Philip Mirowski

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Globalists: The End of Empire and the Birth of Neoliberalism by Quinn Slobodian

Asian financial crisis, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, business cycle, capital controls, central bank independence, collective bargaining, David Ricardo: comparative advantage, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, Doha Development Round, eurozone crisis, Fall of the Berlin Wall, floating exchange rates, full employment, Gunnar Myrdal, Hernando de Soto, invisible hand, liberal capitalism, liberal world order, market fundamentalism, Martin Wolf, Mercator projection, Mont Pelerin Society, Norbert Wiener, offshore financial centre, oil shock, open economy, pattern recognition, Paul Samuelson, Pearl River Delta, Philip Mirowski, price mechanism, quantitative easing, random walk, rent control, rent-seeking, road to serfdom, Ronald Reagan, special economic zone, statistical model, The Chicago School, the market place, The Wealth of Nations by Adam Smith, theory of mind, Thomas L Friedman, trade liberalization, urban renewal, Washington Consensus, Wolfgang Streeck, zero-sum game

Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Prince­ton, NJ: Prince­ton University Press, 2012), 16; Keith Tribe, “Liberalism and Neoliberalism in Britain, 1930–1980,” in The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective, ed. Philip Mirowski and Dieter Plehwe (Cambridge, MA: Harvard University Press, 2009), 90; Sam Bowman, “Coming Out as Neoliberals,” Adam Smith Institute Blog, October 11, 2016, https://­w ww​.­adamsmith​.­org ​/ ­blog ​/­coming​-­out​-­a s​-­neo​l ib​ e​r als. 13. Lars Feld quoted in Bert Losse, “Economic Neoliberalism: Philosophy of Freedom,” Handelsblatt Global, June 10, 2017. NOTES TO PAGE 3 291 14. Philip Mirowski, “The Po­liti­cal Movement That Dared Not Speak Its Own Name: The Neoliberal Thought Collective ­u nder Erasure,” Institute for New Economic Thinking Working Paper no. 23 (September 2014), 6. 15.

Hayek (Chicago: University of Chicago Press, 1948), 32. 52. F. A. Hayek, “The Use of Knowledge In Society (1945),” in Hayek, Individualism and Economic Order, 86. 53. Ibid. 54. Paul Lewis and Peter Lewin, “­Orders, ­Orders, Everywhere . . . ​On Hayek’s The Market and Other O ­ rders,” Cosmos and Taxis 2 (2015): 15. 55. Philip Mirowski, “On the Origins (at Chicago) of Some Species of Neoliberal Evolutionary Economics,” in Building Chicago Economics: New Perspectives on the History of Amer­i­ca’s Most Power­ful Economics Program, ed. Robert Van Horn, Philip Mirowski, and Thomas A. Stapleford (New York: Cambridge University Press, 2011), 262. 56. Lewis, “The Emergence of ‘Emergence,’ ” 120. 57. F. A. Hayek, “The Theory of Complex Phenomena (1964),” in Studies in Philosophy, Politics and Economics, ed. F. A. Hayek (London: Routledge and Kegan Paul, 1967), 25. 58.

It may be more accurate to see Hayek as more a proponent of the idea of Homo regularis than of the idea of Homo economicus: The first commandment of ­humans is not to maximize profit but to react to stimuli according to rules in a way that ­will maximize the chance of survival. ­Humans, to Hayek, are “rules-­following animals.”75 Rules, like prices, are signals directing the individual, often at a “super-conscious” level. Hayek’s “neuro-­sensory conjecture” has been explored deeply by scholars both sympathetic to and critical of his thinking.76 What Philip Mirowski 232 GLOBALISTS calls Hayek’s “agnotology” is echoed in the presumption of “radical ignorance” of economic actors in the work of t­ hose who seek to explain why Hayek’s model is incompatible with the “rational search” implied in con­temporary forms of neoclassical economics.77 As the above meta­phors make clear, the idea of agency is diffuse in Hayek’s work. One scholar speaks of Hayek’s “instrumental justification of liberty, [by which] freedom is essential for the utilization of dispersed, fragmented, and habitual or tacit knowledge.” 78 Freedom, in this reading, exists to discover new and better rules.


Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown

Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Philip Mirowski, Ronald Reagan, sexual politics, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional, zero-sum game

They are charted by a range of thinkers including Gérard Duménil and Dominique Lévy in The Crisis of Neoliberalism, Michael Hudson in Finance Capitalism and Its Discontents, Yves Smith in E-CONned: How Unrestrained Self-Interest Undermined Democracy and Corrupted Capitalism, Matt Taibbi in Griftopia: A Story of Bankers, Politicians and the Most Audacious Power Grab in American History, and Philip Mirowski in Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown.28 Intensified inequality, crass commodification and commerce, ever-growing corporate inf luence in government, economic havoc and instability — certainly all of these are consequences of neoliberal policy, and all are material for loathing or popular protest, as indeed, Occupy Wall Street, the Southern European protests against austerity policies, and, earlier, the “Antiglobalization” movement loathed and protested them.

Social scientists now use the term unblinkingly to describe research methodology, with the effect of eliding the political stakes in methodological choices, even ending methodological debate altogether. University administrations use the language of best practices to implement reorganizations and cuts with enormous implications for student access, staff positions, and education itself, to discuss the policing of demonstrations, and to prepare “rollouts” of new information systems and/or benefits policies.43 Philip Mirowski describes a consulting service called Family/360 that, for a price, provides tailored best practices for parents to help them “create more positive family memories for [their] children.”44 Legislation introduced to prohibit the use of live animals (pigs and goats) in U.S. armed forces combat training was named the BEST Practices Act (the Battlefield Excellence through Superior Training Practices Act).45 An independent association of funeral homes runs a competition for best practices by funeral homes that awards the winner an iPad Air.46 While best practices are promiscuous across research protocols, service agencies, industries, investment strategies, policing, and more, equally striking is their traffic across these and thus their effect in reconfiguring policing, education, military, and social-service activity through a business model.

Jamie Peck, Constructions of Neoliberal Reason (New York: Oxford University Press, 2010); John Clarke, “Living With/in and Without Neo-Liberalism,” Focaal–European Journal of Anthropology 51.1 (2008), pp. 135–47; Franco Barchiesi, Precarious Liberation: Workers, the State and Contested Social Citizenship in Post-Apartheid South Africa (Albany: State University of New York Press, 2011). 223 6. There is now a fine set of intellectual histories of neoliberalism, including Peck, Constructions of Neoliberal Reason; Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton: Princeton University Press, 2012); Pierre Dardot and Christian Laval, The New Way of the World (New York: Verso, 2014); Philip Mirowski, Never Let a Serious Crisis Go to Waste (New York: Verso, 2013); and Angus Burgin, The Great Persuasion: Reinventing Free Markets since the Depression (Cambridge, MA: Harvard University Press, 2012). Each of these works contributes to an appreciation of neoliberalism as emerging from several streams of dissident thought in the postwar period, eventually taking shape as a governing rationality that drew on and diverged from these waters.


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Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski

"Robert Solow", Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, do-ocracy, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, Kickstarter, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor

Government Printing Office, 2011); also at www.hsgac.senate.gov. Vaidhyanathan, Siva. “Planet of the Apps,” Bookforum, June 2012. Van Horn, Robert, and Matthias Klaes. “Chicago Neoliberalism Versus Cowles Planning: Perspectives on Patents and Public Goods,” Journal of the History of the Behavioral Sciences 47 (2011): 302–21. Van Horn, Robert, and Philip Mirowski. “The Rise of the Chicago School and the Birth of Neoliberalism,” in Mirowski and Plehwe, The Road from Mont Pèlerin. Van Horn, Robert, Philip Mirowski, and Thomas Stapleford, eds. Building Chicago Economics (New York: Cambridge University Press, 2011). Veblen, Thorstein. The Theory of the Leisure Class (New York: Mentor, 1953). Vernon, Richard. “The Great Society and the Open Society: Liberalism in Hayek and Popper,” Canadian Journal of Political Science 9 (1976): 261–76.

(Frank) When Prophecy Fails (Festinger) Whinston, Michael, Microeconomic Theory, White, Lawrence White House White Mountains Wikipedia Will, George Williamson, Stephen Winners curse Winter, Sidney Wolf, Martin Wolin, Sheldon Woodford, Michael World Bank World of Natural Order World War II Wren-Lewis, Simon WTO (World Trade Organization) Y Yale University Z Zingales, Luigi Zoellick, Robert Zombie Economics (Quiggin) Zuccotti Park Zuidhof, Peter-Wim Copyright First published by Verso 2013 © Philip Mirowski 2013 All rights reserved The moral rights of the author have been asserted Verso UK: 6 Meard Street, London W1F 0EG US: 20 Jay Street, Suite 1010, Brooklyn, NY 11201 www.versobooks.com Verso is the imprint of New Left Books ISBN: 978-1-781-68393-3 (e-book) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Mirowski, Philip, 1951– Never let a serious crisis go to waste : how neoliberalism survived the financial meltdown / Philip Mirowski. pages cm Includes bibliographical references and index. ISBN 978-1-781-68079-7 (pbk. : alk. paper) 1.

Never Let a Serious Crisis Go to Waste How Neoliberalism Survived the Financial Meltdown Philip Mirowski To neoliberals of all parties Contents List of Tables List of Figures 1. One More Red Nightmare The Crisis That Didn’t Change Much of Anything 2. Shock Block Doctrine Neoliberalism as Thought Collective and Political Program 3. Everyday Neoliberalism 4. Mumbo Jumble The Underwhelming Response of the Economics Profession to the Crisis 5. The Shock of the New Have Neoclassical Economists Learned Anything at all from the Crisis? 6. The Red Guide to the Neoliberal Playbook Notes Bibliography Index Copyright List of Tables 4.1 Average profit per employee, United States 5.1 Economist salary differentials, by academic sector List of Figures 1.1 Hilarity at the Federal Reserve 2.1 Growth of MPS-affiliated think tanks 2.2 MPS founding meeting, national representation 2.3 MPS 1991 membership, national representation 2.4 Mentions of Friedrich Hayek in various English-language sources 4.1 Corporate profits/U.S.


pages: 357 words: 95,986

Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Boris Johnson, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, post-work, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, The Future of Employment, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

THE MAKING OF NEOLIBERAL HEGEMONY 1.Jamie Peck, Constructions of Neoliberal Reason (Oxford: Oxford University Press, 2010), p. 40. 2.This standard history is now in the process of being rewritten, and this chapter relies heavily on the pioneers of this research, including the unpublished work of Alex Andrews. See, for example, Philip Mirowski and Dieter Plehwe, eds, The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009); Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013); Peck, Constructions of Neoliberal Reason; Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton, NJ: Princeton University Press, 2012); Richard Cockett, Thinking the Unthinkable: Think-Tanks and the Economic Counter-Revolution, 1931–1983 (London: Fontana, 1995); Michel Foucault, The Birth of Biopolitics: Lectures at the College de France 1978–1979 (New York: Palgrave Macmillan, 2010). 3.Witness, for instance, the unlikely but immensely productive alliance in the United States between economic neoliberals and radical social conservatives.

Secondly, they sought to build a counter-hegemonic project that would overturn the consensus around social democracy and Keynesian policies. They took a full-spectrum approach to changing hegemonic conditions and built up an entire ideological infrastructure that was capable of insinuating itself into every political issue and every fibre of political common sense. It overthrew the hegemonic ideas of its time. As Philip Mirowski writes, their strategic genius was to appreciate that it is not enough to dangle a utopian vision just beyond reach as eventual motivation for political action; the cadre that triumphs is the side that can simultaneously mount a full set of seemingly unrelated political proposals that deal with the short-, medium-, and long-term horizons of action, combining regimes of knowledge and interim outcomes, so that the end result is the inexorable movement of the polis ever closer to the eventual goal.

., pp. 8–9. 88.Giles Tremlett, ‘Spain’s Savings Banks’ Culture of Greed, Cronyism, and Political Meddling’, Guardian, 8 June 2012. 89.Boyle, Local Banking System, p. 10. 90.Andrew Bibby, ‘Co-op Bank Crisis: What Next for the Co-operative Sector?’, Guardian, 21 January 2014. 91.Greg Sharzer, No Local: Why Small-Scale Alternatives Won’t Change the World (Winchester: Zero Books, 2012), p. 3. 92.Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013), p. 326. 93.Zibechi, ‘Latin America Today’. 94.Christian Marazzi, ‘Exodus Without Promised Land’, in Campagna and Campiglio, eds, What We Are Fighting For, p. viii. 95.Such an approach has also been labelled ‘alternativism’ by communisation theorists. Endnotes, ‘What Are We to Do?’


pages: 297 words: 83,651

The Twittering Machine by Richard Seymour

4chan, anti-communist, augmented reality, Bernie Sanders, Cal Newport, Cass Sunstein, Chelsea Manning, citizen journalism, colonial rule, correlation does not imply causation, credit crunch, crowdsourcing, don't be evil, Donald Trump, Elon Musk, Erik Brynjolfsson, Filter Bubble, Google Chrome, Google Earth, hive mind, informal economy, Internet of things, invention of movable type, invention of writing, Jaron Lanier, Jony Ive, Kevin Kelly, knowledge economy, late capitalism, liberal capitalism, Mark Zuckerberg, Marshall McLuhan, meta analysis, meta-analysis, Mohammed Bouazizi, moral panic, move fast and break things, move fast and break things, Network effects, new economy, packet switching, patent troll, Philip Mirowski, post scarcity, post-industrial society, RAND corporation, Rat Park, rent-seeking, replication crisis, sentiment analysis, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, smart cities, Snapchat, Steve Jobs, Stewart Brand, Stuxnet, TaskRabbit, technoutopianism, the scientific method, Tim Cook: Apple, undersea cable, upwardly mobile, white flight, Whole Earth Catalog, WikiLeaks

Feeling Jewish: (A Book for Just About Anyone), Yale University Press: New Haven and London, 2017, pp. 53–5. 50. In a survey of 1,500 scientists . . . Monya Baker, ‘1,500 scientists lift the lid on reproducibility’, Nature, 25 May 2016. On the replication crisis, see Nature’s special online report, ‘Challenges in irreproducible research’, Nature, 18 October 2018. 51. According to the historian of ideas Philip Mirowski . . . Philip Mirowski, Science-Mart: Privatizing American Science, Harvard University Press: Cambridge, MA, 2011. 52. Among the worst examples of this degradation . . . C. G. Begley and L. M. Ellis, ‘Raise standards for preclinical cancer research’, Nature, 483, 2012, pp. 531–3; C. G. Begley, ‘Reproducibility: Six red flags for suspect work’, Nature, 497, 2013, pp. 433–4. 53. The industry is riddled with . . .

