Jones Act

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pages: 402 words: 98,760

Deep Sea and Foreign Going by Rose George

Admiral Zheng, air freight, Airbus A320, Albert Einstein, bank run, cable laying ship, Captain Sullenberger Hudson, Costa Concordia, Edward Lloyd's coffeehouse, Exxon Valdez, failed state, Filipino sailors, global supply chain, Google Earth, intermodal, Jones Act, London Whale, Malacca Straits, Panamax, pattern recognition, profit maximization, Skype, trade route, UNCLOS, UNCLOS, urban planning, WikiLeaks, William Langewiesche

Eight per cent of officers are women. Seafarer Statistics 2012, Department for Transport, January 2013. – Fewer than 100 ocean-going US-flagged ships According to the US Maritime Administration, there are 92 foreign-going US ships and 98 operating under the Jones Act. Properly called the Merchant Marine Act of 1920, but named for Senator Wesley Jones, the Jones Act’s main aim was to protect US shipping and ensure that the United States had enough US-flagged ships to call on in an emergency. To protect US interests, it bans foreign-flagged ships from carrying freight between US ports. It is not popular and is expensive.

A 1999 study by the US International Trade Commission found that ending it would save more than $1.3 billion a year. But there are nearly 40,000 ships with some American ownership, just not American flags. US Department of Transportation, Maritime Administration, US Water Transportation Statistical Snapshot, February 2011. $1.3 billion a year, Bloomberg Businessweek, editorial, ‘How the Jones Act blocks natural disaster relief’, 1 January 2013. – US fleet has declined by 82 per cent since 1951 ‘Comparison of US and foreign-flag operating costs’, US Department of Transportation, Maritime Administration, September 2011, p.26. 9 A legal order for the seas and oceans United Nations Convention on the Law of the Sea (UNCLOS), Preamble, p.25. 10 Consensual but rough Baroness Jane Campbell has called for an inquiry into Akhona’s death on the grounds that Safmarine Kariba was a UK-flagged ship.

pages: 145 words: 43,599

Hawai'I Becalmed: Economic Lessons of the 1990s by Christopher Grandy

Bretton Woods, business climate, business cycle, dark matter, endogenous growth, inventory management, Jones Act, Long Term Capital Management, market bubble, Maui Hawaii, minimum wage unemployment, open economy, purchasing power parity, Silicon Valley, Telecommunications Act of 1996

Senate Concurrent Resolution 214 in the 1995 legislative session created the Hawai‘i Maritime Industry Policy Advisory Task Force, composed of public and private representatives charged with investigating a number of issues. Prominent among these was the effect of federal maritime laws on Hawai‘i. The Passenger Services Act of 1886 and the Jones Act of 1920 limit the types of vessels that can serve U.S. ports—the former applies to passengers and the latter covers cargo. Only U.S. flagged vessels may transport passengers or cargo between U.S. ports. To be U.S. flagged, a vessel must be U.S.-built, U.S.-owned, and largely U.S.-staff. These federal “cabotage” laws have limited the passenger and cargo trade in Hawai‘i.

See IMF Iraq, 23, 25 Iwase, Randy, 69 Japan, 10, 20, 30, 33n. 18, 73, 112; economic policy, 11–12, 19; economy in 1980s, 2, 9, 12–13, 14; economy in 1990s, 3, 13, 23, 30–32, 54, 56, 59, 99, 105; investment from, 3, 10, 15; visitor arrivals from, see tourism, Japan Japan-America Institute of Management Science, 66 jobs. See economic growth in Hawai‘i Johnson, Lawrence, 65, 68 Jones Act, 50. See also Passenger Services Act 129 Kaua‘i, 15, 23, 24, 87 Keith, Kent, 58n. 13 Kelley, Richard, 65 Kennan, John, 98 Kent, Noel J., 8n. 1 Keynesian fiscal policy, 27, 36–37, 38, 39, 44n. 5 King, Charles, 65 Koki, Stan, 82, 84 Krueger, Alan, 98 Krugman, Paul, 30–31, 33n. 18 Kuwait, 23 La Croix, Sumner, ix, x Laffer curve, 26 Land Use Commission.

