sea Bass with Saffron, Sherry and Pine Nuts Seafood Laksa Seafood Salad Seared Mustard-Coated Salmon Squid Salad with Lime, Coriander, Mint and Mizuna Tagliolini al Pesto Amaro Three Fishes with Three-Herb Salsa Fruit Apple Ice Cream Banana and Butterscotch Upside-Down Tart Caramelised Pineapple with Hot Chocolate Sauce Chilled Caramelised Oranges with Greek Yoghurt Chocolate Raspberry Pavlova Coconut and Chilli Salmon Kebabs Coconut Slab Elderflower and Passionfruit Cooler Figs for a Thousand and One Nights Gammon with Pineapple Gingered and Minty Fruit Salad Golden Jubilee Chicken Gooseberry and Elderflower Ice Cream Gooseberry Fool Kiwitini Mint Julep Peaches Orange Cornmeal Cake Passione Passionfruit Pavlova, Again Passionfruit Shortcakes Peach Ice Cream Raspberry Ripple Ice Cream Red Roast Quinces Redcurrant Slush Sorbet Rhubarb Fool Slut-Red Raspberries in Chardonnay Jelly Strawberry Ice Cream Strawberry Meringue Layer Cake Summer Crumble Watermelon, Feta and Black Olive Salad White Chocolate and Passionfruit Mousse Ice Creams and Sorbets Apple Ice Cream Baci Ice Cream Cheesecake Ice Cream Dime Bar Ice Cream Egg-Custard Ice Cream Frozen Chocolate Truffles Gooseberry and Elderflower Ice Cream Honey Semifreddo Margarita Ice Cream Peach Ice Cream Raspberry Ripple Ice Cream Redcurrant Slush Sorbet Strawberry Ice Cream Vin Santo Ice Cream with Cantuccini White Chocolate Ice Cream with Hot Blackberry Sauce Lamb Barbecued Loin of Lamb, Three Ways Bulgar Wheat Salad with Pink-Seared Lamb Crispy Lamb Chops Greekish Lamb Pasta Lamb Cutlets with Yoghurt and Cumin Lamb Kebabs Lamb Patties with Hummus and Pitta Moroccan Roast Lamb Rack of Lamb with Mint Salsa Nuts and Pulses Chocolate Peanut Squares Chicken, Almond and Parsley Salad Chicken and Cashew Nut Curry Chilled Pea and Mint Soup Double Courgette and Bean Salad Feta, Walnut and Herb Salad Lamb Patties with Hummus and Pitta Pappardelle with Courgettes, Sultanas and Pine Nuts Puy Lentil, Goat’s Cheese and Mint Salad Sea Bass with Saffron, Sherry and Pine Nuts Summer Minestrone Alla Genovese The Rainbow Room’s Carrot and Peanut Salad White Chocolate Almond Cake Pasta Baked Pasta Shells Stuffed with Spinach and Ricotta Capellini con Cacio e Pepe Greekish Lamb Pasta Linguine alle Vongole Linguine with Chilli, Crab and Watercress Linguine with Mussels Pappardelle with Courgettes, Sultanas and Pine Nuts Rigatoni al Pomodoro e Prezzemolo Short Pasta with Asparagus, Lemon, Garlic and Parsley Spaghetti Aglio Olio Peperoncino Spaghettini al Sugo Crudo Tagliolini al Pesto Amaro Pork Gammon with Pineapple Lomo de Orza Porchetta Spare Ribs Potatoes Baby Octopus and Potato Salad Baked Potato Salad Hasselback Potatoes Potato and Pea Frittata Salt Cod Fritters Poultry Barbecued Quail Caesar Cleopatra Chicken, Almond and Parsley Salad Chicken and Cashew Nut Curry Chicken Salad with Spinach and Lardons Gingery Duck with Red Onion and Orange Salad Golden Jubilee Chicken Picnic-Fried Chicken Saffron-Scented Chicken Pilaf Sicilian Vinegar Chicken Slow-Roasted Garlic and Lemon Chicken Spatchcock Chicken with Lemon and Rosemary Za’atar Chicken with Fattoush Rice and Noodles Happiness Soup Lemon Rice Lemon Rice Pudding Prawn and Black Rice Salad with Vietnamese Dressing Rice Paper Rolls Risi e Bisi Saffron-Scented Chicken Pilaf Seafood Laksa Soba Noodles with Sesame Seeds Salads, Snacks and Sides Baby Octopus and Potato Salad Baked Potato Salad Braised Little Gems Bulgar Wheat Salad with Pink-Seared Lamb Cacik Caesar Cleopatra Caponata Chicken, Almond and Parsley Salad Chicken Salad with Spinach and Lardons Cold Roast Beef with Lemon Salad Courgette Fritters Double Courgette and Bean Salad Feta, Walnut and Herb Salad Garlic Bread Golden Jubilee Chicken Griddled Aubergines with Feta, Mint and Chilli Hasselback Potatoes Italian Beetroot Salad Lemony Prawn Salad Old-Fashioned Tomato Salad Prawn and Black Rice Salad with Vietnamese Dressing Puy Lentil, Goat’s Cheese and Mint Salad Raw Beetroot, Dill and Mustard Seed Salad Rice Paper Rolls Roasted New Season’s Vegetables Seafood Salad Spare Ribs Squid Salad with Lime, Coriander, Mint and Mizuna The Rainbow Room’s Carrot and Peanut Salad The Ultimate Greek Salad Watermelon, Feta and Black Olive Salad Soups and Stews Chilled Pea and Mint Soup Happiness Soup Risi e Bisi Seafood Laksa Spiced Pink Soup Summer Minestrone alla Genovese Vegetarian Baked Pasta Shells Stuffed with Spinach and Ricotta Baked Ricotta with Grilled Radicchio Capellini con Cacio e Pepe Chilled Pea and Mint Soup Corsican Omelette Green Vegetable Curry Griddled Aubergines with Feta, Mint and Chilli Pappardelle with Courgettes, Sultanas and Pine Nuts Potato and Pea Frittata Rigatoni al Pomodoro e Prezzemolo Risi e Bisi Short Pasta with Asparagus, Lemon, Garlic and Parsley Soba Noodles with Sesame Seeds Spaghetti Aglio Olio Peperoncino Spaghettini al Sugo Crudo Spiced Pink Soup INTRODUCTION In the ideal world inhabited by the chef, there may indeed be a place for the lyrical insistence on using only those ingredients that the month in hand offers up to the market place, but my kitchen, my home, the way I cook, resist such purist strictures. For much as I love the idea of wandering out to the shops, basket dangling from my arm, to gather each new season’s freshly ripened produce, I neither have the time to shop that way, nor the discipline – and, frankly, I baulk at such loftily imposed restraints. I shop and cook much as I eat, with greedy opportunism. Seasonal cooking is anyway better suited to those who live in sunnier climates.
Everything Bad Is Good for You: How Popular Culture Is Making Us Smarter by Steven Johnson
Columbine, complexity theory, corporate governance, delayed gratification, edge city, Flynn Effect, game design, Marshall McLuhan, pattern recognition, profit motive, race to the bottom, Steve Jobs, the market place
And the pace is accelerating-thanks to changes in the economics of the television business, and to changes in the technology we rely on to watch. This progressive trend alone would probably surprise someone who only read popular accounts of TV without watching any of it. But perhaps the most surprising thing is this: that the shows that have made the most demands on their audience have also turned out to be among the most lucrative in television history. PUT A S ID E for a moment the question of why the market place is rewarding complexity, and focus first on the ques tion of what this complexity looks like. It involves three primary elements : multiple threading, flashing arrows, and social networks. Multiple threading is the most acclaimed structural con vention of modern television progra mming, which is ironic because it's also the convention with the most debased pedi gree. According to television lore, the age of multiple threads began with the arrival of Hill Street Blues in 198 1 , 66 ST E V E N J O H N S O N the Steven Bochco-created pol ice drama invariably praised for its "gritty realism . " Watch an episode of Hill Street Blues side by side with any m a j o r drama fro m the preceding decades-Starsky and Hutch, fo r instance, or Dragnet and the structural transformation will j ump out at you.
• Potential. ∘ What desires do buyers have which they would be prepared to pay a premium for? Perhaps a top-of-the-range wet room, a large high-specification kitchen/diner or space for a home office/study? Estate agents can provide a huge amount of information on the local property market, the buying and selling dynamics, the profile of the population and the key motivations and barriers in the market place. They are also well placed to identify areas where value can be added to a property and even specify the nature of works which buyers demand. Detailed research and analysis needs to be undertaken to accurately assess the future value of a property and identify the potential for opportunities to improve the end value. Comparison property details, sold price statistics and research undertaken via estate agents should form the basis of any calculation of the current and future value.
City by Clifford D. Simak
Alone in a humming lobby that pulsed with life—a loneliness that tore at him, that left him limp and weak. Homesickness. Downright, shameful homesickness, he told himself. Something that boys are supposed to feel when they first leave home, when they first go out to meet the world. There was a fancy word for it—agoraphobia, the morbid dread of being in the midst of open spaces—from the Greek root for the fear—literally, of the market place. If he crossed the room to the television booth, he could put in a call, talk with his mother or one of the robots—or, better yet, just sit and look at the place until Jenkins came for him. He started to rise, then sank, back in the chair again. It was no dice. Just talking to someone or looking in on the place wasn't being there. He couldn't smell the pines in the wintry air, or hear familiar snow crunch on the walk beneath his feet or reach out a hand and touch one of the massive oaks that grew along the path.
Elements of Mathematics for Economics and Finance by Vassilis C. Mavron, Timothy N. Phillips
Find the percentage of Europeans that have mobile phones a) at the launch of the product; b) after 3 years; c) after 10 years. 104 Elements of Mathematics for Economics and Finance TR 10 8 6 4 2 0 5 10 15 20 t Figure 5.5 The graph of the function T R = 8e−0.1t . The dashed line corresponds to T R = 5. 2. What is the market saturation level? 3. After how many years will the percentage of Europeans possessing mobile phones first reach 75%? Solution. 1. a) The launch of the product corresponds to t = 0 since t measures the time from the introduction of mobile phones into the market place. So putting t = 0 into the expression for y gives y = 80 − 70e0 = 80 − 70 = 10%. b) After three years t = 3, the percentage of Europeans possessing mobile phones is given by y = 80 − 70e−0.2×3 = 80 − 70e−0.6 = 41.58%. c) After ten years t = 10, the percentage of Europeans possessing mobile phones is given by y = 80 − 70e−0.2×10 = 80 − 70e−2 = 70.53%. 5. The Exponential and Logarithmic Functions 105 y 80 60 40 20 0 5 10 15 20 t Figure 5.6 The graph of the function y = 80 − 70e−0.2t . 2.
Surrender or Starve: Travels in Ethiopia, Sudan, Somalia, and Eritrea by Robert D. Kaplan
Hoben wrote that “to extend its economic control over agriculture, the government has reimposed taxation, established a government marketing agency, fixed prices, experimented with production quotas imposed on peasant associations, and interfered increasingly with private grain trade. Not surprisingly, these measures have reduced the peasants' incentives to produce.” Correspondent Paul Vallely described this policy in progress in an article entitled “How Mengistu Hammers the Peasants” in the March 1, 1985, issue of The Times of London. The government men were lying in wait for the peasant farmers in the market place of the small town of Areka. The harvest of teff, Ethiopia's staple grain, had not been plentiful in the southern province of Sidamo but at least that meant, the peasants thought, that they would get a good price for what little surplus they had. They were reckoning without the fixed-price marketing strategy of Mengistu's government. There was almost a riot in Areka that day. The officials from the Agricultural Marketing Corporation waited until most of the peasants had brought their teff into the dusty market place and then made themselves known.
Bakken shale, bank run, Credit Default Swap, diversification, fixed income, Gordon Gekko, index fund, locking in a profit, London Interbank Offered Rate, Long Term Capital Management, margin call, paper trading, peak oil, Ponzi scheme, risk tolerance, Ronald Reagan, side project, Silicon Valley, sovereign wealth fund, supply-chain management, the market place
But the comprehensive approach taken by Glencore and others, helped by a creative use of corporate regulatory havens, had given them elite status in certain commodity markets and made their executives exceedingly wealthy. Most hedge-fund traders sat somewhere in the middle of the totem pole. In the larger scheme of commodity trading, they were essentially money changers, pooling other people’s cash to try to outmaneuver the markets, placing bets on where prices would go, and skimming profits off the top of whatever they made when they were right—generally 20 percent of a year’s earnings and about 2 percent of the money investors gave them. A Frenchman who had socialist influences growing up, Andurand considered the physical oil business to be dirty and distasteful, and told me at one point he would never consider taking delivery of an actual barrel of crude.
airport security, blood diamonds, colonial rule, credit crunch, fixed income, Goldman Sachs: Vampire Squid, high net worth, income inequality, jitney, market clearing, Occupy movement, the market place
Is it legal? “Well, I’m not a lawyer” is always the running joke on the syndicate desks. If we don’t do it, we suffer. Our European competitors tend to be more aggressive when it comes to disregarding the rules. If we lose the mandate, the investment bankers who are directly responsible for the client relationship will argue it’s because our competitors were armed with a better read of the market, placing the blame squarely on my shoulders, which won’t be forgotten come bonus time. I’ve gone to plenty of pitches and confidently pounded the table, saying, “Mandate us. We’re in touch with specific investor appetite for your name and size.” This is an attempt to coax the client into doing a deal and to demonstrate to them that we’re better informed. Sometimes we just make it up; but other times, it actually comes on the heels of having sounded out the market.