In the sciences, there is an ongoing ‘replication crisis’ afflicting medicine, economics, psychology and evolutionary biology. The crisis consists of the fact that the results of many scientific studies are impossible to replicate in subsequent tests. In a survey of 1,500 scientists in the journal Nature, 70 per cent of the respondents failed to replicate the findings of another scientist’s experiment.50 Half of them couldn’t even replicate their own findings. According to the historian of ideas Philip Mirowski, one of the main causes of the problem is that science is becoming commodified.51 As it becomes an outsourced research engine for corporations, quality control collapses. A ‘parallel universe of think tanks and shadowy “experts”’ emerges outside of academia, while inside, the state demands policy-oriented research but is increasingly indifferent to quality controls. Corporations – especially big tech – have little interest in research that doesn’t pay off quickly with monetizable innovations and gizmos.


pages: 320 words: 87,853

The Black Box Society: The Secret Algorithms That Control Money and Information by Frank Pasquale

Affordable Care Act / Obamacare, algorithmic trading, Amazon Mechanical Turk, American Legislative Exchange Council, asset-backed security, Atul Gawande, bank run, barriers to entry, basic income, Berlin Wall, Bernie Madoff, Black Swan, bonus culture, Brian Krebs, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, Chuck Templeton: OpenTable:, cloud computing, collateralized debt obligation, computerized markets, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, Debian, don't be evil, drone strike, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, Filter Bubble, financial innovation, financial thriller, fixed income, Flash crash, full employment, Goldman Sachs: Vampire Squid, Google Earth, Hernando de Soto, High speed trading, hiring and firing, housing crisis, informal economy, information asymmetry, information retrieval, interest rate swap, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, Julian Assange, Kevin Kelly, knowledge worker, Kodak vs Instagram, kremlinology, late fees, London Interbank Offered Rate, London Whale, Marc Andreessen, Mark Zuckerberg, mobile money, moral hazard, new economy, Nicholas Carr, offshore financial centre, PageRank, pattern recognition, Philip Mirowski, precariat, profit maximization, profit motive, quantitative easing, race to the bottom, recommendation engine, regulatory arbitrage, risk-adjusted returns, Satyajit Das, search engine result page, shareholder value, Silicon Valley, Snapchat, social intelligence, Spread Networks laid a new fibre optics cable between New York and Chicago, statistical arbitrage, statistical model, Steven Levy, the scientific method, too big to fail, transaction costs, two-sided market, universal basic income, Upton Sinclair, value at risk, WikiLeaks, zero-sum game

DeMartino, The Economist’s Oath: On the Need for and Content of Professional Economic Ethics (Oxford, UK: Oxford University Press, 2011); Charles Ferguson, “Larry Summers and the Subversion of Economics,” The Chronicle Review, October 3, 2010; Philip Mirowski and Esther-Mirjam Sent, eds., Science Bought and Sold: Essays in the Economics of Science (Chicago: University of Chicago Press, 2002). 42. See Frederic Filloux, “Google News: The Secret Sauce,” The Guardian, February 25, 2013. 43. Neoliberalism is a complex set of ideas, perhaps best summarized in Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013), 53– 67. For our purposes, the critical tenet of the neoliberal “thought collective” is that “the market (suitably reengineered and promoted) can always provide solutions to problems seemingly caused by the market in the fi rst place.”

Hayek, “The Use of Knowledge in Society,” American Economics Review 35 (1945): 519–530. 93. Bhidé, A Call for Judgment. 94. MacKinnon, Consent of the Networked; Anupam Chander, “Facebookistan,” North Carolina Law Review 90 (2012): 1807–1844. 304 NOTES TO PAGES 214–218 95. For the strange career of neoliberal approaches to antitrust law, see Robert Van Horn and Philip Mirowski, “Reinventing Monopoly,” in The Road from Mount Pèlerin, ed. Philip Mirowski and Dieter Plehwe (Cambridge, MA: Harvard University Press, 2009), 219 ff. 96. C. Wright Mills, The Power Elite. New ed. (New York: Oxford University Press, 2000). First published 1956. 97. Thomas Piketty, Capital in the Twenty-First Century (Cambridge: Harvard University Press, 2014), 574. 98. Pope Francis, Evangelii Gaudium (Apostolic Exhortation), November 24, 2013, para. 55.


pages: 256 words: 60,620

Think Twice: Harnessing the Power of Counterintuition by Michael J. Mauboussin

affirmative action, asset allocation, Atul Gawande, availability heuristic, Benoit Mandelbrot, Bernie Madoff, Black Swan, butter production in bangladesh, Cass Sunstein, choice architecture, Clayton Christensen, cognitive dissonance, collateralized debt obligation, Daniel Kahneman / Amos Tversky, deliberate practice, disruptive innovation, Edward Thorp, experimental economics, financial innovation, framing effect, fundamental attribution error, Geoffrey West, Santa Fe Institute, George Akerlof, hindsight bias, hiring and firing, information asymmetry, libertarian paternalism, Long Term Capital Management, loose coupling, loss aversion, mandelbrot fractal, Menlo Park, meta analysis, meta-analysis, money market fund, Murray Gell-Mann, Netflix Prize, pattern recognition, Philip Mirowski, placebo effect, Ponzi scheme, prediction markets, presumed consent, Richard Thaler, Robert Shiller, Robert Shiller, statistical model, Steven Pinker, The Wisdom of Crowds, ultimatum game

A number of high-profile financial blowups, including Long-Term Capital Management, show the danger of this bias.15 Benoit Mandelbrot, a French mathematician and the father of fractal geometry, was one of the earliest and most vocal critics of using normal distributions to explain how asset prices move.16 His chapter in The Random Character of Stock Market Prices, published in 1964, created a stir because it demonstrated that asset price changes were much more extreme than previous models had assumed. Paul Cootner, an economist at MIT and the editor of the volume, was unconvinced of Mandelbrot’s case. “If [Mandelbrot] is right,” he wrote, “almost all of our statistical tools are obsolete. Almost without exception, past econometric work is meaningless.”17 But Cootner could rest easy, because Mandelbrot’s ideas never penetrated mainstream economics. Philip Mirowski, a historian and philosopher of economic thought at Notre Dame, notes, “The simple historical fact is that [Mandelbrot’s economic ideas] have been by and large ignored, with some few exceptions… which seem to have been subsequently abandoned by their authors.”18 A few years ago, I went to a dinner in New York City that included Mandelbrot. I showed up late and saw just two seats free. Mandelbrot arrived shortly after me and explained that his tardiness was due to an incompetent driver, whom he fired.

Benoit Mandelbrot, “The Variation of Certain Speculative Prices,” in The Random Character of Stock Market Prices, ed. Paul H. Cootner, (Cambridge: MIT Press, 1964), 369–412. This is also a core theme of Taleb, The Black Swan. See also Benoit Mandelbrot and Richard L. Hudson, The (Mis)Behavior of Markets (New York: Basic Books, 2004). 17. Paul H. Cootner, “Comments on The Variation of Certain Speculative Prices,” in Cootner, The Random Character of Stock Market Prices, 413–418. 18. Philip Mirowski, The Effortless Economy of Science? (Durham, NC: Duke University Press, 2004), 232. 19. Felix Salmon, “Recipe for Disaster: The Formula That Killed Wall Street,” Wired Magazine, March 2009, 74–79, 112.; and MacKenzie, An Engine, Not a Camera, 223 and 233. 20. Stephen Jay Gould, Wonderful Life: The Burgess Shale and the Nature of History (New York: W.W. Norton & Company, 1989), 292–323. 21.


Corbyn by Richard Seymour

anti-communist, banking crisis, battle of ideas, Bernie Sanders, Boris Johnson, British Empire, call centre, capital controls, centre right, collective bargaining, credit crunch, Donald Trump, eurozone crisis, first-past-the-post, full employment, gender pay gap, housing crisis, income inequality, knowledge economy, land value tax, liberal world order, mass immigration, means of production, moral panic, Naomi Klein, negative equity, Neil Kinnock, new economy, non-tariff barriers, Northern Rock, Occupy movement, offshore financial centre, pension reform, Philip Mirowski, precariat, quantitative easing, race to the bottom, rent control, Snapchat, stakhanovite, Washington Consensus, wealth creators, Winter of Discontent, Wolfgang Streeck, working-age population, éminence grise

On the role of neoliberals in the Pinochet dictatorship, see David Harvey, Neoliberalism: A Short History, Oxford: Oxford University Press, 2005, pp. 7–9; Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism, New York: Metropolitan Books, 2007, pp. 77–87; Greg Grandin, ‘The Road from Serfdom: Milton Friedman and the Economics of Empire’, Counterpunch, 17 November 2006. And on the underlying assumptions of neoliberal thought with regard to state and economy, see: Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, London: Verso, 2013; Philip Mirowski, ‘On the Origins (at Chicago) of some Species of Neoliberal Evolutionary Economics’, in Robert van Horn, Philip Mirowski and Thomas A Stapleford, eds., Building Chicago Economics: New Perspectives on the History of America’s Most Powerful Economics Program, Cambridge University Press, 2011. 26James M. Buchanan, Public Finance in Democratic Process: Fiscal Institutions and Individual Choice, Chapel Hill, NC: UNC Press, 1967; William A.


pages: 87 words: 25,823

The Politics of Bitcoin: Software as Right-Wing Extremism by David Golumbia

3D printing, A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, bitcoin, blockchain, Burning Man, crony capitalism, cryptocurrency, currency peg, distributed ledger, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Extropian, fiat currency, Fractional reserve banking, George Gilder, jimmy wales, litecoin, Marc Andreessen, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, new economy, obamacare, Peter Thiel, Philip Mirowski, risk tolerance, Ronald Reagan, Satoshi Nakamoto, seigniorage, Silicon Valley, Singularitarianism, smart contracts, Stewart Brand, technoutopianism, The Chicago School, Travis Kalanick, WikiLeaks

This becomes clear when we examine the explicit political and economic doctrine and practice that is usually called libertarianism in the United States (here meaning the political movement that is explicitly advocated by right-wing partisan institutions such as the Cato Institute, the Heartland Foundation, the Mises Institute, and others, as well as astroturf movements like the Tea Party and political figures like Ron Paul and Rand Paul) and its connections with the less explicit doctrine analysts call neoliberalism. Both of these doctrines or dogmas stem from the writings of core right-wing thinkers such as Friedrich August von Hayek, Ludwig von Mises, Milton Friedman, Rothbard, and others, as well as their more recent followers. The most trenchant critic of this work, on whose research my analysis relies in particular, is the economic historian and theorist Philip Mirowski, whose Never Let a Serious Crisis Go to Waste (2014) remains the single most comprehensive account of what he calls the Neoliberal Thought Collective and the nearly identical Mont Pelerin Society (MPS), of which Hayek was the founding president. Mirowski, along with some of his colleagues, has explained with particular cogency how Hayek and others disseminated neoliberal doctrine. From somewhat different angles, writers like Chip Berlet (2009), Berlet along with Matthew Lyons (2000), Claire Conner (2013), Sara Diamond (1995), Michael Perelman (2007), Jill Lepore (2010), and the writers in Flanders’s edited volume (2010) give us thoroughly documented accounts of how those wider spheres of right-wing political thought and practice operate, distributed among actors whose overt adherence to MPS doctrine can vary widely, though they tend to be found far more on the right than the left.