Anderson, 81, 121 medical center, 113 minimum wage, 5, 6, 19, 86, 95–99, 101, 106 Mizuguchi, Norman, 65 130 Index Mortimer, Kenneth, 65 motor carrier regulation, 79, 111 NAFTA (North American Free Trade Agreement), 97 Naya, Seiji, ix, x Neumark, David, 103n. 15 new growth theory, 93 New Jersey, 98 Norwegian Cruise Lines, 58n. 10 O‘ahu, 87 Office of Space Industry, 19 Office of State Planning. See OSP oil prices, 24 Okata, Russell, 65, 68 OSP (Office of State Planning), 52 Passenger Services Act, 50, 57n. 10. See also Jones Act performance-based budgeting, 70, 77, 79, 117, 120 personal income. See economic growth in Hawai‘i; expenditure ceiling pineapple, 9, 40, 51, 54, 104, 106, 109 Plotts, Diane, 65 port authority, Pratt, Dick, x, 85n. 2 Price of Paradise, 22n. 15 productivity, 31 property tax, 17 property values, 17, 40 public education, 111 public goods, 89, 90, 93–94, 111 public service company tax, 89, 90 Public Utilities Commission.

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, Garrett Hardin, Gini coefficient, global reserve currency, Gunnar Myrdal, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inventory management, invisible hand, John Markoff, Jones Act, Kenneth Arrow, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, new economy, 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, Seymour Hersh, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, Tragedy of the Commons, trickle-down economics, union organizing, Washington Consensus, zero-sum game

Some forty countries, including the United States, have laws requiring the use of local ships for transporting goods domestically. In the United States, the Jones Act of 1920 requires not only that the ships be owned by Americans but that they be built in American shipyards and manned by Americans. (The history of protectionism goes back much further, to the first session of Congress in 1789.) America does not have a comparative or absolute advantage in shipping—indeed, as long ago as 1986, it was estimated that the Jones Act cost America more than $250,000 for every job it saved.47 Shipping provides a wonderful opportunity for a pro-poor trade agenda that would focus on unskilled-labor-intensive services.

But even purportedly delinked subsidies can have effects on output, as they provide farmers with more income with which to buy fertilizer, higher quality seeds, and other output increasing inputs. 45.According to the Harmonized Tariff Schedule of the United States (2005), the general tariff on imported oranges is 1.9 cents/kg (0805.10.00); on citrus fruit preserved in sugar, it is 6 cents/kg (2006.00.60); on orange marmalade, 3.5 cents/kg (2007.91.40); on orange pulp, 11.2 cents/kg (2008.30.35); on oranges packed in liquid medium in airtight container, 14.9 cents/kg (2008.92.90.40); and on frozen orange juice, it is 7.85 cents/liter (2009.11). 46.This is called nonagricultural market access, or NAMA, in the technical jargon of the WTO. 47.Sometimes the Jones Act is defended on grounds of national security—America needs its own shipping fleet. The irony was that in America’s most recent emergency, when Hurricane Katrina struck, the Jones Act had to be suspended. (For a slightly more extended discussion of globalization and security, see chapter 10.) 48.It would also benefit the developed countries as a whole, but low-wage workers would lose. The effects are analogous to those discussed earlier for trade liberalization (not surprising, because as we noted, trade in goods is a substitute for the movement of people).

Crisis and Leviathan: Critical Episodes in the Growth of American Government by Robert Higgs, Arthur A. Ekirch, Jr.

Alistair Cooke, American ideology, business cycle, clean water, collective bargaining, creative destruction, credit crunch, declining real wages, endowment effect, fiat currency, fixed income, foreign exchange controls, full employment, hiring and firing, Ida Tarbell, income per capita, Jones Act, Joseph Schumpeter, laissez-faire capitalism, manufacturing employment, means of production, minimum wage unemployment, Plutocrats, plutocrats, post-industrial society, price discrimination, profit motive, rent control, rent-seeking, Richard Thaler, road to serfdom, Ronald Reagan, Sam Peltzman, Savings and loan crisis, Simon Kuznets, strikebreaker, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, transcontinental railway, union organizing, Upton Sinclair, War on Poverty, Works Progress Administration

The Shipping Board had been created as a regular governmental agency, so of course it survived the war. The board's biggest postwar problem was the enormous fleet of vessels produced by its Emergency Fleet Corporation, most of which did not reach the water until well after the war had ended. The Merchant Marine Act of 1920 authorized the sale of the ships to American firms on easy terms, including some tax breaks, and provided for subsidies to private operators. It also authorized a governmental Merchant Fleet Corporation to operate shipping lines; hence the EFC lived on under a new name. The shipping business remained depressed during the 1920s, and the government's ventures resulted in chronic losses.

