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A History of Modern Britain by Andrew Marr
air freight, Albert Einstein, anti-communist, battle of ideas, Beeching cuts, Big bang: deregulation of the City of London, Bob Geldof, Bretton Woods, British Empire, Brixton riot, clean water, collective bargaining, computer age, congestion charging, cuban missile crisis, deindustrialization, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, financial independence, floating exchange rates, full employment, housing crisis, illegal immigration, Kickstarter, liberal capitalism, Live Aid, loadsamoney, market design, mass immigration, means of production, Mikhail Gorbachev, millennium bug, Neil Kinnock, Nelson Mandela, new economy, North Sea oil, Northern Rock, offshore financial centre, open borders, out of africa, Parkinson's law, Piper Alpha, Red Clydeside, reserve currency, Right to Buy, road to serfdom, Ronald Reagan, Silicon Valley, strikebreaker, upwardly mobile, Winter of Discontent, working poor, Yom Kippur War
In her autobiography Margaret Thatcher barely touches on North Sea oil, even though her husband Denis was an oilman, involved in the near-collapse of Burmah Oil in 1975, and even though she took a close day-to-day interest in the relevant cabinet committees. About this awesome story she manages just four or five throwaway references, tacked to the end of remarks about exchange controls or tax policy. Geoffrey Howe dismisses the epic tale in a few words, far fewer than he devotes to the mildly amusing theft of his trousers from a train. Neither of them mentions the great tragedy of Piper Alpha, when 185 men were burned or blown to death (two thirds of the British toll in the Falklands War). The great tomes on Wilson and Callaghan, Major and Blair, likewise find nothing much to say about North Sea oil. Nigel Lawson writes lucidly about it, brushing aside the arguments in favour of treating oil as a national resource to be husbanded with his customary panache.
Nigel Lawson writes lucidly about it, brushing aside the arguments in favour of treating oil as a national resource to be husbanded with his customary panache. In many of the more general histories, economic and political, North Sea oil gets meagre treatment. Its cultural legacy seems slender, too: the occasional agitprop play, a few poems, but no memorable novel, television drama or film, unless one counts Local Hero, which is more about a village community. Those wild years, when 80,000 hard-drinking, hard-working, brave and often dysfunctional men turned a corner of Scotland into the Wild East have left few footprints. A rare historian of the industry points out that among Scotland’s hundreds of museums there is not one devoted to oil. Compared to the much-discussed miners’ strikes, or the IMF crisis, or the City rude-boys of the Big Bang, North Sea oil – which continues to profitably flow – is already forgotten. Why is this? Those parts of the national story that nobody seems keen to talk about have messages of their own.
The argument between ‘extract as much as possible now, and spend the proceeds’ and ‘extract slowly, and invest’ was, however, a complicated one, since nobody knew what would happen to the oil price. With North Sea oil so expensive to produce, leaving the stuff under the seabed might mean that if the world price fell it became uneconomic. Nor was it clear that money invested elsewhere by British ministers would turn out to be money well invested – particularly if it was also meant to kick-start industries. Under Labour, the so-called Varley assurances had been given to the oil industry, a promise that the government would not impose cutbacks beyond a certain level but allow the oil companies to take out most of what they could. According to Professor Alex Kemp of Aberdeen University, who has been writing the official history of North Sea oil, the argument in the early Tory years was between David Howell at the Department of Energy, who believed in slower extraction, and Howe at the Treasury, who needed the revenue as quickly as possible.
Oil: Money, Politics, and Power in the 21st Century by Tom Bower
addicted to oil, Ayatollah Khomeini, banking crisis, bonus culture, corporate governance, credit crunch, energy security, Exxon Valdez, falling living standards, fear of failure, forensic accounting, index fund, interest rate swap, kremlinology, LNG terminal, Long Term Capital Management, margin call, Mikhail Gorbachev, millennium bug, MITM: man-in-the-middle, Nelson Mandela, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, passive investing, peak oil, Piper Alpha, price mechanism, price stability, Ronald Reagan, shareholder value, short selling, Silicon Valley, sovereign wealth fund, transaction costs, transfer pricing, zero-sum game, éminence grise
After 1976, North Sea production was controlled by the British and Norwegian governments. To avoid oil shortages in Britain and to thwart profiteering, the government agency BNOC (British National Oil Corporation) intervened at the taxpayers’ expense to undercut OPEC prices, and directed that crude should be sold only to refineries. In the early 1980s these restrictions were breaking down, and North Sea oil was leaking onto the “spot market,” attracting dealers in London and New York. Although the quantities traded were small, the free market of Brent oil became the price-setter or benchmark for oil produced in North Africa, West Africa and the Middle East. The Saudis complained of chaos, but the traders loved the opportunities for speculation. BP and Shell fixed Brent prices, and using BP’s oil and information, Andy Hall began trading Brent oil aggressively.
In the Big Boys’ game, a rival trader’s scream was an invitation to squeeze harder. Philipp Bros., or Phibro, was good at squeezing, because there were large numbers of small traders — at least 50 in the US alone. To outsiders, Phibro personified the separate world inhabited by oil traders. “You’re ignoring the rule, ‘Don’t steal from thy brethren,’” London trader Peter Gignoux complained. The British government’s remaining control over North Sea oil prices crumbled as Phibro aggressively traded primitive derivatives and futures against rival traders. The “plain-vanilla swap” compelled the customer either to take physical delivery of the oil or pay to cover the loss. For the first time, global oil prices were influenced by traders speculating as proprietors, regardless of the producers or the customers. The OPEC countries, especially Saudi Arabia, hated their game, and even Shell was displeased that their precious commodity created profiteers and casualties.
Oil spikes, Deuss believed, occurred once every decade, and in the intervening years traders should tread water, manipulating the market with squeezes. The best squeezes, he boasted, passed unnoticed. During 1986, Deuss decided to execute a monster squeeze on the Brent market. Mike Loya, Transworld’s manager in London, was delegated to mastermind the purchase of more oil than was actually produced in the North Sea. In that speculative market, the cargo of a tanker carrying 600,000 barrels of North Sea oil was normally sold and resold a hundred times before it reached a refinery. If prices were falling, traders who bought at higher prices were exposed to losses, while those selling short would expect to profit. Starting in a small way, Deuss and his traders in London bought increasing amounts of 15-day Brent every month. Seeing that by tightening the market they were pushing prices upward and earning extra dollars, they became bolder.
The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing
3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Boris Johnson, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, disruptive innovation, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Altman, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, too big to fail, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Y Combinator, zero-sum game, Zipcar
It has also become a labour export regime, moving hundreds of thousands of workers around the world to work on short-term projects, helping to erode labour standards and decrease wages in host countries.10 Between 2000 and 2014, Chinese companies spent €46 billion on over 1,000 direct investments in the European Union, a quarter of which was in the UK.11 In 2015, EU investments by Chinese firms hit a record €20 billion, 70 per cent coming from state-owned enterprises.12 Ironically, neo-liberalism, founded on the claimed superiority of free markets and privatisation, created the conditions for Chinese state enterprises to buy European assets, aided by subsidies from the European Union and EU governments. Greece, Poland, Italy and Portugal have ceded control of ports and other parts of their infrastructure. In 2015, after Chinese state enterprises had taken a big stake in North Sea oil, the British government threw subsidies at another Chinese state company in the sensitive nuclear energy sector. Chinese state enterprises, often heavily indebted, have raised finance on concessionary terms from state-owned banks to buy some of the most iconic corporate names in Europe and America, such as US mobile phone company Motorola, Italian tyre maker Pirelli, Swedish carmaker Volvo and French resort operator Club Med.
Those with above-average subsidies include Saudi Arabia, Russia, the USA, China, South Korea, Canada, Australia and Japan. Perversely, the UK government in 2015 announced that it would slash subsidies on renewable energy such as solar and onshore wind projects, the cheapest forms of clean power, while increasing subsidies for fossil fuel companies, mainly through tax breaks to boost declining North Sea oil production. It is also subsidising polluting ‘diesel farms’ to provide stand-by power to the National Grid, directly and via tax breaks, at a time when the renewable subsidy cuts have driven several solar energy companies out of business and threaten community projects attempting to reduce energy costs for low-income households. The ODI estimated that UK fossil fuel subsidies already amounted to £6 billion a year in 2013 and 2014, nearly twice as much as subsidies for renewable energy before the cuts, which followed intense lobbying from the fossil fuel industry and opposition to onshore wind farms in rural Tory heartlands.
The destruction of the classical commons has taken on global proportions. Neo-liberal governments have used considerable sophistry to justify privatising not just ‘the people’s land’ but the resources underneath or on it. One of the worst examples has been the plundering of the world’s minerals for the electronics industry, often through confiscation or usurpation of native land, for mining with cheap, disposable labour power. An egregious case concerns North Sea oil. Leaving aside the contentious issue of whether this is British or Scottish oil, in equity terms it should have been exploited for the benefit of the whole of society. The Hartwick rule should have been applied. Instead, there was a huge rental transfer to an elite. Unlike Norway, which set up a sovereign wealth fund with the proceeds of oil sales, the Thatcher government sold drilling areas at fire-sale prices to a few multinationals.
Battling Eight Giants: Basic Income Now by Guy Standing
basic income, Bernie Sanders, centre right, collective bargaining, decarbonisation, diversified portfolio, Donald Trump, Elon Musk, full employment, future of work, Gini coefficient, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, labour market flexibility, Lao Tzu, longitudinal study, low skilled workers, Martin Wolf, Mont Pelerin Society, moral hazard, North Sea oil, offshore financial centre, open economy, pension reform, precariat, quantitative easing, rent control, Ronald Reagan, selection bias, universal basic income, Y Combinator
It is also affordable and politically feasible. And, unlike almost every other quasibasic income scheme, it is permanent. Its limitations are that the amount is paid only once a year as a lump sum, and it is a variable rather than a predictable amount, depending on the annual returns to the fund. Norway built up its permanent capital fund by retaining ownership of its share of North Sea oil. Today it is the world’s biggest capital fund. 90 Appendix A Had the UK pursued the same North Sea oil strategy as Norway, it would have had an even bigger fund by now, which could easily have funded a generous basic income. That was one of the several missed chances to create such a fund, using the proceeds of sales of public assets. But a British government could still build up a national capital fund from levies on commercial uses of the commons.6 The ethical, moral and economic case for doing so is strong. (4) Namibia, India and Kenya A few years ago, it was largely presumed that a basic income system could not be introduced in any low-income developing country.
See also individual entries definition 1, 4–8 reasons for need 8–9 security 98, 113, 114 system 1, 20, 23, 26, 32, 37, 52, 70, 84, 90–1, 122 n.7 Basic Income Earth Network (BIEN) 94 behavioural conditionality 70, 73, 77, 114 behaviour-testing 4, 39, 70, 84 benefits 5, 7, 27 conditional schemes 41 social assistance 23 BET365 11 Beveridge, William 8–9, 38 Beveridge model 21 Big Bang liberalization 18 BJP 92 black economy 40, 60 B-Mincome 99–100 Booker, Cory 101 brain development 98–9 132 Branson, Richard 54 Brexit 53 Britain 6, 8–10, 12–18, 20, 23–4, 26–7, 30–1, 33–4, 37–8, 40–2, 55, 57, 59, 90, 101, 104, 112 British Columbia 95 British Constitution 1 Buck, Karen 57 bureaucracy 40, 49, 100, 102 Bureau of Economic Analysis 16 Business Property Relief 58 California 69, 96–7 Canada 35 capacity-to-work tests 6, 104 cap-and-trade approach 34 Capita 50 capital dividend 59 capital fund 89–90 capital grants 59, 75, 76, 92 carbon dividends 37 carbon emissions 33–4 carbon tax 34–5, 37 care deficit 53 care work 36, 53, 67, 74, 84 cash payments 111 cash transfers 99 ‘casino dividend’ schemes 88 charities 48 The Charter of the Forest (1217) 1 Chicago 99 Child Benefit 57, 58, 72, 123 n.4 childcare 99, 110–11 child development 88 Child Tax Credits 81 chronic psychological stress 26 Citizens Advice 46–8 Citizen’s Basic Income Trust 7, 122 n.7, 123 n.4 citizenship rights 1, 29 civil society organizations 79 Index climate change 34 Clinton, Hillary 126 n.4 Clinton, Bill 105 Coalition government 41, 50 cognitive performance 33 collateral damage 53 common dividends 7, 20, 21, 59–60, 69, 73, 75, 83, 84, 85 Commons Fund 8, 35, 57, 59, 89 community cohesion 3 resilience 23 work 84 ‘community payback’ schemes 102 Compass 59 compensation 2, 7, 16, 104 ‘concealed debt’ 24–5 conditional cash transfer schemes 90 Conservative government 9, 85 Conservatives 23 consumer credit 24 consumption 23 contractual obligations 46 Coote, Anna 113 cost of living 25, 49, 52, 83 council house sales 76 council tax 25 Crocker, Geoff 122 n.15 cross-party plans 80 crowd-funded schemes 100 deadweight effects 102 ‘deaths of despair’ 27 Deaton, Angus 10 debt 23–6, 67, 85 debt collection practices 24–5 decarbonization 34 dementia 33 democratic values 69 Democrats 37 demographic changes 15 Index 133 Department for Work and Pensions (DWP) 11–12, 42–8, 50–2, 73, 81, 92, 129 n.6 depression 28, 94 direct taxes 56, 58 disability benefits 6, 49–52, 83 Disability Living Allowance (DLA) 49–51 Disabled People Against Cuts 52 Dividend Allowance 58 ‘dividend capitalism’ 8 domestic violence 29, 87 Dragonfly 92 due process 46, 49 ecological crisis 33, 37, 39, 114 ecological developments 21 ecological disaster 35 ecological taxes and levies 37 economy benefits 20, 60 crisis 106 damage 34 growth 20, 36, 106 industrialized 20 insecurity 21, 35, 39, 89 security 75, 80, 84, 88 system 15, 27, 38 tax-paying 60 uncertainty 8, 22–3, 31 ‘eco-socialism’ 8 ecosystems 33 Edinburgh 80 education 88, 108 Elliott, Larry 122 n.15 employment 16, 22, 39, 60–1, 81, 89, 93–4, 102, 106, 107, 110, 114 Employment Support Allowance (ESA) 27, 41, 49–51 England 28, 63, 110–11 Enlightenment 85 Entrepreneurs’ Relief 18 equality 31, 85 Europe 37 European Foundation for the Improvement of Living and Working Conditions (Eurofound) 120 n.1 European Heart Journal 33 European Union 6, 17, 41 euthanasia 113 extinction 33–7 ‘Extinction Rebellion’ 33 Fabian Society 57–8 Facebook 97 family allowances 56 family benefits 56 family insecurity 23 federal welfare programs 106 Fife 24, 80 financial crash (2007–8) 23, 26, 34 financialization 116 n.22 financial markets 18 Financial Services Authority 123 n.15 Financial Times 19, 123 n.15 financial wealth 18 Finland 28, 61, 93–5 food banks 10, 29–30, 43, 109 food donations 29 food insecurity 108–9 fossil fuels 33–4 France 12, 17, 18, 32, 38, 57 free bus services 112 freedom 8, 30, 84, 85, 101, 114 ‘free food’ 108–9, 129 n.6 ‘free’ labour market 106 free trade 13 Friends Provident Foundation 75 fuel tax 35 fund and dividend model 89 funding 29, 59, 62, 69, 71–2, 112 134 G20 (Group of 20 large economies) 15 Gaffney, Declan 57 Gallup 105 GDP 14, 17–18, 23–4, 34, 36, 59, 89, 108 General Election 91–2, 94 ‘genuine progress indicator’ 36 Germany 17–18, 38, 100 Gillibrand, Kirsten 101 Gini coefficient 9, 12 GiveDirectly 91 Glasgow City 80 globalization 14 Global Wage Report 2016/17 14 global warming 33, 37 Good Society 75, 106 The Great British Benefits Handout (TV series) 92 Great Depression 9 Great Recession 23 greenhouse gas emissions 34, 36 gross cost 110 The Guardian 101, 103, 122–3 n.15 Hansard Society 37 Harris, Kamala 101 Harrop, Andrew 57 Hartz IV 100 HartzPlus 100 health 67, 87, 100 human 33 insurance premiums 35 services 60 healthcare costs 28 hegemony 14 help-to-buy loan scheme 76 Her Majesty’s Revenue and Customs (HMRC) 64, 73, 81 Hirschmann, Albert 56 household debt 24 Index household earnings 16 household survey 12 House of Commons 110–11 housing allowance 95 Housing Benefit 24, 41, 53, 71 housing policy 53 hub-and-spoke model 112 Hughes, Chris 97 humanity 33 human relations 3 ‘immoral’ hazard 109 ‘impact’ effects 78 incentive 62 income 81 assistance 88 average 83 components 11 distribution system 4, 13–14, 38, 67, 84, 107, 114 gap 9 growth 16 insecurity 27 men vs. women 15–16 national 14, 36 pensioners’ 16 rental 13–15, 20 social 14, 16–17 support payments 110 tax 1, 7, 57, 89, 111 transfer 85 volatility 22 India 68, 80, 90–2 Indian Congress Party 91 inequality 2, 4, 9–13, 21, 29, 31, 33, 35, 37, 38, 39, 54, 80, 85, 114 growth 17 income 9–10, 15–17, 19 living standard 20 wealth 18–19, 76 informal care 111 Index 135 inheritance tax 58 in-kind services 111 insecurity 21–3, 29, 38, 39, 47, 67, 85, 106 Institute for Fiscal Studies (IFS) 10 Institute for Public Policy Research 125 n.17 Institute for Public Policy Research (IPPR) 75, 111 Institute of New Economic Thinking 123 n.15 Institute of Public Policy Research 59 insurance schemes 8 intellectual property 14–15 Intergovernmental Panel on Climate Change (IPCC) 34 International Labour Organization (ILO) 14, 122 n.4 International Monetary Fund (IMF) 31, 34 international tax evasion 18 interpersonal income inequality 83 inter-regional income inequalities 83 intra-family relationships 3 involuntary debt 26 in-work benefits 22 Ireland 35 Italy 18 labour 31, 107 inefficiency 106 law 101 markets 8, 14, 32, 39, 40, 60, 62–3, 96, 100, 106 regulations 13 supply 67, 95 Labour governments 85 labourism 106 Lansley, Stewart 59 Latin America 90 Left Alliance 94 Lenin, Vladimir Ilyich 113 Liberal government 35 life-changing errors 51 life-threatening illness 33 Liverpool 80 living standards 20, 23, 33, 36, 53, 59, 92 Local Housing Allowances 24 London Homelessness Project 92–3 low-income communities 33 low-income families 21 low-income households 17 low-income individuals 86 Low Pay Commission 63 low-wage jobs 60, 107 Luddite reaction 32 lump-sum payments 35, 59, 76 Jackson, Mississippi 99 JobCentrePlus 47 job guarantee policy 101–7 job-matching programs 106 Jobseeker’s Allowance (JSA) 41, 46 Joseph Rowntree Foundation 21 McDonnell, John 129 n.13 McKinsey Global Institute 31 Macron, Emmanuel 35 Magna Carta 1 ‘Making Ends Meet’ 97 ‘mandatory reconsideration’ stage 51 Manitoba 87–8 Manitoba Basic Annual Income Experiment (Mincome) 87 market economy 105, 114 master-servant model 101 Kaletsky, Anatole 123 n.15 Kenya 90–2 Khanna, Ro 103 Kibasi, Tom 113 136 Index Maximus 50 means-testing 4, 39, 42, 48, 58, 61–2, 70, 84, 88, 90, 109–10, 114 benefits 5, 7, 27, 40, 46, 56, 71–3, 81, 129 n.6 social assistance 23, 41, 95, 122 n.7 system 6 medical services 28 Mein Grundeinkommen (‘My Basic Income’) 100 mental health 26, 28, 94 disorders 88 trusts 28 mental illness 33, 68 migrants 7, 113 ‘minimum income floor’ 45 Ministry of Justice 51 modern insecurity 22 modern life 31 monetary policy 59 Mont Pelerin Society 13 moral commitment 75 moral hazard 109 mortality 27, 76 multinational investment funds 34 Musk, Elon 31, 54 Namibia 90–2 National Audit Office (NAO) 24, 43–4, 46, 76 National Health Service (NHS) 8, 24, 27–8, 44, 68, 80, 108, 111 National Insurance 18, 22, 124 n.4 nationalism 37 National Living Wage 63 National Minimum Wage 63–4 national solidarity 3 Native American community 88 negative income tax (NIT) 23, 87, 95, 100 neo-fascism 37–8 neoliberalism 13, 84 Netherlands 96 New Economics Foundation (NEF) 57, 113, 122 n.15 non-resident citizens 113 non-wage benefits 16 non-wage work 74 North America 67 North Ayrshire 80 North Carolina 88 North Sea oil 89–90 Nyman, Rickard 23 Oakland 96–7 Office for National Statistics (ONS) 14–15, 17, 36 Ontario, Canada 95–6 open economy 84 open ‘free’ markets 13, 15 opportunity dividend 59 Organization for Economic Co-operation and Development (OECD) 18, 23, 27, 31 Ormerod, Paul 23 Osborne, George 19 Paine, Thomas 2, 75 Painian Principle 2 panopticon state 55 Paris Agreement (2015) 34 participation income 74–5 paternalism 42, 55 pauperization 63 Pawar, Alderman Ameya 99 pay contributions 21 pension contributions 18, 58 Pension Credit 41 Pericles Condition 75 permanent capital fund 71 personal care services 110–11 Index 137 personal income tax 35 Personal Independence Payment (PIP) 49–51 personal insecurity 23 Personal Savings Allowance 58 personal tax allowances 17, 58, 59 perverse incentives 50 physical health 26, 94 piloting in Britain 67–81 applying 80–1 rules in designing 70–80 policy development 3, 69 political decision 78 political discourse 92 political instability 35 political system 38 populism 37–8, 75 populist parties 37 populist politics 39 Populus survey 55 post-war system 8 poverty 2, 4, 10–12, 22, 27, 29, 36, 38, 40, 60–1, 89, 100, 108–9, 114, 125 n.17, 129 n.6 precarity 29–30, 38, 39, 60–1, 85, 103, 129 n.6 Primary Earnings Threshold 124 n.4 private debt 23–4, 39 private inheritance 2 private insurance 85 private property rights 13 private wealth 18 privatization 13, 17, 112 property prices 76 prostitution 43 Public Accounts Committee (PAC) 51 public costs 28 public debt 23 public inheritance 61 public libraries 47 public policy 97 public sector managers 103 public services 4, 17, 62, 108, 112, 114 public spending 89 public wealth 18 ‘quantitative easing’ policy 59 quasi-basic income 89, 98 quasi-universal basic services 30 quasi-universal dividends 35 quasi-universal system 61, 70, 90 Randomised Control Trial (RCT) 124–5 n.14 rape 44 Ratcliffe, Jim 12 Reagan, Ronald 13 Reed, Howard 59 refugees 7 regressive universalism 57 regular cash payment 7 rent arrears 24 controls 53 rentier capitalism 13–21, 107, 116 n.22 republican freedom 2–3, 30, 84 Republicans 37 Resolution Foundation 10, 15, 19, 25, 76 ‘revenue neutral’ constraint 7 right-wing populism 37–8 robot advance 31–3 Royal College of Physicians 33 Royal Society of Arts 55, 59, 124 n.12 RSA Scotland 125 n.17 Rudd, Amber 9 Russia 113 138 Sanders, Bernie 101 scepticism 31 schooling 67, 89 Scotland 69, 80, 111 Second World War 19, 21 security 8, 38, 55, 68, 84 economic 3, 4, 49, 56 income 73–4 social 8, 22, 49 Self-Employed Women’s Association (SEWA) 68 self-employment 45 Shadow Chancellor of the Exchequer 3, 115 n.3 Smith, Iain Duncan 42 ‘snake oil’ 113 social assistance 3, 28 social benefit 20 social care 102, 104, 110–11 social crisis 106 social dividend scheme 92 Social Fund 29 social inheritance 2 social insecurity 21 social insurance 22, 85 social integration 44 social justice 2, 8, 20, 69, 84, 101, 114 social policy 8, 23, 26, 30, 42, 53, 84–5, 96 social protection system 32 social relation 100 social security 10, 70–1, 95 social solidarity 3, 8, 39, 61, 84–5, 91 social spending 17 social status 104 social strife 35 social value 29 ‘something-for-nothing’ economy 19–20, 61 Index Speenhamland system 63 State of the Global Workplace surveys 105 statutory minimum wages 106 stigma 47, 55 stigmatization 41, 109 Stockton 97–9 Stockton Economic Empowerment Demonstration (SEED) 97 stress 26–9, 39, 51, 67, 68, 85, 93 student loans 24 substitution effects 102–3 suicides 26–7 Summers, Larry 105–6 Sweden 113 Swiss bank Credit Suisse 12 Switzerland 35 tax advantages 49 and benefit systems 17, 18, 69, 110 credits 3, 17, 24, 63, 105, 106 policies 16 rates 72 reliefs 17–18, 57–8, 61 tax-free inheritance 19 technological change 105 technological revolution 14, 31, 114 ‘teething problems’ 42 Thatcher, Margaret 13 Thatcher government 9, 18 The Times 92 Torry, Malcolm 122 n.7 Trades Union Congress 24 tribal casino schemes 76 ‘triple-lock’ policy 16 Trump, Donald 37 Trussell Trust 29, 43 Tubbs, Michael 97–8 Index 139 Turner, Adair 123 n.15 two-child limit 44 UK.
Nine Crises: Fifty Years of Covering the British Economy From Devaluation to Brexit by William Keegan
banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, British Empire, capital controls, congestion charging, deindustrialization, Donald Trump, Etonian, eurozone crisis, Fall of the Berlin Wall, financial innovation, financial thriller, floating exchange rates, full employment, gig economy, inflation targeting, Just-in-time delivery, light touch regulation, liquidity trap, Martin Wolf, moral hazard, negative equity, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, oil shock, Parkinson's law, Paul Samuelson, pre–internet, price mechanism, quantitative easing, Ronald Reagan, school vouchers, short selling, South Sea Bubble, The Chicago School, transaction costs, tulip mania, Winter of Discontent, Yom Kippur War
I myself was one of the few survivors of the old regime, and suddenly found myself in demand for the annual dinner, which had long since taken on a life of its own. Well, I have always taken the long view in these matters. * * * The Anderson regime was intent on cosying up to the Callaghan and Thatcher governments from 1976 onwards, not least with regard to concessions for the exploitation of North Sea oil. Atlantic Richfield were obviously in the North Sea for the money, but I myself, along with many other observers, was concerned that this great windfall was being wasted. It seemed to me that the North Sea money should have been used, as indeed it was by the Norwegian government, to plan investment for the future, when the revenues would inevitably diminish. Alas, the Treasury was against the idea of what they called ‘hypothecation’, devoting particular sources of revenue to a specific objective, rather than putting it into the general pot of tax revenue.
After that, there was a huge turnaround in the markets and the problem became the strength of the pound as opposed to the weakness. Shortly after I joined The Observer in July 1977, the atmosphere surrounding sterling switched from a very negative one to great enthusiasm for the currency. We had got through the 1976 crisis and it was as if the financial markets suddenly discovered that Britain was in possession of North Sea oil – although the oil and gas had been in their sights earlier. In contrast to the position in 1976, the agreed official policy now was to hold the pound down by intervening in the foreign exchange market to take dollars and other currencies into the reserves, rather than to let the pound rise too high for the competitiveness of British industry, which was the point on the IMF’s mind during the Malcolm Crawford incident about the appropriate exchange rate.
Secondly, as it turned out, the main problem facing British economic policy in the next few years was the rise and rise of the pound, which would undoubtedly have been restrained if we had joined the ERM. The then president of the Bundesbank, Otmar Emminger, described what happened to the pound in those few years as ‘by far the most excessive overvaluation which any currency has experienced in recent monetary history’. There is a deep-rooted myth that the dramatic rise in the pound in 1979–81 was due to the arrival of North Sea oil and sterling’s role as a ‘petro currency’. But, as we saw in the previous chapter, other countries in the possession of oil did not experience similar episodes. A subsequent study established that possession of oil accounted for less than a fifth of the rise in the pound, which was largely caused by the enormous increases in interest rates required by adherence to the then fashionable doctrine of monetarism.
Britannia Unchained: Global Lessons for Growth and Prosperity by Kwasi Kwarteng, Priti Patel, Dominic Raab, Chris Skidmore, Elizabeth Truss
Airbnb, banking crisis, Carmen Reinhart, central bank independence, clockwatching, creative destruction, Credit Default Swap, demographic dividend, Edward Glaeser, eurozone crisis, fear of failure, glass ceiling, informal economy, James Dyson, Kenneth Rogoff, knowledge economy, long peace, margin call, Mark Zuckerberg, Martin Wolf, megacity, Mexican peso crisis / tequila crisis, Neil Kinnock, new economy, North Sea oil, oil shock, open economy, paypal mafia, pension reform, price stability, profit motive, Ronald Reagan, Sand Hill Road, Silicon Valley, Stanford marshmallow experiment, Steve Jobs, Walter Mischel, wealth creators, Winter of Discontent, working-age population, Yom Kippur War
Between 1978 and 1979 he caused over 500 walk-outs at the Longbridge plant.7 In hospitals, women gave birth by candlelight, trafﬁc lights failed across the country,8 and even Prime Minister’s Questions was lit by candles and parafﬁn lamps.9 Blue Peter taught children how to line blankets The Chains 9 with newspaper to keep elderly relatives warm without heating. In early 1974, Britain was temporarily reduced to a three-day week. Rubbish piled up on the streets, and infamously during the 1978 so-called Winter of Discontent, even the dead were left unburied. ‘Goodbye, Great Britain,’ said a Wall Street Journal editorial, ‘it was nice knowing you.’10 ‘Britain is a tragedy,’ mourned Henry Kissinger. ‘It has sunk to borrowing, begging, stealing until North Sea oil comes in.’11 According to a Brussels correspondent, Britain was now only admired in Europe ‘for its ability to stagger along on its knees’.12 The dictator Idi Amin wrote to Heath offering aid, and claiming that he was ‘following with sorrow the alarming economic crisis befalling on Britain’.13 In response to the crisis, British society turned inwards. Class divisions loomed large. As the foreign correspondent put it, ‘The apparent fecklessness of the British worker and his delight in wringing the once golden goose’s neck is matched in continental eyes by the reluctance of the British management to get to work ﬁrst [and] roll up its sleeves.’14 Trade unions and political parties became more radical, the political consensus of the postwar years broken.
In the 1990s, it seemed that Britain might have ﬁnally turned its back on its slow postwar decline. Its economy was once more admired. That success is now in danger of seeming more a blip than a trend. A legacy of a bloated state, high taxes and excessive regulation threatens to take the drive out of the British economy. In many ways, Britain faces a harder task than Canada. It does not enjoy Canada’s resilient ﬁnancial sector, or its bounty of commodity exports. The windfall of North Sea oil is starting to peter away. Britain’s adjustment has to be made in the face of the worldwide downturn, rather than the benign economy of the 1990s. While Canada’s neighbour, the United States, continued to boom, Britain’s neighbour, the Eurozone, looks if anything to be in an even worse position than us. Even so, the task will not get any easier by putting it off. If Britain is to get its spending back under control, it has hard choices to make.
(1967) 9 favelas (Brazilian shantytowns) 101–4 drug lords 102–3 entrepreneurial spirit 103–4 feed-in tariffs 85 Ferguson, Niall 21, 66, 91 First Care Products 79 ﬁscal rules 25, 27, 29, 30, 31, 33 see also Golden Rule Flaherty, Jim 35 Flikr 95 Frankel, Jeffrey 29 fuel prices 62 Furedi, Frank 87 139 geek culture 48–51 General Motors 92 Germany birth rate 107 economic growth 8 educational reform 41 high-tech industry 52 and PISA results 40–1, 57 welfare reform 4 Giffords, Gabrielle 78, 79–80 Gladwell, Malcolm 86 Global Competitiveness Report 2011/12 88 global ﬁnancial crisis (2007–08) 2–3, 4, 9–10, 31–2 responses to 13–14 globalisation 4, 54 Golden Rule 28, 29 Google 60, 81, 93 Gou, Terry 105 Gove, Michael 38 Greece 3 Grifﬁn, John 62 Haddock, Richard 64 Harford, Tim 92 Hari, Johann 19 Harper, Stephen 35, 36 Harvard University Harvard Institute of Economic Research 68, 69 and New Keynesianism 25, 26 Hasan, Medhi 19 Hawke, Bob 32 Heath, Edward 8, 9, 114 Henderson, Sir Nicholas 7, 8 Heritage Foundation 36 Hernández, Daniel, Jr 78 Hewlett Packard 81, 93 Higher Education Policy Institute 57 Hinduja brothers 72–3 Hodge, Margaret 43 Hoffman, Reid 97 Hong Kong 5, 36, 66, 113 Howard, John 33 Human Rights Act 74 140 Britannia Unchained Hutton, Will 26 hyperinﬂation 21, 83, 104, 105 IBM 81 ICQ (instant messaging programme) 81 Imperial College 58 India 4–5, 100, 113, 115 attitudes to science and technology 44, 46, 49–51 Institutes of Technology 51, 53 work ethic 57, 72–3 innovation 5, 93–4, 97, 98–9, 105, 114 and informal economy 88–9 and necessity 86, 91 patent applications 81, 82, 95–7 and risk 91–2 see also entrepreneurship; Israeli entrepreneurial culture; venture capital instant messaging 81 Intel 68, 81 intellectual capital 52, 53, 112 intellectual property law 55, 89 International Indicators of Educational Systems (INES) project (OECD) 39 International Monetary Fund (IMF) 34, 114 internet 55, 81, 88, 99, 108–9 Intuit 92 Iraq War (2003) 10 Isagba, Beau 1 Isenberg, Daniel 83, 94, 95–6 ‘Israeli bandage’ 78–80 Israeli entrepreneurial culture 78–86 government support for 83–6 and Jewish immigrants from Soviet Union 86 technology sector 80–1, 86 and venture capital 5, 80, 84–5, 94 Italy 3, 52 Ive, Jonathan 91 Jackson, Tim 10 Jain, Nitin 50 Japan aging population 106–7 education 40, 43, 55 work ethic 106 Jebel Ali Free Zone (Dubai) 88 Jefferson, Thomas 90 Jobs, Steve 89 Jobseeker’s Allowance 74 John-Baptiste, Ashley 45–6 Johnson, Samuel 98 Jones, Peter 97 Katz, Lawrence 25 Katzir , Ephraim 83 Keating, Paul 32 Keegan, William 26, 28 Kennedy, John F. 23–4 Keynes, John Maynard 20 Keynesian economics 14–15, 20, 24, 28 Kinnock, Neil 28 Kissinger, Henry 9 Krugman, Paul 19 Kumar, Manmohan S. 22 Laski, Harold 14 Last.fm 55, 98 Le Dang Doanh 89 Leavis, F.R. 46 Lehman Brothers 92 leverage 35 Li, David 47–8 Liberal Party (Canada) 16–18, 35 The Limits to Growth 9 LinkedIn 95, 97, 98 London tube-drivers 63 Lopes, Antonio Francisco Bonﬁm (‘Nem’) 103 Loughner, Jared Lee 78 Lula da Silva, Luiz Inácio 100–1 M-Systems Ltd 81 Macaulay, Thomas 19, 21 Macmillan, Harold 114 Major, John 28 Malaysia, women and tech careers 50 Index Mandelson, Peter 94, 115 Manpower Talent Shortage Survey 73 Margin Call (ﬁlm) 47 Marland, Jonathan, Baron 85 Marshall, Alfred 52 marshmallow test 71–2 Martin, Paul 16–18, 35, 36 Massé, Marcel 18 Mayer, Marissa 48 meritocracy, in emerging economies 49 Merkel, Angela 46 Mexico debt default 22 education 44, 55 Peso Crisis (1994) 16 women and tech careers 50 Michau, Jean-Baptiste 70 Michel, Harald 107 Microsoft 68, 81 miners’ strike (1983–84) 114–15 Mirabilis 81 Mischel, Walter 71 Mittal, Lakshmi 73 mobile phones, dual-sim-card 89 Moo.com 55 Moody’s 47 Mossbourne Academy (Hackney) 59 Motorola 81 Mulroney, Brian 15–16, 36 NAFTA (North American Free Trade Agreement) 15 NASDAQ 80, 94 A Nation at Risk, report on US education system 39, 40 National Commission on Excellence in Education 38–9 National Employment Savings Trust Scheme (UK) 87 National Health Service (NHS) 28, 29, 31 Netanyahu, Binyamin 86 Neuwirth, Robert 89 New Keynesianism 25, 26 New Labour 24, 25 and growing deﬁcit 29–33 141 inaccuracy of budget forecasts 29 investment in public services 12, 28–9 macroeconomic framework 27–30 tax increases 28–9 North Korea 36 North Sea oil 9, 37 Obama, Barack 100 ‘Occupy London’ protests 10 O’Donnell, Gus 27, 30 OECD, comparing school systems 31, 38–41 Ofsted 59, 71, 73 Old Age Pensions Act (1908) 69 Oliveira, Silvinha 103 Olympic Games in Brazil 101–2, 103 London tube drivers pay 63 Paypal 93, 95 Pedro II, Emperor of Brazil 104 pensions 3, 32, 63, 69–70, 110 pension age 69 Peston, Robert 28 PISA tests see Programme for International Student Assessment (PISA) ‘The Poles are Coming’ 63–4 poll tax riots (1990) 69, 115 The Population Bomb, (1968) 9 Postlethwaite, T.
Scots and Catalans: Union and Disunion by J. H. Elliott
active measures, agricultural Revolution, banking crisis, British Empire, centre right, land tenure, mass immigration, mobile money, new economy, North Sea oil, Red Clydeside, sharing economy, The Wealth of Nations by Adam Smith, urban renewal
Mrs Thatcher was an old-style Unionist with little or no understanding of Scottish sensitivities, and although Scottish Conservatives won 31.3 per cent of the votes in the 1979 general election, support in Scotland for her government began to wane as she privatized industry, closed down the mines and pushed through a series of policies that jarred with the sensibilities and aspirations of the Scottish electorate. These moves came at a time when the development of the North Sea oil deposits was beginning to yield rich rewards. The SNP was quick to see the political opportunities that this presented, and argued to great effect that, instead of being channelled southwards, the oil was a Scottish resource and that the large revenues it was generating should be placed under Scottish control and used for the benefit of a Scotland ravaged by high unemployment. 14 Prime Minister Thatcher would have none of this.
In the event the referendum campaign was full of suspense, and the results and their aftermath produced moments of high drama. 51 With the eyes of the world upon them the Scots engaged in a passionate internal debate about their past, present and future. Nothing was excluded, from the events of 1707 to the brutal suppression of the 1745 rebellion, the persistent neglect, or worse, of Scotland’s interests by an uncomprehending Westminster parliament, the decay of its traditional industries, and the prospects of a brighter future once the nation was allowed full control over the revenues from ‘Scotland’s’ North Sea oil. But above all, this was a debate about the nation’s sense of itself, in which everyone, whether young or old, had a view to express, and did not hesitate to do so. With the leaders of the three main British parties, together with leading Scottish public figures, including the former prime minister, Gordon Brown, all actively campaigning for a ‘No’ vote, the rejection of an ill-defined ‘independence’ appeared at the start of the campaign to be a foregone conclusion.
On the face of it there seems no good reason why the more forceful and aggressive forms of Catalan and Scottish nationalism should have enjoyed such a resurgence at the turn of the twentieth and twenty-first centuries, and still less why in both countries the more extreme nationalists should have succeeded in wresting the initiative from the moderates and launched their often reluctant compatriots on a road towards independence. Spain after 1978 was an infinitely more benign country than the Spain of General Franco, and its new Constitution gave the Catalans an unprecedented measure of self-government. After 1997 the Scots, like the Catalans, were managing more of their business than at any time since the early eighteenth century. In addition, the North Sea oil bonanza had done much to revive the ravaged economy of the Thatcher years, although many would argue that the government could have done far more to prevent the ravages from occurring. But in neither instance can oppression be held responsible for the upsurge of nationalism, even if radical Catalan nationalists, as if by some instinctive reflex, still used, and continue to use, oppression as an argument for independence.