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The Happiness Industry: How the Government and Big Business Sold Us Well-Being by William Davies

1960s counterculture, Airbnb, business intelligence, corporate governance, dematerialisation, experimental subject, Exxon Valdez, Frederick Winslow Taylor, Gini coefficient, income inequality, intangible asset, invisible hand, joint-stock company, lifelogging, market bubble, mental accounting, nudge unit, Panopticon Jeremy Bentham, Philip Mirowski, profit maximization, randomized controlled trial, Richard Thaler, road to serfdom, Ronald Coase, Ronald Reagan, science of happiness, selective serotonin reuptake inhibitor (SSRI), sentiment analysis, sharing economy, Slavoj Žižek, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, social intelligence, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, The Chicago School, The Spirit Level, theory of mind, urban planning, Vilfredo Pareto

., 11–12. 16Rosalind Williams, Dream Worlds: Mass Consumption in Late Nineteenth-Century France, Berkeley: University of California Press, 1982. 17Jevons, The Theory of Political Economy, 101. 18Alfred Marshall, Principles of Economics, Basingstoke: Palgrave Macmillan, 2013, 53. 19Jevons, The Theory of Political Economy, 83. 20Quoted in Philip Mirowski, More Heat Than Light: Economics as Social Physics, Physics as Nature’s Economics, Cambridge: Cambridge University Press, 1989, 219. 21See Philip Mirowski, Edgeworth on Chance, Economic Hazard, and Statistics, Lanham, MD: Rowman & Littlefield, 1994. 22David Colander, ‘Retrospectives: Edgeworth’s Hedonimeter and the Quest to Measure Utility’, Journal of Economic Perspectives 21: 2, 2007. 23D. Wade Hands, ‘Economics, Psychology and the History of Consumer Choice Theory’, Cambridge Journal of Economics 34: 4, 2010. 24This case is discussed in Marion Fourcade, ‘Cents and Sensibility: Economic Valuation and the Nature of “Nature”’, American Journal of Sociology 116: 6, 2011. 25See for example, Rita Samiolo, ‘Commensuration and Styles of Reasoning: Venice, Cost-Benefit, and the Defence of Place’, Accounting, Organizations and Society 37: 6, 2012.


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Why We Can't Afford the Rich by Andrew Sayer

accounting loophole / creative accounting, Albert Einstein, anti-globalists, asset-backed security, banking crisis, banks create money, basic income, Boris Johnson, Bretton Woods, British Empire, business cycle, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, Kickstarter, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, plutocrats, Plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, WikiLeaks, Winter of Discontent, working poor, Yom Kippur War, zero-sum game

In this way, governments can avoid blame if things don’t work out at the same time as they not only avoid challenging big business but deliver new customers to them through privatisation. Focusing purely on individual consumers depoliticises things. Although many neoliberal politicians dismiss global warming as fiction, it’s hard to believe that they really believe the vast weight of scientific research is mistaken. Philip Mirowski has researched neoliberal think-tanks and argues that – contrary to appearances, particularly their tendency to deny climate change – neoliberals actually have a strategy for dealing with it. This strategy has three parts: 1. deny climate change;61 2. advocate carbon markets, in which permissions to emit CO2 can be traded; 3. invest in ‘geoengineering’ to weaken and reverse global warming and its effects.

The interests of the rich dominate political neoliberalism. Sometimes the term is just used to cover ‘everything that’s been happening recently’, but this misses its specificity and the counter-currents. For those wanting to read more on it, I recommend David Harvey’s (2007) A brief history of neoliberalism, Oxford: Oxford University Press. Best of all, especially in relation to the crisis, is Philip Mirowski’s (2013) Never let a serious crisis go to waste, London: Verso. 27 Sayer, A. (2007) ‘Moral economy as critique’, New Political Economy, 12(2), pp 261–70. Many associate the term ‘moral economy’ with Edward Thompson’s research on regulated markets: (1971) ‘The moral economy of the English crowd in the eighteenth century’, Past & Present, 50, pp 76–136. Thompson saw the moral economy as the opposite of the market economy.

Also, most such workers are women, and gender discrimination depresses pay too. 40 Hayek, F.A. (1976) ‘“Social” or distributive justice’, in his Law, legislation and liberty, vol 2, p 74. Similarly: ‘the value which a person’s capacities or services have for us and for which he is recompensed has little relation to anything we call moral merit or deserts’: Hayek, F.A. (1960) The constitution of liberty, Chicago: The University of Chicago Press, p 94. 41 Philip Mirowski calls this division between what neoliberals say in private and what they say in public neoliberalism’s ‘double-truth’. Mirowski, P. (2013) Never let a serious crisis go to waste, London: Verso. The quotation from Hayek encapsulates it. 42 Some enlightened employers may try not to favour applicants according to their accent and demeanour and social background, but the applicants have already been made unequal by being brought up in a society of wide economic and social inequalities, so they are usually competing unequally for unequal positions. 43 Wright (2000).


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The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas by Janek Wasserman

Albert Einstein, American Legislative Exchange Council, anti-communist, battle of ideas, Berlin Wall, Bretton Woods, business cycle, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, David Ricardo: comparative advantage, different worldview, Donald Trump, experimental economics, Fall of the Berlin Wall, floating exchange rates, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, housing crisis, Internet Archive, invisible hand, John von Neumann, Joseph Schumpeter, laissez-faire capitalism, liberal capitalism, market fundamentalism, mass immigration, means of production, Menlo Park, Mont Pelerin Society, New Journalism, New Urbanism, old-boy network, Paul Samuelson, Philip Mirowski, price mechanism, price stability, RAND corporation, random walk, rent control, road to serfdom, Robert Bork, rolodex, Ronald Coase, Ronald Reagan, Silicon Valley, Simon Kuznets, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, trade liberalization, union organizing, urban planning, Vilfredo Pareto, Washington Consensus, zero-sum game, éminence grise

Cambridge: Cambridge University Press, 1995. van der Linden, Marcel. “Gerschenkron’s Secret: A Research Note.” Critique 40, no. 4 (2012): 553–62. Van Horn, Robert. “Jacob Viner’s Critique of Chicago Neoliberalism.” In Van Horn, Mirowski, and Stapleford, Building Chicago Economics, 279–300. Van Horn, Robert, and Philip Mirowski. “The Rise of the Chicago School of Economics and the Birth of Neoliberalism.” In Mirowski and Plehwe, Road from Mont Pèlerin, 139–79. Van Horn, Robert, Philip Mirowski, and Thomas Stapleford, eds. Building Chicago Economics. New York: Cambridge University Press, 2011. Van Sickle, John. Review of Die Gemeinwirtschaft by Ludwig von Mises. AER 13, no. 3 (1923): 533–36. Vaughn, Karen. Austrian Economics in America: The Migration of a Tradition. Cambridge: Cambridge University Press, 1994.


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The Computer Boys Take Over: Computers, Programmers, and the Politics of Technical Expertise by Nathan L. Ensmenger

barriers to entry, business process, Claude Shannon: information theory, computer age, deskilling, Donald Knuth, Firefox, Frederick Winslow Taylor, future of work, Grace Hopper, informal economy, information retrieval, interchangeable parts, Isaac Newton, Jacquard loom, job satisfaction, John von Neumann, knowledge worker, loose coupling, new economy, Norbert Wiener, pattern recognition, performance metric, Philip Mirowski, post-industrial society, Productivity paradox, RAND corporation, Robert Gordon, Shoshana Zuboff, sorting algorithm, Steve Jobs, Steven Levy, the market place, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Turing machine, Von Neumann architecture, Y2K

And although the programmer being referred to here was obviously a logistical or mathematical planner rather than a computer programmer, it was also clear that this new elite would be intimately familiar with computer technology and software design.68 Although “Management in the 1980s” is most generally cited for its role in introducing the term information technology, it is best understood in the context of a more general shift in management practices in the decades after the Second World War. The war had produced a series of “managerial sciences”—including operations research, game theory, and systems analysis—all of which promised a more mathematical and technologically oriented approach to business management. As Philip Mirowski and others have suggested, these nascent “cyborg” sciences were deeply connected to the emerging technology of electronic computing.69 Not only did many of these new techniques require a significant amount of computing power in and of themselves but they relied on the electronic computer as a central metaphor for understanding the nature of the modern bureaucratic organization.70 Many of the most visionary proposals for the use of the electronic computer in management frequently rode into the corporation on the back of this new breed of expert consultants.

Watts, Business Experience with Electronic Computers: A Synthesis of What Has Been Learned from Electronic Data Processing Installations (New York: Price Waterhouse, 1959), 81–83. 66. Felix Kaufman, “EDP and the Disenchanted,” California Management Review 1, no. 4 (1959): 67. 67. Harold Leavitt and Thomas Whisler, “Management in the 1980s,” Harvard Management Review 36, no. 6 (1958): 41–48. 68. Ibid., 44. 69. Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: Cambridge University Press, 2002). 70. Herbert Alexander Simon, Administrative Behavior: A Study of Decision-Making Processes in Administrative Organization (New York: Macmillan, 1947). 71. Herbert Alexander Simon, The New Science of Management Decision (New York: Harper, 1960), 22. 72. John Diebold, “ADP: The Still-Sleeping Giant,” Harvard Business Review 42, no. 5 (1964): 64. 73.


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Red Plenty by Francis Spufford

affirmative action, anti-communist, Anton Chekhov, asset allocation, Buckminster Fuller, clean water, cognitive dissonance, computer age, double helix, Fellow of the Royal Society, John von Neumann, Kickstarter, Kitchen Debate, linear programming, market clearing, MITM: man-in-the-middle, New Journalism, oil shock, Philip Mirowski, plutocrats, Plutocrats, profit motive, RAND corporation, Simon Kuznets, the scientific method

., Marx on Economics (New York: Harcourt Brace, 1961), pp. 229–41. 4 Here and there, economists were starting to talk to biologists and mathematicians: for this first, semi-clandestine stage in the conversation of the disciplines which would produce Soviet cybernetics, which was not quite the same thing as Western cybernetics, see Slava Gerovitch, From Newspeak to Cyberspeak: A History of Soviet Cybernetics (Boston: MIT Press, 2002). 5 For economics, after all, was a theory of everything: for a readable narrative history of the discipline’s history and universal ambitions, see Robert L. Heilbroner, The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 4th edn (New York: Simon and Schuster, 1971). For a much more intricate and specific (but still narrative) study of the ambitions that seemed to be enabled by economics’ encounter with information technology in the post-war twentieth century, see Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002). 6 Value shone in material things once labour had made them useful: the ‘labour theory of value’, as originated by Adam Smith and passed via David Ricardo to Marx. Soviet economists tended to be aware of pre-Marxian classical economics, at least in the form of citations and summaries, but not the post-Marxian development of it.

., Marx on Economics (New York: Harcourt Brace, 1961), pp. 229–41. 4 Here and there, economists were starting to talk to biologists and mathematicians: for this first, semi-clandestine stage in the conversation of the disciplines which would produce Soviet cybernetics, which was not quite the same thing as Western cybernetics, see Slava Gerovitch, From Newspeak to Cyberspeak: A History of Soviet Cybernetics (Boston: MIT Press, 2002). 5 For economics, after all, was a theory of everything: for a readable narrative history of the discipline’s history and universal ambitions, see Robert L. Heilbroner, The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 4th edn (New York: Simon and Schuster, 1971). For a much more intricate and specific (but still narrative) study of the ambitions that seemed to be enabled by economics’ encounter with information technology in the post-war twentieth century, see Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002). 6 Value shone in material things once labour had made them useful: the ‘labour theory of value’, as originated by Adam Smith and passed via David Ricardo to Marx. Soviet economists tended to be aware of pre-Marxian classical economics, at least in the form of citations and summaries, but not the post-Marxian development of it.

McKean, St Petersburg Between the Revolutions: Workers and Revolutionarie/i> (New Haven CT: Yale University Press, 1990) Ken Macleod, The Cassini Division (London: Legend, 1998) Janet Malcolm, Reading Chekhov: A Critical Journey (New York: Random House, 2001) Boris Nikolaevich Malinovsky, Pioneers of Soviet Computing, ed. Anne Fitzpatrick, trans. Emmanuel Aronie. Available at www.sovietcomputing.com Terry Dean Martin, The Affirmative Action Empire: Nations and Nationalism in the Soviet Union, 1923–1939 (Ithaca NY: Cornell University Press, 2001) Frank J. Miller, Folklore for Stalin: Russian Folklore and Pseudo-folklore of the Stalin Era (Armonk: M.E.Sharpe, Inc., 1990) Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: CUP, 2002) Ludwig von Mises, Socialism, 1922; trans. from the German by J. Kahane (Indianapolis: Liberty Fund, 1981) Nikolai Nekrasov (‘Nicholas Nekrassov’), Who Can Be Happy and Free in Russia?, trans. Juliet M Soskice (London, 1917) V. S. Nemchinov, ed., The Use of Mathematics in Economics, ed. in English by Alec Nove (Edinburgh: Oliver & Boyd, 1964) Alec Nove, The Soviet Economic System, 3rd edn (London: Allen & Unwin, 1986) —, Economic History of the USSR, 1917–1991, final edition (London, 1992) V.