The Disciplined Trader: Developing Winning Attitudes by Mark Douglas
The most essential component in the process of transformation is learning how to recognize and then clear out beliefs that argue for the status quo, beliefs that defend against the intrusion of environmental information you refuse to consider, and learning how to read the environment in a way that will clearly point to the most appropriate path to fulfilling yourself. 71 PART III Building a Framework for Understanding Ourselves 72 At the start of this book, I said it would be a step-by-step guide in the process of adapting yourself to the trading environment. The first step in this process of adaptation is recognizing the need to adapt. If you can't manipulate or force the markets to change in a way that suits your needs, then you will need to learn how to change yourself to suit the conditions. The market places no limits or constraints on the ways in which you choose to express yourself, in that respect; unlike in the cultural environment, you have all the power. The primary purpose of Part II, The Nature of the Trading Environment from a Psychological Perspective, was to point out some of the vast differences between the trading environment and the social environment we were taught to function in and to demonstrate clearly a need for a new perspective.
Cows, Pigs, Wars, and Witches: The Riddles of Culture by Marvin Harris
And an economist from the University of Pennsylvania stated in 1971 that India has thirty million unproductive cows. It does seem that there are enormous numbers of surplus, useless, and uneconomic animals, and that this situation is a direct result of irrational Hindu doctrines. Tourists on their way through Delhi, Calcutta, Madras, Bombay, and other Indian cities are astonished at the liberties enjoyed by stray cattle. The animals wander through the streets, browse off the stalls in the market place, break into private gardens, defecate all over the sidewalks, and snarl traffic by pausing to chew their cuds in the middle of busy intersections. In the countryside, the cattle congregate on the shoulders of every highway and spend much of their time taking leisurely walks down the railroad tracks. Love of cow affects life in many ways. Government agencies maintain old age homes for cows at which owners may board their dry and decrepit animals free of charge.
What They Do With Your Money: How the Financial System Fails Us, and How to Fix It by Stephen Davis, Jon Lukomnik, David Pitt-Watson
Admiral Zheng, banking crisis, Basel III, Bernie Madoff, Black Swan, centralized clearinghouse, clean water, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, crowdsourcing, David Brooks, Dissolution of the Soviet Union, diversification, diversified portfolio, en.wikipedia.org, financial innovation, financial intermediation, Flash crash, income inequality, index fund, invisible hand, London Whale, Long Term Capital Management, moral hazard, Northern Rock, passive investing, performance metric, Ponzi scheme, principal–agent problem, rent-seeking, Ronald Coase, shareholder value, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical model, Steve Jobs, the market place, The Wealth of Nations by Adam Smith, transaction costs, Upton Sinclair, value at risk, WikiLeaks
Carola Frydman and Dirk Jenter, “CEO Compensation,” Rock Center for Corporate Governance at Stanford University Working Paper no. 77 (March 19, 2010): “The literature provides ample evidence that CEO compensation and portfolio incentives are correlated with a wide variety of corporate behaviors, from investment and financial policies to risk taking and manipulation”; Lucian Bebchuk and Yaniv Grinstein, “Firm Expansion and CEO Pay,” National Bureau of Economic Research Working Paper no. 11886 (November 2005). 30. Bebchuk and Grinstein, “Firm Expansion and CEO Pay.” 31. In the United Kingdom, for example, it was RBS, which had embarked on rapid acquisition, and HBOS and Northern Rock, which had been aggressive in the market place, who found themselves in greatest trouble. 32. “Governing Banks” (Global Governance Forum/International Finance Corporation, 2010). 33. Upton Sinclair, “I, Candidate for Governor: And How I Got Licked” (University of California Press, 1994). (Originally printed 1936.) 34. Ronald J. Gilson and Jeffrey N. Gordon, “The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights,” March 11, 2013, Columbia Law Review, 2013, ECGI—Law Working Paper no. 197, Columbia Law and Economics Working Paper no. 438, Rock Center for Corporate Governance at Stanford University Working Paper no. 130, http://papers.ssrn.com/sol3/papers.cfm?
Revolution at Point Zero: Housework, Reproduction, and Feminist Struggle by Silvia Federici
Community Supported Agriculture, declining real wages, equal pay for equal work, feminist movement, financial independence, global village, illegal immigration, informal economy, invisible hand, labor-force participation, land tenure, means of production, microcredit, neoliberal agenda, new economy, Occupy movement, planetary scale, Scramble for Africa, statistical model, structural adjustment programs, the market place, trade liberalization, UNCLOS, wages for housework, Washington Consensus, women in the workforce, World Values Survey
Third, starting with the Mexican and the Chinese Revolution, the most antisystemic struggles of the last century have not been fought only or primarily by waged industrial workers, Marx’s projected revolutionary subjects, but have been fought by rural, indigenous, anticolonial, antiapartheid, feminist movements. Today as well, they are fought by subsistence farmers, urban squatters, as well as industrial workers in Africa, India, Latin America, and China. Most important, theses struggles are fought by women who, against all odds, are reproducing their families regardless of the value the market places on their lives, valorizing their existence, reproducing them for their own sake, even when the capitalists declare their uselessness as labor power. What are the prospects, then, that Marxist theory may serve as a guide to “revolution” in our time? I ask this question by analyzing the restructuring of reproduction in the global economy. My claim is that if Marxist theory is to speak to twenty-first-century anticapitalist movements, it must rethink the question of “reproduction” from a planetary perspective.
Found in Translation: How Language Shapes Our Lives and Transforms the World by Nataly Kelly, Jost Zetzsche
airport security, Berlin Wall, Celtic Tiger, crowdsourcing, Donald Trump, glass ceiling, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, randomized controlled trial, Ray Kurzweil, Skype, speech recognition, Steve Jobs, the market place
The German he employed at the time seemed vibrant and modern and was more designed for the ear than for the eye. He knew that his translation would be read aloud, so he took care to make sure that the words sounded pleasant when spoken. He listened carefully to the rhythm of the language, avoiding sentences with too many unwieldy subordinate clauses and complex structures. “To translate properly is to render the spirit of a foreign language into our own idiom,” he wrote. “I try to speak as men do in the market place.” For example, Luther took Matthew 12:34b and broke it into two sentences to make it easier to read aloud—and simpler to memorize and understand. The King James Version follows the Greek syntax closely: “for out of the abundance of the heart the mouth speaketh.” Luther translated this verse into German as, “Wes das Hertz vol ist, des gehet der Mund vber,” or in English, “The person with a full heart has an overflowing mouth.”
It is useful in respect of small tools, for example, for which it would be silly to keep a separate asset account and provision for depreciation account for each little item. Revaluing is also useful in dealing with livestock, for their values go up and down; a dairy cow for example will be less valuable when very young than when fully grown, but then its value will decline as it gets old. Throughout its life this rise and fall in value may be further aﬀected by changes in food prices in the market place. If revaluation is used, no provision for depreciation is needed. 108 43 Other methods of depreciationcont. The depletion method This is used in the adjusting of values of ore bodies, mines, quarries and oil wells. The initial value of the mine, etc is divided by the quantity of ore or mineral that it contained at the beginning; the quotient is then multiplied by the quantity actually mined in the accounting year to give the amount of depletion in value.
Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed
Albert Einstein, anti-communist, bank run, banking crisis, Bretton Woods, British Empire, capital controls, central bank independence, centre right, credit crunch, currency manipulation / currency intervention, Etonian, full employment, German hyperinflation, index card, invisible hand, Lao Tzu, large denomination, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, mobile money, moral hazard, new economy, open economy, Plutocrats, plutocrats, price stability, purchasing power parity, pushing on a string, rolodex, the market place
“to establish some sort of dictatorship”: Letter from Strong to Walter Stewart, quoted in Clay, Lord Norman, 265. 303 “speculation on the stock market”: Chicago Tribune, July 14, 1928. 303 “most vehement language”: “Memorandum on Bank of England—Bank of France Relations,” May 24, 1928, quoted in Chandler, Benjamin Strong, 417-18. 304 At one point, several frustrated senior directors: Letter from Siepmann to Steward, July 8, 1928, cited in Boyce, British Capitalism, 23, n. 69. 304 “One moment he would be sunny”: Boyle, Montagu Norman, 235. 304 “How hard and how cruel”: Chandler, Benjamin Strong, 472. 304 “I am desolate and lonesome”: Boyle, Montagu Norman, 238. 16: INTO THE VORTEX 307 At particular times: Bagehot, “Edward Gibbon,” National Review, January 1856, in The Collected Works: Literary Essays, 352. 307 “stocks could be beat”: “The Magnet of Dancing Stock Prices,” New York Times, March 24, 1929. 308 The bubble began: Acampora, The Fourth Mega-Market, 129. 309 “The old-timers”: “The Magnet of Dancing Stock Prices,” New York Times, March 24, 1929. 310 “You could talk about Prohibition”: Cockburn, In Time of Trouble, quoted in Brooks, Once in Golconda, 82. 310 Anyone trying to throw doubt: Noyes, The Market Place, 322. 310 As the crowd piling into the market: Charles, Merz. “Bull Market,” Harpers Monthly Magazine, April 1929, 643. 310 “bootblacks, household servants”: Charles, Merz. “Bull Market.” Harpers Monthly Magazine, April 1929, 643. 311 “Taxi drivers told you what to buy”: Baruch, The Public Year, 220. 311 “When the time comes that a shoeshine boy”: Goodwin, The Fitzgeralds and the Kennedys, 488. 311 “hard losers and naggers”: Patterson, The Great Boom and Panic, 18. 311 Even the New York Times: “The Army of Women Who Watch the Ticker,” New York Times, March 31, 1929. 312 Biggest of them was Billy Durant: Sparling, Mystery Men of Wall Street, 3-42. 312 “History, which has a painful way”: “Warburg Assails Federal Reserve,” New York Times, March 8, 1929. 312 “sandbagging American prosperity”: Galbraith, The Great Crash, 77. 313 “Monty and Ben sowed the wind”: Chernow, The House of Morgan, 313. 313 “speculative orgy,” “There are many underlying reasons,” “stock speculation,” “The prevailing bull market”: “The Stock-Speculating Mania,” The Literary Digest, December 8, 1928. 314 It was from Washington: Ellis, A Nation in Torment, 40. 315 “displayed some life”: Moreau, The Golden Franc, 89. 315 “When the American people”: Interview with Roy Young, Committee on the History of the Federal Reserve System, Washington: Brookings Institution, 1954-55. 316 The following exchange: Hearings of Senate Committee on Banking and Currency on Brokers’ Loans.
Schacht: Hitler’s Magician. New York: Alliance Book Corporation, 1939. NETTER, MARCEL. Histoire de la Banque de France entre les deux Guerres. Pomponne: Monique de Tayrac, 1993. NICOLSON, HAROLD. Dwight Morrow. New York: Harcourt Brace and Co., 1935. ____________ Peacemaking 1919. New York: Harcourt Brace and Co., 1939. Norris, George W. Ended Episodes. Philadelphia: John C. Winston. 1937. Noyes, ALEXANDER D. The Market Place: Reminiscences of a Financial Editor. New York: Little Brown, 1938. Nurske, RAGNAR. International Currency Experience. Geneva: League of Nations, 1944. Overy, RICHARD. Interrogations: The Nazi Elite in Allied Hands, 1945.London: Penguin, 2001. PALYI, MELCHIOR. The Twilight of Gold. Chicago, IL: Henry Regnery Company, 1972. PARKER, RANDALL E. Reflections on The Great Depression. Cheltenham: Edward Elgar, 2002. ____________ The Economics of the Great Depression.
Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das
affirmative action, Albert Einstein, algorithmic trading, Andy Kessler, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial independence, financial innovation, fixed income, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, job automation, Johann Wolfgang von Goethe, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Kevin Kelly, labour market flexibility, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, merger arbitrage, Mikhail Gorbachev, Milgram experiment, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Naomi Klein, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, pets.com, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative ﬁnance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, Richard Thaler, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond
., the UK and across the world has been that financial innovation is by definition beneficial, since market discipline will winnow out any unnecessary or value destructive innovations. As a result, regulators have not considered it their role to judge the value of different financial products, and they have in general avoided direct products regulation, certainly in wholesale markets with sophisticated investors.6 It was a matter of faith: Our soundness standards should be no more or no less stringent than those the market place would impose. If banks were unregulated, they would take on any amount of risk they wished, and the market would price their capital and debt accordingly.7 Capital held by banks and brokers against loss decreased, increasing their leverage. The definition of capital was expanded to include hybrid capital, debt ranking below deposits and senior borrowings. Cheaper than normal equity, hybrids avoided dilution of existing shareholders.
Michael Greenberger, a director at the CFTC, noted: “Brooksley was this woman...not playing tennis with these guys...not having lunch with these guys...this woman was not of Wall Street.”29 Greenspan told Born that she did not understand what she was doing: “regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.”30 Regulation would reduce market efficiency, create uncertainty, and reduce standards of living. The market place was automatically self-regulating. Market regulation was superior to even minimal intervention. Acknowledging that derivatives create linkages that transmit risks, Greenspan dismissed the possibility of problems in the financial system as extremely remote. Regulation would cause a flight of capital from America, reducing its financial influence. Arguing that the CFTC had no authority over derivatives, Rubin offered Born an education in the applicable laws on the powers of the regulator.
