colonial exploitation

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pages: 370 words: 111,129

Inglorious Empire: What the British Did to India by Shashi Tharoor

affirmative action, barriers to entry, Boris Johnson, British Empire, colonial exploitation, colonial rule, corporate raider, deindustrialization, European colonialism, global village, informal economy, joint-stock company, land tenure, liberal capitalism, Mahatma Gandhi, Nelson Mandela, night-watchman state, Parkinson's law, trade route

The traditional British view of wealth based it on the ownership of land, which, through its solidity, connoted an earthy stability, and since land was held for a long time, reflected hierarchy and implied a sense of permanence. This had changed somewhat thanks to the advent of the mercantile classes, but the Pitt Diamond represented a dramatically alternative model, based on something far more adventurous—colonial exploits, if not exploitation. The owners of these diamonds escaped the confinement of traditional sources of wealth for something that could be acquired by colonial enterprise rather than traditional inheritance. Fifteen years after he had brought the diamond from India, Thomas Pitt sold it to the Regent of France, the Duc d’Orléans, for the princely sum of £135,000, almost six times what he had paid for it.

There is an ironic footnote to the issue of Britain’s economic exploitation of India, in these days of Scottish nationalism and febrile speculation about the future of the Union. It is often forgotten what cemented the Union in the first place: the loaves and fishes available to Scots from participation in the colonial exploits of the East India Company. Before Union with England, Scotland had attempted, but been singularly unsuccessful at, colonization, mainly in Central America and the Caribbean. Once Union came, India came with it, along with myriad opportunities. A disproportionate number of Scots were employed in the colonial enterprise, as soldiers, sailors, merchants, agents and employees.

Assam tea proved superior to the Chinese imports and more palatable to the British housewife. In the 1830s, the East India Company traded about 31.5 million lbs. (14 million kilos) of Chinese tea a year; today India alone produces nearly 300 million kilos. But even tea was not exempt from colonial exploitation: the workers laboured in appalling conditions for a pittance, while all the profits, of course, went to British firms. Early in the twentieth century, the remarkable anti-imperialist Sir Walter Strickland wrote bitterly in the preface to his now-out-of-print volume The Black Spot in the East: ‘Let the English who read this at home reflect that, when they sip their deleterious decoctions of tannin…they too are, in their degree, devourers of human flesh and blood.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

"Robert Solow", 3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, carried interest, centre right, Charles Lindbergh, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, disinformation, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, illegal immigration, imperial preference, income inequality, independent contractor, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, microaggression, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Bannon, Steve Jobs, superstar cities, telepresence, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra

By one recent historical measure, China and India in 1750 produced three-quarters of the world’s manufactures. On the eve of the First World War their share had dropped to just 7.5 per cent.6 Economic historians called it the Age of Divergence. Much of the East’s sharp decline – perhaps too much – has been blamed on the direct effects of colonial exploitation. The British East India Company, for example, suppressed Indian textile production, which had led the world. Indian silks were displaced by Lancashire cotton. Chinese porcelain was supplanted by European ‘china’. Both suffered from variations on what Britain later called Imperial Preference, which forced them to export low-value raw materials to Britain, and import expensive finished products, thus keeping them in permanent deficit.

advertising, 65–6, 178 Afghanistan, 80 Africa: Chinese investment in, 32, 84; economic growth in, 21, 31, 32; future importance of, 200–1; and liberal democracy, 82, 83, 183; migration from, 140, 181; slave trade, 23, 55, 56 African-Americans, 104 age demographics, 34–5, 155, 156; ageing populations, 39; baby boom years, 39, 121; and gig economy, 64; life expectancy, 38, 58, 59, 60; millennials, 40–1, 121–2; and support for democracy, 121–2; and voter turnout, 103–4 Airbnb, 63 Albright, Madeleine, 6 American Revolution, 9 Andorra, 72 Andreessen, Marc, 61 Apple, 27, 31, 59, 60, 156 Arab Spring, 12, 82 Arab world, 202 Arendt, Hannah, The Origins of Totalitarianism, 128 Aristotle, 138, 200 artificial intelligence, 13, 34, 51–5, 56, 60–2 Asian Development Bank, 84 Asian economies, 21–2, 162; as engine of global growth, 21, 30, 31, 32; and Industrial Revolution, 23–4; and optimism, 202; of South Asia, 31; see also China; India Asian flu crisis (1997), 29 Asian Infrastructure Investment Bank (AIIB), 84 Attlee, Clement, 90 Australia, 84, 160, 167, 175 Austria, 15–16, 116 autocracy: and America’s post-9/11 blunders, 80–1, 85, 86; authoritarian nature of Trump, 133, 169, 171, 178–9; China as, 78, 80, 83–6, 159–60, 165, 201; and end of Cold War, 5, 78–9; and First World War, 115; and Great Recession, 83–4; and illiberal democracy, 204; myth of as more efficient, 170–1; popular demagogues, 137; rising support for, 11, 73, 82–3, 122 automation: and Chinese workforce, 62, 169; communications technology, 13, 52–5, 56–7, 59–60, 61–6, 67–8 see also digital revolution; and education, 197, 198; and Henry Ford, 66–7; political responses to, 67–8; steam revolution, 24, 55–6; techno-optimists, 52, 60; in transport, 54, 55, 56–7, 58, 59, 61 Bagehot, Walter, 115 Baker Institute, 68 Baldwin, Richard, 25, 27, 61 Bangladesh, 32 bank bail-outs, 193 Bannon, Steve, 130, 148, 173, 181–2 Belgium, 140 Bell, Daniel, 37 Berlin Wall, fall of (1989), 3–5, 6, 7, 74, 77 Bernstein, Carl, 132 Berra, Yogi, 57 Bhagwati, Jagdish, 159 Bismarck, Otto von, 42, 78, 120, 156, 161 Black Death, 25 Blair, Tony, 45, 89–90, 91 Blum, Léon, 116 Boer War (1899-1902), 155, 156 Bortnikov, Alexander, 6 Botswana, 82 Brazil, 29 Brecht, Bertolt, 86, 87 Breitbart News, 148 Brexit, 15, 73, 88, 92, 98, 101, 104, 119, 120, 163; UKIP’s NHS spending claim, 102; urban–hinterland split in vote, 47, 48, 130; xenophobia during campaign, 100–1 Britain: elite responses to Nazi Germany, 117; foreign policy goals, 179; gig economy, 63; growth of inequality in modern era, 43, 46, 47, 48, 50–1; history in popular imagination, 163; Imperial Preference, 22; London’s elites, 98–100, 130; nineteenth-century franchise extension, 114–15; policy towards China, 164; rapid expansion in nineteenth century, 24; and rise of Germany, 156, 157; rising support for authoritarianism, 122; separatism within, 140; Thatcher’s electoral success, 189–90 British East India Company, 22 British National Party (BNP), 100 Brown, Gordon, 99 Brownian movement, 172 Bryan, William Jennings, 111 Brynjolfsson, Erik, 60 Buffet, Warren, 199 Bush, George W., 31, 73, 79–81, 103, 156, 157, 163, 165, 182 Bush Republicans, 189 Cameron, David, 15, 92, 98, 99–100 Carnegie, Andrew, 42–3 Cherokee Indians, 114, 134 Chicago, 48 China: as autocracy, 78, 80, 83–6, 159–60, 165, 201; circular view of history, 11; colonial exploitation of, 20, 22–3, 55; decoupling of economy from West (2008), 29–30, 83–4; democracy activists in, 86, 140; entry to WTO (2001), 26; exceptionalism, 166; expulsion of Western NGOs, 85; future importance of, 200–1; and global trading system, 19–20, 26–7; Great Firewall in, 129; handover of Hong Kong (1997), 163–4; history in popular imagination, 163–4; hostility to Western liberalism, 84–6, 159–60, 162; and hydrogen bomb, 163; and Industrial Revolution, 22, 23–4; internal migration in, 41; investment in developing countries, 32, 84; military expansion, 157, 158; as nuclear power, 175; Obama’s trip to (2009), 159–60; political future of, 168–9, 202; pragmatic development route, 28, 29–30; pre-Industrial Revolution economy, 22; rapid expansion of, 13, 20–2, 25–8, 30, 35, 58, 157, 159; and robot economy, 62; Shanghai Cooperation Organization, 80; Trump’s promised trade war, 135, 145, 149; and Trump’s victory, 85–6, 140; US naval patrols in seas off, 148, 158, 165; US policy towards, 25–6, 145–6, 157–61, 165; US–China war scenario, 145–53, 161; in Western thought, 161–2; Xi’s crackdown on internal dissent, 168; Zheng He’s naval fleet, 165–6 China Central Television (CCTV), 84, 85 Christianity, 10, 105 Churchill, Winston, 98, 117, 128, 169 cities, 47–51, 130 class: creeping gentrification, 46, 48, 50–1; emerging middle classes, 21, 31, 39, 159; in Didier Eribon’s France, 104–10; Golden Age for Western middle class, 33–4, 43; Hillaryland in USA, 87–8; ‘meritocracy’, 43, 44–6; mobility as vanishing in West, 43–6; move rightwards of blue-collar whites, 95–9, 102, 108–10, 189–91, 194–5; poor whites in USA, 95–6, 112–13; populism in late nineteenth century, 110–11; and post-war centre-left politics, 89–92, 99; ‘precariat’ (‘left-behinds’), 12, 13, 43–8, 50, 91, 98–9, 110, 111, 131; and Trump’s agenda, 111, 151, 169, 190; urban liberal elites, 47, 49–51, 71, 87–9, 91–5, 110, 204; West’s middle-income problem, 13, 31–2, 34–41 Clausewitz, Carl von, 161 Clinton, Bill, 26, 71, 73, 90, 97–8, 157–9 Clinton, Hillary, 15, 16, 47, 67, 79, 160, 188; 2016 election campaign, 87–8, 91–4, 95–6, 119, 133; reasons for defeat of, 94–5, 96–8 Cold War: end of, 3–5, 6, 7, 74, 77, 78, 117, 121; nuclear near misses, 174; in US popular imagination, 163; and Western democracy, 115–16, 117, 183 Colombia, 72 colonialism, European, 11, 13, 20, 22–3; anti-colonial movements, 9–10; and Industrial Revolution, 13, 23–5, 55–6 Comey, James, 133 communism, 3–4, 5, 6, 105–8, 115 Confucius Institutes, 84 Congress, US, 133–4 Copenhagen summit (2009), 160 Coughlin, Father, 113 Cowen, Tyler, 40, 50, 57 Crick, Bernard, 138 crime, 47 Crimea, annexation of (2014), 8, 173 Cuba, 165 Cuban Missile Crisis (1962), 165, 174 cyber warfare, 176–8 Cyborg, 54 D’Alema, Massimo, 90 Daley, Richard, 189 Danish People’s Party, 102 Davos Forum, 19–20, 27, 68–71, 72–3, 91, 121 de Blasio, Bill, 49 de Gaulle, Charles, 106, 116 de Tocqueville, Alexis, 38, 112, 126–7 democracy, liberal: as an adaptive organism, 87; and America’s Founding Fathers, 9, 112–13, 123, 126, 138; and Arab Spring, 82; Chinese view of US system, 85–6; communism replaces as bête noire, 115; concept of ‘the people’, 87, 116, 119–20; damaged by responses to 9/11 attacks, 79–81, 86, 140, 165; and Davos elite, 68–71; de Tocqueville on, 126–7; declining faith in, 8–9, 12, 14, 88–9, 98–100, 103–4, 119–23, 202–3; demophobia, 111, 114, 119–23; economic growth as strongest glue, 13, 37, 103, 201–2; efforts to suppress franchise, 104, 123; elite disenchantment with, 121; elite fear of public opinion, 69, 111, 118; failing democracies (since 2000), 12, 82–3, 138–9; and ‘folk theory of democracy’, 119, 120; Fukuyama’s ‘End of History’, 5, 14, 181; and global trilemma, 72–3; and Great Recession, 83–4; and Hong Kong, 164; idealism of Rousseau and Kant, 126; illiberal democracy concept, 119, 120, 136–7, 138–9, 204; in India, 201; individual rights and liberty, 14, 97, 120; late twentieth century democratic wave, 77–8, 83; and mass distraction, 127, 128–30; need for regaining of optimism, 202–3; need to abandon deep globalisation, 73–4; nineteenth-century fear of, 114–15; and plural society, 139; popular will concept, 87, 118, 119–20, 126, 137–8; post-Cold War triumphalism, 5, 6, 71; post-war golden era, 33–4, 43, 89, 116, 117; post-WW2 European constitutions, 116; and ‘precariat’ (‘left-behinds’), 12, 13, 43–8, 50, 91, 98–9, 110, 111, 131; the rich as losing faith in, 122–3; Russia’s hostility to, 6–8, 79, 85; space for as shrinking, 72–3; technocratic mindset of elites, 88–9, 92–5, 111; Trump as mortal threat to, 97, 104, 111, 126, 133–6, 138, 139, 161, 169–70, 178–84, 203–4; and US-led invasion of Iraq (2003), 8, 81, 85; Western toolkit for, 77–9; see also politics in West Diamond, Larry, 83 digital revolution, 51–5, 59–66, 67–8, 174; cyber-utopians, 52, 60, 65; debate over future impact, 56; and education, 197, 198; exponential rate of change, 170, 172, 197; internet, 34, 35, 127, 128, 129–30, 131, 163; internet boom (1990s), 34, 59; and low productivity growth, 34, 59, 60; as one-sided exchange, 66–7; and risk-averse/conformist mindset, 40 diplomacy and global politics: annexation of Crimea (2014), 8, 173; China’s increased prestige, 19–20, 26–8, 29–30, 35, 83–5, 159; declining US/Western hegemony, 14, 21–2, 26–8, 140–1, 200–1; existential challenges in years ahead, 174–84; multipolarity concept, 6–8, 70; and nation’s popular imagination, 162–3; parallels with 1914 period, 155–61; and US ‘war on terror’, 80–1, 140, 183; US–China relations, 25–6, 145–6, 157–61, 165; US–China war scenario, 145–53, 161; US–Russia relations under Obama, 79 Doha Round, 73 drugs and narcotics, 37–8 Drutman, Lee, 68 Dubai, 48 Durkheim, Émile, 37 Duterte, Rodrigo, 136–7, 138 economists, 27 economy, global see global economy; globalisation, economic; growth, economic Edison, Thomas, 59 education, 42, 44–5, 53, 55, 197, 198 Egypt, 82, 175 electricity, 58, 59 Elephant Chart, 31–3 Enlightenment, 24, 104 entrepreneurialism, decline of in West, 39–40 Erdoğan, Recep Tayyip, 137 Eribon, Didier, 104–10, 111 Ethiopia, 82 Europe: ‘complacent classes’ in, 40; decline of established parties, 89; geopolitical loss, 141; growth of inequality in modern era, 43; identity politics in, 139–40; migration crisis, 70, 100, 140, 180–1; nationalism in, 10–11, 102, 108–9; nineteenth-century diplomacy, 7–8, 155–6, 171–2; post-war constitutions in, 116; Putin’s interference in, 179, 180; as turning inwards, 14 European Commission, 118, 120 European Union, 72, 117–19, 139–40, 179–80, 181, 201; see also Brexit Facebook, 39, 54, 67, 178 fake news, 130, 148, 178–9 Farage, Nigel, 98–9, 100, 184 fascism, 5, 77, 97, 100, 117 Federal Bureau of Investigation (FBI), 131–2, 133 Felt, Mark, 131–2, 134 financial crisis, global (2008), 27, 29, 30, 91; Atlantic recession following, 30, 63–4, 83–4 financial services, 54 Financial Times, 136, 200 Finland, 139 First World War, 115, 154–5 Flake, Jeff, 134 Florida, Richard, 47, 49, 50, 51 Flynn, Michael, 148, 149 Foa, Roberto Stefan, 123 Ford, Henry, 66–7 Foucault, Michel, 107 France, 15, 37, 63, 102, 104–10, 116; 1968 Paris demonstrations, 188; French Revolution, 3 Franco, General Francisco, 77 Franco-German War (1870–1), 155–6 Frank, Robert H., 30, 35–6, 44 Franklin, Benjamin, 204 Freelancer.com, 63 Friedman, Ben, The Moral Consequences of Economic Growth, 38 Friedman, Thomas, 74 Frontex (border agency), 181 FSB, 6 Fukuyama, Francis, 12, 83, 101, 139, 193–4; ‘The End of History?’