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
Albert Einstein, Clayton Christensen, Daniel Kahneman / Amos Tversky, deliberate practice, double helix, en.wikipedia.org, endowment effect, Isaac Newton, iterative process, Jeff Bezos, Lao Tzu, lateral thinking, loss aversion, low cost airline, Mahatma Gandhi, microcredit, minimum viable product, Nelson Mandela, North Sea oil, Peter Thiel, Ralph Waldo Emerson, Richard Thaler, Rosa Parks, Shai Danziger, side project, Silicon Valley, Silicon Valley startup, sovereign wealth fund, Stanford prison experiment, Steve Jobs, Vilfredo Pareto
Henry Cloud and John Townsend, Boundaries: When to Say Yes, How to Say No (Grand Rapids, MI: Zondervan, 1992), 29–30. 4. I have found this story cited in several places: for example, Jill Rigby’s Raising Respectful Children in an Unrespectful World (New York: Simon & Schuster, 2006), ch. 6. But I have yet to find an original source for the story and therefore share this only as an anecdote. 15. BUFFER 1. Guy Lodge, “Thatcher and North Sea Oil: A Failure to Invest in Britain’s Future,” New Statesman, April 15, 2013, www.newstatesman.com/politics/2013/04/thatcher-and-north-sea-oil-%E2%80%93-failure-invest-britain%E2%80%99s-future. 2. Dale Hurd, “Save or Spend? Norway’s Commonsense Example,” CBN News, July 11, 2011, www.cbn.com/cbnnews/world/2011/July/Save-or-Spend-Norways-Common-Sense-Example-/. 3. Richard Milne, “Debate Heralds Change for Norway’s Oil Fund,” FT.com, June 30, 2013, www.ft.com/cms/s/0/8466bd90-e007-11e2-9de6-00144feab7de.html#axzz2ZtQp4H13. 4.
Nonessentialist Essentialist Assumes the best-case scenario will happen Forces execution at the last minute Builds in a buffer for unexpected events Practices extreme and early preparation When a Nonessentialist receives a windfall, she tends to consume it rather than to set it aside for a rainy day. We can see an example of this in the way nations have responded to finding oil. For example, in 1980, when Britain discovered North Sea oil, the government suddenly had a massive windfall in additional tax revenues, to the tune of 166 billion pounds ($250 billion) over a decade.1 Arguments can be made for and against how this money was used. But what is beyond contestation is that it was used; instead of creating an endowment to prepare against unexpected disasters (such as, in hindsight, the coming great recession), the British government spent it in other ways.
The Nanny State Made Me: A Story of Britain and How to Save It by Stuart Maconie
banking crisis, basic income, Bernie Sanders, bitcoin, Boris Johnson, British Empire, cognitive dissonance, collective bargaining, Corn Laws, David Attenborough, Desert Island Discs, don't be evil, Downton Abbey, Elon Musk, Etonian, failed state, Francis Fukuyama: the end of history, full employment, G4S, Gordon Gekko, greed is good, helicopter parent, hiring and firing, housing crisis, job automation, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, North Sea oil, Own Your Own Home, plutocrats, Plutocrats, rent control, Right to Buy, road to serfdom, Silicon Valley, The Chicago School, universal basic income, Winter of Discontent
The Dane incidentally was called Per Haekerrup and he is infamous in Scandinavia for this boozy mistake. Norway put their enormous North Sea oil revenues into a sovereign fund. It became literally a national treasure, funding a world-class welfare system and the needs of an aging population. Venezuela, under Hugo Chávez, used their oil wealth to help the poor. We, naturally, did no such thing with our oily windfall. Margaret Thatcher used our revenues to alleviate a balance of payments deficit, fund costly tax cuts and unemployment benefits, and soften the blow of her vengeful industrial restructurings. All of this played well with the electorate of Middle England – Tony Blair remarked in 1987 that North Sea oil was ‘utterly essential to Mrs Thatcher’s electoral success’ – and some of it may have been necessary. But had we had the foresight and will to put even a small percentage into a sovereign fund we could now be living like Joakim and Anne Hilde; secure, happy and equitably rather than debt-ridden, fearful and ill.
In the spring of 1982, the Argentinian junta invaded the Falkland Islands, a British colony that few other than ardent pub quizzers could place on a map, and Thatcher ordered the dispatch of a naval task force to regain the islands. Cast deliberately by her advisors as a kind of ‘Britannia with battleships’, once the war was won, she swept back to power in a landslide in 1983. In this she was helped by the first fruits of the discovery of North Sea oil and the dire, chaotic state of Labour under the derided Michael Foot. Foot’s case is illustrative of the gulf that has always existed between the political class and the electorate. Like Enoch Powell, another remote ideologue, Westminster lore continually talks up Foot’s spellbinding oratory and reputation as a great parliamentarian. Voters thought he was useless. Thatcher went from strength to strength for most of the rest of the decade.
I slipped a disc, as I think you say. I was in so much pain. An ambulance came immediately and got me and paramedics took me to the hospital ward. I was in the hospital for fifteen days and I was given the best of care for free. And as well as that I got paid fifteen hundred pounds for my loss of earnings.’ How can they afford it? The same way we could have done. With the black gold of the North Sea. Oil. But, unlike us, the Norwegians used their resources for the good of the people. In May 1963, Einar Gerhardsen’s government proclaimed sovereignty over the Norwegian continental shelf, declaring that the state owned any natural resources on there. But the Nordic oil boom really began in 1969 with the discovery of oil on the mighty Ekofisk field. Joakim takes another bite of cod and a sip of a really rather nice organic red wine.
When the Iron Lady Ruled Britain by Robert Chesshyre
Berlin Wall, Big bang: deregulation of the City of London, British Empire, corporate raider, deskilling, Etonian, Fall of the Berlin Wall, financial deregulation, full employment, housing crisis, manufacturing employment, mass immigration, means of production, Neil Kinnock, North Sea oil, oil rush, plutocrats, Plutocrats, Right to Buy, Ronald Reagan, school choice, Silicon Valley, the market place, trickle-down economics, union organizing, wealth creators, young professional
If you believe in the hereditary principle, you can’t pick and choose with whom you consort. Republicanism in Britain has fewer adherents than t’ai chi, and even a change at the top – unwelcome though that will be among many diehard royalists when the time inevitably comes – will not alter the British infatuation with a crowned head of state and a balcony of relations. Unlike Norwegians who invested their profits from the North Sea, in 1987 we were already squandering our North Sea oil – ‘pissing it against the wall’ in the words of Aberdonian bumper stickers. We are in a perilous enough economic situation as it is: had it not been for oil we would be a basket case alongside Greece. Oilmen told me how the people who beat a path to their doors in search of work were mostly from overseas (one said he would find them curled up asleep outside his office when he arrived in the morning).
Workers could no longer expect a measurable rise in living standards each year, and start washing an hour before the bell rang. Fishing on Saturday mornings after all bore a heavy price tag. While I was in Washington DC, Britain for the first time began to import more manufactured goods than she exported. In the autumn of 1985, a House of Lords committee forecast the collapse of manufacturing, which, it said, would be followed – once North Sea oil is exhausted – by virtual national bankruptcy, bringing with it social and political turmoil. However, although by the time I returned very little was any longer being manufactured in Britain that you could eat off, sit on, drive, watch or listen to, money was being made in some mysterious way. Nightly, in between the City scandals, financial reporters told of fresh Stock Exchange records. The old folk who used to live on our street had mainly been replaced by yuppies.
Fifteen years later he ran a highly successful business, and had a finger in every pie in town from the local radio station to trying to save Wakefield Trinity rugby league side from bankruptcy. He was exhilarated by American dynamism. After a two-week visit there, he found it ‘takes me a little time to settle back into the much slower pace of the UK.’ He had recently flown to Hong Kong for a two-hour meeting, winning a contract that otherwise would have gone elsewhere. But he was deeply angered by what he saw as the squandering of North Sea oil, and wondered why it had not been spent on the national infrastructure. ‘What the hell are we going to do when it runs out?’ he asked. The gloomy answer he provided himself was that the unemployed may ‘one day turn on us and destroy us all.’ We had, he said, perhaps been purged enough by strong Thatcherite medicine. Before I left Wakefield, I drove out to visit two young men, Ian Conniff and Steve Chapman, whom I had first met fifteen months earlier.
The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton
active measures, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, British Empire, business cycle, call centre, centre right, collective bargaining, colonial exploitation, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, manufacturing employment, means of production, Mikhail Gorbachev, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, Plutocrats, post-industrial society, rising living standards, road to serfdom, Ronald Reagan, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, trade liberalization, union organizing, very high income, wages for housework, wealth creators, Winter of Discontent, women in the workforce, working poor
Digest of UK Energy Statistics (DUKES): 60th Anniversary (London, 2009), available at https://www.gov.uk/government/statistics/digest-of-uk-energy-statistics-dukes-60th-anniversary, accessed 12 January 2018. 36. Alex Kemp, The Official History of North Sea Oil and Gas, vol. 2: Moderating the State’s Role (London, 2013), p. 384. 37. Digest of UK Energy Statistics (DUKES): 60th Anniversary, chart 1, p. 5, plus 1913 coal production converted to toe (tons of oil equivalent) by dividing by 1.43. 38. Christopher Harvie, Fool’s Gold: The Story of North Sea Oil (London, 1994), p. 219. 39. Kemp, Official History, p. xii. 40. Harvie, Fool’s Gold, pp. 81, 144–5. 41. Ibid., p. 73. 42. See the wonderful Joe Moran, On Roads: A Hidden History (London, 2009). 43. Paul Barker, The Freedoms of Suburbia (London, 2009). 44.
Oil had been cheap but was now expensive enough to register in the balance of payments. The United Kingdom developed a balance of payments deficit, which reached 4 per cent of GDP, the same as the proportion of GDP accounted for by oil imports at their peak in value.33 The upshot was an end to the growth of the oil economy. The growth of refining ended in 1973; oil was no longer routinely used in power stations. But the United Kingdom was quite exceptionally fortunate. North Sea oil started coming ashore in 1975, and within a decade the United Kingdom was a net exporter of oil, the peak corresponding to even higher world oil prices following the Iranian revolution in 1979. To produce oil at a time when oil was so expensive was supremely lucky. It gave hope for plans for a new national reconstruction in the 1970s. Even from the late 1960s refineries were built on the east coast to take advantage of the oil which would soon be flowing in: three on Teesside (two by Philips and ICI and one by Shell) and two on Humberside.
The peak surplus in the crude oil trade came in 1984, with 48 million tonnes of surplus.35 This was comparable in tonnage to exports of coal in the interwar years. The value of oil and gas peaked in 1984–5 at 7 per cent of GDP; in that year 7 per cent of government revenues came from oil and gas taxes. A second peak in output, not value, came in 1999 and was considerably higher than the first in 1986, as the proportion of gas was going up.36 North Sea oil and gas production was alone now about the same as the coal output of 1913.37 Despite the return of the United Kingdom to being a major energy producer, oil and gas production hardly figured in the self-image of the nation. The whole sector was much less visible than coal had been or still was, especially perhaps in retrospect. The oil industry was very different from coal – it was private and employed only around 60,000 people in the early 1980s.38 The miners were all-British and unionized; the oil workers typically neither.
An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy by Marc Levinson
affirmative action, airline deregulation, banking crisis, Big bang: deregulation of the City of London, Boycotts of Israel, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, car-free, Carmen Reinhart, central bank independence, centre right, clean water, deindustrialization, endogenous growth, falling living standards, financial deregulation, floating exchange rates, full employment, George Gilder, Gini coefficient, global supply chain, income inequality, income per capita, indoor plumbing, informal economy, intermodal, invisible hand, Kenneth Rogoff, knowledge economy, late capitalism, linear programming, manufacturing employment, new economy, Nixon shock, North Sea oil, oil shock, Paul Samuelson, pension reform, price stability, purchasing power parity, refrigerator car, Right to Buy, rising living standards, Robert Gordon, rolodex, Ronald Coase, Ronald Reagan, Simon Kuznets, statistical model, strikebreaker, structural adjustment programs, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, unorthodox policies, upwardly mobile, War on Poverty, Washington Consensus, Winter of Discontent, Wolfgang Streeck, women in the workforce, working-age population, yield curve, Yom Kippur War, zero-sum game
Labour, trying to oust Prime Minister Edward Heath after four years of Conservative rule, was indeed dominated by its socialist wing, in which a radical group called Militant Tendency had become highly influential. Labour was running on a manifesto calling for “a fundamental and irreversible shift in the balance of power and wealth in favour of working people and their families” and insisting that North Sea oil and a large part of the manufacturing sector should be in the hands of state-owned companies.16 Angry voters granted no party a majority, delivering a hung Parliament for the first time since 1929. For three days, Great Britain was without a government, as Heath bargained for the backing of the Liberal Party’s fourteen members of Parliament. When the Liberals balked, he yielded to Labour’s Harold Wilson, who had been prime minister from 1964 to 1970.
The Labour government that took office in 1974 bowed to union pressure to add more troubled companies to the government’s portfolio, from the insolvent automaker British Leyland to Drake and Scull, an engineering contractor worth less than one million pounds. It also created an entity called British National Oil Company, through which the state took direct control of a significant portion of North Sea oil.14 The performance of the nationalized industries had been unimpressive even when times were good, and it deteriorated sharply in the 1970s; over the course of the decade, a time when private companies were earning about 17 percent return on investment, the state-owned firms collectively earned an average return of 4.3 percent. Their unions repeatedly won large wage increases unmatched by productivity improvements.
More than half of the 170 collieries run by the National Coal Board when the strike began would close within five years, and 79,000 heavily subsidized jobs would go with them.23 The popularity of Thatcher’s stand against the miners opened the way to large-scale privatization of British industry, and Scargill’s defeat removed a powerful opponent from the scene. In May 1984, shortly after the coal miners’ strike began, state-owned British Gas sold its half-interest in onshore oil fields. Two months later, the company’s North Sea oil fields, organized into Enterprise Oil, were listed on the London Stock Exchange. In August, the carmaker Jaguar was sold as a going concern. December brought the sale of 51 percent of British Telecom, raising 3.9 billion pounds, six times as much as any previous British stock issue. Shipyards went on sale, one after the other, starting in 1985. British Gas was floated on the stock exchange in December 1986 for 5.4 billion pounds.
Why Your World Is About to Get a Whole Lot Smaller: Oil and the End of Globalization by Jeff Rubin
addicted to oil, air freight, banking crisis, big-box store, BRICs, business cycle, carbon footprint, collateralized debt obligation, collective bargaining, creative destruction, credit crunch, David Ricardo: comparative advantage, decarbonisation, energy security, food miles, hydrogen economy, illegal immigration, immigration reform, Intergovernmental Panel on Climate Change (IPCC), 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, zero-sum game
In both 1973 and 1979, the world economy was thrown into chaos by fuel shortages and the high prices that accompanied them—only to see the time-tested laws of supply and demand quickly restore order to both oil prices and the economy at large. And as economists predicted, higher oil prices triggered huge investments in technology that dramatically improved energy efficiency, whether it was smaller cars or natural-gas-fired electricity plants. It is also true that new supply was brought on line and helped force down the price of a barrel of oil. The British North Sea oil fields gushed oil into world markets, as did Prudhoe Bay in Alaska, helping restore global supply and fueling economic booms in the UK and Alaska. Once again the laws of demand and supply seemed to be working, with higher prices bringing forth the new supply that economics textbooks said they always fetch. But history can be loaded with head fakes. The energy crises of 1973 and 1979 were political in nature, not geological or economic.
But only a couple of decades later, production rates were dropping like a rock, no matter how much money and technology were thrown at them. In fact, by the 1980s the oil companies had already spent more on drilling technology in the North Sea than NASA spent putting a man on the moon. But the North Sea wells had their best monthly production numbers in 1985. Their peak annual production came in 1999, and had dropped by 43 percent by 2007. While not long ago the UK was an oil exporter to be reckoned with (indeed, the benchmark North Sea oil is Brent Light Crude), today it is a net importer. And that process is repeating itself worldwide. The peak year for deepwater oil discovery was back in 1996. Given past lags between discovery and peak production for other sources of oil supply, a peak in offshore production is not far away. Why does it matter if offshore production will soon peak? Because since 2000, offshore fields, and particularly deepwater fields, have been the single largest source of new supply growth in the world.
The 2008 WEO is available at www.worldenergyoutlook.org/2008.asp. p. 28: The figures for per capita oil consumption around the world are based on data from the CIA World Factbook (www.cia.gov/library/publications/the-world-factbook/). p. 35: Though it is hard to believe that drilling for oil in the North Sea is more expensive than putting a man on the moon, that is the way the numbers add up. A 1975 article in Time estimates that the investment in North Sea oil infrastructure up to 1980 would cost $11 billion more than the American lunar program (www.time.com/time/magazine/article/0,9171,913489,00.html). p. 36: An oilfield’s output does not follow a smooth curve, which is why the North Sea’s peak monthly production arrived fourteen years before its peak annual number. It happened that 1985 saw a particularly good month (www.og.berr.gov.uk/pprs/full_production/monthly+oil+ production/0.htm), and 1999 the best year on record (www.og.berr.gov.uk/pprs/full_production/annual+oil+production+sorted+by+field+m3/0.htm) according to the UK Department of Energy and Climate Change.
The Extreme Centre: A Warning by Tariq Ali
Affordable Care Act / Obamacare, Berlin Wall, bonus culture, BRICs, British Empire, centre right, deindustrialization, Edward Snowden, Fall of the Berlin Wall, financial deregulation, first-past-the-post, full employment, labour market flexibility, land reform, light touch regulation, means of production, Mikhail Gorbachev, Monroe Doctrine, mortgage debt, negative equity, Neil Kinnock, North Sea oil, obamacare, offshore financial centre, popular capitalism, reserve currency, Ronald Reagan, South China Sea, The Chicago School, The Wealth of Nations by Adam Smith, trade route, trickle-down economics, Washington Consensus, Westphalian system, Wolfgang Streeck
The dystopic vision of capitalist supremacy espoused by Washington, implying the deployment of military force abroad and the redistribution of income away from the poorest to the most prosperous layers in society, would slowly, and in different ways, conquer continental Europe. During Reagan’s first term in office, low-income families lost $23bn in revenue and Federal benefits, while high-income families gained over $35bn. This explained the massive endorsement of Reagan in the prosperous suburbs and the Sun Belt. In Britain, more subservient than ever before, individual greed was shamelessly encouraged by the lowering of income tax (helped by the North sea oil bonanza), along with the sale of council houses and other state assets. Financial deregulation stimulated the formation of a class of nouveau entrepreneurs, who thought little of safety regulations or trade-union rights for their employees. A hallucinatory euphoria, aided and abetted by a sycophantic news establishment, helped to cement the new consensus. A full-scale ideological assault was mounted on the old postwar settlement.
I. 191–92 Lévy, Dominique 145n Liberal Democrat Party 17–18, 20, 34 Libya 119, 149, 153, 166 Lileikis, Aleksandras 8n Linux 174–75 Livingstone, Ken 37n LJ Group 47 LloydsPharmacy’s Healthcare Advisory Panel 47, 53 Lugo, Fernando 152 M5S (Five Star Movement) 187–91 McCartney, Ian 51 Mair, Peter 9, 10–11n; Ruling the Void 146n Major, John 37 Malnick, Edward 44n Mandelson, Peter 21, 66 Marshall Plan 88 Marx, Karl 172 May, Theresa 81n Mearsheimer, John 142n, 162–64 Meek, James, Private Island 19n Mendick, Robert 44n Merkel, Angela 131n Milburn, Alan 13, 46–47, 53, 58–59 Miliband, David 36, 40–41 Miliband, Ed 17, 40–41, 82 Milne, Alasdair 61, 65 Milne, Seumas 41n, 80; The Enemy Within 13n Milošević, Slobodan 117 miners’ strike 19n, 65 Monbiot, George 79, 80 Monnet, Jean 89–90 Morales, Evo 177, 182n Morgan, Sally 52–53 Morris, Emily 9n Morrison, Herbert 25 Mullen, Mike 160 Munif, Abdelrahman 138n Murdoch, Rupert 7, 44, 66, 80 Murdoch, Wendy 44 Murphy, Darren 53 Nairn, Tom 73 Napolitano, Giorgio 187 National Health Alliance Party 58 National Health Service 22, 43, 49–50, 50; Coalition policy 54–55, 58; funding 56, 57, 60; Pollock interview 55–60; Private Finance Initiative 29, 54, 58–59, 148–49n; privatization 53, 56–58; National Hunger March Against the Means Test, 1932 61–62 NATO 105, 109–10, 149, 153; development of 110–20; French withdrawal 113; future of 120–21; membership 111–13; post–Cold War 113–20, 129–30 Negri, Antonio 105 neoliberalism 7, 8, 11–12, 17, 25, 55, 91, 92–98, 144–47, 148–49, 174, 178–79, 183, 191 New Labour 5–6, 13; and the BBC 66; and big money 42; devolution policy 29–30; education policy 37–38; electoral victory, 1997 20–22; electoral victory, 2001 32–33; electoral victory, 2005 33–34; and the EU 30–31; foreign policy 31–32; leadership competition, 2011 40–41; market culture 25–29; NHS policy 29, 54, 58–59; political geography 32–33; and Scotland 75 New York Times 8n, 167 North sea oil 7 Norway 71, 111 NSA 124, 174 Obama, Barack 3, 92, 141, 150–52, 152 occupation movements 95, 143 Ofsted 53 Olympic Delivery Authority 53 Paddington Station rail crash 28–29 Papademos, Lucas 179–80 Pemberton, Max 54n People’s Vow 84, 85–86 Pepsico 47 Pizzarotti, Federico 188 Plaid Cymru 29 Podemos 9, 9–10, 15, 102, 107, 184–86 Polanyi, Karl, The Great Transformation 136–37 Pollock, Allyson 55–60 Portugal 9, 94, 100, 101, 112, 121, 144, 179 Powell, Colin 153–54, 155 Powell, Enoch 103 Prentis, Dave 149n Prescott, John 13, 27, 28 Priest, Dana 117n Private Finance Initiatives 29, 54, 58–59, 148–49 privatization 7, 11, 27–29, 53 Putin, Vladimir 130n, 141 railways 27–29 Rambouillet Agreement 118 Raynsford, Nick 51 Reagan, Ronald 3, 6, 12 Reid, Melanie 79 Reith, Lord John 61 Renzi, Matteo 187 Revolution in Military Affairs (RMA) 153 Rome, Treaty of 88, 107 Roosevelt, Franklin D. 145 Russia 115–16, 121, 127, 129–30, 141, 159, 161, 163, 168, 172, 173, 191; revolution of 1917 175 Salmond, Alex 80 Sarkozy, Nicolas 113, 131 Saudi Arabia 45–46, 138n, 150 Savile, Jimmy 64–65 Scotland 5, 9, 41; ‘Better Together’ campaign 77; health policy 56; the Highland Clearances 74; Independence Campaign 15, 77–79; Independence Campaign media coverage 78–81; Independence Referendum, 2014 68–72, 81–82; New Labour policy 29–30; the People’s Vow 84, 85–86; post-referendum 82–84; Radical Independence Campaign 83, 186; rise of nationalism 74–77; Scottish Labour Party 82; Scottish National Party (SNP) 29, 71, 75, 78, 82, 83; Scottish Parliament 75, 81; the Union 72–73; voter registration 68–69 Scott, Sir Walter 73 Second World War 11, 88, 90 Short, General Michael 117 Simitis, Costas 179 SITA 50 Smilde, David 177n Smith, Adam, The Wealth of Nations 126n Smith, John 20, 75 Smith, Richard 53 Snowden, Edward 124 social democracy, collapse of 2–3 Solana, Javier 112–13 sovereign debt crisis, 2008 91–92, 98–99, 179–83 Soviet Union 90, 145; fall of 2, 97–98, 113, 133, 137, 142, 145–46, 152; and NATO 111–12 Spain 9, 14, 15, 31, 94, 99–100, 102, 107, 107–8, 112–13, 144, 179, 181–86 Stevens, Simon 53 Stiglitz, Joseph 155, 156 Stobart, Luke 184n Straw, Jack 13, 45–46 Streeck, Wolfgang 10–11n; Buying Time 108 Sturgeon, Nicola 83 Syriza 9, 9–10, 15, 76, 102, 107, 180–81, 184 Taliban 118–19, 150 Thatcher, Margaret 3, 5, 12, 13–15, 19, 23, 33, 34, 42n, 63–64, 65, 74, 124 third way 3, 31, 33 Thompson, Mark 65 Todd, Emmanuel, After the Empire 141n Torvalds, Linus 175 Tsipras, Alexis 180, 184 Turkey 111, 137 Ukip 18, 84, 190 unemployment 19, 23, 99–100, 102, 103, 106–7, 136, 158, 181 United Arab Emirates 150 UnitedHealth UK 53 United States of America 1–2, 12–13, 18, 98, 172; British relationship with 31–32, 123, 131; budget deficit 157–58, 160; and capitalism 135–40; and China 158–68, 169; defence spending 127, 141, 154, 155–56, 157, 165; Democrats 20–21, 148; economic performance 23–25; enemies 127–29; and the EU 88, 97; exercise of power 140–47; First Gulf War 152–54; GDP 160; global economic crisis, 2008 144–47; health funding 56–57; hegemony 123–27, 129–31, 134–35, 140–47, 149–52, 161, 168–69; inequality 24–25; invasion of Iraq, 2003 154–55; Middle East policy 150–51; military policy 152–57; and NATO 110, 114, 114–15, 118, 120, 121, 149; overseas military bases 157; war on terror 128–29, 155 Venezuela 79, 96, 151, 152, 177, 178 Verhofstadt, Guy 104–5 Versailles, Treaty of 90 Vietnam 172; Vietnam War 129, 153 Vine, David 150–52 Wales 29–30, 56 Walt, Stephen 164–65 Warner, Lord Norman 49–50 Warsaw Pact 112, 114 Washington Consensus 91, 131, 142 Weinberger, Caspar 153 Whitlam, Gough 2 Wilde, Oscar 87 Wilpert, Gregory 176n Wilson, Brian 52 Wilson, Harold 25, 45 Windrush Ventures Ltd 43–44 Wine, Martin 167n Wood, Tony, Chechnya 130n World Bank 11 Wu Ming 188 Xansa PLC 49–50 Xuetong, Yan 133, 165 Yeltsin, Boris 130 Yugoslavia, former 112, 114–18, 130 Zilliacus, Konni 111–12
Net Zero: How We Stop Causing Climate Change by Dieter Helm
3D printing, autonomous vehicles, Berlin Wall, blockchain, Boris Johnson, carbon footprint, clean water, congestion charging, coronavirus, COVID-19, Covid-19, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, fixed income, food miles, Francis Fukuyama: the end of history, Haber-Bosch Process, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, market design, means of production, North Sea oil, off grid, oil shale / tar sands, oil shock, peak oil, planetary scale, price mechanism, quantitative easing, remote working, reshoring, Ronald Reagan, smart meter, South China Sea, sovereign wealth fund, statistical model, Thomas Malthus
This could be achieved by creating a sovereign wealth fund, building up the funds that future generations will need in order to deal with the mess we will have left them with. They should in effect borrow from us through our bequeathing these monies set aside, rather than us borrow from them by building up debt and expecting them to pay. Without this, current consumption is too high, and the economy is pursuing an unsustainable growth path. It is a requirement that goes well beyond putting aside some of the benefits of, say, depleting North Sea oil, used for our immediate gratification in lower taxes. It is notable that the UK has not even managed to do this. Future generations should also benefit from any sustainable economic growth which takes place from now until their time comes. Some environmentalists claim that there can be no more economic growth at all, and hence the future generation will not be better off in this respect. The argument is that the earth has finite resources and hence the population runs up against natural constraints.
Saudi Arabia and its OPEC allies can collude and thereby temporarily force the price up by cutting production, and this is in the interests of all the producers (including Russia and the US). In a normal competitive market, the cheapest reserves would be produced first. In this market, the Saudis in particular choose not to do this to their full potential capacity. As the price is credibly kept well above $5 a barrel, other supplies come into the market which would not otherwise be produced. The North Sea oil and gas industry developed because of the oil shocks in the 1970s, with much higher costs than in the Middle East. So too did Alaska, the offshore Gulf of Mexico, and eventually even the tar sands of Alberta in Canada could turn a profit at the higher prices. These high-cost producers need the Saudis and others to manipulate the market to keep the price up. The relevance of all this for carbon and climate change is that this premium on the costs of production has an effect similar to a carbon price.