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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

Talese, 2009). 4 “MONEY WAS ALWAYS A CONCERN”: Friedman gives an account in the book he co-authored with his wife, Rose, Two Lucky People: Memoirs (Chicago: University of Chicago Press, 1998), pp. 20–32. 5 YET THE FAMILY WAS ABLE TO BUY: Author interview with Milton Friedman, November 2003. 6 “FANATICALLY RELIGIOUS”: Ibid. 7 IF HIS FATHER HAD ANY POLITICAL INFLUENCE: Ibid. 8 “SAVE FOR MY PARENTS”: Friedman and Friedman, Two Lucky People, p. 30 9 FRIEDMAN THOUGHT MARSHALL’S MODEL: Friedman’s early devotion to Marshall is evident in an essay, “Marshall’s Demand Curve,” in his book Essays in Positive Economics (Chicago: University of Chicago Press, 1953). 10 “LIKE HIS MENTOR”: Friedman and Friedman, Two Lucky People, p. 32. 11 JONES WAS THE REASON: Ibid., p. 33. 12 IT EMPHASIZED, AS SIMONS PUT IT: Henry Simons private papers, cited by Rob Van Horn and Philip Mirowski, “The Rise of the Chicago School of Economics and the Birth of Neoliberalism,” in The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective, ed. Philip Mirowski and Dieter Plehwe (Cambridge, Mass.: Harvard University Press, 2009), p. 145. 13 THIS APPROACH IN A TIME: H. L. Miller, “On the Chicago School of Economics,” Journal of Political Economy 70 (February 1962): 64–69. 14 “MY TEACHERS REGARDED THE DEPRESSION”: Milton Friedman, “Comments on the Critics,” Journal of Political Economy (September-October 1972): 906–50. 15 “SIMONS FOR EXAMPLE DID NOT EQUATE”: Miller “On the Chicago School of Economics,” p. 70. 16 “ONCE A DEFLATION HAS GOTTEN UNDER WAY”: Henry Simons, Personal Income and Taxation: The Definition of Income as a Problem of Fiscal Policy (Chicago: University of Chicago Press, 1938), p. 222, cited by Esteban Pérez Caldentey and Matías Vernengo, “Fiscal Policy for the Global Economic Crisis,” Challenge, May-June 2001. 17 HE WAS, IN FACT, A MILD PROPONENT: Author interview with Milton Friedman, November 2003; Lanny Ebenstein, Milton Friedman: A Biography (London: Macmillan Palgrave, 2007). 18 FEW INVITATIONS CAME HIS WAY: Friedman did get an offer from the University of Wisconsin, but became embroiled in what he said was an anti-Semitic battle between the economics department and the business school, and he had to leave.

In private conversation, he told a friend that Friedman’s criticism of government-run public schools was “foolish.” Knight was also more sympathetic to the progressive writings of John Kenneth Galbraith than his younger associates. “Colleagues spoof at [Galbraith], but I find some truth in what he says, perhaps as much as in their position,” he wrote to the British economist Lionel Robbins, referring in particular to Friedman. As economic historians Rob Van Horn and Philip Mirowski make clear, claims that the “neo-liberalism” of Friedman was a pure outgrowth of the highly respected Chicago pioneers like Knight and Simons were misleading. Once securely at the University of Chicago, Friedman became a prolific researcher and writer, much of his work based on a Marshallian framework. Economists refer to this as partial equilibrium analysis—partial because it is focused on one market at a time, for autos or stockbrokers, for example, and not on how each of these markets interacts in the entire economy.


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The Age of Surveillance Capitalism by Shoshana Zuboff

Amazon Web Services, Andrew Keen, augmented reality, autonomous vehicles, barriers to entry, Bartolomé de las Casas, Berlin Wall, bitcoin, blockchain, blue-collar work, book scanning, Broken windows theory, California gold rush, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, citizen journalism, cloud computing, collective bargaining, Computer Numeric Control, computer vision, connected car, corporate governance, corporate personhood, creative destruction, cryptocurrency, dogs of the Dow, don't be evil, Donald Trump, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, facts on the ground, Ford paid five dollars a day, future of work, game design, Google Earth, Google Glasses, Google X / Alphabet X, hive mind, impulse control, income inequality, Internet of things, invention of the printing press, invisible hand, Jean Tirole, job automation, Johann Wolfgang von Goethe, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, knowledge economy, linked data, longitudinal study, low skilled workers, Mark Zuckerberg, market bubble, means of production, multi-sided market, Naomi Klein, natural language processing, Network effects, new economy, Occupy movement, off grid, PageRank, Panopticon Jeremy Bentham, pattern recognition, Paul Buchheit, performance metric, Philip Mirowski, precision agriculture, price mechanism, profit maximization, profit motive, recommendation engine, refrigerator car, RFID, Richard Thaler, ride hailing / ride sharing, Robert Bork, Robert Mercer, Second Machine Age, self-driving car, sentiment analysis, shareholder value, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, slashdot, smart cities, Snapchat, social graph, social web, software as a service, speech recognition, statistical model, Steve Jobs, Steven Levy, structural adjustment programs, The Future of Employment, The Wealth of Nations by Adam Smith, Tim Cook: Apple, two-sided market, union organizing, Watson beat the top human players on Jeopardy!, winner-take-all economy, Wolfgang Streeck

Flew, “Michel Foucault’s The Birth of Biopolitics and Contemporary Neo-Liberalism Debates,” Thesis Eleven 108, no. 1 (2012): 44–65, https://doi.org/10.1177/0725513611421481; Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013); Gérard Duménil and Dominique Lévy, The Crisis of Neoliberalism (Cambridge, MA: Harvard University Press, 2013); Pierre Dardot and Christian Laval, The New Way of the World: On Neoliberal Society (Brooklyn: Verso, 2013); António Ferreira, “The Politics of Austerity as Politics of Law,” Oñati Socio-Legal Series 6, no. 3 (2016): 496–519; David M. Kotz, The Rise and Fall of Neoliberal Capitalism (Cambridge, MA: Harvard University Press, 2017); Philip Mirowski and Dieter Plehwe, eds., The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009); Wendy Brown, Undoing the Demos: Neoliberalism’s Stealth Revolution (New York: Zone, 2015); David Jacobs and Lindsey Myers, “Union Strength, Neoliberalism, and Inequality: Contingent Political Analyses of US Income Differences Since 1950,” American Sociological Review 79 (2014): 752–74; Angus Burgin, The Great Persuasion: Reinventing Free Markets Since the Depression (Cambridge, MA: Harvard University Press, 2012); Greta R.

Short, “The Paranoid Style in Regulatory Reform,” Hastings Law Journal 63 (January 12, 2011): 633. 37. For a wonderful collection of essays on this subject, see Steve Fraser and Gary Gerstle, eds., The Rise and Fall of the New Deal Order 1930–1980 (Princeton, NJ: Princeton University Press, 1989). 38. Alan Brinkley, Liberalism and Its Discontents (Cambridge, MA: Harvard University Press, 2000). 39. Short, “The Paranoid Style,” 44–46. 40. Short, 52–53. Economic historian Philip Mirowski summarizes the “metatheses” that since the 1980s helped to constitute neoliberalism as a loose “paradigm,” despite its amorphous, multifaceted, and sometimes contradictory theories and practices. Among these, several became essential shelter for the surveillance capitalists’ bold actions, secret operations, and rhetorical misdirection: (1) democracy was to be constrained in favor of actively reconstructing the state as the agent of a stable market society; (2) the entrepreneur and the corporation were conflated, enshrining “corporate personhood,” rather than the rights of citizens, as the focus of legal protections; (3) freedom was defined negatively, as “freedom from” interference in the natural laws of competition, and all control was understood as coercive, except for market control; and (4) inequality of wealth and rights was accepted and even celebrated as a necessary feature of a successful market system and a force for progress.

Among these, several became essential shelter for the surveillance capitalists’ bold actions, secret operations, and rhetorical misdirection: (1) democracy was to be constrained in favor of actively reconstructing the state as the agent of a stable market society; (2) the entrepreneur and the corporation were conflated, enshrining “corporate personhood,” rather than the rights of citizens, as the focus of legal protections; (3) freedom was defined negatively, as “freedom from” interference in the natural laws of competition, and all control was understood as coercive, except for market control; and (4) inequality of wealth and rights was accepted and even celebrated as a necessary feature of a successful market system and a force for progress. Later, surveillance capitalism’s success, its aggressive rhetoric, and its leaders’ willingness to fight every challenge, both in the courts and in the court of public opinion, further cemented these guiding principles in US politics, economic policies, and regulatory approaches. See Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London: Verso, 2013). See also Wendy Brown, Undoing the Demos: Neoliberalism’s Stealth Revolution (New York: Zone Books, 2015); David M. Kotz, The Rise and Fall of Neoliberal Capitalism (Cambridge, MA: Harvard University Press, 2015), 166–75. 41. Frank A. Pasquale, “Privacy, Antitrust, and Power,” George Mason Law Review 20, no. 4 (2013): 1009–24. 42.


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Strategy: A History by Lawrence Freedman

Albert Einstein, anti-communist, Anton Chekhov, Ayatollah Khomeini, barriers to entry, battle of ideas, Black Swan, British Empire, business process, butterfly effect, centre right, Charles Lindbergh, circulation of elites, cognitive dissonance, coherent worldview, collective bargaining, complexity theory, conceptual framework, corporate raider, correlation does not imply causation, creative destruction, cuban missile crisis, Daniel Kahneman / Amos Tversky, defense in depth, desegregation, Edward Lorenz: Chaos theory, en.wikipedia.org, endogenous growth, endowment effect, Ford paid five dollars a day, framing effect, Frederick Winslow Taylor, Gordon Gekko, greed is good, information retrieval, interchangeable parts, invisible hand, John Nash: game theory, John von Neumann, Kenneth Arrow, lateral thinking, linear programming, loose coupling, loss aversion, Mahatma Gandhi, means of production, mental accounting, Murray Gell-Mann, mutually assured destruction, Nash equilibrium, Nelson Mandela, Norbert Wiener, Norman Mailer, oil shock, Pareto efficiency, performance metric, Philip Mirowski, prisoner's dilemma, profit maximization, race to the bottom, Ralph Nader, RAND corporation, Richard Thaler, road to serfdom, Ronald Reagan, Rosa Parks, shareholder value, social intelligence, Steven Pinker, strikebreaker, The Chicago School, The Myth of the Rational Market, the scientific method, theory of mind, Thomas Davenport, Thomas Kuhn: the structure of scientific revolutions, Torches of Freedom, Toyota Production System, transaction costs, ultimatum game, unemployed young men, Upton Sinclair, urban sprawl, Vilfredo Pareto, War on Poverty, women in the workforce, Yogi Berra, zero-sum game

It is hard to overstate the importance of RAND, especially during its early years, in transforming established patterns of thought not only in the military sphere but throughout the social sciences. The resources and tools it had available, including the most advanced computers of the day, provided it with a capacity to innovate, which it did with a remarkable sense of mission and confidence. The new universe that was explored at RAND was simulated as much as observed. Philip Mirowski describes what he calls the “Cyborg sciences.” These reflected the new interactions between men and machines. They broke down the distinctions between nature and society, as models of one began to resemble the other, and between “reality” and simulacra. The Monte Carlo simulations adopted for dealing with uncertainty in data during the Manhattan Project, for example, opened up a range of possible experiments to explore the logic of complex systems, discerning ways through uncertainty and forms of order in chaos.11 RAND analysts saw these new methods as supplanting rather than supplementing traditional patterns of thought.

The best place to start this story is with the RAND Corporation, which we identified in the last section as the home of game theory and the belief that a formal science of decision could be developed. This effort gained credibility because of the very special issues posed by nuclear weapons. The effort transformed thinking about not only strategy but also economics because it demonstrated the possibilities opened up by powerful computing capabilities for modeling all forms of human activity. Philip Mirowski has written of the “Cyborg sciences,” which developed along with computing, reflecting novel interactions between men and machines. They broke down the distinctions between nature and society, as models of one began to resemble the other, and between “reality” and simulacra. The Monte Carlo simulations adopted during the wartime atomic bomb project for dealing with uncertainty in data, for example, opened up a range of possible experiments to explore the logic of complex systems, discerning ways through uncertainty and forms of order in chaos.1 RAND analysts saw them as supplanting rather than supplementing traditional patterns of thought.

Patrick Blackett, Studies of War, Nuclear and Conventional (New York: Hill & Wang, 1962), 177. 9. Paul Kennedy, Engineers of Victory: The Problem Solvers Who Turned the Tide in the Second World War (London: Allen Lane, 2013). 10. Sharon Ghamari-Tabrizi, “Simulating the Unthinkable: Gaming Future War in the 1950s and 1960s,” Social Studies of Science 30, no. 2 (April 2000): 169, 170. 11. Philip Mirowski, Machine Dreams: Economics Becomes Cyborg Science (Cambridge: Cambridge University Press, 2002), 12–17. 12. Hedley Bull, The Control of the Arms Race (London: Weidenfeld & Nicolson, 1961), 48. 13. Hedley Bull, “Strategic Studies and Its Critics,” World Politics 20, no. 4 (July 1968): 593–605. 14. Charles Hitch and Roland N. McKean, The Economics of Defense in the Nuclear Age (Cambridge, MA: Harvard University Press, 1960). 15.