pages: 134 words: 41,085

The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, carried interest, cashless society, central bank independence, Corn Laws, coronavirus, Covid-19, COVID-19, creative destruction, David Ricardo: comparative advantage, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, global pandemic, Internet of things, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jones Act, knowledge economy, laissez-faire capitalism, McMansion, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, Steve Bannon, surveillance capitalism, trade route, universal basic income, Washington Consensus

The “carried interest” tax break that gives private equity an advantage over other ways of running a company is always due to be scrapped in each tax reform package, but mysteriously never is. Back in 1920, the US Congress, ruminating on the First World War, passed the Merchant Marine Act, decreeing that all goods being transported from one American port to another must be carried by US ships owned by US citizens and operated by US crews. Known as the Jones Act, this piece of protectionism costs the country anywhere from $656 million a year to $9.8 billion.13 On a bigger scale, the tax break for employer-provided health insurance, which costs Uncle Sam more than $175 billion a year, stemmed from a “temporary” adjustment to Second World War wage controls in order to deal with labor shortages.14 In America this extortion is made easier—enforced almost—by its campaign finance laws.

Brian Anderson (Boulder: Rowman and Littlefield, 2013), 203–5. 10.Schuck, Why Government Fails So Often, 175. 11.We should confess that one of us comes from a family of British farmers. 12.Selam Gebrekidan, Matt Apuzzo, and Benjamin Novak, “The Money Farmers: How Oligarchs and Populists Milk the EU,” New York Times, November 3, 2019. 13.Colin Grubak, Inu Manak, and Daniel Ikenson, “The Jones Act: A Burden America Can No Longer Bear,” Cato Institute Policy Analysis, June 28, 2018. 14.Schuck, Why Government Fails So Often, 177, 180. 15.We are indebted to Mario Calvo-Platero for this insight. 16.Group of Thirty, Fixing the Pensions Crisis: Ensuring Lifetime Financial Security (Washington, DC, 2019). 17.

pages: 288 words: 64,771

The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality by Brink Lindsey

"Robert Solow", Airbnb, Asian financial crisis, bank run, barriers to entry, Bernie Sanders, Build a better mousetrap, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Cass Sunstein, collective bargaining, creative destruction, Credit Default Swap, crony capitalism, Daniel Kahneman / Amos Tversky, David Brooks, diversified portfolio, Donald Trump, Edward Glaeser, endogenous growth, experimental economics, experimental subject, facts on the ground, financial innovation, financial intermediation, financial repression, hiring and firing, Home mortgage interest deduction, housing crisis, income inequality, informal economy, information asymmetry, intangible asset, inventory management, invisible hand, Jones Act, Joseph Schumpeter, Kenneth Rogoff, Kevin Kelly, knowledge worker, labor-force participation, Long Term Capital Management, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass immigration, mass incarceration, medical malpractice, Menlo Park, moral hazard, mortgage debt, Network effects, patent troll, Plutocrats, plutocrats, principal–agent problem, regulatory arbitrage, rent control, rent-seeking, ride hailing / ride sharing, Robert Metcalfe, Ronald Reagan, Savings and loan crisis, Silicon Valley, Silicon Valley ideology, smart cities, software patent, tail risk, too big to fail, total factor productivity, trade liberalization, Tragedy of the Commons, transaction costs, tulip mania, Uber and Lyft, uber lyft, Washington Consensus, white picket fence, winner-take-all economy, women in the workforce

Further, the regressive distributional effects are relatively easy to trace. Our four case studies by no means exhaust the topic of upward redistribution by rent-seeking. On the contrary, they are only the tip of the iceberg. High trade barriers and price supports for farm products disproportionately benefit large agribusiness. The Jones Act outlaws competition from foreign shipping companies in US waters while similar cabotage restrictions block foreign air carriers from US routes. Ethanol subsidies and the Export-Import Bank are just two of the more egregious examples of corporate welfare business subsidies larding up the federal budget.