City: Urbanism and Its End by Douglas W. Rae
agricultural Revolution, barriers to entry, business climate, City Beautiful movement, complexity theory, desegregation, edge city, ghettoisation, income per capita, informal economy, interchangeable parts, invisible hand, James Watt: steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, manufacturing employment, New Economic Geography, new economy, New Urbanism, Plutocrats, plutocrats, Saturday Night Live, the built environment, The Death and Life of Great American Cities, the market place, urban planning, urban renewal, War on Poverty, white flight, Works Progress Administration
Indeed, with the exception of Roger White’s home to the north on Everit Street, this is by far the most tightly centered group in the entire range covered by this chapter. Blake lived and worked in the same house and wrote with dry wit about the historical Green: “Before [October 1639] . . . the stocks and doubtless the whipping post had been erected on the market place; and thus these emblems of Christian civilization were the earliest tokens of its dedication to free institutions and public enjoyment. Four days later . . . as the record tersely informs us, ‘the Indian’s head was cut off and pitched upon a pole in the market place,’ this being the second step in the improvement of the Green and the first attempt to put a cheerful face upon the public pleasure ground.”34 Trowbridge had a walk of just four hundred yards to and from work. Daggett had a trip of about six hundred yards to make each day.
affirmative action, Albert Einstein, Andrei Shleifer, barriers to entry, Berlin Wall, colonial rule, Daniel Kahneman / Amos Tversky, double entry bookkeeping, Edward Glaeser, en.wikipedia.org, endowment effect, European colonialism, experimental economics, experimental subject, George Akerlof, income per capita, invention of the telephone, Jane Jacobs, John von Neumann, law of one price, Martin Wolf, mutually assured destruction, New Economic Geography, new economy, Plutocrats, plutocrats, Richard Florida, Richard Thaler, Ronald Reagan, Silicon Valley, spinning jenny, Steve Jobs, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, women in the workforce
That isn’t true, although the Bertrand-Mullainathan study was on a particularly grand scale. The first researchers were British sociologists Roger Jowell and Patricia Prescott-Clarke, whose work, published in 1970, strongly influenced parliamentary debate at the time. Economists Peter Riach and Judith Rich, who have themselves carried out many such trials, survey the history of the method in “Field Experiments of Discrimination in the Market Place,” Economic Journal 112 (November 2002): 480–518. To find out who suffers: Gary Becker, The Economics of Discrimination (Chicago: University of Chicago Press, 1971). Also see Glen Cain, “The Economic Analysis of Labor Market Discrimination: A Survey,” in Orley Ashenfelter and Richard Layard, eds., Handbook of Labor Economics (New York: Elsevier, 1986), chapter 13. Becker’s Nobel lecture also contains a very brief summary of his analysis of discrimination.
Protocol: how control exists after decentralization by Alexander R. Galloway
Ada Lovelace, airport security, Berlin Wall, bioinformatics, Bretton Woods, computer age, Craig Reynolds: boids flock, discovery of DNA, double helix, Douglas Engelbart, easy for humans, difficult for computers, Fall of the Berlin Wall, Grace Hopper, Hacker Ethic, informal economy, John Conway, Kevin Kelly, late capitalism, linear programming, Marshall McLuhan, means of production, Menlo Park, mutually assured destruction, Norbert Wiener, packet switching, phenotype, post-industrial society, profit motive, QWERTY keyboard, RAND corporation, Ray Kurzweil, RFC: Request For Comment, Richard Stallman, semantic web, SETI@home, stem cell, Steve Crocker, Steven Levy, Stewart Brand, Ted Nelson, telerobotics, the market place, theory of mind, urban planning, Vannevar Bush, Whole Earth Review, working poor
Protocol, by deﬁnition, is open source, the term given to a technology that makes public the source code used in its creation. That is to say, protocol is nothing but an elaborate instruction list of how a given technology should work, from the inside out, from the top to the bottom, as exempliﬁed in the RFCs described in chapter 4. While many closed source technologies appear to be protocological due to their often monopolistic position in the market place, a true protocol cannot be closed or proprietary. It must be paraded into full view before all, and agreed to by all. It beneﬁts over time through its own technological development in the public sphere. It must exist as pure, transparent code (or a pure description of how to fashion code). As concerned protocological actors, hackers have often called attention to commercial or governmental actions that impede protocol through making tomu Shimomura, Takedown: The Pursuit and Capture of Kevin Mitnick, America’s Most Wanted Computer Outlaw—By the Man Who Did It (New York: Hyperion, 1996); Jonathan Littman, The Fugitive Game: Online With Kevin Mitnick (New York: Little Brown & Co, 1997); Jeff Goodell, The Cyberthief and the Samurai: The True Story of Kevin Mitnick—And the Man Who Hunted Him Down (New York: Dell, 1996).
Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown by Detlev S. Schlichter
bank run, banks create money, British Empire, capital controls, Carmen Reinhart, central bank independence, currency peg, Fractional reserve banking, German hyperinflation, global reserve currency, inflation targeting, Kenneth Rogoff, Long Term Capital Management, market clearing, Martin Wolf, means of production, moral hazard, mortgage debt, open economy, Ponzi scheme, price discovery process, price mechanism, price stability, pushing on a string, quantitative easing, reserve currency, rising living standards, risk tolerance, savings glut, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, Y2K
We conclude that the fractional-reserve banks are constrained in their money creation neither by any independent demand for money nor by any independent demand for loans. If they are willing to lower reserve ratios and thus run a higher risk of illiquidity—that is, being unable to meet redemption requests—they can increase their loan portfolio by encouraging additional borrowing through lower rates and place the additional money in the market place independent of the state of money demand. If money demand has not risen, the additional money will be absorbed via a tendency toward higher prices, that is, a lower purchasing power of the individual monetary unit. The only constraining factor is the overall level of reserves and the risk of a bank run. If too many people ask to exchange their fiduciary media for money proper, any bank will face the risk of running out of reserves.
air freight, banking crisis, big-box store, BRICs, carbon footprint, collateralized debt obligation, collective bargaining, credit crunch, David Ricardo: comparative advantage, decarbonisation, energy security, food miles, hydrogen economy, illegal immigration, immigration reform, invisible hand, James Watt: steam engine, Just-in-time delivery, market clearing, megacity, North Sea oil, oil shale / tar sands, oil shock, peak oil, profit maximization, reserve currency, South Sea Bubble, the market place, The Wealth of Nations by Adam Smith, trade liberalization
And if transportation and carbon costs don’t bring that factory home, it is likely to be swept back to where it came from on a rising tide of protectionism. Governments around the world, led by the US, are insisting that taxpayers’ money be spent on locally produced goods. As government spending becomes a bigger part of the economy, its bias towards local procurement will shut imports out of more and more of the market place. And once the United States slaps “Buy American” restrictions on its economic stimulus packages, as it has already done on everything from water and sewage projects to bridge repairs, expect Europe, Japan, Canada, Australia, and just about everybody else to follow suit. With the recession claiming as many as 50 million jobs around the world, according to the latest estimates from the International Labor Organization (ILO), there will be a groundswell of public pressure for governments to save local jobs.
barriers to entry, business intelligence, business process, call centre, cloud computing, en.wikipedia.org, Just-in-time delivery, knowledge worker, Richard Stallman, software as a service, statistical model, supply-chain management, the market place
Therefore, if rolling out a solution at the management level, having a self-service model that enables easy to access reports or dashboards with the ability to drill through and identify potential causes or who is responsible for specific processes is important. If using BI as an analytics tool only, with end user use being relegated to more technical business and data analysts, then the ability to interact with the data and to create new joins and analytics may be more important than providing high-level information. There is a term floating around the market place called “self-service.” The problem is that this term differs based on which vendor is discussing it. The importance of self-service is that solution providers are trying to expand BI use by creating easy-to-use applications. This ease of use should reflect who is using the solution. Just as different business users have different roles within the organization, the way they use BI will be different.
Made to Break: Technology and Obsolescence in America by Giles Slade
Albert Einstein, Alexey Pajitnov wrote Tetris, Apple's 1984 Super Bowl advert, Buckminster Fuller, Cass Sunstein, Douglas Engelbart, global village, housing crisis, indoor plumbing, invention of radio, Joseph Schumpeter, Marshall McLuhan, Mikhail Gorbachev, more computing power than Apollo, mutually assured destruction, Ralph Nader, rent control, Ronald Reagan, Silicon Valley, Steve Jobs, the market place, the medium is the message, Thorstein Veblen, unemployed young men, upwardly mobile, Vladimir Vetrov: Farewell Dossier, women in the workforce
An internationally respected economist, Galbraith brought the planned obsolescence controversy into academia by observing that a society which sets for itself the goal of increasing its supply of goods will tend, inevitably, to identify all innovation with additions to, changes in, or increases in its stock of goods. It will assume, accordingly, that most research will be induced and rewarded in the market place. Much will be . . . Under the proper circumstances . . . we may expect the economy to do a superior job of inventing, developing and redesigning consumer goods and improving their process of manufacture . . . Much of this achievement will impress us only so long as we do not inquire how the demand for the products . . . is contrived and sustained. If we do, we are bound to discover that much of the research effort—as in the automobile industry—is devoted to discovering changes that can be advertised.
The Essays of Warren Buffett: Lessons for Corporate America by Warren E. Buffett, Lawrence A. Cunningham
compound rate of return, corporate governance, Dissolution of the Soviet Union, diversified portfolio, dividend-yielding stocks, fixed income, index fund, invisible hand, large denomination, low cost carrier, oil shock, passive investing, price stability, Ronald Reagan, the market place, transaction costs, Yogi Berra, zero-coupon bond
But we would rather have earnings for which we did not get accounting credit put to good use in a 10%-owned company by a management we did not personally hire, than have earnings for which we did get credit put into projects of more dubious potential by another management-even if we are that management. (We can't resist pausing here for a short commercial. One usage of retained earnings we often greet with special enthusiasm when practiced by companies in which we have an investment interest is repurchase of their own shares. The reasoning is simple: if 168 CARDOZO LAW REVIEW [Vol. 19:1 a fine business is selling in the market place for far less than intrinsic value, what more certain or more profitable utilization of capital can there be than significant enlargement of the interests of all owners at that bargain price? The competitive nature of corporate acquisition activity almost guarantees the payment of a full-frequently more than full-price when a company buys the entire ownership of another enterprise. But the auction nature of security markets often allows finely-run companies the opportunity to purchase portions of their own businesses at a price under 50% of that needed to acquire the same earning power through the negotiated acquisition of another enterprise.)
Monte Carlo Simulation and Finance by Don L. McLeish
Black-Scholes formula, Brownian motion, capital asset pricing model, compound rate of return, discrete time, distributed generation, finite state, frictionless, frictionless market, implied volatility, incomplete markets, invention of the printing press, martingale, p-value, random walk, Sharpe ratio, short selling, stochastic process, stochastic volatility, the market place, transaction costs, value at risk, Wiener process, zero-coupon bond
We can determine the corresponding weights on the bond and stocks (x, y) simply by solving the two equations in two unknowns x(1 + r) + ysu = V (su) x(1 + r) + ysd = V (sd) Solving: y ∗ = V (su)−V (sd) su−sd and x∗ = V (su)−y∗ su . 1+r By buying y ∗ units of stock and x∗ units of bond, we are able to replicate the contingent claim V (S1 ) exactly- i.e. produce a portfolio of stocks and bonds with exactly the same return as the contingent claim. So in this case at least, there can be only one possible present value for the contingent claim ∗ and that is the present value ∗ of the replicating portfolio x + y s. If the market placed any other value on the contingent claim, then a trader could guarantee a positive return by a simple trade, shorting the contingent claim and buying the equivalent portfolio or buying the contingent claim and shorting the replicating portfolio. Thus this is the only price that precludes an arbitrage opportunity. There is a simpler 18 CHAPTER 2. SOME BASIC THEORY OF FINANCE expression for the current price of the contingent claim in this case: Note that 1 1 EQ V (S1 ) = (qV (su) + (1 − q)V (sd)) 1+r 1+r 1 1+r−d u − (1 + r) = ( V (su) + V (sd)) 1+r u−d u−d = x∗ + y ∗ s.
accounting loophole / creative accounting, airline deregulation, Andrei Shleifer, asset allocation, Bretton Woods, buy low sell high, capital asset pricing model, commodity trading advisor, corporate governance, discounted cash flows, diversification, diversified portfolio, fixed income, frictionless, high net worth, index fund, inflation targeting, invisible hand, law of one price, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, market bubble, merger arbitrage, new economy, passive investing, price mechanism, purchasing power parity, risk tolerance, risk-adjusted returns, risk/return, Ronald Reagan, shareholder value, Sharpe ratio, short selling, statistical arbitrage, the market place, transaction costs, Y2K, yield curve
Graphically, a tax increase’s effect can be depicted as a supply curve’s upward shift, where the vertical distance between the two supply curves is the tax’s amount (see Figure 11.3a). Consumers facing a higher price (P*) move upward along the demand curve and cut back on their purchases. Consumption of the taxed commodity falls to Q1 from Q0. Suppliers facing a lower price (P1) reduce the quantity delivered to the market place. Because consumers want to buy a lower quantity and suppliers want to sell a lower quantity, the new equilibrium requires that a lower quantity is transacted. The difference between the price the consumer paid (P*) and the price the suppliers paid (P1) denotes the marginal tax rate while the new quantity transacted denotes the tax base. The product of the two denotes the tax revenues collected (the rectangle P*–B–D–P1).
The New Science of Asset Allocation: Risk Management in a Multi-Asset World by Thomas Schneeweis, Garry B. Crowder, Hossein Kazemi
asset allocation, backtesting, Bernie Madoff, Black Swan, capital asset pricing model, collateralized debt obligation, commodity trading advisor, correlation coefficient, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, diversified portfolio, fixed income, high net worth, implied volatility, index fund, interest rate swap, invisible hand, market microstructure, merger arbitrage, moral hazard, passive investing, Richard Feynman, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance, risk-adjusted returns, risk/return, Sharpe ratio, short selling, statistical model, systematic trading, technology bubble, the market place, Thomas Kuhn: the structure of scientific revolutions, transaction costs, value at risk, yield curve
., because of access to technology or information), the investor may be charged a fee equal to the excess return such that the net return will be similar to that of investment in the passive index (e.g., manager returns – manager fee ≥ return on passive index). The manager’s fee is supposed to cover the cost of acquiring the technology and/or information plus the investment made in time and effort to use that technology and information. The combination of the CAPM and the EMH gave the market place the twin academic pillars required for the development of the asset allocation industry. All that was needed was a third pillar, a business model capable of developing the infrastructure required to market this new industry. Fortunately, computers and information technology had advanced such that in the late 1960s the investment industry witnessed the expansion of the index business. Both within the United States and overseas, monthly and even daily data series of domestic and global stock indices were being created.