(essay), 5, 14, 181 Garten, Jeffrey, From Silk to Silicon, 25 Gates, Bob, 177–8 gay marriage issue, 187, 188 gender, 57 General Agreement on Tariffs and Trade (GATT), 72 Genghis Khan, 25 gentrification, creeping, 46, 48, 50–1 Georgia, Rose Revolution (2003), 79 Germany, 15, 42, 43, 57, 78, 115; far-right resurgence in, 139–40; and future of EU, 180; Nazi, 116, 117, 155, 171; post-war constitution, 116; rise of from late nineteenth century, 156–7; Trump’s attitude towards, 179–80; vocational skills education, 197 gig economy, 62–5 Gladiator (film), 128–9 Glass, Ruth, 46 global economy: centre of gravity shifting eastwards, 21–2, 141; change of guard (January 2017), 19–20, 26–7; emerging middle classes, 21, 31, 39, 159; end of Washington Consensus, 29–30; fast-growing non-Western economies, 20–2; Great Convergence, 12, 13, 24, 25–33; Great Divergence, 13, 22–5; Great Recession, 63–4, 83–4, 192, 193; new protectionism, 19–20, 73, 149; ‘precariat’ (‘left-behinds’), 12, 13, 43–8, 50, 91, 98–9, 110, 111, 131; rapid expansion of China, 20–2, 25–8, 157, 159; spread of market economics, 8, 29; West’s middle-income problem, 13, 31–2, 34–41; see also globalisation, economic; growth, economic globalisation, economic: China as new guardian of, 19–20, 26–7; Bill Clinton on, 26; in decades preceding WW1, 155; Elephant Chart, 31–3; Friedman’s Golden Straitjacket, 74; Jeffrey Garten’s history of, 25; and global trilemma, 72–3; and multinational companies, 26–7; need to abandon deep globalisation, 73–4; next wave of, 32; radical impact of, 12–13; and stateless elites, 51, 71; and Summers’ responsible nationalism, 71–2; and technology, 55–6, 73, 174 Gongos (government-organised non-governmental organisations), 85 Google, 54, 67 Gordon, Robert, The Rise and Fall of American Growth, 57–8, 59–61 Graham, Lindsey, 134 Greece: classical, 4, 10, 25, 137–8, 156, 200; overthrow of military junta, 77 Greenspan, Alan, 71 growth, economic: and bad forecasting, 27; as Bell’s ‘secular religion’, 37; and digital economy, 54–5, 59, 60; Elephant Chart, 31–3; emerging economies as engine of, 21, 30, 31, 32; Golden Age for Western middle class, 33–4, 43; Robert Gordon’s thesis, 57–8, 59–61; and levels of trust, 38–9; as liberal democracy’s strongest glue, 13, 37, 103, 201–2; out-dated measurement models, 30–1; technological leap forward (from 1870), 58–9; West’s middle-income problem, 13, 31–2, 34–41 Hamilton, Alexander, 78 Harvard University, 44–5 healthcare and medicine, 35, 36, 42, 58, 59, 60, 62, 102, 103, 198 Hedges, Chris, Empire of Illusion, 125 Hegel, Friedrich, 161–2 Heilbroner, Robert, 10 Hispanics in USA, 94–5 history: 1930s extremism, 116–17; Chinese economy to 1840s, 22–3; Fukuyama’s ‘end of history’, 5, 14, 181; Great Divergence, 13, 22–5; Hobson’s prescience over China, 20–1; and inequality, 41–3; and journalists, 15; Keynes’ view, 153–5; Magna Carta, 9–10; of modern democracy, 112–17; nineteenth-century protectionism, 78; nineteenth-century European diplomacy, 7–8, 155–6, 171–2; non-Western versions of, 11; Obama on, 190; Peace of Westphalia (1648), 171; populist surge in late-nineteenth-century USA, 110–11; post-war golden era, 33–4, 43; post-war US foreign policy, 183–4; technological leap forward (from 1870), 58–9; theories of, 10–11, 14, 190; Thucydides trap, 156–7; utopian faith in technology, 127–8; Western thought on China, 158–9, 161–2; ‘wrong side of history’ language, 187–8, 190, 191–2; Zheng He’s naval fleet, 165–6; see also Cold War; Industrial Revolution Hitler, Adolf, 116, 128, 171 Hobbes, Thomas, 104 Hobsbawm, Eric, 5 Hobson, John, 20, 22–3 Hofer, Norbert, 15–16 homosexuality, 106, 107, 109–10 Hong Kong, 163–4 Hourly Nerd, 63 Hu Jintao, 159 Humphrey, Hubert, 189 Hungary, 12, 82, 138–9, 181 Huntington, Samuel, The Clash of Civilizations, 181 Huxley, Aldous, Brave New World, 128, 129 illiberal democracy concept, 119, 120, 136–7, 138–9, 204 India: caste system, 202; circular view of history, 11; colonial exploitation of, 22, 23, 55–6; democracy in, 201; future importance of, 167, 200–1; and Industrial Revolution, 23–4; internal migration in, 41; as nuclear power, 175; and offshoring, 61–2; pre-Industrial Revolution economy, 22; rapid expansion of, 21, 25, 28, 30, 58, 200, 201–2; Sino-Indian war (1962), 166; as ‘young’ society, 39, 200 Indonesia, 21 Industrial Revolution, 13, 22, 23–4, 46, 53; non-Western influences on, 24–5; and steam power, 24, 55–6 inequality: decline in post-war golden era, 43; and demophobia, 122–3; forces of equalisation, 41–3; global top 1 per cent, 32–3, 50–1; growth of in modern era, 13, 41, 43–51; in India, 202; in liberal cities, 49–51; in nineteenth century, 41; and physical segregation, 46–8; urban–hinterland split, 46–51 infant mortality, 58, 59 inflation, 36 Instagram, 54 intelligence agencies, 133–4 intolerance and incivility, 38 Iran, 175, 193, 194 Iraq War (2003), 8, 81, 85, 156 Isis (Islamic State), 178, 181, 182–3 Islam, 24–5; Trump’s targeting of Muslims, 135, 181–3, 195–6 Israel, 175 Jackson, Andrew, 113–14, 126, 134 Jacobi, Derek, 128–9 Japan, 78, 167, 175 Jefferson, Thomas, 56, 112, 163 Jobs, Steve, 25 Johnson, Boris, 48, 118–19 Jones, Dan, 9 Jospin, Lionel, 90 journalists, 15, 65 judiciary, US, 134–5 Kant, Immanuel, 126 Kaplan, Fred, Dark Territory: The Secret History of Cyber War, 176–8 Kennedy, John F., 146, 165 Kerry, John, 8 Keynes, John Maynard, 153–5, 156 Khan, A.Q., 175 Khan, Sadiq, 49–50 Kissinger, Henry, 14, 162, 166 knowledge economy, 47, 61 Kreider, Tim, 111 Krugman, Paul, 162 Ku Klux Klan, 98, 111 labour markets: and digital revolution, 52–5, 56, 61–8; and disappearing growth, 37; driving jobs, 56–7, 63, 191; gig economy, 62–5; offshoring, 61–2; pressure to postpone retirement, 64; revolution in nature of work, 60–6, 191–3; security industry, 50; status of technical and service jobs, 197–8; and suburban crisis, 46; wage theft, 192; zero hours contracts, 191 Lanier, Jaron, 66, 67 Larkin, Philip, 188 Le Pen, Marine, 15, 102, 108–10 League of Nations, 155 Lee, Spike, 46 Lee Teng-hui, 158 left-wing politics: and automation, 67; decline in salience of class, 89–92, 107, 108–10; elite’s divorce from working classes, 87–8, 89–95, 99, 109, 110, 119; in France, 105–10; Hillaryland in USA, 87–8; and ‘identity liberalism’, 14, 96–8; McGovern–Fraser Commission (1972), 189; move to personal liberation (1960s), 188–9; populist right steals clothes of, 101–3; Third Way, 89–92; urban liberal elites, 47, 49–51, 71, 87–9, 91–5, 110, 204 Lehman Brothers, 30 Li, Eric, 86, 163–4 liberalism, Western: Chinese hostility to, 84–6, 159–60, 162; crisis as real and structural, 15–16; declining belief in ‘meritocracy’, 44–6; declining hegemony of, 14, 21–2, 26–8, 140–1, 200–1; elites as out of touch, 14, 68–71, 73, 87–8, 91–5, 110, 111, 119, 204; and ‘identity liberalism’, 14, 96–8; linear view of history, 10–11; Magna Carta as founding myth of, 9–10; majority-white backlash concept, 12, 14, 96, 102, 104; psychology of dashed expectations, 34–41; scepticism as basis of, 10; and Trump’s victory, 11–12, 28, 79, 81, 111; ‘wrong side of history’ language, 187–8, 190, 191–2; see also democracy, liberal Lilla, Mark, 96, 98 Lincoln, Abraham, 146 Lindbergh, Charles, 117 literacy, mass, 43, 59 Lloyd George, David, 42 Locke, John, 104 London, 46, 47, 48, 49–50, 140 Los Angeles, 50 Machiavelli, Niccolò, 133 Magna Carta, 9–10 Mahbubani, Kishore, 162 Mailer, Norman, Miami and the Siege of Chicago, 189 Mair, Peter, 88, 89, 118 Mann, Thomas, 203 Mao Zedong, 163, 165 Marconi, Guglielmo, 128 Marcos, Ferdinand, 136 Marshall, John, 134 Marshall Plan, 29 Marxism, 10, 11, 51, 68, 106, 110, 162 Mattis, Jim, 150–1 May, Theresa, 100, 152, 153 McAfee, Andrew, 60 McCain, John, 134 McMahon, Vince and Linda, 124, 125 McMaster, H.