acid rain 25, 194 Africa xiv, xv, 2, 25, 30, 38, 44, 45, 47, 48, 51, 137, 229 agriculture 2, 6, 12, 13, 14, 23, 35–6, 43, 44–5, 70, 76, 86, 87–8, 95, 100, 102, 109, 116, 146–7, 149, 159, 163–80, 181, 183, 192, 197, 198, 206, 220 baseline, the 164–8 biodiversity loss and 2, 5, 100, 164, 165, 168, 169, 171, 172, 174, 180 biofuels and 197–8 carbon emissions and 2, 12, 13, 35–6, 76–7, 146–7, 163–80 carbon price and 167–70, 171, 172, 173, 180 China and 28–9, 35, 45, 180 economics of 76, 165, 166–7, 171, 174 electricity and 13, 166, 168, 174, 178, 180 fertiliser use see fertiliser lobby 14, 110, 164, 165, 169, 170, 197 methane emissions 23, 84, 177, 178, 179 net gain and 172–4 net value of UK 76, 166 new technologies/indoor farming 87–8, 174–9, 180, 213 peat bogs and 2, 179 pesticide use see pesticides petrochemicals and 166 polluter-pays principle and 76, 168–70, 172, 173 pollution 36, 86, 163, 165–6, 168–70, 172, 173, 177–8, 230 public goods, agricultural 170–4, 180 sequestering carbon and 12, 95, 163, 166, 168, 169, 170, 171, 172, 173–4, 177, 179, 180 soils and 2, 146, 163, 164, 165, 166, 168, 169, 171, 172, 175, 179 subsidies 14, 76, 102, 109, 116, 164, 165, 166, 167, 169, 170, 172, 180, 228 25 Year Plan and 179–80 Agriculture Bill (2018), UK 170 air conditioning 135–6, 224, 233 air quality xiii, 13, 25, 46, 52, 61, 70, 135, 153, 177, 180, 201, 216, 230, 232 air transport 3–4, 6, 11, 13, 22, 50, 53, 73, 87, 88, 92, 107, 125, 128, 129, 132, 133, 134, 149, 156–7, 186, 195, 201, 203–5 aluminium 7, 117 Amazon rainforest 2, 34, 35, 95, 145, 149–50, 151, 155, 229, 230 ammonia 35, 137, 191 anaerobic digesters 35, 165, 230 animal welfare 167, 177 antibiotics 93, 165, 174 Arctic 26, 46, 114, 178 artificial intelligence (AI) 32, 175, 220, 231 autonomous vehicles 13, 129, 132, 175, 189–90, 231 Balkans 137–8 Bank of England 121 batteries 6, 31, 131, 135, 141, 183, 184, 185–90, 191, 199, 204, 213, 214, 219, 220, 221, 225, 231 beef 5, 95, 116, 117, 167, 230 Berlin, Isaiah 104 big 5 polluter products 117–18, 120 bin Salman, Mohammad 27 biocrops 36 biodiversity xiv, 2, 5, 12, 13, 28, 35, 51, 76, 94, 100, 148, 149, 152, 153, 158, 159, 164, 165, 168, 169–70, 171, 172, 174, 180, 227, 233 bioenergy 31, 34–5, 36 biofuels 21, 35, 49, 50, 67, 70, 95, 135, 183, 184, 197–8, 210, 230 biomass 32, 34, 49, 50, 67, 69, 109, 146, 147, 151, 210, 217 bonds, government 220 BP 27, 149, 187, 199 Deepwater Horizon disaster, Gulf of Mexico (2010) 147 Brazil 2, 35, 38, 44–5, 47, 95, 145, 149–50, 155, 198 Brexit 42, 47, 56, 117, 165 British Gas 102, 139 British Steel x, 194 broadband networks 6, 11, 90, 92, 125, 126, 127–8, 130–1, 132–3, 135, 140–1, 199, 201, 202, 205, 211, 214, 231, 232 Brundtland Commission 45 BT 127–8, 141 Openreach 214 Burn Out (Helm) ix, xiv Bush, George W. 36, 48, 53, 103 business rates 76, 165 Canada 52, 191, 193 capitalist model 26, 42, 99, 227 carbon border tax/carbon border adjustment xii, 11, 13, 60, 80, 115–20, 194–6, 204 carbon capture and storage (CCS) xiv, 12, 75–6, 95, 109, 146, 147–8, 149, 154, 159, 203–4, 207, 209, 222, 223 Carbon Crunch, The (Helm) ix, xiv, 221 carbon diary 4–5, 8, 10, 11, 64–6, 83, 86, 116, 143, 144, 155, 156, 167, 180, 181, 185, 203, 205 carbon emissions: agriculture and see agriculture by country (2015) 30 during ice ages and warm periods for the past 800,000 years 21 economy and 81–159 electricity and see electricity global annual mean concentration of CO2 (ppm) 19 global average long-term concentration of CO2 (ppm) 20 measuring 43–6 since 1990 1–14, 17–37 transport and see individual method of transport 2020, position in 36–7 UN treaties and 38–57 unilateralism and 58–80 see also unilateralism carbon offsetting xiii–xiv, 4, 5, 12, 34, 45, 72, 74, 79, 94–6, 97, 105, 143–59, 192, 201, 203, 207, 214, 222, 223, 234 for companies 148–50 for countries 151–5 for individuals 155–7 markets 71–2, 110–13, 117, 144, 157–9, 208 travel and 156, 201–3 see also sequestration carbon permits 71–2, 79, 110–13, 117, 144, 208 carbon price/tax xii, xiii, xv, 8, 11, 12, 13, 26, 60, 61, 71, 72, 77, 79, 80, 84, 85–6, 102–3, 105, 106–24, 134, 143, 146, 147, 150, 151–4, 157, 159, 192, 197, 198, 199, 203, 227–30, 232, 234 agriculture and 167, 168, 169–70, 171, 173, 180 domain of the tax/carbon border adjustment xii, 11, 13, 60, 80, 115–20, 121, 124, 192, 194–6, 197, 204, 227 electric pollution and 216–18 ethics of 107–10 floor price 115, 117, 208 for imports 11, 13 prices or quantities/EU ETS versus carbon taxes 110–13 setting 113–15 transport and 192–9 what to do with the money 121–4 where to levy the tax 119–20 who fixes the price 120–1 carbon sinks 2, 5, 166, 169, 203 carboniferous age 34 cars 1, 3, 4, 7, 20, 22, 36, 44, 70, 73, 114, 129, 181, 182, 183, 184–5, 190, 191, 193, 196, 197, 198, 199 see also electric vehicles cartels 39, 40, 43, 45, 46, 47, 56 cattle farming 35, 36, 95, 150, 166, 167, 173, 177, 198 Central Electricity Generating Board (CEGB) 102, 139, 218 cement 6, 7, 26, 29, 34, 87, 117, 171 charging networks, electric vehicle 91, 129–30, 141–2, 184, 185–90, 199, 200, 202, 219 Chernobyl 78 China xi, xv, 1–2, 5, 8, 18, 42, 46, 47, 48, 64, 66, 74, 101, 180, 229 Belt and Road Initiative 28, 45 coal use 1–2, 8, 23–4, 24, 28, 31, 38, 117, 154, 206, 208 Communist Party 2, 27, 42, 46 demand for fossil fuels/carbon emissions 1–2, 8, 18, 20, 22, 23–4, 24, 25, 27–31, 36, 38, 51, 73, 117, 154, 206, 208 export market x–xi, 5, 9, 64, 66, 117, 155, 194 fertiliser use 35 GDP xv, 27, 29 nationalism and 42 petrochemical demand 22 renewables companies 9, 32, 73, 74, 77, 79 Tiananmen Square 42 unilateralism and 58, 59 UN treaties and 46, 47, 48, 53, 54, 55, 58, 59 US trade war 56, 118 Churchill, Winston 183 citizen assemblies 99–101 climate change: carbon emissions and see carbon emissions 1.5° target 38, 57 2° target 1, 10, 22–3, 28, 30, 38, 39, 45, 47, 54, 55, 57, 108, 122, 155, 206 see also individual area of climate change Climate Change Act (2008) 66, 74–7 Clinton, Bill 40, 48 Club of Rome 98 coal 1–2, 5, 8, 13, 20, 23–5, 28, 29, 30, 31, 32, 34, 36, 38, 50, 52, 53, 60–1, 67, 72, 77, 78–9, 101, 109, 112, 116, 117, 119, 134, 136, 145, 147, 148, 151, 154, 155, 182, 183, 194, 196, 206–9, 210, 212, 214, 216, 217, 218, 229, 230 coastal marshes 146, 159 colonialism 45 Committee on Climate Change (CCC), UK x–xi, 7, 74–5, 120, 164, 166, 169, 217, 235 ‘Net Zero: The UK’s Contribution to Stopping Global Warming’ report x–xi conference/video calls 6, 129, 156, 202, 205 Conference of the Parties (COP) xii, 10, 48, 50, 53–4, 55, 59, 205 congestion charges 198 Copenhagen Accord 48, 53–4, 59 Coronavirus see Covid-19 cost-benefit analysis (CBA) 71, 108, 110, 114, 138 cost of living 116 Covid-19 x, xi–xii, 1, 3, 6, 9, 18, 19, 22, 25, 27, 30, 37, 44, 46, 50, 57, 65, 69, 80, 89, 93, 129, 135, 148, 171, 201, 202, 204, 232 CRISPR 176 crop yields 172, 177 dams 2, 36, 52–3, 179 DDT (Dichlorodiphenyltrichloroethane) 100 deforestation 2, 5, 34, 35, 36, 38, 43, 44, 47, 55, 87, 95, 145, 146, 149–50, 155, 172–3, 179, 197–8, 229 Defra (Department for Environment, Food and Rural Affairs) 170 deindustrialisation x, 29, 46, 52, 54, 59, 72–4, 218 Deng Xiaoping 27 Denmark 69–70, 136–7 desalination 135–6, 179 diesel 4, 20–1, 70, 76, 86, 109, 119, 121, 129, 132, 164, 165, 166, 174, 175, 178, 179, 181, 182, 185, 186, 191, 192, 196–7, 208, 217, 230 ‘dieselgate’ scandal 196–7 digitalisation 1, 8, 11, 13, 33, 92, 117, 136, 174, 175, 180, 206, 211, 215, 221, 228–9, 231 DONG 69 Drax 147, 151, 154, 218 economy, net zero 10–12, 81–159 delivering a 96–103 intergenerational equity and 96–7 markets and 103–5 net environmental gain see net environmental gain political ideologies and 98–101 polluter-pays principle see polluter-pays principle public goods, provision of see public goods, provision of technological change and 98 EDF 139, 218 Ehrlich, Paul 98 electricity 1–2, 4, 6, 11, 12, 13, 23, 31, 32, 49, 53, 61, 65, 66, 68, 70, 73, 77, 78, 79, 91, 92, 101, 102, 109, 117, 125, 127, 128, 129–30, 131–2, 134, 135, 136, 137, 139, 140, 141, 149, 158, 166, 168, 174, 178, 180, 182, 183, 228, 229, 231, 232, 234, 235 coal, getting out of 206–7 electric pollution and the carbon price 216–18 electric vehicles 4, 6, 13, 20, 23, 49, 61, 91, 92, 94, 121, 125, 128, 129–30, 131–2, 134, 141, 183–92, 193, 194, 197, 200, 201, 202, 206, 219, 228 equivalent firm power auctions and system operators 210–16 future of 206–25 gas, how to get out of 207–9 infrastructure, electric 185–90, 218–20 low-carbon options post-coal and gas 209–10 net gain and our consumption 222–5 R&D and next-generation renewables 220–2 renewable see renewables Energy Market Reform (EMR) 219 equivalent firm power (EFP) 212–16, 217, 220 ethanol 35, 71, 95, 197 eucalyptus trees xiv, 152 European Commission 60, 71, 72, 112 European Union (EU) xiv, 2, 7, 8, 9, 37, 42, 44, 46, 47, 117, 137, 165, 166, 197; baseline of 1990 and 51–2 Common Agricultural Policy (CAP) 76, 165 competition regime and customs union 56 deindustrialisation and 46, 52, 54, 59, 72–4 directives for 2030 66 Emissions Trading System (EU ETS) 71–2, 73, 79, 110–13, 117, 144, 208 importing carbon emissions 59 Internal Energy Market (IEM) 68, 71 Kyoto and 9, 51, 59, 66–7 Mercosur Agreement 44, 95 net zero target for 2050 66, 115, 143, 155, 167, 180 Paris and 54 Renewable Energy Directive 68–71, 73, 109 2020 targets signed into law 66 2020–20–20 targets 67, 69, 74 unilateralism and 59, 66–71, 80 Eurostar 133 externalities 104, 170, 180, 196 Extinction Rebellion 6 farmers 14, 26, 35, 36, 43, 71, 76, 86, 95, 102, 109, 110, 146–7, 164, 165, 166, 169, 170, 174, 175, 196, 197, 198 fertiliser 4, 6, 7, 26, 29, 35, 61, 73, 86, 87, 116, 117, 119, 163, 165, 169, 174, 175, 178, 179, 191, 194, 197 fibre/broadband networks 6, 11, 90, 92, 125, 126, 127–8, 130–1, 132–3, 135, 140–1, 201, 202, 205, 211, 214, 231, 232 financial crisis (2007/8) 1, 19, 69 first-mover advantage 75 First Utility 199 flooding 13, 77, 149, 152, 153, 159, 170, 233 food miles 167 food security 170–1 food waste 178, 180, 231 Forestry Commission xiv Formula One 186, 196 fossil fuels, golden age of 20–5 see also individual fossil fuel France 46, 47, 52, 56, 73, 78, 101, 113, 130, 136, 138 free-rider problem 39–40, 43, 62–4, 106, 119 fuel duty 121, 195–6 fuel efficiency 197 fuel prices 26, 112–13, 209 fuel use declaration 195 Fukushima Daiichi nuclear disaster (2011) 52, 78 Fukuyama, Francis: The End of History and the Last Man 40–1 gardens 6, 43, 143, 156 gas, natural ix, 2, 5, 8, 20, 23, 24, 25, 26, 29, 31, 32, 36, 50, 52, 68, 69, 79, 102, 109, 117, 119, 129, 136, 137, 146, 147–8, 149, 183, 190, 193, 194, 207–9, 210, 211, 214, 216–17 G8 47 gene editing 172, 176, 231 general election (2019) 121 genetics 98, 172, 174–6, 231 geoengineering 177 geothermal power 137, 178 Germany 9, 30, 47, 52, 59, 60, 62, 66, 67, 69, 70, 71, 72, 73, 75, 77–80, 83, 91, 101, 112, 136, 137, 138, 144, 206, 208, 209 Energiewende (planned transition to a low-carbon, nuclear-free economy) 59, 69, 77–80, 112, 144, 208 Gilets Jaunes 101, 113 GMOs (genetically modified organisms) 176, 177 Great Northern Forest, Britain 151 Green and Prosperous Land (Helm) xiii, xiv, 165, 169, 234 greenbelt 173 greenhouse effect 17 green new deal 90, 102, 234 green parties/green votes 69, 77, 78 green QE (quantitative easing) 102–3 green walls 153, 231 greenwash 156 gross domestic product (GDP) xii, xv, 1, 25, 27, 29, 41, 57, 59, 73, 76, 83, 93, 98, 103, 133, 165, 207, 227, 229, 233 growth nodes 133 G7 47 G20 47 Haber-Bosch process 35, 163 Hamilton, Lewis 186 ‘hands-free’ fields 175 Harry, Prince 6 Heathrow 133, 134 hedgerow 76, 166, 167, 172 Helm Review (‘The Cost of Energy Review’) (2017) ix, 120, 141, 200, 210, 212, 215, 217, 220, 238 herbicide 163 home insulation 102 House of Lords 170 housing 101, 223–4 HS2 92, 125, 132–4, 138, 202 Hume, David 49 hydrogen 13, 49, 92, 125, 128, 135, 137, 183, 184, 190–2, 199, 200, 204, 206, 213, 228 hydro power 31, 35, 36, 50, 52–3, 70, 136, 137, 191 Iceland 137, 178 imports x–xi, xiii, 5, 8, 10, 11, 12, 13, 62, 68, 70, 117–18, 155, 167, 178, 173, 180, 196, 227 income effect 72, 111 income tax 121, 122, 232 India xiv, xv, 25, 30, 31, 38, 43, 44, 47, 48, 51, 54, 55, 57, 154, 229 individuals, net zero for 155–7 Indonesia 2, 35 indoor farming 87–8, 177–8, 180, 213 indoor pollutants 223, 232 Industrial Revolution 1, 18, 19, 25, 47, 116, 145 INEOS Grangemouth petrochemical plant xi information and communications technology (ICT) 117, 202, 231 infrastructures, low-carbon xiii, xiv, 11–12, 14, 28, 60, 62, 65, 66, 90, 91–4, 96, 105, 109, 123, 125–42, 143, 147, 151, 154, 159, 171, 184, 186, 187, 190, 199–200, 214, 218–20, 228, 230, 231–2, 234–5 centrality of infrastructure networks 128–30 electric 125–41, 218–20 making it happen 141–2 net zero national infrastructure plan 130–6 private markets and 125–8, 141–2 regional and global infrastructure plan 136–7 state intervention and 126, 127–8, 141–2 system operators and implementing the plans 138–41 inheritance tax 76, 165 insects 164, 177, 231 insulation 102, 224 Integrated Assessment Models 114 intellectual property (IP) 75 Intergovernmental Panel on Climate Change (IPCC) 17–18, 47, 55, 57, 108, 172 internal combustion engine 13, 22, 181–2, 183, 184, 200, 221, 228 Internal Energy Market (IEM) 68, 71, 138 International Energy Agency (IEA) 25, 207 International Monetary Fund (IMF) 51 internet banking 131, 213 internet-of-things 128, 175 Iran 27, 42, 113, 137 Iraq 56, 192 Ireland 43, 157 Italy 137, 182 Japan 27, 28, 30, 52, 73, 78, 101, 185 Jevons Paradox 224 Johnson, Boris 89–90 Kant, Immanuel 104 Keynes, John Maynard 89, 102, 103, 105 Kyoto Protocol (1997) xii, 2, 7, 9, 13, 17–18, 37, 38, 39, 40–1, 47–8, 49, 51, 52–3, 59, 66–7, 119 laissez-faire 104, 138, 188 land use 35, 61, 95, 172, 237 LED (light-emitting diode) lighting 87, 178, 179, 180, 213 liquefied natural gas (LNG) 136, 183 lithium-ion battery 185 lobbying 10, 14, 33, 69, 71, 109, 110, 111–12, 115, 121, 157, 169, 170, 187, 197, 209, 223, 227, 228 location-specific taxes 194 maize 35, 165, 197 Malaysia 2, 229 Malthus, Thomas 98 Mao, Chairman 27, 42 meat xi, 65, 164, 177, 180, 232 Mekong River 2, 28, 179, 229 Mercosur Agreement 44, 95 Merkel, Angela 78 methane 4, 23, 84, 177, 178, 179, 216 microplastics 22 miracle solution 49–50, 55, 209 mobile phone 5, 125, 185 National Farmers’ Union (NFU) 110, 164, 165, 169, 170, 171 National Grid 139, 141, 189, 200, 211, 214, 219 nationalisations 101–2, 126–7 nationalism 41, 43, 55, 56, 138 nationally determined contributions (NDCs) 54–5 natural capital xiii, 14, 33–6, 51, 85, 86, 88, 90, 94, 97, 154, 158, 168, 171, 173–4, 236 Nature Fund 123, 169, 234 net environmental gain principle xiii, xiv, 10, 12, 62, 84, 94–6, 105, 143–59, 169, 172–4, 192, 201–3, 222–5 agriculture and 169, 172–4 carbon offsetting and see carbon offsetting electricity and 222–5 principle of 94–6, 143–4 sequestration and see sequestration transport and 192, 201–3 Netherlands 138 Network Rail 214 net zero agriculture and see agriculture defined x–xv, 3–14 economy 10–12, 81–159 see also economy, net zero electricity and see electricity transport and see individual method of transport 2025 or 2030 target 89 2050 target x, xi, 5, 59, 66, 74, 75, 115, 120, 135, 143, 155, 167, 169, 180, 184, 216, 217, 222, 226, 230, 231, 232 unilateralism and see unilateralism NHS 65 non-excludable 91, 93, 126, 170 non-rivalry 91, 93, 126, 170 North Korea 42 North Sea oil/gas 9, 40, 75, 97, 102, 137, 139, 147, 148, 193 Norway 130, 137, 191 nuclear power 5, 9, 12, 18, 23, 52, 60, 73, 77–9, 109, 125, 128, 129, 136, 140, 178, 194, 199, 206, 207, 208, 209–10, 212, 214, 216, 218, 219, 222, 228 Obama, Barack 48, 53, 54, 59 oceans 2, 14, 22, 33, 85, 86, 88, 148, 163, 231 offsetting see carbon offsetting offshore wind power 31, 69, 75–6, 208, 212, 219, 221 Ofgem 220 oil ix, 2, 20, 22–3, 25, 26, 27, 31, 32, 33, 36, 39, 40, 50, 67, 69, 86, 97, 117, 119, 129, 136, 137, 146, 147, 148–9, 150–1, 152, 181–3, 184, 185, 187, 189, 190, 192–4, 196, 197, 199, 206, 209, 210, 216–17, 229 OPEC 39, 40, 193 Orbán, Viktor 41, 42 organic food 61, 87, 178 Ørsted 70 palm oil 2, 5, 6, 35, 36, 66, 71, 167, 173, 197–8, 230 pandemic see Covid-19 Paris Climate Change Agreement (2015) xii, 2, 10, 13, 18, 30, 37, 38, 39, 48, 49, 54–5, 56, 57, 58, 66, 80, 105, 106, 118, 119, 227 peat bogs xiv, 2, 13, 14, 33, 35, 36, 43, 109, 146, 169, 179 pesticides 4, 26, 61, 163, 165, 169, 174, 178, 231 petrochemicals xi, 7, 8, 20, 22–3, 29, 73, 80, 86, 117, 166, 182 petrol 4, 86, 119, 121, 129, 185, 186, 187, 191, 192, 199 photosynthesis 34, 197 plastics 1, 22, 28, 35, 43, 66, 86, 87, 119, 143, 166, 184, 231 polluter-pays principle xiii, xv, 84–90 agriculture and 76, 168–70, 172, 173 carbon price and see carbon price/tax generalised across all sources of pollution 86 identifying polluters that should pay 86 importance of 10–11, 13, 61, 62, 65 intergenerational balance and 96–7 net environmental gain and 94 sequestration and see sequestration, carbon sustainable economy and 96–7, 105, 106 transport and 192–5, 198–9 see also individual type of pollution population growth 93, 97, 177, 178, 179, 232 privatisation 127, 140, 218–19, 220 property developers 94 public goods, provision of xiii, 10, 11–12, 62, 75, 84, 90–4, 96, 104, 105, 109, 122, 123, 126, 128, 141, 147, 151, 153, 159, 164, 168, 173–4, 180, 192, 199–200, 202, 218, 229, 230 agricultural 170–4, 180 low-carbon infrastructures see infrastructures, low-carbon research and development (R&D) see research and development (R&D) Putin, Vladimir 27, 41, 42, 89 railways 11, 13, 13, 87, 91, 92, 94, 125, 128, 129, 130, 131, 132–3, 138, 139, 156, 182, 183, 187, 202, 212, 214, 232 rainforest 2, 5, 34, 35, 36, 38, 44, 47, 55, 87, 95, 145, 149, 155, 173, 179–80, 197, 229 rationalism 40–1 Reagan, Ronald 103 red diesel 76, 109, 164, 165, 196 regulated asset base (RAB) 127, 141, 215, 220 remote working 128, 156, 201–2, 205 renewables ix, 6, 8, 9–10, 18, 19, 21, 26, 31–5, 36, 49, 50, 55, 61, 67, 72, 77, 79, 85, 86, 109, 110, 112, 123, 125, 128, 131, 135, 138, 140, 144, 149, 178, 188, 191, 194, 197, 199, 207, 209–10, 211, 212, 213, 214, 215, 216, 217, 219, 220–2, 224, 228 Chinese domination of market 9, 32, 73, 74, 77, 79 cost-competitiveness of 9–10, 49, 51, 61, 68 failure of, 1990-now 19, 31–3, 36 modern global renewable energy consumption measured in TWh per year 32 miracle solution and 49–51 Renewable Energy Directive 68–71, 73, 109 subsidies ix, 9, 10, 50, 68–9, 71, 79, 80 see also individual renewable energy source Renewables UK 110 research and development (R&D) xiv, 12, 13, 14, 62, 65, 66, 90, 93–4, 104, 109, 123, 165, 172, 192, 200, 218, 220–2, 223, 228, 234 reshoring businesses 8, 204 rivers 2, 22, 28, 86, 128, 152, 165, 169, 179, 214, 230 roads 11, 28, 45, 91, 92, 125, 129, 131–2, 140, 165, 182, 189, 194, 198, 202, 232 robotics 32, 175, 204, 206, 231 Rosneft 26 Royal Navy 183 Russia 26, 27, 30, 40, 42, 44, 45, 46, 47, 48, 50, 52, 55, 56, 192, 193 RWE 139, 218 Ryanair 156–7 rye grass 35 salmon 169, 177 Saudi Arabia 26, 33, 40, 42, 50, 137, 192, 193 Saudi Aramco 26, 50 seashells 34 sequestration, carbon xi, xiv, 12, 61, 66, 85, 90, 95, 143–59, 228, 229, 231, 232 agriculture and 12, 163, 166, 168, 169, 170, 171, 172, 173, 176–7, 179, 180 baseline definition and 146–7 biofuels and 35, 146, 217 carbon capture and storage (CCS) xiv, 12, 75–6, 95, 109, 146, 147–8, 149, 154, 159, 203–4, 207, 209, 222, 223 companies, net zero for 148–51 countries, offsetting for 151–5 electricity and 222, 223 gas and 207 individuals, net zero for xi, xiv, 155–7 markets, offsetting 157–9 natural capital destruction and 2, 19, 33–6, 44, 45, 51 natural sequestration xi, xiii, 2, 7, 12, 14, 33–6, 37, 45, 52, 66, 85, 90, 94–6, 105, 143–59, 163, 168, 171, 173, 176–7, 179, 180, 203, 206, 207, 222, 223 net gain principle and 143–4, 146, 149–50 offsetting principle and 143–5 peat bogs and see peat bogs principle of xi, xiii, 2, 7, 12–13 soils and see soils transport and 185, 190, 203 tree planting and see trees, planting/sequestration and types of 145–8 wetlands/coastal marshes and 146, 159, 233 shale gas 8, 208 Shell 27, 149, 199 shipping 8, 13, 22, 28, 36, 49, 114, 125, 137, 181, 182–3, 191, 194–5, 203–5, 217 Siberia 2, 46 smart appliances 128, 129, 132 smart charging 11, 13, 128, 129, 130, 139, 214, 219 soils xiii, 2, 5, 7, 12, 14, 33, 35, 36, 43, 55, 76, 109, 146, 149, 152, 156, 159, 163, 164, 165, 166, 168, 169, 171, 172, 175, 179, 203, 228 solar panels/solar photovoltaics (PV) 5, 6, 9, 12, 13, 21, 31, 32, 33, 49, 53, 68, 69, 71, 74, 79, 87, 91, 135, 136, 137, 178, 179, 188, 204, 207, 208, 209, 210, 211, 213, 214, 216, 217, 221, 222, 223, 224–5 Sony 185 Soviet Union 18, 40, 52, 67–8, 89 soya 95 Spain 69, 130, 137 sport utility vehicles (SUVs) 106, 121, 192 spruce xiv, 152, 170 standard of living xv, 1, 5, 8, 10, 11, 14, 229, 233 staycations 201 steel x–xi, 6, 7, 8, 26, 28, 29, 53, 66, 73, 80, 87, 116, 117, 118, 119, 171, 184, 194–5 Stern, Nicholas: The Economics of Climate Change 41, 63 subsidies ix, 9, 10, 14, 32, 50, 51, 52, 53, 69, 71, 76, 79, 80, 89, 102, 109, 110, 113, 116, 123, 140, 154, 164, 165, 166, 167, 169, 170, 172, 180, 193, 196, 198, 209, 215, 221, 222, 228, 230 sugar cane 35, 71, 95, 197, 198 sulphur pollution 22, 25, 28, 78, 191, 194, 197, 230 sustainable economic growth xv, 10, 12, 14, 61, 83, 92, 94, 97, 98, 105, 227, 233 Taiwan 42 taxation xii, 11, 62, 71, 72, 76, 80, 87, 89, 90, 91, 92, 97, 101, 102, 103, 106–24, 126, 127, 130, 133, 147, 150, 151–2, 153–4, 157, 159, 165, 169, 170, 192–6, 197, 198, 199, 203, 232, 234 technological change 98, 127, 141, 174–5, 221 Thatcher, Margaret 17 Thompson, Emma 6 3D printing 175, 204 Thunberg, Greta 6, 205 tidal shocks 159 top-down treaty frameworks 13, 38–57, 80, 110, 119 tourism/holidays 6, 22, 36, 88, 94, 107, 114, 128, 156, 201, 204–5 transport, reinventing 181–205 aviation 195, 201, 203–5 see also air transport batteries and charging networks 185–90 biofuels 196–8 electric alternative 183–5 hydrogen and fuel cells 190–2 innovation, R&D and new infrastructures 199–200 internal combustion engine 181–2 net gain and offsets (reducing travel versus buying out your pollution) 201–3 oil 183–4 polluter pays/carbon tax 192–6 shipping 203–5 urban regulation and planning 198–9 vehicle standards 196–8 see also individual type of transport Treasury, UK 120–2 trees, planting/sequestration and xi, xiii, xiv, 2, 7, 13, 14, 33, 34, 45, 76, 85, 94–6, 146, 148, 149–51, 152–3, 155, 156, 157, 158, 159, 168, 169, 172, 179, 203, 231 trophy project syndrome 133 Trump, Donald 2, 8, 41, 42, 48, 89, 99, 103, 121 25 Year Environment Plan xiii, 153, 170, 179–80 UK 47, 69 agriculture and 164, 166, 167, 173 carbon emissions (2015) 30 carbon price and 115, 120 Climate Change Act (2008) 66, 74–7 coal, phasing out of 24–5, 60–1, 77, 208 Committee on Climate Change (CCC) x–xi, 7, 74–6, 120, 164, 166, 169, 217, 235 deindustrialisation and 72–4 80 per cent carbon reduction target by 2050 74 electricity and 206, 208, 218, 219, 224 Helm Review (‘The Cost of Energy Review’) (2017) ix, 120, 141, 200, 210, 212, 215, 217, 220, 238 infrastructure 125, 132–3, 134, 137, 139–40 net zero passed into law (2019) 66 sequestration and 145, 150, 153, 154, 155, 156 transport and 195–6, 197, 198 unilateralism and 58–9, 60–1, 65, 66, 69, 72–7, 80 unilateralism xi, 8, 10, 11, 25, 58–80, 83, 105, 106, 119, 125, 143, 144, 155, 164, 167, 197, 203, 227 in Europe 66–80 incentive problem and 58–60 morality and 62–6 no regrets exemplars and/showcase examples of how decarbonisation can be achieved 60–2 place for 80 way forward and 80, 83 United Nations xi, xii, 6, 10, 17, 37, 38, 118 carbon cartel, ambition to create a 39–40, 43, 45, 46–7, 56 climate treaty processes xi, 6, 10, 13, 17–18, 36, 37, 38–57, 59, 80, 110, 118, 119, 204–5 see also individual treaty name Framework Convention on Climate Change (UNFCCC) 17–18, 36, 38, 59 miracle solution and 50–1 origins and philosophy of 41 Security Council 46, 47, 57 United States 8, 74, 139, 206 agriculture in 175, 176, 197 carbon emissions 8, 29, 30 China and 27–8, 42, 118 coal and 2, 24, 28, 29, 208 economic imperialism 45 energy independence 50 gas and 8, 20, 23, 24, 29, 50, 208 oil production 40, 50, 193 pollution since 1990 29 unilateralism and 58, 59, 74 UN climate treaty process and 38, 40–1, 44, 45, 46, 47, 48, 53, 54, 56 universal service obligations (USOs) 92, 126, 131, 202 utilitarianism 41, 63–4, 108, 110 VAT 117, 119–20, 121, 122, 232 Vesta 69 Volkswagen 196–7 water companies 76, 214, 230 water pollution/quality xiv, 12, 22, 61, 76, 152, 153, 165, 169, 170, 171, 172, 175, 177, 178, 179, 180, 232 Wen Jiabao 53, 59 wetlands 159, 233 wildflower meadow 164, 184 wind power 5, 9, 12, 21, 31, 32, 33, 49, 53, 68, 69–70, 71, 74, 75, 76, 78, 79, 91, 135, 136, 137, 138, 139, 178, 188, 191, 207, 208, 209, 210, 211, 212, 213, 214–15, 216, 217, 219, 221, 222 wood pellets 67, 217, 230 Woodland Trust 156, 158 World Bank 51 World Trade Organization (WTO) 52, 56, 118 World War I 183 World War II (1939–45) 78, 90, 92, 101, 106, 171 Xi Jinping 27, 41, 42 ACKNOWLEDGEMENTS So much is now discussed, written and published about climate change that it is impossible to keep track of all the ideas and conversations that have influenced my understanding of the subject.
Green and Prosperous Land: A Blueprint for Rescuing the British Countryside by Dieter Helm
3D printing, Airbnb, barriers to entry, British Empire, clean water, conceptual framework, corporate social responsibility, decarbonisation, deindustrialization, demographic transition, Diane Coyle, digital map, facts on the ground, food miles, Haber-Bosch Process, illegal immigration, Internet of things, Kickstarter, land reform, mass immigration, New Urbanism, North Sea oil, precision agriculture, quantitative easing, smart meter, sovereign wealth fund, the built environment, urban planning, urban sprawl
Money is currently spent in silos, notably the agricultural subsidies. Winning the prize, and making sure we hang on to it, requires cementing the money into a comprehensive and integrated framework. Chapter 10 sets out how to do this within a Nature Fund. This acts a bit like sovereign wealth funds do for oil- and gas-producing countries. It should include the economic rents from these non-renewable activities like North Sea oil and gas production, mirroring other sovereign wealth funds, but it can also bring together the monies from pollution taxes and charges, from subsidies directed towards public goods and the net gain payments. Crucially it would be for nature, not general public spending. The net gain principle set alongside the polluter-pays principle together ensure that there is enough money to pay for an enhanced natural environment.
So the Norwegians put the surplus economic rents into their sovereign wealth fund for the benefit of future generations. Norway spends about 3 per cent of the fund each year, which it argues is the return that its investments can be expected to make. In other words, 3 per cent is the maximum spending consistent with maintaining the value of the fund intact over time. The contrast with Britain and its North Sea oil and gas could not be greater. Here there is no fund. The money has been spent over the last four decades and there is nothing to bequeath future generations, except the liabilities. When it comes to a Nature Fund, the arguments for protecting the interests of future generations are even stronger because the natural capital that we can bequeath is renewable. Recall it can go on delivering its bounty for ever, provided we don’t deplete it beyond a critical threshold after which it becomes non-renewable.
It might also receive some of the economic rents from the depletion of the non-renewables, depending on whether these are to be put in a sovereign wealth fund and, if this is the case, whether they are to be spent on improving renewables in compensation for the depletion of the non-renewables, or on the general economy as in the case of Norway. The difference between including and not including the non-renewable economic rents would amount to a lot of revenue. It would not be as much as it would have been had the sovereign wealth fund concept been used from the outset for North Sea oil and gas, but still it would be a significant revenue flow. It would also include other mineral depletions from mining and quarrying.12 Some of this activity should be stopped anyway, such as peat extraction, so the revenues would be net of the ending of harmful activities, and over time the North Sea reserves will be further depleted.13 A fund with this sort of revenue would be transformational: it would ensure that the natural environment is enhanced.
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
"Robert Solow", affirmative action, Albert Einstein, Bernie Madoff, British Empire, business cycle, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, longitudinal study, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game
The wealth came out of the earth. We have a consequence without a cause.”1 The question is, which is the real wealth: the consequence, possessed by the oil-rich lands like Saudi Arabia, or the cause, manifested for centuries, for example, by relatively barren islands like Japan and Great Britain, and now by Hong Kong and Taiwan? The question acquires high importance as Great Britain itself stumbles into its legacy of North Sea oil and threatens to squander it. Will this oil be seen later as a “curse in disguise,” which prevents Britain from recovering from its real losses: the declining productivity of its work force and the slackness of its management? Oil, like a neutron bomb, could end by destroying the real wealth of the land—the morale and ingenuity of its people—and leave standing only the sterile structures of an advanced industrial economy, ruled by a bloated and increasingly oppressive bureaucracy, trained only in the barren arts of redistributing bonanzas.
Britain might have led in transfer payments, but the United States exceeded almost all capitalist countries in proportion of GNP devoted to direct government appropriations of private-sector resources, for all purposes from housing to defense. This is probably the most important index of government impact on an economy. Without the energy crisis, such government growth might have been manageable. But unlike Britain with its North Sea oil, the United States, in order to pay a $60 billion tax to OPEC, was forced to expand its exports massively. Government, unfortunately, despite its many uses, is not usually an exportable item. As the United States increased its exports, therefore, unsubsidized workers had to make do with less in order that civil servants and OPEC might have more. Many private citizens and companies began to suffer.
A regulatory apparatus is a parasite that can grow larger than its host industry and become in turn a host itself, with the industry reduced to parasitism, dependent on the subsidies and protections of the very government body that initially sapped its strength. Such industries exist all over Europe today, firms feeding on the societies they once amply fed. Not one of the nationalized manufacturing companies in Europe has made a consistent profit; all are burdens on the economies they seemingly dominate but actually subvert. In Great Britain the discovery of North Sea oil has been called a “curse in disguise” because it allowed that country to continue financing its parasite leviathans throughout the 1970s and even to endow new nationalized firms such as the now-defunct Inmos, which was a hopeless laggard in the computer industry, as well as virtual government creatures like the failed DeLorean Autos, for which Britain outbid lucky Puerto Rico for the right to lavish immense subsidies on the firm and to deplete the national economy in order to “create” a few jobs and destroy many more.
A History of British Motorways by G. Charlesworth
The aim of an extra 1,000 miles of motorway by the early 1980s turned out to be ephemeral and by 1980 only about half that mileage had been built. One reason was the effect of the marked increase in the price of oil demanded by the Oil Producing and Exporting Countries (OPEC) starting in 1973, which without doubt has led to serious recession in countries of the Western WorId. Although Britain has to a considerable extent been cushioned from some effects of the oil crisis by North Sea oil and gas the economy has been in serious decline and successive Governments have been seeking economies, notably by cutting capital expenditure programmes, and, as had occurred in similar circumstances in earlier years, the new roads programme did not escape being cut. Another factor of considerable importance affecting progress with motorway programmes was the delay resulting from Public Inquiries and the effect this had on the ability of the Ministry of Transport to spend its budget.
Nevertheless the original dual-carriageway programme, including motorways, in the Central Belt appears to have been largely completed by 1980. In a statement on roads in Scotland issued by the Government in 1980 13 it was noted that a road network providing quick and easy access was important in improving the prospects of firms in Scotland and that this applied particularly to the Central Belt and to areas affected by North Sea oil developments. Priority for the increasingly scarce resources for roads would go to important strategic routes and new trunk roads would be built only where there were pressing current problems. The Secretary of State attached great importance to the development of local road systems as complementing the motorway and trunk road network. Motorway schemes Table 8.2 gives a summary of trunk road motorway contracts which have been completed in Scotland and Fig. 8.2 shows where the trunk roads are located.
Paving was carried out to full width in a single pass using a traditional concrete train with a formed longitudinal joint off-set from the centre line 1s • Hard shoulders were omitted from these early sections on the grounds that traffic volumes did not justify them. Instead formations were made sufficiently wide to take shoulders if required later and meanwhile emergency lay-bys were provided at 1 mile intervals. This gave rise to considerable criticism on safety grounds and in 1973 the Secretary of State announced that in view of the rate of growth oftraffic due to developments associated with North Sea oil, hard shoulders would be built on these early sections and would be included in future motorways. In 1972 the Secretary of State announced his decision on the line of the route from Milnathort through to Craigend at the southern end of the Perth by-pass. This decision followed a Public Inquiry on 28 days between September and November 1971. The Reporter recommended adoption of the line proposed by the Secretary of State with some concessions to objectors which were accepted by the Secretary of State.
State of Emergency: The Way We Were by Dominic Sandbrook
anti-communist, back-to-the-land, banking crisis, Bretton Woods, British Empire, centre right, collective bargaining, Corn Laws, David Attenborough, Doomsday Book, edge city, estate planning, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, feminist movement, financial thriller, first-past-the-post, fixed income, full employment, German hyperinflation, global pandemic, mass immigration, moral panic, Neil Kinnock, new economy, New Urbanism, Norman Mailer, North Sea oil, oil shock, Own Your Own Home, sexual politics, traveling salesman, union organizing, upwardly mobile, urban planning, Winter of Discontent, young professional
‘I found great comfort in Watership Down.’36 Most writers of the mid-1970s, however, portrayed nature in a much darker light, emphasizing its propensity to fight back against human exploitation, even to destroy mankind itself. In 1976 alone, two competing pulp thrillers, Richard Doyle’s Deluge and Walter Harris’s The Fifth Horseman, showed Britain being engulfed by monstrous floods. In the latter, in good science-fiction style, the terror has been unleashed by man’s own arrogance, with North Sea oil drilling (then a topical subject) having destroyed the seabed and brought a tidal wave crashing over Britain’s shores. As one character sagely puts it: ‘Nature abhors a vacuum … We’re taking out oil and gas, and putting nothing back.’ But the book that really set the standard for nature biting back was James Herbert’s gory blockbuster The Rats (1974), whose terrifyingly graphic vision of feral black rats swarming across London, leaving a trail of mutilated corpses in their wake, drew ferocious criticism from shocked reviewers.
Milton Keynes was neither a horrible mistake nor a pathetic joke; it was, in fact, a great success. By May 1973, Tesco, British Oxygen, Legal & General and the Abbey National had already committed themselves to opening offices or warehouses in the new town, and by the end of the 1970s more new jobs had been created in Milton Keynes than in any other city in Britain, with the exception of the North Sea oil boomtown of Aberdeen. And although housing completions had fallen behind demand, that was simply because industry and jobs were coming to Milton Keynes much faster than anybody had expected. By the end of 1973, the developers had finished more than 5,000 homes, and by 1976 the town’s population already stood at 76,000 people. The majority of these people, defying the stereotypes of suburban fragmentation and New Town blues, were very happy with their lot.
The atmosphere in the famous old stadium, now visibly crumbling and dilapidated, was very different from the buoyant enthusiasm that had greeted England’s World Cup triumph eleven years before. The atmosphere, one reporter wrote, ‘was overwhelmingly influenced by Scotland, and Scotch. It was at once powerful and obscene, and gave no comfort to England who might have been on Scottish soil.’ Only weeks earlier, the Scottish National Party – driven by bitter frustration with the major national parties and excitement at the potential benefits of North Sea oil – had made sweeping gains in the council elections. Now, as goals by Gordon McQueen and Kenny Dalglish confirmed the visitors’ superiority over Revie’s constipated England, Wembley seemed awash with Celtic triumphalism. That the quality of the football was generally poor – it was yet another match crippled by defensive tactics and endless fouls – bothered the visitors not at all. Even before the final whistle, said The Times, ‘thousands of Scots were struggling to be first onto the pitch’.
Dreams of Leaving and Remaining by James Meek
Affordable Care Act / Obamacare, agricultural Revolution, anti-communist, bank run, Boris Johnson, centre right, Corn Laws, corporate governance, Donald Trump, Elon Musk, Etonian, full employment, global supply chain, illegal immigration, Jeff Bezos, low skilled workers, Martin Wolf, mega-rich, Neil Kinnock, North Sea oil, Northern Rock, obamacare, offshore financial centre, race to the bottom, Ronald Reagan, savings glut, Skype, sovereign wealth fund, special economic zone, Stephen Hawking, working-age population
For those in low-paid work, the introduction of zero-hours contracts and agencies, which prevailed in food plants, were turning pensions, paid time off and job protection into luxuries. The Ukip narrative of fishing’s collapse was not only inaccurate, however. It also projected pessimism too widely over Grimsby’s economic future. I found pockets of optimism. An unexpected new source of work had appeared, skilled work that matched brawn and endurance with extreme engineering finesse. Essentially Grimsby hoped to become to wind power what Aberdeen became to the North Sea oil industry. There was an offshore wind rush on, primed by green taxes collected by private power firms through electricity bills. Like the movements of catchable fish, wind power was unpredictable; unlike fish, it was inexhaustible. While there was only one common two-hundred-mile Eurolimit for fish, national two-hundred-mile zones remained in place for wind farms, and Britain’s zone is vast. Wind power has the potential to give Grimsby back a sense that seemed lost for ever, a sense of the sea as its domain.
One was about what ‘cheap imported food’ actually meant today. With oil, it’s easy. There’s one world price, but the cost of getting the oil out of the ground varies from place to place, mainly according to how difficult it is to get at and how much local workers are paid. It’s simple, for any oilfield, to work out how low the world price would have to go to stop oil extraction being profitable.* Saudi oil is cheap; North Sea oil is expensive. How to find similar benchmarks for food? As I talked to Laborde, I realised how naive my question was. It’s not just that the Saudi Arabia of rice, the Saudi Arabia of prawns and the Saudi Arabia of soya beans are all different. It’s that with staple crops like wheat, there are multiple different grades, varieties and uses, making it hard to compare like with like. There was a more obvious problem.
Tomorrowland: Our Journey From Science Fiction to Science Fact by Steven Kotler
Albert Einstein, Alexander Shulgin, autonomous vehicles, barriers to entry, Burning Man, carbon footprint, Colonization of Mars, crowdsourcing, Dean Kamen, epigenetics, gravity well, haute couture, interchangeable parts, Kevin Kelly, life extension, Louis Pasteur, low earth orbit, North Sea oil, Oculus Rift, oil shale / tar sands, peak oil, personalized medicine, Peter H. Diamandis: Planetary Resources, private space industry, RAND corporation, Ray Kurzweil, Richard Feynman, Ronald Reagan, self-driving car, stem cell, Stephen Hawking, Stewart Brand, theory of mind, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, WikiLeaks
There are no technology gaps. Truthfully, building a North Sea oil platform is a lot harder.” And, suddenly, Houston, we have proof of concept. 3. So what will this concept look like in our lifetime? Already, Planetary Resources has raised over $1.5 million to help launch the ARKYD 100 space telescope, which is specifically designed to hunt for near-Earth asteroid mining prospects. There’s also President Obama’s announcement that he wants to land astronauts on an asteroid by 2025. Teams at Johnson Space Center in Houston and the Jet Propulsion Laboratory in Pasadena are hard at work on this goal, so a government-sponsored first step is not out of the question. Others believe that big energy companies — the same ones who built North Sea oil platforms — will have, by then, staked claims on near-Earth asteroids.
23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
"Robert Solow", affirmative action, Asian financial crisis, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, borderless world, Carmen Reinhart, central bank independence, collateralized debt obligation, colonial rule, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, deskilling, ending welfare as we know it, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, full employment, German hyperinflation, Gini coefficient, hiring and firing, Hyman Minsky, income inequality, income per capita, invisible hand, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, microcredit, Myron Scholes, North Sea oil, offshore financial centre, old-boy network, post-industrial society, price stability, profit maximization, profit motive, purchasing power parity, rent control, shareholder value, short selling, Skype, structural adjustment programs, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, Toyota Production System, trade liberalization, trickle-down economics, women in the workforce, working poor, zero-sum game
The predominant opinion is that there is nothing to worry about. To begin with, it is not as if Britain is the only country in which these things have happened. The declining shares of manufacturing in total output and employment – a phenomenon known as de-industrialization – is a natural occurrence, many commentators argue, common to all rich countries (accelerated in the British case by the finding of North Sea oil). This is widely believed to be because, as they become richer, people begin to demand more services than manufactured goods. With falling demand, it is natural that the manufacturing sector shrinks and the country enters the post-industrial stage. Many people actually celebrate the rise of services. According to them, the recent expansion of knowledge-based services with rapid productivity growth – such as finance, consulting, design, computing and information services, R&D – means that services have replaced manufacturing as the engine of growth, at least in the rich countries.
If its de-industrialization is of a negative kind accompanied by weakening international competitiveness, the balance of payments problem could be even more serious, as the manufacturing sector then won’t be able to increase its exports. Not all services are equally non-tradable. The knowledge-based services that I mentioned earlier – banking, consulting, engineering, and so on – are highly tradable. For example, in Britain since the 1990s, exports of knowledge-based services have played a crucial role in plugging the balance of payments gap left behind by de-industrialization (and the fall in North Sea oil exports, which had enabled the country – just – to survive the negative balance of payments consequences of de-industrialization during the 1980s). However, even in Britain, which is most advanced in the exports of these knowledge-based services, the balance of payments surplus generated by those services is well below 4 per cent of GDP, just enough to cover the country’s manufacturing trade deficits.
The Road to Somewhere: The Populist Revolt and the Future of Politics by David Goodhart
Affordable Care Act / Obamacare, agricultural Revolution, assortative mating, Big bang: deregulation of the City of London, borderless world, Boris Johnson, Branko Milanovic, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, central bank independence, centre right, coherent worldview, corporate governance, credit crunch, deglobalization, deindustrialization, Donald Trump, Downton Abbey, Edward Glaeser, en.wikipedia.org, Etonian, European colonialism, eurozone crisis, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, global supply chain, global village, illegal immigration, income inequality, informal economy, job satisfaction, knowledge economy, labour market flexibility, low skilled workers, market friction, mass immigration, mittelstand, Neil Kinnock, New Urbanism, non-tariff barriers, North Sea oil, obamacare, old-boy network, open borders, Peter Singer: altruism, post-industrial society, post-materialism, postnationalism / post nation state, race to the bottom, Richard Florida, Ronald Reagan, selection bias, shareholder value, Skype, Sloane Ranger, stem cell, Thomas L Friedman, transaction costs, trickle-down economics, ultimatum game, upwardly mobile, wages for housework, white flight, women in the workforce, working poor, working-age population, World Values Survey
Indeed, global capital mobility is now out of intellectual fashion: an IMF paper published in early 2016 identified 152 capital ‘surge’ episodes between 1980 and 2014 in fifty-three countries, with 20 per cent leading to a banking or currency crisis.8 But even if the reach and rigidity of globalisation has been exaggerated and may, in any case, now be in retreat, greater economic openness has had a big impact on many British lives in recent decades. The rapid de-industrialisation from the 1970s onwards was partly a policy choice of successive governments but it was hastened by the unusual openness of the economy (and the sharp rise in the pound in the 1980s, partly the result of North Sea oil). And thanks to that openness if you work for a non-public body that employs more than 1,000 people there is a more than 50 per cent chance you will have a foreign owner. And of course the large immigration flows of recent years from Europe and further afield are part of the same story. The changes overall have brought many benefits to many people in rich and poor countries. The globalisers’ case for more economic openness enabled by more transnational rules—governing everything from public subsidies to health and safety standards—is a coherent one and the increases in trade and global wealth and the decline in global inequality makes for powerful supporting evidence.