The Locavore's Dilemma by Pierre Desrochers, Hiroko Shimizu
air freight, back-to-the-land, British Empire, Columbian Exchange, Community Supported Agriculture, edge city, Edward Glaeser, food miles, Food sovereignty, global supply chain, intermodal, invention of agriculture, inventory management, invisible hand, Jane Jacobs, labour mobility, land tenure, megacity, moral hazard, mortgage debt, oil shale / tar sands, oil shock, peak oil, planetary scale, profit motive, refrigerator car, Steven Pinker, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, Upton Sinclair, urban sprawl
Longmans, Green & Co, p. 320 From the beginning of markets and civilization, intermediaries have been engaged in the assembling, grading, packaging, processing, storing, transporting, financing, distributing, and advertising of goods and services of all kinds. As a result of their activities, primary producers and final consumers quickly lost track of each other. Writing more than two millennia ago, Plato described in his Republic a class of “retailers” who “sit in the market-place [and] engaged in buying and selling.” These individuals proved especially useful when a farmer brought “some production to market . . . at a time when there is no one to exchange with him.”1 Closer to us, in an economic fable written in the 1840s, the economist Frédéric Bastiat described a French shoemaker who could not identify the countries of origins for the wheat that fed him, the coal that kept him warm, and the leather, nails, and hammer that he used in his trade.2 In Tess of the d’Ubervilles, Thomas Hardy’s 1891 novel, two protagonists talk about the milk they have just loaded onto a train in the following way:“Londoners will drink it at their breakfasts to-morrow, won’t they?”
We-Think: Mass Innovation, Not Mass Production by Charles Leadbeater
1960s counterculture, Andrew Keen, barriers to entry, bioinformatics, c2.com, call centre, citizen journalism, clean water, cloud computing, complexity theory, congestion charging, death of newspapers, Debian, digital Maoism, double helix, Edward Lloyd's coffeehouse, frictionless, frictionless market, future of work, game design, Google Earth, Google X / Alphabet X, Hacker Ethic, Hernando de Soto, hive mind, Howard Rheingold, interchangeable parts, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jean Tirole, jimmy wales, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, lone genius, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, microcredit, new economy, Nicholas Carr, online collectivism, planetary scale, post scarcity, Richard Stallman, Silicon Valley, slashdot, social web, software patent, Steven Levy, Stewart Brand, supply-chain management, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Whole Earth Catalog, Zipcar
The battle to bring democracy to repressive states will be fought online through thousands of struggles like those in Shanwei, by people who want simply to be able to think out loud, together. So on balance, will the open web be good for democracy? Yes, it will. Equality The Utopian hopes invested in the web’s democratic potential are matched by claims for its capacity to promote equality by breaking down concentrations of power based on information and knowledge, and lowering barriers to entry into the market-place for ideas. In a global economy that trades information and ideas as much as raw materials and physical goods, anyone with a computer and a modem can become a participant. At least that is the theory. There are serious doubts as to whether the web will do much to make the world less unequal and make any difference to the most pressing problems facing the poorest societies in the developing world.
The Map That Changed the World by Simon Winchester
If Townsend could do such a thing, Richardson suddenly thought, then perhaps some less scrupulous men—maybe numbered among those who had been so generously sent details of Smith’s thinking—might also be drawn to publishing, and to stealing Smith’s glory for themselves. Richardson heard that Smith was passing through Bath on one of his countless freelance excursions, found out that he was putting up at “the Pack Horse, in the Market Place,” and penned him a hurried warning, a document that later turned out to be as prescient as its language was orotund. “My dear friend,” he wrote: To prevent the first admission of the ideas of your communication being turned to another’s advantage (which however I cannot injure our friend the Rev. Jos. Townsend by supposing him to have entertained), I assured him before he left Bath that you had determined instantly upon giving it to the public yourself, and that you meant to publish it….
Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown
Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Ronald Reagan, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional
Second, the reason practices are separable from products and are transferable is that the ultimate end of every organization is presumed to be the same: competitive advantage in a marketplace. As one benchmarking expert puts the matter, “benchmarking is a positive, proactive, structured process which leads to changing operations and eventually attaining superior performance and a competitive advantage.”51 Benchmarking works because “solving ordinary business problems, conducting management battles and surviving in the market place are all forms of war, fought by the same rules [know your enemy and know yourself].”52 While benchmarking manuals for the nonprofit and public sectors may issue cautions about organizations P o l i t i c a l R at i o n a l i t y a n d G o v e rn a n c e 137 importing “unproven ideas” with great expenditures and “minimal fiscal returns as a result,” the issue is not one of borrowing from a sector with different purposes from one’s own.53 Rather, the problem is mistaking untested “promising practices” for “Best Practices.”54 Thus, one scholar of benchmarking notes that “as educational institutions have been focusing more and more on quality related issues,” they are wisely employing benchmarking because “educational institutions tend to have quite similar core competence areas, that is, educating the customer to her needs.”55 The third implication of benchmarking’s presumptive isolation of practices builds on the first two: if practices can be separated from products precisely because every organization is presumed to be driven by the aim of succeeding in a competitive marketplace, the employment of benchmarking and best practices themselves challenge or simply wither other aims in nonprofit institutions by marketizing their cultures.
barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, clean water, computer age, Corn Laws, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, full employment, global village, hiring and firing, Howard Rheingold, income inequality, informal economy, invisible hand, Jane Jacobs, Joseph Schumpeter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Marshall McLuhan, McJob, microcredit, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pensions crisis, Ronald Reagan, Silicon Valley, spinning jenny, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population
Consumers will prefer to see or hear them, even at a slightly higher cost, because they are the known star quantity. There is much less of a market for the tenth best or twentieth best. Frank and Cook point out that superstar status increasingly applies outside the conventional areas of sport and entertainment. A global brand will make its manufacturer far, far more money than a very similar product that does not achieve the same recognition in the market place. That means that there are superstar product designers, engineers, advertising executives and so on — anybody with a proven record of success will become a celebrity in his or her own field. The authors write: ‘The winner-take-all markets ... have become an increasingly important feature of modern economic life. They have permeated law, journalism, consulting, medicine, investment banking, corporate management, publishing, design, fashion, even the hallowed halls of academe.’
The Future of Money by Bernard Lietaer
agricultural Revolution, banks create money, barriers to entry, Bretton Woods, clean water, complexity theory, dematerialisation, discounted cash flows, diversification, fiat currency, financial deregulation, financial innovation, floating exchange rates, full employment, George Gilder, German hyperinflation, global reserve currency, Golden Gate Park, Howard Rheingold, informal economy, invention of the telephone, invention of writing, Lao Tzu, Mahatma Gandhi, means of production, microcredit, money: store of value / unit of account / medium of exchange, Norbert Wiener, North Sea oil, offshore financial centre, pattern recognition, post-industrial society, price stability, reserve currency, Ronald Reagan, seigniorage, Silicon Valley, South Sea Bubble, the market place, the payments system, trade route, transaction costs, trickle-down economics, working poor
Over two million titles are available at any time with the click of a mouse. Some people would like to extrapolate such dizzying trends Forever; as of November 1998, the Amazon.com stock market valuation was $6.3 billion. In 1998, the largest publisher the world. Bertelsmann of Germany, decided to acquire Barnes and Noble's Internet shop so it could partake directly in the electronic fray. However, the real Internet book revolution is still invisible in the market place. Patents have been issued for a thin-leafed 'electronic book'. Such an 'e-book' looks like a normal book with a few hundred paper-thin pages, but each 'intelligent' page is controlled by its own computer chip and covered with millions of microscopic two-toned particles. The book's 'spine' hides the chips, power and connection plugs needed. Unlike a computer screen, you can flip to any page back and forth, and remember where you were.
Demanding the Impossible: A History of Anarchism by Peter Marshall
agricultural Revolution, anti-communist, Bertrand Russell: In Praise of Idleness, clean water, collective bargaining, colonial rule, David Graeber, feminist movement, garden city movement, hive mind, Howard Zinn, invisible hand, laissez-faire capitalism, land reform, land tenure, Lao Tzu, Machinery of Freedom by David Friedman, Mahatma Gandhi, means of production, Naomi Klein, open borders, Plutocrats, plutocrats, post scarcity, profit motive, Ralph Waldo Emerson, road to serfdom, Ronald Reagan, the market place, union organizing, wage slave, washing machines reduced drudgery
As such it ‘prepares the woman for a life of a parasite, a dependent helpless servant, while it furnishes the man the right to a chattel mortgage over a human life’.45 A woman therefore emancipates herself when she admires a man only for the qualities of his heart and mind, asserts the right to follow that love without hindrance, and declares the absolute right to free motherhood. No anarchist thinker other than Godwin has compiled such a trenchant critique of the ‘market place of marriage’. Goldman not only advocated free love but practised it. She had at least one affair with another woman. In her twenties, she lived with Berkman and the artist Fedya as a ménage à trois. In 1908 when she was thirty-eight she took a lover called Ben Reitman who was nine years her junior. He was known as the ‘Hobo King’ for his work as a doctor in Chicago among vagrants. For all her declarations of independence, she became obsessed by the ‘handsome brute’.
Like a plant or a child, nature has a potential which it tries to unfold with a dim sense of ‘will’ and ‘choice’ but its realization depends on its relationships with other beings and things in its total environment. Like Kropotkin, Bookchin believes that nature can offer the basis for objective ethics. Since ’nature is writing its own nature philosophy and ethics’, it is possible to draw moral lessons from the ways of nature.12 And the most important lesson is that nature is not blind, mute or stingy, but provides the grounds for human freedom.13 Rejecting the market-place image of nature, he adopts an ecological image which sees it as essentially creative, directive, mutualistic and fecund. Bookchin develops Hegel’s argument that substance is subjectivity but tries to release it from its idealist implications. He maintains that nature organizes itself into more complex and conscious forms, ever greater ‘complexity, subjectivity and mind’.14 Bookchin further gives an account of evolution which confirms Kropotkin’s stress on co-operation as the key factor in the survival of the species but adds that it takes place through an immanent striving rather than as the chance product of external forces.
Extreme liberals inspired by J. S. Mill who are concerned with civil liberties like to call themselves libertarians. They tend to be individualists who trust in a society formed on the basis of voluntary agencies. They reject a strong centralized State and believe that social order, in the sense of the security of persons and property, can best be achieved through private firms competing freely in the market-place. In its moderate form, right libertarianism embraces laissez-faire liberals like Robert Nozick who call for a minimal State, and in its extreme form, anarcho-capitalists like Murray Rothbard and David Friedman who entirely repudiate the role of the State and look to the market as a means of ensuring social order. While undoubtedly related to liberalism and socialism, true anarchism goes beyond both political tendencies.
The Naked and the Dead by Norman Mailer
(All the frenetic schemings, the cigar smoke, the coke smoke, the carbolic and retch of the el, the frightened passion for movement of an ant nest suddenly jarred, the vast hurried grabbing plans of thousands of men whose importance is confined to a street, a café, and there is no other sense than one of the present. History is remembered with a shrug; its superlatives do not match ours. The immense ego of city people. How do you conceive your own death, your own unimportance in all that man-created immensity, through all the marble vaults and brick ridges and the furnaces that lead to the market place? You always believe somehow that the world will end with your death. It is all more intense, more violent, more rutted than life anywhere else.) And in the humus around the mushroom stem grow the suburbs. Since we added that last wing, we got twenty-two rooms now, Lord knows what the hell we’re gonna do with ’em, Bill Hearn shouts. But Ina you can’t tell her a goddam thing, she figures she needs it, and we got it.
You never do find out what makes you tick, and after a while it’s unimportant. Somewhere in America now were the cities, and the refuse sitting on the steps, the electric lights and the obeisance to them. (All the frenetic schemings, the cigar smoke, the coke smoke, the passion for movement like an ant nest suddenly jarred. How do you conceive your own death in all the marble vaults, the brick ridges and the furnaces that lead to the market place?) It was disappearing now, the water washing almost completely over the land, the long vast night of the Pacific settling overhead. And there was the yearning toward the land that disappeared. Not love, not hate necessarily, but an emotion when he had expected none at all. Always there was the power that leaped at you, invited you. Hearn sighed, went out to the rail again. And all the bright young people of his youth had butted their heads, smashed against things until they got weaker and the things still stood.
The Market for Force: The Consequences of Privatizing Security by Deborah D. Avant
barriers to entry, corporate social responsibility, failed state, hiring and firing, interchangeable parts, Mikhail Gorbachev, Peace of Westphalia, private military company, profit motive, RAND corporation, rent-seeking, rolodex, the market place, The Nature of the Firm, trade route, transaction costs
In the modern era it has been specifically linked with the state, and, as democratic norms grew in parts of the world, with accountability. 59 The private sphere is taken to hold the market, the family, and the variety of activities that are deemed to take place outside the purview of the state – such as religion. And yet, the distinctions do not always add up. When juxtaposing the private family with the public sphere, public may include the market- place. And, as Martha Minow points out, in modern times the very definition of what is private – from charity to marriage – is currently established by government policy. “What is a family, who is a parent, who can marry are each decisions made by governments with important Prussian Army (London: Oxford University Press, 1955, 1979); Janice Thomson, Mercenaries, Pirates and Sovereigns: State Building and Extraterritorial Violence in Early Modern Europe (Princeton: Princeton University Press, 1994). 57 See Thomson, Mercenaries, Pirates and Sovereigns; Hendrik Spruyt, The Sovereign State and its Competitors (Princeton: Princeton University Press, 1994). 58 Jean Elshtain, Public Man, Private Woman (Princeton: Princeton University Press, 1981); in the pre-modern era, the words were used to distinguish between types of war – each subject to different rules.