Worldmaking After Empire: The Rise and Fall of Self-Determination by Adom Getachew

agricultural Revolution, Bretton Woods, British Empire, collective bargaining, colonial exploitation, colonial rule, failed state, financial independence, Gunnar Myrdal, land reform, land tenure, liberal world order, market fundamentalism, means of production, Monroe Doctrine, Mont Pelerin Society, Peace of Westphalia, Ronald Reagan, Scramble for Africa, structural adjustment programs, trade liberalization, transatlantic slave trade

European territorial settlements like the French incorporation of Alsace-­Lorraine occurred without plebiscite; “Ireland, Egypt, India have no national right of self-­determination”; and the victors were in the process of distributing former German colonies among themselves.89 European empires had drawn colonized subjects into the war on an unprecedented scale, but it appeared that “Indians, Negroes, Arabs and Madagascans [had] fought on the European continent . . . for their right to remain the slaves of England and France.” According to the International, Wilson’s project in the league “is meant only to change the commercial label of colonial slavery.” The idealism and universalism with which Wilsonism had become associated only masked what was a [ 52 ] Ch a pter T wo preservation of racial hierarchy and colonial exploitation.90 The League of Nations was a league of “imperialist counter-­revolution” that could be defeated only through the combination of anti-­imperialist and proletarian revolution.91 The language of “colonial slavery” would soon become the central metaphor of black anticolonial critique, but in February 1919, the Second Pan-­ African Congress, which Du Bois hastily organized in Paris to coincide with the treaty negotiations, made more moderate demands and did not break with the league.

They too were not allowed to manufacture any commodity which might compete with industries in the metropolitan country.13 For Nkrumah, colonialism was primarily a strategy of economic exploitation where colonies produced raw materials for the metropole and consumed its manufactured goods. This economic exploitation had required political subordination, and as a result independence and autonomy were central to overcoming colonial exploitation. However, while Nkrumah urged his fellow nationalists to “seek ye first the political kingdom,” he remained concerned that political independence alone would not transform economic dependence.14 An end to colonialism entailed the creation of a political kingdom that could secure both political independence and a transformation of colonial economic relations.15 Through their invocation of American independence, Nkrumah and Williams cast themselves and fellow anticolonial nationalists across the world as “heirs to the tradition of 1776.”16 In recent accounts, the example and legacy of 1776 is often understood as one that privileges national sovereignty.

The claim that imperialism had produced an uneven but integrated global economy allowed proponents of the NIEO to represent the international arena as a site for demands of redistribution that extended far beyond aid and charity. This was not pitched as a backward-­looking argument for historical redress and remedy of colonial exploitation of the kind that contemporary reparations projects have articulated. Instead, it was a demand based on the claim that the structural conditions of the global economy persistently transferred the gains of productivity to the global north. On this view, the rejection of delinking was not so much an argument about feasibility but an opportunity to stage a political demand for international redistribution.


Adam Smith: Father of Economics by Jesse Norman

"Robert Solow", active measures, Andrei Shleifer, balance sheet recession, bank run, banking crisis, Basel III, Bear Stearns, 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 Theory of the Leisure Class by Thorstein Veblen, 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

As we have seen, Adam Smith deplored the tendencies to monopoly and colonial exploitation, the anti-competitive effects of trade restrictions, privileges and tariffs, and the distortion of domestic politics created by the great mercantile lobbies—the national and international forerunners of today’s crony capitalism. And there can be little doubt he would have denounced many of these later developments. He was a committed believer in the wisdom of freeing up trade as between willing partners, but he was also acutely aware of the evil effects of colonial exploitation, and was hostile to the use of coercion to open up trade.

See England broken windows theory, 309 Brougham, Henry, 200 Brown, Gordon, xi Buccleuch, Duke of, 81–84, 86–88, 91, 93, 132 Buchanan, James, 271 Buffett, Warren, 224–225 Burke, Edmund, xv–xvi, 66, 101, 125, 138–140, 150, 258 Burns, Robert, 60–61 Butler, Bishop, 76 Calas, Jean, 83, 288–291 campaign finance law, 258 Canongate Church, 133 capital accumulation, 181–182 banks and, 108 in cash account, 89 circulating, fixed, 110 in markets, 273–274 money and, 91–92, 108 services in, 111 shortage, in Scotland, 89, 91 Capital in the Twenty-First Century (Piketty), 259 capitalism, 258–259, 265 commercial society and, 325–326 corporate, 267 equality and, 273–276 franchise, khaki, licence, 263 globalization and, 287 monopoly, 263 wealth-creation in, 275, 321 See also crony capitalism; narco-capitalism cases, effects and, 44 cash account, 89, 92 Catholicism, 31–32, 83, 163–164, 183, 288–289 Cato (Addison), 8 Charles I (king), 47 Charles II (king), 12 church funding, 120–121 state and, 120–121 Church of England, 22 Church of Scotland, 18, 127 circulating capital, 110 Citizens United v. Federal Election Commission (2010), 258 civilizing process, commerce as, 292–295 Clarkson, Thomas, 235 Clay, Henry, 276 Cochrane, Andrew, 53 collective mind, 174 colonial exploitation, 278 colonial monopolies, 138 colonization, 114 Commentaries on the Laws of England (Blackstone), 100 commerce capital accumulation and, 181–182 as civilizing process, 292–295 free, 200 Hume on, 292–293 regulation of, 113–114, 188–189 in system of natural liberty, 292 value of, 235–236 See also doux commerce commercial society, 223, 265–266, 268, 271 capitalism and, 325–326 changes in, 329–330 economic relationships in, 293–294 institutions in, 295 strong states of, 327 taxation and, 116–117 The Wealth of Nations on, 316 commercial system, of England, 114–115 commercialization society, 311–319 communication, 41–42, 334 companies, American, 280–282 comparative advantage, 199 compassion, 58 competition, 108–109, 216 conjectural history, 77–78 conscience, 76 “Considerations Concerning the First Formation of Languages” (Smith, A.), 41 consumers algorithmic, 285 digital, 285–286 producers and, 109–110 Cooper, George, 252 corporate capitalism, 267 corporate lobbying, 264 corporations, 257–258, 321 cosmos, 46 Cournot, Antoine Augustin, 202 Cromwell, Oliver, 12 crony capitalism, 328, 332 defining, 262 in inequality, 275 lobbying in, 262–264 mercantile interest and, 262–273 new forms of, 280–287 technology in, 280–284 Cullen, William, 49, 98–99, 151 culture, 291–292 customers, 283 Darwin, Charles, 168–169, 173 death, of Smith, A., 153 Debreu, Gérard, 194–195, 205–206 Declaration of Independence, 103, 128 The Decline and Fall of the Roman Empire (Gibbon), 123 Defoe, Daniel, 16–17 Descartes, René, 165 Dialogues Concerning Natural Religion (Hume), 127–128, 130, 132, 171, 302 Dialogues of the Dead (Lucian), 130–131 Dictionary of the English Language (Johnson), 51–52, 97–98 didactical method, 42–43 digital consumers, 285–286 A Discourse on Government with Relation to Militias (Fletcher), 118 Discourse on Inequality (Rousseau), 55 disregard, 308 division of labour, 105 in markets, 106–107 in The Wealth of Nations, 177 wealth-creation and, 110 Dodd-Frank Act of 2010, 260 Douglas, Janet, 68, 133, 140, 151, 155–156, 218 Douglas, John, 143–144 Douglas, Margaret, 6 doux commerce, 292, 326 Dr.


From the Ruins of Empire: The Intellectuals Who Remade Asia by Pankaj Mishra

anti-communist, Ayatollah Khomeini, British Empire, colonial exploitation, colonial rule, Deng Xiaoping, European colonialism, financial innovation, invention of the telegraph, joint-stock company, Khartoum Gordon, land reform, Mahatma Gandhi, Monroe Doctrine, New Urbanism, Plutocrats, plutocrats, profit motive, Scramble for Africa, the scientific method, upwardly mobile, urban planning, Washington Consensus, young professional

In 1951, arguing his case for the nationalization of Iran’s British-run oil industry at the United Nations, Mohammad Mossadegh spoke of how the Second World War had changed ‘the map of the world’. ‘In the neighbourhood of my country,’ he said, ‘hundreds of millions of Asian people, after centuries of colonial exploitation, have now gained their independence and freedom.’ Speaking of countries that had ‘struggled for the right to enter the family of nations on terms of freedom and equality’, the Iranian prime minister asserted that ‘Iran demands that right’. He received a tremendous ovation. Even Taiwan, ushered into the UN through the back door by the United States, was moved to remind the British that ‘the day has passed when the control of the Iranian oil industry can be shared with foreign companies’.22 Two years after this speech, which is still remembered in Iran, Mossadegh was toppled by an Anglo-American coup.