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What's Wrong with Economics? by Robert Skidelsky

"Robert Solow", additive manufacturing, agricultural Revolution, Black Swan, Bretton Woods, business cycle, Cass Sunstein, central bank independence, cognitive bias, conceptual framework, Corn Laws, corporate social responsibility, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, disruptive innovation, Donald Trump, full employment, George Akerlof, George Santayana, global supply chain, global village, Gunnar Myrdal, happiness index / gross national happiness, hindsight bias, Hyman Minsky, income inequality, index fund, inflation targeting, information asymmetry, Internet Archive, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labour market flexibility, loss aversion, Mark Zuckerberg, market clearing, market friction, market fundamentalism, Martin Wolf, means of production, moral hazard, paradox of thrift, Pareto efficiency, Paul Samuelson, Philip Mirowski, precariat, price anchoring, principal–agent problem, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, shareholder value, Silicon Valley, Simon Kuznets, survivorship bias, technoutopianism, The Chicago School, The Market for Lemons, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Thorstein Veblen, transaction costs, transfer pricing, Vilfredo Pareto, Washington Consensus, Wolfgang Streeck, zero-sum game

As Jacques Derrida (1930–2004) put it, ‘there is no outside text’: there is no reality outside the circle of language. Post-modernist literary criticism ‘deconstructs’ the ‘text’ by shifting attention from the truth of what is being asserted to the means by which people are persuaded of its truth. From this perspective, economic modelling is a persuasive undertaking: it does not aim to discover truth, it tries to persuade people of the truth of its own ‘text’. All reality is ‘socially constructed’. Philip Mirowski carries the argument further by saying that natural sciences, too, are built on persuasive utterance. There is a fundamental gap between our thought and reality which can only be bridged by metaphor, simile, analogy. Logical proofs are part of the persuasive machinery.22 There are three valuable implications of this approach. First, it emphasises that stories or narratives are the ways in which people try to make sense of complex situations.


pages: 415 words: 125,089

Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein

"Robert Solow", Albert Einstein, Alvin Roth, Andrew Wiles, Antoine Gombaud: Chevalier de Méré, Bayesian statistics, Big bang: deregulation of the City of London, Bretton Woods, business cycle, buttonwood tree, buy and hold, capital asset pricing model, cognitive dissonance, computerized trading, Daniel Kahneman / Amos Tversky, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Lloyd's coffeehouse, endowment effect, experimental economics, fear of failure, Fellow of the Royal Society, Fermat's Last Theorem, financial deregulation, financial innovation, full employment, index fund, invention of movable type, Isaac Newton, John Nash: game theory, John von Neumann, Kenneth Arrow, linear programming, loss aversion, Louis Bachelier, mental accounting, moral hazard, Myron Scholes, Nash equilibrium, Norman Macrae, Paul Samuelson, Philip Mirowski, probability theory / Blaise Pascal / Pierre de Fermat, random walk, Richard Thaler, Robert Shiller, Robert Shiller, spectrum auction, statistical model, stocks for the long run, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thomas Bayes, trade route, transaction costs, tulip mania, Vanguard fund, zero-sum game

Von Neumann and Morgenstern based The Theory of Games and Economic Behavior on one essential element of behavior: the winnings that will accrue to an individual who maximizes his utility-makes the best of the available tradeoffs within the constraints set by the game theory-will depend upon how much he "can get if he behaves 'rationally.' This `can get' [the winnings he can expect] is, of course, presumed to be a minimum; he may get more if others make mistakes (behave irrationall y)."19 This stipulation has posed a major problem for critics, including distinguished behavioral psychologists like Daniel Ellsberg and Richard Thaler, whom we will meet later. In a highly critical paper published in 1991, the historian Philip Mirowski asserted, "All is not well in the House of Game Theory-in every dreamhouse a heartache-and signs of pathology can no longer be ignored."20 He cites criticisms by Nobel Prize winners Henry Simon, Kenneth Arrow, and Paul Samuelson. He claims that game theory would never have amounted to anything had von Neumann not sold it to the military; he even goes so far as to speculate, "Some laid the blame for the escalation of nuclear weaponry directly at the door of game theory."21 Indeed, Mirowski claims that Morgenstern was a "godsend" to von Neumann because he proposed economists as an audience for game theory when no one else was interested.


pages: 614 words: 174,226

The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society by Binyamin Appelbaum

"Robert Solow", airline deregulation, Alvin Roth, Andrei Shleifer, anti-communist, battle of ideas, Benoit Mandelbrot, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, Celtic Tiger, central bank independence, clean water, collective bargaining, Corn Laws, correlation does not imply causation, Credit Default Swap, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, desegregation, Diane Coyle, Donald Trump, ending welfare as we know it, financial deregulation, financial innovation, fixed income, floating exchange rates, full employment, George Akerlof, George Gilder, Gini coefficient, greed is good, Growth in a Time of Debt, income inequality, income per capita, index fund, inflation targeting, invisible hand, Isaac Newton, Jean Tirole, John Markoff, Kenneth Arrow, Kenneth Rogoff, land reform, Long Term Capital Management, low cost airline, manufacturing employment, means of production, Menlo Park, minimum wage unemployment, Mohammed Bouazizi, money market fund, Mont Pelerin Society, Network effects, new economy, oil shock, Paul Samuelson, Philip Mirowski, plutocrats, Plutocrats, price stability, profit motive, Ralph Nader, RAND corporation, rent control, rent-seeking, Richard Thaler, road to serfdom, Robert Bork, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Peltzman, Silicon Valley, Simon Kuznets, starchitect, Steve Jobs, supply-chain management, The Chicago School, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, trickle-down economics, ultimatum game, Unsafe at Any Speed, urban renewal, War on Poverty, Washington Consensus

See Robert Van Horn, “The Coming of Age of a Reformer Skeptic (1914– 1924),” History of Political Economy 42, no. 4 (2010): 601–30. 35. Director was not the first economist on the Chicago law school faculty. He took the place of Henry Simons, who played a formative role in the careers of Director, Friedman, and Stigler. See Rob Van Horn and Philip Mirowski, “The Rise of the Chicago School of Economics and the Birth of Neoliberalism,” in The Road from Mont Pèlerin, ed. Philip Mirowski and Dieter Plehwe (Cambridge: Harvard University Press, 2009), 155. 36. Edmund W. Kitch, “The Fire of Truth: A Remembrance of Law and Economics at Chicago, 1932–1970,” Journal of Law and Economics 26, no. 1. Coase’s comments are particularly interesting because his 1961 paper on transaction costs is often identified as the beginning of “law and economics” analysis.


pages: 349 words: 98,868

Nervous States: Democracy and the Decline of Reason by William Davies

active measures, Affordable Care Act / Obamacare, Amazon Web Services, bank run, banking crisis, basic income, business cycle, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Climategate, Climatic Research Unit, Colonization of Mars, continuation of politics by other means, creative destruction, credit crunch, decarbonisation, deindustrialization, discovery of penicillin, Dominic Cummings, Donald Trump, drone strike, Elon Musk, failed state, Filter Bubble, first-past-the-post, Frank Gehry, gig economy, housing crisis, income inequality, Isaac Newton, Jeff Bezos, Johannes Kepler, Joseph Schumpeter, knowledge economy, loss aversion, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, meta analysis, meta-analysis, Mont Pelerin Society, mutually assured destruction, Northern Rock, obamacare, Occupy movement, pattern recognition, Peace of Westphalia, Peter Thiel, Philip Mirowski, planetary scale, post-industrial society, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, road to serfdom, Robert Mercer, Ronald Reagan, sentiment analysis, Silicon Valley, Silicon Valley startup, smart cities, statistical model, Steve Jobs, the scientific method, Turing machine, Uber for X, universal basic income, University of East Anglia, Valery Gerasimov, We are the 99%, WikiLeaks, women in the workforce, zero-sum game

The election of Barack Obama in 2008, with plans to rescue the financial system and provide social health insurance, was the catalyst for fearsome mobilization of economic and intellectual muscle, fueled by libertarian ideology. Whether Mises won or lost the “socialist calculation debate” is not really the point. What was more important was that, in emphasizing the problem of rapid calculation, he set the terms on which the debate took place. In doing so, as the historian of economics Philip Mirowski has shown, he established the template for how mainstream economics would develop over the second half of the twentieth century, especially in the United States.12 Following Mises’ critique of Neurath, economists increasingly came to view their subject matter in terms of information and to understand markets as information processors. Mirowski notes that economists working on the topic of information came to dominate the list of Nobel Prize recipients from the 1960s onwards, helping to lay the intellectual foundations for the resurrection of free-market policy programs in the 1970s.


pages: 518 words: 107,836

How Not to Network a Nation: The Uneasy History of the Soviet Internet (Information Policy) by Benjamin Peters

Albert Einstein, American ideology, Andrei Shleifer, Benoit Mandelbrot, bitcoin, Brownian motion, Claude Shannon: information theory, cloud computing, cognitive dissonance, computer age, conceptual framework, continuation of politics by other means, crony capitalism, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, Dissolution of the Soviet Union, Donald Davies, double helix, Drosophila, Francis Fukuyama: the end of history, From Mathematics to the Technologies of Life and Death, hive mind, index card, informal economy, information asymmetry, invisible hand, Jacquard loom, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, linear programming, mandelbrot fractal, Marshall McLuhan, means of production, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Network effects, Norbert Wiener, packet switching, Pareto efficiency, pattern recognition, Paul Erdős, Peter Thiel, Philip Mirowski, RAND corporation, rent-seeking, road to serfdom, Ronald Coase, scientific mainstream, Steve Jobs, Stewart Brand, stochastic process, technoutopianism, The Structural Transformation of the Public Sphere, transaction costs, Turing machine

Katherine Hayles, How We Became Posthuman: Virtual Bodies in Cybernetics, Literature, and Informatics (Chicago: University of Chicago Press, 1999); Jean-Pierre Dupuy, The Mechanization of the Mind: The Origins of Cognitive Science, trans. M. B. DeBevoise (Princeton: Princeton University Press, 2000; Cambridge: MIT Press, 2009); John Johnston, The Allure of Machinic Life: Cybernetics, Artificial Life, and the New AI (Cambridge: MIT Press, 2008); Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (New York: Cambridge University Press, 2001); Orit Halpern, “Dreams for Our Perceptual Present: Archives, Interfaces, and Networks in Cybernetics,” Configurations 13 (2007): 283–319; Stuart Umpleby, “A History of the Cybernetics Movement in the United States,” Journal of the Washington Academy of Sciences 91 (2005): 54–66; Bernard Geoghegan, “The Historiographic Conceptualization of Information: A Critical Survey,” IEEE Annals of the History of Computing 30 (2008): 66–81.For more on cybernetics in the Soviet Union, see Slava Gerovitch, From Newspeak to Cyberspeak: A History of Soviet Cybernetics (Cambridge: MIT Press, 2002); David Holloway, “Innovation in Science: The Case of Cybernetics in the Soviet Union,” Science Studies 4 (1974): 299–337; and David Mindell, Jerome Segal, and Slava Gerovitch, “From Communications Engineering to Communications Science: Cybernetics and Information Theory in the United States, France, and the Soviet Union,” in Science and Ideology: A Comparative History, ed.


pages: 494 words: 132,975

Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott

"Robert Solow", airport security, banking crisis, Bretton Woods, British Empire, business cycle, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, Kickstarter, liquidationism / Banker’s doctrine / the Treasury view, means of production, Mont Pelerin Society, mortgage debt, New Journalism, Northern Rock, Paul Samuelson, Philip Mirowski, price mechanism, pushing on a string, road to serfdom, Robert Bork, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, War on Poverty, Yom Kippur War

Klein (University of Chicago Press, Chicago, 1992), p. 191. 11 Raymond-Claude-Ferdinand Aron (1905–83), French sociologist and social scientist, and friend of Jean-Paul Sartre. 12 Michael Polanyi, born Polányi Mihály (1891–1976), Hungarian-born English economist, chemist, and philosopher of science who fled Nazi Germany in 1933 to avoid Jewish persecution. 13 Wilhelm Röpke (1899–1966), the German economist whose ideas about the need to temper the depredations of the free market with “economic humanism” led to him help establish the highly successful postwar German social-market economy that underpinned the “German miracle.” 14 Now the Hôtel Mirador. 15 Albert Hunold (1899–1981). 16 Philip Mirowski and Dieter Plehwe, The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective (Harvard University Press, Cambridge, Mass., 2009), p. 15. 17 George H. Nash (1945– ), American historian, authority on Herbert Hoover, and author of The Conservative Intellectual Movement in America since 1945 (Basic Books, New York, 1976). 18 Nash, Conservative Intellectual Movement in America, p. 26. 19 George Joseph Stigler (1911–91) who, after researching for the Manhattan Project, became a leading member of the University of Chicago School of Economics and protégé of Frank Knight, who won a Nobel Prize for economics in 1982. 20 John Jewkes (1902–88), professor of economic organization at Merton College, Oxford. 21 Sir Karl Raimund Popper (1902–94), former Marxist Viennese-born British scientific philosopher and advocate of the hypercritical liberal democratic tradition that forms the “open society.” 22 Dame (Cicely) Veronica “C.


Adam Smith: Father of Economics by Jesse Norman

"Robert Solow", active measures, Andrei Shleifer, balance sheet recession, bank run, banking crisis, Basel III, Berlin Wall, Black Swan, Branko Milanovic, Bretton Woods, British Empire, Broken windows theory, business cycle, business process, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, centre right, cognitive dissonance, collateralized debt obligation, colonial exploitation, Corn Laws, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, David Ricardo: comparative advantage, deindustrialization, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, Fellow of the Royal Society, financial intermediation, frictionless, frictionless market, future of work, George Akerlof, Hyman Minsky, income inequality, incomplete markets, information asymmetry, intangible asset, invention of the telescope, invisible hand, Isaac Newton, Jean Tirole, John Nash: game theory, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, lateral thinking, loss aversion, market bubble, market fundamentalism, Martin Wolf, means of production, money market fund, Mont Pelerin Society, moral hazard, moral panic, Naomi Klein, negative equity, Network effects, new economy, non-tariff barriers, Northern Rock, Pareto efficiency, Paul Samuelson, Peter Thiel, Philip Mirowski, price mechanism, principal–agent problem, profit maximization, purchasing power parity, random walk, rent-seeking, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, scientific worldview, seigniorage, Socratic dialogue, South Sea Bubble, special economic zone, speech recognition, Steven Pinker, The Chicago School, The Myth of the Rational Market, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Malthus, Thorstein Veblen, time value of money, transaction costs, transfer pricing, Veblen good, Vilfredo Pareto, Washington Consensus, working poor, zero-sum game

Jevons, The Theory of Political Economy, Macmillan 1888, Ch. 4 ‘Higgling’: see WN I.v.4; for Edgeworth’s overall critique of Walras, see his ‘Review of Léon Walras, Éléments d’économie politique pure’, Nature, 40.1036, September 1925 Transformation of political economy into economics: although Alfred Marshall is often credited with the shift in name, it is worth noting that he and Mary Paley Marshall had already scouted the change eleven years earlier, in their book The Economics of Industry of 1879 Effect of mathematical and physical models on economics: see Philip Mirowski, More Heat than Light, Cambridge University Press 1989 Politics as epiphenomenon: the exact relations between politics and economics in Marx’s thought remain a matter of scholarly debate. In the words of Ralph Miliband, ‘Marx and Engels explicitly rejected any rigid and mechanistic notion of “determination”… But one must not protest too much. There remains in Marxism an insistence on the “primacy” of the “economic base” which must not be understated.’