The benefit of having employees represented at the highest level in large German companies—something that the May government has been thinking about for Britain too—can also be seen in the more gradual pace of de-industrialisation in the heavy industrial Ruhr region of Germany in the 1980s and 1990s compared with most of Britain’s industrial regions. The pace of de-industrialisation in Britain picked up sharply in the early 1980s as the effect of North Sea oil sent the pound rocketing and Mrs Thatcher’s new free market government removed all capital controls, and in some cases sharply cut financial support to nationalised industries. (The closure of uneconomic coal mines led to the year long 1984/5 strike and the rapid subsequent rundown of the whole industry). Hundreds of thousands of industrial workers lost their jobs in the space of a few years as factory after factory closed permanently.
Collapse: How Societies Choose to Fail or Succeed by Jared Diamond
clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, European colonialism, Exxon Valdez, illegal immigration, job satisfaction, means of production, new economy, North Sea oil, Piper Alpha, polynesian navigation, profit motive, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, trade route, transcontinental railway, unemployed young men
In A.D. 1472 ownership of the Orkneys passed without conquest from Norway (then subject to Denmark) to Scotland, for a trivial reason of dynastic politics (Scotland’s King James demanded compensation for Denmark’s failure to pay the dowry promised to accompany the Danish princess whom he married). Under Scottish rule, the Orkney islanders continued to speak a Norse dialect until the 1700s. Today, the Orkney descendents of indigenous Picts and Norse invaders remain prosperous farmers enriched by a terminal for North Sea oil. Some of what I have just said about the Orkneys also applies to the next North Atlantic colony, the Shetland Islands. They too were originally occupied by Pict farmers, conquered by Vikings in the ninth century, ceded to Scotland in 1472, spoke Norse for some time thereafter, and have recently profited from North Sea oil. Differences are that they are slightly more remote and northerly (50 miles north of Orkney and 130 miles north of Scotland), windier, have poorer soils, and are less productive agriculturally. Raising sheep for wool has been an economic mainstay in the Shetlands as in the Orkneys, but raising cattle failed in the Shetlands and was replaced by increased emphasis on fishing.
On the other hand, coal occurs in pure seams up to 10 feet thick stretching for miles, so that the ratio of dumped wastes to product extracted is only about one for a coal mine, far less than the already-mentioned figures of 400 for a copper mine and 5,000,000 for a gold mine. The lethal Buffalo Creek disaster at a U.S. coal mine in 1972 served as a wake-up call for the coal industry, much as the Exxon Valdez and North Sea oil rig disasters did for the oil industry. While the hardrock mining industry has had its share of disasters in the Third World, those have occurred too far from the eyes of the First World public to have served as a comparable wake-up call. Stimulated by Buffalo Creek, the U.S. federal government in the 1970s and 1980s instituted tighter regulation, and required stricter operating plans and financial assurance, for coal mining than for hardrock mining.
.; see also Anasazi Tainos in Vinland natural experiment method natural gas Nature Conservancy, The Navajo people neighbors, hostile Netherlands, polders in Nettles, Bill Nevada, gold mines in Newfoundland New Guinea agriculture of and Australia landmass bottom-up management in deforestation of and El Niño government of indicator species of Kutubu oil field mining in plant domestication in population growth of settlement of silviculture in volcanic ashfall on wood supplies on Nordrseta hunting ground Norfolk Island Norse Greenland abandonment of agriculture in burial customs in climate in communal cooperation in conservative society of decline of deforestation of environment of Erik the Red in Eurocentrism in food in fuel in Gardar Cathedral Gardar Farm hunting in Hvalsey Church integrated economy of Inuit in iron poverty in isolation of native species in population of religion in Sandnes Farm settlement of social stratification in soil quality in starvation in survival of trade with tree shortage in turf cutting in Viking colony in violence in North Atlantic: map sea ice in North Sea, oil/gas in Norway, see Scandinavia nutrients, recycling of Nygaard, Georg Ogowila tephra oil industry disasters in double-hulled tankers in government regulation of Kutubu oil field long-range outlook in natural gas in Point Arguello and public opinion on Salawati Island technology in Oil Search Limited Ok Tedi copper mine Olaf I, king of Norway Olafsson, Thorstein Olav the Quiet, king of Norway Olmecs Ord River Scheme, Australia O’Reilly, David Orkney Islands Orliac, Catherine overgrazing ozone layer, destruction of “Ozymandias” (Shelley) Pacific islands: deforestation of disappearance of societies in Polynesian expansion in sustainable food production on Pacific Ocean: Andesite Line garbage transport to map Packard Foundation packrat midden analysis palynology (pollen analysis) Panguna Copper Mine Pa Nukumara Papua New Guinea, see New Guinea PCBs Peary, Robert Pegasus Gold Inc.
The Verdict: Did Labour Change Britain? by Polly Toynbee, David Walker
banking crisis, Big bang: deregulation of the City of London, Bob Geldof, Boris Johnson, call centre, central bank independence, congestion charging, Corn Laws, Credit Default Swap, decarbonisation, deglobalization, deindustrialization, Etonian, failed state, first-past-the-post, Frank Gehry, gender pay gap, Gini coefficient, high net worth, hiring and firing, illegal immigration, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, labour market flexibility, market bubble, mass immigration, millennium bug, moral panic, North Sea oil, Northern Rock, offshore financial centre, pension reform, plutocrats, Plutocrats, Ponzi scheme, profit maximization, purchasing power parity, Right to Buy, shareholder value, Skype, smart meter, stem cell, The Spirit Level, too big to fail, University of East Anglia, working-age population, Y2K
Yet Blair had pushed for a climate agreement at the G8 Gleneagles summit, and at Copenhagen Brown also worked hard, if in vain. First American then Chinese intransigence meant no deals, no timetables, only the usual expressions of good intent for some unspecified time in the future. Labour left the UK as dependent on carbon as ever. And even more dependent on foreign energy supply. In 2009 gas generated 45 per cent of UK electricity, coal 32 per cent. Long gone were the rich flows of home-drilled North Sea oil and gas, whose revenues had helped pay for mass unemployment in the Thatcher years. The North Sea was running down. In 2006 the UK became a net importer of natural gas, foreign supplies meeting 38 per cent of UK electricity demand. The geopolitics of carbon shifted east and the EU became sensitive to its dependency after Russia started using its gas and oil as a diplomatic tool: why manoeuvre tanks when you can turn off the taps?
., 1 Gallagher, Liam, 1 Gallagher, Noel, 1 gambling, 1 gangmasters, 1, 2 gas, 1 Gates, Bill, 1 Gateshead, 1 Gaza, 1 GCHQ, 1 GCSEs, 1, 2, 3, 4 Gehry, Frank, 1 Geldof, Bob, 1 gender reassignment, 1 General Teaching Council, 1 genetically modified crops, 1 Germany, 1, 2, 3, 4, 5, 6, 7 economy and business, 1, 2, 3, 4 and education, 1, 2 and health, 1, 2 Ghana, 1 Ghandi’s curry house, 1 Ghent, 1 Gladstone, William Ewart, 1, 2 Glaister, Professor Stephen, 1 Glasgow, 1, 2, 3, 4 Gleneagles summit, 1, 2, 3, 4, 5 globalization, 1, 2, 3, 4, 5, 6, 7 and crime, 1 and foreign policy, 1, 2, 3 and inequality, 1 and migration, 1, 2 Gloucester, 1 Goldacre, Ben, 1 Good Friday agreement, 1 Goodwin, Sir Fred, 1 Goody, Jade, 1 Gormley, Antony, 1 Gould, Philip, 1 grandparents, and childcare, 1 Gray, Simon, 1 Great Yarmouth, 1 Greater London Authority, 1, 2 Greater London Council, 1 green spaces, 1 Greenberg, Stan, 1 Greengrass, Paul, 1 Greenspan, Alan, 1, 2 Greenwich, 1 Gregg, Paul, 1 Guardian, 1, 2, 3 Guizot, François, 1 Gulf of Mexico oil spill, 1 Gummer, John, 1 Gurkhas, 1 Guthrie of Craigiebank, Lord, 1 Guy’s and St Thomas’s Hospital, 1 habeas corpus, suspension of, 1 Hacienda Club, 1 Hackney, 1 Hale, Baroness Brenda, 1 Hallé Orchestra, 1 Ham, Professor Chris, 1 Hamilton, Lewis, 1 Hammersmith Hospital, 1 Hammond, Richard, 1 Hardie, Keir, 1 Hardy, Thea, 1 Haringey, 1, 2 Harman, Harriet, 1 Harris of Peckham, Lord, 1 Harrison, PC Dawn, 1, 2 Harrow School, 1 Hartlepool, 1, 2 Hastings, 1, 2 Hatfield rail crash, 1 Hatt family, 1, 2, 3, 4 health, 1 and private sector, 1, 2 and social class, 1 spending on, 1, 2 Health Action Zones, 1 Health and Safety Executive, 1 Heathcote, Paul, 1 Heathrow airport, 1, 2, 3, 4 Hellawell, Keith, 1 Hennessy, Professor Peter, 1 Henry, Donna Charmaine, 1, 2, 3 heroin, 1 Hewitt, Patricia, 1, 2 Higgs, Sir Derek, 1 Hills, Professor John, 1, 2, 3 Hirst, Damien, 1 HMRC, 1, 2, 3 Hogg, John, 1, 2, 3 Hoggart, Richard, 1 Holly, Graham, 1 homelessness, 1, 2 Homerton Hospital, 1 homosexuality, 1, 2, 3 ‘honour’ killings, 1 Hoon, Geoff, 1 hospital-acquired infections, 1 hospitals and clinics, 1, 2, 3, 4 A&E units, 1, 2 closures, 1, 2, 3 foundation trusts, 1, 2, 3, 4, 5 and PFI, 1 House of Commons reforms, 1, 2 House of Lords reforms, 1, 2, 3, 4 housing market, 1, 2, 3 housing policies, 1, 2, 3, 4, 5 Howe, Elspeth, 1 Hoxton, 1 Huddersfield, 1 Hudson, Joseph, 1 Hull, 1, 2, 3 Human Rights Act, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Humber Bridge, 1 hunting ban, 1 Hussein, Saddam, 1, 2, 3, 4 Hutton, John, 1 Hutton, Will, 1, 2 identity cards, 1, 2 If (Kipling), 1 Imperial War Museum North, 1 income inequalities, 1, 2, 3 gender pay gap, 1, 2 and high earners, 1 and social class, 1 Independent Police Complaints Commission (IPCC), 1 Independent Safeguarding Authority, 1 independent-sector treatment centres (ISTCs), 1 Index of Multiple Deprivation, 1 India, 1, 2, 3, 4, 5, 6 individual learning accounts, 1 inflation, 1 and housing market, 1, 2 International Criminal Court, 1 International Monetary Fund (IMF), 1, 2, 3 internet, 1, 2, 3 and crime, 1 and cyber-bullying, 1 file sharing, 1 gambling, 1 and sex crimes, 1 Iran, 1, 2, 3 Iraq, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 arms supplies, 1 Chilcot inquiry, 1, 2, 3, 4 and Territorial Army, 1 and WMD, 1 Ireland, 1, 2, 3 Irish famine, 1 Irvine of Lairg, Lord, 1, 2 Ishaq, Khyra, 1 Islamabad, 1 Isle of Man, 1 Isle of Wight, 1, 2 Israel, 1 Italy, 1, 2, 3 and football, 1 Ivory Coast, 1 Japan, 1, 2, 3, 4 Jenkins, Roy, 1, 2 Jerry Springer: The Opera, 1 Jobcentre Plus, 1, 2 John Lewis Partnership, 1, 2 Johnson, Alan, 1, 2, 3, 4 Johnson, Boris, 1, 2 Judge, Lord (Igor), 1 Judge, Professor Ken, 1 Julius, DeAnne, 1 jury trials, 1, 2 Kabul, 1 Kapoor, Anish, 1, 2 Karachi, 1 Karadžic, Radovan, 1 Kashmir, 1 Kaufman, Gerald, 1 Keegan, William, 1 Keep Britain Tidy, 1 Kelvingrove Art Gallery and Museum, 1 Kensit, Patsy, 1 Keynes, John Maynard, 1 Keys, Kenton, 1 Kidderminster Hospital, 1 King, Sir David, 1, 2 King, Mervyn, 1 King Edward VI School, 1 King’s College Hospital, 1 Kingsnorth power station, 1 Kirklees, 1 Knight, Jim, 1 knighthoods, 1 knowledge economy, 1 Kosovo, 1, 2, 3, 4 Kynaston, David, 1 Kyoto summit and protocols, 1, 2, 3 Labour Party membership, 1 Lacey, David, 1 Ladbroke Grove rail crash, 1 Lamb, General Sir Graeme, 1 Lambert, Richard, 1 landmines, 1 Lansley, Andrew, 1 lapdancing, 1 Las Vegas, 1 Lawrence, Stephen, 1 Lawson, Mark, 1 Layard, Professor Richard, 1 Le Grand, Professor Julian, 1 Lea, Ruth, 1 Lea Valley High School, 1, 2, 3, 4, 5, 6 Leahy, Sir Terry, 1, 2 learndirect, 1 Learning and Skills Council, 1 learning difficulties, 1, 2 learning mentors, 1 Leeds, 1, 2, 3, 4 legal reforms, 1 Leigh, Mike, 1 Lenon, Barnaby, 1 Lewes, 1 Lewisham, 1 Liberty, 1 licensing laws, 1, 2 life expectancy, 1, 2, 3, 4, 5 Life on Mars, 1 Lincoln, 1 Lindsell, Tracy, 1, 2 Lindsey oil refinery, 1 Lisbon Treaty, 1 Liverpool, 1, 2, 3, 4, 5, 6 Liverpool FC, 1 living standards, 1, 2 living wage campaign, 1, 2 Livingstone, Ken, 1, 2, 3, 4, 5 Livni, Tzipi, 1 Loaded magazine, 1 local government, 1, 2, 3 and elected mayors, 1 Lockerbie bomber, 1 London, 1, 2, 3, 4, 5, 6 bombings, 1, 2 congestion charge, 1, 2 detention of foreign leaders, 1 G20 protests, 1 Iraq war protests, 1, 2 mayoral election, 1, 2 and transport policy, 1, 2, 3 London Array wind farm, 1 Longannet, 1 Longfield, Anne, 1 Lord-Marchionne, Sacha, 1 Lorenzetti, Ambrogio, 1 lorry protests, 1, 2 Lowry Museum, 1 Lumley, Joanna, 1 Luton, 1, 2, 3, 4 Lyons, Sir Michael, 1 Macfadden, Julia, 1 Machin, Professor Stephen, 1, 2 Maclean, David, 1 Macmillan, Harold, 1 Macmillan, James, 1 McNulty, Tony, 1 Macpherson, Sir Nick, 1 Macpherson, Sir William, 1 McQueen, Alexander, 1 Madrid, 1, 2, 3 Major, John, 1, 2, 3, 4, 5, 6 Malaya, 1 Malloch Brown, Mark, 1 Manchester, 1, 2, 3, 4, 5, 6 club scene, 1, 2 and crime, 1, 2 Gorton, 1, 2, 3, 4, 5, 6 and local government, 1 and transport policy, 1, 2, 3 Manchester Academy, 1 Manchester United FC, 1, 2 Manchester University, 1 Mandelson, Peter, 1, 2 Manpower Services Commission, 1 manufacturing, 1, 2, 3 Margate, 1 ‘market for talent’ myth, 1 marriage rate, 1 Martin, Michael, 1 maternity and paternity leave, 1, 2 Mayfield, Charlie, 1 Medical Research Council, 1 mental health, 1, 2, 3, 4 mephedrone, 1 Metcalf, Professor David, 1 Metropolitan Police, 1, 2, 3 Mexico, 1, 2 MG Rover, 1 Michael, Alun, 1 Middlesbrough College, 1, 2 migration, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 Milburn, Alan, 1, 2, 3, 4, 5 Miliband, David, 1, 2, 3, 4, 5, 6 Miliband, Ed, 1, 2, 3 Millennium Cohort Study, 1, 2 Millennium Dome, 1, 2, 3 Miloševic, Slobodan, 1 Milton Keynes, 1 minimum wage, 1, 2, 3, 4, 5, 6, 7 Mitchell, Senator George, 1 modern art, 1 Mohamed, Binyam, 1 Monbiot, George, 1 Moray, 1 Morecambe, 1, 2 Morecambe Bay cockle pickers, 1 Morgan, Piers, 1 Morgan, Rhodri, 1 mortgage interest relief, 1 Mosley, Max, 1 motor racing, 1 Mowlam, Mo, 1 Mozambique, 1 MPs’ expenses, 1, 2, 3, 4, 5 MRSA, 1 Mugabe, Robert, 1 Muijen, Matt, 1 Mulgan, Geoff, 1 Mullin, Chris, 1 Murdoch, Rupert, 1, 2, 3 Murphy, Richard, 1 museums and galleries, 1, 2, 3 music licensing, 1 Muslims, 1, 2, 3, 4, 5 mutualism, 1 Myners, Paul, 1 nanotechnology, 1, 2, 3 National Air Traffic Control System, 1 National Care Service, 1 national curriculum, 1 national debt, 1 National Forest, 1 National Health Service (NHS) cancer plan, 1 drugs teams, 1 and employment, 1, 2 internal market, 1 IT system, 1 league tables, 1 managers, 1, 2 NHS direct, 1 primary care, 1 productivity, 1, 2 and public satisfaction, 1 staff numbers and pay, 1 and targets, 1, 2, 3 waiting times, 1, 2, 3, 4, 5, 6, 7, 8 National Heart Forum, 1 National Institute for Health and Clinical Excellence (NICE), 1, 2 National Insurance, 1, 2, 3, 4, 5 National Lottery, 1, 2, 3 National Offender Management Service, 1 National Savings, 1 National Theatre, 1 Natural England, 1, 2 Nazio, Tiziana, 1 Neighbourhood Watch, 1 Netherlands, 1, 2 neurosurgery, 1 New Deal, 1, 2, 3, 4, 5, 6, 7 New Deal for Communities, 1, 2 New Forest, 1 Newcastle upon Tyne, 1, 2 Newham, 1, 2 newspapers, 1, 2, 3, 4, 5 Nigeria, 1 Nightingale, Florence, 1 non-doms, 1 North Korea, 1 North Middlesex Hospital, 1 North Sea oil and gas, 1 Northern Ireland, 1, 2, 3, 4, 5, 6, 7 Northern Rock, 1, 2, 3, 4, 5 Norway, 1 Nottingham, 1, 2 NSPCC, 1 nuclear power, 1 Number Ten Delivery Unit, 1 nurses, 1, 2, 3, 4 Nutt, Professor David, 1 NVQs, 1 O2 arena, 1 Oakthorpe primary school, 1, 2 Oates, Tim, 1 Obama, Barack, 1, 2 obesity, 1, 2 Octagon consortium, 1 Office for National Statistics, 1, 2 Office of Security and Counter Terrorism, 1 Ofsted, 1, 2, 3, 4, 5 Ofwat, 1 Oldham, 1, 2, 3, 4 O’Leary, Michael, 1 Oliver, Jamie, 1, 2 Olympic Games, 1, 2, 3 Open University, 1 O’Reilly, Damien, 1, 2 orthopaedics, 1 Orwell, George, 1, 2 outsourcing, 1, 2, 3, 4 overseas aid, 1, 2 Oxford University, 1 paedophiles, 1, 2, 3 Page, Ben, 1, 2 Pakistan, 1, 2, 3, 4, 5, 6, 7 Palestine, 1, 2 parenting, 1 absent parents, 1 lone parents, 1, 2 teenage parents, 1 Paris, 1, 2 Park Lane, 1 Parkinson, Professor Michael, 1 particle physics, 1 party funding, 1, 2, 3 passport fraud, 1 Passport Office, 1 Patch, Harry, 1 Payne, Sarah, 1, 2 Peach, Blair, 1 Pearce, Nick, 1 Peckham, 1, 2 Aylesbury estate, 1 Peel, Sir Robert, 1 pensioner poverty, 1, 2 pensions, 1, 2 occupational pensions, 1, 2 pension funds, 1, 2 private pensions, 1 public-sector pensions, 1 state pension, 1, 2 Persian Gulf, 1 personal, social and health education, 1 Peterborough, 1 Peugeot, 1 Philips, Helen, 1 Phillips, Lord (Nicholas), 1, 2 Phillips, Trevor, 1 Pilkington, Fiona, 1 Pimlico, 1 Pinochet, Augusto, 1 Plymouth, 1, 2 Poland, 1, 2 police, 1 and demonstrations, 1 numbers, 1, 2, 3 in schools, 1, 2, 3 pornography, 1 Portsmouth FC, 1, 2 Portugal, 1 post offices, 1 Postlethwaite, Pete, 1 poverty, 1, 2, 3 see also child poverty; pensioner poverty Premier League, 1 Prescott, John, 1, 2, 3, 4, 5 press officers, 1 Preston, 1 Prevent strategy, 1 Primary Care Trusts (PCTs), 1, 2 prisons, 1, 2 Private Finance Initiative (PFI), 1, 2 probation, 1, 2 property ownership, 1 prostitution, 1, 2, 3 Public Accounts Committee, 1 public sector reform, 1, 2 public service agreements, 1 public spending, 1, 2, 3 and the arts, 1 and science, 1 Pugh, Martin, 1 Pullman, Philip, 1 QinetiQ, 1 Quality and Outcomes Framework, 1 quangos, 1, 2 Queen, The, 1 Quentin, Lieutenant Pete, 1, 2 race relations legislation, 1 racism, 1, 2 RAF, 1, 2, 3 RAF Brize Norton, 1 railways, 1 Rand, Ayn, 1 Rawmarsh School, 1 Raynsford, Nick, 1 Reckitt Benckiser, 1 recycling, 1 Redcar, 1 regional assemblies, 1, 2 regional development agencies (RDAs), 1, 2, 3 regional policy, 1 Reid, John, 1 Reid, Richard, 1 religion, 1, 2 retirement age, 1, 2 right to roam, 1 Rimington, Stella, 1 Rio Earth summit, 1 road transport, 1 Rochdale, 1, 2 Roche, Barbara, 1 Rogers, Richard, 1 Romania, 1, 2 Rome, 1 Rooney, Wayne, 1 Roosevelt, Franklin D., 1 Rosetta Stone, 1 Rosyth, 1 Rotherham, 1, 2, 3 Royal Opera House, 1 Royal Shakespeare Company, 1 Royal Society for the Protection of Birds, 1 Rugby, 1 rugby union, 1 Rumsfeld, Donald, 1 rural affairs, 1, 2 Rushdie, Salman, 1 Russia, 1, 2 Rwanda, 1 Ryanair, 1, 2 Sainsbury, Lord David, 1 St Austell, 1 St Bartholomew’s Hospital, 1, 2 St Pancras International station, 1 Salford, 1, 2, 3, 4 Sanchez, Tia, 1 Sandwell, 1 Sarkozy, Nicolas, 1, 2 Savill, Superintendent Paul, 1 Saville, Lord, 1 savings ratio, 1 Scandinavia, 1, 2, 3 Scholar, Sir Michael, 1 school meals, 1, 2 school uniforms, 1 school-leaving age, 1 schools academies, 1, 2, 3, 4 building, 1 class sizes, 1 comprehensive schools, 1, 2 faith schools, 1, 2, 3, 4 grammar schools, 1, 2, 3 and inequality, 1 nursery schools, 1 and PFI, 1, 2, 3 police in, 1, 2, 3 primary schools, 1, 2, 3, 4, 5 private schools, 1, 2 secondary schools, 1, 2, 3 in special measures, 1 special schools, 1 specialist schools, 1 and sport, 1 science, 1, 2, 3, 4, 5 Scotland, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 electricity generation, 1 and health, 1, 2, 3, 4, 5 Scottish parliament, 1, 2 Section 1, 2 security services, 1 MI5, 1, 2, 3 Sedley, Stephen, 1 segregation, 1 self-employment, 1 Sellafield, 1 Serious Organized Crime Agency, 1 sex crimes, 1 Sex Discrimination Act, 1 Shankly, Bill, 1 Sharkey, Feargal, 1 Shaw, Liz, 1 Sheen, Michael, 1 Sheffield, 1, 2, 3, 4, 5, 6 Sheringham, 1 Shetty, Shilpa, 1 Shipman, Harold, 1 shopping, 1 Short, Clare, 1 Siemens, 1 Siena, 1 Sierra Leone, 1, 2 Skeet, Mavis, 1 skills councils, 1 slavery, 1 Slough, 1 Smith, Adam, 1 Smith, Chris, 1 Smith, Jacqui, 1, 2 Smith, John, 1, 2 Smithers, Professor Alan, 1, 2 smoking ban, 1, 2 Snowden, Philip, 1 social care, 1, 2, 3 Social Chapter opt-out, 1 social exclusion, 1, 2 Social Fund, 1 social mobility, 1, 2 social sciences, 1 social workers, 1 Soham murders, 1, 2, 3, 4 Solihull, 1, 2 Somalia, 1, 2 Souter, Brian, 1 South Africa, 1 South Downs, 1 Spain, 1, 2, 3 special advisers, 1 speed cameras, 1 Speenhamland, 1 Spelman, Caroline, 1 Spence, Laura, 1 sport, 1, 2 see also football; Olympic Games Sri Lanka, 1, 2 Stafford Hospital, 1 Staffordshire University, 1 Standard Assessment Tests (Sats), 1, 2, 3 Standards Board for England, 1 statins, 1, 2, 3 stem cell research, 1 STEM subjects, 1 Stephenson, Sir Paul, 1 Stern, Sir Nicholas, 1, 2 Stevenson, Lord (Dennis), 1 Stevenson, Wilf, 1 Steyn, Lord, 1 Stiglitz, Joseph, 1 Stockport, 1 Stonehenge, 1 Stoppard, Tom, 1 Straw, Jack, 1, 2, 3, 4, 5 student fees, 1 Stuff Happens, 1 Sudan, 1, 2 Sugar, Alan, 1 suicide bombing, 1 suicides, 1 Sun, 1, 2 Sunday Times, 1, 2 Sunderland, 1, 2 supermarkets, 1, 2 Supreme Court, 1, 2 Sure Start, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 surveillance, 1, 2 Sutherland, Lord (Stewart), 1 Swansea, 1 Sweden, 1, 2, 3, 4, 5 Swindon, 1 Taliban, 1, 2 Tallinn, 1 Tanzania, 1 Tate Modern, 1 Taunton, 1 tax avoidance, 1, 2, 3 tax credits, 1, 2, 3, 4, 5, 6, 7, 8 council tax credit, 1 pension credit, 1, 2, 3 R&D credits, 1 taxation, 1, 2 10p tax rate, 1 capital gains tax, 1, 2 corporation tax, 1, 2, 3, 4 council tax, 1, 2 fuel duty, 1, 2, 3 green taxes, 1, 2 and income inequalities, 1 income tax, 1, 2, 3, 4 inheritance tax, 1, 2 poll tax, 1 stamp duty, 1, 2, 3 vehicle excise duty, 1 windfall tax, 1, 2, 3 see also National Insurance; VAT Taylor, Damilola, 1 Taylor, Robert, 1 teachers, 1, 2, 3 head teachers, 1, 2 salaries, 1, 2 teaching assistants, 1, 2 teenage pregnancy, 1, 2, 3 Teesside University, 1 television and crime, 1 and gambling, 1 talent shows, 1 television licence, 1, 2, 3 Territorial Army, 1 terrorism, 1, 2, 3, 4, 5, 6, 7 Terry, John, 1 Tesco, 1, 2, 3, 4 Tewkesbury, 1 Thames Gateway, 1 Thameswey, 1 Thatcher, Margaret, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 Thatcherism, 1, 2, 3 theatre, 1 Thornhill, Dorothy, 1 Thorp, John, 1 Tibet, 1 Tilbury, 1 Times, The, 1 Times Educational Supplement, 1, 2 Timmins, Nick, 1 Titanic, 1 Tomlinson, Mike, 1 Topman, Simon, 1, 2 torture, 1, 2 trade unions, 1, 2, 3 Trades Union Congress (TUC), 1, 2, 3 tramways, 1 transport policies, 1, 2 Trident missiles, 1, 2, 3 Triesman, Lord, 1 Turkey, 1, 2 Turnbull, Lord (Andrew), 1 Turner, Lord (Adair), 1, 2, 3 Tweedy, Colin, 1 Tyneside Metro, 1 Uganda, 1 UK Film Council, 1 UK Sport, 1 UK Statistics Authority, 1 unemployment, 1, 2, 3, 4, 5, 6, 7 United Nations, 1, 2, 3 United States of America, 1, 2 Anglo-American relationship, 1, 2, 3, 4, 5, 6, 7 and child poverty, 1 and clean technologies, 1 economy and business, 1, 2, 3 and education, 1, 2, 3 and healthcare, 1, 2 and income inequalities, 1 and internet gambling, 1 and minimum wage, 1 universities, 1, 2, 3, 4, 5 and migration, 1 and terrorism, 1 tuition fees, 1 University College London Hospitals, 1 University for Industry, 1 University of East Anglia, 1 University of Lincoln, 1 Urban Splash, 1, 2 Vanity Fair, 1 VAT, 1, 2, 3 Vauxhall, 1 Venables, Jon, 1 Vestas wind turbines, 1 Victoria and Albert Museum, 1 Waitrose, 1 Waldfogel, Jane, 1 Wales, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 Walker, Sir David, 1 walking, 1, 2 Walsall, 1 Wanless, Sir Derek, 1 Wanstead, 1 Warm Front scheme, 1 Warner, Lord Norman, 1 Warsaw, 1 Warwick accord, 1 water utilities, 1 Watford, 1 welfare benefits child benefit, 1, 2 Employment Support Allowance, 1 and fraud, 1, 2, 3, 4 housing benefit, 1 incapacity benefit, 1, 2 Income Support, 1 Jobseeker’s Allowance, 1, 2, 3 and work, 1, 2 Welsh assembly, 1, 2 Wembley Stadium, 1 Westfield shopping mall, 1 Wetherspoons, 1 White, Marco Pierre, 1 Whittington Hospital, 1 Wiles, Paul, 1 Wilkinson, Richard, and Kate Pickett, 1 Williams, Professor Karel, 1 Williams, Raymond, 1 Williams, Rowan, 1 Wilson, Harold, 1, 2, 3, 4, 5, 6, 7 Wilson, Sir Richard, 1 wind turbines, 1, 2 Winslet, Kate, 1 winter fuel payments, 1 Wire, The, 1 Woking, 1, 2 Wolverhampton, 1 Woolf, Lord, 1 Wootton Bassett, 1, 2 working-class culture, 1 working hours, 1, 2 World Bank, 1 Wrexham, 1 Wright Robinson School, 1, 2, 3 xenophobia, 1 Y2K millennium bug, 1 Yarlswood detention centre, 1 Yeovil, 1 Yiewsley, 1 York, 1, 2, 3, 4 Young Person’s Guarantee, 1 Youth Justice Board, 1 Zimbabwe, 1, 2 About the Author Polly Toynbee is the Guardian’s social and political commentator.
Living in a Material World: The Commodity Connection by Kevin Morrison
addicted to oil, barriers to entry, Berlin Wall, carbon footprint, clean water, commoditize, commodity trading advisor, computerized trading, diversified portfolio, Doha Development Round, Elon Musk, energy security, European colonialism, flex fuel, food miles, Hernando de Soto, Hugh Fearnley-Whittingstall, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), Kickstarter, Long Term Capital Management, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, out of africa, Paul Samuelson, peak oil, price mechanism, Ronald Coase, Ronald Reagan, Silicon Valley, sovereign wealth fund, the payments system, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, uranium enrichment, young professional
Energy policies now have the lofty aim of reducing their oil dependency from unstable suppliers and energy efficiency research programmes and alternative clean energy sources are being developed, as energy policy becomes entwined with climate change. ENERGY | 49 The difference between now and the 1970s is that there are no new conventional North Sea oil fields coming on, and the promises of the new supply from the Caspian Sea and central Asia have consistently failed to live up to expectations. At the same time demand for oil – predominately for transportation – remains strong due to the emerging mobile classes in China and India. The cost of cars is coming down, too. Tata Motors, the Indian carmaker, intends to sell its new Tata Nano for $2500 each, or about half the cost of the next cheapest car. Today’s equivalent of the North Sea oil fields – that is, oil supply from a politically stable region – is the Canadian tar sands, also known as oil sands. These are a combination of clay, sand, water and bitumen in a rock formation.
Broke: How to Survive the Middle Class Crisis by David Boyle
anti-communist, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, call centre, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, delayed gratification, Desert Island Discs, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial deregulation, financial independence, financial innovation, financial intermediation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, housing crisis, income inequality, Jane Jacobs, job satisfaction, Kickstarter, knowledge economy, knowledge worker, market fundamentalism, Martin Wolf, mega-rich, mortgage debt, Neil Kinnock, Nelson Mandela, new economy, Nick Leeson, North Sea oil, Northern Rock, Occupy movement, off grid, offshore financial centre, pension reform, pensions crisis, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, positional goods, precariat, quantitative easing, school choice, Slavoj Žižek, social intelligence, too big to fail, trickle-down economics, Vanguard fund, Walter Mischel, wealth creators, Winter of Discontent, working poor
The then Environment Secretary Michael Heseltine warned that people might respond by taking their money out of the country to buy villas in France. But, again, we only have Lawson’s word for this. Howe and Lawson had calculated that, despite the worst fears of their critics, there would be no catastrophic outflow of funds, nor a collapse in the value of the pound — for the same reason that the economy was in crisis. Because of North Sea Oil, the pound was now a petro-currency. So they took a deep breath and hoped for the best. The announcement was made and, to their surprise, the pound kept on rising. It carried on doing so until Britain’s exports were unaffordable abroad and UK manufacturing industry staggered, and — hopelessly outdated, under-invested and beset by insane labour relations — all but gave up the ghost. But that, as Kipling might say, is another story.
Edgar, 122 Hopkinson, David, 139, 146, 150 Horta-Osorio, Antonio, 155 Hoskyn, John, 59 hospital consultants, 89, 249 house-price inflation, 3, 15, 18, 20–1, 24, 55–85, 160, 280, 284, 286 ‘Barber Boom’, 56 and building societies’ cartel, 65–6, 71–3 and divorce, 79–80 and housing density, 78–9 and Lloyd’s scandal, 28, 32 and mortgage interest tax relief, 108–9 and rents, 68–9 and school catchments, 20, 210–11, 221 and size of houses, 77–9 and working couples, 74–6 house prices, 56, 61, 68–9, 74, 87 household loans, increase in, 69 housing market, parallel, 301–2 housing shortages, 56 Howard, Michael, 177 Howe, Elspeth, 58 Howe, Sir Geoffrey, 58–60, 62–7, 97, 99, 128, 130 Human Scale Education, 235 Hutber, Patrick, 5, 36–7, 45, 47, 55, 60, 174–5, 283 I IKB, 156 IMF, 59, 128 immigrants, 39 Imperial College, London, 140 income tax, 36 Independent, 118 Independent on Sunday, 175 index-linked funds, 197–8 Industrial Revolution, 152 inflation, 36, 58, 161, 199, 279–80, 284, 286, 289 Initial Rentokil, 295 Institute of New Economic Thinking, 157 insurance, 171 interest rates, artificially low, 195, 203 ISAs, 171 It’s a Wonderful Life, 122–3 Italy, 97, 299 J Japan, 75, 152, 176, 299 Jenkins, Simon, 72, 226, 266 Jersey, 147 Jews, 39 job seeker’s allowance, 271 jobbers, 136–7, 145–7 Johnson, Rob, 157 Johnson, Simon, 151 Jones, Owen, 68, 287–8 Joseph, Sir Keith, 58, 99, 177, 220 JP Morgan, 143, 152 Judd School, 216–17 Julius II, Pope, 278 Jung, Carl, 95 junk bonds, 148, 154 K Katz, Cindi, 46 Kay, John, 104 Kensington and Chelsea, 211 Kent, 216–19 Keynes, John Maynard, 157, 290 Killik, Paul, 147 King, Mervyn, 129–31, 141 King’s School, Tyneside, 238–9 Kingsland Foundation School, 204–6 Kinnock, Neil, 31 Kinsman, Francis, 174 Kozlowski, Dennis, 117 Kramer, Sebastian, 80 Kynaston, David, 130, 311 L Labour Party, 24, 66–7, 179, 182, 194, 287 Lambton, Lucinda, 224 Lane, Deborah, 11–14, 17 Latin American debt crisis, 71 Lawson, Nigel, 58–60, 62–6, 71–2, 128, 130 and building societies, 97, 99–100, 104 and City deregulation, 138, 149 and end of MIRAS, 108–9 and pension reforms, 177, 180–5, 188, 190, 194 Leeds, 225 Leeson, Nick, 158 Leigh-Pemberton, Robin, 151 leisure time, 17 Leith, William, 15, 83 Lewis, Michael, 153–4 Lewis, Roy, 37–9 Liberal Democrats, 211 libraries, 17 Little Venice, 1–2 Lloyd George, David, 38, 172, 255 Lloyd’s of London, 27–35, 50–1, 69, 286 Lloyds Bank, 71, 109, 118, 122, 155, 171 Local Enterprise Partnership, 293 localism, 299 Lockheed Martin, 132 London education, 210–11, 219, 221, 232, 240 housing, 68–9, 85 middle classes, 41–2 wealth disparities, 284 London Olympics, 221 London Oratory School, 228 London Rebuilding Society, 296 London School of Economics, 140–1 London Stock Exchange, deregulation of, 135–40, 147–51 M M&G, 139 McDonald’s, 47 Maclnnes, Colin, 305 McKinsey, 261, 266 ‘Macmillan Gap’, 152 McRae, Hamish, 118 Major, John, 30–1, 101, 176, 213, 258, 263–4 and education reforms, 221–5 Major, Stephen, 113 Manchester, 95, 189, 224, 255 Manchester High School for Girls, 225 Mandelson, Peter, 24, 263 Mangan, Lucy, 76 Marks & Spencer, 243, 248 Martin’s Bank, 96, 122 Marx, Karl, 272–3 Mass Observation, 40 Maude, Angus, 37–9 Maxwell, Robert, 190–1, 201 Meacher, Michael, 182 medical schools, 212 Meeker, Mary, 133 Merrill Lynch, 139, 155 Merton, 211, 213 Metroland, 82 Mexico, 200 Michelangelo, 278 Middle Class Association, 37 Middle Class Defence Organisation, 38 Middle Class International, 38 Middle Class Union, 38 middle-class values, 13–14, 46–9 aspiration, 88, 234 authenticity, 242 confidence, 87 corrosion by financial sector, 154–6, 158–62 education, 14, 45–6, 49–50, 204 independence, 52, 69, 84, 86, 174, 283 internationalism, 163 moderation, 125, 160 thrift, 36, 39, 45, 49, 108, 120, 160, 169, 174, 195, 283, 301, 305 tolerance, 47, 274 middle classes and assimilation, 39 average incomes, 274 ‘casualisation’ of, 175 and children’s intelligence, 229–30 Cobbett’s description of, 282–3 definitions of, 39–45, 52 demography, 35–6 differences of taste within, 305 disapproval and embarrassment, 46–9 disparities of wealth within, 116 impoverishment, 267–72 in London, 41–2 and racism, 230 solidarity with working classes, 289–90 and status, 20, 267 vilification of working classes, 230, 287–8 Middle England, 39 middle managers, 255 Middleton, Peter, 182 Miliband, Ed, 22 miners’ strike, 148, 288 Mischel, Walter, 45 Moody-Stuart, Elizabeth, 211 Morgan, John Pierpont, 143 Morgan Grenfell, 135 Morgan Stanley, 133 Morris, Peter, 175 Morris, William, 255 Morrison, Steve, 205 mortgage interest tax relief, 61, 108–9, 182 mortgages, 14–15, 18, 20, 203, 270, 287, 290 and building societies, 71–2, 97–8, 101 ‘Grandparent Mortgages’, 75 and house-price inflation, 56–7, 60–1, 65–6 interest-only, 75, 171 and lack of choice, 82–4 and multiples of salaries, 75 and rents, 68–9 see also remortgaging Mount, Ferdinand, 26 Mrs Miniver, 275 Muesli Belt, 44, 83 Multis, 43 musicals, 44, 53 N nannies, 169 napkin rings, 39–40 Nasdaq index, 155 National Association of Pension Funds, 180, 184, 191 National Childbirth Trust, 73, 164–5 National Health Service (NHS), 85, 177, 180, 249, 253–4, 260, 267, 291 National Insurance, 181–2, 184 National Lottery, 221, 253 National Theatre, 125–6 National Trust cafés, 87–9, 163 Nationwide Building Society, 112–14, 119 NatWest, 30, 71, 96 Neill Report, 33 Nelson, Admiral Horatio, 198 Nether Wallop, 245–7 Netscape, 114 New Economics Foundation, 116 New Labour, 230 New Public Management, 263–4 New York, 78, 122, 186, 218 New York Stock Exchange, 155 newspapers, 253 Nikko, 149 noise complaints, 78 Nonconformists, 39 Norman, Montagu, 95 North Sea oil, 64, 279 Northern Ireland, 221 Northern Rock, 72, 101, 110, 112, 118 Northwood, 73 Nottingham, 225, 238, 295 nurseries, 19, 76–7, 299 O Oakwood High School, 224 Obama administration, 152 Observer, 110 Occupy movement, 289–90 Office of Fair Trading (OFT), 135–6 Ofsted, 205–6, 231, 269 oil prices, 59, 299 old age pensions, introduction of, 38, 172 Oliver, Jamie, 295 One Per Cent, the, 23–6, 45, 69, 121, 159, 161, 163, 165, 193 O’Neal, Stanley, 155 Orpington, 162 Osborne, David, 261 Outhwaite, Dick, 30–1 outsourcing, 23, 26, 41, 160, 248, 285 Owen, Wilfred, 234 Oxford University, 80, 88, 234 P Pahl, Ray, 49 Palmer, Alasdair, 175 Parents’ Charter, 222–3 Parkinson, Cecil, 137–8, 149 parks, 17 Patten, John, 224, 226–8, 238 Pawson, Andrew, 233 Pearce, Edward, 62 Penhaligon, David, 102–3 Penman, Andrew, 213–14 pensions, 167–203, 270, 281, 284–5, 290, 302 annuities, 172, 196–7 automatic enrolment, 202 average pot, 204 Brown’s tax on, 19, 194 Conservative reforms, 176–85 defined benefit vs. defined contribution, 175–6, 195–6 and home ownership, 14, 19, 21, 85, 200–1, 203 mis-selling of, 188 occupational, 172–3, 175, 178, 185, 188, 190–3, 196–7, 201–2 public sector pensions, 43, 192, 202, 253 SERPs, 179–84 state pensions, 81, 178, 200–1 surpluses, 193–4 Pepper, Gordon, 66 Perry, Grayson, 289, 297, 305 pets, 10 Pinchin Denny, 138 Pinsent Masons, 189 plutonomy, 25, 143, 152, 159–60 political economy, 48, 51 Popcorn, Faith, 83 post offices, closure of, 252 Post-Autistic Economics campaign, 157 Potosí, 279–80 Power, Michael, 257 ‘Precariat’, 17 Pride and Prejudice, 281–2 Priestley, J.