But the transition from criticizing foreign rule and instigating mass movements to establishing a stable basis for self-determination proved to be very difficult. The idealist impulses behind revolt and national independence soon faded before the sheer magnitude of such nation-building tasks as sustained economic growth and territorial consolidation. Stumbling out of long decades of colonial exploitation into a world bitterly divided by the Cold War, the new states had to urgently find aid and capital for weak, often pre-industrial economic systems; set fiscal policy; institute land reforms; build such political institutions as parliaments, electoral commissions and parties; make national citizenship more attractive than local loyalties to ethnic, religious, linguistic and regional groupings; codify a legal order; make primary education and health care accessible; attack poverty and crime; and maintain roads and railways.


pages: 219 words: 62,816

"They Take Our Jobs!": And 20 Other Myths About Immigration by Aviva Chomsky

affirmative action, Bernie Sanders, British Empire, call centre, colonial exploitation, colonial rule, deindustrialization, Donald Trump, European colonialism, full employment, guest worker program, illegal immigration, immigration reform, informal economy, invisible hand, longitudinal study, low skilled workers, mass immigration, mass incarceration, new economy, out of africa, postindustrial economy, race to the bottom, Ronald Reagan, Rosa Parks, structural adjustment programs, The Chicago School, thinkpad, trickle-down economics, union organizing, War on Poverty, Washington Consensus, women in the workforce

Modernization theorists compared “underdeveloped” or “less developed” countries to “developed” countries, implying that “development” was a discrete process that all countries would go through at their own pace. Scholars from the dependency school responded that underdevelopment and development were two sides of the same coin: underdevelopment was not a starting state but rather a result of colonial exploitation. Walter Rodney’s How Europe Underdeveloped Africa critiques the term and the theory behind it. Other economists offered “industrialized” and “non-industrialized,” and later added “newly industrialized” or NICS (newly industrialized countries, referring usually to Singapore, South Korea, Taiwan, and Hong Kong).


pages: 206 words: 67,030

Cows, Pigs, Wars, and Witches: The Riddles of Culture by Marvin Harris

colonial exploitation, land tenure, Louis Pasteur, stakhanovite, the market place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, trade route, zero-sum game

Instead they taught about creation, prophets and prophecies, angels, a messiah, supernatural redemption, resurrection, and an eternal kingdom in which the dead and the living would be reunited in a land of milk and honey. Inevitably, these concepts—many rather precisely analogous to themes in the aboriginal belief system—had to become the idiom in which mass resistance to colonial exploitation was first expressed. “Mission Christianity” was the womb of rebellion. By repressing any form of open agitation, strikes, unions, or political parties, the Europeans themselves guaranteed the triumph of cargo. It was relatively easy to see that the missionaries were lying when they said that cargo would only be given to people who worked hard What was difficult to grasp was that there was a definite link between the wealth enjoyed by the Australians and Americans and the work of the natives.


pages: 695 words: 194,693

Money Changes Everything: How Finance Made Civilization Possible by William N. Goetzmann

Albert Einstein, Andrei Shleifer, asset allocation, asset-backed security, banking crisis, Benoit Mandelbrot, Black Swan, Black-Scholes formula, Bretton Woods, Brownian motion, business cycle, capital asset pricing model, Cass Sunstein, collective bargaining, colonial exploitation, compound rate of return, conceptual framework, corporate governance, Credit Default Swap, David Ricardo: comparative advantage, debt deflation, delayed gratification, Detroit bankruptcy, disintermediation, diversified portfolio, double entry bookkeeping, Edmond Halley, en.wikipedia.org, equity premium, financial independence, financial innovation, financial intermediation, fixed income, frictionless, frictionless market, full employment, high net worth, income inequality, index fund, invention of the steam engine, invention of writing, invisible hand, James Watt: steam engine, joint-stock company, joint-stock limited liability company, laissez-faire capitalism, Louis Bachelier, mandelbrot fractal, market bubble, means of production, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, new economy, passive investing, Paul Lévy, Ponzi scheme, price stability, principal–agent problem, profit maximization, profit motive, quantitative trading / quantitative finance, random walk, Richard Thaler, Robert Shiller, Robert Shiller, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, spice trade, stochastic process, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, time value of money, too big to fail, trade liberalization, trade route, transatlantic slave trade, tulip mania, wage slave

Chinese entrepreneurs managed their way through a multicultural world of foreign competition, wars, and the complexities of an eroding nation-state to lead China into the modern world economy. By 1905, Chinese officials had adopted corporate governance and a sophisticated corporate legal code that formed the basis for the transition to successful private corporate ownership. However, China’s Communist Revolution in 1949 reinterpreted this success story in stark terms as colonial exploitation by the capitalistic West. There is a germ of truth in their revisionist history. China’s financial modernization resulted from the weakening of the central government and erosion of sovereignty. It also began with a dangerous drug. ADDICTION IS A VALUE PROPOSITION The opium trade is one of the most shameful episodes in the history of finance.

Alignment of incentives to promote growth works a lot better than a control-and-command approach. Keynes, of course, posited a central role for government in solving the disjunctions caused by unchecked financial globalization and bad savings habits. His legacy is a financial architecture designed to blunt the potential for colonial exploitation by disintermediating lenders and sovereign borrowers—replacing that relationship with a collective institutional financial organization. Did Bretton Woods save the world from a revival of imperialism? Did it bring more nations into the fold of prosperity? Whether it did or not, it undeniably altered the way that nations interact with one another and with the capital markets.


pages: 267 words: 81,108

Happy Valley: The Story of the English in Kenya by Nicholas Best

British Empire, Cape to Cairo, colonial exploitation, colonial rule, Etonian, lateral thinking, out of africa, Scramble for Africa

The chief constitutional adviser to the Africans was Dr Thurgood Marshall. He was a black American lawyer, later to become a judge in the US Supreme Court. Before the conference, Marshall had irritated Kenya’s white settlers by writing an anti-imperialist article in a Baltimore newspaper. He had accused the settlers of being colonial exploiters who had never even taken the trouble to learn the local language. At one of the conference sessions therefore, Sir Michael Blundell formally tabled a motion for proceedings to be conducted in Swahili. The language was spoken fluently by all the Kenya Europeans present, but not by Thurgood Marshall.


pages: 366 words: 94,209

Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff

activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy and hold, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, corporate raider, creative destruction, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, Garrett Hardin, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, independent contractor, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Mitch Kapor, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, The Future of Employment, trade route, Tragedy of the Commons, transportation-network company, Turing test, Uber and Lyft, Uber for X, uber lyft, unpaid internship, Y Combinator, young professional, zero-sum game, Zipcar

The expected “synergies” never quite pan out, which is why 80 percent of mergers and acquisitions end up reducing profit on both sides of the deal.17 Other companies attempt to lower expenses by outsourcing core competencies. Offshoring allows corporations to utilize workforces as they did back in the good old days of colonial exploitation. Finding employees overseas to work for almost nothing is easy. Indebted nations make the easiest targets. Forced to service their loans by exporting their local crops and resources, such countries can no longer offer subsistence farming opportunities to their citizens. So foreign multinational corporations end up with monopolies on employment and trade very similar to the kinds they enjoyed back in the 1600s.


pages: 327 words: 90,542

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"Robert Solow", 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, bitcoin, bond market vigilante , Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, salary depends on his not understanding it, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, uber lyft, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

Greater economic activity helped improve living standards, reducing pressure for wealth redistribution. The democratization of credit allowed lower income groups to borrow and spend despite stagnant real incomes. Global economic growth improved the wealth of emerging nations, increasing the living standards of their citizens. This avoided awkward issues of colonial exploitation and reparations. Growth was perceived to benefit poorer members of society by improving the economy as a whole. Henry Wallich, a former governor of the US Federal Reserve, summed it up: “So long as there is growth there is hope, and that makes large income differentials tolerable.”4 But while growth has been the focus of economic management, it is a relatively recent phenomenon.


pages: 345 words: 92,849

Equal Is Unfair: America's Misguided Fight Against Income Inequality by Don Watkins, Yaron Brook

3D printing, Affordable Care Act / Obamacare, Apple II, barriers to entry, Berlin Wall, Bernie Madoff, blue-collar work, business process, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, colonial exploitation, corporate governance, correlation does not imply causation, creative destruction, Credit Default Swap, crony capitalism, David Brooks, deskilling, Edward Glaeser, Elon Musk, en.wikipedia.org, financial deregulation, immigration reform, income inequality, indoor plumbing, inventory management, invisible hand, Isaac Newton, Jeff Bezos, Jony Ive, laissez-faire capitalism, Louis Pasteur, low skilled workers, means of production, minimum wage unemployment, Naomi Klein, new economy, obamacare, Peter Singer: altruism, Peter Thiel, profit motive, rent control, Ronald Reagan, Silicon Valley, Skype, statistical model, Steve Jobs, Steve Wozniak, The Spirit Level, too big to fail, trickle-down economics, Uber for X, urban renewal, War on Poverty, wealth creators, women in the workforce, working poor, zero-sum game

In America today, even those who are poor relative to their neighbors are among the richest people in history. Unfortunately, some have not benefited from human progress, namely the people who live in those parts of the world that have not industrialized. In some tragic cases, they have been victims of invasion and colonial exploitation. But this is not the cause of their poverty, nor was colonization the main source of the West’s prosperity. The West’s prosperity came from creating the conditions under which individuals could think, create, trade, and prosper. Today, more and more of the world is following our lead, with the result that billions around the globe have been liberated from poverty in recent decades: since 1981, the fraction of the earth’s population living on less than a dollar a day has dropped from over 40 percent to only 14 percent.23 This is an incredible achievement.


pages: 322 words: 88,197

Wonderland: How Play Made the Modern World by Steven Johnson

Ada Lovelace, Alfred Russel Wallace, Antoine Gombaud: Chevalier de Méré, Berlin Wall, bitcoin, Book of Ingenious Devices, Buckminster Fuller, Claude Shannon: information theory, Clayton Christensen, colonial exploitation, computer age, conceptual framework, crowdsourcing, cuban missile crisis, Drosophila, Edward Thorp, Fellow of the Royal Society, game design, global village, Hedy Lamarr / George Antheil, HyperCard, invention of air conditioning, invention of the printing press, invention of the telegraph, Islamic Golden Age, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, Jane Jacobs, John von Neumann, joint-stock company, Joseph-Marie Jacquard, land value tax, Landlord’s Game, lone genius, mass immigration, megacity, Minecraft, moral panic, Murano, Venice glass, music of the spheres, Necker cube, New Urbanism, Oculus Rift, On the Economy of Machinery and Manufactures, pattern recognition, peer-to-peer, pets.com, placebo effect, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, QWERTY keyboard, Ray Oldenburg, spice trade, spinning jenny, statistical model, Steve Jobs, Steven Pinker, Stewart Brand, supply-chain management, talking drums, the built environment, The Great Good Place, the scientific method, The Structural Transformation of the Public Sphere, trade route, Turing machine, Turing test, Upton Sinclair, urban planning, Victor Gruen, Watson beat the top human players on Jeopardy!, white flight, white picket fence, Whole Earth Catalog, working poor, Wunderkammern

But perhaps the most extraordinary passage comes when she attempts to integrate the global reach of the spice trade into a broader story of Divine Purpose: God, she explained, saw fit to distribute the “good things of his creation . . . into the most remote places of the universal world . . . he having so ordained that the one land may have need of the other; and thereby, not only breed intercourse and exchange of their merchandise and fruits, which do so superabound in some countries and want in others, but also engender love and friendship between all men, a thing naturally divine.” Knowing the grim history that was to follow—almost four hundred years of colonial exploitation and slavery in pursuit of those “good things”—it is hard not to be cynical, if not outright appalled, by the talk of “love and friendship between all men.” But Elizabeth does hit upon an essential fact: that spices were distributed into the “most remote places of the universal world.” The taste for those spices compelled human beings to invent new forms of cartography and navigation, new ships, new corporate structures, not to mention new forms of exploitation—all in the service of shrinking the globe so that pepper raised in Sumatra might more efficiently be delivered to the kitchens of London or Amsterdam.