See also copyright/patent law benefits of protecting, 64–65 concentrated benefits and, 131 costs of expansion of, 75–81 digital era and, 70–71 European views on, 65, 76, 195n32 information imbalance and, 139–40 institutional bias and, 149 market failure and, 68–69, 74 monopolies and, 85 morality of, 84–89, 195n32 policy image and, 141–45 rent-seeking and, 64 interest rates, 40, 51–54, 59 International Monetary Fund (IMF), 60 Internet. See digital era/information technology intolerance, 2–3 invisible hand, 6, 18 Islam, Roumeen, 61 Issa, Darrell, 176 IT. See digital era/information technology Jones Act, 33 judicial review, 170–75 Keating, Charles, 54 Kelo v. New London, 135 Kimball, David, 132 Kleiner, Morris, 94–95, 99, 105 “kludgeocracy”, 129 Krueger, Alan, 95 Kwak, James, 142 land-use regulations, 32–33, 109–26, 159, 208n14. See also home ownership/housing; zoning effect on growth, 120–21 effect on inequality, 115–23 housing supply and, 111–113 policy image and, 143 Lee, Tim, 149 Leech, Beth, 132 legal occupational licensing, 106–8 “legislative subsidy” theory of lobbying, 137 Lerner, Josh, 71 Levine, Ross, 166 Levy, Frank, 11 liberalism.

pages: 477 words: 135,607

The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson

"Robert Solow", air freight, anti-communist, barriers to entry, Bay Area Rapid Transit, British Empire, business cycle, call centre, collective bargaining, conceptual framework, David Ricardo: comparative advantage, deindustrialization, deskilling, Edward Glaeser, Erik Brynjolfsson, full employment, global supply chain, intermodal, Isaac Newton, job automation, Jones Act, knowledge economy, Malcom McLean invented shipping containers, manufacturing employment, Network effects, New Economic Geography, new economy, oil shock, Panamax, Port of Oakland, post-Panamax, Productivity paradox, refrigerator car, South China Sea, trade route, Works Progress Administration, Yom Kippur War, zero-sum game

Pan-Atlantic’s Sea-Land Service, its capacity five times larger than it had been a year earlier, seemed poised for explosive growth.6 Instead, it sailed into trouble. McLean planned to use two of the all-container ships to open service to Puerto Rico in March 1958. Puerto Rico was a potentially lucrative market. As an island, it relied on ships to provide almost all of its consumer goods. As a U.S. commonwealth, it was subject to the Jones Act, a law requiring that cargo moving between U.S. ports use American-built ships with American crews. Limited competition allowed the few carriers serving Puerto Rico to charge very high rates, and McLean figured that Pan-Atlantic’s containers could easily grab market share. He figured without the longshoremen.

Marad, as it was known, was an obscure government agency, but it held enormous power over the maritime industry. Marad and a sister agency, the Federal Maritime Board, dispensed subsidies to build ships, administered laws dictating that government freight should travel in U.S.-flag vessels, gave operating subsidies to U.S. ships on international routes, and enforced the Jones Act, the venerable law dictating that only American-built ships, using American crews and owned by American companies, could carry cargo between U.S. ports. The wide variety among containers increased its financial risk: if a ship line took Marad’s money, built a vessel to carry its unique containers, and then ran into financial problems, Marad could end up foreclosing on a ship that no one would want to buy.

.; and truck regulation inventories Ireland Irish Shipping Limited Italy Jacksonville, FL Japan; and containerization plan; manufacturing in; and Sea-Land service; and service to Southeast Asia; and trade Japanese National Railway Johns Hopkins University Johnson, Lyndon B. Johnson Line Jones, Thomas Russell Jones Act just-in-time manufacturing Kaohsiung, Taiwan Katims, Ron Kaufman, Herbert Kempton, George Kempton, Murray Kennedy, John E. Kheel, Theodore Kidde (Walter) & Co. Killen, James S. King, A. Lyle Kobe, Japan Kohlhase, Janet E. Kooringa Korea Korea Shipping Company Ky, Nguyen Cao Laem Chabang Laird, Melvin landing ship tank (LST) Latin America leasing Le Havre, France Lesotho Levy, Jean Liberty Ships Life lighterage: in London; in New York Harbor; in Vietnam Lincoln Tunnel Lindsay, John V.