Scotland Travel Guide by Lonely Planet
agricultural Revolution, British Empire, carbon footprint, clean water, demand response, European colonialism, James Watt: steam engine, land reform, North Sea oil, oil shale / tar sands, Piper Alpha, place-making, smart cities, The Wealth of Nations by Adam Smith, upwardly mobile, urban decay, urban sprawl
But they’re missing out on a part of Scotland that’s as beautiful and diverse as the more obvious attractions of the western Highlands and islands. Within its bounds you’ll find two of Scotland’s four largest cities – Dundee, the city of jute, jam and journalism, the cradle of some of Britain’s favourite comic characters, and home to Captain Scott’s Antarctic research ship, the Discovery; and Aberdeen, the granite city, an economic powerhouse fuelled by the riches of North Sea oil. Angus is a region of rich farmland and scenic glens dotted with the mysterious stones left behind by the ancient Picts, while Aberdeenshire and Moray are home to the greatest concentration of Scottish Baronial castles in the country, and dozens of distilleries along the River Spey. When to Go June/July Classic boats large and small fill Portsoy harbour for the Scottish Wooden Boat Festival.
If you fancy trying one, head for James McLaren & Son (8 The Cross, Forfar; 8am-4.30pm Mon-Wed, Fri & Sat, 8am-1pm Thu) , a family bakery bang in the centre of Forfar, which has been selling tasty, home-baked bridies since 1893. Montrose POP 11,800 Despite its seaside setting, broad main street of Victorian buildings and reputation as a golfing resort, Montrose exudes an austere and slightly down-at-heel atmosphere. It sits at the mouth of the River South Esk, where its industrial harbour serves the North Sea oil industry; and is backed by the broad, tidal mud flats of Montrose Basin, a rich feeding ground for thousands of resident and migrant birds. At the southern edge of town, Montrose Basin Visitor Centre (www.montrosebasin.org.uk; Rossie Braes; adult/child £4/3; 10.30am-5pm Mar-Oct, 10.30am-4pm Fri-Sun Nov-Feb) has indoor and outdoor hides, and viewing platforms with high-powered binoculars and remote-controlled TV cameras where you can zoom in on the local wildlife.
The granite spire dates from the 19th century, but there has been a church on this site since the 12th century; the early 15th-century St Mary’s Chapel survives in the eastern part of the church. Aberdeen Maritime Museum MUSEUM (www.aagm.co.uk; Shiprow; 10am-5pm Mon-Sat, noon-3pm Sun) Overlooking the nautical bustle of the harbour is the Maritime Museum. Centred on a three-storey replica of a North Sea oil production platform, its exhibits explain all you ever wanted to know about the petroleum industry. Other galleries, some situated in Provost Ross’s House , the oldest building in the city and part of museum, cover the shipbuilding, whaling and fishing industries. Sleek and speedy Aberdeen clippers were a 19th-century shipyard speciality, used by British merchants for the importation of tea, wool and exotic goods (opium, for instance) to Britain, and, on the return journey, the transportation of emigrants to Australia.
Why Europe Will Run the 21st Century by Mark Leonard
Berlin Wall, Celtic Tiger, continuous integration, cuban missile crisis, different worldview, European colonialism, facts on the ground, failed state, global reserve currency, invisible hand, knowledge economy, mass immigration, non-tariff barriers, North Sea oil, one-China policy, Panopticon Jeremy Bentham, pension reform, reserve currency, Robert Gordon, shareholder value, South China Sea, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, Washington Consensus
Chapter 7 1Milward, Alan S. (1994), European Rescue of the Nation State, London: Routledge. 2For an extremely compelling and contrasting analysis of EU legitimacy see Simon Hix’s The Political System of the European Union (1999) Palgrave Macmillan. 3Moravcsik, Andrew (2002), ‘In Defense of the “Democratic Deficit”: Reassessing Legitimacy in the European Union’, Journal of Common Market Studies, vol. 40, no. 4, p. 607. 4Ibid. 5Hix, Simon. 6Gould, Philip (2003), ‘The Empty Stadium’, Progressive Politics, vol. 2.3. 7Bevanger, Lars (1 May 2003), ‘Norway’s EU debate re-surfaces’, BBC News (http://news.bbc.co.uk/1/hi/world/europe/2991833.stm). 8The debate in Norway about EU membership is increasingly polarized, with many calling on Norway to join the EU and some arguing that it should leave the EEA, as no one thinks the status quo is tenable for much longer. The only reason Norway remains outside the EU is because it subsidizes its agriculture at a higher level than would be allowed under the CAP and can only afford to do this because of North Sea oil and gas. Hence, Norwegian farmers are very anti-European. But this is a luxury only a few states can afford, and is hence not a model for the UK. 9House of Commons Hansard Debates (20 November 1991). 10Alan Milward’s book European Rescue of the Nation State explains this well. 11My former colleague Tom Arbuthnott explores this point in more depth in his intriguing pamphlet, Can Europe Save National Democracy, London: The Foreign Policy Centre, 2003. 12I have written about ways of inputting European democracy in European Democracy: A Manifesto and Network Europe published by the Foreign Policy Centre (2004). 13Norman, Peter (2003), The Accidental Constitution, Brussels: EuroComment. 14Ibid. 15Moravcsik, Andrew (2002), ‘In Defense of the “Democratic Deficit”: Reassessing Legitimacy in the European Union’, Journal of Common Market Studies, vol. 40, no. 4, p. 607.
The Prize: The Epic Quest for Oil, Money & Power by Daniel Yergin
anti-communist, Ayatollah Khomeini, bank run, Berlin Wall, British Empire, colonial exploitation, Columbine, continuation of politics by other means, cuban missile crisis, do-ocracy, energy security, European colonialism, Exxon Valdez, financial independence, fudge factor, informal economy, joint-stock company, land reform, liberal capitalism, megacity, Mikhail Gorbachev, Monroe Doctrine, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, old-boy network, postnationalism / post nation state, price stability, RAND corporation, rent-seeking, Ronald Reagan, shareholder value, Thomas Malthus, Yom Kippur War
It now held title to the government's participation oil, reflecting the right to buy 51 percent of North Sea production, and was meant to be the national champion. The British government's push for more revenues and more control of North Sea oil led the head of one company finally to explode, "I don't see any difference any more between those OPEC countries and Britain." In some ways, that same thought was on the mind of Harold Wilson, Britain's Prime Minister. He was sitting in a second-floor study at 10 Downing Street, puffing on his pipe, in the summer of 1975, a few weeks after the celebration over the first barrels of North Sea oil. Wilson had already had one of the longest-running tenures as Prime Minister. He had also made a major contribution to political theory with a line that deserved to be engraved on the wall of every parliament and congress around the world: "In politics, a week is a long time."
Some months later, a senior Phillips executive was excitedly asked at a technical meeting in London what methods Phillips had used to diagnose the geology of the field. "Luck," he replied. Toward the end of 1970, British Petroleum announced the discovery of oil in the Forties field, on the British side, one hundred miles northwest of Ekofisk. It was a huge reservoir. A series of major strikes followed in 1971, including Shell and Exxon's discovery of the huge Brent field. The North Sea oil rush was on. The 1973 oil crisis turned the rush into a roar. Fortunately, a new generation of technology was either available or under development that would allow production to proceed in the North Sea, a province of the sort that the industry had never before attempted. The whole venture was risky and dangerous—physically and economically. Drilling rigs had to be able to work through water depths much greater than anything tried heretofore, and then still drill another four miles under the seabed.
Altogether, the development of the North Sea was one of the greatest investment projects in the world, made all the more expensive by rapidly inflating costs. It was also a technological marvel of the first order. And it was carried out in an amazingly expeditious manner. On June 18, 1975, the British Secretary of State for Energy, Anthony Wedgwood Benn, turned a valve at a ceremony on an oil tanker in the estuary of the River Thames. The first North Sea oil flowed ashore to a refinery. Publicly, Benn enthusiastically declared that June 18 should from then on be a day of national celebration. Personally, however, he did not enjoy the inaugural event at all. Benn was a leader of the left wing of the Labour party with a passion for nationalization and an inbred detestation of capitalism, especially as it was represented by the oil industry, and was extremely distrusting by nature.
The Quest: Energy, Security, and the Remaking of the Modern World by Daniel Yergin
"Robert Solow", addicted to oil, Albert Einstein, Asian financial crisis, Ayatollah Khomeini, banking crisis, Berlin Wall, bioinformatics, borderless world, BRICs, business climate, carbon footprint, Carmen Reinhart, cleantech, Climategate, Climatic Research Unit, colonial rule, Colonization of Mars, corporate governance, cuban missile crisis, data acquisition, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, diversification, diversified portfolio, Elon Musk, energy security, energy transition, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, fear of failure, financial innovation, flex fuel, global supply chain, global village, high net worth, hydraulic fracturing, income inequality, index fund, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), James Watt: steam engine, John von Neumann, Kenneth Rogoff, life extension, Long Term Capital Management, Malacca Straits, market design, means of production, megacity, Menlo Park, Mikhail Gorbachev, Mohammed Bouazizi, mutually assured destruction, new economy, Norman Macrae, North Sea oil, nuclear winter, off grid, oil rush, oil shale / tar sands, oil shock, Paul Samuelson, peak oil, Piper Alpha, price mechanism, purchasing power parity, rent-seeking, rising living standards, Robert Metcalfe, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, smart grid, smart meter, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, technology bubble, the built environment, The Nature of the Firm, the new new thing, trade route, transaction costs, unemployed young men, University of East Anglia, uranium enrichment, William Langewiesche, Yom Kippur War
But the industry would need to be more efficient, managing its costs better, and leveraging skills and technology across a larger span. That pointed in one direction—toward greater scale. And the way to get there was through mergers. “WERE HE ALIVE TODAY . . .” Sanderstolen is a rustic mountain resort in central Norway, reached only by a twisting two-lane highway that has to be laboriously plowed during the winter. In the years after discovery of North Sea oil in Norway’s offshore, it became the venue for the Norwegian government and the oil companies operating in the Norwegian sector to get together and thrash out industry issues—talk in the morning, cross-country skiing in the afternoon. One morning in February 1998, two investment bankers, Joseph Perella and Robert Maguire, offered a view of the industry that caught the attention of the executives gathered there that year.
As much as 1.1 million barrels per day passes in and out of Cushing—a great deal of oil in absolute terms, but equivalent to only about 6 percent of total U.S. oil consumption. That oil is the physical commodity that provides the “objective correlative” to the “paper” barrels and “electronic” barrels traded around the world. A couple of other types of crudes are also used as markers, most notably Brent based on North Sea oil. Notwithstanding, prices for a good deal of the world’s crude oil are set against the benchmark of the WTI oil—also known as domestic sweet—sitting in those tanks in Cushing, making what is today a quiet little Oklahoma town, its fever long gone, one of the hubs for the world economy. But Cushing’s sedateness would stand in increasing contrast to the growing clamor and controversy that would be set off by the ascending price of oil in the global market.
If there is no speculator, there is no liquidity, no futures market, no one on the other side of the trade, no way for a hedger—the aforementioned airline or oil producer or the farmer planting his spring wheat or the multinational company worried about currency volatility—to buy some insurance in the form of futures against the vagaries of price and fortune. Futures and options trading in oil rose from small amounts in the mid-1980s to very large volumes. By 2004 trading in oil futures on the NYMEX was 30 times what it had been in 1984. Similar growth was registered on the other major oil futures market. This was the ICE exchange in London, originally called the International Petroleum Exchange, where Brent, the North Sea oil stream, is traded. The Brent contract in London and the “sweet crude” contract in New York became the global standards for oil against which other crudes were benchmarked. WTI was oriented toward North America; Brent, toward the Eastern Hemisphere. Later a Dubai contract was introduced in the Middle East. After the stock market bust of 2000, investors wanted to find alternative investments.
Rule Britannia: Brexit and the End of Empire by Danny Dorling, Sally Tomlinson
3D printing, Ada Lovelace, Alfred Russel Wallace, anti-communist, anti-globalists, Big bang: deregulation of the City of London, Boris Johnson, British Empire, centre right, colonial rule, Corn Laws, correlation does not imply causation, David Ricardo: comparative advantage, deindustrialization, Dominic Cummings, Donald Trump, Edward Snowden, en.wikipedia.org, epigenetics, Etonian, falling living standards, Flynn Effect, housing crisis, illegal immigration, imperial preference, income inequality, inflation targeting, invisible hand, knowledge economy, market fundamentalism, mass immigration, megacity, New Urbanism, Nick Leeson, North Sea oil, offshore financial centre, out of africa, Right to Buy, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, spinning jenny, Steven Pinker, The Wealth of Nations by Adam Smith, Thomas Malthus, University of East Anglia, We are the 99%, wealth creators
The burning of so much coal meant that historically Britain emitted more carbon per person than the citizens of any other large country: 1,127 tonnes each since the start of the industrial revolution. Moreover, because carbon dioxide resulting from pollution can stay in the atmosphere for centuries, historical emissions are even more important than current emissions; they have greater aggregate effect.42 Britain burnt its coal first and had extensive reserves to exhaust. You might say that such profligacy was all in the distant past, but over the past forty years, Scotland’s North Sea oil has been largely squandered, to pay for 1980s tax cuts which mostly benefited better-off people in England, and which then encouraged economic inequality to grow further. This compares very badly with the Norwegian approach, where oil was and still is used to underwrite a sovereign wealth fund, and has been extracted more slowly as a result. Norway has also maintained high top income tax rates, which has discouraged vast disparities in pay between chief executives and workers.
Britain leaving the EU is often talked about as a divorce, especially when what has to be determined includes a financial settlement – what the UK owes the EU. But the divorce could just as easily be within the UK. Scotland can still leave the rest of the UK. If it leaves, what is it owed for all the Scottish oil revenues England squandered? Thatcher cut taxes for the rich (i.e. mainly the English) on the back of North Sea oil revenues in the 1980s. The great arguments for reparation may have only just begun. England may find out that it has a great many debts. Should not the former colonies, the Commonwealth, be asking Prince Charles for reparations for slavery when he is king? Perhaps there is a reason for not opposing his anointment as the future head of the Commonwealth. Can you imagine his mumbled reply to such a request?
Start It Up: Why Running Your Own Business Is Easier Than You Think by Luke Johnson
Albert Einstein, barriers to entry, Bernie Madoff, business cycle, collapse of Lehman Brothers, corporate governance, corporate social responsibility, creative destruction, credit crunch, Grace Hopper, happiness index / gross national happiness, high net worth, James Dyson, Jarndyce and Jarndyce, Jarndyce and Jarndyce, Kickstarter, mass immigration, mittelstand, Network effects, North Sea oil, Northern Rock, patent troll, plutocrats, Plutocrats, Ponzi scheme, profit motive, Ralph Waldo Emerson, Silicon Valley, software patent, stealth mode startup, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, traveling salesman, tulip mania, Vilfredo Pareto, wealth creators
So he left his modest radio company in Canada for Edinburgh and, almost on a whim, bought the struggling Scotsman newspaper. A year later he founded STV, the first commercial broadcaster north of the border. It was an astounding success, making a return of at least 1,500 per cent for its original subscribers. It was he who muttered the immortal phrase describing a television franchise as a ‘licence to print money’ (no longer the valid statement it once was). He went on to become a pioneer backer of North Sea oil, and later launched Thomson Holidays, Britain’s first package-tour operator. Subsequently he became the owner of The Times and the Sunday Times, and ultimately his organization merged with Reuters to become one of Canada’s largest corporations. All this, and a peerage too, after sixty. He’s not the only late developer in business history. Harland D. Sanders had a tough childhood, going out to work at the age of twelve as a farmhand.
Collapse by Jared Diamond
clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, European colonialism, Exxon Valdez, illegal immigration, job satisfaction, means of production, new economy, North Sea oil, Piper Alpha, polynesian navigation, prisoner's dilemma, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, trade route, transcontinental railway, unemployed young men
In A.D. 1472 ownership of the Orkneys passed without conquest from Norway (then subject to Denmark) to Scotland, for a trivial reason of dynastic politics (Scotland's King James demanded compensation for Denmark's failure to pay the dowry promised to accompany the Danish princess whom he married). Under Scottish rule, the Orkney islanders continued to speak a Norse dialect until the 1700s. Today, the Orkney descendants of indigenous Picts and Norse invaders remain prosperous farmers enriched by a terminal for North Sea oil. Some of what I have just said about the Orkneys also applies to the next North Atlantic colony, the Shetland Islands. They too were originally occupied by Pict farmers, conquered by Vikings in the ninth century, ceded to Scotland in 1472, spoke Norse for some time thereafter, and have recently profited from North Sea oil. Differences are that they are slightly more remote and northerly (50 miles north of Orkney and 130 miles north of Scotland), windier, have poorer soils, and are less productive agriculturally. Raising sheep for wool has been an economic mainstay in the Shetlands as in the Orkneys, but raising cattle failed in the Shetlands and was replaced by increased emphasis on fishing.
On the other hand, coal occurs in pure seams up to 10 feet thick stretching for miles, so that the ratio of dumped wastes to product extracted is only about one for a coal mine, far less than the already-mentioned figures of 400 for a copper mine and 5,000,000 for a gold mine. The lethal Buffalo Creek disaster at a U.S. coal mine in 1972 served as a wake-up call for the coal industry, much as the Exxon Valdez and North Sea oil rig disasters did for the oil industry. While the hardrock mining industry has had its share of disasters in the Third World, those have occurred too far from the eyes of the First World public to have served as a comparable wake-up call. Stimulated by Buffalo Creek, the U.S. federal government in the 1970s and 1980s instituted tighter regulation, and required stricter operating plans and financial assurance, for coal mining than for hardrock mining.
The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan
"Robert Solow", addicted to oil, air freight, airline deregulation, Albert Einstein, asset-backed security, bank run, Berlin Wall, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, central bank independence, collateralized debt obligation, collective bargaining, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Hernando de Soto, income inequality, income per capita, invisible hand, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, Long Term Capital Management, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, new economy, North Sea oil, oil shock, open economy, Pearl River Delta, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, reserve currency, Right to Buy, risk tolerance, Ronald Reagan, shareholder value, short selling, Silicon Valley, special economic zone, stocks for the long run, the payments system, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, working-age population, Y2K, zero-sum game
In general, it appears that if a country is "developed" before the discovery of a natural-resource bonanza, it is immune to any long-lasting pernicious effect. Nevertheless, Dutch disease can strike anywhere. Great Britain went through an apparent bout of it in the early 1980s, following the development of North Sea oil. As Britain changed from a net importer of oil to a net exporter, the dollar-sterling exchange rate rose and the prices of British export goods temporarily became increasingly uncompetitive. Norway, with a population of less than five million, had to take dramatic action to insulate its small economy from the North Sea oil bonanza. The country created a large stabilization fund that reduced pressure on the krone's exchange rate after it spiked in the late 1970s. And in the wake of the collapse of Communism, Russia is struggling with a mild form of Dutch disease today.
., 27 Newsweek, 70, 230 Newton, Sir Isaac, 496 New York City, 1-4, 19-51, 76, 7 7 - 8 1 , 96-99, 369n, 499 terrorist attacks in, 4, 13, 153 Washington Heights in, 19-25, 81 New York Fed, 84, 108, 134, 193, 1 9 4 , 4 8 2 , 4 9 0 n New York Giants, 2 1 , 2 2 New York Stock Exchange (NYSE), 7, 107, 177-78, 369n, 3 7 0 , 4 8 8 New York Times, 33, 83, 104, 115, 138, 145,147, 152n, 161, 174, 177, 194,201 New York University, 29-33 New York Yankees, 21-22 New Zealand, 275, 276, 291-92 Nicholson, Jack, 81 Nickles, Don, 236 Nigeria, 2 5 8 , 4 4 0 , 4 5 1 9/11 terrorist attacks, 1-10, 225, 226-32, 234, 255, 302,469,491 Nixon, Richard M., 6, 27, 3 1 , 55n, 57-65, 73, 74, 235, 298 Clinton compared with, 58, 144 in election of 1968, 52, 57-59, 86, 216, 246 pardoning of, 75, 245 profane side ofj 59 resignation of, 64, 208 Social Security and, 94 wage and price controls of, 16, 61—62, 63, 297, 344, 395,446n, 482 Nixon Mudge Rose Guthrie Alexander & Mitchell, 57 North Korea, 12,316 North Sea oil, 259, 4 5 6 - 5 7 Norway, 259, 440 nuclear attack, Federal Reserve precautions against, 2-3 nuclear power, 453-54, 461 nuclear weapons, 8, 34, 38, 135-36, 137, 191 "oasis of prosperity" remark, 192 objectivism, 4 0 - 4 1 , 5 1 , 52 O'Connor, Frank, 40 Office of Management and Budget, U.S., 145, 183, 209,213-14,239 Office of the Comptroller of the Currency, U.S., 199 oil, 79, 84, 2 1 1 , 241, 274, 386, 437-50, 456-61 consumption of, 4 3 7 ^ 0 , 442, 445, 446, 4 5 8 - 5 9 , 460 Dutch disease and, 257-59 in Latin America, 336, 339-40 natural gas compared with, 450 price of, 83, 114, 126, 190, 207, 328, 331, 340, 437-42, 444-49, 457, 459, 484 refining of, 437, 443-44 of Russia, 190,324-31 see also OPEC oil futures, 368,441 Okun, Arthur, 6 1 , 77 Olayan, Mary, 80 Olayan, Suleiman, 79-80 O'Neill, Paul, 209-10, 214-17, 219, 220, 238, 241, 428 O'Neill, Tip, 95-96, 245 OPEC (Organization of Petroleum Exporting Countries), 79, 80, 258, 329, 438-40, 4 4 2 ^ 3 , 446,449,459,460,461 oil shock (1973), 6, 62, 7 1 , 75, 439, 446 savings of, 483-84 Organization for Economic Cooperation and Development (OECD), 4 5 7 , 4 5 8 n Economic Policy Committee of, 15 Ortiz, Guillermo, 341 outsourcing, 315, 319, 401, 477n Owen, Robert, 264, 503 525 More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright.
The Shifts and the Shocks: What We've Learned--And Have Still to Learn--From the Financial Crisis by Martin Wolf
air freight, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, break the buck, Bretton Woods, business cycle, call centre, capital asset pricing model, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, debt deflation, deglobalization, Deng Xiaoping, diversification, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, floating exchange rates, forward guidance, Fractional reserve banking, full employment, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, information asymmetry, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, mandatory minimum, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, negative equity, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, The Chicago School, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tyler Cowen: Great Stagnation, very high income, winner-take-all economy, zero-sum game
No doubt some loss was indeed inevitable, but one as big as this in terms of both levels and rates of growth of GDP needs meticulous justification, particularly for a country that had exceptionally low short-term and long-term interest rates. It could certainly have borrowed and spent more if it had wished to do so. Again, in the case of the UK, the economy was still smaller in early 2014 than six years earlier, despite the upsurge in growth in 2013. True, this dismal performance – the slowest recovery on record – was partly because of the contraction in the output of North Sea oil. Nevertheless, the recovery had been very slow in coming. Moreover, the rate of growth still had not surpassed its historic trend. Furthermore, in the UK, too, short- and long-term interest rates remained very low, even though the actual fiscal deficits greatly exceeded those planned by the incoming coalition government in 2010. It is hard, given these facts, to argue that policy in the US and the UK was the best that could be managed.
In the US, the new orthodoxy generated a recovery that was feeble by historical standards, but not too bad for an economy hit by a financial crisis, particularly one far too large to gain much from export-led economic growth. In other crisis-hit countries, the economic rewards were far slower in coming. The UK’s austerity programme, launched in 2010, removed fiscal support for recovery and, together with the falling output of North Sea oil, adverse shifts in the terms of trade and rising domestic prices of imports, resulted in economic stagnation for a further three years. The outcome was far worse in crisis-hit parts of the Eurozone, where the approach taken was close to liquidationism (on which see further below). In brief, the short-term record of the new orthodoxy was far from a catastrophe. But it could have done far better.
European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right by Philippe Legrain
3D printing, Airbnb, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, BRICs, British Empire, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, cleantech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, disruptive innovation, Downton Abbey, Edward Glaeser, Elon Musk, en.wikipedia.org, energy transition, eurozone crisis, fear of failure, financial deregulation, first-past-the-post, forward guidance, full employment, Gini coefficient, global supply chain, Growth in a Time of Debt, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, liquidity trap, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, peer-to-peer rental, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, working-age population, Zipcar
No doubt it is due to several factors. Some argue that firms hung on to surplus workers because it was costly to fire them and rehire them when demand picked up, but it seems implausible that businesses would hoard lots of labour for so long. Nor can this explain why there were so many new hires, no doubt because wages have fallen. On the supply side, sectoral issues, such as the decline in North Sea oil production, make a difference. As banks have retrenched, measured productivity in the financial sector has also fallen, but since its output was overstated in the bubble years, some of this decline is more apparent than real.406 More generally, firms have failed to invest enough and so the capital stock has depreciated. But the biggest reason for the fall in productivity results from the government’s failure to fix the banks.
The overvalued pound crushed manufacturing, which shrank from 20 per cent of the economy in 1997 to 12 per cent a decade later. Britain’s industrial and skills base is now so shrivelled that it has been unable to benefit much from a cheaper pound. A broken banking system has also failed to fund promising new exporters. While the foreign-owned car industry and the pharmaceuticals and aerospace sectors have fared well, overall exports of Britain’s higher-tech industries have been flat in recent years.417 A plunge in North Sea oil and gas production and the delay in developing alternatives such as shale gas have made matters worse. Britain remains unhealthily reliant on exports of financial services, for which demand has fallen.418 Worse, Britain has failed to tap into the boom in emerging economies. As a share of GDP, it exports less to emerging economies than any other of the Group of Seven (G7) largest advanced economies – and indeed less to China than any EU-15 country, including Greece.419 Japan sends nearly a quarter of its goods exports to Brazil, Russia, India and China (the BRICs), Germany a tenth – and Britain only 5 per cent.420 Worse, Britain’s exports to the BRICs have grown more slowly in recent years than any other G-7 economy’s.421 That said, since Britain sends more of its exports to America, it will hopefully do better if the US recovery strengthens.
The Atlantic and Its Enemies: A History of the Cold War by Norman Stone
affirmative action, Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, British Empire, business cycle, central bank independence, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, European colonialism, facts on the ground, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, Gunnar Myrdal, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, labour mobility, land reform, long peace, mass immigration, means of production, Mikhail Gorbachev, Mitch Kapor, new economy, Norman Mailer, North Sea oil, oil shock, Paul Samuelson, Ponzi scheme, popular capitalism, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Silicon Valley, special drawing rights, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, trade liberalization, trickle-down economics, V2 rocket, War on Poverty, Washington Consensus, Yom Kippur War, éminence grise
Reagan’s United States could somehow absorb interest rates at this level, because of a unique feature of the civilization: Americans moved, and expected to, from parts of the country that did not work to parts of the country that did. Besides, the bankruptcy laws were far easier than in England, and bankruptcy was almost par for the course. Foreign money moved to the USA in any case. The British also got foreign investment, given North Sea oil, and of course the income from it helped as regards budgets. But the problems were more difficult to solve: the pound was absurdly overvalued, at $2 in 1979 and $2.50 in 1980, very helpful for buying American assets, very bad for exports. This was a very unfortunate context in which to proceed, and it took Margaret Thatcher time to find her way. She had had to keep men from the Heathite past, very ill at ease when it came to forceful confrontation.
Bohley, Bärbel Böhm, Karl Bokassa, Jean-Bédel Bolivia Bologna Bolsheviks: and bureaucracy and China Civil War Congress of the Peoples of the East (1920) lies of Revolution and science Bond, James (fictional character) Bonn Borinage Borland Software Corporation Borodin, Mikhail Boston Bourgès-Maunoury, Maurice BP (British Petroleum) Bradlee, Ben Braestrup, Peter Brandt, Willy: background and character elected Chancellor foreign minister mayor of West Berlin memoirs Nobel Peace Prize Ostpolitik resignation Braşov Bratislava author’s imprisonment in Braudel, Fernand Braun, Otto Brazil Breakfast at Tiffany’s (film) Brecht, Bertolt Brentano, Lujo Brescia Brest-Litovsk Bretherton, Russell Bretton Woods conference (1944) Bretton Woods system end of Triffin Dilemma Brezhnev, Leonid: and Afghanistan and arms limitiation talks background and character and de Gaulle death and East Germany and Helsinki conference (1975) and Johnson and Middle East nationalities policy and Orthodox Church ‘our common European home’ and Poland political reforms and ‘Prague Spring’ and Soviet satellite states and Stalin succeeds Khrushchev and Vietnam Brioni island Britain: agriculture atomic bombs automobile industry balance of payments banking system and Chinesewar civil service class system coal industry Communist Party council housing crime cultural institutions currency controls and Cyprus defence expenditure Department of Trade and Industry Depression (1930s) devaluation of sterling divorce rates economic and political decline education system (see also universities) and EEC/EU and Egypt emigration and establishment of NATO and European Exchange Rate Mechanism (ERM) Falklands War (1982) family breakdown film industry financial deregulation fishing industry general elections: (1945); (1950); (1951); (1959); (1970); (1974); (1979); (1983) gold reserves and GreekWar IMF bail-out (1976) import surcharges income per capita Industrial Revolution industrial wastelands inflation intelligentsia and Iran Lend-Lease aid and Malaya and Marshall Plan middle classes miners’ strike (1984-5) monarchy National Health Service nationalization of industry navy North Sea oil nuclear weapons oil imports Poll Tax post-war debt post-war shortages and rationing privatizations productivity levels property prices public transport race riots scientific and technological developments Second World War shipbuilding steel industry strikes Suez crisis taxation television textile industry trade unions underclass unemployment universities Welfare State Westland affair (‘Westgate’; 1986) winter weather of 1946-7 withdrawal of forces from Gulf (1971) zone of occupation in Germany British Airways British Commonwealth British Empire: American antipathy towards decline of decolonization revitalization attempts trade British Leyland (automobile manufacturer) British Petroleum (BP) British Steel British Telecom Brittan, Sir Samuel Bronfman, Edgar Brown, Andrew Brucan, Silviu Bruce, David Bruges Brussels Brussels Exhibition (1958) Brussels Pact (1948) Bryan, William Jennings Brzezinski, Zbigniew Bucak, Mehmet Celal Bucharest Buck, Pearl S.
Miami Michael I, King of Romania Microsoft (corporation) Midnight Cowboy (film) Midnight Express (film) Mikoyan, Anastas Milan, Catholic University Milken, Michael Millar, Ronald Miller, William Milward, Alan Minc, Julia Mindszenty, József, Cardinal miners’ strike (Britain; 1984-5) Minford, Patrick Minh, Duong Van MIR (Latin American Movement for the Revolutionary Left) MIRVs (multiple independently targeted re-entry vehicles) Mises, Ludwig von Missing (film) Missoffe, François Mitchell, John Mitterrand, Danielle Mitterrand, François Mobil (oil company) mobile phones Modrow, Hans Mollet, Guy Molotov, Vyacheslav: and Austria and Germany and Hungary and Khrushchev and Korean War Molotov Plan Moscow conference (1947) and nuclear weapons obstructiveness ‘our common European home’ on Stalin’s death Mondale, Walter ‘Fritz’ Monde, Le (newspaper) monetarism monetary union, European money, as emblem of the eighties Mongolia Monnet, Jean Monnet Plan Mons Montand, Yves Montanelli, Indro Montesquieu, Charles de Secondat, baron de Montgomery, Bernard, 1st Viscount Montgomery of Alamein Moon landings Moore, Barrington Morgan, Kenneth, Baron Moro, Aldo Morocco Moscow: alcohol prohibition Hotel Lux Khrushchev as Party head Olympic Games (1980) Oriental Workers University post-war rebuilding see also Kremlin Moscow conference (1947) Moslems: Greece India Pakistan Palestine Vietnam see also Islam Mossadegh, Mohammad overthrown motor cars see automobile industry Mounier, Emmanuel Mount, Ferdinand Mountbatten, Louis, 1st Earl Mountbatten of Burma Moynihan, Daniel Patrick Mozart, Wolfgang Amadeus Muggeridge, Malcolm mujaheddin Müller-Armack, Alfred multinational corporations Munich Münzenberg, Willi Murdoch, Rupert Murray, Charles Murray, Lionel ‘Len’, Baron Murray of Epping Forest Musil, Robert Muskie, Edmund Mussolini, Benito Mussorgsky, Modest My Lai massacre (1968) Myrdal, Gunnar Nagasaki Nagorny Karabakh Nagy, Imre Najibullah, Mohammed Namur Nancy Festival (France) Nanking massacre (1937) Nanterre, University of Naples: earthquake (1980) student population Napoleon I Code Napoléon Napoleonsee Louis Napoleon Nasser, Gamel Abdal: and Algerian independence and Aswan Dam coup of 1952 death disasters of regime Egyptian-Syrian union pan-Arab nationalist ambitions Six Day War (1967) and Suez crisis National Archives (British) National Coal Board (British) National Enterprise Board (British) National Freight (British lorry company) National Health Service (British) National Review (magazine) National Rifle Association (American) National Security Council (American; NSC) National Union of Journalists (British) National Union of Mineworkers (British) National Union of Public Employees (British; NUPE) nationalism Belgium China Hungary India Ireland Kurdish Middle East Romania Scotland Slovakia South East Asia Spain USSR Yugoslavia nationalization of industry: Britain Chile France NATO (North Atlantic Treaty Organization): establishment of and European missile bases fiftieth anniversary French withdrawal from military command headquarters moved to Brussels intelligence network and Korean War military-financial complex Turkish membership West German membership natural gas Nature (magazine) Nazism see Germany, Nazi; neo-Nazism Needham, Joseph Neil, Andrew Nekrich, Alexandr Nemchinov, Vasily Németh, Miklós Nenni, Pietro neo-Nazism Nerchinsk, Treaty of (1689) Neruda, Pablo Neues Deutschland (newspaper) Neues Forum (East German independent political movement) Nevşehir New Deal (Roosevelt) New Delhi New Frontier (Kennedy) New Republic (magazine) New York: affluence anti-Vietnam War protests bankruptcy and collapse of public services Castro in crime financial centre government Kennedy airport poverty New York Review of Books New York Times New Zealand Newsweek (magazine) Newton Dunn, Bill Nhu, Madame Ngo Dinh Nicaragua Contras Nicholas of Cusa Nicolson, Sir Harold Nielsen, Birgit Nietzsche, Friedrich Nigeria, oil production Nightingale, Florence Nissan (automobile manufacturer) Nixon, Richard: appearance and character and Cambodia and Ceauşescu and Chile China visit (1972) and Congress economic policy election as President: (1968); (1972) impeachment proceedings and resignation and Israel loses 1960 election reputation row with Khrushchev over culture and SALT (Strategic Arms Limitation Talks) ‘silent majority’ speech Vice-President and Vietnam Watergate scandal Nkrumah, Kwame NKVD (Soviet People’s Commissariat for Internal Affairs) Noble, Denis Nol, Lon Norilsk North Korea: establishment of and Japan Kim II Sung regime missiles see also Korean War North Sea oil North Vietnam: agricultural collectivization Army bombing of Chinese military support establishment of executions see also Vietnam War Norway Novorossiysk Novotný, Antonín nuclear physics nuclear power nuclear weapons: American development of British development of French development of Geneva conference on nuclear tests (1958) ‘nuclear deterrent’ doctrine Pakistan’s development of ‘peaceful coexistence’ doctrine SALT (Strategic Arms Limitation Talks) Soviet development of threatened use in Korean War see also ICBMs NUPE (British National Union of Public Employees) Nuremberg trials Nuti, Mario Oberdorfer, Don Observer (newspaper) Öcalan, Abdullah Occidental Petroleum OECD (Organization for Economic Cooperation and Development) OEEC (Organization for European Economic Cooperation) oil crisis of 1973 oil prices oil production: Indonesia Mexico Middle East Nigeria North Sea OPEC Sahara USA USSR Venezuela Oistrakh, David Olçay, Osman Olympic Games, Moscow (1980) Onassis, Aristotle O’Neill, Thomas ‘Tip’ OPEC (Organization of Petroleum Exporting Countries) opera opium ‘Optimal Functioning’ (Soviet planning system) Orbán, Viktor Organization of American States Organization for Economic Cooperation and Development (OECD) Organization for European Economic Cooperation (OEEC) Organization of Petroleum Exporting Countries see OPEC Orlov, Andrey Orlov, Yuri Orthodox Church Orwell, George Coming Up for Air Nineteen Eighty-Four Osborne, John Ostpolitik O’Sullivan, John Oswald, Lee Harvey Ottoman Empire collapse of Outer Mongolia Owen, Sir Geoffrey Oxford University Bodleian Library Özal, Turgut: background, family and character death economic reforms foreign policy and Kurdish nationalism opposition to premiership and presidency Packard, Vance, Status Seekers Pakistan: and Afghanistan American support for and China establishment of nuclear weapons development war in Kashmir Palermo Palestine: British Mandate partition Palestine Liberation Organization (PLO) Palestinians Palme, Olof Panama Panmunjom papacy Papandreou, Andreas Paris: 1930s 1960s Bibliothèque Nationale bourgeoisie Centre Beaubourg Eiffel Tower financial institutions Louvre museum metro Musée’Orsay Palais de Chaillot post-war rationing property prices revolution of 1848 suburban tower blocks Paris Commune Paris Peace accords (1973) Paris Peace conference (1947) Paris summit (1960) Parsifal (opera) Partisan Review Pasternak, Boris Pathans Patten, Chris, Baron Patten of Barnes Patti, Adelina Pavlov, Georgy Pavlovsky, General Ivan PDK (Kurdistan Democratic Party) Pearl Harbor Peasant Party (Hungarian) peasantry Chile China Cuba Czechoslovakia France Germany Greece Hungary Italy Poland Romania Russia USSRp> Turkey Vietnam Peck, Gregory Pei, I.