pages: 312 words: 91,835

Global Inequality: A New Approach for the Age of Globalization by Branko Milanovic

"Robert Solow", Asian financial crisis, assortative mating, Berlin Wall, bitcoin, Black Swan, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, centre right, colonial exploitation, colonial rule, David Ricardo: comparative advantage, deglobalization, demographic transition, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, Gini coefficient, Gunnar Myrdal, income inequality, income per capita, invisible hand, labor-force participation, liberal capitalism, low skilled workers, Martin Wolf, means of production, mittelstand, moral hazard, Nash equilibrium, offshore financial centre, oil shock, open borders, Paul Samuelson, place-making, Plutocrats, plutocrats, post scarcity, post-industrial society, profit motive, purchasing power parity, Ralph Nader, Second Machine Age, seigniorage, Silicon Valley, Simon Kuznets, special economic zone, stakhanovite, trade route, transfer pricing, very high income, Vilfredo Pareto, Washington Consensus, women in the workforce

These advantages were distributed among the workers very unevenly; the lion’s share was snatched by a privileged minority, though something was left over from time to time for the broad masses.”14 By 1915, when Bukharin wrote Imperialism and World Economy, there was no more doubt that even workers in rich countries enjoyed a higher standard of living than most of the population in colonies. The labor aristocracy that was created in the rich countries thanks to colonial exploitation, among other factors, was the reason why the Second International broke down and supported the war: as Bukharin (1929, 165) wrote, “the exploitation of third persons (pre-capitalist producers) and colonial labor led to the rise in the wages of the European and American workers.” This is exactly the phenomenon we see reflected in Figure 3.3: the rising importance of location meant that, say, British workers’ standard of living outpaced the standard of living of the middle classes and even of many rich people in Africa and Asia (that is, people who were rich within their own countries’ distributions).


pages: 346 words: 101,763

Confessions of a Microfinance Heretic by Hugh Sinclair

accounting loophole / creative accounting, Bernie Madoff, colonial exploitation, en.wikipedia.org, end world poverty, financial innovation, financial intermediation, Gini coefficient, high net worth, illegal immigration, impact investing, inventory management, microcredit, Northern Rock, peer-to-peer lending, pirate software, Ponzi scheme, principal–agent problem, profit motive

It was little more than two months after leaving my post with USAID as Asia Regional Advisor on Development Management that a fresh insight hit me. Foreign aid, as practiced, is almost inherently destructive, because it increases the dependence of poor countries on the goods, technologies, markets, finance, and expertise of rich countries and leaves them exposed to classical colonial exploitation in a new guise. It is hard to see the truth of a system on which your pay and prestige depend. Follow the Money To my surprise and shock, I once heard a microlending advocate make the amazing claim that high interest rates are a rich people’s concern. They don’t matter to the poor.


pages: 366 words: 100,602

Sextant: A Young Man's Daring Sea Voyage and the Men Who ... by David Barrie

centre right, colonial exploitation, Edmond Halley, Eratosthenes, Fellow of the Royal Society, Isaac Newton, Johannes Kepler, John Harrison: Longitude, lone genius, Maui Hawaii, Nicholas Carr, polynesian navigation, South China Sea, trade route

READING ABOUT COOK’S exploits today, it is easy to underestimate the scale of the challenges he faced. So many of the places he visited are now holiday destinations that we may even envy him the privilege of seeing them in their pristine state—before they were ravaged by imported pests and diseases and turned upside down by missionary Christianity, colonial exploitation, and tourism. It requires an effort of imagination to grasp how demanding and relentless were the difficulties he had to overcome. The single biggest problem, apart from the safe management of his ship, was ensuring that her crew and passengers had adequate supplies of fresh food and water—an anxious and unremitting task when sailing in almost completely uncharted waters.


pages: 371 words: 98,534

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

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

China may have lost between 15 and 20 million people, and had to cope with up to 100 million refugees.21 War weakened the Nationalists and emboldened the Communists, and after Japan’s defeat in the Second World War and the withdrawal of its forces from the mainland, the Nationalists and Communists continued to fight until 1949. Legacies and myths It is not surprising that dark memories of this period of colonial exploitation, war and civil war persist in China. They have shaped and influenced China and its attitudes ever since the People’s Republic was declared. In looking for explanations for China’s chronically weak economic performance in the century before 1949, the carve-up of China occupies pride of place.


pages: 352 words: 98,561

The City by Tony Norfield

accounting loophole / creative accounting, anti-communist, Asian financial crisis, asset-backed security, bank run, banks create money, Basel III, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, BRICs, British Empire, capital controls, central bank independence, colonial exploitation, colonial rule, continuation of politics by other means, dark matter, Edward Snowden, Fall of the Berlin Wall, financial innovation, financial intermediation, foreign exchange controls, Francis Fukuyama: the end of history, G4S, global value chain, Goldman Sachs: Vampire Squid, interest rate derivative, interest rate swap, Irish property bubble, linked data, London Interbank Offered Rate, London Whale, Mark Zuckerberg, Martin Wolf, means of production, Money creation, money market fund, mortgage debt, North Sea oil, Northern Rock, Occupy movement, offshore financial centre, Plutocrats, plutocrats, purchasing power parity, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Ronald Reagan, seigniorage, Sharpe ratio, sovereign wealth fund, The Great Moderation, transaction costs, transfer pricing, zero-sum game

See also financial power; economic power price fixing 118, 120–1 privatisation 120 production 77, 78, 86 productive capital 90 productivity 69, 148–9, 150 profit and profitability 21–2, 77, 129–39 American rate of 153–9, 154, 157 amount 149, 150 comparing 136–9 and costs 149–50 drivers 135–6 equalising 137 and financial crisis 135 and financial returns 135 and fixed assets 137 global 156 and interest rates 156–7 investment location 152 and labour costs 155–6 leverage 130–6, 133, 134 measurement 153 moribund 159–60 and productivity 148–9, 150 rate of 130, 147–50 restoration of 152, 154–5 return on equity (RoE) 129–30 role of financial assets 137 sources 129, 139–47, 143 volatility 131 property bubbles 151 proprietary positions 79 quantitative easing 65, 152, 157–9 Radcliffe Report 35 Reagan, Ronald 65 real economy, the 5 reform agenda 214 regulation 9, 215–16 American 39–40 state 115–16 Regulation Q (US) 39, 48 regulatory arbitrage 42 rentiers 98 repo borrowing 46 return on assets 132 return on equity (RoE) 129–30, 132 returns, distribution of 102–3 revenue-earning assets, bank creation of 137, 137–8 Rich, Marc 122 risk 130 rivalry 28 Robin Hood tax 215–16 Rolling Stone 161 Rome, Treaty of 33, 57, 58, 69 Royal Bank of Scotland 4 Royal Dutch/Shell Group plc 3, 112–13, 220 Rubin, Robert 16 Russia 18, 93, 106, 107, 109, 113–14, 154, 171, 216, 222, 223, 224 SABMiller 121 Samsung 118, 120, 121–2 sanctions 113–14, 172, 216 San Francisco 37 Saudi Arabia 55–6, 109, 208, 220 Scotland, independence referendum 217–18 Second World War 26–8, 151 seigniorage 43, 163–6 Shanghai 18, 182, 222–3 shareholders, power 88 share issues 179 shares 139 value 86–7 share swaps 179, 199 Sharpe ratio 131 Shell 114 Shenzhen 18 Sherman Antitrust Act (US) 119 short-term money-market instruments 79, 144 Simon, William 55–6 Singapore 177–8, 179, 206, 209 Snowden, Edward 59 South Africa 18, 222, 224 South Korea 101, 120 Soviet Union 29, 30 Spain 65 speculation, madcap 135–6 stamp duty 48 Standard Chartered 225 Standard Oil 119 state, the and capitalism 111–15 and finance 115–17 and imperialism 119 imperialist 126 power 115, 126 sterling collapse, 1992 62 convertibility 31 devaluation, 1949 31 Sterling Area, the 31–3, 35, 58 stock exchange prices 182 stock market crash, 1987 xi, 68 stock swaps 179 Suez crisis 27–8, 60 supply-chain links 77 surplus labour 149 surplus value 90, 140 appropriation of 173–4 creation of 149 global system 161 and securities 144–6 transfer of 97 Sveriges Riksbank 116 Sweden 4, 9, 116 Swiss Bankers’ Association 176 Switzerland 4, 9, 165, 175–6, 178, 184 Taibbi, Matt 161 Taiwan 18 Tanzanian groundnut scheme 33 tariffs 114 tax and taxation 114, 215–16 tax avoidance 48 tax havens 2, 22, 71, 184, 193, 209, 211 Temasek 177 Thailand 101 Thatcher, Margaret xi, 63, 65, 69 Tokyo 49, 50 Toyota 121 trade gap 188 trade patterns 6, 60–1, 61 trading revenues 146–7 Treasury, the 48 UK Independence Party 219 unemployment 53 Unilever 112–13 United Kingdom anti-monopoly policies 119–21 appropriation of value 187 balance of payments 187, 188, 200, 203 bank assets and liabilities 4, 141–4, 143 bank borrowing 206–8 bank deficits 206–10 bank lending 208–10 bank leverage data 134 banking centre status 50 banks 4, 116, 134, 191–7, 192, 194, 196, 206–10, 214 borrowing 201–2, 204–5 China policy 225–6, 227 colonial exploitation 30–3 colonialism 30–1 credit rating 204–5 current account balance 188–90, 189, 190 current account deficit 200, 202, 211, 217 current account surplus 33, 34, 69 debt costs 204–5 decolonisation 30 direct investment returns 202–3, 203 domination 162 earnings from financial services 43–4 economic power 2 economic weakness 35 Empire protectionism 30, 33 equity holdings 102–3 equity market capitalisation and turnover 181, 182 and the EU 16–17, 21 European policy 53–4 FDI 107, 200, 205 financial account 197–200, 199 financial machine 22 financial market share 70–1, 71 financial operations 185–212 financial policy 14, 44–7, 65–70 financial position, 1950s 34–5 financial power 2, 3, 64–5 financial sector benefits 185 financial sector employment 186 financial sector tax revenues 186 financial services assets location 205–6, 207 financial services exports 174 financial services revenues 190–7, 192, 194, 196 financial wealth 103 foreign direct investments 3, 66 foreign exchange trading 109 foreign exchange turnover 193–5, 194 foreign investment income 189–90 freedom of action 63, 64 GDP 4, 106, 107, 155–6 Gowan’s analysis 11–12 Helleiner’s analysis 13–14, 70 Hilferding’s analysis 93, 94 imperialism 7–8, 186, 228 imperial strategy 59–65 inflows of foreign money-capital 69 international banking index 108 international banking position 191–2, 192 international banking share 70–1, 71 international financial revenues 10 international investment position 200–1, 201 investment income 200–4, 203 investment income, 1899–1913 98 invisible empire 7–8 joins EEC 34, 57–8 Lend-Lease debts 29, 36 liabilities 204–5, 206–7 military interventions 1–2 military spending 110 monetary policy 66 OPEC’s investment in 57 pension fund assets 103 quantitative easing 158–9 relationship with America 21, 27–8, 29–30, 36, 59, 73 relationship with Europe 62 return to gold standard 23–6 seigniorage 165–6 status 1–2, 3–4, 27–8, 30, 30–5, 52, 73–4, 110, 111, 196, 204, 210, 213, 214, 216–17, 227–8 tax havens 193 trade currency pricing 163 trade deficit 44, 188–9, 189, 211 trade gap 22 trade pattern 60–1, 61 wealth distribution 102–3 United Nations 3–4, 123 United Nations Security Council 109 United States of America 2, 205 aftermath of First World War 24 anti-monopoly policies 119–21 attitude to Bretton Woods 31 bank Eurodollar deposits 41–2 bank leverage data 132–3 bank regulation 36 banking system fragmented 40 banks 132–3, 193 capital flows from 38 capital markets 55 China policy 226, 227 Chinese challenge to 17–18 corporate rate of profit 153–5, 154 cost of living 155 credit bubble 156 credit restrictions 42 current account deficit 167–8 domestic market 28 domination 3, 7, 10, 11, 26–7, 35, 162, 183–4, 223 equity holdings 102 equity market capitalisation and turnover 181–2, 181 exorbitant privilege 166–9 FDI 107 Federal Reserve System 40 financial business split 37 and financial crises 12 financial market regulations 39–40 financial policy 11, 65–6, 67–8 financial power 6, 11–12, 14–15, 55, 170–3, 183 financial services exports 173–4 financial services revenues 190 financial system 36–40 foreign direct investments 3, 42 foreign exchange trading 108–9, 109 foreign exchange turnover 194, 194 foreign investment revenues 9–10 foreign investment stock position 169 foreign securities market 48 GDP 106, 107 gold reserves 39 gold standard abandoned 54 Gowan’s analysis 11–12 hegemony 21, 105 Helleiner’s analysis 12–14 Hilferding’s analysis 93 imperial advantage 164 imperialism 12, 14–15, 166–9 interbank money market 46 interest rates 168 international banking index 108 international banking position 192, 192 international banking share 50, 71, 71 international capital outflows 66 investment income 169 leverage ratios 131 military spending 109 millionaires 99 mortgage-backed securities 140 mortgage debt 56 Panitch and Gindin’s analysis 14–17 privileged position 22 quantitative easing 157–8 rate of profit 153–9, 154, 157 relationship with Britain 21, 27–8, 29–30, 36, 59, 73 relationship with Saudi Arabia 55–6 role in the world economy 12–14, 14–17 role of 111 seigniorage 163–5 status 105, 110, 111 UK-based lending 209–10 UK debt 29 working-class living standards 154–5 United Technologies 121 unsecured loans, interbank 46 US–China Economic and Security Review Commission 18 US Commerce Department 56 US dollar, the 6, 15, 30 Chinese foreign exchange reserves 167 domination 55, 164–5 exchange rate 68, 163 exorbitant privilege 166–9 financial power 170–3 global role 170–3 glut 38–9 gold standard abandoned 54 imperial advantage 164 privileged position 22 as reserve currency of choice 166 status 35, 108–9 UK colonies surplus 33 US Federal Reserve 14, 41, 42, 44, 116, 157–8, 157, 172–3, 185 US Treasury 14 value xi–xiii appropriation of 187 creation 76, 104, 150–1 extraction 77, 104 relations 90 surplus 90, 97, 144–5, 149 transfer of 164–5 Vietnam War 54, 105 Vodafone Group plc 3, 180 Volcker, Paul 156 Volkswagen 121 wages 77, 144, 148, 152, 155–6 Wal-Mart 77, 155 waste, elimination of 152 wealth concentration of 91–2 distribution 102–3 fictitious capital 88, 147 UK household 103 West, Admiral Lord 1–2, 3, 4 West African Marketing Boards 32 WhatsApp 91 Wilson, Harold 32 Wolf, Martin 214 working-class, living standards 154–5 working hours 38 World Bank 14, 27, 29, 73, 223 world economy 2, 9–10 American role 14–17 world hierarchy 105–11, 111 world monetary system 10 ‘zero hour’ contracts 152 zero sum games 145 Zuckerberg, Mark 91