Civilization: The West and the Rest by Niall Ferguson
Admiral Zheng, agricultural Revolution, Albert Einstein, Andrei Shleifer, Atahualpa, Ayatollah Khomeini, Berlin Wall, BRICs, British Empire, clean water, collective bargaining, colonial rule, conceptual framework, Copley Medal, corporate governance, credit crunch, David Ricardo: comparative advantage, Dean Kamen, delayed gratification, Deng Xiaoping, discovery of the americas, Dissolution of the Soviet Union, European colonialism, Fall of the Berlin Wall, Francisco Pizarro, full employment, Hans Lippershey, haute couture, Hernando de Soto, income inequality, invention of movable type, invisible hand, Isaac Newton, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Joseph Schumpeter, land reform, land tenure, Louis Pasteur, Mahatma Gandhi, market bubble, Martin Wolf, means of production, megacity, Mikhail Gorbachev, new economy, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, purchasing power parity, quantitative easing, rent-seeking, reserve currency, road to serfdom, Ronald Reagan, savings glut, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special economic zone, spice trade, spinning jenny, Steve Jobs, Steven Pinker, The Great Moderation, the market place, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Thorstein Veblen, total factor productivity, trade route, transaction costs, transatlantic slave trade, transatlantic slave trade, upwardly mobile, uranium enrichment, wage slave, Washington Consensus, women in the workforce, World Values Survey
Whereas other religions associated holiness with the renunciation of worldly things – monks in cloisters, hermits in caves – the Protestant sects saw industry and thrift as expressions of a new kind of hard-working godliness. The capitalist ‘calling’ was, in other words, religious in origin: ‘To attain … self-confidence [in one’s membership of the Elect] intense worldly activity is recommended … [Thus] Christian asceticism … strode into the market-place of life.’4 ‘Tireless labour’, as Weber called it, was the surest sign that you belonged to the Elect, that select band of people predestined by God for salvation. Protestantism, he argued, ‘has the effect of liberating the acquisition of wealth from the inhibitions of traditionalist ethics; it breaks the fetters on the striving for gain not only by legalizing it, but … by seeing it as directly willed by God’.
Capitalism: the unknown ideal by Ayn Rand
Albert Einstein, anti-communist, Berlin Wall, British Empire, East Village, Ford paid five dollars a day, full employment, Isaac Newton, laissez-faire capitalism, means of production, minimum wage unemployment, profit motive, the market place, trade route, transcontinental railway, urban renewal, War on Poverty
This has never been proposed by a major party candidate for the Presidency and is not now proposed by Lyndon Johnson. [True.] There is, however, a whole series of American legislative acts that increase either government regulation of private business or government responsibility for individual welfare. [True.] It is to such legislation that warning cries of “socialism!” refer. Besides the Constitutional provision for Federal regulation of interstate commerce, such “intrusion” of government into the market-place begins with the antitrust laws. [Very true.] To them we owe the continued existence of competitive capitalism and the non-arrival of cartel capitalism. [Untrue.] Inasmuch as socialism is the product, one way or another, of cartel capitalism [untrue], it may reasonably be said that such government interference with business has in fact prevented socialism. [Worse than untrue.] As to welfare legislation, it is still light years away from the “cradle to grave” security sponsored by contemporary socialism.
3D printing, additive manufacturing, Albert Einstein, barriers to entry, borderless world, carbon footprint, centre right, collaborative consumption, collaborative economy, Community Supported Agriculture, corporate governance, decarbonisation, distributed generation, en.wikipedia.org, energy security, energy transition, global supply chain, hydrogen economy, income inequality, informal economy, invisible hand, Isaac Newton, job automation, knowledge economy, manufacturing employment, marginal employment, Martin Wolf, Masdar, megacity, Mikhail Gorbachev, new economy, oil shale / tar sands, oil shock, open borders, peak oil, Ponzi scheme, post-oil, purchasing power parity, Ray Kurzweil, Ronald Reagan, Silicon Valley, Simon Kuznets, Skype, smart grid, smart meter, Spread Networks laid a new fibre optics cable between New York and Chicago, supply-chain management, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transaction costs, trickle-down economics, urban planning, urban renewal, Yom Kippur War, Zipcar
SOCIAL ENTREPRENEURSHIP The collaborative nature of the new economy is fundamentally at odds with classical economic theory, which puts great store on the assumption that individual self-interest in the marketplace is the only effective way to drive economic growth. The Third Industrial Revolution model also eschews the kind of centralized command and control associated with traditional Soviet-style socialist economies. The new model favors lateral ventures, both in social commons and in the market place, on the assumption that mutual interest, pursued jointly, is the best route to sustainable economic development. The new era represents a democratization of entrepreneurship—everyone becomes a producer of their own energy—but also requires a collaborative approach to sharing energy across neighborhoods, regions, and whole continents. The TIR economy embodies the spirit of the social entrepreneurial movement sweeping the globe.
The Computer Boys Take Over: Computers, Programmers, and the Politics of Technical Expertise by Nathan L. Ensmenger
barriers to entry, business process, Claude Shannon: information theory, computer age, deskilling, Firefox, Frederick Winslow Taylor, future of work, Grace Hopper, informal economy, information retrieval, interchangeable parts, Isaac Newton, Jacquard loom, Jacquard loom, job satisfaction, John von Neumann, knowledge worker, loose coupling, new economy, Norbert Wiener, pattern recognition, performance metric, post-industrial society, Productivity paradox, RAND corporation, Robert Gordon, sorting algorithm, Steve Jobs, Steven Levy, the market place, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Turing machine, Von Neumann architecture, Y2K
The continuous gap between the demand and supply of qualified computer personnel had in recent years pushed up their salary levels far faster (and in many cases higher) than those of other professionals and managers. In 1965 the ADP (Automatic Data Processing, Inc.) newsletter predicted average salary increases in data processing in the range of 40 to 50 percent over the next five years.36 Programming professionals had a “personal monopoly” that “manifests itself in the market place,” which provided them with considerable opportunities for horizontal mobility, either in pursuit of higher salaries or more challenging positions.37 Simply maintaining existing programming staff levels proved a real trial for personnel managers.38 One large employer experienced a sustained turnover rate of 10 percent per month.39 For entry-level programmers whose marketability increased rapidly the turnover rate was a high as 100 percent, one personnel manager estimated, which further exacerbated the problem of training and recruitment.40 Who was willing to train programmers only to see them leverage that investment into a higher salary elsewhere?
Apple II, augmented reality, autonomous vehicles, bioinformatics, Build a better mousetrap, business process, cloud computing, computer vision, cyber-physical system, distributed generation, game design, Grace Hopper, Richard Feynman, Richard Feynman, Silicon Valley, skunkworks, Skype, smart transportation, speech recognition, statistical model, stealth mode startup, Steve Jobs, Steve Wozniak, the market place, Yogi Berra
Properties that we’ve been able to improve include stain blocking, washability, adhesion to a variety of substrates, film opacity, odor in the paint, and flow and leveling. Stern: The product that you’re selling, in a sense, is not an end product. You were fairly removed from the actual end user. How did you find the problems to work on then? Does the customer come to you? Did you go into the market place? Maurice: We talk about it in one of two categories. First, there is a technology push, where you’re working in the lab and you come up with some new chemistry, some new reaction, and some new component that is going to give you some improvements in performance. Then what you do is you can take that technology and build it into something. Then you go to your customer and say, “You haven’t asked for this, but this does something that we think you should be really interested in.”
AltaVista, barriers to entry, Black Swan, bounce rate, business intelligence, butterfly effect, call centre, Claude Shannon: information theory, complexity theory, correlation does not imply causation, en.wikipedia.org, first-price auction, information retrieval, inventory management, life extension, linear programming, megacity, Nash equilibrium, Network effects, PageRank, place-making, price mechanism, psychological pricing, random walk, Schrödinger's Cat, sealed-bid auction, search engine result page, second-price auction, second-price sealed-bid, sentiment analysis, social web, software as a service, stochastic process, telemarketer, the market place, The Present Situation in Quantum Mechanics, the scientific method, The Wisdom of Crowds, Vickrey auction, yield management
Positioning.â•‡ Positioning is how your product, service, or company is thought of in the marketplace by consumers. How do people think and talk about you when you are not present? How do people think and talk about your company? What positioning do you have in your market, in terms of the specific words people use when they describe you and your offerings to others? Position advertising is a direct method of achieving position in the market place. How customers view a business can be a critical determinant of success in a competitive marketplace . Many times a customer’s view of a business may be a single attribute, either positive or negative. For example: “the service of this airline sucks,” “this store always has cool stuff!” or “the chef in this restaurant always makes great desserts!” For sponsored search, the keyphrases and advertisement copy must be in line with what the customers think of the business.
Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, Long Term Capital Management, Louis Pasteur, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, means of production, Mikhail Gorbachev, millennium bug, moral hazard, mortgage debt, new economy, Northern Rock, offshore financial centre, open economy, Plutocrats, plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Washington Consensus, working poor, éminence grise
For example, the electoral success of the German Greens in the 1980s indicated a widespread sensitivity to environmental issues that was not being met by German producers. The regulatory initiatives that the Green Party demanded as its price for supporting successive governments were resisted by the German motor industry in the 1990s, but they expressed genuine consumer preference that could not be expressed in the market place because there were simply no green or even greenish cars. So the regulators made the demands in the consumers’ place. And regulation need not be heavy handed: by setting performance and target standards rather than prescriptive specifications, firms had plenty of freedom to choose how they would achieve the required results. As a result, the German car industry made giant improvements in fuel efficiency and carbon emission that have served it well.56 This is also the regulatory process adopted by Japan’s Top Runner programme, which was launched in 1998 to promote energy efficiency.
The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna, Michael J. Casey
3D printing, Airbnb, altcoin, bank run, banking crisis, bitcoin, blockchain, Bretton Woods, California gold rush, capital controls, carbon footprint, clean water, collaborative economy, collapse of Lehman Brothers, Columbine, Credit Default Swap, cryptocurrency, David Graeber, disintermediation, Edward Snowden, Elon Musk, ethereum blockchain, fiat currency, financial innovation, Firefox, Flash crash, Fractional reserve banking, hacker house, Hernando de Soto, high net worth, informal economy, Internet of things, inventory management, Julian Assange, Kickstarter, Kuwabatake Sanjuro: assassination market, litecoin, Long Term Capital Management, Lyft, M-Pesa, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, money: store of value / unit of account / medium of exchange, Network effects, new economy, new new economy, Nixon shock, offshore financial centre, payday loans, peer-to-peer lending, pets.com, Ponzi scheme, prediction markets, price stability, profit motive, RAND corporation, regulatory arbitrage, rent-seeking, reserve currency, Robert Shiller, Robert Shiller, Satoshi Nakamoto, seigniorage, shareholder value, sharing economy, short selling, Silicon Valley, Silicon Valley startup, Skype, smart contracts, special drawing rights, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, supply-chain management, Ted Nelson, The Great Moderation, the market place, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, Turing complete, Tyler Cowen: Great Stagnation, Uber and Lyft, underbanked, WikiLeaks, Y Combinator, Y2K, Zimmermann PGP
We’ve mentioned that bitcoin’s software is preprogrammed to generate a consistent amount of new bitcoins over a 130-year period, and that these are issued as rewards to computer owners known as miners for their work confirming transactions. Of course, this doesn’t mean people won’t be able to keep using bitcoins, which can each be divided into tiny fractions. They will still be shared back and forth, their value shifting according to what price the market places on the goods and services they can buy. But for now the release of those rewards is what ensures that bitcoin’s public ledger, its blockchain, is updated, maintained, and preserved. Over time, as the generation of new bitcoins slows, the reward system will shift to one in which miners are compensated with modest transaction fees imposed on anyone making payments. Bitcoin’s blockchain ledger is a long chain of blocks, or groupings, of transactions occurring around the same time.
accounting loophole / creative accounting, Alfred Russel Wallace, Apple II, barriers to entry, British Empire, Burning Man, Cass Sunstein, Clayton Christensen, don't be evil, Douglas Engelbart, Howard Rheingold, Hush-A-Phone, informal economy, intermodal, Internet Archive, invention of movable type, invention of the telephone, invisible hand, Jane Jacobs, Joseph Schumpeter, Menlo Park, open economy, packet switching, PageRank, profit motive, road to serfdom, Ronald Coase, shareholder value, Silicon Valley, Skype, Steve Jobs, Steve Wozniak, Telecommunications Act of 1996, The Chicago School, The Death and Life of Great American Cities, the market place, The Wisdom of Crowds, too big to fail, Upton Sinclair, urban planning
In this form, AT&T would remain in charge until the 1980s, and in not substantially different form it would return in the new millennium. As Milton Mueller writes, Vail had completed the “political and ideological victory of the regulated monopoly paradigm, advanced under the banner of universal service.”26 Vail’s biographer adds, “the great work he created remains, never to come to an end so long as men buy and sell in the market place and social life endures.” What to make of Vail’s legacy? Outside official Bell histories, Vail remains a controversial figure for being such a staunch and vocal monopolist. A man who takes a highly diverse and competitive industry and eradicates all competitors is an unlikely hero beyond his own company. Even among the hardest of the hard-grabbing moguls, he has few peers. And so the temptation to paint him as a villain is strong.
air freight, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, Bretton Woods, call centre, capital asset pricing model, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, debt deflation, deglobalization, Deng Xiaoping, diversification, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, floating exchange rates, forward guidance, Fractional reserve banking, full employment, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, moral hazard, mortgage debt, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, price stability, private sector deleveraging, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, The Chicago School, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tyler Cowen: Great Stagnation, very high income, winner-take-all economy
But as long as the music is playing, you’ve got to get up and dance. We’re still dancing. Charles ‘Chuck’ Prince, Former Chairman and Chief Executive of Citigroup, 9 July 2007, Financial Times2 You never know who’s swimming naked until the tide goes out. Warren Buffett3 Simply stated, the bright new financial system – for all its talented participants, for all its rich rewards – has failed the test of the market place. Paul Volcker, 20084 What is most fascinating about the now notorious remarks by Chuck Prince, the man who led Citigroup into the disaster, is that he understood what might happen and yet felt he could do nothing to prevent it. Such was the pressure he was under, from both shareholders and the analysts to whom they listened, that he dared not try to prevent one of the world’s biggest, most complex and most highly interconnected financial groups from going ever closer to the waterfall he could see ahead.