Company: A Short History of a Revolutionary Idea by John Micklethwait, Adrian Wooldridge
affirmative action, barriers to entry, Bonfire of the Vanities, borderless world, business process, Charles Lindbergh, Corn Laws, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, double entry bookkeeping, Etonian, hiring and firing, industrial cluster, invisible hand, James Watt: steam engine, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, mittelstand, new economy, North Sea oil, race to the bottom, railway mania, Ronald Coase, Silicon Valley, six sigma, South Sea Bubble, Steve Jobs, Steve Wozniak, strikebreaker, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, tulip mania, wage slave, William Shockley: the traitorous eight
Privatization was such a radical idea that the Tories scarcely mentioned it in their 1979 manifesto, and the government initially flirted with “corporatization”—making public companies act more like private ones. Eventually, Thatcher and her guru, Keith Joseph, rejected the idea as insufficient—like trying to “make a mule into a zebra by painting stripes down its back.”2 The mules had to be put back in the private sector. In 1982 and 1984, the government privatized its share in North Sea oil and gas; this was soon followed by British Telecom, British Gas, British Airways, and British Steel. Even the water supply and the electricity grid were handed over to private companies. By 1992, two-thirds of state-owned industries had been pushed into the private sector. Privatization was invariably followed by the downsizing of the workforce (sometimes by as much as 40 percent) and the upsizing of executive salaries, both of which raised the public’s hackles, and the Conservatives made a complete hash of privatizing British Rail.
The Oil Factor: Protect Yourself-and Profit-from the Coming Energy Crisis by Stephen Leeb, Donna Leeb
Buckminster Fuller, buy and hold, diversified portfolio, fixed income, hydrogen economy, income per capita, index fund, mortgage debt, North Sea oil, oil shale / tar sands, oil shock, peak oil, profit motive, reserve currency, rising living standards, Ronald Reagan, shareholder value, Silicon Valley, Vanguard fund, Yom Kippur War, zero-coupon bond
Hubbert’s work has applied equally successfully to many deposits outside the U.S. The North Sea is a major example. It was defined as an important oil and gas deposit in 1969. At the time, Britain and Norway, the two major beneficiaries of the discovery, were struggling economically. In fact, it was fashionable in the early 1970s to refer to Britain as a burgeoning third world economy. To develop North Sea oil as rapidly as possible, the most advanced technology available was brought to bear. As a result, in thirty years the North Sea produced about 15 billion barrels of oil, and in the process Norway became rich and Britain shed its status as a third-rate economy. The problem is that there are no encores. Production in the British portion already has started to decline, and Norway is very close to peak production.
The Comforts of a Muddy Saturday by Alexander McCall Smith
“I know that you have your doubts about it,” Grace informed Isabel, as she began to load the dishwasher. “But there was a very good medium at the meeting last night. A man from Lerwick, a Shetlander. You don’t often get mediums from up north. It’s the first time, in fact, that we’ve had anybody from the Shetland Islands—or even from Orkney.” Isabel looked up from her crossword. She had heard about Georgina, who looked after an aged mother in Leith and whose husband had died on a North Sea oil platform. There had been an explosion, Grace had told her, and Georgina had been left alone with her aged mother. It was the explosion, Isabel imagined, that had begun the path that led to the spiritualist meetings and the quest for a message from the other side. The other side—that was what Grace called it, although Isabel preferred the other shore, if one were to have an expression for a place whose existence was debatable.
Fred Dibnah's Age of Steam by David Hall, Fred Dibnah
It is really hard work compared with using a big power-driven drill. The phone rang and it was the boiler inspector and he said: ‘I should hang fire a bit. The elongation on the weld metal is a few decimal points short of what it should be and we cannot accept this weld metal in the longitudinal seam.’ The people who’d done the job for me were adamant that there was nothing wrong with it. They did work for the North Sea oil people and they got their radiographer in and their examiner and he also said there was nothing wrong with it. The Scottish Boiler Insurance Company and this company who’d done the job argued between themselves and it went on and on and on. In the end I said: ‘What happens if I rivet it like they used to?’ That was different, there are no tests on a riveted seam. The people who did it said if the insurance company was not satisfied they would grind all the weld out and re-weld it for nothing.
Hired: Six Months Undercover in Low-Wage Britain by James Bloodworth
Airbnb, Berlin Wall, call centre, clockwatching, collective bargaining, congestion charging, credit crunch, deindustrialization, Fall of the Berlin Wall, gig economy, Jeff Bezos, low skilled workers, Network effects, new economy, North Sea oil, Panopticon Jeremy Bentham, payday loans, post-work, profit motive, race to the bottom, reshoring, Silicon Valley, Travis Kalanick, Uber for X, working poor, working-age population
A walk-out by 100,000 Welsh miners in 1944 won an increase in the minimum wage for miners that had first been secured by the 1912 Coal Mines Act.16 The Coal Industry Nationalisation Act 1946, enacted by the newly elected government of Clement Attlee, brought the industry into public ownership for the first time during peacetime. Subsequent investment in modern machinery improved productivity, as did the amalgamation – or ‘rationalisation’, as it was called at the time – of smaller pits into economies of scale where more than a thousand men worked. But the golden age would not last long. As coal was supplanted by cheaper fuels such as North Sea oil and gas, the industry slipped into the decline from which it has never recovered. Domestic demand withered with the switch to diesel and electric in place of steam power on the railways and the modernisation of central heating systems. It also became cheaper to import coal from countries with weak trade unions and fewer scruples about sending children underground and paying poverty wages. ‘There’s nine-year-old boys dragging it out in sacks in Colombia,’ Flash told me matter-of-factly when I asked him about the loss of the industry.
99%: Mass Impoverishment and How We Can End It by Mark Thomas
"Robert Solow", 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, additive manufacturing, Albert Einstein, anti-communist, autonomous vehicles, bank run, banks create money, bitcoin, business cycle, call centre, central bank independence, complexity theory, conceptual framework, creative destruction, credit crunch, declining real wages, distributed ledger, Donald Trump, Erik Brynjolfsson, eurozone crisis, fiat currency, Filter Bubble, full employment, future of work, Gini coefficient, gravity well, income inequality, inflation targeting, Internet of things, invisible hand, Jeff Bezos, jimmy wales, job automation, Kickstarter, labour market flexibility, laissez-faire capitalism, light touch regulation, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, money: store of value / unit of account / medium of exchange, Nelson Mandela, North Sea oil, Occupy movement, offshore financial centre, Own Your Own Home, Peter Thiel, Piper Alpha, plutocrats, Plutocrats, profit maximization, quantitative easing, rent-seeking, Ronald Reagan, Second Machine Age, self-driving car, Silicon Valley, smart cities, Steve Jobs, The Great Moderation, The Wealth of Nations by Adam Smith, wealth creators, working-age population
It refers to the recognition that the status quo is no longer tenable and that, despite our fears, we must find the courage to change. As change management guru Darryl Conner explains:2 At nine-thirty on a July evening in 1988, a disastrous explosion and fire occurred on the Piper Alpha oil-drilling platform in the North Sea off the coast of Scotland. 166 crew members and two rescuers lost their lives in what was (and still is) the worst catastrophe in the fifty-year history of North Sea oil exportation. One of the sixty-three crew members who survived was Andy Mochan, a superintendent on the rig. From the hospital, he told of being awakened by the explosion and alarms. Badly injured, he escaped from his quarters to the platform edge. Beneath him, oil had surfaced and ignited. Twisted steel and other debris littered the surface of the water. Because of the water’s temperature, he knew that he could live a maximum of twenty minutes if not rescued.
Drowning in Oil: BP & the Reckless Pursuit of Profit by Loren C. Steffy
Berlin Wall, clean water, corporate governance, corporate raider, Exxon Valdez, Fall of the Berlin Wall, North Sea oil, oil rush, oil shock, peak oil, Piper Alpha, Ronald Reagan, South China Sea, sovereign wealth fund
Its weather is cold and terrifying, roiled by relentless gales and massive undulating waves that roll toward the coast like a giant gray blanket unfurled by an angry maid. Its bitter, powerful currents and frequent storm-force winds can make the most hardened sailor or pilot anxious. Against this inhospitable backdrop 250 miles north of Scotland, BP found oil in 1965. Five years later, it discovered the Forties ﬁeld, touching off a North Sea oil boom and enabling BP to shift its reserve base from the Middle East, where countries were nationalizing their oil ﬁelds. The Forties, along with Alaska, became the cornerstone of BP’s reserve base. By 2003, however, the Forties ﬁeld was in decline. Production had peaked in 1979, and most of the easy oil had been pumped out long ago. Now it was costing more and more to get less and less from the reservoir deep below the tumultuous seas.
The Perfect Storm: A True Story of Men Against the Sea by Sebastian Junger
Waves have destroyed docks and buildings in Newfoundland, for example, that haven't been damaged for decades. As a result, stresses on ships have been rising. The standard practice is to build ships to withstand what is called a twenty-five-year stress—the most violent condition the ship is likely to experience in twenty-five years. The wave that flooded the wheelhouse of the Queen Mary, ninety feet up, must have nearly exceeded her twenty-five-year stress. North Sea oil platforms are built to accommodate a 111-foot wave beneath their decks, which is calculated to be a one-hundred-year stress. Unfortunately, the twenty-five-year stress is just a statistical concept that offers no guarantee about what will happen next year, or next week. A ship could encounter several twenty-five-year waves in a month or never encounter any at all. Naval architects simply decide what level of stress she's likely to encounter in her lifetime and then hope for the best.
Dinosaurs Rediscovered by Michael J. Benton
All science is either physics or stamp collecting, Bayesian statistics, biofilm, bioinformatics, David Attenborough, Ernest Rutherford, germ theory of disease, Isaac Newton, lateral thinking, North Sea oil, nuclear winter
Even Ernest Rutherford might have accepted that we can now turn some parts of palaeobiology into rigorous, hard science. The revolution I have lived through a revolution. When I started as a student some forty years ago, palaeobiology was a practical subject aimed at solving problems for the oil industry – especially relevant in the town where I grew up, Aberdeen. The granite city was experiencing massive economic growth as a result of the North Sea oil boom. If my professors talked about form and function or evolution, they did so a little apologetically, because they were straying from hard facts. Through my scientific career, I have seen dinosaur science (and palaeobiology in general) change from natural history to testable science. New technologies have revealed secrets locked in the bones – we can now work out the colour of dinosaurs, their bite forces, speeds, and levels of parental care.
AIQ: How People and Machines Are Smarter Together by Nick Polson, James Scott
Air France Flight 447, Albert Einstein, Amazon Web Services, Atul Gawande, autonomous vehicles, availability heuristic, basic income, Bayesian statistics, business cycle, Cepheid variable, Checklist Manifesto, cloud computing, combinatorial explosion, computer age, computer vision, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Hofstadter, Edward Charles Pickering, Elon Musk, epigenetics, Flash crash, Grace Hopper, Gödel, Escher, Bach, Harvard Computers: women astronomers, index fund, Isaac Newton, John von Neumann, late fees, low earth orbit, Lyft, Magellanic Cloud, mass incarceration, Moneyball by Michael Lewis explains big data, Moravec's paradox, more computing power than Apollo, natural language processing, Netflix Prize, North Sea oil, p-value, pattern recognition, Pierre-Simon Laplace, ransomware, recommendation engine, Ronald Reagan, self-driving car, sentiment analysis, side project, Silicon Valley, Skype, smart cities, speech recognition, statistical model, survivorship bias, the scientific method, Thomas Bayes, Uber for X, uber lyft, universal basic income, Watson beat the top human players on Jeopardy!, young professional
Recognizing this, Nvidia recently started building GPU-powered supercomputers that come bundled with software designed explicitly for medical image analysis. Massachusetts General Hospital was one of its first clients, and Nvidia now wants to train 100,000 new software developers to use the system for AI-based imaging.49 Remote Medicine The phrase “remote medicine” conjures images of people living in far-off places with limited access to health care, like a spaceship or a North Sea oil rig.50 For many people, however, medicine remains remote not merely for reasons of physical isolation. Think of the hundreds of millions of people living in the developing world, or the tens of millions of disadvantaged Americans who fall between the cracks of the private and public insurance systems. Think, even, of the ordinary middle-class person who has a job and a busy family life, and who just doesn’t like going to the doctor.
The New Economics: A Bigger Picture by David Boyle, Andrew Simms
Asian financial crisis, back-to-the-land, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, capital controls, carbon footprint, clean water, collateralized debt obligation, colonial rule, Community Supported Agriculture, congestion charging, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, delayed gratification, deskilling, en.wikipedia.org, energy transition, financial deregulation, financial exclusion, financial innovation, full employment, garden city movement, happiness index / gross national happiness, if you build it, they will come, income inequality, informal economy, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Kickstarter, land reform, light touch regulation, loss aversion, mega-rich, microcredit, Mikhail Gorbachev, mortgage debt, neoliberal agenda, new economy, North Sea oil, Northern Rock, offshore financial centre, oil shock, peak oil, pensions crisis, profit motive, purchasing power parity, quantitative easing, Ronald Reagan, seigniorage, Simon Kuznets, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trickle-down economics, Vilfredo Pareto, Washington Consensus, wealth creators, working-age population
The success of this, policy can be measured in the fact that the sections of South Korea’s industry that benefited are now ‘world leaders’. 17 Pay for energy transition and fuel poverty: a windfall tax on the unearned profits of the fossil fuel companies to provide a safety net for those in fuel poverty, and to help finance the UK’s transition to clean energy Fossil fuels are an unrepeatable windfall from nature, yet the UK government has so far failed adequately to take advantage of its income from oil to prepare for a lowcarbon future. Norway, by contrast, has used its oil surpluses to help create a safety net for future generations that is today worth around €260 billion (£198 billion). This amounts to €75,000 (£57,000) for every man, woman and child in the country. The UK could follow Norway’s lead and set up an Oil Legacy Fund, paid for primarily by a windfall tax on oil and gas company profits. Before North Sea oil is exhausted, introducing a windfall tax on oil and gas companies would be a significant funding source. Part of these increased revenues would be used to protect low-income households subject to fuel poverty and who would otherwise be too adversely affected by fossil fuel price rises during the transition to a low-carbon future. 18 Hold accountancy firms accountable Now there is an opportunity to reshape the world of auditing so that it reflects new expectations of transparency, prudence and responsibility in the modern global economy.
The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley
"Robert Solow", banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population
While high interest rates and a strong exchange rate favoured finance, they were bad news for manufacturers and exporters. Yet for most of the period since the end of the 1970s, the pound has been held at a higher rate than justified by Britain’s economic strength. It had risen by 50 per cent in real terms against the dollar in the two years to 1981. This over-valuation was initially due, in part, to the discovery of North Sea Oil which made Britain an exporting nation. But the persistently high pound has also been the result of explicit government policy to give preference to financial services and its need to attract global footloose capital. These huge capital inflows were always going to push up the sterling exchange rate. When, in 1990, after years of pressure, Britain finally joined the European Exchange Rate Mechanism—which meant keeping sterling at a fixed position to other currencies in the scheme—it did so at an inflated and unsustainable level.
The Rough Guide to Norway by Phil Lee
banking crisis, bike sharing scheme, car-free, centre right, glass ceiling, Nelson Mandela, North Sea oil, out of africa, place-making, sensible shoes, sustainable-tourism, trade route, walkable city, white picket fence
Perhaps surprisingly, this region is primarily agricultural: the intricacies of the shoreline, together with the prevailing westerlies, made the seas so treacherous that locals mostly stuck to the land, eking out a precarious existence from the thin soils that had accumulated on the leeward sides of some of the islands. Haugesund There is no overpowering reason to break your journey between Stavanger and Bergen, but HAUGESUND, a lively industrial town 100km north of Stavanger – via the E39 and the Mortavika–Arsvågen ferry (see Stavanger to Bergen) – has its moments. Now a major player in the North Sea oil industry, Haugesund once thrived on its herring fisheries, whose whopping profits funded the series of large and imposing, early twentieth-century stone buildings that dot Smedasundet, the bustling main harbour. Specific sights are perhaps thin on the ground, but a stroll along the harbourfront is an amiable way to spend half an hour and the tumbling water fountains of adjacent Torggata lead up towards the town’s prettiest church, Vår Frelsers Kirke, a slender brick affair of 1901 whose neo-Gothic design is enlivened by some Jugendstil flourishes.
Independent again from 1905, Norway was propelled into World War II by the German invasion of 1940, an act of aggression that transformed the Norwegians’ attitude to the outside world. Gone was the old insularity, replaced by a liberal internationalism exemplified by Norway’s leading role in the environmental movement. And then came the money – or rather the oil: since its discovery in the late 1960s, Norway’s North Sea oil has made it one of the wealthiest countries in Europe. Early civilizations The earliest signs of human habitation in Norway date from the end of the last Ice Age, around 10,000 BC. In the Finnmark region of north Norway, the Komsa culture was reliant upon sealing, whereas the peoples of the Fosna culture, further south near present-day Kristiansund, hunted both seals and reindeer.
Oil Panic and the Global Crisis: Predictions and Myths by Steven M. Gorelick
California gold rush, carbon footprint, energy security, energy transition, flex fuel, income per capita, invention of the telephone, meta analysis, meta-analysis, North Sea oil, oil shale / tar sands, oil shock, peak oil, price stability, profit motive, purchasing power parity, RAND corporation, statistical model, Thomas Malthus
., 62 mass balance, 10, 124, 221–2 Massachusetts Institute of Technology (MIT), 59, 215 McCabe, Peter, 118–21 mercury, 108–9 metals price trends, 103–7 production, 100–2 methane, 18 Mexico, oil reserves, 65, 144 Michigan Basin gas field, 140 Middle East conflicts, 63, 112–13, 115 Minerals Management Service, 26, 28 Montana, 176 myths, 87–181 National Energy Program, 64 national oil bank, 218–19 natural gas conversion to liquid fuels, 173–4 description, 18 discarded, 177 discoveries, 70–1, 128–9, 138, 140, 145–6 236 Index natural gas (cont’d ) initial in-place, 164–5 liquids see NGLs peak estimation, 96 powering motor vehicles by, 210 synthetic fuel from, 175–7 USGS Assessment, 177–9 natural gas condensate, 138, 165, 189 natural gas consumption, 177, 196 natural gas endowment, 177–9 natural gas field growth, 135 natural gas liquids see NGLs natural gas plant liquids, 39 natural gas production, US, 95 natural gas reserves, 177 growth, 135–6 replacement, 138 natural gas resources, 177–80 natural gas, US offshore, 128–9 Nature, 215 neo-Malthusian, 59–62, 66, 98, 103 New York City, horses, 206 NGLs, 27, 28 Nigeria bonus payments, 125 corruption index, 217 OPEC membership, 23 political stability, 217 non-renewable resource model, 195–6 non-renewable resources, 100–3 normal distribution, 93–4 North Sea, oil reserves, 65 Norway, oil production, 66 OAPEC, 23 embargo in 1970s, 63, 115 members, 23 production, 24 offshore oil, 139 oil conventional, 27 definition, 17 era, 1, 3 initial in-place, 164–5 Oil and Gas Journal, 29, 31, 136 oil availability, 220 oil business, 20–3 return on investment (ROI), 21 oil consumption by country, 33–4, 148 per capita, 33, 35, 74–5, 147–9 industrial development and, 74–6 production vs., 38–40 see also oil-use intensity oil crises 1916, 62–3 1918, 63 1970s, 63–5 oil demand, 220 oil dependence, 26, 35–6, 61, 195, 199, 208–9, 213, 215 oil dependence, cost, 12–13 oil depletion models, 8–9 predictions, 61–2 see also oil crises oil discoveries deficit, 66–7 global, 138–44 number peak, 73 peak production and, 73–4 production and, 66 volume peak, 73–4 oil endowment definition, 17 global estimates, 8–9, 119–21, 124 as inflated, 68–9 USGS, 9, 28–9, 68–9, 119–20 historical assessments, 119–20 Hubbert curve and, 7–9 peak oil timing and, 68–9 regional breakdown, 32 status in 2009, 29–31 total, 28 see also US, oil endowment oil expenditures, 79, 153–6 oil extraction price ranges for profitable, 163–4 stages, 162 oil fields, 97 Index oil finding costs, 42–3, 53, 56, 133–4 oil imports, 35–7 from OPEC, 36–7, 208 oil lifting costs, 43, 54, 56 oil panics see oil crises oil price, 24–5 annual average, 77–8, 116 inflation-adjusted, 78–9, 114–15, 116 relative to wages, 114–15 by quality, 40–1 demand and supply relation, 24 gasoline price and, 44–5, 206, 217 reserves and, 132 spikes in, 78–9, 114–15, 219 stability, 26, 217–19, 224 oil production by country, 32–3 by region, 94 consumption vs., 38–40 costs, 23, 42–3, 133–4, 142 curve fitting, 6–9 declining, 65–6, 71–2, 80–1 global Hubbert predictions, 8–9, 95–8 population vs., 111 replacement by reserve additions, 136–8 trend, 110–11, 203–4 OPEC, 33 peak see peak oil see also US, oil production oil quality, 40 pricing by, 40–1 oil recovery technology, 121, 222–3 oil reserves booking, 125–6 by country, 32, 34 global, 123, 132–8 estimates as inflated, 67–8, 124–5 prices and, 132 industry exaggeration, 69, 125 possible and probable, 72 proven, 72 resources vs., 126 237 SEC rules, 69, 125–6 status in 2008, 31–2 oil resource pyramids, 160–5 global, 163–5 US, 161–2 oil sands Canada, 27, 29, 122, 132, 136, 168–70 US, 162, 168 oil shale global, 172–3 US, 162, 170–2 oil shocks, 155–6 oil, unconventional, 27, 165–75 oil-use efficiency see efficiency oil-use intensity, 148–52 oil wells, 96–7 oil window, 170 Oklahoma, 62 OPEC, 21, 23–6 dependence on, 36–7, 208 members, 23 price control, 24–6, 218 price rises in 1970s, 63–4 production, 24–5, 118, 218 quotas, 24, 67 reserves, 23 estimates, 67–8, 124–5 OPEC Basket, 24, 41, 56 Organization of Arab Petroleum Exporting Countries, see OAPEC Organization of Petroleum Exporting Countries, see OPEC Orimulsion, 167 Orinoco heavy-oil belt, 167 overshoot and collapse, 60 palm oil, 212–13 panic, see oil crises patent activity, 222 PDVSA, 168 peak oil, 3–4 effects, 62 Hubbert predictions, 7–9, 11–12 238 Index peak oil (cont’d ) modern proponents, 124 oil company views, 16 oil discovery volume and, 73–4 oil endowment and, 68–9 US Department of Energy predictions, 81 peanut oil, 212 Pennsylvania, 1, 20, 160, 176 Peru, oil reserves, 144 petroleum composition, 18–19 definition, 17 refinement, 18–19 unconventional, 27 see also gasoline and oil petroleum endowment, 178–9 Petroleum Producers Association, 20 petroleum products, from barrel of oil, 37–8 Petroleum Week, 88 placer deposits, 156 plankton, 17 platinum, 106 political stability, 217, 221 population growth, 5, 58–61, 111 Porter, Edward, 114 predictions, 2, 4–13, 60–3, 87–93, 95–99, 123–4, 128, 130, 134–5, 223 price elasticity of demand, 45, 56 price gouging, 48–9 PricewaterhouseCoopers, 217 primary recovery, 162 private investment, 144 processing gain, 38, 39 producer rebound, 200 production costs, 23, 42–3, 133–4, 142 production decline, scarcity and, 98–103 profitable oil extraction prices, 113–4 Prudhoe Bay oil field, 128 Qatar, 23, 74, 176 Rand Corporation, 172 reasonable certainty, 125–6 rebound, 199–200 recession, 25, 154–5 recovery factor, definition, 18 remaining reserves, 28 renewable energy resources, 216 renewable resources, 98–100, 102 Requa, Mark L., 63 research and development spending, 222 reserve additions, 127, 130, 136–7 reserve base, 184 reserve growth, 28, 127, 134–6 reserves booking, 125–6 definition, 17, 122 private investment and, 144 revisions based on backdating, 136 see also gold reserves; natural gas reserves; oil reserves resource endowment, 6 resource pyramid, 156–73 resource substitution, 107–8, 207 resources definition, 17, 122 non-renewable, 100–3 renewable, 98–100, 102 reserves vs., 126 rock bit, 223 Royal Dutch Shell in-situ recovery method, 170 oil discoveries, 144 oil reserves, 23, 69, 125–6 Russia heavy oil, 166–7 natural gas, 145 oil production, 32, 144–5 oil reserves, 144 Sasol, 176 Saudi Arabia oil consumption, 74 oil production, 32, 71–2 Index incremental cost, 114 spare capacity, 118 oil reserves, 72 OPEC membership, 23 scarcity, 61, 77–9, 98–116, 186, 196, 219, 222 scarcity rent, 116–18 Science, 2, 5, 65, 90 Scientific American, 106 SEC, 69, 125, 126 SEC Rule (4–10), 125 secondary recovery, 162 security, 12–3, 64, 195, 217–9, 221 Shell see Royal Dutch Shell Shell Canada, 169 Shenhua China Coal Liquefaction Corporation, 177 silver, 106, 108 Simmons, Mathew, 104 Simon-Ehrlich bet, 103–5 Simon, Julian, 103–4 Six Day War (1967), 112–13, 115 Smithsonian Institute, 63 social disintegration, 217 solar power generation, 214 “sour” oil, 40 South Africa, transportation fuels from coal, 176 South America, heavy oil, 167 South Korea, vehicle ownership, 205 South Pars field, 138 soybean oil, 212–13 Spindletop, 160 spot price, 48 St.
The Weightless World: Strategies for Managing the Digital Economy by Diane Coyle
"Robert Solow", barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, business cycle, clean water, computer age, Corn Laws, creative destruction, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, full employment, George Santayana, global village, hiring and firing, Howard Rheingold, income inequality, informal economy, invention of the sewing machine, invisible hand, Jane Jacobs, Joseph Schumpeter, Kickstarter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Marshall McLuhan, mass immigration, McJob, microcredit, moral panic, 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
They take exchange rates to extreme levels unwarranted by the underlying economic conditions because they react so much faster than other markets, either markets for goods or labour markets, to changed conditions. For example, in 1980 the pound appreciated by 25 per cent in value against a range of other currencies. It should have risen part of the way — investors were reacting rationally to the extraction of North Sea Oil and the Thatcher Government’s tight macroeconomic policies. However, the extent of the appreciation was so great that it caused industrial devastation as British exports became too expensive abroad. Manufacturing industry collapsed to such a degree that the 1979 level of output was not regained until 1987 when the economy was booming. The level at the end of 1996 was only about 15 per cent above its 1979 peak.
The Lost Decade: 2010–2020, and What Lies Ahead for Britain by Polly Toynbee, David Walker
banking crisis, battle of ideas, Boris Johnson, call centre, car-free, centre right, collective bargaining, congestion charging, corporate governance, crony capitalism, David Attenborough, Dominic Cummings, Donald Trump, Downton Abbey, energy transition, Etonian, first-past-the-post, G4S, gender pay gap, gig economy, Gini coefficient, global village, high net worth, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), James Dyson, manufacturing employment, mass immigration, moral panic, mortgage debt, North Sea oil, offshore financial centre, payday loans, pension reform, quantitative easing, Right to Buy, Saturday Night Live, selection bias, smart meter, Uber for X, urban renewal, working-age population
Surveys failed to find Hibernian distinctiveness in attitudes to inequality. It was ‘remarkable how little has actually changed’ in Scottish public services, said Martin Sime of the Scottish Council for Voluntary Organisations. The big question was, and will always be, tax. The annual gap between spending and revenues was spotlighted in the independence referendum: it was 10.1 per cent of GDP if North Sea oil and gas proceeds were excluded, and 9.5 per cent if they were counted in. Moves towards getting more tax in were gentle. The 2012 Scotland Act provided for income tax to increase by 10 per cent more than the UK rate, with a corresponding reduction in the block grant. Edinburgh had its own stamp duty land tax, plus some control over council tax rebates and discretionary housing payments. Council tax bands had been reformed, making local taxation in Scotland a bit less regressive.
Roller-Coaster: Europe, 1950-2017 by Ian Kershaw
airport security, anti-communist, Ayatollah Khomeini, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, British Empire, business cycle, centre right, colonial rule, cuban missile crisis, deindustrialization, Deng Xiaoping, Donald Trump, European colonialism, eurozone crisis, Exxon Valdez, failed state, Fall of the Berlin Wall, falling living standards, feminist movement, first-past-the-post, fixed income, floating exchange rates, Francis Fukuyama: the end of history, full employment, illegal immigration, income inequality, Johann Wolfgang von Goethe, labour market flexibility, land reform, late capitalism, liberal capitalism, liberation theology, low skilled workers, mass immigration, means of production, Mikhail Gorbachev, mutually assured destruction, Nelson Mandela, North Sea oil, Northern Rock, oil shale / tar sands, oil shock, open borders, precariat, price stability, quantitative easing, race to the bottom, reserve currency, rising living standards, road to serfdom, Ronald Reagan, Ronald Reagan: Tear down this wall, Sinatra Doctrine, The Chicago School, trade liberalization, union organizing, upwardly mobile, washing machines reduced drudgery, Washington Consensus, Winter of Discontent, young professional
The big drop in production from both Iran and Iraq, as these two major oil-producing countries began a war in 1980 that was fought with great ferocity and would last for eight years, did nothing to calm nerves. The price of oil tripled again between 1979 and 1981, now standing more than ten times higher than it had been in 1973. It was once more a global crisis, with the worst impact felt by the poor countries of the developing world. Western Europe was in a better position, as North Sea oil started to flow in significant quantities and the development of nuclear power gathered pace. But the European economies were less strong than they had been at the outset of the 1973 crisis. The recession after the second oil crisis was in some ways, therefore, more serious. Morale was already damaged. Anxieties had risen. Governments had proved unable to find solutions to the problem of ‘stagflation’.
And the Danish government promptly introduced measures to stabilize the financial system. By 2009 the economy was growing again and by 2011 it was recovering strongly. Norway was helped by its major oil exports, which even gave it a sizeable budget surplus. But its financial management before the recession had also been sound. Unlike Britain, which had profligately frittered away most of its windfall (amounting in today’s values to well over £160 billion) from North Sea oil on cutting national borrowing, industrial restructuring and tax cuts, Norway had prudently put it into a separate investment fund during the boom years, and reduced public spending while still providing an extremely high standard of living for its citizens. Sweden also recovered quickly and strongly from the global downturn and within two years could register high growth rates (twice as high as in the USA, for instance, which by then was also recovering).
Lonely Planet Norway by Lonely Planet
carbon footprint, cashless society, centre right, energy security, G4S, illegal immigration, Kickstarter, low cost airline, mass immigration, North Sea oil, place-making, trade route, urban renewal, white picket fence
oNorsk OljemuseumMUSEUM (Oil Museum; MAP GOOGLE MAP ; www.norskolje.museum.no; Kjeringholmen; adult/child 120/60kr; h10am-7pm daily Jun-Aug, 10am-4pm Mon-Sat, to 6pm Sun Sep-May; c) Admittedly, the prospect of an 'oil museum' doesn't sound like the most promising option for an afternoon out. But this state-of-the-art place is well worth visiting – both for its striking, steel-clad architecture and its high-tech displays exploring the history of North Sea oil exploration. Highlights include the world's largest drill bit, simulated rigs, documentary films, archive testimony and a vast hall of oil-platform models. There are also exhibitions on natural history, energy use and climate change. The museum nicely balances the technical side of oil exploration and extraction, while honouring those whose working lives have been spent in the industry. The latter is done through fascinating archival material that highlights significant moments in the history of Norwegian oil, including coverage of the Alexander L Kielland drilling-rig tragedy in 1980, when 123 oil workers were killed, and the 1972 decision by Norway's parliament that Statoil should be based in Stavanger.
Coast MuseumMUSEUM (Sogn og Fjordane Kystmuseet; GOOGLE MAP ; %57 74 22 33; www.kyst.museum.no; Brendøyvegen; adult/child 70kr/free; h11am-6pm Mon-Fri, noon-4pm Sat & Sun Jun-Aug, 10am-3pm Mon-Fri, noon-3pm Sat & Sun Sep-May) A catch-all museum covering the whole of Sogn og Fjordane county, this museum explores the coast in all its varied forms. It's spread over several buildings: one is dedicated to fishing, including a model 1900 fishing family's home; and exhibits on the foundation of the island as a small herring trading post barely 150 years ago. A second houses a collection of coastal boats. The Snorreankeret display illustrates the exploration and exploitation of the North Sea oil and gas fields. It's about 2km south of the town centre. Offshore Islands Local ferries leaving from Florø's Fugleskjærskaia Quay connect the mainland to several small islands, each making for a stimulating off-the-beaten-track day trip. The tourist office can reserve ferries and also advise on island accommodation. Askrova has a prehistoric Troll Cave, whose deepest depths have never been explored.
Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe by Gillian Tett
accounting loophole / creative accounting, asset-backed security, bank run, banking crisis, Black-Scholes formula, Blythe Masters, break the buck, Bretton Woods, business climate, business cycle, buy and hold, collateralized debt obligation, commoditize, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, easy for humans, difficult for computers, financial innovation, fixed income, housing crisis, interest rate derivative, interest rate swap, Kickstarter, locking in a profit, Long Term Capital Management, McMansion, money market fund, mortgage debt, North Sea oil, Northern Rock, Renaissance Technologies, risk tolerance, Robert Shiller, Robert Shiller, Satyajit Das, short selling, sovereign wealth fund, statistical model, The Great Moderation, too big to fail, value at risk, yield curve
Morgan, and while the bank paid less than most of its rivals, the trade-off was greater job security. The young trainees in the training program were told solemnly that while the bank would tolerate “errors of judgment,” an “error of principle” was a firing offense. “First-class banking” remained the mantra. Peter Hancock easily passed the course and was dispatched back to the London office, where he spent a couple of years analyzing the credit-worthiness of North Sea oil companies. That was considered a plum job, because the Norwegian and British oil industry was starting to boom. But Hancock was hungry for more. As he looked around the City, he could see the revolution in derivatives and swaps building, and he wanted in. The Morgan Bank was considered too stodgy to be a pioneer in the business. Aggressive Salomon Brothers and iconoclastic Bankers Trust were the real innovators.
Europe old and new: transnationalism, belonging, xenophobia by Ray Taras
affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, carbon footprint, centre right, collective bargaining, energy security, full employment, Gunnar Myrdal, illegal immigration, immigration reform, Kickstarter, low skilled workers, mass immigration, Mikhail Gorbachev, Naomi Klein, North Sea oil, open economy, postnationalism / post nation state, Potemkin village, Ronald Reagan, World Values Survey
Nothing in the EU’s history compares to the enlargement of 2004 when, at a stroke, ten states—eight of them ex–Soviet bloc nations—joined the organization. This eastern enlargement was qualitatively different from earlier cases. In 1972, the six had become the nine with the admission of Denmark, Ireland, and the United Kingdom—all consolidated democracies with advanced market economies. At this time Norwegians, protective of their national identity and flush with new revenue from North Sea oil fields, rejected membership in a referendum. Expansion did not always mean adding members to the Community. European states that maintained close economic links to their former colonies sought a special status for these faraway, now independent states. Accordingly, in 1975 the Yaoundé and Lomé conventions assured increased economic aid and preferential access to EC markets for African, Caribbean, and Pacific (ACP) states.
The Future of Money by Bernard Lietaer
agricultural Revolution, banks create money, barriers to entry, Bretton Woods, business cycle, clean water, complexity theory, corporate raider, 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 Future of Employment, the market place, the payments system, Thomas Davenport, trade route, transaction costs, trickle-down economics, working poor
Specifically in our case, the consequences of a shift of control over money systems to various new players in society will be highlighted. 3. To work creatively with these discoveries, and use the clarity they inspire to shape a more desirable future. Scenarios are not academic exercises. The scenario-building process enabled Shell to forecast and prepare for the fall of the former Soviet Union, thereby avoiding billion-dollar mistakes in North Sea oil investments. Shell still updates its scenarios roughly every three years. This process also contributed to the 'South African miracle' of the peaceful transition after Apartheid (see sidebar). These same methods were further refined by the Global Business Network founded by several Shell alumni, and later published by Peter Schwartz. The Official Future: ‘more of the same’ The Official Future that we art: told we can expect during the coming decades is usually based on an extrapolation of what has happened over the past 20 years or so.
How to Run a Government: So That Citizens Benefit and Taxpayers Don't Go Crazy by Michael Barber
Affordable Care Act / Obamacare, Atul Gawande, battle of ideas, Berlin Wall, Black Swan, Checklist Manifesto, collapse of Lehman Brothers, collective bargaining, deliberate practice, facts on the ground, failed state, fear of failure, full employment, G4S, illegal immigration, invisible hand, libertarian paternalism, Mark Zuckerberg, Nate Silver, North Sea oil, obamacare, performance metric, Potemkin village, Ronald Reagan, school choice, The Signal and the Noise by Nate Silver, transaction costs, WikiLeaks
As one of Sinclair Lewis’s characters observes in Main Street, ‘And you want to reform people like that when dynamite is so cheap?’ Of course, privatization is not appropriate for every service – no government has (yet) chosen to sell off an entire school system or even large parts of it, for very good reasons, but in Britain in the late 1970s, huge swathes of the economy were under public ownership – gas, water, electricity, the post office, telephones, much of North Sea oil, the railways … on and on. In 1982, the nationalized industries accounted for over 10 per cent of total national output and employed approaching 2 million people. Moreover, everyone in Britain knew that the services were often poor. In 1980, I moved into my own flat for the first time and called (from a phone box) to order a telephone. The only question I was asked was ‘What colour do you want?’
How the City Really Works: The Definitive Guide to Money and Investing in London's Square Mile by Alexander Davidson
accounting loophole / creative accounting, algorithmic trading, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, Big bang: deregulation of the City of London, buy and hold, capital asset pricing model, central bank independence, corporate governance, Credit Default Swap, dematerialisation, discounted cash flows, diversified portfolio, double entry bookkeeping, Edward Lloyd's coffeehouse, Elliott wave, Exxon Valdez, forensic accounting, global reserve currency, high net worth, index fund, inflation targeting, intangible asset, interest rate derivative, interest rate swap, John Meriwether, London Interbank Offered Rate, Long Term Capital Management, margin call, market fundamentalism, Nick Leeson, North Sea oil, Northern Rock, pension reform, Piper Alpha, price stability, purchasing power parity, Real Time Gross Settlement, reserve currency, Right to Buy, shareholder value, short selling, The Wealth of Nations by Adam Smith, transaction costs, value at risk, yield curve, zero-coupon bond
International securities were the break that restored the City’s fortunes. The Eurobond market started in London in July 1963 and received a competitive boost thereafter when the United States introduced compulsory US interest equalisation tax, which drove issuers away. The fortunes of sterling have been a more broadly based factor in building up the City. In the late 1970s sterling rose sharply because of the North Sea oil bonanza and, in October 1979, the Conservative Government under Margaret Thatcher as prime minister abolished the exchange controls limiting the amount of currency that UK residents could exchange for another. This removed a restriction on the rise of sterling that had been in force since 1939. UK institutional investors started adding substantially to their overseas investments, although mostly through foreign brokers. _________________________________________ THE CITY OF LONDON 7 In the 1980s, the London Stock Exchange (LSE) was the unrivalled leader among European exchanges.