pages: 272 words: 19,172

Hedge Fund Market Wizards by Jack D. Schwager

asset-backed security, backtesting, banking crisis, barriers to entry, Bear Stearns, beat the dealer, Bernie Madoff, Black-Scholes formula, British Empire, business cycle, buy and hold, buy the rumour, sell the news, Claude Shannon: information theory, cloud computing, collateralized debt obligation, commodity trading advisor, computerized trading, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, diversification, diversified portfolio, Edward Thorp, family office, financial independence, fixed income, Flash crash, hindsight bias, implied volatility, index fund, intangible asset, James Dyson, Jones Act, Long Term Capital Management, margin call, market bubble, market fundamentalism, merger arbitrage, money market fund, oil shock, pattern recognition,, Ponzi scheme, private sector deleveraging, quantitative easing, quantitative trading / quantitative finance, Right to Buy, risk free rate, risk tolerance, risk-adjusted returns, risk/return, riskless arbitrage, Rubik’s Cube, Savings and loan crisis, Sharpe ratio, short selling, statistical arbitrage, Steve Jobs, systematic trading, technology bubble, transaction costs, value at risk, yield curve

Can you think of a trade that didn’t work that provided a learning lesson? In late 2006, I bought Horizon Lines, which was a Jones Act container shipping company operating vessels primarily between Hawaii, Alaska, Puerto Rico, and the U.S. mainland. Under the Jones Act, all vessels transporting cargo between covered U.S. ports must be built in the U.S., registered under the U.S. flag, manned by predominantly U.S. crews, and owned and operated by U.S.-organized companies that are controlled and 75 percent owned by U.S. citizens. As one can imagine, the Jones Act creates a significant barrier to entry in these shipping lanes, and as a result, Horizon Lines had a substantial share of the market.

pages: 230 words: 71,834

Building the Cycling City: The Dutch Blueprint for Urban Vitality by Melissa Bruntlett, Chris Bruntlett

active transport: walking or cycling, ASML, autonomous vehicles, bike sharing scheme, car-free, crowdsourcing,, Frank Gehry, Guggenheim Bilbao, intermodal, Jones Act, Loma Prieta earthquake, megacity, new economy, oil shale / tar sands, side project, Silicon Valley, Skype, smart cities, starchitect, the built environment, the High Line, transit-oriented development, urban planning, urban renewal, wikimedia commons

“And with weather-related disasters on the rise, it’s super-relevant.” The natural next step in Portland’s maturing cargo-bike culture was to start shifting freight via more efficient means, beginning with the formation of B-Line Sustainable Delivery in 2010 by Maine transplants Franklin and Kathryn Jones. Acting as a “viable, alternative, clean-energy” distribution grid, B-Line’s fleet of custom-built, electric-assist tricycles provide a smart “last-mile” solution to businesses across the city. “Their growth and sophistication over the years has been impressive to watch,” asserts Maus, “to the point where now they’ve established themselves, both geographically and strategically, at the center of what I hope is the future of cargo transport.”

A Sea in Flames: The Deepwater Horizon Oil Blowout by Carl Safina

addicted to oil, big-box store, clean water, cognitive dissonance, energy security, Exxon Valdez, hydraulic fracturing, Intergovernmental Panel on Climate Change (IPCC), Jones Act, North Sea oil, oil shale / tar sands, oil shock, Piper Alpha, Ronald Reagan

He joins the Department of Homeland Security and will continue managing the federal oil spill response. Meanwhile, the widows of workers killed in the Deepwater Horizon explosions are being told that Transocean plans to argue that its liability for damages owed is limited by the Death on the High Seas Act and the Jones Act. Shelley Anderson, whose husband, Jason, was a tool pusher on the rig, says, “Why would the damages to a family be different if a death occurs on the ocean as opposed to on land?” Well, Ms. Anderson, it’s not that the damage to your family is different. It’s just that, having caused your husband’s death, the corporation doesn’t want to pay you.

pages: 444 words: 124,631

Buy Now, Pay Later: The Extraordinary Story of Afterpay by Jonathan Shapiro, James Eyers

"side hustle", Airbnb, bank run, barriers to entry, blockchain, British Empire, clockwatching, cloud computing, collapse of Lehman Brothers, computer age, coronavirus, corporate governance, corporate raider, Covid-19, COVID-19, cryptocurrency, delayed gratification, diversification, Dogecoin, Donald Trump, Elon Musk, financial deregulation, greed is good, index fund, Jones Act, Kickstarter, late fees, light touch regulation, Mount Scopus, Network effects, new economy, passive investing, payday loans, paypal mafia, Peter Thiel, pre–internet, regulatory arbitrage, ride hailing / ride sharing, rolodex, short selling, Silicon Valley, Snapchat, sovereign wealth fund, technology bubble, the payments system, too big to fail, transaction costs, Vanguard fund