Against Intellectual Monopoly by Michele Boldrin, David K. Levine
accounting loophole / creative accounting, agricultural Revolution, barriers to entry, cognitive bias, David Ricardo: comparative advantage, Dean Kamen, Donald Trump, double entry bookkeeping, en.wikipedia.org, Ernest Rutherford, experimental economics, financial innovation, informal economy, interchangeable parts, invention of radio, invention of the printing press, invisible hand, James Watt: steam engine, Jean Tirole, John Harrison: Longitude, Joseph Schumpeter, linear programming, market bubble, market design, mutually assured destruction, Nash equilibrium, new economy, open economy, pirate software, placebo effect, price discrimination, profit maximization, rent-seeking, Richard Stallman, Silicon Valley, Skype, slashdot, software patent, the market place, total factor productivity, trade liberalization, transaction costs, Y2K
Databases are expensive to make but cheap to copy. For this reason, private and commercial database owners cannot compete with copiers in an open market. If databases cannot earn a fair return under existing law, no rational business would invest in them until Congress changed the rules. Instead, databases flourish.33 Furthermore: Finally, many of the most popular and powerful methods depend on the market-place. If consumers want frequent updates, a would-be copier has little to gain by offering last month’s database at a bargain price. Similarly, consumers may think that a particular database is more valuable if it comes with copyrighted search software. In either case, copiers can only compete by making substantial investments of their own. The resulting protection is particularly effective in the sciences, where up-to-date, searchable data sets are at a premium.34 It beats us as to why – after pointing out all this and convincingly documenting the dramatically negative impact that introducing protected coverage P1: PDX head margin: 1/2 gutter margin: 7/8 CUUS245-08 cuus245 978 0 521 87928 6 April 29, 2008 15:42 202 Against Intellectual Monopoly of databases would have on both academic research and business activity in the United States – Maurer and Scotchmer decide to open up the door to some amount of intellectual monopoly by adding that “Congress could strengthen these methods still further by protecting each update or correction for 1 to 2 years.
Future Shock by Alvin Toffler
Albert Einstein, Brownian motion, Buckminster Fuller, cognitive dissonance, Colonization of Mars, corporate governance, East Village, global village, Haight Ashbury, information retrieval, invention of agriculture, invention of movable type, invention of writing, Marshall McLuhan, Menlo Park, New Urbanism, post-industrial society, RAND corporation, the market place, Thomas Kuhn: the structure of scientific revolutions, urban renewal, Whole Earth Catalog
THE FAD MACHINE Fast-shifting preferences, flowing out of and interacting with high-speed technological change, not only lead to frequent changes in the popularity of products and brands, but also shorten the life cycle of products. Automation expert John Diebold never wearies of pointing out to businessmen that they must begin to think in terms of shorter life spans for their goods. Smith Brothers' Cough Drops, Calumet Baking Soda and Ivory Soap, have become American institutions by virtue of their long reign in the market place. In the days ahead, he suggests, few products will enjoy such longevity. Every consumer has had the experience of going to the supermarket or department store to replace some item, only to find that he cannot locate the same brand or product. In 1966 some 7000 new products turned up in American supermarkets. Fully 55 percent of all the items now sold there did not exist ten years ago. And of the products available then, 42 percent have faded away altogether.
Reinventing Organizations: A Guide to Creating Organizations Inspired by the Next Stage of Human Consciousness by Frederic Laloux, Ken Wilber
Albert Einstein, augmented reality, blue-collar work, Buckminster Fuller, call centre, carbon footprint, conceptual framework, corporate social responsibility, crowdsourcing, failed state, future of work, hiring and firing, index card, interchangeable parts, invisible hand, job satisfaction, Johann Wolfgang von Goethe, Kenneth Rogoff, meta analysis, meta-analysis, pattern recognition, post-industrial society, quantitative trading / quantitative ﬁnance, randomized controlled trial, shareholder value, Silicon Valley, the market place, the scientific method, Tony Hsieh
On the company’s intranet is a file where colleagues can “rate” every role they currently fill, using a scale of -3 to +3: If they find the role energizing (+) or draining (-) If they find their talents aligned (+) or not (-) with this role If they find their current skills and knowledge conducive to (+) or limiting in (-) this role Using the same scale of -3 to +3, people can also signal their interest in roles currently filled by other people. The market place helps people wanting to offload and people wanting to pick up roles to find each other more easily. Talent management In the last 20 years, it’s become a general practice in large corporations to set up talent management programs. Managers throughout the company are asked to identify high potentials, which HR puts on special training tracks and provides with stretch assignments to prepare them for higher offices.
accounting loophole / creative accounting, anti-communist, Asian financial crisis, asset-backed security, Atahualpa, balance sheet recession, bank run, banking crisis, Big bang: deregulation of the City of London, Bretton Woods, British Empire, California gold rush, capital controls, Carmen Reinhart, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency manipulation / currency intervention, Deng Xiaoping, discovery of the americas, Etonian, eurozone crisis, fiat currency, financial innovation, floating exchange rates, Francisco Pizarro, full employment, German hyperinflation, hiring and firing, income inequality, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, market bubble, money: store of value / unit of account / medium of exchange, moral hazard, new economy, oil shock, Plutocrats, plutocrats, Ponzi scheme, price mechanism, quantitative easing, rolodex, Ronald Reagan, South Sea Bubble, the market place, The Wealth of Nations by Adam Smith, too big to fail, War on Poverty, Yom Kippur War
In his later memoirs, the ‘maestro’, as he was dubbed in a biography published in 2001, modestly noted that ‘history told us booms like this couldn’t and wouldn’t last forever’.3 He behaved, during the period itself, with much less circumspection than the prudent modesty of his memoirs subsequently suggested. He was, as has already been noted, a doctrinaire advocate of the free market, who believed passionately in the ‘spontaneous order’ of the market place. Towards the end of a historic tenure of the chairmanship of the Federal Reserve, a New York Times profile of the great central banker pithily summed up Greenspan’s philosophy: ‘The doctrine was not to have one.’ The article appeared on 25 August 2005, less than six months before Greenspan finally departed the Federal Reserve. It claimed that the Chairman was about to leave ‘a brilliant record but a murky legacy’ and went on to give a graphic, if somewhat nihilistic, account of his management style.
Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen
asset allocation, asset-backed security, capital controls, cognitive dissonance, corporate governance, diversification, diversified portfolio, fixed income, index fund, law of one price, Long Term Capital Management, market bubble, market clearing, market fundamentalism, passive investing, pez dispenser, price mechanism, profit maximization, profit motive, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, shareholder value, Silicon Valley, Steve Ballmer, technology bubble, the market place, transaction costs, Vanguard fund, yield curve
Yet bond investors value liquidity highly. Compare U.S. Treasury issues and Private Export Funding Corporation (PEFCO) bonds. Even though both bonds enjoy full-faith-and-credit backing of the U.S. government, the less liquid PEFCO bonds trade at prices that produce yields of as much as 0.6 percent per annum higher than comparable-maturity Treasuries. The difference in yield stems entirely from the value that the market places on liquidity. Liquidity of most corporate bonds tends to stand closer to the PEFCOs than to the Treasuries, illustrating the significant yield premium that corporate bond issuers pay to compensate investors for lack of liquidity. Highly liquid markets allow market players to pursue trading-intensive investment strategies. In contrast, long-term investors happily accept illiquidity in exchange for enhanced returns.
The Power of Gold: The History of an Obsession by Peter L. Bernstein
Albert Einstein, Atahualpa, Bretton Woods, British Empire, California gold rush, central bank independence, double entry bookkeeping, Edward Glaeser, falling living standards, financial innovation, floating exchange rates, Francisco Pizarro, German hyperinflation, Hernando de Soto, Isaac Newton, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, large denomination, liquidity trap, money: store of value / unit of account / medium of exchange, price stability, profit motive, random walk, rising living standards, Ronald Reagan, seigniorage, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route
The demand for gold and silver depends on more than monetary factors, for these metals have additional uses such as adornment or as hoards against uncertain futures. At the same time, nobody knows when new discoveries will occur. Thus, a variety of forces played upon world prices for gold and silver in the nineteenth century, creating constant disturbances within the monetary system as divergences developed between prices set in the market place and prices set at the mints. The experience of 1834 was just the first act in the drama. More violent upheavals were yet to come. The discoveries at Sutter's Mill in California in 1848 and Hargrove's discovery in Australia in 1852 shook the world. The supply of gold coming into the markets ballooned and pushed the price of gold in the marketplace downward. Now silver appeared relatively expensive.
The Future of the Professions: How Technology Will Transform the Work of Human Experts by Richard Susskind, Daniel Susskind
23andMe, 3D printing, additive manufacturing, AI winter, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, Andrew Keen, Atul Gawande, Automated Insights, autonomous vehicles, Big bang: deregulation of the City of London, big data - Walmart - Pop Tarts, Bill Joy: nanobots, business process, business process outsourcing, Cass Sunstein, Checklist Manifesto, Clapham omnibus, Clayton Christensen, clean water, cloud computing, computer age, computer vision, conceptual framework, corporate governance, crowdsourcing, Daniel Kahneman / Amos Tversky, death of newspapers, disintermediation, Douglas Hofstadter, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, Google Glasses, Google X / Alphabet X, Hacker Ethic, industrial robot, informal economy, information retrieval, interchangeable parts, Internet of things, Isaac Newton, James Hargreaves, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Khan Academy, knowledge economy, lump of labour, Marshall McLuhan, Narrative Science, natural language processing, Network effects, optical character recognition, personalized medicine, pre–internet, Ray Kurzweil, Richard Feynman, Richard Feynman, Second Machine Age, self-driving car, semantic web, Skype, social web, speech recognition, spinning jenny, strong AI, supply-chain management, telepresence, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, transaction costs, Turing test, Watson beat the top human players on Jeopardy!, young professional
Moving left to right, then, is a double-edged sword for the professional provider—costs are likely to fall, but so too might prices. Margins, as a result, are uncertain. Carl Shapiro and Hal Varian, experts on the economics of information, note the two dimensions of this move to the right: Because the marginal cost of reproducing information tends to be very low the price of an information product, if left to the market place, will tend to be low as well. What makes information products economically attractive—their low reproduction cost—also makes them economically dangerous.14 For a profit-seeking organization, there are two strategic options in moving its work rightwards—one is to seek to limit the competition (for example, by differentiating the offering), which then allows prices to be kept high. The alternative is to secure a higher volume of work at narrower margins.
Overbooked: The Exploding Business of Travel and Tourism by Elizabeth Becker
airport security, Asian financial crisis, barriers to entry, Berlin Wall, BRICs, car-free, carbon footprint, clean water, collective bargaining, colonial rule, computer age, corporate governance, Costa Concordia, Deng Xiaoping, European colonialism, Exxon Valdez, Fall of the Berlin Wall, Frank Gehry, global village, happiness index / gross national happiness, haute cuisine, indoor plumbing, Masdar, Murano, Venice glass, open borders, out of africa, race to the bottom, Ralph Nader, Scramble for Africa, Silicon Valley, statistical model, sustainable-tourism, the market place, union organizing, urban renewal, wage slave, young professional, éminence grise
Authors like Rudyard Kipling and Evelyn Waugh wrote sophisticated essays for the Geographic that resembled articles by foreign correspondents, weaving current events into portraits of foreign cultures and countries. A master of the genre was Rebecca West. In her Black Lamb and Grey Falcon, A Journey Through Yugoslavia, Ms. West produced a travelogue that any tourist could follow, bringing the country and culture to life and plotting out the routes she took across the region, painting unforgettable portraits: “Under red and white umbrellas in the market place of Zagreb the peasants stood sturdy and square on their feet. The women wore two broad aprons, one covering the front part of the body and one the back, overlapping at the sides, and underneath showed very brave red woolen stockings. They gave the sense of the very opposite of what we mean by the word ‘peasant’ when we use it in a derogatory sense, thinking of women made doltish by repeated pregnancies and a lifetime spent in the service of oafs in villages that swim in mud to the thresholds every winter.
Making Globalization Work by Joseph E. Stiglitz
affirmative action, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, Berlin Wall, business process, capital controls, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Gini coefficient, global reserve currency, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, inventory management, invisible hand, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative ﬁnance, race to the bottom, reserve currency, rising living standards, risk tolerance, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, trickle-down economics, union organizing, Washington Consensus
It is only when, as in Europe, a government interferes with market processes by protecting jobs, that there are problems with unemployment. But in both Europe and America, this approach is not working. While there are winners from globalization, there are numerous losers. Globalization is, of course, only one of the many forces affecting our societies and our economies. Even without it, there would be increasing inequality. Changes in technology have increased the premium the market places on certain skills, so that the winners in today's economy are those who have or can acquire those skills. These changes in technology may in the end be more important than globalization in determining the increase in inequality, and even the decline in unskilled wages. Voters can do little about the march of technology; but they can— through their elected representatives—do something about globalization.
Outposts: Journeys to the Surviving Relics of the British Empire by Simon Winchester
borderless world, British Empire, colonial rule, Corn Laws, Edmond Halley, European colonialism, illegal immigration, Khyber Pass, laissez-faire capitalism, offshore financial centre, sensible shoes, South China Sea, special economic zone, the market place
The building was unspectacular and pleasing, made to reassure rather than to impress, a cosy chunk of home, out here in the merciless Orient. Today it is more difficult to find. In all today’s classic pictures of modern Hong Kong—whether they are taken from the Peak, or from the crowded waterway below—there seems to be no church. It does, however, still exist, though it is well hidden by skyscraping monsters of steel and glass, monuments to the newer religions of the market-place. There is one view, taken from the upper terminus of the Peak Tram, where you can see Government House and the Botanical Gardens, and some of the green of what they now call Chater Gardens (and which was the cricket pitch, beside the Bank of China, where teams once had to play beneath huge pictures of Mao Tse-Tung, and exhortations to the Cantonese proletariat). You can see some of the reliquary pieces of old British Hong Kong—but you cannot quite see the church.