The New Enclosure: The Appropriation of Public Land in Neoliberal Britain by Brett Christophers

Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, Corn Laws, credit crunch, cross-subsidies, Diane Coyle, estate planning, ghettoisation, Hernando de Soto, housing crisis, income inequality, invisible hand, land reform, land tenure, land value tax, late capitalism, market clearing, Martin Wolf, New Journalism, New Urbanism, off grid, offshore financial centre, performance metric, Philip Mirowski, price mechanism, price stability, profit motive, Right to Buy, Skype, sovereign wealth fund, special economic zone, the built environment, The Wealth of Nations by Adam Smith, Thorstein Veblen, urban sprawl, wealth creators

One such assumption is that finely articulated markets for goods and services, as described in conventional economic theory, are in operation.’1 In other words, it is not so much markets per se that underwrite efficiency; it is, rather, a particular type of (‘finely articulated’) market, one meeting certain strict criteria. And one such criterion, maybe even the most important one, concerns the availability of information. One of Margaret Thatcher’s great inspirations for her privatization agenda was, of course, the Austrian economist Friedrich Hayek. For Hayek, market-based allocation was infinitely superior to state-based allocation because the market was, in Philip Mirowski’s words, ‘an information processor more powerful than any human brain’.2 But clearly a market cannot effectively process relevant information about the commodities circulating in that market if such information is not visible. For markets to be efficient, they must be information-rich – information must be freely available to all market participants. The issue of information availability is pivotal to James Meek’s critique of Britain’s electricity privatization.


pages: 330 words: 99,044

Reimagining Capitalism in a World on Fire by Rebecca Henderson

Airbnb, asset allocation, Berlin Wall, Bernie Sanders, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, collaborative economy, collective bargaining, commoditize, corporate governance, corporate social responsibility, crony capitalism, dark matter, decarbonisation, disruptive innovation, double entry bookkeeping, Elon Musk, Erik Brynjolfsson, Exxon Valdez, Fall of the Berlin Wall, family office, fixed income, George Akerlof, Gini coefficient, global supply chain, greed is good, Hans Rosling, Howard Zinn, Hyman Minsky, income inequality, index fund, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, Kickstarter, Lyft, Mark Zuckerberg, means of production, meta analysis, meta-analysis, microcredit, mittelstand, Mont Pelerin Society, Nelson Mandela, passive investing, Paul Samuelson, Philip Mirowski, profit maximization, race to the bottom, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, sovereign wealth fund, Steven Pinker, stocks for the long run, Tim Cook: Apple, total factor productivity, Toyota Production System, uber lyft, urban planning, Washington Consensus, working-age population, Zipcar

“Inaugural Addresses of the Presidents of the United States: Ronald Reagan,” Avalon Project—Documents in Law, History and Diplomacy, https://avalon.law.yale.edu/20th_century/reagan1.asp. 14. A. Winston, “Where the GOP’s Tax Extremism Comes From,” [online] 2017, accessed Oct. 18, 2019, https://medium.com/@AndrewWinston/where-the-gops-tax-extremism-comes-from-90eb10e38b1c. 15. “Edelman Trust Barometer Global Report” (2019), https://news.gallup.com/reports/199961/7.aspx. 16. Philip Mirowski and Deiter Piehwe, The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009). 17. Theda Skocpol and Alexander Hertel-Fernandez, “The Koch Network and Republican Party Extremism,” Perspectives on Politics 14, no. 3 (2016): 681–699. 18. Daron Acemoglu, Simon Johnson, and James A. Robinson, “The Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review 91, no. 5 (2001): 1369–1401. 19.


pages: 668 words: 159,523

Coffeeland: One Man's Dark Empire and the Making of Our Favorite Drug by Augustine Sedgewick

affirmative action, Alfred Russel Wallace, British Empire, business cycle, California gold rush, collective bargaining, European colonialism, family office, Fellow of the Royal Society, Food sovereignty, Frederick Winslow Taylor, Honoré de Balzac, imperial preference, Joan Didion, Johann Wolfgang von Goethe, land reform, land tenure, Louis Pasteur, mass immigration, Monroe Doctrine, Philip Mirowski, race to the bottom, refrigerator car, the scientific method, The Structural Transformation of the Public Sphere, trade route, wage slave, women in the workforce, working poor, zero-sum game

Kemmerer Papers, Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library. 10. See Drake, Money Doctor. 11. Rosenberg, Financial Missionaries, 102–5. 12. See, for example, Drake, Money Doctor. 13. For example, Douglas Vickers, Economics and Ethics: An Introduction to Theory, Institutions, and Policy (Westport, CT: Prager, 1997), 5–8. 14. Philip Mirowski, More Heat than Light: Economics as Social Physics, Physics as Nature’s Economics (New York: Cambridge University Press, 1989), 193–275. 15. Roger E. Backhouse, The Ordinary Business of Life: A History of Economics from the Ancient World to the Twenty-First Century (Princeton, NJ: Princeton University Press, 2004), 4. 16. William Stanley Jevons, The Principles of Science: A Treatise on Logic and Scientific Method, 2nd ed.


pages: 807 words: 154,435

Radical Uncertainty: Decision-Making for an Unknowable Future by Mervyn King, John Kay

"Robert Solow", Airbus A320, Albert Einstein, Albert Michelson, algorithmic trading, Antoine Gombaud: Chevalier de Méré, Arthur Eddington, autonomous vehicles, availability heuristic, banking crisis, Barry Marshall: ulcers, battle of ideas, Benoit Mandelbrot, bitcoin, Black Swan, Bonfire of the Vanities, Brownian motion, business cycle, business process, capital asset pricing model, central bank independence, collapse of Lehman Brothers, correlation does not imply causation, credit crunch, cryptocurrency, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, demographic transition, discounted cash flows, disruptive innovation, diversification, diversified portfolio, Donald Trump, easy for humans, difficult for computers, Edmond Halley, Edward Lloyd's coffeehouse, Edward Thorp, Elon Musk, Ethereum, Eugene Fama: efficient market hypothesis, experimental economics, experimental subject, fear of failure, feminist movement, financial deregulation, George Akerlof, germ theory of disease, Hans Rosling, Ignaz Semmelweis: hand washing, income per capita, incomplete markets, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Jeff Bezos, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, John von Neumann, Kenneth Arrow, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, market bubble, market fundamentalism, Moneyball by Michael Lewis explains big data, Nash equilibrium, Nate Silver, new economy, Nick Leeson, Northern Rock, oil shock, Paul Samuelson, peak oil, Peter Thiel, Philip Mirowski, Pierre-Simon Laplace, popular electronics, price mechanism, probability theory / Blaise Pascal / Pierre de Fermat, quantitative trading / quantitative finance, railway mania, RAND corporation, rent-seeking, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ronald Coase, sealed-bid auction, shareholder value, Silicon Valley, Simon Kuznets, Socratic dialogue, South Sea Bubble, spectrum auction, Steve Ballmer, Steve Jobs, Steve Wozniak, Tacoma Narrows Bridge, Thales and the olive presses, Thales of Miletus, The Chicago School, the map is not the territory, The Market for Lemons, The Nature of the Firm, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Davenport, Thomas Malthus, Toyota Production System, transaction costs, ultimatum game, urban planning, value at risk, World Values Survey, Yom Kippur War, zero-sum game

There is no such thing as a general theory of dentistry, but there is a large store of practical knowledge to which dentists have access. An accomplished dentist is one who identifies the source of the patient’s problem – ‘What is going on here?’ – and draws effectively on old and new techniques from that store of knowledge to relieve that problem. A great contributor to dentistry, like Brånemark, develops a new technique of wide practical application. Economics demands data The American historian of economic thought Philip Mirowski popularised the term ‘physics envy’ to describe the longing of many economists to emulate Max Planck rather than Keynes’ dentist. And while Keynes’ description of Planck’s deductive reasoning is accurate, the knowledge of the solar system which lies behind NASA’s success originates not in axiomatic reasoning but in the careful and extensive observation of the planets undertaken in the sixteenth century by the Danish nobleman Tycho Brahe.


pages: 410 words: 106,931

Age of Anger: A History of the Present by Pankaj Mishra

anti-communist, Asian financial crisis, Ayatollah Khomeini, Berlin Wall, British Empire, colonial rule, continuation of politics by other means, creative destruction, Donald Trump, Edward Snowden, Fall of the Berlin Wall, Fellow of the Royal Society, Francis Fukuyama: the end of history, George Santayana, global village, Gunnar Myrdal, informal economy, invisible hand, liberal capitalism, Mahatma Gandhi, Marshall McLuhan, Martin Wolf, mass immigration, Nelson Mandela, Peter Thiel, Philip Mirowski, planetary scale, plutocrats, Plutocrats, precariat, Republic of Letters, Scientific racism, Silicon Valley, smart cities, Snapchat, stem cell, the scientific method, The Wealth of Nations by Adam Smith, trade route, traveling salesman, urban planning, Vilfredo Pareto, wage slave, women in the workforce, zero-sum game

A handy digest of bien pensant thinking about globalization is Thomas Friedman’s The Lexus and the Olive Tree (New York, 1999). For a counter-critique, see Edward Luttwak’s Turbo-Capitalism: Winners and Losers in the Global Economy (New York, 1998). Two revealing genealogies of neo-liberalism are Angus Burgin, The Great Persuasion: Reinventing Free Markets since the Depression (Cambridge, MA, 2012), and Philip Mirowski and Dieter Plehwe (eds), The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective (Cambridge, MA, 2009). On the loss of political spaces, see Saskia Sassen, Losing Control? Sovereignty in the Age of Globalization (New York, 1996). On Arendt’s notion of the common present and negative solidarity, see her essay on Karl Jaspers in Men in Dark Times (New York, 1970). On ressentiment, see Max Scheler, Ressentiment, trans.


pages: 576 words: 105,655

Austerity: The History of a Dangerous Idea by Mark Blyth

"Robert Solow", accounting loophole / creative accounting, balance sheet recession, bank run, banking crisis, Black Swan, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, deindustrialization, disintermediation, diversification, en.wikipedia.org, ending welfare as we know it, Eugene Fama: efficient market hypothesis, eurozone crisis, financial repression, fixed income, floating exchange rates, Fractional reserve banking, full employment, German hyperinflation, Gini coefficient, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, market bubble, market clearing, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, Philip Mirowski, price stability, quantitative easing, rent-seeking, reserve currency, road to serfdom, savings glut, short selling, structural adjustment programs, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, unorthodox policies, value at risk, Washington Consensus, zero-sum game

Eucken, cited in Sally Razeen, “Ordoliberalism and the Social Market: Classical Political Economy from Germany,” New Political Economy 1, 2 (1996): 233–257, quoted in Volker Berghahn and Brigitte Young, “Reflections on Werner Bonefeld’s “Freedom and the Strong State: On German Ordoliberalism” and the Continuing Importance of the Ideas of Ordoliberalism to Understand Germany’s (Contested) Role in the Resolving the Eurozone Crisis,” forthcoming in New Political Economy, p. 12 of manuscript version. 15. Graber, “Constitutionalizing the Economy,” 45. 16. Berghahn and Young, “Reflections,” passim. 17. Ralf Ptak, “Neoliberalism in Germany: Revisiting the Ordoliberal Foundations of the Social Market Economy” in The Road From Mont Pelerin: The Making of the Neoliberal Thought Collective, ed. Philip Mirowski and Dieter Plehwe (Cambridge, MA: Harvard University Press, 2009), 102. 18. Gerber, “Constitutionalizing the Economy,” 48–49. 19. If you detect echoes of the Eurozone debacle here, you should. 20. Crudely, supply creates its own demand. 21. Carl J. Freidrich, “The Political Thought of Neo-Liberalism” American Political Science Review 49, 2 (1955): 511. A contemporary example of achievement versus impediment competition is to compare the competition on products that occurs between BMW and Mercedes.


pages: 474 words: 130,575

Surveillance Valley: The Rise of the Military-Digital Complex by Yasha Levine

23andMe, activist fund / activist shareholder / activist investor, Airbnb, AltaVista, Amazon Web Services, Anne Wojcicki, anti-communist, Apple's 1984 Super Bowl advert, bitcoin, borderless world, British Empire, call centre, Chelsea Manning, cloud computing, collaborative editing, colonial rule, computer age, computerized markets, corporate governance, crowdsourcing, cryptocurrency, digital map, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, drone strike, Edward Snowden, El Camino Real, Electric Kool-Aid Acid Test, Elon Musk, fault tolerance, George Gilder, ghettoisation, global village, Google Chrome, Google Earth, Google Hangouts, Howard Zinn, hypertext link, IBM and the Holocaust, index card, Jacob Appelbaum, Jeff Bezos, jimmy wales, John Markoff, John von Neumann, Julian Assange, Kevin Kelly, Kickstarter, life extension, Lyft, Mark Zuckerberg, market bubble, Menlo Park, Mitch Kapor, natural language processing, Network effects, new economy, Norbert Wiener, packet switching, PageRank, Paul Buchheit, peer-to-peer, Peter Thiel, Philip Mirowski, plutocrats, Plutocrats, private military company, RAND corporation, Ronald Reagan, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, slashdot, Snapchat, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Telecommunications Act of 1996, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Hackers Conference, uber lyft, Whole Earth Catalog, Whole Earth Review, WikiLeaks