Touchcorp set up electronic self-service kiosks that could be used to prepay road toll and mobile phone carrier charges. About 30 kiosks had been set up at Coles Express stores, offering about 30 products. Encouraged by this early win, and with the hubris of the prevailing dotcom era, Touchcorp began approaching investors. With Rupert Murdoch’s brother-in-law John Calvert-Jones acting as chairman and Adrian Cleeve as managing director, Touchcorp incorporated as a public company. Blueblood brokerage firm JBWere helped the business raise $14 million with an eye on an ASX listing. But as the dotcom boom turned to bust, investors turned their attention to cash burn. In the case of Touchcorp, the speed with which money was being spent was alarming.

pages: 486 words: 139,713

Land: How the Hunger for Ownership Shaped the Modern World by Simon Winchester

agricultural Revolution, British Empire, Cape to Cairo, colonial rule, Donald Trump, Eratosthenes, European colonialism, Fellow of the Royal Society, Garrett Hardin, glass ceiling, Haight Ashbury, invention of the steam engine, Isaac Newton, James Watt: steam engine, Jeff Bezos, Jones Act, Khyber Pass, land reform, land tenure, land value tax, Mahatma Gandhi, Nelson Mandela, oil shale / tar sands, Ralph Nader, Right to Buy, Ronald Reagan, Scramble for Africa, sovereign wealth fund, stakhanovite, Tragedy of the Commons, white flight, white picket fence

Once Sergei Syrtsov’s message, so similar in sentiment to Lenin’s of a decade before—and perhaps as an apposite memorial to him, now dead for four years—began to echo its way down from corridors of the Kremlin and thence down to the Party apparatchiks on the ground in the Ukraine and beyond, so the plan began to gather muscle and energy, and the misery began to unfold. By the summer of 1930, the first signs were beginning to show themselves. Kulaks were being rounded up and sent away—and the confiscations, the grain hoarding, the executions, and the hunger began. These policies would gather strength in 1932 and by early 1933, when Gareth Jones, acting on a tip that strange and terrible things were happening in the Ukraine and in the countryside south of Moscow, made his first visit and managed to tell the world of an unfolding tragedy of quite dreadful proportions. In essence, what had happened since the start of the attacks on the kulaks and the true beginnings of the famine proper had borne out Syrtsov’s initial apprehensions: the kulaks and the poorer peasantry had indeed rebelled—both at the first attempts to collectivize their farms, and also at the huge amounts of grain that the farmers were being ordered to send out of the region, to feed the immense and growing armies of the newly industrializing country.

pages: 532 words: 162,509

The Other Slavery: The Uncovered Story of Indian Enslavement in America by Andrés Reséndez

Bartolomé de las Casas, British Empire, California gold rush, Columbian Exchange, Dissolution of the Soviet Union, European colonialism, Francisco Pizarro, Jones Act, planetary scale, Right to Buy, transatlantic slave trade, transcontinental railway, War on Poverty

For an excellent discussion of Indian slavery among the Mormons, see Jennifer Lindell, “Mormons and Native Americans in the Antebellum West” (master’s thesis, San Diego State University, 2011). 7. See Acts, Resolutions and Memorials, Passed at the Several Annual Sessions of the Legislative Assembly of the Territory of Utah (Salt Lake City: Joseph Cain, 1855), 173–174. 8. Daniel W. Jones acted as interpreter. The quote is from Jones, Forty Years Among the Indians, 151. On this episode, the best source by far is Jones, The Trial of Don Pedro León Luján, especially chaps. 4 and 5. 9. Jones, The Trial of Don Pedro León Luján, 95. 10. The Frémont quote is from Jones, The Trial of Don Pedro León Luján, 46.