pages: 341 words: 111,525

Blood River: A Journey to Africa's Broken Heart by Tim Butcher

airport security, blood diamonds, clean water, colonial exploitation, colonial rule, discovery of the americas, European colonialism, failed state, Live Aid, Livingstone, I presume, Scramble for Africa, transatlantic slave trade

Disease, hostile tribes and the lack of any clear commercial potential in Africa meant that hundreds of years after white explorers first circumnavigated its coastline, it was still referred to in mysterious terms as the Dark Continent, a source of slaves, ivory and other goods, but not a place white men thought worthy of colonisation. It was Leopold's jostling for the Congo that forced other European powers to stake claims to Africa's interior, and within two decades the entire continent had effectively been carved up by the white man. The modern history of Africa - decades of colonial exploitation and post-independence chaos - was begun by a Telegraph reporter battling down the Congo River. Reading about this epoch-changing journey seeded an idea in my mind that soon grew into an obsession. To shed my complacency about modern Africa and try to understand it properly, it was clear what I had to do: I would go back to where it all began, following Stanley's original journey of discovery through the Congo.


Wireless by Charles Stross

anthropic principle, back-to-the-land, Benoit Mandelbrot, Buckminster Fuller, Cepheid variable, cognitive dissonance, colonial exploitation, cosmic microwave background, epigenetics, finite state, Georg Cantor, gravity well, hive mind, jitney, Khyber Pass, lifelogging, Magellanic Cloud, mandelbrot fractal, MITM: man-in-the-middle, peak oil, phenotype, Pluto: dwarf planet, security theater, sensible shoes, Turing machine, undersea cable

I mean, that the alternate-Americans wiped them out in an act of colonialist imperialist aggression but did not survive their treachery,” he adds hastily. Misha’s lips quirk in something approaching a grin: “Better work on getting your terminology right the first time before you see Brezhnev, comrade,” he says. “Yes, you are correct on the facts, but there are matters of interpretation to consider. No colonial exploitation has occurred. So either the perpetrators were also wiped out, or perhaps . . . Well, it opens up several very dangerous avenues of thought. Because if New Soviet Man isn’t home hereabouts, it implies that something happened to them, doesn’t it? Where are all the true communists? If it turns out that they ran into hostile aliens, then . . .


pages: 374 words: 114,660

The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton

"Robert Solow", Admiral Zheng, agricultural Revolution, Branko Milanovic, BRICs, British Empire, call centre, clean water, colonial exploitation, Columbian Exchange, compensation consultant, creative destruction, declining real wages, Downton Abbey, end world poverty, financial innovation, germ theory of disease, Gini coefficient, illegal immigration, income inequality, invention of agriculture, invisible hand, John Snow's cholera map, knowledge economy, Louis Pasteur, low skilled workers, new economy, purchasing power parity, randomized controlled trial, rent-seeking, rising living standards, Ronald Reagan, Simon Kuznets, Steve Jobs, Steven Pinker, structural adjustment programs, The Spirit Level, too big to fail, trade route, Tragedy of the Commons, very high income, War on Poverty

Since World War II, rich countries have tried to help close these gaps using foreign aid. Foreign aid is the flow of resources from rich countries to poor countries that is aimed at improving the lives of poor people. In earlier times, resources flowed in the opposite direction, from poor countries to rich countries—the spoils of military conquest and colonial exploitation. In later periods, rich-country investors sent funds to poor countries to seek profits, not to seek better lives for the locals. Trade brought raw materials to the rich countries in exchange for manufactured goods, but few poor countries have succeeded in becoming rich by exporting raw materials.


pages: 432 words: 128,944

Falling Upwards: How We Took to the Air by Richard Holmes

colonial exploitation, Columbine, disinformation, Edmond Halley, Fellow of the Royal Society, friendly fire, Google Earth, Isaac Newton, Louis Blériot, low earth orbit, music of the spheres

Infuriated natives in fact feature regularly throughout the novel. Long before, Shelley had imagined that ‘the shadow of the first balloon’ crossing Africa would be an instrument of liberation and enlightenment. But for Verne the balloon is more a symbol of imperial command, and scientific superiority.fn24 Cinque semaines is paradoxically a work of colonial exploitation, as much as exploration. It is blatantly – almost naïvely – racist throughout, and observations such as ‘Africans are as imitative as monkeys’ occur regularly throughout the story.51 Balloon height gives the crew not only safety, but also moral superiority. To them, tribesmen are savages, and the wildlife – the elephant, the blue antelope – is there largely for big-game hunting.


pages: 481 words: 121,300

Why geography matters: three challenges facing America : climate change, the rise of China, and global terrorism by Harm J. De Blij

agricultural Revolution, airport security, Anton Chekhov, Ayatollah Khomeini, Berlin Wall, British Empire, colonial exploitation, complexity theory, computer age, crony capitalism, demographic transition, Deng Xiaoping, Eratosthenes, European colonialism, F. W. de Klerk, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, illegal immigration, Internet Archive, John Snow's cholera map, Khyber Pass, manufacturing employment, megacity, Mercator projection, MITM: man-in-the-middle, Nelson Mandela, out of africa, RAND corporation, risk tolerance, Ronald Reagan, South China Sea, special economic zone, Thomas Malthus, trade route, transatlantic slave trade, UNCLOS, UNCLOS

Consider the following quote from a lecture presented at the United States Naval War College by another noted economist, Jeffrey Sachs: "Virtually all of the rich countries of the world are outside the tropics, and virtually all of the poor countries are within them . . . climate, then, accounts for quite a significant proportion of the cross-national and cross-regional disparities of world income" (Sachs, 2000). That would seem to be a reasonable conclusion, but the condition of many of the world's poor countries results from a far more complex combination of circumstances including subjugation, colonialism, exploitation, and suppression that put them at a disadvantage that will long endure and for which climate may not be the significant causative factor Mr. Sachs implies. In any case, while it is true that many of the world's poor countries lie in tropical environs, many others, from Albania to Turkmenistan and from Moldova to North Korea, do not.


pages: 456 words: 123,534

The Dawn of Innovation: The First American Industrial Revolution by Charles R. Morris

air freight, American ideology, British Empire, business process, California gold rush, clean water, colonial exploitation, computer age, Dava Sobel, en.wikipedia.org, glass ceiling, hiring and firing, Ida Tarbell, if you build it, they will come, interchangeable parts, Isaac Newton, Jacquard loom, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, joint-stock company, lone genius, manufacturing employment, new economy, New Urbanism, old age dependency ratio, On the Economy of Machinery and Manufactures, purchasing power parity, QWERTY keyboard, refrigerator car, Robert Gordon, spinning jenny, Stephen Hawking, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, undersea cable

In the Northeast, its traditional industries like clocks, textiles, and shoes grew to global scale, along with big-ticket fabrication businesses like Baldwin locomotives, Collins steamships, Hoe printing presses, and the giant Corliss engines. The South, in the meantime, slipped into the position of an internal colony, exploiting its slaves and being exploited in turn by the Northeast and Midwest. Boston and New York controlled much of the shipping, insurance, and brokerage earnings from the cotton trade, while the earnings left over went for midwestern food, tools, and engines shipped down the Mississippi and its branches.


pages: 471 words: 124,585

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

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

Equipment was affordable, energy available and labour so abundant that manufacturing textiles in China or India ought to have been a hugely profitable line of business.13 Yet, despite the investment of over a billion pounds of Western funds, the promise of Victorian globalization went largely unfulfilled in most of Asia, leaving a legacy of bitterness towards what is still remembered to this day as colonial exploitation. Indeed, so profound was the mid-century reaction against globalization that the two most populous Asian countries ended up largely cutting themselves off from the global market from the 1950s until the 1970s. Moreover, the last age of globalization had anything but a happy ending. On the contrary, less than a hundred years ago, in the summer of 1914, it ended not with a whimper, but with a deafening bang, as the principal beneficiaries of the globalized economy embarked on the most destructive war the world had ever witnessed.