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
By the end of 1985, when Reagan’s administration and Congress have allowed tax credits for solar homes to lapse, the dream of a solar era has faded. Solar water heating has gone from a billion-dollar industry to peanuts overnight; thousands of sun-minded businesses have gone bankrupt. “It died. It’s dead,” says one solar-energy businessman of the time. “First the money dried up, then the spirit dried up.” 1988. Occidental Petroleum’s North Sea production platform Piper Alpha produces about a tenth of all North Sea oil and gas. When it explodes on July 6, it kills 167 men. March 1989. The 987-foot supertanker Exxon Valdez has just been loaded with 50 million gallons of crude oil piped across the vastness of Alaska from the North Slope to a terminal near the tiny village of Valdez, on Prince William Sound. After altering course to avoid ice, the crew fails to get the ship to respond to efforts to resume course.
The Boom: How Fracking Ignited the American Energy Revolution and Changed the World by Russell Gold
accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, activist lawyer, addicted to oil, American energy revolution, Bakken shale, Bernie Sanders, Buckminster Fuller, clean water, corporate governance, corporate raider, energy security, energy transition, hydraulic fracturing, Intergovernmental Panel on Climate Change (IPCC), margin call, market fundamentalism, Mason jar, North Sea oil, oil shale / tar sands, oil shock, peak oil, Project Plowshare, risk tolerance, Ronald Reagan, shareholder value, Silicon Valley, Upton Sinclair
In North Africa, the Silurian shales of Algeria and Libya have earned those countries membership in the oil-exporting cartel OPEC (Organization of Petroleum Exporting Countries). Farther east, the same shales generated gas trapped in carbonate rock cavities now known as the giant North Field between Iran and Qatar, the world’s largest gas reservoir. In northern Europe, the Kimmeridgian Shales led to the 1970s North Sea oil boom. The poetically named La Luna Shale sits under Venezuela. The Qusaiba “hot shale” is believed to be the source of Saudi Arabia’s Ghawar, the largest single collection of crude oil that has ever been—and likely will ever be—discovered. These are conventional reservoirs that until a few years ago were the exclusive target of the world’s petroleum industry. “Drill a well and drain the reservoir” was the oilman’s mandate.
Crude Volatility: The History and the Future of Boom-Bust Oil Prices by Robert McNally
American energy revolution, Asian financial crisis, banking crisis, barriers to entry, Bretton Woods, collective bargaining, credit crunch, energy security, energy transition, housing crisis, hydraulic fracturing, index fund, Induced demand, interchangeable parts, invisible hand, joint-stock company, market clearing, market fundamentalism, moral hazard, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, price discrimination, price stability, sovereign wealth fund, transfer pricing
A tipping point came in early 1982 when the United Kingdom government under Prime Minister Margaret Thatcher cut oil prices, following a buildup in inventories. (The United Kingdom had nationalized North Sea fields in 1975, administered them via a state-owned British National Oil Corporation [BNOC, also called Britoil], and sold oil under administered prices as OPEC countries did.) British price cuts particularly threatened Nigeria, whose barrels competed directly with the North Sea oil but whose price was linked to a competitively high Arab Light marker.6 Meanwhile, Iran cut prices unilaterally, eager to maximize revenues during its war with Iraq and determined to undermine Saudi Arabia’s leadership role in OPEC. Saudi Arabia was busy trying to defend a $34 price that buyers refused to pay as cheaper barrels came on the market.7 As in 1926, when Exxon and Shell started slashing prices for Indian kerosene, a global price war loomed.
Commuter City: How the Railways Shaped London by David Wragg
Beeching cuts, Boris Johnson, British Empire, financial independence, joint-stock company, joint-stock limited liability company, Louis Blériot, North Sea oil, railway mania, Right to Buy, South Sea Bubble, urban sprawl, V2 rocket, Winter of Discontent, yield management
Failure to do so means that the London commuter belt will remain much as it is for now. The problem is that when money was available, it was spent none too wisely, and now the money isn’t available as government borrowing has soared. The previous massive debt, built up to finance two world wars, to cover the years of recession between the wars and post-war reconstruction, was largely eliminated due to North Sea oil revenues, but now we are a net importer of oil, gas and coal. One problem with Crossrail is that a contribution was expected from business, but the recession has made this unlikely, and as for HS2, the estimated cost today is £34 billion, money which the government does not have and is unlikely to have for many years. Electrification is vital, and to provide reliable supplies for the long term, the only source of this power must be nuclear energy.
How Will Capitalism End? by Wolfgang Streeck
accounting loophole / creative accounting, Airbnb, basic income, Ben Bernanke: helicopter money, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, Clayton Christensen, collective bargaining, conceptual framework, corporate governance, creative destruction, credit crunch, David Brooks, David Graeber, debt deflation, deglobalization, deindustrialization, disruptive innovation, en.wikipedia.org, eurozone crisis, failed state, financial deregulation, financial innovation, first-past-the-post, fixed income, full employment, Gini coefficient, global reserve currency, Google Glasses, haute cuisine, income inequality, information asymmetry, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, labour mobility, late capitalism, liberal capitalism, market bubble, means of production, moral hazard, North Sea oil, offshore financial centre, open borders, pension reform, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, post-industrial society, private sector deleveraging, profit maximization, profit motive, quantitative easing, reserve currency, rising living standards, Robert Gordon, savings glut, secular stagnation, shareholder value, sharing economy, sovereign wealth fund, The Future of Employment, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transaction costs, Uber for X, upwardly mobile, Vilfredo Pareto, winner-take-all economy, Wolfgang Streeck
Finally, I look at some of the political-economic consequences of consolidation, especially for the relationship between states, societies and markets, and for what citizens will be entitled to expect from democratic government and democratic participation in the future. FROM THE FISCAL CRISIS OF THE STATE TO THE GREAT RECESSION By the mid-1970s, the accumulated debt of states in the OECD world began to increase steeply and steadily (see above, Figure 1.4, p. 54). Indebtedness rose by and large simultaneously, regardless of country, national economic performance, or the political complexion of the government of the day. North Sea oil made a difference for Britain, unification for Germany, the rise and fall of defence spending for the United States, but always only temporarily. Indebtedness increased for two decades until the mid-1990s, when debt levels seemed to stabilize. After 2008, however, they rapidly returned to the long-term trend. A growing level of public debt is the result of cumulative, non-Keynesian5 deficits in public budgets: of an enduring inadequacy of government revenue compared to government spending.
Ma’am Darling by Craig Brown
‘When I asked one of the Princess’s ladies-in-waiting why her boss was now rather cold … the answer was probably because I’d had a close friendship with Roddy before Margaret had. Oh dear, I thought. Wait till she finds out about my earlier one with Tony.’ Meanwhile, Roddy, always short of cash, had been refused a pay rise of £2 a week from the College of Arms. Learning of his plight, Colin Tennant pulled strings, and within weeks Roddy had become the personal assistant to Algy Cluff, who was making a fast fortune from North Sea oil. Sadly, a brief stint managing a mobile disco offered a poor grounding in the ins and outs of the international oil business. ‘It was obvious to everyone at Cluff’s that I didn’t have a clue what was happening,’ Roddy explained. ‘I was whisked around the City all day by Rolls and occasionally asked to produce pieces of paper.’ In emotional turmoil – ‘She had vamped him, and he couldn’t quite manage it,’ says a friend – he packed a suitcase, went to Heathrow airport and caught the first available plane, regardless of its destination.
Making It Happen: Fred Goodwin, RBS and the Men Who Blew Up the British Economy by Iain Martin
asset-backed security, bank run, Basel III, beat the dealer, Big bang: deregulation of the City of London, call centre, central bank independence, computer age, corporate governance, corporate social responsibility, credit crunch, Credit Default Swap, deindustrialization, deskilling, Edward Thorp, Etonian, Eugene Fama: efficient market hypothesis, eurozone crisis, falling living standards, financial deregulation, financial innovation, G4S, high net worth, interest rate swap, invisible hand, joint-stock company, Kickstarter, light touch regulation, London Whale, Long Term Capital Management, moral hazard, negative equity, Neil Kinnock, Nick Leeson, North Sea oil, Northern Rock, old-boy network, pets.com, Red Clydeside, shareholder value, The Wealth of Nations by Adam Smith, too big to fail, upwardly mobile, value at risk
Morgan, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14 Bear Stearns bought by, ref 1 Jacobite rebellion, ref 1, ref 2 James VI/I, ref 1 Jardine Matheson, ref 1, ref 2 Jevons, William, ref 1 Jin, Bruce, ref 1, ref 2, ref 3, ref 4 Kay, John, ref 1 King, Mervyn, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10 on bailouts, ref 1 becomes BoE governor, ref 1, ref 2 RBS bailout preference of, ref 1 Kingman, John, ref 1, ref 2, ref 3, ref 4 Kinnock, Neil, ref 1 Kirwan, Frank, ref 1 Koch, Charles, ref 1, ref 2 Kong, Janis, ref 1, ref 2 KPMG, ref 1, ref 2 Kravis, Henry, ref 1 Kruger, Konrad ‘Chip’, ref 1 Kyle, Chris, ref 1 Labour: 1983 defeat of, ref 1 1987 defeat of, ref 1 1992 defeat of, ref 1 1997 victory of, ref 1, ref 2 2001 victory of, ref 1 2005 victory of, ref 1 bankers honoured by, ref 1, ref 2 Blair gains leadership of, ref 1 and BoE, see Bank of England: and banking supervision Brown ‘boom–bust’ speech to, ref 1 not blameless, ref 1 Scottish, ref 1 and spin-doctoring, ref 1 see also Brown, Gordon LaSalle, ref 1, ref 2, ref 3, ref 4 Law, John, ref 1 Lawson, Lord (Nigel), ref 1, ref 2 Leeson, Nick, ref 1, ref 2 Legal & General, ref 1, ref 2 Lehman Brothers, ref 1, ref 2, ref 3, ref 4 Levine, Howard, ref 1 Levine, Jay, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9 and hedging exposure, ref 1 leaves RBS, ref 1 remuneration of, ref 1, ref 2 Levine, Tammy, ref 1, ref 2 Lewis, Will, ref 1, ref 2 Libor scandal, ref 1, ref 2 Lilley, Peter, ref 1 Linklaters, ref 1 Lippens, Maurice, ref 1, ref 2 Lloyds, ref 1, ref 2, ref 3 Lloyds TSB, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10 growing profits of, ref 1 Location, Location, Location, ref 1 Lombard, ref 1, ref 2 London Stock Exchange, ref 1, ref 2 and 1987 crash, ref 1 trading suspended twice by, ref 1 Long-Term Capital Management, ref 1, ref 2 Love, Charles, ref 1 M&G, ref 1 McCain, John, ref 1 McCarthy, Callum, ref 1, ref 2, ref 3, ref 4 McCarthy, Cormac, ref 1 McConnell, Jack, ref 1, ref 2 McDonald, Sheena, ref 1 McGinnis, Bob, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7 MacHale, Joe, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8 McInnes, Bob, ref 1 McKillop, Tom, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14 and ABN Amro, ref 1, ref 2, ref 3, ref 4, ref 5 apology of, ref 1 bailout terms heard by, ref 1 board views sought by, ref 1 confirmed as RBS chairman, ref 1 and FG possible departure, ref 1 and FG tenure, ref 1 and FSA, ref 1 RBS arrival of, ref 1 RBS chairmanship assumed by, ref 1 and RBS collapse, ref 1, ref 2, ref 3 and RBS losses, ref 1 removal of, from RBS, ref 1 Telegraph story on, ref 1 McKinsey, ref 1, ref 2, ref 3 McLaughlin, Andrew, ref 1 McLean, Miller, ref 1, ref 2, ref 3, ref 4, ref 5 MacLeod, Catherine, ref 1, ref 2 McLuskie, Norman, ref 1, ref 2 McPhail, Cameron, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 MacPherson, Nick, ref 1, ref 2, ref 3 Major, John, ref 1, ref 2 Masterson, Gavin, ref 1 Matera, Fred, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 Mathewson, George, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12 passim, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7 and bank HQ, ref 1 becomes deputy group chief executive, ref 1 FG compared with, ref 1 FG wooed by, ref 1 FG moving on denied by, ref 1 FG rows with, ref 1, ref 2 FSA complains to, ref 1 at Gogarburn opening, ref 1 and HSBC secret talks, ref 1 knighthood of, ref 1 large office of, ref 1 losses of, ref 1 and NatWest, ref 1, ref 2, ref 3 portrait of, ref 1 prepares for retirement, ref 1 passim private jet used by, ref 1 RBS arrival of, ref 1 and RBS rights issue, ref 1 as Salmond adviser, ref 1 stands aside, ref 1 and Tosca, ref 1, ref 2 see also Royal Bank of Scotland Maxton, James, ref 1 Medford Bancorp, ref 1 Mellon Financial, ref 1 Mercury Asset Management (MAM), ref 1 Merrill Lynch, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9 banking and insurance conference of, ref 1, ref 2, ref 3 Meyer, Anthony, ref 1 Michael Laird, ref 1 Midland Bank, ref 1 Miliband, Ed, ref 1 Milton, Lord, ref 1 Monaco Grand Prix, ref 1 Money and the Mechanism of Exchange (Jevons), ref 1 Monopolies and Mergers Commission, ref 1 Moody, Howard, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8 Moody, ref 1, ref 2, ref 3 Moore, Paul, ref 1 Morgan Grenfell, ref 1 Morgan Stanley, ref 1 Morrison, Peter, ref 1 Mosson, Mike, ref 1 Motson, John, ref 1 Mozilo, Angelo, ref 1 Murray, Andy, ref 1 Myners, Lord (Paul), ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7 NASDAQ, ref 1 Nathaniel, Peter, ref 1 National Audit Office, ref 1 National Australia Bank, ref 1, ref 2, ref 3, ref 4, ref 5 National Bank, ref 1 National Commercial, ref 1, ref 2 National Health Service, Brown seeks to protect, ref 1 National Provincial, ref 1 Nationwide, ref 1 NatWest, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11 and Enron, ref 1 and Fastow deal, ref 1 FG assurance to staff of, ref 1 integration of, ref 1, ref 2, ref 3 RBS launches hostile bid for, ref 1 RBS wins battle for, ref 1, ref 2, ref 3 Neale, James, Fordyce and Downe, ref 1 New Century Financial Corporation, ref 1 New Edinburgh, founding of, ref 1 New Labour, see Labour News International, ref 1 Newsweek, ref 1 Nicklaus, Jack, ref 1 9/11, ref 1 Noble Grossart, ref 1 Norman, Montagu, ref 1 North Sea oil, ref 1 Northern Rock, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8 battle-hardening effect of, ref 1 Obama, Barack, ref 1 Open Championship, ref 1 Orcel, Andrea, ref 1 O’Roarke, John, ref 1 Osborne, George, ref 1, ref 2, ref 3 Panama Canal, ref 1 Paterson, William, ref 1, ref 2, ref 3, ref 4, ref 5 Paulson, Hank, ref 1 Paulson, John, ref 1 payment-protection insurance (PPI), ref 1, ref 2, ref 3, ref 4, ref 5 Pell, Gordon, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10 personal debt, ref 1 Peston, Robert, ref 1, ref 2, ref 3, ref 4 Philip, Prince, Duke of Edinburgh, ref 1 Phillips & Drew, ref 1 Phillips, Peter, ref 1 Phillips, Zara, ref 1 Pickford, Steve, ref 1 Port Financial Corporation, ref 1 Prince Trust, ref 1 Project Columbus, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7 property prices, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11 see also sub-prime mortgages Prudential Regulation Authority, ref 1, ref 2 ‘Prufrock’, ref 1 Punta Escocés (Scottish Point), ref 1 Purves, Willie, ref 1, ref 2 Putin, Vladimir, ref 1 PWC, ref 1, ref 2 Rafferty, Jim, ref 1 Randall, Jeff, ref 1 RBS, see Royal Bank of Scotland RBS Americas, ref 1, ref 2, ref 3 RBS Greenwich, ref 1, ref 2, ref 3, ref 4 new premises of, ref 1 see also Greenwich Capital RBS Insurance, ref 1 Reagan, Nancy, ref 1 Reagan, Ronald, ref 1 Rebonato, Riccardo, ref 1, ref 2 Reid, John, ref 1 Rell, Jodi, ref 1 Retail Direct, ref 1 Richardson, Gordon, ref 1 Rick, Steve, ref 1, ref 2 Rob Roy, ref 1 Robert Fleming & Co., ref 1 Robertson, Iain, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 Robertson, Leith, ref 1, ref 2, ref 3, ref 4, ref 5 Robson, Steve, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10 FG recklessness worries, ref 1 Roden, Neil, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 Roosevelt, Theodore, ref 1 Rosenfield, Dan, ref 1, ref 2, ref 3, ref 4 Rosyth Dockyard, ref 1 Rowland, David, ref 1, ref 2, ref 3, ref 4 Roxborough Manayunk Bank, ref 1 Royal Bank Group, ref 1 Royal Bank International, ref 1 Royal Bank of Scotland (RBS): and ABN Amro, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9 acquisitions of, ref 1, ref 2, ref 3, ref 4, ref 5 aggressive targets set at, ref 1 auditing of, ref 1, ref 2 away days of, ref 1, ref 2 bailouts of, ref 1, ref 2, ref 3 passim, ref 1, ref 2 balance sheets of, ref 1, ref 2, ref 3 Bank of Scotland early rivalry with, ref 1 becomes Scotland biggest, ref 1 bets against, ref 1 bicentenary of, ref 1 bids for Birmingham and Midshires, ref 1 and car dealership, ref 1 cash-credit system refined by, ref 1 Christmas lunches at, ref 1 and Citizens Bank, see Citizens Bank City editors’ meeting with, ref 1 compensation claim against, ref 1 confused reporting lines in, ref 1 Corporate Banking and Financial Markets (CBFM) within, ref 1, ref 2, ref 3 Corporate Banking and Financial Markets within, ref 1, ref 2 corporate carnage in, ref 1 depositors move money out of, ref 1, ref 2, ref 3 early Edinburgh premises of, ref 1 early rivals of, ref 1 Edinburgh booms because of, ref 1 and ‘efficient capital’, ref 1 exposure of, ref 1, ref 2, ref 3, ref 4, ref 5 extraordinary general meeting of, ref 1 falling share price of, ref 1, ref 2 FG arrives at, ref 1 FG becomes CEO of, ref 1 FG first year at, ref 1 financial monster, ref 1 fines paid by, ref 1 first governor of, ref 1 and Forbes, ref 1 founding of, ref 1, ref 2, ref 3, ref 4 and FSA, ref 1, ref 2 on FSA watch-list, ref 1 FSA failure to investigate, ref 1, ref 2 FSA post-collapse meeting with, ref 1 Global Banking & Markets (GBM) within, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14, ref 15, ref 16, ref 17, ref 18, ref 19, ref 20 Gogarburn premises of, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 growing profits of, ref 1 Hampton verdict on, ref 1 Harvard study on, ref 1, ref 2 Hester becomes CEO of, ref 1 Hester verdict on, ref 1, ref 2 history of (20C), ref 1 passim; see also Royal Bank of Scotland: originsand early history of horrific annual results of (2009), ref 1 HSBC in secret talks with, ref 1 investment-banking division of, ref 1 and Irish banks’ meltdown, ref 1 as joint stock-bank, ref 1 lagging share price of, ref 1 lay-offs from, ref 1 liquidity concerns of, ref 1, ref 2, ref 3, ref 4, ref 5 losses of, ref 1, ref 2, ref 3 McKillop arrives at, ref 1 McKillop assumes chairmanship of, ref 1 McKillop confirmed as chairman of, ref 1 ‘Make it Happen’ slogan of, ref 1, ref 2 market turbulence worries, ref 1 Mathewson arrives at, ref 1 Mathewson invites FG to, ref 1 modern British banking pioneered by, ref 1 morning meetings at, ref 1, ref 2, ref 3 and NatWest, ref 1, ref 2, ref 3, ref 4, ref 5 and NatWest integration, ref 1, ref 2, ref 3 new Bishopsgate offices of, ref 1 new chairman sought by, ref 1 New York office of, ref 1 opens for business, ref 1 origins and early history of, ref 1; see also Royal Bank of Scotland: history of (20C) overdraft invented by, ref 1 overextension of (1830s), ref 1 privatisation of, ref 1, ref 2 profits rises of, ref 1, ref 2, ref 3, ref 4, ref 5 profits warning by, ref 1 and Project Columbus, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7 promotion for women in, ref 1 in Queen Gogarburn speech, ref 1 ratings agencies’ downgrading of, ref 1 ‘RBS’ becomes preferred name of, ref 1 reconstruction of, ref 1 rights issue of, ref 1, ref 2, ref 3 sports sponsorship by, ref 1 sub-prime mess entered by, ref 1 ‘sues for peace’, ref 1 tier 1 capital of, ref 1, ref 2 twice-suspended shares of, ref 1, ref 2 wholesale reorganisation of, ref 1 widening funding gap of, ref 1 Younger becomes chairman of, ref 1 Younger enters, ref 1 see also Goodwin, Fred; Mathewson, George; RBS Americas; RBS Greenwich; RBS Insurance Rumsfeld, Donald, ref 1 Salmond, Alex, ref 1, ref 2, ref 3, ref 4 Salomon Brothers, ref 1, ref 2 Samuels, Simon, ref 1 Sandler, Ron, ref 1 Santander, ref 1, ref 2, ref 3, ref 4, ref 5 Sants, Hector, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 Schofield, Tony, ref 1, ref 2 Scholar, Tom, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6 Schroders, ref 1 Scotsman, ref 1, ref 2, ref 3 Scott, Bob, ref 1, ref 2, ref 3, ref 4, ref 5 bailout terms heard by, ref 1 Scottish Development Agency (SDA), ref 1 Scottish Enlightenment, ref 1, ref 2, ref 3 Scottish National Party (SNP), ref 1 Scottish Parliament, opening of, ref 1 Scottish Point (Punta Escocés), ref 1 Scottish Reformation, ref 1 Securities and Investments Board (SIB), ref 1 S.G.
Dangerous Waters: Modern Piracy and Terror on the High Seas by John S. Burnett
British Empire, cable laying ship, Dava Sobel, defense in depth, Exxon Valdez, Filipino sailors, illegal immigration, Khyber Pass, low earth orbit, Malacca Straits, North Sea oil, South China Sea, transcontinental railway, UNCLOS, UNCLOS
There is nothing outwardly to identify the Montrose as belonging to this oil major. This is increasingly true among many of the oil companies. At a glance, you can’t tell one company’s VLCC from another. In fact, Exxon-Mobil announced it would sell nine of its tankers by the summer of 2003 and then lease the ships, no longer identified as Exxon ships, back from the new Greek owners. Shell perhaps started the trend, in response to the controversial disposal of the North Sea oil rig Brent Spar, in 1995. Shell had proposed dumping the installation, claimed by environmentalists to contain radioactive and toxic sludge, in the North Atlantic. Environmental activists occupied the rig for months to prevent its disposal, and all of it played out in full view of the media. Today, Shell’s famous yellow scallop has been wiped clean from its ships, and its company symbol has vanished from its fleet of VLCCs.
Inviting Disaster by James R. Chiles
Airbus A320, airline deregulation, crew resource management, cuban missile crisis, Exxon Valdez, Maui Hawaii, Milgram experiment, North Sea oil, Piper Alpha, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance
Compared to the twenty-seven years of the offshore oil industry, major rig mishaps had been hitting historic highs in recent years, with twenty-two rigs reporting fires, blowouts, capsizes, or sinkings in 1980 alone. The reason, said industry sources, was the worldwide acceleration in drilling activity. Although shipyards could build rigs quickly enough, finding expert crews to man them was a major difficulty. In that troubled year of 1980, the Alexander Keilland, a floating dormitory for North Sea oil workers, had rolled over in a winter storm, killing 123 men. It happened after a cracked strut in the steel framework finally broke all the way through under the constant pounding of waves. A shipyard painter had painted over it during construction (known because some of the crack length contained paint) but apparently had not reported it. The strut’s failure allowed rough seas to break off one of the Keilland’s five legs, throwing it out of balance.
A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption by Steven Hiatt; John Perkins
addicted to oil, airline deregulation, Andrei Shleifer, Asian financial crisis, Berlin Wall, big-box store, Bob Geldof, Bretton Woods, British Empire, capital controls, centre right, clean water, colonial rule, corporate governance, corporate personhood, deglobalization, deindustrialization, Doha Development Round, energy security, European colonialism, financial deregulation, financial independence, full employment, global village, high net worth, land reform, large denomination, liberal capitalism, Long Term Capital Management, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, moral hazard, Naomi Klein, new economy, North Sea oil, offshore financial centre, oil shock, Ponzi scheme, race to the bottom, reserve currency, Ronald Reagan, Scramble for Africa, statistical model, structural adjustment programs, too big to fail, trade liberalization, transatlantic slave trade, transfer pricing, union organizing, Washington Consensus, working-age population, Yom Kippur War
To sacrifice a significant chunk of that would undermine the whole country’s development. Working with Ian Rutledge, a respected energy economist from Sheffield in the north of England, I set out to correct ITIC’s omission. I had been an admirer of Rutledge’s work for several years. During the late 1990s, oil companies had lobbied hard against any increase in Britain’s rock-bottom taxation of its North Sea oil production, claiming that an increase would make the North Sea economically unviable and they would have to pull out altogether. Rutledge’s research had shown that, for some of the companies making these claims, the North Sea was in fact their most profitable region in the world, even after tax. More recently, Rutledge wrote Addicted to Oil,26 one of the best books available on international energy dynamics and the strategic context of the Iraq War.
Geek Heresy: Rescuing Social Change From the Cult of Technology by Kentaro Toyama
Albert Einstein, Berlin Wall, Bernie Madoff, blood diamonds, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, commoditize, computer vision, conceptual framework, delayed gratification, Edward Glaeser, en.wikipedia.org, end world poverty, epigenetics, Erik Brynjolfsson, Francis Fukuyama: the end of history, fundamental attribution error, germ theory of disease, global village, Hans Rosling, happiness index / gross national happiness, income inequality, invention of the printing press, invisible hand, Isaac Newton, Khan Academy, Kibera, knowledge worker, liberation theology, libertarian paternalism, longitudinal study, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, microcredit, mobile money, Nelson Mandela, Nicholas Carr, North Sea oil, Panopticon Jeremy Bentham, pattern recognition, Peter Singer: altruism, Peter Thiel, post-industrial society, Powell Memorandum, randomized controlled trial, rent-seeking, RFID, Richard Florida, Richard Thaler, school vouchers, self-driving car, Silicon Valley, Simon Kuznets, Stanford marshmallow experiment, Steve Jobs, Steven Pinker, technoutopianism, The Fortune at the Bottom of the Pyramid, Upton Sinclair, Walter Mischel, War on Poverty, winner-take-all economy, World Values Survey, Y2K
The same problem occurs at a national scale when the resource curse of oil and minerals corrupts leaders and stunts other industries.8 Even more stable countries are prone to “Dutch disease,” where the availability of an easy resource displaces other productive capacity, just as an overused crutch can lead to muscular atrophy.9 Apparent exceptions only affirm the rule. There are trust-fund children who increase the prestige of their families, but they’re focused on more than collecting baubles and living a lavish social life. Among nations, there is, for example, Norway, which took a windfall from North Sea oil, invested it carefully, and pumped some of the returns into one of the world’s most generous foreign aid programs.10 That striving after aspirations leads to greater mind and will is not surprising. Intentional effort leads to learning. What’s most noteworthy about Agyare’s intrinsic growth is her change in heart. She underwent a fundamental change in intention – from being focused primarily on serving her own economic, intellectual, and emotional needs through a corporate job to becoming increasingly focused on serving the needs of others.
The Defence of the Realm by Christopher Andrew
active measures, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, Clive Stafford Smith, collective bargaining, credit crunch, cuban missile crisis, Desert Island Discs, Etonian, Fall of the Berlin Wall, G4S, glass ceiling, illegal immigration, job satisfaction, large denomination, liquidationism / Banker’s doctrine / the Treasury view, Mahatma Gandhi, Mikhail Gorbachev, Neil Kinnock, North Sea oil, post-work, Red Clydeside, Robert Hanssen: Double agent, Ronald Reagan, sexual politics, strikebreaker, Torches of Freedom, traveling salesman, union organizing, uranium enrichment, Vladimir Vetrov: Farewell Dossier, Winter of Discontent
The chairman of the Key Points Sub-Committee of Whitehall’s Official Committee on Terrorism, which oversaw preparations for the protection of vital installations during war or periods of severe international tension, was reluctant to add protection against peacetime terrorist attack to his already large responsibilities.58 In 1972 an attempt by the Service to persuade the Home Secretary, Reggie Maudling, of the need for better protection of what later became known as Critical National Infrastructure (CNI) produced only what it considered ‘a lethargic response’. However, the discovery in 1975 in London and Liverpool of PIRA target lists which included public utilities changed Whitehall attitudes and marked a turning point in the history of British protective security. Harold Wilson was sufficiently concerned to ask the Official Committee on Terrorism to review the terrorist (in particular PIRA) threat to North Sea oil and gas supplies.59 By October 1976 a list of Economic Key Points (EKPs) which required protection against peacetime terrorist attack had been completed and added to the responsibilities of the Official Committee on Terrorism. The Committee approved a C Branch proposal for the establishment of a working group to supervise a phased programme of work for the protection of these installations. In 1977 a C Branch section assumed responsibility for the first time for assessing the sabotage capabilities of PIRA, as well as Welsh and Scottish extremists.
BP, however, balked at the cost of implementing all the recommendations, which ran into seven figures, and detailed discussions were still continuing at the time of the attack.76 Cost remained, as it had been for the past decade, the main obstacle to implementing the Security Service’s protective-security recommendations in the private sector. Throughout the 1980s the Security Service believed that, of the hundreds of Economic Key Points (EKPs), ‘only a small number were even reasonably protected.’77 C Branch went by helicopter to inspect most North Sea oil platforms and organized a series of exercises with the Royal Marines to practise recapturing a platform in case one was ever taken over by a terrorist group.78 Whitehall showed little interest. C Branch complained that Whitehall found counter-terrorist protective security boring as well as expensive: Security organisations in departments are not staffed by high fliers. The Departments of Transport and Energy seem to find particular difficulty in making decisions quickly on the protection of EKPs.
The Cabinet Office concluded in 1982 that PIRA had no coherent strategy (such as it developed in the 1990s) for causing serious damage to the economy and national infrastructure: There has been no attempt to study supply systems, such as electricity or telecommunications. PIRA is therefore unlikely to be able to identify and simultaneously destroy mutually dependent targets in supply systems in Great Britain, although it might be able to do so in Northern Ireland.81 Even the attack on Sullum Voe seems to have been designed as a spectacular demonstration of PIRA’s ability to penetrate royal security rather than as an operation to do serious damage to the North Sea oil industry. PIRA’s ‘armed struggle’ did not yet aim at undermining the British economy. As with the attempted bombing of Sullum Voe, the Security Service had no advance intelligence on the targets of PIRA’s continental campaign, which resumed on 16 February 1980 when Colonel Mark Coe was shot dead at Bielefeld. On 1 March a Royal Military Police patrol in Münster was fired at while approaching traffic lights and the driver wounded.
The Rise and Fall of the Great Powers: Economic Change and Military Conflict From 1500 to 2000 by Paul Kennedy
agricultural Revolution, airline deregulation, anti-communist, banking crisis, Berlin Wall, Bretton Woods, British Empire, cuban missile crisis, deindustrialization, Deng Xiaoping, European colonialism, floating exchange rates, full employment, German hyperinflation, imperial preference, industrial robot, joint-stock company, laissez-faire capitalism, long peace, means of production, Monroe Doctrine, mutually assured destruction, night-watchman state, North Sea oil, nuclear winter, oil shock, open economy, Peace of Westphalia, Potemkin village, price mechanism, price stability, RAND corporation, reserve currency, Ronald Reagan, Silicon Valley, South China Sea, South Sea Bubble, spice trade, spinning jenny, stakhanovite, The Wealth of Nations by Adam Smith, trade route, University of East Anglia, upwardly mobile, zero-sum game
Some companies (like ICI) were notable exceptions to this trend; the City of London’s financial services held up well, and retailing remained strong—but the erosion of Britain’s industrial base was remorseless. Joining the Common Market in 1971 did not provide the hoped-for panacea: it exposed the British market to even greater competition in manufactures, while tying Britain into the expensive farm-price policies of the EEC. North Sea oil also proved less than a godsend: it brought Britain massive foreign-currency earnings, but that so drove up the price of sterling that it hurt manufacturing exports.227 The economic statistics offer a measure of what Bairoch terms “the acceleration of the industrial decline of Great Britain.”228 Its share of world manufacturing production slipped from 8.6 percent in 1953 to 4.0 percent in 1980.
While it may be difficult to prove The Economist’s tart observation that “since 1983, Britain’s trade balance on manufactures has been in deficit for the first time since the Romans invaded Britain,” it is a fact that even in the late 1950s exports of manufactures were three times as big as imports.98 Now that surplus has gone. What is more, the decline in employment occurs not only in older industries but also in the “sunrise” high-technology firms.99 If the fall in Britain’s manufacturing competitiveness is a century-old tale,100 it has clearly been accelerated by the discovery of North Sea oil, which while producing earnings to cover the visible trade gap has also had the effect of turning sterling into a “petrocurrency,” sending its value to unrealistically high levels for a while and making many of its exports uncompetitive. Even when the oil runs out, causing sterling to decline further, it is not at all clear that that would ipso facto lead to a revival in manufacturing: plant has been scrapped, foreign markets lost (perhaps permanently), and international competitiveness eroded by higher than average rises in unit labor costs.
The Making of an Atlantic Ruling Class by Kees Van der Pijl
anti-communist, banking crisis, Berlin Wall, Boycotts of Israel, Bretton Woods, British Empire, business cycle, capital controls, collective bargaining, colonial rule, cuban missile crisis, deindustrialization, deskilling, diversified portfolio, European colonialism, floating exchange rates, full employment, imperial preference, Joseph Schumpeter, liberal capitalism, mass immigration, means of production, North Sea oil, plutocrats, Plutocrats, profit maximization, RAND corporation, strikebreaker, trade liberalization, trade route, union organizing, uranium enrichment, urban renewal, War on Poverty
The owners of Edison in this way secured a foothold in an expanding private company after the nationalization of the electricity holdings by the Centre-Left government of Fanfani.13 This example illustrates the subordination of state intervention to private capital accumulation; wherever major private interests were prejudiced, public action was corrected promptly. A notorious example was in the case of the Italian energy monopoly ENI and its independent-minded head, Mattel, whose mysterious death in 1962 cleared the way for the agreement with ESSO concluded a year later.14 In the Netherlands, the Centre-Left Cals cabinet of 1965 did not survive the challenge posed to the oil companies on the issue of North Sea oil exploitation. It was brought down by Norbert Schmelzer, the future Foreign Secretary, whose allegiance to the oil companies (it was revealed later that he was on the payroll of Gulf Oil) in this case proved stronger than his party loyalty. The subsequent governments, however, continued to support the reinforcement of industrial capital, and the formation of AKZO out of AKU and the chemical company KZO may be mentioned in this respect.
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters by Gregory Zuckerman
activist fund / activist shareholder / activist investor, addicted to oil, American energy revolution, Asian financial crisis, Bakken shale, Bernie Sanders, Buckminster Fuller, corporate governance, corporate raider, credit crunch, energy security, Exxon Valdez, housing crisis, hydraulic fracturing, Kickstarter, LNG terminal, margin call, Maui Hawaii, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, Peter Thiel, reshoring, self-driving car, Silicon Valley, sovereign wealth fund, Steve Jobs, urban decay
ExxonMobil, ConocoPhillips, and others beat a hasty retreat from the country, though at least part of the decision likely stemmed from a desire by some to avoid offending Russia, one of the largest energy players in the world. Chevron and others still seem committed to Poland’s shale formations, but by the spring of 2013 fewer than fifty wells had been drilled there. The United Kingdom is a likely participant in the shale energy revolution, at least at some point, for a number of good reasons. The nation is seeing a marked slowdown in production from its prized North Sea oil beds. The country has been importing gas since 2004, relying on Norway and the Netherlands, and is in an increasingly precarious position when it comes to key energy supplies. In March 2013, Britain came within six hours of running out of natural gas entirely, the Financial Times reported, as wholesale gas prices surged to record levels. Two tremors in the spring of 2011 around the town of Blackpool caused deep unease when they were linked to fracking efforts, leading to a ban on fracking.
The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money by Steven Drobny
Albert Einstein, Asian financial crisis, asset allocation, asset-backed security, backtesting, banking crisis, Bernie Madoff, Black Swan, Bretton Woods, BRICs, British Empire, business cycle, business process, buy and hold, capital asset pricing model, capital controls, central bank independence, collateralized debt obligation, commoditize, Commodity Super-Cycle, commodity trading advisor, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, diversification, diversified portfolio, equity premium, family office, fiat currency, fixed income, follow your passion, full employment, George Santayana, Hyman Minsky, implied volatility, index fund, inflation targeting, interest rate swap, inventory management, invisible hand, Kickstarter, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, market microstructure, moral hazard, Myron Scholes, North Sea oil, open economy, peak oil, pension reform, Ponzi scheme, prediction markets, price discovery process, price stability, private sector deleveraging, profit motive, purchasing power parity, quantitative easing, random walk, reserve currency, risk tolerance, risk-adjusted returns, risk/return, savings glut, selection bias, Sharpe ratio, short selling, sovereign wealth fund, special drawing rights, statistical arbitrage, stochastic volatility, stocks for the long run, stocks for the long term, survivorship bias, The Great Moderation, Thomas Bayes, time value of money, too big to fail, transaction costs, unbiased observer, value at risk, Vanguard fund, yield curve, zero-sum game
Outside of pure commodities, I would buy the Russian ruble as a bullish play on energy and metals prices, which will lead to an improvement in the Russian economy and trade balance and ultimately to a virtuous cycle over time. What about on the short side? I can’t think of a single commodity that I would want to be short with a long-term time horizon. I would be very cautious about UK commercial property priced in sterling. I’m very bearish the pound, which has a massive problem long term. The UK is running out of North Sea oil and natural gas, and its manufacturing has been moving east for 30 years. Heavy industries such as oil refining, steel refining, and car manufacturing are all also moving east. The City of London and services sector have been the main drivers for maintaining a reasonable current account balance against a big trade deficit in the UK in recent years. But now, with heightened regulation, more restrictions on the banks, and rising taxes, headwinds will be brought to the financial and services sectors of the economy.
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, 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, 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, zero-sum game
There is a third problem, first noticed in the 1970s and early 1980s in the aftermath of the discovery of oil in the North Sea; while they enjoyed this obvious bounty, the Dutch began to notice that the rest of their economy had slowed. Here was a developed, well-functioning economy that suddenly faced massive job problems because its firms couldn’t compete. The reason was that the inflow of dollars in payment for the North Sea oil and gas led to a high exchange rate; at that high exchange rate, Dutch exporters couldn’t sell their products abroad and domestic firms found it difficult to compete with imports. The problem, known as the Dutch disease in honor of the country where it was first analyzed, has plagued resource-rich countries around the world as they sell their resources and convert the dollars they earn into local currency.