Capital Ideas: The Improbable Origins of Modern Wall Street by Peter L. Bernstein
Albert Einstein, asset allocation, backtesting, Benoit Mandelbrot, Black-Scholes formula, Bonfire of the Vanities, Brownian motion, buy low sell high, capital asset pricing model, debt deflation, diversified portfolio, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, fixed income, full employment, implied volatility, index arbitrage, index fund, interest rate swap, invisible hand, John von Neumann, Joseph Schumpeter, law of one price, linear programming, Louis Bachelier, mandelbrot fractal, martingale, means of production, new economy, New Journalism, profit maximization, Ralph Nader, RAND corporation, random walk, Richard Thaler, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, stochastic process, the market place, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, transfer pricing, zero-coupon bond
General Electric, however, must first pay interest of $2 million on its bonds, leaving $8 million for its stockholders. What happens if the Law of One Price is violated? Suppose General Motors stock is selling for its issue value of $100 million, while General Electric stock is selling for $70 million, or $10 million more than its issue value of $60 million. Together with its $40 million in bonds, General Electric as a totality is valued in the market place at $110 million, more than the market value of General Motors. Despite the different market valuations, the two companies still have identical earning power and riskiness. Now Mr. Arbitrager smells a free lunch. He owns 1 percent of General Electric’s stock, which makes him worth $700,000 and earns him an income of $80,000 a year. He sells his shares in General Electric and simultaneously buys a 1 percent position in General Motors stock.
The system of the world by Neal Stephenson
bank run, British Empire, cellular automata, Edmond Halley, Fellow of the Royal Society, high net worth, Isaac Newton, James Watt: steam engine, joint-stock company, large denomination, place-making, the market place, trade route, transatlantic slave trade
Waterhouse has very recently re-crossed the Atlantic and is even now on his way to London to confer with Sir Isaac Newton…” The mention of Daniel’s name caused a sparse ripple of curiosity to propagate through the company of cold, irritable Gentlemen. The mention of Isaac’s created a sensation. Daniel suspected this had less to do with Isaac’s invention of the calculus than with the fact that he was running the Mint. The suspicion was confirmed by the next words of William Comstock, Earl of Lostwithiel: “It has been years since silver coins were to be seen in the market-places of this land. As many as are minted are taken to the furnaces of the money-goldsmiths and made over into bullion and sent into the East. Golden guineas are the currency of England now; but that is too great a denomination for common folk to use in their dealings. Smaller coins are wanted. Will they be minted of copper? Or of tin?” “Copper,” shouted a few voices, but they were immediately drowned out by hundreds shouting, “Tin!”
The amount of Power in the world, it follows, is ever-increasing, and the rate of increase grows ever faster as more of these Engines are built. A Man who hoards Power is therefore like a miser who sits on a heap of Coins, in a Realm where the Currency is being continually debased by production of more coins than the market can bear; so that what was a great Fortune when first he raked it together, insensibly becomes a slag-heap, and is found to be devoid of value, when at last he takes it to the market-place to be spent. Thus my lord B—and his vaunted Power-hoard. What is true of him is likely to be true of his lackeys, particularly his most base and slavish followers, such as MR. CHARLES WHITE. This varlet has asserted that he owns me. He phant’sies that to own a Man, is to have Power; yet he has got nothing by claiming to own me, while I, who was supposed to be rendered Powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.
The mote in God's eye by Larry Niven; Jerry Pournelle
The Empire had come to Levant ten years after Horace was born, and at first its influence was small. In those days Imperial policies were different and the planet came into the Empire with a standing nearly equal to more advanced worlds. Horace Bury's father soon realized Imperialism could be made to pay. By becoming one of those the Imperials used to govern the planet, he had amassed immense wealth: he'd sold audiences with the governor, and hawked justice like cabbages in the market place, but always carefully, always leaving others to face the wrath of the hardnosed men of the Imperial service. His father was careful with investments, and he'd used his influence to have Horace Hussein educated on Sparta. He'd even given him a name suggested by an Imperial Navy officer; only later did they learn that Horace was hardly common in the Empire and was a name to be laughed at. Bury drowned the memory of early days in the Capital schools with another beaker of wine.
The Grapes of Wrath by John Steinbeck
This you may say of man—when theories change and crash, when schools, philosophies, when narrow dark alleys of thought, national, religious, economic, grow and disintegrate, man reaches, stumbles forward, painfully, mistakenly sometimes. Having stepped forward, he may slip back, but only half a step, never the full step back. This you may say and know it and know it. This you may know when the bombs plummet out of the black planes on the market place, when prisoners are stuck like pigs, when the crushed bodies drain filthily in the dust. You may know it in this way. If the step were not being taken, if the stumbling-forward ache were not alive, the bombs would not fall, the throats would not be cut. Fear the time when the bombs stop falling while the bombers live—for every bomb is proof that the spirit has not died. And fear the time when the strikes stop while the great owners live—for every little beaten strike is proof that the step is being taken.
banking crisis, barriers to entry, Beeching cuts, British Empire, combinatorial explosion, Corn Laws, corporate social responsibility, David Ricardo: comparative advantage, intermodal, iterative process, joint-stock company, joint-stock limited liability company, knowledge economy, linear programming, Network effects, New Urbanism, performance metric, railway mania, rent-seeking, strikebreaker, the market place, transaction costs
Other railways converging on Shrewsbury included the Shrewsbury and Chester Railway (opened in 1848) and an LNWR line from Crewe (opened in 1858). Thus, despite a relatively late start, Shrewsbury had become a major railway hub by 1860. Furthermore it possessed a grandiose neo-Gothic joint station built to rival the great joint station at Chester. It occupied a magniWcent position underneath the Castle, opposite the Grammar School, and near the Market Place. The harmonious appearance is misleading, however, because in its early years Shrewsbury was the focus of bitter rivalry between the GWR and the LNWR for control of traYc in the West Midlands and Welsh Borders. The initiative for the joint station came from the mayor and corporation rather than the railway companies, and the joint ownership of the lines was due as much to local political pressure as to amicable relations between the companies.
The Berlin Wall: A World Divided, 1961-1989 by Frederick Taylor
anti-communist, Berlin Wall, cuban missile crisis, facts on the ground, Fall of the Berlin Wall, German hyperinflation, land reform, mutually assured destruction, oil shock, open borders, Plutocrats, plutocrats, RAND corporation, Ronald Reagan, Ronald Reagan: Tear down this wall, Sinatra Doctrine, the market place, young professional, éminence grise
Many children and young people were given these powerful and often damaging drugs without their parents’ permission, and many, as they experience middle age, suffer from disastrous long-term effects.19 In his twilight years, Walter Ulbricht presided over a walled fiefdom that eerily resembled the autocratic Prussian state of two centuries previously. East Germany was likewise an obsessively micro-managed, paternalistic, militarised economy in which the market-place played second fiddle to necessities of state, and where freakishly pumped-up fighters (in this case from the sports arena rather than the battlefield) were paraded for its ruler’s delectation. We do not know if the ‘tall 350 / THE BERLIN WALL fellows’ of the East German athletics team were marched through Ulbricht’s bedroom, with the Communist leader in the voyeuristic role of the order-besotted ‘soldier king’ Frederick Wilhelm I.
The Intelligent Investor (Collins Business Essentials) by Benjamin Graham, Jason Zweig
accounting loophole / creative accounting, air freight, Andrei Shleifer, asset allocation, buy low sell high, capital asset pricing model, corporate governance, Daniel Kahneman / Amos Tversky, diversified portfolio, Eugene Fama: efficient market hypothesis, hiring and firing, index fund, Isaac Newton, Long Term Capital Management, market bubble, merger arbitrage, new economy, passive investing, price stability, Ralph Waldo Emerson, Richard Thaler, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, sharing economy, short selling, Silicon Valley, South Sea Bubble, Steve Jobs, the market place, transaction costs, tulip mania, VA Linux, Vanguard fund, Y2K, Yogi Berra
It had been earning in excess of $4 and paying $3.50, or more, in dividends.) It is true that current earnings and the immediate prospects may both be poor, but a levelheaded appraisal of average future conditions would indicate values far above ruling prices. Thus the wisdom of having courage in depressed markets is vindicated not only by the voice of experience but also by application of plausible techniques of value analysis. The same vagaries of the market place that recurrently establish a bargain condition in the general list account for the existence of many individual bargains at almost all market levels. The market is fond of making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.* Even a mere lack of interest or enthusiasm may impel a price decline to absurdly low levels. Thus we have what appear to be two major sources of undervaluation: (1) currently disappointing results and (2) protracted neglect or unpopularity.
The Concepts and Practice of Mathematical Finance by Mark S. Joshi
Black-Scholes formula, Brownian motion, correlation coefficient, Credit Default Swap, delta neutral, discrete time, Emanuel Derman, implied volatility, incomplete markets, interest rate derivative, interest rate swap, London Interbank Offered Rate, martingale, millennium bug, quantitative trading / quantitative ﬁnance, short selling, stochastic process, stochastic volatility, the market place, time value of money, transaction costs, value at risk, volatility smile, yield curve, zero-coupon bond
From the bank's point of view, this is equivalent to granting the company an option to swap a fixed rate of interest for a floating rate of interest at a time of the company's choice. Would the bank be willing to include such a clause? Yes - for the right price. All the bank does is charge a fee, or increase the interest rate to cover the cost of the option. The bank may well cover the option by buying an identical one in the market place. 300 13.1 Introduction 301 This option is called an American swaption as it gives the right to swap interest payments at an arbitrary time. Rather than going straight to a bank for a loan, a company may instead issue bonds in the market. Investors buy the bonds from the company and typically receive a fixed interest payment once a year called the coupon, and at the expiry of the bond, their original investment, the principal, is returned.
Albert Einstein, Asian financial crisis, banks create money, Bretton Woods, British Empire, capital controls, currency manipulation / currency intervention, currency peg, deindustrialization, European colonialism, facts on the ground, fiat currency, financial independence, floating exchange rates, full employment, global reserve currency, imperial preference, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, margin call, means of production, money: store of value / unit of account / medium of exchange, Monroe Doctrine, New Journalism, open economy, Potemkin village, price mechanism, price stability, psychological pricing, reserve currency, road to serfdom, seigniorage, South China Sea, special drawing rights, The Great Moderation, the market place, trade liberalization, Works Progress Administration
“It is not easy to have patience with those who pretend that some of us who were very early in the field to attack and denounce the false premises and false conclusions of unrestricted laissez-faire and its particular manifestations in the former gold standard … are now spending their later years in the service of the State to walk backwards and resurrect and re-erect the idols which they had played some part in throwing out of the market place.” Keynes was clearly determined to cement his legacy as a revolutionary of biblical proportions, one who had broken with the dogmas of the past and set the world on “a great step forward towards the goal of international economic order amidst national diversities of policies.” He could not abide being painted as a reactionary who had merely signed up for a reconstituted gold standard. Such critics were naive utopians who failed to appreciate that Britain could not dictate to powers as diverse as the United States and Soviet Russia.
A Culture of Growth: The Origins of the Modern Economy by Joel Mokyr
Andrei Shleifer, barriers to entry, Berlin Wall, clockwork universe, cognitive dissonance, Copley Medal, David Ricardo: comparative advantage, delayed gratification, deliberate practice, Deng Xiaoping, Edmond Halley, epigenetics, Fellow of the Royal Society, financial independence, framing effect, germ theory of disease, Haber-Bosch Process, hindsight bias, income inequality, invention of movable type, invention of the printing press, invisible hand, Isaac Newton, Jacquard loom, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, John Harrison: Longitude, Joseph Schumpeter, knowledge economy, labor-force participation, land tenure, law of one price, Menlo Park, moveable type in China, new economy, phenotype, price stability, principal–agent problem, rent-seeking, Republic of Letters, Ronald Reagan, South Sea Bubble, statistical model, the market place, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, ultimatum game, World Values Survey, Wunderkammern
But institutions differ in the way they treat cultural deviants, from persecuting heretics and banishing innovators, to pursuing a liberal let-a-hundred-flowers-bloom policy. In that sense, cultural choices are reflexive. One important cultural value is pluralism: whether to tolerate incompatible values and beliefs, and whether to give new cultural elements—no matter how outrageous they sound—a fair chance to compete in the market place for ideas and values is itself a value that needs to be accepted. A belief in cultural (including religious) tolerance and free speech and thought, and the institutions it implies (such as the first amendment to the US Constitution) can be of great economic value when it is relatively rare; it allows an economy to attract and absorb religious and political refugees, who tend to be creative and well-networked.8 The willingness of the Netherlands and later Britain and the United States to tolerate Jews and dissenting Christians contributed a great deal to their economies, especially in high-skilled manufacturing and financial services.
agricultural Revolution, British Empire, Climatic Research Unit, colonial rule, currency manipulation / currency intervention, Defenestration of Prague, Edmond Halley, en.wikipedia.org, European colonialism, failed state, Fellow of the Royal Society, financial independence, friendly fire, Google Earth, Isaac Newton, Joseph Schumpeter, Khyber Pass, Mercator projection, moral hazard, mortgage debt, Peace of Westphalia, Peter Thiel, Republic of Letters, South China Sea, the market place, trade route, transatlantic slave trade, transatlantic slave trade, unemployed young men, University of East Anglia, World Values Survey
Although when ‘the night approached the plundering ceased a little, with the day break they began to plunder again’.29 On 12 June 1648 the crowd torched some 70 residences of nobles and merchants, apparently following some plan, and almost 40 more the following day; then they ‘ran’ (the word used by all the sources) back inside the Kremlin and demanded that the tsar surrender Pleschcheev, Trakhaniotov and Morozov.30 Alexei immediately surrendered Pleschcheev, and even provided two executioners, ‘but as soon as he arrived in the market place the common people [gemene mannen] put him to death there, and eventually a monk threw his body onto a fire’. The tsar now asked for two days to consider the fate of his other ministers, and the demonstrators (perhaps surprisingly) dispersed. No sooner had they done so than fires broke out in five distinct places across Moscow. Thanks to the prolonged drought, the fire spread rapidly and, according to the terrified Swedish ambassador, ‘within a few hours more than half the city within the White Wall, and about half of the city outside the wall, went up in flames’.