The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good by William Easterly

airport security, anti-communist, Asian financial crisis, bank run, banking crisis, Bob Geldof, Bretton Woods, British Empire, call centre, clean water, colonial exploitation, colonial rule, Edward Glaeser, end world poverty, European colonialism, failed state, farmers can use mobile phones to check market prices, George Akerlof, Gunnar Myrdal, Hernando de Soto, income inequality, income per capita, Indoor air pollution, invisible hand, Kenneth Rogoff, laissez-faire capitalism, land reform, land tenure, Live Aid, microcredit, moral hazard, Naomi Klein, Nelson Mandela, publication bias, purchasing power parity, randomized controlled trial, Ronald Reagan, Scramble for Africa, structural adjustment programs, The Fortune at the Bottom of the Pyramid, the scientific method, The Wealth of Nations by Adam Smith, Tragedy of the Commons, transaction costs, War on Poverty, Xiaogang Anhui farmers

As many as 3.4 million Congolese are still refugees.61 After five centuries of European intervention, the DRC is still today contesting the record for worst and longest misgovernment. Many of the problems since independence are admittedly homegrown. I am not sure that the DRC would be a prosperous place if the Europeans had never come. But after five centuries of European violence, slavery, paternalism, colonialism, exploitation, and aid to prop up bad rulers after independence, the DRC is an extreme example of why the West’s successive interventions of exploitation, colonization, foreign aid, and nation-building have not worked out well. White Mischief If you thought European colonization was bad, decolonization was not much better.


pages: 422 words: 131,666

Life Inc.: How the World Became a Corporation and How to Take It Back by Douglas Rushkoff

addicted to oil, affirmative action, Amazon Mechanical Turk, anti-globalists, banks create money, Bear Stearns, big-box store, Bretton Woods, car-free, Charles Lindbergh, colonial exploitation, Community Supported Agriculture, complexity theory, computer age, corporate governance, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, death of newspapers, don't be evil, Donald Trump, double entry bookkeeping, easy for humans, difficult for computers, financial innovation, Firefox, full employment, global village, Google Earth, greed is good, Herbert Marcuse, Howard Rheingold, income per capita, invention of the printing press, invisible hand, Jane Jacobs, John Nash: game theory, joint-stock company, Kevin Kelly, Kickstarter, laissez-faire capitalism, loss aversion, market bubble, market design, Marshall McLuhan, Milgram experiment, moral hazard, mutually assured destruction, Naomi Klein, negative equity, new economy, New Urbanism, Norbert Wiener, peak oil, peer-to-peer, place-making, placebo effect, Ponzi scheme, price mechanism, price stability, principal–agent problem, private military company, profit maximization, profit motive, prosperity theology / prosperity gospel / gospel of success, race to the bottom, RAND corporation, rent-seeking, RFID, road to serfdom, Ronald Reagan, short selling, Silicon Valley, Simon Kuznets, social software, Steve Jobs, Telecommunications Act of 1996, telemarketer, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trade route, trickle-down economics, union organizing, urban decay, urban planning, urban renewal, Vannevar Bush, Victor Gruen, white flight, working poor, Works Progress Administration, Y2K, young professional, zero-sum game

We identify with the plight of abstract corporations more than that of flesh-and-blood human beings. We engage with corporations as role models and saviors, while we engage with our fellow humans as competitors to be beaten or resources to be exploited. Indeed, the now-stalled gentrification of Brooklyn had a good deal in common with colonial exploitation. Of course, the whole thing was done with more circumspection, with more tact. The borough’s gentrifiers steered away from explicitly racist justifications for their actions, but nevertheless demonstrated the colonizer’s underlying agenda: instead of “chartered corporations” pioneering and subjugating an uncharted region of the world, it was hipsters, entrepreneurs, and real-estate speculators subjugating an undesirable neighborhood.


pages: 501 words: 134,867

A Line in the Tar Sands: Struggles for Environmental Justice by Tony Weis, Joshua Kahn Russell

addicted to oil, Bakken shale, bilateral investment treaty, call centre, carbon footprint, clean water, colonial exploitation, conceptual framework, corporate social responsibility, decarbonisation, Deep Water Horizon, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, global village, guest worker program, happiness index / gross national happiness, hydraulic fracturing, immigration reform, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, invisible hand, liberal capitalism, LNG terminal, market fundamentalism, means of production, Naomi Klein, new economy, Occupy movement, oil shale / tar sands, peak oil, profit maximization, race to the bottom, smart grid, special economic zone, WikiLeaks, working poor

Some of this analysis can be found in a publication entitled Colonization Redux: New Agreements, Old Games, which argues that “while some may see the bewildering proliferation of bilateral FTAs (Free Trade Agreements) and BITs (Bilateral Investment Treaties) throughout the world as a relatively new phenomenon,” in fact this mania “has deep roots,” which “lie in a long history of colonial exploitation, capitalism and imperialism. The classic colonial state was structured for the exploitation and extraction of resources.”11 An Alternative Approach Considering the limitations of previous campaigns against the FIPA with China can help us to achieve more effective analysis and resistance in the future.


pages: 462 words: 150,129

The Rational Optimist: How Prosperity Evolves by Matt Ridley

"Robert Solow", 23andMe, agricultural Revolution, air freight, back-to-the-land, banking crisis, barriers to entry, Bernie Madoff, British Empire, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, charter city, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, colonial exploitation, colonial rule, Corn Laws, creative destruction, credit crunch, David Ricardo: comparative advantage, decarbonisation, dematerialisation, demographic dividend, demographic transition, double entry bookkeeping, Edward Glaeser, en.wikipedia.org, everywhere but in the productivity statistics, falling living standards, feminist movement, financial innovation, Flynn Effect, food miles, Garrett Hardin, Gordon Gekko, greed is good, Hans Rosling, happiness index / gross national happiness, haute cuisine, hedonic treadmill, Herbert Marcuse, Hernando de Soto, income inequality, income per capita, Indoor air pollution, informal economy, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invisible hand, James Hargreaves, James Watt: steam engine, Jane Jacobs, John Nash: game theory, joint-stock limited liability company, Joseph Schumpeter, Kevin Kelly, Kickstarter, knowledge worker, Kula ring, Mark Zuckerberg, meta-analysis, mutually assured destruction, Naomi Klein, Northern Rock, nuclear winter, oil shale / tar sands, out of africa, packet switching, patent troll, Pax Mongolica, Peter Thiel, phenotype, Plutocrats, plutocrats, Ponzi scheme, Productivity paradox, profit motive, purchasing power parity, race to the bottom, Ray Kurzweil, rent-seeking, rising living standards, Silicon Valley, spice trade, spinning jenny, stem cell, Steve Jobs, Steven Pinker, Stewart Brand, supervolcano, technological singularity, Thales and the olive presses, Thales of Miletus, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, Tragedy of the Commons, transaction costs, ultimatum game, upwardly mobile, urban sprawl, Vernor Vinge, Vilfredo Pareto, wage slave, working poor, working-age population, Y2K, Yogi Berra, zero-sum game

Trade, for example, could transform Africa’s prospects. China’s purchases from Africa (not counting its direct investments there) quintupled in the Nineties and quintupled again in the Noughties, yet they still account for just 2 per cent of China’s foreign trade. China may be about to repeat some of Europe’s colonial exploitative mistakes in Africa, but in terms of being open to trade from the continent it puts Europe and America to shame. Farm subsidies and import tariffs on cotton, sugar, rice and other products cost Africa $500 billion a year in lost export opportunities – or twelve times the entire aid budget to the continent.


pages: 708 words: 176,708

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, Seymour Hersh, 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

By attaching an economic dimension to the issue—not to mention the thoroughly discredited notion of “Manifest Destiny,” whereby the US (echoing the malicious justifications of other European powers) was supposedly engaged in “civilizing” what it saw as “savage” nations—the security establishment sought to create a gentler cover for what, by any standard, was sheer colonial expansionism. The US also tried to create a showcase colony out of the Philippines, hoping to project an aura of benign patronage; Washington, cognizant of domestic political sensitivities, tried to counter the perception that it was engaged in European-style colonial exploitation.6 As Neil Sheehan succinctly explains: The United States did not seek colonies as such. Having overt colonies was not acceptable to the American political conscience. Americans were convinced that their imperial system did not victimize foreign peoples. “Enlightened self-interest” was the sole national egotism to which Americans would admit … Americans perceived their order as a new and benevolent form of international guidance.


pages: 877 words: 182,093

Wealth, Poverty and Politics by Thomas Sowell

affirmative action, Albert Einstein, British Empire, Capital in the Twenty-First Century by Thomas Piketty, colonial exploitation, colonial rule, correlation does not imply causation, Deng Xiaoping, desegregation, European colonialism, full employment, Gunnar Myrdal, income inequality, income per capita, invention of the sewing machine, invisible hand, low skilled workers, mass immigration, means of production, minimum wage unemployment, New Urbanism, profit motive, rent control, Scramble for Africa, Simon Kuznets, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, transatlantic slave trade, transcontinental railway, trickle-down economics, very high income, War on Poverty

Particular individuals, such as British entrepreneur Cecil Rhodes or King Leopold of Belgium, amassed great fortunes from their respective nations’ empires, as the Spanish elites derived immense wealth from Spain’s empire in the Western Hemisphere. But that is very different from saying that the general populations of the imperial nations prospered from the wealth extracted from the conquered peoples or that colonial exploitation explains economic gaps today between former conquered peoples and their former conquerors. The ancient Romans were already more advanced than the ancient Britons when the Romans conquered Britain, which is why a smaller number of Roman invaders could overcome a larger number of British defenders.


When Cultures Collide: Leading Across Cultures by Richard D. Lewis

Ayatollah Khomeini, British Empire, business climate, business process, colonial exploitation, corporate governance, global village, haute cuisine, hiring and firing, invention of writing, Kōnosuke Matsushita, lateral thinking, Mahatma Gandhi, mass immigration, Nelson Mandela, new economy, oil shale / tar sands, old-boy network, open borders, profit maximization, profit motive, Scramble for Africa, Silicon Valley, trade route, transaction costs, upwardly mobile, urban sprawl, women in the workforce

When conducting a business meeting, warmth is tempered by tenacity in defending tribal interest. Listening Habits Africans are courteous listeners, though some repetition is advisable. They do not like being rushed verbally—their own elders have innate patience. Although resentment over colonial exploitation doesn't always follow eager to learn fatalistic anxious to find trust listens respectfully suspicious of hurried communication Figure 15.5 Black South African Listening Habits 220 WHEN CULTURES COLLIDE suspicious of “ex-colonialists,” blacks are quickly gratified by reasonable establishment of trust between parties.


pages: 1,445 words: 469,426

The Prize: The Epic Quest for Oil, Money & Power by Daniel Yergin

anti-communist, Ayatollah Khomeini, bank run, Berlin Wall, British Empire, colonial exploitation, Columbine, continuation of politics by other means, cuban missile crisis, disinformation, do-ocracy, energy security, European colonialism, Exxon Valdez, financial independence, fudge factor, Ida Tarbell, informal economy, joint-stock company, land reform, liberal capitalism, megacity, Mikhail Gorbachev, Monroe Doctrine, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, old-boy network, postnationalism / post nation state, price stability, RAND corporation, rent-seeking, Ronald Reagan, shareholder value, Thomas Malthus, Yom Kippur War

And, throughout, Cold War considerations and fears shaped American policies and perceptions more than British. In any event, there were, as far as Washington was concerned, good enough grounds to be opposed to old-fashioned British imperialism. No less an authority than President Harry Truman said that Sir William Fraser of Anglo-Iranian looked like a "typical nineteenth-century colonial exploiter." The Americans understood, better than the British, that Mossadegh's great problem centered on his rivals within Iran; he was always constrained by the need to keep at bay those who were more nationalistic, more extreme, more fundamentalist, and more antiforeigner than he. In the meantime, he would improvise and play off the great powers and never quite compromise.