The End of Alchemy: Money, Banking and the Future of the Global Economy by Mervyn King
"Robert Solow", Andrei Shleifer, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Swan, Bretton Woods, British Empire, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, centre right, collapse of Lehman Brothers, creative destruction, Credit Default Swap, crowdsourcing, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, distributed generation, Doha Development Round, Edmond Halley, Fall of the Berlin Wall, falling living standards, fiat currency, financial innovation, financial intermediation, floating exchange rates, forward guidance, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, German hyperinflation, Hyman Minsky, inflation targeting, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, labour market flexibility, large denomination, lateral thinking, liquidity trap, Long Term Capital Management, manufacturing employment, market clearing, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Nick Leeson, North Sea oil, Northern Rock, oil shale / tar sands, oil shock, open economy, paradox of thrift, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, quantitative easing, rent-seeking, reserve currency, Richard Thaler, rising living standards, Robert Shiller, Robert Shiller, Satoshi Nakamoto, savings glut, secular stagnation, seigniorage, stem cell, Steve Jobs, The Great Moderation, the payments system, The Rise and Fall of American Growth, Thomas Malthus, too big to fail, transaction costs, Tyler Cowen: Great Stagnation, yield curve, Yom Kippur War, zero-sum game
Current expectations of inflation and wage settlements are consistent with an enduring exchange rate link. Scotland would not be joining, as were the members of European Monetary Union, a new currency arrangement. Scotland has less need than in the past for subsidies from England to offset adverse shocks specific to Scotland because changes in the industrial structure of both Scotland and England, with the decline of heavy manufacturing and mining and the decreasing contribution from North Sea oil, mean that the two economies tend to move together. Nor would Scotland be faced with a substantial burden in the event of another banking failure. It is true that under sterlingisation major banks in an independent Scotland would have to unscrew the brass plates at their legal headquarters in Edinburgh and move them to London. Effectively, Scotland would have only foreign banks. As a consequence, Scotland would need no ability to act as a lender of last resort to those banks.
Jihad vs. McWorld: Terrorism's Challenge to Democracy by Benjamin Barber
airport security, anti-communist, Apple's 1984 Super Bowl advert, Ayatollah Khomeini, Berlin Wall, borderless world, Bretton Woods, British Empire, computer age, Corn Laws, Corrections Corporation of America, David Brooks, deindustrialization, Deng Xiaoping, digital map, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, George Gilder, global village, invisible hand, Joan Didion, Kevin Kelly, laissez-faire capitalism, late capitalism, Live Aid, market fundamentalism, Marshall McLuhan, minimum wage unemployment, new economy, Norbert Wiener, North Sea oil, pirate software, postnationalism / post nation state, profit motive, race to the bottom, Right to Buy, road to serfdom, Ronald Reagan, The Wealth of Nations by Adam Smith, Thomas L Friedman, undersea cable, young professional, zero-sum game
With roughly one-half of the world’s GDP between them (27 percent for the United States, 16 percent for Japan, and 7 percent for Germany), America, Japan, and Germany import far more than half of their energy—under 50 percent for the United States but more than 90 percent for Japan and somewhere in between for Germany.25 Because it has gone nuclear, France produces most of its own energy, but when we look at consumption rather than production, it too remains import-dependent.26 Among OECD nations, only Canada and Australia, and with their North Sea oil, Norway and the United Kingdom, turn out to be net energy producers—which has allowed Norway to stay out of Europe. On the other hand, the world’s five largest economies are the world’s largest energy importers. The stronger the nation, the more fragile its independence. There also lurks in this welter of statistics a powerful element of injustice that illuminates a darker side of McWorld. Even as nations are superseded by transnational markets, their populations remain the producers and consumers of the global market.
The Streets Were Paved With Gold by Ken Auletta
British Empire, business climate, clean water, collective bargaining, full employment, Gunnar Myrdal, hiring and firing, invisible hand, Jane Jacobs, job satisfaction, Joseph Schumpeter, mortgage debt, Norman Mailer, North Sea oil, offshore financial centre, Parkinson's law, Ponzi scheme, price stability, profit motive, Ralph Nader, RAND corporation, rent control, Ronald Reagan, The Death and Life of Great American Cities, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban renewal, War on Poverty, working-age population
Perhaps this explains why Paul Erdman’s novel The Crash of ’79 led bestseller lists in 1977 and was read by many as a work of nonfiction. A BLEAK PICTURE? Perhaps too bleak. As I write this, no American soldiers are being killed or maimed in foreign adventures; fewer Americans are starving; there is at least more talk about human rights and even evidence of success; England is beginning to tap its North Sea oil riches; Anwar Sadat’s peace initiative and Jimmy Carter’s spirit of Camp David have inspired people around the world. New York has a new mayor with high expectations; you can actually see citizens bending to shovel the dog shit with their pooper-scoopers, the result of a new law that is being obeyed. And, there is always E. B. White: It is a miracle that New York works at all. The whole thing is implausible.
No Such Thing as Society by Andy McSmith
anti-communist, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, Bob Geldof, Boris Johnson, British Empire, Brixton riot, call centre, cuban missile crisis, Etonian, F. W. de Klerk, Farzad Bazoft, feminist movement, fixed income, Francis Fukuyama: the end of history, friendly fire, full employment, glass ceiling, God and Mammon, greed is good, illegal immigration, index card, John Bercow, Kickstarter, liberal capitalism, light touch regulation, Live Aid, loadsamoney, long peace, means of production, Mikhail Gorbachev, mortgage debt, mutually assured destruction, negative equity, Neil Kinnock, Nelson Mandela, North Sea oil, Northern Rock, old-boy network, popular capitalism, Right to Buy, Ronald Reagan, Rubik’s Cube, Sloane Ranger, South Sea Bubble, spread of share-ownership, strikebreaker, The Chicago School, union organizing, upwardly mobile, urban decay, Winter of Discontent, young professional
This was the first statistic that the IMF examined when a government applied for a loan and it was the main measure of the amount of money in circulation. In 1976, the Labour government had set about reducing the figure, but by 1978–9, with unemployment rising and tax receipts falling, it had slipped back up to £9.25 billion. Howe’s target was to bring it down to £8.25 billion in 1979–80, but all he had done was put it up, despite the money now coming from North Sea oil. The news that Howe brought to an incredulous prime minister was that it was now on course to reach £14.5 billion in the coming year. This was the most testing moment Thatcher ever faced in her capacity as an economic manager. If there are three incidents that defined her as prime minister, they are the miners’ strike, the Falklands War and the economic crisis of 1981. The country was deep in recession, with unemployment rampant, much of it as a direct result of government policy.
Barcelona by Damien Simonis
Berlin Wall, call centre, carbon footprint, Fall of the Berlin Wall, feminist movement, Frank Gehry, haute couture, haute cuisine, Intergovernmental Panel on Climate Change (IPCC), Kickstarter, land reform, Murano, Venice glass, New Urbanism, North Sea oil, sustainable-tourism, urban planning, urban renewal, urban sprawl
Barcelona (Un Mapa), which came out in 2007, looks at six urban characters gathered together but essentially lonely in an L’Eixample apartment. Gràcia-born Isabel Coixet (1960–) has had some ups and downs with some original films. She reached a high point (and four Goyas, the Spanish equivalent of the Oscars) for Vida Secreta de las Palabras (The Secret Life of Words; 2005), in which a taciturn nurse arrives on a moribund North Sea oil platform to take care of a burns patient. She turns out to be a torture victim of the wars in the former Yugoslavia. Her last film, Map of the Sounds of Tokyo (2009) was an uneven but intriguing exploration of the Japanese through some odd characters that include the Spanish wine purveyor played by Catalan star Sergi López. Vicente Aranda (1926–) is an eclectic and surprising director capable of anything from the not altogether successful 2006 blockbuster based on the medieval classic tome of derring-do, Tirant Lo Blanc, to his adaptation of Juan Marsé’s rather more subtle Canciones de Amor en el Lolita’s Club, which he wrote and directed, in 2007.
Fifty Degrees Below by Kim Stanley Robinson
airport security, bioinformatics, Burning Man, clean water, Donner party, full employment, Intergovernmental Panel on Climate Change (IPCC), invisible hand, iterative process, means of production, minimum wage unemployment, North Sea oil, Ralph Waldo Emerson, Richard Feynman, statistical model, Stephen Hawking, the scientific method
On the sail up to the festival, some of them had encountered an oil tanker, only slightly smaller than the ULCCs (Ultra Large Crude Carriers) of the late twentieth century, double-hulled, as was legally required, and making a dry run on a great circle route from Japan to Norway that passed near the pole. This voyage was demonstrating that the Northwest Passage was open for business at last; and better late than never. Oil could be shipped directly from the North Sea to Japan, cutting the distance by two-thirds. Even if oil was passé, post-peak, old paradigm and all the rest, Japan and the North Sea oil countries were nevertheless awfully pleased to be able to move it over the Pole. They were not ashamed to admit that the world still needed oil, and that while it did, there would be reasons to appreciate certain manifestations of global warming. Shipyards in Glasgow, Norway, and Japan had been revitalized, and were now busy building a new class of Arctic Sea tankers to follow this prototype, boldly going where no tanker had gone before.
Atlantic: Great Sea Battles, Heroic Discoveries, Titanic Storms & a Vast Ocean of a Million Stories by Simon Winchester
British Empire, cable laying ship, Charles Lindbergh, colonial rule, friendly fire, Intergovernmental Panel on Climate Change (IPCC), intermodal, Isaac Newton, Louis Blériot, Malcom McLean invented shipping containers, Nelson Mandela, North Sea oil, Piper Alpha, polynesian navigation, supervolcano, trade route, transatlantic slave trade, transcontinental railway, undersea cable
See also Fisheries; Fishing collapse of Grand Banks cod fishery, 364–78 consequences of, 389–92 environmental movement and, 358–63 management of South Atlantic fishery to prevent, 378–89 Överhogdal tapestry, 160 Owen, David, 25 Oxygen, cyanobacteria and, 429–32 Ozone depletion, 346, 438–40 Pacific Ocean, 34, 107, 146, 333, 356n, 408–9, 423n, 433 Packet ships, 290–301 Pack ice, 395–98, 410 Paintings, 196–99 Paleogeography, 442 Paleotempestologists, 423n Palsson, Bjorn, 398n Pan-Atlantic Steamships company, 352 Pangaea, 40–42, 442 Pangaea Ultima, 442–43 Panthalassa Sea, 40–42 Paradise Lost (book), 169–70 Parker, Isaac, 235–36 Parliamentary democracy, first, 273–75 Passenger transport accidents and casualties of, 322–27 by air transport (see Air transport) development of, 314–21 by passenger liners, 11–12, 186, 296–301 submarines and passenger ships, 261–62 Patagonia, 125–26, 444 Patagonian toothfish (Chilean sea bass), 362–63, 378, 384–86, 389 Pelagic fish, 281 Penguins, 384, 418, 445 Penis, sperm whale, 289 Permian period, 40 Pessoa, Fernando, 107 Peter Grimes (music), 195 Pettersson, Otto, 355 Pew Trusts, 362n Phantom islands, 134 Pharmacological pollution, 358 Phoenicians, 51–53, 62–69, 172, 174 Photosynthetic cyanobacteria, 429–32 Physical Geography of the Sea and Its Meteorology, The (book), 129 f Pieces of eight, 87n Pierce, Franklin, 305 Pillars of Hercules, 35, 53, 63–64, 68 Pinnacle Point, 56–60 Pipier Alpha North Sea oil drilling platform, 403 Pirates warfare against fishing, in South Atlantic, 386–89 warfare against New World, 221–29 Pirates of Penzance, The (opera), 194 Plate tectonics, 40–49, 140n, 441–49. See also Seismic activity Plays, 24–27, 149–52, 168–69 Poetry, 24–27, 65n, 149–59, 167–70, 205 Polders and Polder Model, 413–15 Pollution, 345–58 Rachel Carson’s writing about, 353–58 chemical, 357–58, 390 from commercial air transport, 345–48 from commercial cargo shipping, 350–53 radioactive, 355–57 Polychlorinated biphenyls (PCBs), 358 Pompeii, 173n Pond, Atlantic Ocean as the, 15, 332 Póo, Fernando, 112 Portsmouth Point (music), 195 Portugal, 92, 93n, 109–14, 237, 373, 434 Postal service.
Chickenhawk by Robert Mason
They are doing their jobs, unknown to most Americans, better than any group of aviators in the world. At the beginning of the talk, Bill asked the pilots who had read Chickenhawk. Almost all of them raised their hands. It turns out that Chickenhawk—over twenty years in print—has become a sort of handbook for helicopter pilots all over the world. Since it was published in 1983, I’ve gotten a letter, a phone call, or an e-mail from a reader every day. The North Sea oil pilots read Chickenhawk; I’ve heard from air force, army, navy, and marine pilots. Military pilots in Great Britain and Australia read Chickenhawk. It’s published in English, Dutch, Hebrew, Polish, and Chinese, with a Czech version on the way. Now that I have a Web site (robertcmason.com), I get messages almost every day from Chickenhawk readers all over the world. When I wrote the book, I had no idea where any of the guys I was talking about had ended up.
The Default Line: The Inside Story of People, Banks and Entire Nations on the Edge by Faisal Islam
Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, British Empire, capital controls, carbon footprint, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, credit crunch, Credit Default Swap, crony capitalism, dark matter, deindustrialization, Deng Xiaoping, disintermediation, energy security, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, financial repression, floating exchange rates, forensic accounting, forward guidance, full employment, G4S, ghettoisation, global rebalancing, global reserve currency, hiring and firing, inflation targeting, Irish property bubble, Just-in-time delivery, labour market flexibility, light touch regulation, London Whale, Long Term Capital Management, margin call, market clearing, megacity, Mikhail Gorbachev, mini-job, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, negative equity, North Sea oil, Northern Rock, offshore financial centre, open economy, paradox of thrift, Pearl River Delta, pension reform, price mechanism, price stability, profit motive, quantitative easing, quantitative trading / quantitative ﬁnance, race to the bottom, regulatory arbitrage, reserve currency, reshoring, Right to Buy, rising living standards, Ronald Reagan, savings glut, shareholder value, sovereign wealth fund, The Chicago School, the payments system, too big to fail, trade route, transaction costs, two tier labour market, unorthodox policies, uranium enrichment, urban planning, value at risk, WikiLeaks, working-age population, zero-sum game
Ulrich’s house was besieged by journalists, and the details of his executive pay package were splashed across the pages of the tabloids. People resented the fact that they were being told to adopt a more Spartan lifestyle by a multimillionaire. But his predictions were, of course, quite right. A leaked industry report suggested that UK domestic gas prices could surge by 70 per cent, and then remain there, if oil prices stayed at $100. Ulrich’s efforts to source alternatives to North Sea oil were being hampered by rampant resource nationalism – the escalating tendency for countries with significant energy reserves to use their position as a geopolitical bargaining tool. By far the easiest, cheapest and greenest way to counter this tendency is for consumer countries to pursue energy efficiency on a national scale. The average internal temperature of a British house is 18 degrees – 5 degrees higher than in 1970.
The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma
Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, Commodity Super-Cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, lateral thinking, liberal capitalism, Malacca Straits, Mark Zuckerberg, market bubble, mass immigration, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, working-age population
Meanwhile other industries suffer. Foreigners pump in money to buy the oil, which drives up the value of the currency, in turn making it difficult for local factories—what few exist—to export their goods. The oil windfall tends to undermine every local industry other than oil. This is the classic “Dutch disease,” a term inspired by the collapse of manufacturing in the Netherlands after it discovered North Sea oil in 1959. Despite the developed-world origins of the term, the affliction has hit poor countries hardest. Over the past decade, this disease has struck in Brazil, Russia, South Africa, and much of the rest of Africa. For the most part, only countries that were reasonably well off (and well diversified) before they discovered their resource wealth, such as Norway and Canada, have invested commodity profits wisely enough to avoid seeing their development blocked by the rise and fall of commodity prices.
How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World and Everything in It by Arthur Herman
British Empire, California gold rush, creative destruction, do-ocracy, financial independence, global village, invisible hand, Isaac Newton, James Watt: steam engine, Joan Didion, joint-stock company, laissez-faire capitalism, land tenure, mass immigration, means of production, new economy, New Urbanism, North Sea oil, oil shale / tar sands, Republic of Letters, Robert Mercer, spinning jenny, The Wealth of Nations by Adam Smith, transcontinental railway, trickle-down economics, urban planning, urban renewal, working poor
Even the discovery of oil off Scotland’s North Sea coast in 1975 only served to push the British pound higher and ruin Scotland’s exports. Textile production in the Border country fell by 65 percent. Active Scottish coal pits declined from fifteen to just two. “Today ours is a fearful, anxious nail-biting nation,” wrote SNP activist Jim Sillars in 1985. In the midst of national crisis and decline, the SNP stepped into the breach. Contrary to myth, it was not the promise of nationalizing North Sea oil that propelled the SNP into prominence. It emerged as a mass political party in the late 1960s and early 1970s—long before engineers had any idea of the vast oil reserves located just off the continental shelf from Aberdeen. Instead, it was the failure of either British Labour or Tory conservatism to offer a solution to Scotland’s sense of decline that made the SNP a political powerhouse. “There is no alternative,” Margaret Thatcher would say as she announced the closing of yet another government-run shipbuilding yard or coalfield; yet to millions of Scottish voters there seemed an alternative: Scottish independence and the promise of devolution.
Money and Government: The Past and Future of Economics by Robert Skidelsky
anti-globalists, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Basel III, basic income, Ben Bernanke: helicopter money, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, constrained optimization, Corn Laws, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Graeber, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, Donald Trump, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, Financial Instability Hypothesis, forward guidance, Fractional reserve banking, full employment, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, incomplete markets, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, law of one price, liberal capitalism, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, market clearing, market friction, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, mobile money, Mont Pelerin Society, moral hazard, mortgage debt, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, placebo effect, price stability, profit maximization, quantitative easing, random walk, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, rising living standards, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, shareholder value, short selling, Simon Kuznets, structural adjustment programs, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, value at risk, Washington Consensus, yield curve, zero-sum game
The government expected that the announcement of the monetary targets would lower the inflationary expectations of wage-bargainers, enabling prices to come down with only a moderate increase in unemployment. It did not work this way. With the failure of the money supply figures to behave as required, Thatcher and Howe resorted to monetary and fiscal shock therapy. A bank rate of 17 per cent drove up the exchange rate, already strengthened by North Sea oil revenues. Superimposed on this was a savagely deflationary budget in 1981, which took £4 billion out of the economy 186 t h e t h e ory a n d p r ac t ic e of mon e ta r i sm when unemployment was already rising – the first time since 1931 when, with output rapidly falling, budgetary policy was tightened. Its message was clear: Keynesianism would not be reactivated, whatever the unemployment cost.
The Taking of Getty Oil: Pennzoil, Texaco, and the Takeover Battle That Made History by Steve Coll
AT&T, 408 Medberry, Chauncey, III, 59, 60, 137, 147–148, 179, 182, 185–186, 225, 286, 291, 302, 312, 319 at emergency takeover directors meeting, 303–306, 318 merger mania, 48, 155 Merger Mania (Boesky), 478 Miller, Keeton, Bristow & Brown, 400, 403, 475 Miller, Richard: background of, 400–403 Boisi and, 436–437 closing argument by, 457, 458–459 as confident, 408–409 damages issue and, 408, 456, 468–469 Farris and, 433–435 in Great Zipper Incident, 422–423 Jamail and, 407, 409–410, 423 in jury selection, 413–414 Liedtke cross-examined by, 420–423 Lipton’s testimony and, 441, 447 Terrell and, 404–407 at Texaco board meeting, 450 Winokur’s testimony and, 427–435 Miller, Robert, 37–38, 40–41, 46, 48–49, 137, 297 Mobil Oil, 47, 55, 56 Montgomery Ward, 55 Morgan Stanley & Company, 104, 116, 196, 344 Mukluk project, 340 Municipal Assistance Corporation, 196–197, 258 Murphy, Thomas, 355 Musick, Peeler & Garrett, 90 Nader, Ralph, 345 National Football League, 36 Nelson, Willie, 390, 411 Neutral zone oil reserves, 11, 42 New York City financial crisis, 196–197, 258 New York Times, 249, 421 Nickens, J. C., 430, 433, 456–457 Nixon, Richard, 243, 248 North Sea oil reserves, 42 Norton Simon conglomerate, 153 Nutten, Wesley, 122–125 Oakland Raiders, 36, 39 O’Donnell, Dan, 198 oil industry: collusion in, 335–336 diversification in, 55–56 exploration spending in, 54–55 megacorporations in, 109–110 public perception of, 335–336 royalty trusts in, 50 stock prices in, 50–52 U.S. reserves in, 52–53 O’Melveny & Meyers, 125–126 OPEC, 51, 53, 335, 336, 337, 339 Osterkamp, Horst, 26 Palmer, Arnold, 257, 335 Papamarkou, Alexander, 46–47, 269 Paul, Weiss, Rifkind, Wharton & Garrison, 266, 324, 325, 333, 386–387 Pennzoil Company, 243 as aggressor company, 336 antitrust suits initiated by, 383 breach-of-contract suit brought by, 385–387 entrepreneurship cult in, 247–248 in liquidation state, 248–249 public relations work for, 324–325 Pennzoil/Getty takeover attempt advisors’ meetings on, 266–269, 323–331 agreement in principle in, 326–327, 329–331, 350–351 attorneys’ delay in, 357–358 “Christmas surprise” in, 252–253 direct meeting in, 267–269 divorce clause in, 267 ERC problem in, 358 fairness opinion in, 292–293, 300 final merger agreement in, 325, 332–335 four-sevenths plan in, 278, 284, 292 Getty employees and, 333 Getty family lawsuit and, 262–263, 358 initial proposals for, 249–252 Liedtke/Getty summit on, 274–283 museum shares in, 259–260, 279, 281–282 Pennzoil directors in, 253–255 press release on, 324–331 public stockholders in, 323–324, 300–331 self-tender defense in, 269–273 share price in, 261–262, 279–284, 292, 322 “split the blanket clause” in, 278 subsidiaries in, 253 tactical lawsuits filed in, 383–384 tender offer in, 252 Texaco merger negotiations and, 375–377 Pennzoil v.
Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present by Jeff Madrick
accounting loophole / creative accounting, Asian financial crisis, bank run, Bretton Woods, business cycle, capital controls, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, John Meriwether, Kitchen Debate, laissez-faire capitalism, locking in a profit, Long Term Capital Management, market bubble, minimum wage unemployment, MITM: man-in-the-middle, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, new economy, North Sea oil, Northern Rock, oil shock, Paul Samuelson, Philip Mirowski, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Bork, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, short selling, Silicon Valley, Simon Kuznets, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War
He started to hear inadvertently about British government bonds, called gilts, as well as foreign currencies. “I was already pretty successful—in fact making enough money,” he recalled. “It must have been 1979. I wanted to use the money for a philanthropic purpose. I wanted to set up a sort of Brookings Institution in England. So I went to Brookings and they said, ‘Why do it [with someone] there, why not do it with us?’ So I [financed] a Brookings study of Britain’s future with the North Sea oil discoveries. We had the conference at Ditchley. It was the most expensive weekend of my life and the most unproductive. It was methodology running rampant. They used all this analysis and didn’t have anything to say. But I got to know the British Treasury and the bank loan officials. Then Margaret Thatcher raised interest rates and their Treasury bonds fell in price tremendously. And I knew enough that I got on to those Treasury bonds.
The Enlightened Capitalists by James O'Toole
activist fund / activist shareholder / activist investor, anti-communist, Ayatollah Khomeini, Bernie Madoff, British Empire, business cycle, business process, California gold rush, carbon footprint, City Beautiful movement, collective bargaining, corporate governance, corporate social responsibility, Credit Default Swap, crowdsourcing, cryptocurrency, desegregation, Donald Trump, double entry bookkeeping, end world poverty, equal pay for equal work, Frederick Winslow Taylor, full employment, garden city movement, germ theory of disease, glass ceiling, God and Mammon, greed is good, hiring and firing, income inequality, indoor plumbing, inventory management, invisible hand, James Hargreaves, job satisfaction, joint-stock company, Kickstarter, knowledge worker, Lao Tzu, longitudinal study, Louis Pasteur, Lyft, means of production, Menlo Park, North Sea oil, passive investing, Ponzi scheme, profit maximization, profit motive, Ralph Waldo Emerson, rolodex, Ronald Reagan, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Socratic dialogue, sovereign wealth fund, spinning jenny, Steve Jobs, Steve Wozniak, stocks for the long run, stocks for the long term, The Fortune at the Bottom of the Pyramid, The Wealth of Nations by Adam Smith, Tim Cook: Apple, traveling salesman, Uber and Lyft, uber lyft, union organizing, Vanguard fund, white flight, women in the workforce, young professional
Unable to find an acceptable measure of overall corporate social responsibility, an increasing number of funds are specializing: one invests only in companies where women are in leadership positions, another avoids investing in companies “that do not align with Biblical values,” including “the LGBT lifestyle,” yet another only invests in companies dedicated to boardroom diversity and favors Exxon-Mobil stock, while yet another won’t invest in oil and gas companies.26 Another version of social investing, such as a fund offered by Goldman Sachs, doesn’t exclude companies on any moral criterion other than selling tobacco. Hence, coal companies can be included if they have good governance and treat their employees well.27 And the highly activist Norwegian national sovereignty fund, which does not invest in coal, is now considering divesting its holdings in oil and gas companies—a rather controversial subject, given that the source of the fund’s $1 trillion in assets is North Sea oil and gas!28 It is clear why managers of ESG funds are in need of guidelines when choosing which corporate stocks to buy and which to divest: Is clean-car-maker Tesla a virtuous company even though it has a terrible employee-safety record? Are the baddies the makers of cigarettes, whiskey, and firearms? What about fossil fuel companies and gambling casinos? Does one draw the line at diamond mines, or bottlers of sugary drinks?
Lonely Planet Norway (Travel Guide) by Lonely Planet, Donna Wheeler
car-free, carbon footprint, centre right, energy security, illegal immigration, low cost airline, mass immigration, Mikhail Gorbachev, North Sea oil, place-making, Skype, sustainable-tourism, trade route, urban renewal
Sogn og Fjordane KystmuseetMUSEUM (%57 74 22 33; kyst.museum.no; Brendøyvegen; adult/child Nkr60/30; h11am-6pm Mon-Fri, noon-4pm Sat & Sun Jun-Aug, 10am-3pm Mon-Fri, noon-3pm Sat & Sun Sep-May) The first museum building is dedicated to fishing, including a model 1900 fishing family's home and exhibits on the foundation of the island as a small herring trading post barely 150 years ago. A second houses a collection of typical coastal boats. The Snorreankeret display – in a building that has the shape of the original oil platform that first pumped the country's oil – illustrates the exploration and exploitation of the North Sea oil and gas fields. 2Activities Boating Florø Rorbu ( GOOGLE MAP ; %57 74 81 00; www.florbu.com; Krokane Kai) hires motor boats (Nkr200 to Nkr400 per day) and sea kayaks (Nkr200 per day), while Krokane Camping (%57 75 22 50; www.krocamp.no) rents out rowing boats (Nkr100 per day) and motor boats (from Nkr200/300 per three hours/day). Hiking & Cycling The tourist office sells a useful booklet, Cycling in Flora (Nkr10), and has map sheets on local hikes.
Scandinavia by Andy Symington
call centre, carbon footprint, centre right, clean water, connected car, edge city, full employment, glass ceiling, Kickstarter, low cost airline, low cost carrier, mass immigration, New Urbanism, North Sea oil, out of africa, period drama, Skype, the built environment, trade route, urban sprawl, walkable city, young professional
From Hjørring you can take a DSB train to Aalborg (Dkr81, 45 minutes, once or twice hourly) or Frederikshavn (Dkr54, 30 minutes, once or twice hourly). Esbjerg POP 71,500 As with many industrial ports, most visitors to Esbjerg rush through as quickly as possible. That said, there are attractive parts to this interesting town, as well as one or two excellent attractions. Esbjerg is the centre of Denmark’s extensive North Sea oil activities and in recent years the export of wind turbines has replaced the fishing industry as a major source of income. Although Esbjerg has its fair share of early 20th-century buildings, if period charm is what you’re after then head straight to nearby Ribe. Sights & Activities Esbjerg Kunstmuseum MUSEUM (Havnegade 20; adult/child Dkr50/free; 10am-4pm) The single most worthwhile place to visit in town is the Esbjerg Kunstmuseum, an impressive gallery with an important collection of Danish modern art, including work by Asger Jorn.
Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey
Airbnb, Akira Okazaki, big-box store, Black Swan, book scanning, British Empire, business cycle, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbian Exchange, conceptual framework, correlation does not imply causation, Costa Concordia, creative destruction, crony capitalism, dark matter, Dava Sobel, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, Deng Xiaoping, Donald Trump, double entry bookkeeping, en.wikipedia.org, epigenetics, Erik Brynjolfsson, experimental economics, Ferguson, Missouri, fundamental attribution error, Georg Cantor, George Akerlof, George Gilder, germ theory of disease, Gini coefficient, God and Mammon, greed is good, Gunnar Myrdal, Hans Rosling, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, immigration reform, income inequality, interchangeable parts, invention of agriculture, invention of writing, invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, John Harrison: Longitude, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labor-force participation, lake wobegon effect, land reform, liberation theology, lone genius, Lyft, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, means of production, Naomi Klein, new economy, North Sea oil, Occupy movement, open economy, out of africa, Pareto efficiency, Paul Samuelson, Pax Mongolica, Peace of Westphalia, peak oil, Peter Singer: altruism, Philip Mirowski, pink-collar, plutocrats, Plutocrats, positional goods, profit maximization, profit motive, purchasing power parity, race to the bottom, refrigerator car, rent control, rent-seeking, Republic of Letters, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scientific racism, Scramble for Africa, Second Machine Age, secular stagnation, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, spinning jenny, stakhanovite, Steve Jobs, The Chicago School, The Market for Lemons, the rule of 72, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, total factor productivity, Toyota Production System, transaction costs, transatlantic slave trade, Tyler Cowen: Great Stagnation, uber lyft, union organizing, very high income, wage slave, Washington Consensus, working poor, Yogi Berra
In 2013 Nigeria still ranked 144th out of 177 countries in perceived honesty.2 Channeling more money toward such a government is probably not going to improve public health and private welfare, any more than channeling money to a government dominated by people rich by inheritance from their violent ancestors or rich by the exercise of state-enforced monopolies, or for that matter channeling money to Mafia thieves. Before liberalism, almost all governments were thieves. The news to my gentle social-democratic friends is that most of them still are. Honest governments are rare. The Norwegian government gets a good deal of its income from North Sea oil but is honest and therefore not subject to the resource curse in the style of Nigeria. But the state of Alaska benefits from oil, too, and is among the most corrupt of American states. Ireland has benefited greatly from subsidies delivered by the Common Market, but its governance is a little honest, and therefore the government has not become arrogantly corrupt from its subsidies. The same cannot be said of some of the other beneficiaries of the policy, such as Hungary under its “illiberal democracy” à la Putin, or the French farmers obstructing highways when they don’t like the level of subsidies transferred to them from other citizens.
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
always be closing, bank run, banking crisis, Big bang: deregulation of the City of London, Bolshevik threat, Boycotts of Israel, Bretton Woods, British Empire, buy and hold, California gold rush, capital controls, Charles Lindbergh, collective bargaining, corporate raider, Etonian, financial deregulation, fixed income, German hyperinflation, index arbitrage, interest rate swap, margin call, money market fund, Monroe Doctrine, North Sea oil, oil shale / tar sands, old-boy network, paper trading, plutocrats, Plutocrats, Robert Gordon, Ronald Reagan, short selling, strikebreaker, the market place, the payments system, too big to fail, transcontinental railway, undersea cable, Yom Kippur War, young professional
After years of torrid growth, by the 1987 crash it managed $25 billion. This dwarfed America’s top asset manager among wholesale firms, Morgan Stanley, with its meager $11 billion. At 23 Great Winchester, pension money for San Francisco, the state of California, Fort Worth, and the Rockefeller Foundation was handled. It was also distinguished in trade and project financing. Morgan Grenfell had led in financing North Sea oil and chalked up several energy triumphs, including the record $1.6-billion financing for Woodside Petroleum’s natural gas project in Australia, the biggest such loan ever to hit the Euromarkets. It was also active in financing projects in the Soviet Union. And when other banks wrote off Africa in the 1970s as poor and hopelessly indebted, Morgan Grenfell established a business advising black African states.
The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
affirmative action, Albert Einstein, anti-communist, Ayatollah Khomeini, barriers to entry, Bob Noyce, Bonfire of the Vanities, Brownian motion, capital asset pricing model, card file, centralized clearinghouse, Charles Lindbergh, collateralized debt obligation, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, Donald Trump, Eugene Fama: efficient market hypothesis, Everybody Ought to Be Rich, global village, Golden Gate Park, Haight Ashbury, haute cuisine, Honoré de Balzac, If something cannot go on forever, it will stop - Herbert Stein's Law, In Cold Blood by Truman Capote, index fund, indoor plumbing, intangible asset, interest rate swap, invisible hand, Isaac Newton, Jeff Bezos, John Meriwether, joint-stock company, joint-stock limited liability company, Long Term Capital Management, Louis Bachelier, margin call, market bubble, Marshall McLuhan, medical malpractice, merger arbitrage, Mikhail Gorbachev, money market fund, moral hazard, NetJets, new economy, New Journalism, North Sea oil, paper trading, passive investing, Paul Samuelson, pets.com, plutocrats, Plutocrats, Ponzi scheme, Ralph Nader, random walk, Ronald Reagan, Scientific racism, shareholder value, short selling, side project, Silicon Valley, Steve Ballmer, Steve Jobs, supply-chain management, telemarketer, The Predators' Ball, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transcontinental railway, Upton Sinclair, War on Poverty, Works Progress Administration, Y2K, yellow journalism, zero-coupon bond
It picked up the Northern Natural Gas pipeline from Dynegy, another troubled energy company.21 Within days, MidAmerican lent more money to Williams Companies.22 It bought The Pampered Chef, which sold cookware at parties through a sales-force of 70,000 independent “kitchen consultants.” It bought farm-equipment maker CTB Industries and teamed with investment bank Lehman Brothers to lend $1.3 billion to struggling Reliant Energy. Ajit Jain quickly moved into the terrorism-insurance business, filling a sudden vacuum by insuring airlines, Rockefeller Center, the Chrysler Building, a South American oil refinery, a North Sea oil platform, and the Sears Tower in Chicago. Berkshire was paid to unburden the Olympics of the dubious risk that either the Games would be canceled or the U.S. would not show up at least twice before 2012. It insured the Winter Olympics in Salt Lake City against a terrorist attack. It insured the FIFA World Cup soccer championship against terrorism.23 Buffett was handicapping. Some of Berkshire’s businesses struggled in a weak economy.
Wealth and Poverty of Nations by David S. Landes
"Robert Solow", Admiral Zheng, affirmative action, agricultural Revolution, Atahualpa, Ayatollah Khomeini, Bartolomé de las Casas, British Empire, business cycle, Cape to Cairo, clean water, colonial rule, Columbian Exchange, computer age, David Ricardo: comparative advantage, deindustrialization, deskilling, European colonialism, Fellow of the Royal Society, financial intermediation, Francisco Pizarro, germ theory of disease, glass ceiling, illegal immigration, income inequality, Index librorum prohibitorum, interchangeable parts, invention of agriculture, invention of movable type, invisible hand, Isaac Newton, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Just-in-time delivery, Kenneth Arrow, land tenure, lateral thinking, mass immigration, Mexican peso crisis / tequila crisis, MITM: man-in-the-middle, Monroe Doctrine, Murano, Venice glass, new economy, New Urbanism, North Sea oil, out of africa, passive investing, Paul Erdős, Paul Samuelson, Philip Mirowski, rent-seeking, Right to Buy, Scramble for Africa, Simon Kuznets, South China Sea, spice trade, spinning jenny, The Wealth of Nations by Adam Smith, trade route, transaction costs, transatlantic slave trade, Vilfredo Pareto, zero-sum game
O f course, no country can maintain a gain of 8 percent per year over a century, what with linked constraints, accidental reverses, cyclical downers, changes in government, compe tition, and the soothing corruption o f success. Even Japan has had its setbacks in real estate and banking; while the increase in the exchange value of the yen chilled demand for Japanese manufactures. In contrast British industry, buoyed by North Sea oil, hospitality to foreign enter prise, and Margaret Thatcher's showdown with tool-dragging labor chiefs, has done better since the 1980s.* A final word about the United States o f America. At the end o f World War II, with just about all industrial rivals in ruins, America ac counted for the greater part of world industrial product. Its labor pro- Table 2 6 . 1 . Annual Percentile Rates o f Growth by Country, 1950-87 Japan Germany United Kingdom USA SOURCE: P o r t e r , Comparative GDP Labor Productivity in Manufacturing 7.9 4.6 2.5 3.2 8.0 4.3 2.8 2.6 Advantage, pp. 279-80
Europe: A History by Norman Davies
agricultural Revolution, Albert Einstein, anti-communist, Berlin Wall, Bretton Woods, British Empire, business climate, centre right, charter city, clean water, Columbian Exchange, conceptual framework, continuation of politics by other means, Corn Laws, cuban missile crisis, Defenestration of Prague, discovery of DNA, double entry bookkeeping, Edmond Halley, Edward Lloyd's coffeehouse, equal pay for equal work, Eratosthenes, Etonian, European colonialism, experimental economics, financial independence, finite state, Francis Fukuyama: the end of history, Francisco Pizarro, full employment, global village, Honoré de Balzac, Index librorum prohibitorum, interchangeable parts, invention of agriculture, invention of movable type, Isaac Newton, James Hargreaves, James Watt: steam engine, Johann Wolfgang von Goethe, Johannes Kepler, John Harrison: Longitude, joint-stock company, Joseph-Marie Jacquard, land reform, liberation theology, long peace, Louis Blériot, Louis Daguerre, Mahatma Gandhi, mass immigration, Mikhail Gorbachev, Monroe Doctrine, Murano, Venice glass, music of the spheres, New Urbanism, North Sea oil, offshore financial centre, Peace of Westphalia, popular capitalism, Potemkin village, purchasing power parity, Ralph Waldo Emerson, road to serfdom, sceptred isle, Scramble for Africa, spinning jenny, Thales of Miletus, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transatlantic slave trade, Transnistria, urban planning, urban sprawl
Britain and West Germany remained food importers, but Denmark, France, and Italy became massive exporters. From the 1960s, Western Europe was embarrassed by colossal surpluses—the notorious ‘butter mountains’, ‘wine lakes’, and gargantuan ‘grain hills’ of the CAP. Power generation moved steadily away from the traditional coal to oil, natural gas, hydroelectricity, and nuclear fuels. France, in particular, made vast investments in hydroelectricity and nuclear power stations. The discovery of North Sea oil and gas off Scotland and Norway in the 1970s reduced dependence on foreign imports. The infrastructure of transport was expanded beyond all recognition. State railway networks were electrified and rationalized. In the case of the SNCF’s Train de Grande Vitesse (TGV), introduced in 1981, France moved into the era of supertrains equalled only in Japan. The German autobahns were systematically extended; they served as the model for magnificent autostrade, autoroutes, and motorways elsewhere.
Great Britain by David Else, Fionn Davenport
active transport: walking or cycling, Albert Einstein, Beeching cuts, Boris Johnson, 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, Kickstarter, land reform, Livingstone, I presume, Mahatma Gandhi, mass immigration, mega-rich, negative equity, new economy, North Sea oil, Northern Rock, offshore financial centre, period drama, place-making, Skype, Sloane Ranger, South of Market, San Francisco, Stephen Hawking, the market place, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent
The rest of the region boosts Scottish stereotypes with castles (bleak Dunnottar or boutique Balmoral), whisky, with dozens of distilleries in and around Dufftown, and epic hills, at their best around Braemar. Return to beginning of chapter ABERDEEN pop 184,788 Scotland’s third city was a place in seemingly inevitable decline, with industry changing and fishing going belly-up, when a ‘there she blows’ from offshore signalled not a whale, but the discovery of North Sea oil in the early 1960s. Aberdeen’s large harbour made it the perfect base for the industry, and it’s now a thriving city, whose economy is driven by the oil and gas reserves. Its nickname ‘The Granite City’ may conjure up images of a dour sort of town, but not so; the soft Aberdonian tones mingle here with the accents of transient multinational oilworkers and a large student population from around the country, ensuring that the inviting pubs, roaring clubs and decent restaurants are always busy.