pages: 741 words: 179,454

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, Bear Stearns, 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, business cycle, buy the rumour, sell the news, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Edward Thorp, Emanuel Derman,, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Fall of the Berlin Wall, financial independence, financial innovation, financial thriller, fixed income, foreign exchange controls, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", job automation, Johann Wolfgang von Goethe, John Meriwether, joint-stock company, Jones Act, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Mikhail Gorbachev, Milgram experiment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, NetJets, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson,, Philip Mirowski, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Thaler, Right to Buy, risk free rate, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, survivorship bias, tail risk, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, two and twenty, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Jones also used leverage. If he was long $1.5 million and short $1 million, then the total exposure to stock price movements was around $2.5 million on $0.5 million of net risk. Jones received 20 percent of performance. He invested his own money in the fund. Later, anticipating future developments, Jones acted as an incubator for two employees who left to set up their own funds, and transformed his fund into a fund-of-funds, investing in other hedge funds with different expertise and investment styles. In the late 1960s, Carol Loomis, a Fortune journalist, published an influential article about Jones’ fund.

pages: 686 words: 201,972

Drink: A Cultural History of Alcohol by Iain Gately

barriers to entry, British Empire, California gold rush, corporate raider, delayed gratification, Deng Xiaoping, Edward Lloyd's coffeehouse, Fellow of the Royal Society, Gordon Gekko, greed is good, Haight Ashbury, Hernando de Soto, imperial preference, invisible hand, joint-stock company, Jones Act, Louis Pasteur, megacity, music of the spheres, Norman Mailer, Peace of Westphalia, post-work, refrigerator car, Ronald Reagan, South Sea Bubble, spice trade, strikebreaker, the scientific method, Tim Cook: Apple, trade route, traveling salesman, Upton Sinclair, V2 rocket, working poor

True to his word, Hoover reformed Prohibition enforcement. Attempts were made to raise the abysmal standards of Prohibition Bureau agents. The entire service was made to sit the civil service exam. Only 41 percent passed after two attempts. Most of those who failed were dismissed and replaced. In 1929 the Jones Act was introduced, which stiffened penalties against violators of the Volstead Act. An amendment to it raising the appropriations of the Prohibition Bureau to the stupendous sum of $256 million (from around $12.5 million) was approved, then dropped—the drys were leery of making an unpopular law an expensive one.

The Outlaw Ocean: Journeys Across the Last Untamed Frontier by Ian Urbina

9 dash line, Airbnb, British Empire, clean water, Costa Concordia, crowdsourcing, disinformation, Exxon Valdez, failed state, Filipino sailors, forensic accounting, Garrett Hardin, global value chain, illegal immigration, independent contractor, invisible hand, John Markoff, Jones Act, Julian Assange, Malacca Straits, Maui Hawaii, New Journalism, offshore financial centre, pattern recognition, Peter Thiel, Silicon Valley, Skype, South China Sea, standardized shipping container, statistical arbitrage, Tragedy of the Commons, UNCLOS, UNCLOS, union organizing, Upton Sinclair, WikiLeaks, William Langewiesche

,” ABC News, Sept. 22, 2010; John Crace, “Max Hardberger: Repo Man of the Seas,” Guardian, Nov. 14, 2010; “ ‘Repo Man of the Seas’ Shivers Pirates’ Timbers,” interview by Guy Raz, All Things Considered, National Public Radio, Nov. 21, 2010; Marco Giannangeli, “I Am the Man the Killer Pirates Fear,” Sunday Express, Nov. 28, 2010; Aidan Radnedge, “I’m Max and I Steal Ships from Pirates,” Metro (U.K.), April 19, 2011; Richard Grant, “Vigilante of the High Seas,” Daily Telegraph, July 23, 2011; Michael Hansen, “More on the Jones Act Controversy,” Hawaii Reporter, Aug. 13, 2013; Jenny Staletovich, “The Last Voyage of El Faro,” Miami Herald, Oct. 11, 2015. I scoured the court papers: The details of the Maya Express come from interviews with Max Hardberger between 2017 and 2018 as well as court documents that he provided.