Brands, Inside the Cold War: hoy Henderson and the Rise of the American Empire, 1918-1961 (Oxford: Oxford University Press, forthcoming), chap. 18 (fainting spells); Anthony Eden, Full Circle (Boston: Houghton Mifflin, 1960), p. 219 ("Old Mossy"); Painter, Oil and the American Century, p. 173 ("colonial exploiter"); Acheson, Present at the Creation, p. 651 ("great actor"); Interviews with George McGhee and Peter Ramsbotham ("Moslem"); Vernon Walters, Silent Missions (Garden City, N.Y.: Doubleday, 1978), p. 262; C. M. Woodhouse, Something Ventured (London: Granada, 1982), pp. 113-14; Louis, British Empire, pp. 651-53 ("lunatic" and "cunning"); Paul Nitze, From Hiroshima to Glasnost, pp. 130-37


pages: 826 words: 231,966

GCHQ by Richard Aldrich

belly landing, Berlin Wall, British Empire, colonial exploitation, cuban missile crisis, disinformation, friendly fire, illegal immigration, index card, lateral thinking, Menlo Park, Mikhail Gorbachev, Neil Kinnock, New Journalism, packet switching, private military company, Robert Hanssen: Double agent, Ronald Reagan, Seymour Hersh, social intelligence, South China Sea, undersea cable, University of East Anglia, Yom Kippur War, Zimmermann PGP

His rank and privileges were taken from him, and he returned to a mundane life in the stores.8 Still only twenty-one, Prime secured a posting to Kenya, and was promoted back to corporal. He filled his spare time by learning Swahili, becoming fluent and speaking with the native labour force at his airbase. He was shocked by the poverty and what he saw as the colonial exploitation of Kenya. He also disliked the racist attitudes of the long-term European settlers, and on one occasion reported an officer for treating a Kenyan badly. It was at this point in his life that Prime began to take an interest in Communist radio broadcasts and to read the magazine Soviet Weekly.


pages: 927 words: 236,812

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

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

Early on in the occupation Bräutigam warned that the seizure of millions of tons of food would ‘cause anxiety and hatred of Germany among the people of the occupied territories … it cannot be good for German long-term interests’.35 But Rosenberg and his officials were in complete disagreement with Erich Koch, Reich Commissar of the Ukraine, with Göring and with Backe. This group wanted to keep the collective farms as the most effective means of quickly implementing colonial exploitation. The military were also in favour of maintaining the collectives as they simply wanted to get as much food as quickly as possible and state-run farms seemed the best way to achieve this in the short term.36 However, in the summer of 1941, as the Germans took possession of the country, agriculture descended into confusion.


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

But Bevin went on to say that it might be necessary and useful to create a ‘Commonwealth bloc’, given that either an Atlantic or a European bloc was not practical, and empire development was a good thing even if he was not an imperialist. There was opposition, however – on the left tariffs were seen as a capitalist policy; an empire bloc was artificial since there was no such economic unit; what it really meant was greater colonial exploitation. Others worried about dividing the world into antagonistic blocs – that led to war. It would bring ruin to the export of coal, practically none of which went to the empire. Ernest Bevin could only say in response that he was not endorsing empire free trade but wanted a licence to face realities.


pages: 1,000 words: 247,974

Empire of Cotton: A Global History by Sven Beckert

agricultural Revolution, Bartolomé de las Casas, British Empire, colonial exploitation, colonial rule, Corn Laws, creative destruction, crony capitalism, deindustrialization, European colonialism, Francisco Pizarro, imperial preference, industrial cluster, James Hargreaves, James Watt: steam engine, joint-stock company, laissez-faire capitalism, land tenure, Mahatma Gandhi, market fundamentalism, race to the bottom, Silicon Valley, spice trade, spinning jenny, The Wealth of Nations by Adam Smith, transaction costs, transatlantic slave trade, union organizing, women in the workforce

From the 1860s on, capital backed by state power rather than masters backed by expropriation and private physical coercion, would colonize territories and people. The spread of cotton industrialization in the first half of the nineteenth century, to continental Europe and a few places beyond, showed that slavery and colonial exploitation were not essential to capitalism.74 Capitalism reinvented itself ongoingly, and the lessons and capabilities of one moment were subsumed in the next. The connections between the global and the local, and among different places, changed constantly. To be sure, the demise of war capitalism stretched out for a century—from the Haitian revolution to the slow decline of slavery in the Americas.


The Rough Guide to New York City by Martin Dunford

Anton Chekhov, Berlin Wall, Bonfire of the Vanities, Buckminster Fuller, buttonwood tree, car-free, Charles Lindbergh, Chuck Templeton: OpenTable:, clean water, colonial exploitation, colonial rule, desegregation, Donald Trump, East Village, Edward Thorp, Exxon Valdez, Frank Gehry, glass ceiling, haute cuisine, illegal immigration, Jane Jacobs, market bubble, Norman Mailer, paper trading, post-work, Saturday Night Live, sustainable-tourism, The Death and Life of Great American Cities, the High Line, transcontinental railway, Triangle Shirtwaist Factory, upwardly mobile, urban decay, urban planning, urban renewal, white flight, Yogi Berra, young professional

Hatsuhana was one of the first restaurants to introduce sushi to New York many moons ago, and it’s still going strong. Despite the spartan décor, this place is not at all cheap, so try to go for the midweek prix-fixe lunch. Le Colonial 149 E 57th St, between Third and Lexington aves T212/752-0808. Colonial exploitation never looked as good as it does at this high-end homage to French Indochina, with its bamboo-fan interiors and excellent Vietnamese dishes like choa tom (grilled shrimp wrapped around sugar cane), bo luc lac (seared filet mignon, watercress, and pickled onions), and vit quay (gingerroast duck with tamarind sauce).


The Rough Guide to Morocco by Rough Guides

colonial exploitation, colonial rule, European colonialism, facts on the ground, illegal immigration, mass immigration, Murano, Venice glass, place-making, sustainable-tourism, trade route, urban renewal, walkable city

He recognized the existence of a functioning Moroccan bureaucracy based on the sultan’s court with which the French could cooperate – a hierarchy of officials, with diplomatic representation abroad, and with its own social institutions. But there were other forces at work: French soldiers were busy unifying the country, ending tribal rebellion; in their wake came a system of roads and railways that opened the country to further colonial exploitation. For the first time in Moroccan history, the central government exerted permanent control over the mountain regions. The “pacification” of the country brought a flood of French settlers and administrators. In France, these developments were presented as echoing the history of the opening up of the American Wild West.


The Sum of All Fears by Tom Clancy

accounting loophole / creative accounting, airport security, Benoit Mandelbrot, British Empire, colonial exploitation, complexity theory, cuban missile crisis, demand response, disinformation, financial independence, index card, mandelbrot fractal, trade route, uranium enrichment

The strong drip coffee only made her mood the fouler, a thought that stopped her in her tracks and forced a self-directed smile she never bothered displaying for any of the security personnel who checked her pass every morning at the west ground-level entrance. They were just cops, after all, and cops were nothing to get excited about. Food was served by Navy stewards, and the only good thing about them was that they were largely minorities, many Filipinos in what she deemed a disgraceful carryover from America's colonial-exploitation period. The long-service secretaries and other support personnel were not political, hence mere bureaucrats of one description or another. The important people in this building were political. What little charm E.E. had was saved for them. The Secret Service agents observed her movements with about as much interest as they might have accorded the President's dog, if he'd had a dog, which he didn't.


pages: 1,123 words: 328,357

Post Wall: Rebuilding the World After 1989 by Kristina Spohr

American Legislative Exchange Council, Andrei Shleifer, anti-communist, banking crisis, Berlin Wall, Bonfire of the Vanities, Bretton Woods, central bank independence, colonial exploitation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Doomsday Clock, facts on the ground, failed state, Fall of the Berlin Wall, foreign exchange controls, Francis Fukuyama: the end of history, G4S, Kickstarter, mass immigration, means of production, Mikhail Gorbachev, open economy, price stability, rising living standards, Ronald Reagan, Ronald Reagan: Tear down this wall, software patent, South China Sea, special economic zone, Thomas L Friedman, Transnistria, uranium enrichment, zero-coupon bond

But the US delegation emphatically did not want to get the G7 meeting conflated with an impromptu North–South gathering on the margins of the French national celebrations, especially after the debtor countries had already seized the spotlight in Paris to appeal for relief from the developing world’s $1.3 trillion debt. The White House worried about the risk that in such an ex tempore meeting between creditors and debtors, as advocated by France, the ‘South’ as a bloc would dress up their demands to the ‘North’ as ‘reparations’ for years of colonial ‘exploitation’, laced with Marxist–Leninist-inspired rhetoric. And generally, the US strongly opposed collective debtor action. In its view, debt problems should be resolved country by country and in this vein the Americans announced a $1–2 billion short-term loan to neighbouring Mexico and then picked up the case of Poland.[85] Given the G7 summit’s central focus on debt relief, General Jaruzelski saw his opportunity and appealed to the Big Seven for a two-year, multibillion-dollar rescue programme on 13 July.


pages: 1,213 words: 376,284

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

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

All mass ideologies promised their supporters a better life and developed strategies to harness consumption to their particular ends. This included the progressive New Deal as well as Nazism and Stalinism, colonial nationalists and popular imperialists. However limited the delivery on these promises, people acquired a taste for more. Even regimes marked by low growth, deprivation and colonial exploitation played their part in boosting consumption. Modern societies had entered the twentieth century with an ideal of separate spheres. Culture was to be kept apart from commerce, private from public life, male from female spheres, reason from emotion. Social classes had distinct diets, clothes and amusements.


From Peoples into Nations by John Connelly

Albert Einstein, anti-communist, bank run, Berlin Wall, Cass Sunstein, centre right, collective bargaining, colonial exploitation, colonial rule, crony capitalism, cuban missile crisis, disinformation, facts on the ground, Fall of the Berlin Wall, financial independence, German hyperinflation, Gini coefficient, Johann Wolfgang von Goethe, joint-stock company, laissez-faire capitalism, land reform, land tenure, liberal capitalism, means of production, Mikhail Gorbachev, moral hazard, oil shock, old-boy network, open borders, Panopticon Jeremy Bentham, Peace of Westphalia, profit motive, purchasing power parity, Ronald Reagan, strikebreaker, the built environment, The Chicago School, trade liberalization, Transnistria, union organizing, upwardly mobile, wikimedia commons, women in the workforce

In addition to the fact that they combined regions that had never coexisted in common statehood, both Czechoslovakia and Yugoslavia were differentiated by wealth, with steep gradients running from east to west: in Czechoslovakia from largely illiterate Subcarpathian Ruthenia, through heavily Hungarian Košice and Bratislava, to wealthy and modern Brno and Prague; in Yugoslavia from poorer Kosovo, Bosnia, and Macedonia to richer Zagreb and still richer Ljubljana. There were no easy solutions to the regional and ethnic disparities in wealth in the new states. Prague contributed mightily to Slovak educational infrastructure and other state institutions in Slovakia, yet Slovaks complained that foreign “colonial” exploitation kept them poor, thus demonstrating how subjective perceptions can overrule hard political and economic facts. Croats and Slovenes complained that their wealth was being diverted and drained to poorer sections of Yugoslavia and that it simply disappeared in a quagmire of corruption. Rather than encourage a national solidarity of sacrifice, economic differentiation helped prevent a broad national identity from forming in the first place.