An English pamphlet published during food riots in Essex in 1629 described the plight of the local weavers in remarkably similar terms: most ‘cannot live unless they bee paied every night, many hundreds of them havinge no bedds to lye in, nor foode; but from hand to mouth mainteyne themselves, their wives and children’. In France, insurgents half a century later exclaimed when faced by famine that ‘you only die once’ and so they ‘would prefer to be hanged than to die of hunger’, and that ‘they were dying of hunger, and would rather hang to finish their lives sooner’. In Paris ‘you could hear women in the market-place cry out that they would rather slit their children's throats than watch them die of hunger’. In such circumstances, ‘survival’ could easily lead to resistance and even revolt.22 European women lost their immunity only when resistance got out of hand. During the famine year of 1629, Ann Carter, a butcher's wife from the town of Malden in Essex, led a large crowd of women to prevent the export of grain from the region and, motivated by ‘the crie of the country and her own want’, they forced the would-be exporters to pour their grain into their bonnets and aprons.
The London Compendium by Ed Glinert
1960s counterculture, anti-communist, Big bang: deregulation of the City of London, British Empire, Corn Laws, Dava Sobel, double entry bookkeeping, Edward Lloyd's coffeehouse, Exxon Valdez, hiring and firing, invention of the telegraph, Isaac Newton, John Harrison: Longitude, John Snow's cholera map, Khartoum Gordon, Mahatma Gandhi, Nick Leeson, price stability, Ronald Reagan, South China Sea, South Sea Bubble, spice trade, the market place, trade route, union organizing, V2 rocket
In April 1987 Whittam Smith published extracts from the banned book Spycatcher, the memoirs of Peter Wright, a former British spy, which alleged that MI5 had tried to destabilize the Labour government of Harold Wilson in the 1960s. Whittam Smith risked going to jail under the Official Secrets Act, but when the government backed down the editor became a hero. A Sunday edition was soon begun, with mixed results, failing to find its own identity in the market place, and in 1994, when circulation fell below 300,000 for the first time in six years, Whittam Smith announced that a consortium of investors led by Mirror Group Newspapers was to take over the paper, a move that ended the Independent’s autonomy and removed its unique status. The paper is now based at Canary Wharf. • Fleet Street, p. 41. Wesley’s Chapel and House, No. 49, east side In 1739 the Methodists opened their main chapel (converted from a foundry), which John Wesley, the founder of Methodism, who often preached in the fields outside before crowds of 10,000, described as ‘perfectly neat, but not fine’.
Africa: A Biography of the Continent by John Reader
agricultural Revolution, British Empire, Cape to Cairo, clean water, colonial rule, discovery of the americas, illegal immigration, land reform, land tenure, Livingstone, I presume, new economy, out of africa, Scramble for Africa, spice trade, surplus humans, the market place, Thomas Malthus, trade route, transatlantic slave trade, transatlantic slave trade, urban sprawl, women in the workforce
It could have been the most prominent architectural feature at Jenne-jeno, but certainly it was not a monumental ‘signpost to permanence’. No concomitant evidence of social ranking or authoritarian institutions such as a ‘temple elite’ has been found. Nor is there any evidence of external threats to Jenne-jeno, so if the wall was built for defensive purposes, it probably was with the intention of protecting the settlement from high and destructive floods; or else the wall served to control access to the market place and trade.21 The mound that rose from the Niger floodplain with the growth of Jenne-jeno did not stand alone. Indeed, it was surrounded by twenty-five smaller mounds, all within a distance of one kilometre, all occupied simultaneously. The total surface area of Jenne-jeno and its satellites was 69 hectares; the total population when most densely occupied approached 27,000.22 This was large enough to qualify as an urban centre, but urban cluster is the term that best describes Jenne-jeno.
anti-communist, Ayatollah Khomeini, Berlin Wall, colonial rule, David Brooks, European colonialism, facts on the ground, Fall of the Berlin Wall, Monroe Doctrine, New Journalism, random walk, Ronald Reagan, Silicon Valley, strikebreaker, the market place, Thomas L Friedman
Turning to the press, Tom Segev of Ha’aretz toured “Lebanon after the conquest” in mid-June. He saw “refugees wandering amidst swarms of flies, dressed in rags, their faces expressing terror and their eyes, bewilderment..., the women wailing and the children sobbing” (he noticed Henry Kamm of the New York Times nearby; one may usefully compare his account of the same scenes). Tyre was a “destroyed city”; in the market place there was not a store undamaged. Here and there people were walking, “as in a nightmare.” “A terrible smell filled the air”—of decomposing bodies, he learned. Archbishop Georges Haddad Classics in Politics: The Fateful Triangle Noam Chomsky Peace for Galilee 387 told him that many had been killed, though he did not know the numbers, since many were still buried beneath the ruins and he was occupied with caring for the many orphans wandering in the streets, some so young that they did not even know their names.
A History of Zionism by Walter Laqueur
Albert Einstein, anti-communist, British Empire, illegal immigration, joint-stock company, land reform, Mahatma Gandhi, means of production, new economy, Plutocrats, plutocrats, profit motive, strikebreaker, the market place, éminence grise
There were many artisans in the Jewish ghettoes but they were gradually being squeezed out of business as modern industry spread, just as coachmen were being displaced by the railways. Few Jews lived from the soil; efforts were made to increase the number in agriculture, and this did indeed rise from 80,000 to 180,000 between 1860 and 1897. But the majority in the pale of settlement were men without a definite occupation, living from hand to mouth, ‘Luft-menschen’ without roots and without hope. Each morning they congregated in the market place or in front of the synagogue, waiting for any job, however degrading, however badly paid, to come their way. Many professions were closed to them; they were virtually barred from entering government service, except as physicians, but few had the opportunity to study medicine; there was a numerus clausus for Jews in the universities - 10 per cent in the pale, 5 per cent outside it, and 3 per cent in Moscow and St Petersburg.
A History of Western Philosophy by Aaron Finkel
One of the most famous parts of Bacon’s philosophy is his enumeration of what he calls “idols,” by which he means bad habits of mind that cause people to fall into error. Of these he enumerates five kinds. “Idols of the tribe” are those that are inherent in human nature; he mentions in particular the habit of expecting more order in natural phenomena than is actually to be found. “Idols of the cave” are personal prejudices, characteristic of the particular investigator. “Idols of the market-place” are those that have to do with the tyranny of words and the difficulty of escaping from their influence over our minds. “Idols of the theatre” are those that have to do with received systems of thought; of these, naturally Aristotle and the scholastics afforded him the most noteworthy instances. Lastly there are “idols of the schools,” which consist in thinking that some blind rule (such as the syllogism) can take the place of judgement in investigation.
New York by Edward Rutherfurd
Bonfire of the Vanities, British Empire, illegal immigration, margin call, millennium bug, out of africa, place-making, Plutocrats, plutocrats, rent control, short selling, Silicon Valley, South Sea Bubble, the market place, urban renewal, Y2K, young professional
When John had turned away from all that, and started to work, he hadn’t seen so much of Charlie, and Charlie had understood. He doesn’t want to see me, Charlie thought, because I remind him of what he’s trying to get away from. I remind him of what he used to be. He understood it, but he was still hurt. They’d see each other from time to time, even go for a drink. But it wasn’t the same any more. Charlie had made a small mistake once. He’d been in the market place, and happened to see John standing near the entrance to the fort, talking to a merchant. He’d gone over and greeted his friend, as he usually would, and John had given him a cold look, because he was interrupting him. The merchant hadn’t been too pleased either that a fellow like him would interrupt them. So Charlie had gone away quickly, feeling a bit of a fool. The next day John had come round to his house first thing in the morning.
bank run, banking crisis, Big bang: deregulation of the City of London, Bolshevik threat, Boycotts of Israel, Bretton Woods, British Empire, California gold rush, capital controls, collective bargaining, Etonian, financial deregulation, German hyperinflation, index arbitrage, interest rate swap, margin call, Monroe Doctrine, North Sea oil, oil shale / tar sands, paper trading, Plutocrats, plutocrats, Robert Gordon, Ronald Reagan, short selling, strikebreaker, the market place, the payments system, too big to fail, transcontinental railway, Yom Kippur War, young professional
“Prospectus for New York Central and Hudson River Railroad, January 19, 1880.” New York: New York Central and Hudson River Railroad, 1880. Pierpont Morgan Library, New York. Nicolson, Harold. Diaries & Letters 1930–1964. Edited by Stanley Olson. New York: Atheneum, 1980. ———. Dwight Morrow. New York: Harcourt, Brace, 1935. Nicolson, Nigel, Portrait of a Marriage. New York: Atheneum, 1973. Noyes, Alexander Dana. The Market Place. New York: Greenwood Press, 1938. Pankhurst, E. Sylvia. The Home Front. 1932. Reprint. London: Cresset Library, 1987. ———. The Suffragette Movement. London, New York, and Toronto: Long mans, Green, 1931. Parker, Franklin. George Peabody—1795–1869: Founder of Modern Philanthropy. Nashville: George Peabody College for Teachers, 1955. Patrick, Hugh T., and Ryuichiro Tachi, eds. Japan and the United States Today.
Albert Einstein, Ayatollah Khomeini, Berlin Wall, Boycotts of Israel, British Empire, call centre, clean water, colonial rule, cuban missile crisis, friendly fire, Howard Zinn, IFF: identification friend or foe, invisible hand, Islamic Golden Age, Khartoum Gordon, Khyber Pass, land reform, Mahatma Gandhi, Mikhail Gorbachev, music of the spheres, Ronald Reagan, the market place, Thomas L Friedman, Transnistria, unemployed young men, uranium enrichment, Yom Kippur War
Hour after hour, I lay in bed, listening to machine guns pummelling away in the orange orchards, sending the tropical birds screaming into the night sky. But it was a Ruritanian affair because, just after the call for morning prayers, Jalalabad would wake up as if the battles had been fought in a dream and reassume its role as a dusty frontier town, its bazaar touting poor-quality Pakistan cloth and local vegetables while the Afghan soldiers ostensibly guarding the market place nodded in fatigue over their ancient—and British—Lee Enfield rifles. I would take a rickshaw out of town to look at a damaged tank or a burned-out government office, type up my report of the fighting for the paper, and at mid-morning Ali would arrive with the “down” bus—Peshawar being 4,700 feet lower than Kabul—to pick up my report. The teashops, the chaikhana stalls on the main street, were filled with truck-drivers, many of them from Kandahar, and they all spoke of the increasing resistance across the country.
Great Britain by David Else, Fionn Davenport
active transport: walking or cycling, Albert Einstein, Beeching cuts, British Empire, call centre, car-free, carbon footprint, clean water, colonial rule, Columbine, congestion charging, credit crunch, David Attenborough, Etonian, food miles, glass ceiling, global village, haute cuisine, illegal immigration, Isaac Newton, James Watt: steam engine, land reform, Livingstone, I presume, Mahatma Gandhi, new economy, North Sea oil, Northern Rock, offshore financial centre, place-making, Skype, South of Market, San Francisco, Stephen Hawking, the market place, trade route, transatlantic slave trade, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent
Return to beginning of chapter ROSS-ON-WYE pop 10,085 Snoozy little Ross-on-Wye, which perches prettily on a red sandstone bluff over a kink in the River Wye, is a gentle place to rest before or after exertions in the beautiful countryside that surrounds it. The town sparks to life in mid-August, when the International Festival brings fireworks, raft races, music and street theatre. The salmon-pink 17th-century Market House sits atop its weathered sandstone columns in the Market Place. It contains a Heritage Centre ( 01989-260675; 10am-5pm Mon-Sat, 10.30am-4pm Sun Apr-Oct, 10.30am-4pm Mon-Sat Nov-Mar) with local-history displays. The tourist office ( 01989-562768; email@example.com; Edde Cross St; 9am-5pm Mon-Sat) has information on activities and walks. Sleeping & Eating White House Guest House ( 01989-763572; www.whitehouseross.com; Wye St; s/d £45/65; wi-fi) This 18th-century stone house has a great location across the road from the River Wye.
England by David Else
active transport: walking or cycling, Albert Einstein, back-to-the-land, Berlin Wall, British Empire, call centre, car-free, carbon footprint, colonial rule, Columbine, congestion charging, David Attenborough, David Brooks, Etonian, food miles, glass ceiling, haute cuisine, Isaac Newton, James Watt: steam engine, Mahatma Gandhi, new economy, New Urbanism, out of africa, place-making, Skype, South of Market, San Francisco, Stephen Hawking, the market place, trade route, transatlantic slave trade, transatlantic slave trade, unbiased observer, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent
ROSS-ON-WYE pop 10,085 Snoozy little Ross-on-Wye, which perches prettily on a red sandstone bluff over a kink in the River Wye, is a gentle place to rest before or after exertions in the beautiful countryside that surrounds it. The town sparks to life in mid-August, when the International Festival brings fireworks, raft races, music and street theatre. The salmon-pink 17th-century Market House sits atop its weathered sandstone columns in the Market Place. It contains a Heritage Centre ( 01989-260675; 10am-5pm Mon-Sat, 10.30am-4pm Sun Apr-Oct, 10.30am-4pm Mon-Sat Nov-Mar) with local-history displays. The tourist office ( 01989-562768; firstname.lastname@example.org; Edde Cross St; 9am-5pm Mon-Sat) has information on activities and walks. Sleeping & Eating White House Guest House ( 01989-763572; www.whitehouseross.com; Wye St; s/d £45/65; wi-fi) This 18th-century stone house has a great location across the road from the River Wye.