pages: 829 words: 229,566

This Changes Everything: Capitalism vs. The Climate by Naomi Klein

1960s counterculture, activist fund / activist shareholder / activist investor, battle of ideas, Berlin Wall, big-box store, bilateral investment treaty, British Empire, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, Climategate, cognitive dissonance, coherent worldview, colonial rule, Community Supported Agriculture, complexity theory, crony capitalism, decarbonisation, deindustrialization, dematerialisation, different worldview, Donald Trump, Downton Abbey, energy security, energy transition, equal pay for equal work, Exxon Valdez, failed state, Fall of the Berlin Wall, feminist movement, financial deregulation, food miles, Food sovereignty, global supply chain, hydraulic fracturing, ice-free Arctic, immigration reform, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, Jones Act, Kickstarter, Kim Stanley Robinson, light touch regulation, market fundamentalism, moral hazard, Naomi Klein, new economy, Nixon shock, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, patent troll, Pearl River Delta, planetary scale, post-oil, profit motive, quantitative easing, race to the bottom, Ralph Waldo Emerson, Rana Plaza, renewable energy transition, Ronald Reagan, smart grid, special economic zone, Stephen Hawking, Stewart Brand, structural adjustment programs, Ted Kaczynski, the scientific method, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, trickle-down economics, Upton Sinclair, uranium enrichment, urban planning, urban sprawl, wages for housework, walkable city, Washington Consensus, Whole Earth Catalog, WikiLeaks

Scott Sinclair, “Negotiating from Weakness,” Canadian Centre for Policy Alternatives, April 2010, p. 11. 16. Aaron Cosbey, “Renewable Energy Subsidies and the WTO: The Wrong Law and the Wrong Venue,” Subsidy Watch 44 (2011): 1. 17. “Multi-Association Letter Regarding EU Fuel Quality Directive,” Institute for 21st Century Energy, May 20, 2013,; “Froman Pledges to Preserve Jones Act, Criticizes EU Clean Fuel Directive,” Inside US Trade, September 20, 2013; “Non-paper on a Chapter on Energy and Raw Materials in TTIP,” Council of the European Union, May 27, 2014,; Lydia DePillis, “A Leaked Document Shows Just How Much the EU Wants a Piece of America’s Fracking Boom,” Washington Post, July 8, 2014. 18.

Betrayal of Trust: The Collapse of Global Public Health by Laurie Garrett

accounting loophole / creative accounting, airport security, Albert Einstein, anti-communist, Ayatollah Khomeini, Berlin Wall, biofilm, clean water, collective bargaining, desegregation, discovery of DNA, discovery of penicillin, disinformation, Drosophila, employer provided health coverage, Fall of the Berlin Wall, germ theory of disease, global pandemic, illegal immigration, indoor plumbing, Induced demand, John Snow's cholera map, Jones Act, Louis Pasteur, Mahatma Gandhi, mass incarceration, Maui Hawaii, means of production, Menlo Park, Mikhail Gorbachev, mouse model, Nelson Mandela, new economy, nuclear winter, phenotype, profit motive, Project Plowshare, RAND corporation, randomized controlled trial, Right to Buy, Ronald Reagan, sexual politics, Silicon Valley, stem cell, the scientific method, urban decay, urban renewal, War on Poverty, working poor, Works Progress Administration, yellow journalism

By 1950 insurance would be picking up 14 percent of the tab; in 1960 it would cover 38 percent. And by 1970 fully two-thirds of all personal health dollars would be covered by private insurance. 176. Stevens, R., 1989, op. cit. 177. Jones, L., Great Expectations: America and the Baby Boom Generation. New York: Coward, McCann & Geoghegan, 1980. 178. Under the Jones Act of 1917 Puerto Ricans had the right to U.S. citizenship and could freely reside in America. Tuberculosis case rates rose in the city during the 1940s, partly because of this influx of immigrants. Thanks to the department’s dissemination of free antibiotics to indigent TB sufferers, however, death rates in New York fell from 44.8 per 10,000 in 1941 to 35.7 in 1948.

pages: 1,318 words: 403,894

Reamde by Neal Stephenson

air freight, airport security, crowdsourcing, digital map, drone strike, Google Earth, industrial robot, informal economy, Jones Act, large denomination, megacity, MITM: man-in-the-middle, new economy, pattern recognition, Ponzi scheme, pre–internet, ransomware, side project, Skype, slashdot, South China Sea, the built environment, the scientific method, young professional

“Does that mean that if you’d been able to get bars, you’d have given the order to kill her?” “There is no fixed plan. We assess our situation from hour to hour.” “Then assess this: we’re sitting in an exposed place up here. Anyone down there in those valleys could see us. What are we waiting for?” Jones acted as if he hadn’t heard this. “Is that Abandon Mountain?” he asked, nodding south. “Yes.” “Roads connect to its opposite side.” “The lower slopes, yes. That’s the way out.” “Let’s go then,” Jones said, rising to his feet and dusting off his bum. Richard had just tasked him: told him that they had to move away from this exposed position.