Family interviews and other personal details about Norbert Wiener are informed by the great biography by Flo Conway and Jim Siegelman, Dark Hero of the Information Age: In Search of Norbert Wiener, the Father of Cybernetics (New York: Basic Books, 2006). 16. Conway and Siegelman, Dark Hero of the Information Age, chap. 1. 17. Norbert Wiener, The Human Use of Human Beings: Cybernetics and Society (New York: Doubleday, 1950). 18. Paul N. Edwards, The Closed World: Computers and the Politics of Discourse in Cold War America (Cambridge, MA: MIT Press, 1996). 19. Philip Mirowski, Machine Dreams: Economics Becomes a Cyborg Science (Cambridge: Cambridge University Press, 2001). 20. For example, cybernetics theory formed the base of Noam Chomsky’s work. He rose to fame by redefining the study of linguistics, and helped spark the “cognitive revolution” by positing that human language was produced by what was essentially a specialized language computer module in the human brain—like a sound card plugged into a mother board.


pages: 469 words: 142,230

The Planet Remade: How Geoengineering Could Change the World by Oliver Morton

Albert Einstein, Asilomar, British Empire, Buckminster Fuller, Cesare Marchetti: Marchetti’s constant, colonial rule, Colonization of Mars, Columbian Exchange, decarbonisation, demographic transition, Elon Musk, energy transition, Ernest Rutherford, germ theory of disease, Haber-Bosch Process, Intergovernmental Panel on Climate Change (IPCC), James Watt: steam engine, Jeff Bezos, John Harrison: Longitude, John von Neumann, late capitalism, Louis Pasteur, moral hazard, Naomi Klein, nuclear winter, oil shale / tar sands, orbital mechanics / astrodynamics, Philip Mirowski, planetary scale, plutocrats, Plutocrats, renewable energy transition, Scramble for Africa, Search for Extraterrestrial Intelligence, Silicon Valley, smart grid, South China Sea, Stewart Brand, Thomas Malthus

., Duren, Riley and MacMartin, Douglas G. (2014) ‘Field Experiments on Solar Geoengineering: Report of a Workshop Exploring a Representative Research Portfolio’ Philosophical Transactions of the Royal Society A 372 doi: 10.1098/rsta.2014.0175 Keith, David W. and MacMartin, Douglas G. (2015) ‘A Temporary, Moderate and Responsive Scenario for Solar Geoengineering’ Nature Climate Change doi: 10.1038/nclimate2493 Khan, Ehsan et al. (2001) Response Options to Limit Rapid or Severe Climate Change: Assessment of Research Needs US Department of Energy King, Paul – see May, James Kingsland, Sharon E. (1994) ‘Economics and Evolution: Alfred James Lotka and the Economy of Nature’ in Natural Images in Economic Thought: ‘Markets Read in Tooth and Claw’ ed Philip Mirowski, Cambridge University Press Kingsland, Sharon E. (1995) Modeling Nature: Episodes in the History of Population Ecology Chicago University Press Kintisch, Eli (2010) Hack the Planet John Wiley and sons Klein, Naomi (2014) This Changes Everything: Capitalism vs. the Climate Simon & Schuster (2014) Kravitz, Ben et al. (2013) ‘Climate Model Response from the Geoengineering Model Intercomparison Project (GeoMIP)’ Journal of Geophysical Research: Atmospheres doi: 10.1002/jgrd.50646 Kravitz, Ben et al. (2014) ‘A Multi-Model Assessment of Regional Climate Disparities Caused by Solar Geoengineering’, Environmental Research Letters 9 doi: 10.1088/1748–9326/9/7/074013 Kump, Lee R. et al. (2013) The Earth System (3rd edition) Pearson Kunzig, Robert and Broecker, Wallace S. (2008) Fixing Climate: The Story of Climate Science – and How to Stop Global Warming Profile Lamb, Hubert Horace (1971) ‘Climate-Engineering Schemes to Meet a Climatic Emergency’ Earth-Science Reviews 7 87–95 Lamb, Hubert Horace (1972) Climate: Present, Past and Future Methuen Lane, Lee et al. (2007) Workshop Report on Managing Solar Radiation NASA/CP-2007-214558 Langmuir, Charles H. and Broecker, Wally (2012) How to Build a Habitable Planet: The Story of Earth from the Big Bang to Humankind Princeton University Press Latham, John (1990) ‘Control of Global Warming’ Nature 347 339–340 Latham, John et al. (2008) ‘Global Temperature Stabilization via Controlled Albedo Enhancement of Low-Level Maritime Clouds’ Philosophical Transactions of the Royal Society A 366 3969–3987 Latham, John et al. (2014) ‘Marine Cloud Brightening: Regional Applications’ Philosophical Transactions of the Royal Society A 372 doi: 10.1098/rsta.2014.0053 Latour, Bruno (2011) ‘Love Your Monsters’ Breakthrough Journal 2 21–28 Lauer, Axel (2009) ‘Assessment of Near-Future Policy Instruments for Oceangoing Shipping: Impact on Atmospheric Aerosol Burdens and the Earth’s Radiation Budget’ Environmental Science and Technology 43 5592–5598 Leach, Gerald (1976) Energy and Food Production IPC Science and Technology Press Lem, Stansilaw (1986) One Human Minute (translated by Catherine S.


The Cigarette: A Political History by Sarah Milov

activist lawyer, affirmative action, airline deregulation, American Legislative Exchange Council, barriers to entry, British Empire, collective bargaining, corporate personhood, deindustrialization, fixed income, Frederick Winslow Taylor, G4S, global supply chain, imperial preference, Indoor air pollution, information asymmetry, invisible hand, Kitchen Debate, land tenure, new economy, New Journalism, Philip Mirowski, pink-collar, Potemkin village, precariat, price stability, profit maximization, race to the bottom, Ralph Nader, rent-seeking, Silicon Valley, structural adjustment programs, The Chicago School, Torches of Freedom, trade route, union organizing, Unsafe at Any Speed, Upton Sinclair, War on Poverty, women in the workforce

Some scholars use the term neoliberalism to describe the ascent of free-market orthodoxy. For a historical account of neoliberal ideas, see Angus Burgin, The Great Persuasion: Reinventing Free Markets since the Great Depression (Cambridge, MA: Harvard University Press, 2012); Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton: Princeton University Press, 2012); Philip Mirowski and Dieter Plehwe, eds., The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009). For a theoretical account of neoliberalism as a political project, see David Harvey, A Brief History of Neoliberalism (New York: Oxford University Press, 2005); Wendy Brown, Undoing the Demos: Neoliberalism’s Stealth Revolution (New York: Zone, 2015).


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Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

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

Daniel Yergin and Joseph Stanislaw (2002) The Commanding Heights: The Battle for the World Economy, Touchstone Books, New York: 125. 6. Quoted in Kai Bord and Martin J. Sherwin (2006) American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer, Vintage Books, New York: 62. 7. Upton Sinclair (1965) The Jungle, Dover Publications: 32. 8. Quoted in Peter Watson (2000) A Terrible Beauty: The People and Ideas that Shaped the Modern Minds—A History, Phoenix Press, London: 81. 9. Philip Mirowski (2002) Machine Dreams: Economics Becomes a Cyborg Science, Cambridge University Press, Cambridge: 203, 204. 10. Johan van Overtveldt (2007) The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionised Economics and Business, Agate Books, Chicago: 9. 11. Ibid: 91. 12. Justin Fox (2009) The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street, Harper Business, New York: 252. 13. van Overtveldt, The Chicago School: 85–7. 14.


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The WikiLeaks Files: The World According to US Empire by Wikileaks

affirmative action, anti-communist, banking crisis, battle of ideas, Boycotts of Israel, Bretton Woods, British Empire, capital controls, central bank independence, Chelsea Manning, colonial exploitation, colonial rule, corporate social responsibility, credit crunch, cuban missile crisis, Deng Xiaoping, drone strike, Edward Snowden, energy security, energy transition, European colonialism, eurozone crisis, experimental subject, F. W. de Klerk, facts on the ground, failed state, financial innovation, Food sovereignty, Francis Fukuyama: the end of history, full employment, future of journalism, high net worth, invisible hand, Julian Assange, Kickstarter, liberal world order, Mikhail Gorbachev, millennium bug, Mohammed Bouazizi, Monroe Doctrine, Nelson Mandela, Northern Rock, Philip Mirowski, RAND corporation, Ronald Reagan, Silicon Valley, South China Sea, statistical model, structural adjustment programs, too big to fail, trade liberalization, trade route, UNCLOS, UNCLOS, uranium enrichment, Washington Consensus, WikiLeaks, zero-sum game, éminence grise

On the drawbacks of financialization for productive investment, see Costas Lapavitsas, Profiting Without Producing: How Finance Exploits Us All (London/New York: Verso, 2013). 61Panitch and Gindin, Making of Global Capitalism, pp. 216–19. 62“Conclusion,” in “The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States,” February 2011, at gpo.gov. 63David McNally, Global Slump: The Economics and Politics of Crisis and Resistance (Oakland, CA: PM Press, 2011), p. 86. 64Panitch and Gindin, Making of Global Capitalism, pp. 236–7. 65Ibid., pp. 310–30. See also Leo Panitch, Sam Gindin, and Greg Albo, In and Out of Crisis: The Global Financial Meltdown and Left Alternatives (Oakland, CA: PM Press, 2010); Philip Mirowski, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown (London/New York: Verso, 2013). 66Tony Wood, “Good Riddance to New Labour,” New Left Review II/62 (March–April 2010). CHAPTER 5: US WAR CRIMES AND THE ICC 1Lesley Wroughton, “US, Afghans Agree Most of Pact, Elders to Make Final Decision,” Reuters, October 13, 2013, at reuters.com. 2Josh Dougherty, “When Victimless Crimes Matter and Victims Don’t: The Trial of Bradley Manning,” Iraq Body Count, August 2, 2013, at iraqbodycount.org. 3Glen Greenwald, With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful (New York: Metropolitan, 2011). 4White House, “Statement of President Barack Obama on Release of OLC Memos,” April 16, 2009, at whitehouse.gov. 5White House, “Statement by the President Report of the Senate Select Committee on Intelligence,” December 9, 2014, at whitehouse.gov. 6John R.


pages: 1,197 words: 304,245

The Invention of Science: A New History of the Scientific Revolution by David Wootton

agricultural Revolution, Albert Einstein, British Empire, clockwork universe, Commentariolus, commoditize, conceptual framework, Dava Sobel, double entry bookkeeping, double helix, en.wikipedia.org, Ernest Rutherford, Fellow of the Royal Society, fudge factor, germ theory of disease, Google X / Alphabet X, Hans Lippershey, interchangeable parts, invention of gunpowder, invention of the steam engine, invention of the telescope, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, Johannes Kepler, John Harrison: Longitude, knowledge economy, lateral thinking, lone genius, Mercator projection, On the Revolutions of the Heavenly Spheres, Philip Mirowski, placebo effect, QWERTY keyboard, Republic of Letters, social intelligence, spice trade, spinning jenny, the scientific method, Thomas Kuhn: the structure of scientific revolutions

Snow) 16 Two New Sciences (Galileo Galilei) 296, 304, 417, 515 two spheres/one sphere theories (Earth) 113–21, 124–5, 126–7, 128–43, 245, 467 see also Earth Tycho’s nova 13, 192 see also Brahe, Tycho Uccello, Paolo 179 underdetermination 515 United Kingdom 49 United Provinces 68n units of measurement 234–5, 258–9 see also measurement Universae naturae theatrum (Jean Bodin) 132, 134, 141 universities 136 Urania propitia (Maria Cunitz) 6n Uraniborg 196 Uranus 99 Urban VIII, Pope 216 Urbino 175–6 Uriana 307 Ursus 93–4, 96 vacuums 332–5, 339–41 Aristotle denies 69, 177, 300, 311–12, 320 barometer and 245 Boyle and 349–52 competing views 105, 246 Descartes and 366, 371, 439 experiments 77n, 101, 294, 296, 336 explanations 392 laboratories and nature 323 Pascal’s unfinished treatise 297–8 Sarrotti’s efforts 477 steam and 491 Torricellian tubes 324 Vadianus, Joachim Aristotle’s fallibility 523 Earth’s centre of gravity 138 experience and 247 Habes lector 128 India and Africa as antipodes 137 man of many talents 125 van Helmont, Jean Baptiste Boyle influenced by 294, 297 garlic and magnets 279 Jesuits enraged by 291 ‘theory’, use of word 395 weapon salve book 287, 289, 292 Vanini, Giulio Cesare 75 vanishing point 176–9 ‘Vanity of Authors, The’ (Samuel Johnson) 474 Vanity of Dogmatizing, The (Joseph Glanvill) 295, 512n Variation of the Compass, The (William Borough) 331 Vasari, Giorgio 36, 167 Vaucanson, Jacques de 439, 440 Venice 8, 106, 215, 524 Venus 224–9 as seen from earth 526 changes in apparent size 148 distances from sun 145 Galileo begins to observe 222, 224 Galileo publishes on 94 Morning Star and Evening Star 66, 91 phases discovered 24n, 194, 197, 245–6, 515, 523 Tycho Brahe’s nova and 13, 192 Venus Seen on the Sun 149n Verbiest, Ferdinand 180, 182 Vergil 454 Vergil, Polydore 65–8, 93, 176, 339 Versailles 496 Vesalius, Andreas 182–6 see also Fabric of the Human Body muscles of the body 185 new fact-grounded science of 302 priority claims and 97 surgical concerns 207 Vespucci, Amerigo Copernicus indebted to 143 ‘discovery’, the word 65 discovery and invention 60 facts, absence of 255 important book on 76 important features of voyages 136 Mundus novus 121 naming of America 98, 99 publication of supposed letters of 59 water and earth 124 vestiges 410, 529 Vesuvius, Mount 301 Vicentinis, Alexander de 279 Vickers, Brian 355 Vikings 57, 93 Villani, Filippo 451 ‘Visible Hand, A’ (Philip Mirowski) 520n Visigoths 451 ‘Visualization and Cognition: Drawing Things Together’ (Bruno Latour) 302 Vitruvius Cesariano’s commentary 177, 178 diagrams lost 183–4n 1521 translation 305n on Pythagoras and Archimedes’ discoveries 67n, 80, 100–1 painting of stage sets 77 perspective painting and 251 Roman machinery 435, 437 Serlio popularizes 200 Vitruvius Teutsch (Johannes Petreius) vi Viviani, Vincenzo 335–6 Vögelin, Johannes 192 Voltaire women readers 474 works by 237, 396 writes on English science 10, 448 von Guericke, Otto 343, 491, 502, 506 Vulgar Errors (Pseudoxia epidemica) (Thomas Browne) 254, 304 Vulgate 59 Wacker, Mathias 211, 214 Waldseemüller, Martin Copernicus indebted to 142 discovering America?


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Liberalism at Large: The World According to the Economist by Alex Zevin

activist fund / activist shareholder / activist investor, affirmative action, anti-communist, Asian financial crisis, bank run, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, business cycle, capital controls, centre right, Chelsea Manning, collective bargaining, Columbine, Corn Laws, corporate governance, corporate social responsibility, creative destruction, credit crunch, David Ricardo: comparative advantage, debt deflation, desegregation, disruptive innovation, Donald Trump, Edward Snowden, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Francis Fukuyama: the end of history, full employment, Gini coefficient, global supply chain, hiring and firing, imperial preference, income inequality, interest rate derivative, invisible hand, John von Neumann, Joseph Schumpeter, Julian Assange, Khartoum Gordon, land reform, liberal capitalism, liberal world order, light touch regulation, Long Term Capital Management, market bubble, Martin Wolf, means of production, Mikhail Gorbachev, Monroe Doctrine, Mont Pelerin Society, moral hazard, Naomi Klein, new economy, New Journalism, Norman Macrae, Northern Rock, Occupy movement, Philip Mirowski, plutocrats, Plutocrats, price stability, quantitative easing, race to the bottom, railway mania, rent control, rent-seeking, road to serfdom, Ronald Reagan, Rosa Parks, Snapchat, Socratic dialogue, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade liberalization, trade route, unbanked and underbanked, underbanked, unorthodox policies, upwardly mobile, War on Poverty, WikiLeaks, Winter of Discontent, Yom Kippur War, young professional

The ‘burying’ of the Department of Economic Affairs and George Brown’s 1965 National Plan was another black mark for the civil service: ‘The People We Have Become’. 53.‘Experience in state welfare has influenced academic thinking and public policy in America more than in Britain’, lamented Seldon, who cited Milton Friedman and Edward Banfield as cases of the former, Senator Daniel Moynihan of the latter: ‘Letters’, 12 May 1973. See Keith Tribe, ‘Liberalism and Neoliberalism in Britain, 1930–1980’, in The Road from Mount Pèlerin, eds. Philip Mirowski and Dieter Plehwe, Cambridge 2009, p. 89. 54.Eurocurrency markets undermined the Bretton Woods system, since they operated without reference to the official, gold-backed value of the US dollar. For the competitive deregulatory pressures they exerted on policymakers, and their role in the formation of a transatlantic ‘City-Bank-Treasury’ – ‘Federal Reserve-Wall Street-Treasury’ nexus, see J.


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

. —, ‘From “Consensus” to “Common Ground”: The Rhetoric of the Postwar Settlement and Its Collapse’, Journal of Contemporary History 48.1 (January 2013), pp. 3–23. —, The Roar of the Lion: The Untold Story of Churchill’s World War II Speeches (Oxford, 2013). Trentmann, Frank, Free Trade Nation: Commerce, Consumption and Civil Society in Modern Britain (Oxford, 2008). Trevor-Roper, Hugh, Hermit of Peking: The Hidden Life of Sir Edmund Backhouse (Harmondsworth, 1978). Tribe, Keith, ‘Liberalism and Neoliberalism in Britain, 1930–1980’, in Philip Mirowski and Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective (Cambridge, Massachusetts, 2009), pp. 68–7. Turner, John (ed.), Businessmen and Politics (London, 1984). Twigge, S. R., The Early Development of Guided Weapons in the United Kingdom 1940–1960 (Amsterdam, 1993). Ugolini, Laura, Men and Menswear: Sartorial Consumption in Britain 1880–1939 (London, 2007).


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Prosperity Without Growth: Foundations for the Economy of Tomorrow by Tim Jackson

"Robert Solow", bank run, banking crisis, banks create money, Basel III, basic income, bonus culture, Boris Johnson, business cycle, carbon footprint, Carmen Reinhart, Cass Sunstein, choice architecture, collapse of Lehman Brothers, creative destruction, credit crunch, Credit Default Swap, David Graeber, decarbonisation, dematerialisation, en.wikipedia.org, energy security, financial deregulation, Financial Instability Hypothesis, financial intermediation, full employment, Growth in a Time of Debt, Hans Rosling, Hyman Minsky, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, liberal capitalism, Mahatma Gandhi, mass immigration, means of production, meta analysis, meta-analysis, moral hazard, mortgage debt, Naomi Klein, new economy, offshore financial centre, oil shale / tar sands, open economy, paradox of thrift, peak oil, peer-to-peer lending, Philip Mirowski, profit motive, purchasing power parity, quantitative easing, Richard Thaler, road to serfdom, Robert Gordon, Ronald Reagan, science of happiness, secular stagnation, short selling, Simon Kuznets, Skype, smart grid, sovereign wealth fund, Steve Jobs, The Chicago School, The Great Moderation, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, universal basic income, Works Progress Administration, World Values Survey, zero-sum game


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

Other venues where I was able to try out some of this material were meetings in Ferrara and Milan (Bocconi University) in 1 9 9 1 ; the III Curso de Historia de la Técnica in the Universidad de Salamanca in 1992 (organizers Julio Sanchez Gomez and Guillermo Mira); a Convegno in 1993 of the Società Italiana degli Storici dell'Economia (Vera Zamagni, secretary) on the theme o f "Innovazione e Sviluppo"; several sessions of the Economic History Workshop at Harvard; the " Jornadas Bancarias" o f the Asociaciôn de Bancos de la Republica Argentina in Buenos Aires in 1993 on "Las Estrategias del Desarrollo"; a congress in Hull, England, in 1 9 9 3 (Economic History Society, Tawney Lecture); a conference in Cambridge University on "Technological Change and Economic Growth" (Emma Rothschild, organizer) in 1993; Jacques Marseille and Maurice Lévy-Leboyer's colloquium (Institut d'Histoire économique, Paris, 1 9 9 3 ) on "Les performances des entreprises françaises au X X siècle"; a conference on "Convergence or Decline in British and American Economie History" at Notre Dame University in 1994 (Edward Lorenz and Philip Mirowski organizers, Donald McCloskey promoter); a session on the Industrial Revolution (John Komlos organizer) at the Eleventh International Economic History Congress in Milan in 1994; and a session at the Social Science History Association in Adanta in 1994. Also lectures in the universities o f Oslo and Bergen in 1995 (Kristine Bruland and Fritz Hodne, organizers); a symposium in Paris in 1995 on the work of Alain Peyrefitte ( "Valeurs, Comportements, Développement, Modernité,"^Raymond Boudon organizer) dealing inter alia with regional differences in European economic development; further symposia in 1995 on "The Wealth and Poverty of Nations" in Reggio Emilia and the Bocconi University in Milan (Franco Amatori, organizer).


pages: 611 words: 130,419

Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller

agricultural Revolution, Albert Einstein, algorithmic trading, Andrei Shleifer, autonomous vehicles, bank run, banking crisis, basic income, bitcoin, blockchain, business cycle, butterfly effect, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, central bank independence, collective bargaining, computerized trading, corporate raider, correlation does not imply causation, cryptocurrency, Daniel Kahneman / Amos Tversky, debt deflation, disintermediation, Donald Trump, Edmond Halley, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, full employment, George Akerlof, germ theory of disease, German hyperinflation, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, implied volatility, income inequality, inflation targeting, invention of radio, invention of the telegraph, Jean Tirole, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, litecoin, market bubble, money market fund, moral hazard, Northern Rock, nudge unit, Own Your Own Home, Paul Samuelson, Philip Mirowski, plutocrats, Plutocrats, Ponzi scheme, publish or perish, random walk, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, Satoshi Nakamoto, secular stagnation, shareholder value, Silicon Valley, speech recognition, Steve Jobs, Steven Pinker, stochastic process, stocks for the long run, superstar cities, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, traveling salesman, trickle-down economics, tulip mania, universal basic income, Watson beat the top human players on Jeopardy!, We are the 99%, yellow journalism, yield curve, Yom Kippur War


pages: 497 words: 144,283

Connectography: Mapping the Future of Global Civilization by Parag Khanna

"Robert Solow", 1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, charter city, clean water, cloud computing, collateralized debt obligation, commoditize, complexity theory, continuation of politics by other means, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, digital map, disruptive innovation, diversification, Doha Development Round, edge city, Edward Snowden, Elon Musk, energy security, Ethereum, ethereum blockchain, European colonialism, eurozone crisis, failed state, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, fixed income, forward guidance, global supply chain, global value chain, global village, Google Earth, Hernando de Soto, high net worth, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial cluster, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, LNG terminal, low cost airline, low cost carrier, low earth orbit, manufacturing employment, mass affluent, mass immigration, megacity, Mercator projection, Metcalfe’s law, microcredit, mittelstand, Monroe Doctrine, mutually assured destruction, New Economic Geography, new economy, New Urbanism, off grid, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Parag Khanna, Peace of Westphalia, peak oil, Pearl River Delta, Peter Thiel, Philip Mirowski, plutocrats, Plutocrats, post-oil, post-Panamax, private military company, purchasing power parity, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, TaskRabbit, telepresence, the built environment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, Tim Cook: Apple, trade route, transaction costs, UNCLOS, uranium enrichment, urban planning, urban sprawl, WikiLeaks, young professional, zero day


pages: 903 words: 235,753

The Stack: On Software and Sovereignty by Benjamin H. Bratton

1960s counterculture, 3D printing, 4chan, Ada Lovelace, additive manufacturing, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, basic income, Benevolent Dictator For Life (BDFL), Berlin Wall, bioinformatics, bitcoin, blockchain, Buckminster Fuller, Burning Man, call centre, carbon footprint, carbon-based life, Cass Sunstein, Celebration, Florida, charter city, clean water, cloud computing, connected car, corporate governance, crowdsourcing, cryptocurrency, dark matter, David Graeber, deglobalization, dematerialisation, disintermediation, distributed generation, don't be evil, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, Eratosthenes, Ethereum, ethereum blockchain, facts on the ground, Flash crash, Frank Gehry, Frederick Winslow Taylor, future of work, Georg Cantor, gig economy, global supply chain, Google Earth, Google Glasses, Guggenheim Bilbao, High speed trading, Hyperloop, illegal immigration, industrial robot, information retrieval, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Jacob Appelbaum, Jaron Lanier, Joan Didion, John Markoff, Joi Ito, Jony Ive, Julian Assange, Khan Academy, liberal capitalism, lifelogging, linked data, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, McMansion, means of production, megacity, megastructure, Menlo Park, Minecraft, MITM: man-in-the-middle, Monroe Doctrine, Network effects, new economy, offshore financial centre, oil shale / tar sands, packet switching, PageRank, pattern recognition, peak oil, peer-to-peer, performance metric, personalized medicine, Peter Eisenman, Peter Thiel, phenotype, Philip Mirowski, Pierre-Simon Laplace, place-making, planetary scale, RAND corporation, recommendation engine, reserve currency, RFID, Robert Bork, Sand Hill Road, self-driving car, semantic web, sharing economy, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, smart cities, smart grid, smart meter, social graph, software studies, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Startup school, statistical arbitrage, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, Superbowl ad, supply-chain management, supply-chain management software, TaskRabbit, the built environment, The Chicago School, the scientific method, Torches of Freedom, transaction costs, Turing complete, Turing machine, Turing test, undersea cable, universal basic income, urban planning, Vernor Vinge, Washington Consensus, web application, Westphalian system, WikiLeaks, working poor, Y Combinator


pages: 1,205 words: 308,891

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